E. Blake Moore Jr.
To Be Held on October 1, 2019
First Investors Fund | Corresponding Acquiring Fund |
First Investors Covered Call Strategy Fund | Delaware Covered Call Strategy Fund |
First Investors Equity Income Fund | Delaware Equity Income Fund |
First Investors Global Fund | Delaware Global Equity Fund |
First Investors Growth & Income Fund | Delaware Growth and Income Fund |
First Investors Hedged U.S. Equity Opportunities Fund | Delaware Hedged U.S. Equity Opportunities Fund |
First Investors Opportunity Fund | Delaware Opportunity Fund |
First Investors International Fund | Delaware International Fund |
First Investors Premium Income Fund | Delaware Premium Income Fund |
First Investors Select Growth Fund | Delaware Growth Equity Fund |
First Investors Special Situations Fund | Delaware Special Situations Fund |
First Investors Total Return Fund | Delaware Total Return Fund |
First Investors Floating Rate Fund | Delaware Floating Rate II Fund |
First Investors Fund For Income | Delaware Fund for Income |
First Investors Government Cash Management Fund | Delaware Government Cash Management Fund |
First Investors International Opportunities Bond Fund | Delaware International Opportunities Bond Fund |
First Investors Investment Grade Fund | Delaware Investment Grade Fund |
First Investors Limited Duration Bond Fund | Delaware Limited Duration Bond Fund |
First Investors Strategic Income Fund | Delaware Strategic Income II Fund |
First Investors Fund | Corresponding Acquiring Fund |
First Investors Tax Exempt Income Fund | Delaware Tax-Exempt Income Fund |
First Investors Tax Exempt Opportunities Fund | Delaware Tax-Exempt Opportunities Fund |
First Investors California Tax Exempt Fund | Delaware Tax-Free California II Fund |
First Investors New Jersey Tax Exempt Fund | Delaware Tax-Free New Jersey Fund |
First Investors New York Tax Exempt Fund | Delaware Tax-Free New York II Fund |
First Investors Oregon Tax Exempt Fund | Delaware Tax-Free Oregon Fund |
Important Notice Regarding the Availability of Proxy Materials for the Meeting. This Notice and the Joint Proxy Statement and Prospectus are available on the internet at [ ]. On this webpage, you will be able to access the Notice, the Joint Proxy Statement and Prospectus, any accompanying materials and any amendments or supplements to the foregoing material that are required to be furnished to shareholders. We encourage you to access and review all of the important information contained in the proxy materials before voting. |
AND VOTE ON THE PROPOSAL
_______________________________
First Investors Funds Share Classes | Acquiring Funds Corresponding Share Classes |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
· | Voting in Person: If you attend the Meeting, were the beneficial owner of your shares as of June 28, 2019 (the record date for the Meeting (“Record Date”)), and wish to vote in person, we will provide you with a ballot prior to the vote. However, if your shares were held in the name of your broker, bank or other nominee, you are required to bring a letter from the nominee indicating that you were the beneficial owner of the shares on the Record Date and authorizing you to vote. |
· | Voting by Proxy: Whether or not you plan to attend the Meeting, we urge you to complete, sign and date the enclosed proxy card and to return it promptly in the envelope provided. Returning the proxy card will not affect your right to attend the Meeting and vote. If you properly fill in and sign your proxy card and send it to us in time to vote at the Meeting, your “proxy” (the individuals named on your proxy card) will vote your shares as you have directed. If you sign your proxy card but do not make specific choices, your proxy will vote your shares “FOR” the proposal, as recommended by the First Investors Board, and in their best judgment on other matters. If you authorize a proxy to vote for you, you may revoke the authorization at any time before it is exercised by sending in another proxy card with a later date or by notifying the Secretary of the First Investors Trusts in writing to the address of the First Investors Trusts set forth on the cover page of the Joint Proxy Statement/Prospectus before the Meeting that you have revoked your proxy. In addition, although merely attending the Meeting will not revoke your proxy, if you are present at the Meeting you may withdraw your proxy and vote in person. |
· | Voting by Telephone or the Internet: You may vote your shares by telephone or through a website established for that purpose by following the instructions that appear on the proxy card accompanying the Joint Proxy Statement/Prospectus. |
FIRST INVESTORS INCOME FUNDS FIRST INVESTORS EQUITY FUNDS FIRST INVESTORS TAX EXEMPT FUNDS | DELAWARE FUNDS BY MACQUARIE |
40 Wall Street | 2005 Market Street |
New York, New York 10005 | Philadelphia, PA |
(212) 858-8000 | (800) 362-7500 |
[_____________], 2019
· | In accordance with the terms of the Agreement, the transfer by each First Investors Fund of all of its assets to its corresponding Acquiring Fund in return for the Acquiring Fund assuming the liabilities of the First Investors Fund and issuing shares of the corresponding Acquiring Fund to the First Investors Fund equal to the aggregate net asset value of the corresponding First Investors Fund’s shares owned by the First Investors Fund’s shareholders on the closing date of the Reorganization; |
· | the pro rata distribution of shares of the same or a comparable class of the Acquiring Fund to the shareholders of record of the First Investors Fund as of the closing date of the Reorganization and the cancellation of the outstanding shares of the First Investors Fund held by such shareholders, as permitted by the organizational documents of the First Investors Fund and applicable law; and |
· | the winding up of the affairs of each First Investors Trust of which the First Investors Funds are series that receives shareholder approval of the Agreement for each of its series and dissolution under applicable law and de-registration of the First Investors Trust under the Investment Company Act of 1940, as amended (the “1940 Act”). |
· | The prospectuses for the First Investors Equity Funds, dated January 31, 2019 (File Nos. 033-46924 and 811-06618), First Investors Income Funds, dated January 31, 2019 (File Nos. 002-89287 and 811-03967), First Investors Tax Exempt Funds, dated May 1, 2019 (File Nos. 002-82572 and 811-03690), and the Acquiring Funds, dated [ ] (File Nos. 033-00442 and 811-04413; 002-75526 and 811-03363); |
· | The Annual Reports to shareholders of the First Investors Equity Funds and First Investors Income Funds for the fiscal year ended September 30, 2018 and to shareholders of the First Investors Tax Exempt Funds for the fiscal year ended December 31, 2018, and the Semi-Annual Reports to shareholders of the First Investors Equity Funds and First Investors Income Funds for the six months ended March 31, 2019 and to shareholders of the First Investors Tax Exempt Funds for the six months ended June 30, 2018; |
· | The Statements of Additional Information (“SAIs”) for the First Investors Equity Funds and First Investors Income Funds, dated January 31, 2019, the First Investors Tax Exempt Funds, dated May 1, 2019, and the Acquiring Funds, dated [ ]; and |
· | The SAI, dated [ ], relating to this Joint Proxy Statement/Prospectus. |
For First Investors Fund Documents: | For Acquiring Fund Documents: |
FIRST INVESTORS FUNDS | DELAWARE FUNDS BY MACQUARIE |
40 Wall Street | 2005 Market Street |
New York, New York 10005 | Philadelphia, PA |
(800) 423-4026 | (800) 362-7500 |
Page | |
PROPOSAL: APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION | 3 |
Summary | 3 |
Reasons for the Reorganizations | 3 |
Comparison of Investment Objectives and Principal Investment Strategies | 4 |
Risks Associated with the Acquiring Funds | 4 |
Comparison of Fundamental Investment Restrictions | 4 |
Comparison of Fees and Expenses | 4 |
Comparison of Portfolio Managers | 33 |
Comparison of Investment Advisers | 33 |
Comparison of Other Service Providers | 35 |
Comparison of Share Classes and Distribution Arrangements | 36 |
Comparison of Purchase and Redemption Procedures | 41 |
Comparison of Exchange Privileges | 42 |
Comparison of Dividend and Distribution Policies and Fiscal Years | 43 |
Comparison of Business Structures, Shareholder Rights and Applicable Law | 43 |
Terms of the Reorganization | 46 |
Federal Income Tax Consequences | 48 |
Accounting Treatment | 48 |
BOARD CONSIDERATIONS | 50 |
ADDITIONAL INFORMATION ABOUT THE ACQUIRING FUNDS AND FIRST INVESTORS FUNDS | 53 |
Where to Find More Information | 53 |
INFORMATION ON VOTING | 53 |
Joint Proxy Statement/Prospectus | 53 |
Quorum Requirement and Adjournment | 54 |
Vote Necessary to Approve the Agreement | 54 |
Proxy Solicitation | 54 |
Other Matters | 55 |
CAPITALIZATION | 55 |
OWNERSHIP OF SHARES | 75 |
Security Ownership of Large Shareholders | 75 |
Security Ownership of Management and Trustees | 75 |
DISSENTERS’ RIGHTS | 75 |
SHAREHOLDER PROPOSALS | 75 |
INFORMATION FILED WITH THE SECURITIES AND EXCHANGE COMMISSION | 75 |
EXHIBIT A First Investors Funds and Classes and Corresponding Acquiring Funds and Classes | A-1 |
EXHIBIT B Prospectuses Incorporated by Reference into the Joint Proxy Statement/Prospectus | B-1 |
EXHIBIT C Comparison of Fundamental Investment Restrictions | C-1 |
EXHIBIT D Comparison of Principal Investment Strategies and Risks | D-1 |
EXHIBIT E Form of Agreement and Plan of Reorganization | E-1 |
EXHIBIT F Financial Highlights Tables | F-1 |
EXHIBIT G Outstanding Shares of the First Investors Funds | G-1 |
EXHIBIT H Ownership of Shares of the First Investors Funds | H-1 |
EXHIBIT I Comparison of Investment Advisory Fees | I-1 |
APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses‡ (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Covered Call Strategy Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.80% | 0.25% | 0.26% | 0.00% | 1.31% | 0.00% | 0.03%2 | 1.34% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.80% | NONE | 0.29% | 0.00% | 1.09% | 0.00% | 0.08%2 | 1.17% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.80% | NONE | 0.11% | 0.00% | 0.91% | 0.00% | 0.00% | 0.91% | |
Pro Forma Delaware Covered Call Strategy Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.80% | 0.25% | 0.29% | 0.00% | 1.34% | 0.00% | 0.00% | 1.34% | |
Inst. | NONE | NONE | 0.80% | 0.00% | 0.29% | 0.00% | 1.09% | 0.00% | 0.00% | 1.09% | |
R6 | NONE | NONE | 0.80% | 0.00% | 0.13% | 0.00% | 0.93% | -0.05%3 | 0.00% | 0.88% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Equity Income Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.73% | 0.25% | 0.19% | 0.00% | 1.17% | 0.00% | 0.00% | 1.17% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.73% | NONE | 0.12% | 0.00% | 0.85% | 0.00% | 0.00% | 0.85% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.73% | NONE | 0.08% | 0.00% | 0.81% | 0.00% | 0.00% | 0.81% | |
Pro Forma Delaware Equity Income Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.65% | 0.25% | 0.20% | 0.00% | 1.10% | 0.00% | 0.00% | 1.10% | |
Inst. | NONE | NONE | 0.65% | 0.00% | 0.20% | 0.00% | 0.85% | 0.00% | 0.00% | 0.85% | |
R6 | NONE | NONE | 0.65% | 0.00% | 0.10% | 0.00% | 0.75% | 0.00% | 0.00% | 0.75% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Global Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.95% | 0.25% | 0.24% | 0.00% | 1.44% | 0.00% | 0.00% | 1.44% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.95% | NONE | 0.17% | 0.00% | 1.12% | 0.00% | 0.00% | 1.12% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.95% | NONE | 0.10% | 0.00% | 1.05% | 0.00% | 0.00% | 1.05% | |
Pro Forma Delaware Global Equity Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.85% | 0.25% | 0.23% | 0.00% | 1.33% | 0.00% | 0.00% | 1.33% | |
Inst. | NONE | NONE | 0.85% | 0.00% | 0.23% | 0.00% | 1.08% | 0.00% | 0.00% | 1.08% | |
R6 | NONE | NONE | 0.85% | 0.00% | 0.12% | 0.00% | 0.97% | 0.00% | 0.00% | 0.97% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Growth & Income Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.68% | 0.25% | 0.18% | 0.00% | 1.11% | 0.00% | 0.00% | 1.11% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.68% | NONE | 0.16% | 0.00% | 0.84% | 0.00% | 0.00% | 0.84% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.68% | NONE | 0.07% | 0.00% | 0.75% | 0.00% | 0.00% | 0.75% | |
Pro Forma Delaware Growth and Income Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.65% | 0.25% | 0.19% | 0.00% | 1.09% | 0.00% | 0.00% | 1.09% | |
Inst. | NONE | NONE | 0.65% | 0.00% | 0.19% | 0.00% | 0.84% | 0.00% | 0.00% | 0.84% | |
R6 | NONE | NONE | 0.65% | 0.00% | 0.09% | 0.00% | 0.74% | 0.00% | 0.00% | 0.74% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Hedged U.S. Equity Opportunities Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 1.13% | 0.25% | 0.31% | 0.00% | 1.69% | 0.00% | 0.06%2 | 1.75% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 1.13% | NONE | 0.31% | 0.00% | 1.44% | 0.00% | 0.00% | 1.44% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 1.13% | NONE | 0.17% | 0.00% | 1.30% | 0.00% | 0.01%2 | 1.31% | |
Pro Forma Delaware Hedged U.S. Equity Opportunities Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 1.15% | 0.25% | 0.33% | 0.00% | 1.73% | 0.00% | 0.00% | 1.73% | |
Inst. | NONE | NONE | 1.15% | 0.00% | 0.33% | 0.00% | 1.48% | -0.06%3 | 0.00% | 1.42% | |
R6 | NONE | NONE | 1.15% | 0.00% | 0.20% | 0.00% | 1.35% | -0.04%3 | 0.00% | 1.31% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors International Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.97% | 0.25% | 0.31% | 0.00% | 1.53% | 0.00% | 0.00% | 1.53% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.97% | NONE | 0.25% | 0.00% | 1.22% | 0.00% | 0.00% | 1.22% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.97% | NONE | 0.12% | 0.00% | 1.09% | 0.00% | 0.00% | 1.09% | |
Pro Forma Delaware International Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.85% | 0.25% | 0.30% | 0.00% | 1.40% | 0.00% | 0.00% | 1.40% | |
Inst. | NONE | NONE | 0.85% | 0.00% | 0.30% | 0.00% | 1.15% | 0.00% | 0.00% | 1.15% | |
R6 | NONE | NONE | 0.85% | 0.00% | 0.14% | 0.00% | 0.99% | 0.00% | 0.00% | 0.99% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Opportunity Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.70% | 0.25% | 0.26% | 0.00% | 1.21% | 0.00% | 0.00% | 1.21% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.70% | NONE | 0.20% | 0.00% | 0.90% | 0.00% | 0.00% | 0.90% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.70% | NONE | 0.08% | 0.00% | 0.78% | 0.00% | 0.00% | 0.78% | |
Pro Forma Delaware Opportunity Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.75% | 0.25% | 0.26% | 0.00% | 1.26% | -0.05%3 | 0.00% | 1.21% | |
Inst. | NONE | NONE | 0.75% | 0.00% | 0.26% | 0.00% | 1.01% | -0.11%3 | 0.00% | 0.90% | |
R6 | NONE | NONE | 0.75% | 0.00% | 0.10% | 0.00% | 0.85% | -0.07%3 | 0.00% | 0.78% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Premium Income Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.80% | 0.25% | 0.37% | 0.00% | 1.42% | -0.12%4 | 0.00% | 1.30% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.80% | NONE | 0.34% | 0.00% | 1.14% | -0.08%4 | 0.00% | 1.06% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.80% | NONE | 0.25% | 0.00% | 1.05% | -0.06%4 | 0.00% | 0.99% | |
Pro Forma Delaware Premium Income Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.80% | 0.25% | 0.39% | 0.00% | 1.44% | -0.14%3 | 0.00% | 1.30% | |
Inst. | NONE | NONE | 0.80% | 0.00% | 0.39% | 0.00% | 1.19% | -0.13%3 | 0.00% | 1.06% | |
R6 | NONE | NONE | 0.80% | 0.00% | 0.29% | 0.00% | 1.09% | -0.10%3 | 0.00% | 0.99% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Select Growth Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.72% | 0.25% | 0.20% | 0.00% | 1.17% | 0.00% | 0.00% | 1.17% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.72% | NONE | 0.17% | 0.00% | 0.89% | 0.00% | 0.00% | 0.89% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.72% | NONE | 0.07% | 0.00% | 0.79% | 0.00% | 0.00% | 0.79% | |
Pro Forma Delaware Growth Equity Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.65% | 0.25% | 0.21% | 0.00% | 1.11% | 0.00% | 0.00% | 1.11% | |
Inst. | NONE | NONE | 0.65% | 0.00% | 0.21% | 0.00% | 0.86% | 0.00% | 0.00% | 0.86% | |
R6 | NONE | NONE | 0.65% | 0.00% | 0.09% | 0.00% | 0.74% | 0.00% | 0.00% | 0.74% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Special Situations Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.79% | 0.25% | 0.23% | 0.00% | 1.27% | 0.00% | 0.00% | 1.27% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.79% | NONE | 0.23% | 0.00% | 1.02% | 0.00% | 0.00% | 1.02% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.79% | NONE | 0.08% | 0.00% | 0.87% | 0.00% | 0.00% | 0.87% | |
Pro Forma Delaware Special Situations Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.75% | 0.25% | 0.24% | 0.00% | 1.24% | 0.00% | 0.00% | 1.24% | |
Inst. | NONE | NONE | 0.75% | 0.00% | 0.24% | 0.00% | 0.99% | 0.00% | 0.00% | 0.99% | |
R6 | NONE | NONE | 0.75% | 0.00% | 0.10% | 0.00% | 0.85% | 0.00% | 0.00% | 0.85% | |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Total Return Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 5.75% | 1.00%1 | 0.70% | 0.25% | 0.20% | 0.00% | 1.15% | 0.00% | 0.00% | 1.15% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.70% | NONE | 0.28% | 0.00% | 0.98% | 0.00% | 0.00% | 0.98% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.70% | NONE | 0.09% | 0.00% | 0.79% | 0.00% | 0.00% | 0.79% | |
Pro Forma Delaware Total Return Fund as of 03/31/2019 | |||||||||||
A | 5.75% | NONE | 0.65% | 0.25% | 0.22% | 0.00% | 1.12% | 0.00% | 0.00% | 1.12% | |
Inst. | NONE | NONE | 0.65% | 0.00% | 0.22% | 0.00% | 0.87% | 0.00% | 0.00% | 0.87% | |
R6 | NONE | NONE | 0.65% | 0.00% | 0.11% | 0.00% | 0.76% | 0.00% | 0.00% | 0.76% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Floating Rate Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 2.50% | 1.00%1 | 0.60% | 0.25% | 0.30% | 0.00% | 1.15% | -0.05%4 | 0.00% | 1.10% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.60% | NONE | 0.28% | 0.00% | 0.88% | 0.00% | 0.02%2 | 0.90% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.60% | NONE | 0.17% | 0.00% | 0.77% | 0.00% | 0.00% | 0.77% | |
Pro Forma Delaware Floating Rate II Fund as of 03/31/2019 | |||||||||||
A | 2.50% | NONE | 0.50% | 0.25% | 0.32% | 0.00% | 1.07% | -0.02%3 | 0.00% | 1.05% | |
Inst. | NONE | NONE | 0.50% | 0.00% | 0.32% | 0.00% | 0.82% | 0.00% | 0.00% | 0.82% | |
R6 | NONE | NONE | 0.50% | 0.00% | 0.20% | 0.00% | 0.70% | 0.00% | 0.00% | 0.70% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Fund For Income as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.73% | 0.25% | 0.22% | 0.00% | 1.20% | 0.00% | 0.00% | 1.20% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.73% | NONE | 0.33% | 0.00% | 1.06% | 0.00% | 0.00% | 1.06% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.73% | NONE | 0.09% | 0.00% | 0.82% | 0.00% | 0.00% | 0.82% | |
Pro Forma Delaware Fund For Income as of 03/31/2019 | |||||||||||
A | 4.00% | NONE | 0.65% | 0.25% | 0.25% | 0.00% | 1.15% | 0.00% | 0.00% | 1.15% | |
Inst. | NONE | NONE | 0.65% | 0.00% | 0.25% | 0.00% | 0.90% | 0.00% | 0.00% | 0.90% | |
R6 | NONE | NONE | 0.65% | 0.00% | 0.11% | 0.00% | 0.76% | 0.00% | 0.00% | 0.76% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Government Cash Management Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | NONE | NONE | 0.50% | NONE | 0.41% | 0.00% | 0.91% | -0.11%4 | 0.00% | 0.80% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.50% | NONE | 0.30% | 0.00% | 0.80% | 0.00% | 0.00% | 0.80% | |
Pro Forma Delaware Government Cash Management Fund as of 03/31/2019 | |||||||||||
A | NONE | NONE | 0.45% | 0.00% | 0.44% | 0.00% | 0.89% | -0.34%3 | 0.00% | 0.55% | |
R6 | NONE | NONE | 0.45% | 0.00% | 0.33% | 0.00% | 0.78% | -0.18%3 | 0.00% | 0.60% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors International Opportunities Bond Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.75% | 0.25% | 0.39% | 0.00% | 1.39% | 0.00% | 0.00% | 1.39% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.75% | NONE | 0.39% | 0.00% | 1.14% | 0.00% | 0.00% | 1.14% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.75% | NONE | 0.22% | 0.00% | 0.97% | 0.00% | 0.00% | 0.97% | |
Pro Forma Delaware International Opportunities Bond Fund as of 03/31/2019 | |||||||||||
A | 4.00% | NONE | 0.75% | 0.25% | 0.42% | 0.00% | 1.42% | -0.03%3 | 0.00% | 1.39% | |
Inst. | NONE | NONE | 0.75% | 0.00% | 0.42% | 0.00% | 1.17% | -0.03%3 | 0.00% | 1.14% | |
R6 | NONE | NONE | 0.75% | 0.00% | 0.25% | 0.00% | 1.00% | -0.03%3 | 0.00% | 0.97% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Investment Grade Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.66% | 0.25% | 0.22% | 0.00% | 1.13% | -0.07%5 | 0.00% | 1.06% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.66% | NONE | 0.18% | 0.00% | 0.84% | -0.07%5 | 0.00% | 0.77% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.66% | NONE | 0.10% | 0.00% | 0.76% | -0.07%5 | 0.00% | 0.69% | |
Pro Forma Delaware Investment Grade Fund as of 03/31/2019 | |||||||||||
A | 4.00% | NONE | 0.50% | 0.25% | 0.23% | 0.00% | 0.98% | 0.00% | 0.00% | 0.98% | |
Inst. | NONE | NONE | 0.50% | 0.00% | 0.23% | 0.00% | 0.73% | 0.00% | 0.00% | 0.73% | |
R6 | NONE | NONE | 0.50% | 0.00% | 0.12% | 0.00% | 0.62% | 0.00% | 0.00% | 0.62% | |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Limited Duration Bond Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 2.50% | 1.00%1 | 0.41% | 0.15% | 0.33% | 0.00% | 0.99% | -0.20%4 | 0.00% | 0.79% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.41% | NONE | 0.43% | 0.00% | 0.84% | -0.33%4 | 0.00% | 0.51% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.41% | NONE | 0.18% | 0.00% | 0.59% | -0.23%4 | 0.00% | 0.36% | |
Pro Forma Delaware Limited Duration Bond Fund as of 03/31/2019 | |||||||||||
A | 2.50% | NONE | 0.50% | 0.15% | 0.36% | 0.00% | 1.01% | -0.27%3 | 0.00% | 0.74% | |
Inst. | NONE | NONE | 0.50% | 0.00% | 0.36% | 0.00% | 0.86% | -0.35%3 | 0.00% | 0.51% | |
R6 | NONE | NONE | 0.50% | 0.00% | 0.20% | 0.00% | 0.70% | -0.34%3 | 0.00% | 0.36% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Strategic Income Fund as of 03/31/2019 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.05% | 0.25% | 0.25% | 0.61% | 1.16% | 0.00% | 0.00% | 1.16% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.05% | NONE | 0.22% | 0.61% | 0.88% | 0.00% | 0.00% | 0.88% | |
Pro Forma Delaware Strategic Income II Fund as of 03/31/2019 | |||||||||||
A | 4.00% | NONE | 0.55% | 0.25% | 0.28% | 0.00% | 1.08% | 0.00% | 0.00% | 1.08% | |
Inst. | NONE | NONE | 0.55% | 0.00% | 0.28% | 0.00% | 0.83% | 0.00% | 0.00% | 0.83% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Tax Exempt Income Fund as of 12/31/2018 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.60% | 0.15% | 0.12% | 0.00% | 0.97% | 0.00% | 0.00% | 0.97% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.60% | NONE | 0.15% | 0.00% | 0.75% | 0.00% | 0.00% | 0.75% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.60% | NONE | 0.09% | 0.00% | 0.69% | 0.00% | 0.00% | 0.69% | |
Pro Forma Delaware Tax-Exempt Income Fund as of 12/31/2018 | |||||||||||
A | 4.00% | NONE | 0.50% | 0.15% | 0.14% | 0.00% | 0.79% | 0.00% | 0.00% | 0.79% | |
Inst. | NONE | NONE | 0.50% | 0.00% | 0.14% | 0.00% | 0.64% | 0.00% | 0.00% | 0.64% | |
R6 | NONE | NONE | 0.50% | 0.00% | 0.11% | 0.00% | 0.61% | 0.00% | 0.00% | 0.61% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Tax Exempt Opportunities Fund as of 12/31/2018 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.55% | 0.25% | 0.16% | 0.00% | 0.96% | 0.00% | 0.00% | 0.96% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.55% | NONE | 0.25% | 0.00% | 0.80% | 0.00% | 0.00% | 0.80% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.55% | NONE | 0.11% | 0.00% | 0.66% | 0.00% | 0.00% | 0.66% | |
Pro Forma Delaware Tax-Exempt Opportunities Fund as of 12/31/2018 | |||||||||||
A | 4.00% | NONE | 0.55% | 0.25% | 0.18% | 0.00% | 0.98% | -0.02%3 | 0.00% | 0.96% | |
Inst. | NONE | NONE | 0.55% | 0.00% | 0.18% | 0.00% | 0.73% | 0.00% | 0.00% | 0.73% | |
R6 | NONE | NONE | 0.55% | 0.00% | 0.13% | 0.00% | 0.68% | -0.02%3 | 0.00% | 0.66% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors California Tax Exempt Fund as of 12/31/2018 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.50% | 0.25% | 0.17% | 0.00% | 0.92% | 0.00% | 0.00% | 0.92% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.50% | NONE | 0.14% | 0.00% | 0.64% | 0.00% | 0.00% | 0.64% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.50% | NONE | 0.15% | 0.00% | 0.65% | 0.00% | 0.00% | 0.65% | |
Pro Forma Delaware Tax-Free California II Fund as of 12/31/2018 | |||||||||||
A | 4.00% | NONE | 0.55% | 0.25% | 0.22% | 0.00% | 1.02% | -0.10%3 | 0.00% | 0.92% | |
Inst. | NONE | NONE | 0.55% | 0.00% | 0.22% | 0.00% | 0.77% | -0.13%3 | 0.00% | 0.64% | |
R6 | NONE | NONE | 0.55% | 0.00% | 0.21% | 0.00% | 0.76% | -0.11%3 | 0.00% | 0.65% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors New Jersey Tax Exempt Fund as of 12/31/2018 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.50% | 0.25% | 0.15% | 0.00% | 0.90% | 0.00% | 0.00% | 0.90% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.50% | NONE | 0.18% | 0.00% | 0.68% | 0.00% | 0.00% | 0.68% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.50% | NONE | 0.17% | 0.00% | 0.67% | 0.00% | 0.00% | 0.67% | |
Pro Forma Delaware Tax-Free New Jersey Fund as of 12/31/2018 | |||||||||||
A | 4.00% | NONE | 0.55% | 0.25% | 0.22% | 0.00% | 1.02% | -0.12%3 | 0.00% | 0.90% | |
Inst. | NONE | NONE | 0.55% | 0.00% | 0.22% | 0.00% | 0.77% | -0.09%3 | 0.00% | 0.68% | |
R6 | NONE | NONE | 0.55% | 0.00% | 0.24% | 0.00% | 0.79% | -0.12%3 | 0.00% | 0.67% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors New York Tax Exempt Fund as of 12/31/2018 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.50% | 0.25% | 0.11% | 0.00% | 0.86% | 0.00% | 0.00% | 0.86% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.50% | NONE | 0.10% | 0.00% | 0.60% | 0.00% | 0.00% | 0.60% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.50% | NONE | 0.12% | 0.00% | 0.62% | 0.00% | 0.00% | 0.62% | |
Pro Forma Delaware Tax-Free New York II Fund as of 12/31/2018 | |||||||||||
A | 4.00% | NONE | 0.55% | 0.25% | 0.14% | 0.00% | 0.94% | -0.08%3 | 0.00% | 0.86% | |
Inst. | NONE | NONE | 0.55% | 0.00% | 0.14% | 0.00% | 0.69% | -0.09%3 | 0.00% | 0.60% | |
R6 | NONE | NONE | 0.55% | 0.00% | 0.15% | 0.00% | 0.70% | -0.08%3 | 0.00% | 0.62% |
Shareholder Fees (fees paid directly from your investment) | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||
Class | Maximum Sales Charge (Load) Imposed on Purchases | Maximum Deferred Sales Charge (Load) | Management Fees | Distribution and/or Service (12b-1) Fees | Other Expenses | Acquired Fund Fees and Expenses | Total Annual Fund Operating Expenses | Fee Waiver and/or Expense Reimbursement | Recoupments | Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments | |
First Investors Oregon Tax Exempt Fund as of 12/31/2018 | |||||||||||
A into Acquiring Fund A | 4.00% | 1.00%1 | 0.50% | 0.25% | 0.16% | 0.00% | 0.91% | 0.00% | 0.00% | 0.91% | |
Advisor into Acquiring Fund Inst. | NONE | NONE | 0.50% | NONE | 0.16% | 0.00% | 0.66% | 0.00% | 0.00% | 0.66% | |
Inst. merging into Acquiring Fund R6 | NONE | NONE | 0.50% | NONE | 0.19% | 0.00% | 0.69% | 0.00% | 0.00% | 0.69% | |
Pro Forma Delaware Tax- Free Oregon Fund as of 12/31/2018 | |||||||||||
A | 4.00% | NONE | 0.55% | 0.25% | 0.22% | 0.00% | 1.02% | -0.11%3 | 0.00% | 0.91% | |
Inst. | NONE | NONE | 0.55% | 0.00% | 0.22% | 0.00% | 0.77% | -0.11%3 | 0.00% | 0.66% | |
R6 | NONE | NONE | 0.55% | 0.00% | 0.25% | 0.00% | 0.80% | -0.11%3 | 0.00% | 0.69% |
First Investors Fund | A | Advisor | Inst. | Expires | Acquiring Fund | A | Inst. | R6 | Expires | |
First Investors Covered Call Strategy Fund | N/A | N/A | N/A | N/A | Delaware Covered Call Strategy Fund | 1.34% | 1.17% | 0.88% | * | |
First Investors Equity Income Fund | N/A | N/A | N/A | N/A | Delaware Equity Income Fund | 1.17% | 0.85% | 0.81% | * | |
First Investors Global Fund | N/A | N/A | N/A | N/A | Delaware Global Equity Fund | 1.41% | 1.08% | 1.02% | * | |
First Investors Growth & Income Fund | N/A | N/A | N/A | N/A | Delaware Growth and Income Fund | 1.11% | 0.84% | 0.75% | * | |
First Investors Hedged U.S. Equity Opportunities Fund | N/A | N/A | N/A | N/A | Delaware Hedged U.S. Equity Opportunities Fund | 1.75% | 1.42% | 1.31% | * | |
First Investors Opportunity Fund | N/A | N/A | N/A | N/A | Delaware Opportunity Fund | 1.53% | 1.22% | 1.09% | * | |
First Investors International Fund | N/A | N/A | N/A | N/A | Delaware International Fund | 1.21% | 0.90% | 0.78% | * | |
First Investors Premium Income Fund | 1.30% | 1.06% | 0.99% | 1/30/2020 | Delaware Premium Income Fund | 1.30% | 1.06% | 0.99% | * | |
First Investors Select Growth Fund | N/A | N/A | N/A | N/A | Delaware Growth Equity Fund | 1.17% | 0.89% | 0.79% | * | |
First Investors Special Situations Fund | N/A | N/A | N/A | N/A | Delaware Special Situations Fund | 1.27% | 1.02% | 0.87% | * | |
First Investors Total Return Fund | N/A | N/A | N/A | N/A | Delaware Total Return Fund | 1.15% | 0.98% | 0.79% | * | |
First Investors Floating Rate Fund | 1.10% | N/A | N/A | 1/31/2020 | Delaware Floating Rate II Fund | 1.05% | 0.90% | 0.74% | * | |
First Investors Fund For Income | N/A | N/A | N/A | N/A | Delaware Fund for Income | 1.18% | 1.04% | 0.80% | * | |
First Investors Government Cash Management Fund** | 0.80%/ 0.60% | N/A | 0.80%/ 0.60% | 1/31/2020 | Delaware Government Cash Management Fund | 0.55% | N/A | 0.60% | * | |
First Investors International Opportunities Bond Fund | N/A | N/A | N/A | N/A | Delaware International Opportunities Bond Fund | 1.39% | 1.14% | 0.97% | * | |
First Investors Investment Grade Fund | N/A | N/A | N/A | N/A | Delaware Investment Grade Fund | 1.03% | 0.74% | 0.66% | * | |
First Investors Limited Duration Bond Fund | 0.79% | 0.51% | 0.36% | 1/31/2020 | Delaware Limited Duration Bond Fund | 0.74% | 0.51% | 0.36% | * | |
First Investors Strategic Income Fund | N/A | N/A | N/A | N/A | Delaware Strategic Income II Fund | 1.20% | 0.92% | N/A | * | |
First Investors Tax Exempt Income Fund | N/A | N/A | N/A | N/A | Delaware Tax-Exempt Income Fund | 0.92% | 0.70% | 0.64% | * | |
First Investors Tax Exempt Opportunities Fund | N/A | N/A | N/A | N/A | Delaware Tax-Exempt Opportunities Fund | 0.96% | 0.80% | 0.66% | * | |
First Investors California Tax Exempt Fund | N/A | N/A | N/A | N/A | Delaware Tax-Free California II Fund | 0.92% | 0.64% | 0.65% | * | |
First Investors New Jersey Tax Exempt Fund | N/A | N/A | N/A | N/A | Delaware Tax-Free New Jersey Fund | 0.90% | 0.68% | 0.67% | * | |
First Investors New York Tax Exempt Fund | N/A | N/A | N/A | N/A | Delaware Tax-Free New York II Fund | 0.86% | 0.60% | 0.62% | * | |
First Investors Oregon Tax Exempt Fund | N/A | N/A | N/A | N/A | Delaware Tax-Free Oregon Fund | 0.91% | 0.66% | 0.69% | * |
Class | 1 Year | 3 Years | 5 Years | 10 Years | ||||||
First Investors Covered Call Strategy Fund as of 3/31/19 | ||||||||||
A merging into Acquiring Fund A | $704 | $969 | $1,255 | $2,066 | ||||||
Adv. merging into Acquiring Fund I | $119 | $355 | $609 | $1,336 | ||||||
I merging into Acquiring Fund R6 | $93 | $290 | $504 | $1,120 | ||||||
Pro Forma Delaware Covered Call Strategy Fund as of 3/31/19 | ||||||||||
A | $704 | $975 | $1,267 | $2,095 | ||||||
I | $111 | $347 | $601 | $1,329 | ||||||
R6 | $90 | $286 | $505 | $1,134 | ||||||
First Investors Equity Income Fund as of 3/31/19 | ||||||||||
A merging into Acquiring Fund A | $687 | $925 | $1,182 | $1,914 | ||||||
Adv. merging into Acquiring Fund I | $87 | $271 | $471 | $1,049 | ||||||
I merging into Acquiring Fund R6 | $83 | $259 | $450 | $1,002 | ||||||
Pro Forma Delaware Equity Income Fund as of 3/31/19 | ||||||||||
A | $681 | $905 | $1,146 | $1,838 | ||||||
I | $87 | $271 | $471 | $1,049 | ||||||
R6 | $77 | $240 | $417 | $930 | ||||||
First Investors Global Fund as of 3/31/19 | ||||||||||
A merging into Acquiring Fund A | $713 | $1,004 | $1,317 | $2,200 | ||||||
Adv. merging into Acquiring Fund I | $114 | $356 | $617 | $1,363 | ||||||
I merging into Acquiring Fund R6 | $107 | $334 | $579 | $1,283 | ||||||
Pro Forma Delaware Global Fund as of 3/31/19 | ||||||||||
A | $703 | $972 | $1,262 | $2,084 | ||||||
I | $110 | $343 | $595 | $1,317 | ||||||
R6 | $99 | $309 | $536 | $1,190 | ||||||
Class | 1 Year | 3 Years | 5 Years | 10 Years | |||||
First Investors Growth &Income Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $682 | $908 | $1,151 | $1,849 | |||||
Adv. merging into Acquiring Fund I | $86 | $268 | $466 | $1,037 | |||||
I merging into Acquiring Fund R6 | $77 | $240 | $417 | $930 | |||||
Pro Forma Delaware Growth and Income Fund as of 3/31/19 | |||||||||
A | $680 | $902 | $1,141 | $1,827 | |||||
I | $86 | $268 | $466 | $1,037 | |||||
R6 | $76 | $237 | $411 | $918 | |||||
First Investors Hedged U.S. Equity Opportunities Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $743 | $1,083 | $1,445 | $2,463 | |||||
Adv. merging into Acquiring Fund I | $149 | $457 | $789 | $1,726 | |||||
I merging into Acquiring Fund R6 | $133 | $413 | $714 | $1,569 | |||||
Pro Forma Delaware Hedged U.S. Equity Opportunities Fund as of 3/31/19 | |||||||||
A | $741 | $1,089 | $1,460 | $2,499 | |||||
I | $145 | $456 | $796 | $1,758 | |||||
R6 | $133 | $420 | $732 | $1,617 | |||||
First Investors International Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $722 | $1,031 | $1,361 | $2,294 | |||||
Adv. merging into Acquiring Fund I | $124 | $387 | $670 | $1,477 | |||||
I merging into Acquiring Fund R6 | $111 | $347 | $601 | $1,329 | |||||
Pro Forma Delaware International Fund as of 3/31/19 | |||||||||
A | $709 | $993 | $1,297 | $2,158 | |||||
I | $117 | $365 | $633 | $1,398 | |||||
R6 | $101 | $315 | $547 | $1,213 | |||||
Class | 1 Year | 3 Years | 5 Years | 10 Years | ||||||
First Investors Opportunity Fund as of 3/31/19 | ||||||||||
A merging into Acquiring Fund A | $691 | $937 | $1,202 | $1,957 | ||||||
Adv. merging into Acquiring Fund I | $92 | $287 | $498 | $1,108 | ||||||
I merging into Acquiring Fund R6 | $80 | $249 | $433 | $966 | ||||||
Pro Forma Delaware Opportunity Fund as of 3/31/19 | ||||||||||
A | $691 | $942 | $1,218 | $2,002 | ||||||
I | $92 | $299 | $536 | $1,216 | ||||||
R6 | $80 | $257 | $457 | $1,036 | ||||||
First Investors Premium Income Fund as of 3/31/19 | ||||||||||
A merging into Acquiring Fund A | $700 | $987 | $1,296 | $2,169 | ||||||
Adv. merging into Acquiring Fund I | $108 | $354 | $620 | $1,379 | ||||||
I merging into Acquiring Fund R6 | $101 | $328 | $574 | $1,277 | ||||||
Pro Forma Delaware Premium Income Fund as of 3/31/19 | ||||||||||
A | $700 | $978 | $1,291 | $2,177 | ||||||
I | $108 | $351 | $629 | $1,419 | ||||||
R6 | $101 | $326 | $581 | $1,310 | ||||||
First Investors Select Growth Fund as of 3/31/19 | ||||||||||
A merging into Acquiring Fund A | $687 | $925 | $1,182 | $1,914 | ||||||
Adv. merging into Acquiring Fund I | $91 | $284 | $493 | $1,096 | ||||||
I merging into Acquiring Fund R6 | $81 | $252 | $439 | $978 | ||||||
Pro Forma Delaware Growth Equity Fund as of 3/31/19 | ||||||||||
A | $682 | $908 | $1,151 | $1,849 | ||||||
I | $88 | $274 | $477 | $1,061 | ||||||
R6 | $76 | $237 | $411 | $918 | ||||||
First Investors Special Situations Fund as of 3/31/19 | ||||||||||
A merging into Acquiring Fund A | $697 | $955 | $1,232 | $2,021 | ||||||
Adv. merging into Acquiring Fund I | $104 | $325 | $563 | $1,248 | ||||||
I merging into Acquiring Fund R6 | $89 | $278 | $482 | $1,073 | ||||||
Pro Forma Delaware Special Situations Fund as of 3/31/19 | ||||||||||
A | $694 | $946 | $1,217 | $1,989 | ||||||
I | $101 | $315 | $547 | $1,213 | ||||||
R6 | $87 | $271 | $471 | $1,049 | ||||||
Class | 1 Year | 3 Years | 5 Years | 10 Years | |||||
First Investors Total Return Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $685 | $919 | $1,172 | $1,892 | |||||
Adv. merging into Acquiring Fund I | $100 | $312 | $542 | $1,201 | |||||
I merging into Acquiring Fund R6 | $81 | $252 | $439 | $978 | |||||
Pro Forma Delaware Total Return Fund as of 3/31/19 | |||||||||
A | $683 | $911 | $1,156 | $1,860 | |||||
I | $89 | $278 | $482 | $1,073 | |||||
R6 | $78 | $243 | $422 | $942 | |||||
First Investors Floating Rate Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $359 | $601 | $862 | $1,608 | |||||
Adv. merging into Acquiring Fund I | $92 | $283 | $490 | $1,086 | |||||
I merging into Acquiring Fund R6 | $79 | $246 | $428 | $954 | |||||
Pro Forma Delaware Floating Rate II Fund as of 3/31/19 | |||||||||
A | $354 | $578 | $821 | $1,519 | |||||
I | $84 | $262 | $455 | $1,014 | |||||
R6 | $72 | $224 | $390 | $871 | |||||
First Investors Fund For Income as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $517 | $766 | $1,033 | $1,796 | |||||
Adv. merging into Acquiring Fund I | $108 | $337 | $585 | $1,294 | |||||
I merging into Acquiring Fund R6 | $84 | $262 | $455 | $1,014 | |||||
Pro Forma Delaware Fund for Income as of 3/31/19 | |||||||||
A | $513 | $751 | $1,008 | $1,742 | |||||
I | $92 | $287 | $498 | $1,108 | |||||
R6 | $78 | $243 | $422 | $942 | |||||
First Investors Government Cash Management Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $82 | $279 | $493 | $1,109 | |||||
I merging into Acquiring Fund R6 | $82 | $255 | $444 | $990 | |||||
Pro Forma Delaware Government Cash Management Fund as of 3/31/19 | |||||||||
A | $56 | $214 | $425 | $1,032 | |||||
R6 | $61 | $212 | $397 | $932 | |||||
Class | 1 Year | 3 Years | 5 Years | 10 Years | |||||
First Investors International Opportunities Bond Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $536 | $822 | $1,130 | $2,002 | |||||
Adv. merging into Acquiring Fund I | $116 | $362 | $628 | $1,386 | |||||
I merging into Acquiring Fund R6 | $99 | $309 | $536 | $1,190 | |||||
Pro Forma Delaware International Opportunities Bond Fund as of 3/31/19 | |||||||||
A | $536 | $826 | $1,140 | $2,029 | |||||
I | $116 | $366 | $638 | $1,415 | |||||
R6 | $99 | $312 | $546 | $1,219 | |||||
First Investors Investment Grade Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $504 | $738 | $991 | $1,714 | |||||
Adv. merging into Acquiring Fund I | $79 | $261 | $459 | $1,031 | |||||
I merging into Acquiring Fund R6 | $70 | $236 | $415 | $936 | |||||
Pro Forma Delaware Investment Grade Fund as of 3/31/19 | |||||||||
A | $496 | $700 | $920 | $1,553 | |||||
I | $75 | $233 | $406 | $906 | |||||
R6 | $63 | $199 | $346 | $774 | |||||
First Investors Limited Duration Bond Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $329 | $538 | $764 | $1,415 | |||||
Adv. merging into Acquiring Fund I | $52 | $235 | $434 | $1,007 | |||||
I merging into Acquiring Fund R6 | $37 | $166 | $306 | $716 | |||||
Pro Forma Delaware Limited Duration Bond Fund as of 3/31/19 | |||||||||
A | $324 | $510 | $741 | $1,406 | |||||
I | $52 | $202 | $406 | $994 | |||||
R6 | $37 | $154 | $321 | $805 | |||||
First Investors Strategic Income Fund as of 3/31/19 | |||||||||
A merging into Acquiring Fund A | $513 | $754 | $1,013 | $1,753 | |||||
Adv. merging into Acquiring Fund I | $90 | $281 | $488 | $1,084 | |||||
Pro Forma Delaware Strategic Income II Fund as of 3/31/19 | |||||||||
A | $506 | $730 | $972 | $1,664 | |||||
I | $85 | $265 | $460 | $1,025 | |||||
Class | 1 Year | 3 Years | 5 Years | 10 Years | |||||
First Investors Tax Exempt Income Fund as of 12/31/18 | |||||||||
A merging into Acquiring Fund A | $495 | $697 | $915 | $1,542 | |||||
Adv. merging into Acquiring Fund I | $77 | $240 | $417 | $930 | |||||
I merging into Acquiring Fund R6 | $70 | $221 | $384 | $859 | |||||
Pro Forma Delaware Tax-Exempt Income Fund as of 12/31/18 | |||||||||
A | $651 | $813 | $989 | $1,497 | |||||
I | $65 | $205 | $357 | $798 | |||||
R6 | $62 | $195 | $340 | $762 | |||||
First Investors Tax Exempt Opportunities Fund as of 12/31/18 | |||||||||
A merging into Acquiring Fund A | $494 | $694 | $910 | $1,531 | |||||
Adv. merging into Acquiring Fund I | $82 | $255 | $444 | $990 | |||||
I merging into Acquiring Fund R6 | $67 | $211 | $368 | $822 | |||||
Pro Forma Delaware Tax-Exempt Opportunities Fund as of 12/31/18 | |||||||||
A | $667 | $865 | $1,082 | $1,704 | |||||
I | $75 | $233 | $406 | $906 | |||||
R6 | $67 | $213 | $375 | $843 | |||||
First Investors California Tax Exempt Fund as of 12/31/18 | |||||||||
A merging into Acquiring Fund A | $490 | $682 | $889 | $1,486 | |||||
Adv. merging into Acquiring Fund I | $65 | $205 | $357 | $798 | |||||
I merging into Acquiring Fund R6 | $66 | $208 | $362 | $810 | |||||
Pro Forma Delaware Tax-Free California II Fund as of 12/31/18 | |||||||||
A | $663 | $862 | $1,087 | $1,734 | |||||
I | $65 | $219 | $402 | $929 | |||||
R6 | $66 | $220 | $400 | $921 | |||||
First Investors New Jersey Tax Exempt Fund as of 12/31/18 | |||||||||
A merging into Acquiring Fund A | $488 | $676 | $879 | $1,464 | |||||
Adv. merging into Acquiring Fund I | $69 | $218 | $379 | $847 | |||||
I merging into Acquiring Fund R6 | $68 | $214 | $373 | $835 | |||||
Class | 1 Year | 3 Years | 5 Years | 10 Years | |||||
Pro Forma Delaware Tax-Free New Jersey Fund as of 12/31/18 | |||||||||
A | $662 | $858 | $1,083 | $1,730 | |||||
I | $69 | $228 | $410 | $937 | |||||
R6 | $68 | $228 | $415 | $955 | |||||
First Investors New York Tax Exempt Fund as of 12/31/18 | |||||||||
A merging into Acquiring Fund A | $484 | $663 | $858 | $1,418 | |||||
Adv. merging into Acquiring Fund I | $61 | $192 | $335 | $750 | |||||
I merging into Acquiring Fund R6 | $63 | $199 | $346 | $774 | |||||
Pro Forma Delaware Tax-Free New York II Fund as of 12/31/18 | |||||||||
A | $658 | $842 | $1,050 | $1,649 | |||||
I | $61 | $202 | $366 | $841 | |||||
R6 | $63 | $207 | $373 | $855 | |||||
First Investors Oregon Tax Exempt Fund as of 12/31/18 | |||||||||
A merging into Acquiring Fund A | $489 | $679 | $884 | $1,475 | |||||
Adv. merging into Acquiring Fund I | $67 | $211 | $368 | $822 | |||||
I merging into Acquiring Fund R6 | $70 | $221 | $384 | $859 | |||||
Pro Forma Delaware Tax-Free Oregon Fund as of 12/31/18 | |||||||||
A | $663 | $860 | $1,085 | $1,732 | |||||
I | $67 | $223 | $406 | $933 | |||||
R6 | $70 | $233 | $422 | $969 | |||||
Affiliated Sub-Advisers | Sub-Advised Acquiring Funds |
Macquarie Funds Management Hong Kong Limited (“MFMHKL”) | Delaware Global Equity Fund Delaware Growth and Income Fund Delaware International Fund Delaware Opportunity Fund Delaware Special Situations Fund Delaware Total Return Fund Delaware Equity Income Fund |
Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) | Delaware Total Return Fund Delaware Floating Rate II Fund Delaware Fund for Income Delaware International Opportunities Bond Fund Delaware Investment Grade Fund Delaware Limited Duration Bond Fund Delaware Strategic Income II Fund |
Macquarie Investment Management Europe Limited (“MIMEL”) | Delaware Total Return Fund Delaware Floating Rate II Fund Delaware Fund for Income Delaware International Opportunities Bond Fund Delaware Investment Grade Fund Delaware Limited Duration Bond Fund Delaware Strategic Income II Fund |
Macquarie Investment Management Global Limited (“MIMGL”) | Delaware Global Equity Fund Delaware Growth and Income Fund Delaware International Fund Delaware Opportunity Fund Delaware Special Situations Fund Delaware Total Return Fund Delaware Floating Rate II Fund Delaware Fund for Income Delaware International Opportunities Bond Fund Delaware Investment Grade Fund Delaware Limited Duration Bond Fund Delaware Strategic Income II Fund Delaware Equity Income Fund |
Unaffiliated Sub-Advisers | Sub-Advised Acquiring Funds |
Smith | Delaware Growth Equity Fund |
Wellington Management | Delaware U.S. Hedged Equity Opportunities Fund |
ZCM | Delaware Covered Call Strategy Fund Delaware Premium Income Fund |
First Investors Funds | Acquiring Funds | |
Administrator: | Foresters Investor Services, Inc. | The Bank of New York Mellon |
Transfer Agent: | Foresters Investor Services, Inc. | Delaware Investments Fund Services Company |
First Investors Funds | Acquiring Funds | |
Custodian: | The Bank of New York Mellon | The Bank of New York Mellon |
Distributor: | Foresters Financial Services, Inc. | Delaware Distributors, L.P. (“DDLP”) |
Auditor: | Tait, Weller & Baker LLP | PricewaterhouseCoopers LLP |
First Investors Funds Share Classes | Acquiring Funds Corresponding Share Classes |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Funds | Acquiring Funds | |||
Purchase Amount | Sales Charge as a percentage of Offering Price* | Purchase Amount | As a % of Offering Price | |
Less than $50,000 | 5.75% | Less than $50,000 | 5.75% | |
$50,000 but less than $100,000 | 4.75% | $50,000 but less than $100,000 | 4.75% | |
$100,000 but less than $250,000 | 3.75% | $100,000 but less than $250,000 | 3.75% | |
$250,000 but less than $500,000 | 2.75% | $250,000 but less than $500,000 | 2.50% | |
$500,000 but less than $1 million | 2.00% | $500,000 but less than $1 million | 2.00% | |
More than $1,000,000 | 0.00%** | More than $1 million | 0.00%, but subject to 1.00% CDSC if redeemed within 12 months of purchase and a 0.50% CDSC if redeemed within 24 months of purchase |
First Investors Funds | Acquiring Funds | |||
Purchase Amount | Sales charge as a percentage of Offering Price* | Purchase Amount | As a % of Offering Price | |
Less than $100,000 | 4.00% | Less than $100,000 | 4.50% | |
$100,000 but less than $250,000 | 3.50% | $100,000 but less than $250,000 | 3.50% | |
$250,000 but less than $500,000 | 2.50% | $250,000 but less than $500,000 | 2.50% |
$500,000 but less than $1 million | 2.00% | $500,000 but less than $1 million | 2.00% | |
More than $1 million | 0.00%** | More than $1,000,000 | 0.00%, but subject to 1.00% CDSC if redeemed within 12 months of purchase and a 0.50% CDSC if redeemed within 24 months of purchase |
First Investors Funds | Acquiring Funds | |||
Purchase Amount | Sales Charge as a percentage of Offering Price* | Purchase Amount | As a % of Offering Price | |
Less than $100,000 | 2.50% | Less than $100,000 | 2.75% | |
$100,000 but less than $250,000 | 1.75% | $100,000 but less than $250,000 | 2.00% | |
$250,000 but less than $500,000 | 1.25% | $250,000 but less than $1 million | 1.00% | |
$500,000 but less than $1 million | 1.00% | More than $1 million | 0.00%, but subject to 1.00% CDSC if redeemed within 12 months of purchase and a 0.50% CDSC if redeemed within 24 months of purchase | |
More than $1 million | 0.00%** |
· | the Acquiring Funds’ Registration Statement on Form N-14 under the Securities Act shall have been filed with the SEC and such Registration Statement shall have become effective, and no stop-order suspending the effectiveness of the Registration Statement shall have been issued; |
· | the shareholders of the First Investors Fund shall have approved the Agreement in accordance with the provisions of the First Investors Fund’s governing instruments, applicable state law and the 1940 Act; |
· | the Acquiring Trust and First Investors Trust will have received a legal opinion on or before the Closing Date that the consummation of the transactions contemplated by the Agreement will not result in the recognition of gain or loss for federal income tax purposes for each First Investors Fund or its shareholders or each Acquiring Fund. |
First Investors Covered Call Strategy Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Covered Call Strategy Fund - Class A | $228,790,961 | 20,287,296 | $11.28 |
Delaware Covered Call Strategy Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Covered Call Strategy Fund - Class A | $228,790,961 | 20,287,296 | $11.28 |
First Investors Covered Call Strategy Fund - Advisor Class | $85,884,702 | 7,639,042 | $11.24 |
Delaware Covered Call Strategy Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Covered Call Strategy Fund - Institutional Class | $85,884,702 | 7,639,042 | $11.24 |
First Investors Covered Call Strategy Fund - Institutional Class | $2,309,126 | 206,690 | $11.17 |
Delaware Covered Call Strategy Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Covered Call Strategy Fund - R6 Class | $2,309,126 | 206,690 | $11.17 |
First Investors Covered Call Strategy Fund - All Classes | $316,984,789 | 28,133,028 | |
Delaware Covered Call Strategy Fund - All Classes | |||
Pro Forma Adjustments to Capitalization - All Classes | $0 | 0 | |
Delaware Covered Call Strategy Fund - All Classes | $316,984,789 | 28,133,028 |
First Investors Equity Income Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Equity Income Fund - Class A | $498,833,996 | 53,828,772 | $9.27 |
Delaware Equity Income Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Equity Income Fund - Class A | $498,833,996 | 53,828,772 | $9.27 |
First Investors Equity Income Fund - Advisor Class | $78,538,799 | 8,411,812 | $9.34 |
Delaware Equity Income Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Equity Income Fund - Institutional Class | $78,538,799 | 8,411,812 | $9.34 |
First Investors Equity Income Fund - Institutional Class | $1,998,399 | 215,906 | $9.26 |
Delaware Equity Income Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Equity Income Fund - R6 Class | $1,998,399 | 215,906 | $9.26 |
First Investors Equity Income Fund – All Classes | $579,371,194 | 62,456,490 | |
Delaware Equity Income Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Equity Income Fund – All Classes | $579,371,194 | 62,456,490 |
First Investors Global Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Global Fund - Class A | $356,080,363 | 49,752,928 | $7.16 |
Delaware Covered Global Equity Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Global Equity Fund - Class A | $356,080,363 | 49,752,928 | $7.16 |
First Investors Global Fund - Advisor Class | $227,833,091 | 30,869,277 | $7.38 |
Delaware Global Equity Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Global Equity Fund - Institutional Class | $227,833,091 | 30,869,277 | $7.38 |
First Investors Global Fund - Institutional Class | $3,284,654 | 441,929 | $7.43 |
Delaware Global Equity Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Global Equity Fund - R6 Class | $3,284,654 | 441,929 | $7.43 |
First Investors Global Fund – All Classes | $587,198,108 | 81,064,134 | |
Delaware Global Equity Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Global Equity Fund – All Classes | $587,198,108 | 81,064,134 |
First Investors Growth & Income Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Growth & Income Fund - Class A | $1,505,650,398 | 80,241,475 | $18.76 |
Delaware Growth and Income Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Growth and Income Fund- Class A | $1,505,650,398 | 80,241,475 | $18.76 |
First Investors Growth & income Fund - Advisor Class | $143,755,117 | 7,595,435 | $18.93 |
Delaware Growth and Income Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Growth and Income Fund - Institutional Class | $143,755,117 | 7,595,435 | $18.93 |
First Investors Growth & Income Fund - Institutional Class | $8,418,596 | 446,564 | $18.85 |
Delaware Growth and Income Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Growth and Income Fund - R6 Class | $8,418,596 | 446,564 | $18.85 |
First Investors Growth & Income Fund – All Classes | $1,657,824,111 | 88,283,474 | |
Delaware Growth and Income Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Growth and Income Fund – All Classes | $1,657,824,111 | 88,283,474 | |
First Investors Hedged U.S. Equity Opportunities Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Hedged U.S. Equity Opportunities Fund - Class A | $76,399,415 | 6,550,370 | $11.66 |
Delaware Hedged U.S. Equity Opportunities Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Hedged U.S. Equity Opportunities Fund - Class A | $76,399,415 | 6,550,370 | $11.66 |
First Investors Hedged U.S. Equity Opportunities Fund - Advisor Class | $105,027,243 | 8,927,562 | $11.76 |
Delaware Hedged U.S. Equity Opportunities Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Hedged U.S. Equity Opportunities Fund - Institutional Class | $105,027,243 | 8,927,562 | $11.76 |
First Investors Hedged U.S. Equity Opportunities Fund - Institutional Class | $548,926 | 46,523 | $11.80 |
Delaware Hedged U.S. Equity Opportunities Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Hedged U.S. Equity Opportunities Fund - R6 Class | $548,926 | 46,523 | $11.80 |
First Investors Hedged U.S. Equity Opportunities Fund – All Classes | $181,975,584 | 15,524,455 | |
Delaware Hedged U.S. Equity Opportunities Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Hedged U.S. Equity Opportunities Fund – All Classes | $181,975,584 | 15,524,455 |
First Investors International Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors International Fund - Class A | $254,908,513 | 17,200,088 | $14.82 |
Delaware International Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware International Fund - Class A | $254,908,513 | 17,200,088 | $14.82 |
First Investors International Fund - Advisor Class | $144,283,356 | 9,539,977 | $15.12 |
Delaware International Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware International Fund - Institutional Class | $144,283,356 | 9,539,977 | $15.12 |
First Investors International Fund - Institutional Class | $2,783,102 | 183,340 | $15.18 |
Delaware International Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware International Fund - R6 Class | $2,783,102 | 183,340 | $15.18 |
First Investors International Fund – All Classes | $401,974,971 | 26,923,405 | |
Delaware International Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware International Fund – All Classes | $401,974,971 | 26,923,405 |
First Investors Opportunity Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Opportunity Fund - Class A | $943,677,938 | 26,216,450 | $36.00 |
Delaware Opportunity Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Opportunity Fund - Class A | $943,677,938 | 26,216,450 | $36.00 |
First Investors Opportunity Fund - Advisor Class | $151,156,650 | 4,101,535 | $36.85 |
Delaware Opportunity Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Opportunity Fund - Institutional Class | $151,156,650 | 4,101,535 | $36.85 |
First Investors Opportunity Fund - Institutional Class | $4,600,443 | 124,991 | $36.81 |
Delaware Opportunity Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Opportunity Fund - R6 Class | $4,600,443 | 124,991 | $36.81 |
First Investors Opportunity Fund – All Classes | $1,099,435,031 | 30,442,976 | |
Delaware Opportunity Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Opportunity Fund – All Classes | $1,099,435,031 | 30,442,976 |
First Investors Premium Income Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Premium Income Fund - Class A | $60,448,829 | 5,945,826 | $10.17 |
Delaware Premium Income Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Premium Income Fund - Class A | $60,448,829 | 5,945,826 | $10.17 |
First Investors Premium Income Fund - Advisor Class | $63,243,380 | 6,214,656 | $10.18 |
Delaware Premium Income Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Premium Income Fund - Institutional Class | $63,243,380 | 6,214,656 | $10.18 |
First Investors Premium Income Fund - Institutional Class | $38,906 | 7,028 | $5.54 |
Delaware Premium Income Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Premium Income Fund - R6 Class | $38,906 | 7,028 | $5.54 |
First Investors Premium Income Fund – All Classes | $123,731,115 | 12,167,510 | |
Delaware Premium Income Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Premium Income Fund – All Classes | $123,731,115 | 12,167,510 |
First Investors Select Growth Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Select Growth Fund - Class A | $557,067,882 | 45,022,170 | $12.37 |
Delaware Growth Equity Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Growth Equity Fund - Class A | $557,067,882 | 45,022,170 | $12.37 |
First Investors Select Growth Fund - Advisor Class | $203,091,694 | 16,054,196 | $12.65 |
Delaware Growth Equity Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Growth Equity Fund - Institutional Class | $203,091,694 | 16,054,196 | $12.65 |
First Investors Select Growth Fund - Institutional Class | $6,613,313 | 519,603 | $12.73 |
Delaware Growth Equity Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Growth Equity Fund - R6 Class | $6,613,313 | 519,603 | $12.73 |
First Investors Select Growth Fund – All Classes | $766,772,889 | 61,595,969 | |
Delaware Growth Equity Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Growth Equity Fund – All Classes | $766,772,889 | 61,595,969 |
First Investors Special Situations Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Special Situations Fund - Class A | $512,210,506 | 20,524,292 | $24.96 |
Delaware Special Situations Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Special Situations Fund - Class A | $512,210,506 | 20,524,292 | $24.96 |
First Investors Special Situations Fund - Advisor Class | $130,646,785 | 5,157,185 | $25.33 |
Delaware Special Situations Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Special Situations Fund - Institutional Class | $130,646,785 | 5,157,185 | $25.33 |
First Investors Special Situations Fund - Institutional Class | $7,327,732 | 286,906 | $25.54 |
Delaware Special Situations Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Special Situations Fund - R6 Class | $7,327,732 | 286,906 | $25.54 |
First Investors Special Situations Fund – All Classes | $650,185,023 | 25,968,383 | |
Delaware Special Situation Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Special Situations Fund – All Classes | $650,185,023 | 25,968,383 |
First Investors Total Return Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Total Return Fund - Class A | $828,821,963 | 45,827,643 | $18.09 |
Delaware Total Return Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Total Return Fund - Class A | $828,821,963 | 45,827,643 | $18.09 |
First Investors Total Return Fund - Advisor Class | $1,010,910 | 55,593 | $18.18 |
Delaware Total Return Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Total Return Fund - Institutional Class | $1,010,910 | 55,593 | $18.18 |
First Investors Total Return Fund - Institutional Class | $33,082,429 | 1,812,983 | $18.25 |
Delaware Total Return Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Total Return Fund - R6 Class | $33,082,429 | 1,812,983 | $18.25 |
First Investors Total Return Fund – All Classes | $862,915,302 | 47,696,219 | |
Delaware Total Return Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Total Return Fund – All Classes | $862,915,302 | 47,696,219 |
First Investors Floating Rate Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Floating Rate Fund - Class A | $70,501,793 | 7,389,605 | $9.54 |
Delaware Floating Rate II Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Floating Rate II Fund - Class A | $70,501,793 | 7,389,605 | $9.54 |
First Investors Floating Rate Fund - Advisor Class | $159,109,125 | 16,665,564 | $9.55 |
Delaware Floating Rate II Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Floating Rate II Fund - Institutional Class | $159,109,125 | 16,665,564 | $9.55 |
First Investors Floating Rate Fund - Institutional Class | $26,471,801 | 2,774,526 | $9.54 |
Delaware Floating Rate II Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Floating Rate II Fund - R6 Class | $26,471,801 | 2,774,526 | $9.54 |
First Investors Floating Rate Fund – All Classes | $256,082,719 | 26,829,695 | |
Delaware Floating Rate II Fund – All Classes | |||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |
Delaware Floating Rate II Fund – All Classes | $256,082,719 | 26,829,695 |
First Investors Fund For Income | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Fund For Income - Class A | $505,329,471 | 208,158,890 | $2.43 |
Delaware Fund For Income - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Fund For Income - Class A | $505,329,471 | 208,158,890 | $2.43 |
First Investors Fund For Income - Advisor Class | $80,263,864 | 33,084,205 | $2.43 |
Delaware Fund For Income - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Fund For Income - Institutional Class | $80,263,864 | 33,084,205 | $2.43 |
First Investors Fund For Income - Institutional Class | $36,666,427 | 15,028,711 | $2.44 |
Delaware Fund For Income - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Fund For Income - R6 Class | $36,666,427 | 15,028,711 | $2.44 |
First Investors Fund For Income – All Classes | $622,259,762 | 256,271,806 | |
Delaware Fund For Income – All Classes | |||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |
Delaware Fund For Income – All Classes | $622,259,762 | 256,271,806 |
First Investors Government Cash Management Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Government Cash Management Fund - Class A | $177,585,610 | 177,585,610 | $1.00 |
Delaware Government Cash Management Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Government Cash Management Fund - Class A | $177,585,610 | 177,585,610 | $1.00 |
First Investors Government Cash Management Fund - Institutional Class | $1,019 | 1,019 | $1.00 |
Delaware Government Cash Management Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Government Cash Management Fund - R6 Class | $1,019 | 1,019 | $1.00 |
First Investors Government Cash Management Fund – All Classes | $177,586,629 | 177,586,629 | |
Delaware Government Cash Management Fund– All Classes | |||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |
Delaware Government Cash Management Fund– All Classes | $177,586,629 | 177,586,629 | |
First Investors International Opportunities Bond Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors International Opportunities Bond Fund - Class A | $49,290,939 | 5,730,554 | $8.60 |
Delaware International Opportunities Bond Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware International Opportunities Bond Fund - Class A | $49,290,939 | 5,730,554 | $8.60 |
First Investors International Opportunities Bond Fund - Advisor Class | $89,838,716 | 10,331,944 | $8.70 |
Delaware International Opportunities Bond Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware International Opportunities Bond Fund - Institutional Class | $89,838,716 | 10,331,944 | $8.70 |
First Investors International Opportunities Bond Fund - Institutional Class | $18,835,573 | 2,143,609 | $8.79 |
Delaware International Opportunities Bond Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware International Opportunities Bond Fund - R6 Class | $18,835,573 | 2,143,609 | $8.79 |
First Investors International Opportunities Bond Fund – All Classes | $157,965,228 | 18,206,107 | |
Delaware International Opportunities Bond Fund– All Classes | |||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |
Delaware International Opportunities Bond Fund– All Classes | $157,965,228 | 18,206,107 |
First Investors Investment Grade Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Investment Grade Fund - Class A | $387,909,177 | 41,153,496 | $9.43 |
Delaware Investment Grade Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Investment Grade Fund - Class A | $387,909,177 | 41,153,496 | $9.43 |
First Investors Investment Grade Fund - Advisor Class | $197,001,583 | 20,773,405 | $9.48 |
Delaware Investment Grade Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Investment Grade Fund - Institutional Class | $197,001,583 | 20,773,405 | $9.48 |
First Investors Investment Grade Fund - Institutional Class | $20,327,133 | 2,150,201 | $9.45 |
Delaware Investment Grade Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Investment Grade Fund - R6 Class | $20,327,133 | 2,150,201 | $9.45 |
First Investors Investment Grade Fund – All Classes | $605,237,893 | 64,077,102 | |
Delaware Investment Grade Fund – All Classes | |||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |
Delaware Investment Grade Fund– All Classes | $605,237,893 | 64,077,102 |
First Investors Limited Duration Bond Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Limited Duration Bond Fund - Class A | $241,719,729 | 26,168,419 | $9.24 |
Delaware Limited Duration Bond Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Limited Duration Bond Fund - Class A | $241,719,729 | 26,168,419 | $9.24 |
First Investors Limited Duration Bond Fund - Advisor Class | $49,032,171 | 5,293,759 | $9.26 |
Delaware Limited Duration Bond Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Limited Duration Bond Fund - Institutional Class | $49,032,171 | 5,293,759 | $9.26 |
First Investors Limited Duration Bond Fund - Institutional Class | $37,562,648 | 4,048,640 | $9.28 |
Delaware Limited Duration Bond Fund - R6 Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Limited Duration Bond Fund - R6 Class | $37,562,648 | 4,048,640 | $9.28 |
First Investors Limited Duration Bond Fund – All Classes | $328,314,548 | 35,510,818 | |
Delaware Limited Duration Bond Fund– All Classes | |||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |
Delaware Limited Duration Bond Fund – All Classes | $328,314,548 | 35,510,818 |
First Investors Strategic Income Fund | Net Assets | Shares | Net Asset Value |
Outstanding | Per Share | ||
First Investors Strategic Income Fund - Class A | $147,501,023 | 16,047,047 | $9.19 |
Delaware Strategic Income II Fund - Class A | |||
Pro Forma Adjustments to Capitalization | |||
Pro forma Combined Delaware Strategic Income II Fund - Class A | $147,501,023 | 16,047,047 | $9.19 |
First Investors Strategic Income Fund - Advisor Class | $830,284 | 90,455 | $9.18 |
Delaware Strategic Income II Fund - Institutional Class | |||
Pro Forma Adjustments to Capitalization | |||
Delaware Strategic Income II Fund - Institutional Class | $830,284 | 90,455 | $9.18 |
First Investors Strategic Income Fund – All Classes | $148,331,307 | 16,137,502 | |
Delaware Strategic Income II Fund– All Classes | |||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |
Delaware Strategic Income II Fund– All Classes | $148,331,307 | 16,137,502 |
First Investors Tax Exempt Income Fund | Net Assets | Shares | Net Asset Value | ||||
Outstanding | Per Share | ||||||
First Investors Tax Exempt Income Fund - Class A | $577,752,594 | 63,472,780 | $9.10 | ||||
Delaware Tax Exempt Income Fund - Class A | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Pro forma Combined Delaware Tax Exempt Income Fund - Class A | $577,752,594 | 63,472,780 | $9.10 | ||||
First Investors Tax Exempt Income Fund - Advisor Class | $62,831,157 | 6,900,559 | $9.11 | ||||
Delaware Tax Exempt Income Fund - Institutional Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax Exempt Income Fund - Institutional Class | $62,831,157 | 6,900,559 | $9.11 | ||||
First Investors Tax Exempt Income Fund – Institutional Class | $3,777,203 | 416,170 | $9.08 | ||||
Delaware Tax Exempt Income Fund - R6 Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax Exempt Income Fund - R6 Class | $3,777,203 | 416,170 | $9.08 | ||||
First Investors Tax Exempt Income Fund – All Classes | $644,360,954 | 70,789,509 | |||||
Delaware Tax Exempt Income Fund– All Classes | |||||||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |||||
Delaware Tax Exempt Income Fund– All Classes | $644,360,954 | 70,789,509 |
First Investors Tax Exempt Opportunities Fund | Net Assets | Shares | Net Asset Value | ||||
Outstanding | Per Share | ||||||
First Investors Tax Exempt Opportunities Fund - Class A | $423,772,560 | 26,498,401 | $15.99 | ||||
Delaware Tax Exempt Opportunities Fund - Class A | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Pro forma Combined Delaware Tax Exempt Opportunities Fund - Class A | $423,772,560 | 26,498,401 | $15.99 | ||||
First Investors Tax Exempt Opportunities Fund - Advisor Class | $21,317,391 | 1,330,756 | $16.02 | ||||
Delaware Tax Exempt Opportunities Fund - Institutional Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax Exempt Opportunities Fund - Institutional Class | $21,317,391 | 1,330,756 | $16.02 | ||||
First Investors Tax Exempt Opportunities Fund – Institutional Class | $7,555,446 | 472,943 | $15.98 | ||||
Delaware Tax Exempt Opportunities Fund - R6 Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax Exempt Opportunities Fund - R6 Class | $7,555,446 | 472,943 | $15.98 | ||||
First Investors Tax Exempt Opportunities Fund – All Classes | $452,645,397 | 28,302,100 | |||||
Delaware Tax Exempt Opportunities Fund– All Classes | |||||||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |||||
Delaware Tax Exempt Opportunities Fund– All Classes | $452,645,397 | 28,302,100 |
First Investors California Tax Exempt Fund | Net Assets | Shares | Net Asset Value | ||||
Outstanding | Per Share | ||||||
First Investors California Tax Exempt Fund - Class A | $48,853,033 | 3,981,152 | $12.27 | ||||
Delaware Tax Free California II Fund - Class A | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Pro forma Combined Delaware Tax Free California II Fund - Class A | $48,853,033 | 3,981,152 | $12.27 | ||||
First Investors California Tax Exempt Fund - Advisor Class | $7,446,845 | 608,152 | $12.25 | ||||
Delaware Tax Free California II Fund - Institutional Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax Free California II Fund - Institutional Class | $7,446,845 | 608,152 | $12.25 | ||||
First Investors California Tax Exempt Fund – Institutional Class | $6,512 | 532 | $12.25 | ||||
Delaware Tax Free California II Fund - R6 Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax Free California II Fund - R6 Class | $6,512 | 532 | $12.25 | ||||
First Investors California Tax Exempt Fund – All Classes | $56,306,390 | 4,589,836 | |||||
Delaware Tax Free California II Fund– All Classes | |||||||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |||||
Delaware Tax Free California II Fund– All Classes | $56,306,390 | 4,589,836 |
First Investors New Jersey Tax Exempt Fund | Net Assets | Shares | Net Asset Value | ||||
Outstanding | Per Share | ||||||
First Investors New Jersey Tax Exempt Fund - Class A | $43,894,988 | 3,540,745 | $12.40 | ||||
Delaware Tax-Free New Jersey Fund - Class A | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Pro forma Combined Delaware Tax Free New Jersey Fund - Class A | $43,894,988 | 3,540,745 | $12.40 | ||||
First Investors New Jersey Tax Exempt Fund - Advisor Class | $3,251,497 | 262,632 | $12.38 | ||||
Delaware Tax-Free New Jersey Fund - Institutional Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax-Free New Jersey Fund - Institutional Class | $3,251,497 | 262,632 | $12.38 | ||||
First Investors New Jersey Tax Exempt Fund – Institutional Class | $6,506 | 526 | $12.36 | ||||
Delaware Tax-Free New Jersey Fund - R6 Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax-Free New Jersey Fund - R6 Class | $6,506 | 526 | $12.36 | ||||
First Investors New Jersey Tax Exempt Fund – All Classes | $47,152,991 | 3,803,903 | |||||
Delaware Tax Fee New Jersey Fund– All Classes | |||||||
Pro Forma Adjustments to Capitalization– All Classes | $0 | 0 | |||||
Delaware Tax-Free New Jersey Fund– All Classes | $47,152,991 | 3,803,903 |
First Investors New York Tax Exempt Fund | Net Assets | Shares | Net Asset Value | ||||
Outstanding | Per Share | ||||||
First Investors New York Tax Exempt Fund - Class A | $148,450,816 | 10,818,139 | $13.72 | ||||
Delaware Tax-Free New York II Fund - Class A | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Pro forma Combined Delaware Tax Free New York II Fund - Class A | $148,450,816 | 10,818,139 | $13.72 | ||||
First Investors New York Tax Exempt Fund - Advisor Class | $11,139,582 | 811,200 | $13.73 | ||||
Delaware Tax-Free New York II Fund - Institutional Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax-Free New York II Fund - Institutional Class | $11,139,582 | 811,200 | $13.73 | ||||
First Investors New York Tax Exempt Fund – Institutional Class | $6,420 | 467 | $13.74 | ||||
Delaware Tax-Free New York Fund - R6 Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax-Free New York II Fund - R6 Class | $6,420 | 467 | $13.74 | ||||
First Investors New York Tax Exempt Fund – All Classes | $159,596,818 | 11,629,806 | |||||
Delaware Tax-Free New York II Fund – All Classes | |||||||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |||||
Delaware Tax-Free New York II Fund– All Classes | $159,596,818 | 11,629,806 |
First Investors Oregon Tax Exempt Fund | Net Assets | Shares | Net Asset Value | ||||
Outstanding | Per Share | ||||||
First Investors Oregon Tax Exempt Fund - Class A | $48,527,094 | 3,729,223 | $13.01 | ||||
Delaware Tax-Free Oregon Fund - Class A | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Pro forma Combined Delaware Tax-Free Oregon Fund - Class A | $48,527,094 | 3,729,223 | $13.01 | ||||
First Investors Oregon Tax Exempt Fund - Advisor Class | $4,604,747 | 354,469 | $12.99 | ||||
Delaware Tax-Free Oregon Fund - Institutional Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax-Free Oregon Fund - Institutional Class | $4,604,747 | 354,469 | $12.99 | ||||
First Investors Oregon Tax Exempt Fund - Class A | $6,410 | 494 | $12.98 | ||||
Delaware Tax-Free Oregon Fund - R6 Class | |||||||
Pro Forma Adjustments to Capitalization | |||||||
Delaware Tax-Free Oregon Fund - R6 Class | $6,410 | 494 | $12.98 | ||||
First Investors Oregon Tax Exempt Fund – All Classes | $53,138,251 | 4,084,186 | |||||
Delaware Tax Free Oregon Fund – All Classes | |||||||
Pro Forma Adjustments to Capitalization – All Classes | $0 | 0 | |||||
Delaware Tax Free Oregon Fund – All Classes | $53,138,251 | 4,084,186 |
AND EXCHANGE COMMISSION
PROPOSED REORGANIZATIONS | |
FIRST INVESTORS FUND | ACQUIRING FUND |
First Investors Covered Call Strategy Fund | Delaware Covered Call Strategy Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Equity Income Fund | Delaware Equity Income Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Global Fund | Delaware Global Equity Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Growth & Income Fund | Delaware Growth and Income Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Hedged U.S. Equity Opportunities Fund | Delaware Hedged U.S. Equity Opportunities Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Opportunity Fund | Delaware Opportunity Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors International Fund | Delaware International Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Premium Income Fund | Delaware Premium Income Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Select Growth Fund | Delaware Growth Equity Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Special Situations Fund | Delaware Special Situations Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Total Return Fund | Delaware Total Return Fund |
Class A | Class A |
PROPOSED REORGANIZATIONS | |
FIRST INVESTORS FUND | ACQUIRING FUND |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Floating Rate Fund | Delaware Floating Rate II Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Fund For Income | Delaware Fund for Income |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Government Cash Management Fund | Delaware Government Cash Management Fund |
Class A | Class A |
Institutional Class | Class R6 |
First Investors International Opportunities Bond Fund | Delaware International Opportunities Bond Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Investment Grade Fund | Delaware Investment Grade Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Limited Duration Bond Fund | Delaware Limited Duration Bond Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Strategic Income Fund | Delaware Strategic Income II Fund |
Class A | Class A |
Advisor Class | Institutional Class |
First Investors Tax Exempt Income Fund | Delaware Tax-Exempt Income Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Tax Exempt Opportunities Fund | Delaware Tax-Exempt Opportunities Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors California Tax Exempt Fund | Delaware Tax-Free California II Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors New Jersey Tax Exempt Fund | Delaware Tax-Free New Jersey Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
PROPOSED REORGANIZATIONS | |
FIRST INVESTORS FUND | ACQUIRING FUND |
First Investors New York Tax Exempt Fund | Delaware Tax-Free New York II Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
First Investors Oregon Tax Exempt Fund | Delaware Tax-Free Oregon Fund |
Class A | Class A |
Advisor Class | Institutional Class |
Institutional Class | Class R6 |
FIRST INVESTORS TRUST/FUND | SEC FILE NUMBER | ACQUIRING TRUST/FUND | SEC FILE NUMBER |
First Investors Equity Funds | 033-46924 | Delaware Group Equity Funds IV | 033-00442 |
First Investors Covered Call Strategy Fund | Delaware Covered Call Strategy Fund | ||
First Investors Equity Income Fund | Delaware Equity Income Fund | ||
First Investors Global Fund | Delaware Global Equity Fund | ||
First Investors Growth & Income Fund | Delaware Growth and Income Fund | ||
First Investors Hedged U.S. Equity Opportunities Fund | Delaware Hedged U.S. Equity Opportunities Fund | ||
First Investors Opportunity Fund | Delaware Opportunity Fund | ||
First Investors International Fund | Delaware International Fund | ||
First Investors Premium Income Fund | Delaware Premium Income Fund | ||
First Investors Select Growth Fund | Delaware Growth Equity Fund | ||
First Investors Special Situations Fund | Delaware Special Situations Fund | ||
First Investors Total Return Fund | Delaware Total Return Fund | ||
First Investors Income Funds | 002-89287 | Delaware Group Equity Funds IV | 033-00442 |
First Investors Floating Rate Fund | Delaware Floating Rate II Fund | ||
First Investors Fund For Income | Delaware Fund for Income | ||
First Investors Government Cash Management Fund | Delaware Government Cash Management Fund | ||
First Investors International Opportunities Bond Fund | Delaware International Opportunities Bond Fund | ||
First Investors Investment Grade Fund | Delaware Investment Grade Fund | ||
First Investors Limited Duration Bond Fund | Delaware Limited Duration Bond Fund | ||
First Investors Strategic Income Fund | Delaware Strategic Income II Fund | ||
First Investors Tax Exempt Funds | 002-82572 | Delaware Group Limited-Term Government Funds | 002-75526 |
First Investors Tax Exempt Income Fund | Delaware Tax-Exempt Income Fund | ||
First Investors Tax Exempt Opportunities Fund | Delaware Tax-Exempt Opportunities Fund | ||
First Investors California Tax Exempt Fund | Delaware Tax-Free California II Fund |
FIRST INVESTORS TRUST/FUND | SEC FILE NUMBER | ACQUIRING TRUST/FUND | SEC FILE NUMBER |
First Investors New Jersey Tax Exempt Fund | Delaware Tax-Free New Jersey Fund | ||
First Investors New York Tax Exempt Fund | Delaware Tax-Free New York II Fund | ||
First Investors Oregon Tax Exempt Fund | Delaware Tax-Free Oregon Fund |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
First Investors Covered Call Strategy Fund/Delaware Covered Call Strategy Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell | 1. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 6. Make personal loans or loans of its assets to persons who control or are | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Equity Income Fund/Delaware Equity Income Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Global Fund/Delaware Global Equity Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily | Acquiring Fund is nondiversified and will concentrate in the consumer staples sector. |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. | engaged in the same industry, except that the Fund shall concentrate its investments in the consumer staples sector, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund is a “nondiversified” fund as defined by the 1940 Act. A nondiversified portfolio is believed to be subject to greater risk because adverse effects on an investment held |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | by the Fund may affect a larger portion of its overall assets and subject it to greater risks and volatility. | ||
First Investors Growth & Income Fund/Delaware Growth and Income Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Hedged U.S. Equity Opportunities Fund/Delaware Hedged U.S. Equity Opportunities Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets | 1. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell commodities or commodity contracts unless acquired as | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors International Fund/Delaware International Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, except that the Fund shall concentrate its investments in the consumer staples sector, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any | Acquiring Fund is nondiversified and will concentrate in the consumer staples sector. |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund is a “nondiversified” fund as defined by the 1940 Act. A nondiversified portfolio is believed to be subject to greater risk because adverse effects on an investment held by the Fund may affect a larger portion of its overall assets and subject it to greater risks and volatility. | ||
First Investors Opportunity | 1. Borrow money, except to the extent permitted by the 1940 Act, the | 1. Make investments that will result in the concentration (as that term may be | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
Fund/Delaware Opportunity Fund | rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and | defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Premium Income Fund/Delaware Premium Income Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments | 1. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Select Growth Fund/Delaware Growth Equity Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Special Situations Fund/Delaware Special Situations Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the | 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
disposition of restricted securities or in connection with investments in other investment companies. | |||
First Investors Total Return Fund/Delaware Total Return Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. May not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Floating Rate Fund/Delaware Floating Rate II Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Fund For Income/Delaware Fund for Income | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Government Cash Management Fund/Delaware Government Cash Management Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry or group of industries; provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of | agencies or instrumentalities, or in bank instruments. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. The Government Cash Management Fund may not purchase the securities of any issuer, if as a result, the Fund would not comply with any applicable diversification requirements for a money market fund under the 1940 Act and the rules thereunder, as such may be amended from time to time. | securities issued by a minimum of 16 issuers. | ||
First Investors International Opportunities Bond Fund/Delaware International Opportunities Bond Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. Note: The International Opportunities Bond Fund is non-diversified and thus, does not have an investment restriction on diversification. | assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Investment Grade Fund/Delaware Investment Grade Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Limited Duration Bond Fund/Delaware Limited Duration Bond Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a | government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | securities issued by a minimum of 16 issuers. | ||
First Investors Strategic Income Fund/Delaware Strategic Income II Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Will not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (excluding investment companies). 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit each Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Tax Exempt Income Fund/Delaware Tax-Exempt Income Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business | 1. The Fund shall not make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. The Fund shall not borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. The Fund shall not underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. The Fund shall not purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | are secured by real estate or interests therein. 5. The Fund shall not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. The Fund shall not make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the Fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Tax Exempt Opportunities Fund/Delaware Tax-Exempt Opportunities Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or | 1. The Fund shall not make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. The Fund shall not borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. The Fund shall not underwrite the securities of other issuers, except that | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. The Fund shall not purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. The Fund shall not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. The Fund shall not make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the Fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors California Tax Exempt Fund/Delaware Tax–Free California II Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. | engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | Fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors New Jersey Tax Exempt Fund/Delaware Tax–Free New Jersey Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with the Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | restriction does not prevent the Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker-dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the Fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors New York Tax Exempt Fund/Delaware Tax–Free New York II Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the Fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. | ||
First Investors Oregon Tax Exempt Fund/Delaware Tax–Free Oregon Fund | 1. Borrow money, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 2. Issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 3. Make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. 4. Except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief, with respect to 75% of the Fund’s total assets, purchase the securities of any issuer (other than securities issued or | 1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission (“SEC”) staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in tax-exempt obligations. 2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. 3. Underwrite the securities of other issuers, except that the Fund may | None |
Fund Names | Fundamental Investment Restrictions for First Investors Fund [The Fund may not:] | Fundamental Investment Restrictions for Acquiring Fund [The Fund/Series shall not:] | Material Differences |
guaranteed by the U.S. Government or any of its agencies or instrumentalities, and securities of other investment companies) if, as a result, (a) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. 5. Purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry. 6. Purchase or sell real estate, except that, to the extent permitted by applicable law, each Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate. 7. Purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), and options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities. 8. Underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (“1933 Act”) in the disposition of restricted securities or in connection with investments in other investment companies. | engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the “1933 Act”). 4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. 5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities. 6. Make personal loans or loans of its assets to persons who control or are under common control with the Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent the Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker-dealers or institutional investors, or investing in loans, including assignments and participation interests. The Fund’s portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act requires a “diversified” fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the Fund’s total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
First Investors Covered Call Strategy Fund / Delaware Covered Call Strategy Fund | The Fund invests in a portfolio of equity securities and writes (sells) call options on those securities. Under normal circumstances, the Fund writes (sells) call options on at least 80% of the Fund’s total assets (80% policy). The Fund normally writes (sells) covered call options listed on | The Fund invests in a portfolio of equity securities and writes (sells) call options on those securities. Under normal circumstances, the Fund writes (sells) call options on at least 80% of the Fund’s total assets (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. The Fund normally writes (sells) covered call options listed on The Fund’s equity investments consist primarily of common stocks of large-size | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Fund is such that it may be expected to underperform equity markets during periods of sharply rising equity prices; conversely, the Fund seeks to reduce losses relative to equity markets during periods of declining equity prices. A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at the exercise price at any time prior to the expiration of the contract, regardless of the market price of the underlying security during the option period. Covered call options may be sold up to the number of shares of the equity securities held by the Fund. In selecting investments, Ziegler Capital Management, LLC (ZCM), the Fund’s | Fund may also invest in and write (sell) covered call options on securities of mid- and small-capitalization issuers and exchange-traded funds ( A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at the exercise price at any time prior to the expiration of the contract, regardless of the market price of the underlying security during the option period. Covered call options may be sold up to the number of shares of the equity securities held by the Fund. The premium paid to the writer is consideration for undertaking the obligations under the option contract. The writer of a covered call option forgoes all or a portion of the potential profit from an increase in the market price of the underlying security above the exercise price in exchange for the benefit of receiving the option premiums which potentially provide some protection against the loss of capital if the underlying security declines in price. The Fund receives premium income from the writing of options. In making investment decisions, the Fund’s |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
portfolio and mitigate the impact of market declines. The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in an issuer’s profitability and/or a significant negative outlook from management; b) a large appreciation in the stock price that leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; or d) an industry-wide decrease in demand for an issuer’s products or services. | reviews a variety of factors, including economic data, Federal Reserve policy, fiscal policy, inflation and interest rates, commodity pricing, sector, industry and security issues, regulatory factors and street research to appraise economic and market cycles. In selecting investments, the Fund’s a) companies in an industry with a large market share or significant revenues that fit the Fund’s investment strategy; b) companies with new products or new management to replace underperforming management; c) recent or anticipated fundamental improvements in industry environment; and d) companies that are out of favor. Covered call options written by the Fund are designed to create income, lower the overall volatility of the Fund’s portfolio and mitigate the impact of market declines. The Fund’s The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in the issuer’s profitability such as through the loss of an exclusive patent or a |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
turnover rate. Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the information technology sector. | strong competitor entering the market and/or a significant negative outlook from management; b) a large appreciation in the stock price leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; or d) an actual or expected decline in demand for the issuer’s products or services. The The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Equity Income Fund / Delaware Equity Income Fund | The Fund invests, under normal circumstances, primarily in | The Fund invests, under normal circumstances, primarily in | The Acquiring Fund’s investment strategy is to invest in companies that the Fund believes are undervalued, but not necessarily dividend-paying stocks or stocks of companies that have the potential of paying dividends in the future. The Acquiring Fund may not write (sell) covered call options on the securities it holds in order to generate income. The Acquiring Fund is not required to diversify its assets among large-, mid- and small-size companies. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund may sell a security if it becomes fully valued, its | The Fund assesses whether management is implementing a reasonable corporate strategy and is operating in the interests of shareholders. Other considerations include analysis of economic trends, interest rates and industry diversification. The Fund normally will diversify | ||
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
fundamentals have deteriorated or alternative investment opportunities become more attractive. | its assets The Fund may sell a security if it becomes fully valued, its fundamentals have deteriorated or alternative investment opportunities become more attractive. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | ||
First Investors Global Fund / Delaware Global | The Fund invests in a | The Fund invests in a | The Acquiring Fund is a non-diversified fund, unlike the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Equity Fund | that are located throughout the world, including the United States. Although the Fund primarily invests in stocks of The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long- | throughout the world. | First Investors Fund. The investment strategy of the Acquiring Fund does not require the Fund to invest primarily in large- to medium-sized companies (measured by market capitalization) or at least three countries. The Acquiring Fund may hold significant investments (25% or more of its assets) in a specific market sector. As with the First Investors Fund, the Acquiring Fund seeks long-term capital growth through research-driven investment processes; however, the factors considered by the Acquiring Fund to choose investments to achieve this objective differ from those taken into account by the First Investors Fund. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
term returns by investing in understandable, quality businesses with mispriced earnings power. Stock selection rests on an assessment of each company and its risk-return profile. Research is centered on understanding the nature and sustainability of how the company is creating value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, low debt levels, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. In addition, these businesses will typically have identifiable triggers that unlock their underlying value within their operation, capital structure, or in the market environment itself. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team only invests in companies once they can be bought within an adequate safety margin. | The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Stock selection rests on an assessment of each company and its risk-return profile. Research is centered on understanding the nature and sustainability of how the company is creating value, including the associated risks. Businesses identified as attractive are likely to display |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, low debt levels, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. In addition, these businesses will typically have identifiable triggers that unlock their underlying value within their operation, capital structure, or in the market environment itself. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team only invests in companies once they can be bought within an adequate safety margin. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of securities that are not described in this prospectus. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
First Investors Growth & Income Fund / Delaware Growth and Income Fund | The Fund primarily invests in common stocks that offer the potential for capital growth, current income or both. The Fund primarily invests in common stocks of large-size companies. The Fund may also invest in mid- and small-size companies. Some but not all of the companies the Fund invests in may regularly pay dividends. The Fund generally uses a “bottom-up” approach to selecting investments. This means that the Fund generally identifies potential investments through fundamental research and analysis and | The Fund primarily invests in common stocks that offer the potential for capital growth, current income or both. The Fund primarily invests in large-size companies and may invest in small- and mid- size companies as well. Some of the companies the Fund invests in may pay dividends, however not all will. The Fund generally uses a “bottom-up” approach to selecting investments. This means that the Fund generally identifies potential investments through fundamental research and analysis and The Fund may sell a security if it | The Acquiring Fund may not write (sell) call options on the securities it holds to generate income |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
and the issuer’s valuation relative to its fundamentals and peers. The Fund may sell a security if it becomes fully valued, is no longer attractively valued, its fundamentals have deteriorated or alternative investments become more attractive. | becomes fully valued, is no longer attractively valued, its fundamentals have deteriorated or alternative investments become more attractive. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objectives. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | ||
First Investors Hedged U.S. Equity Opportunities Fund / Delaware Hedged U.S. Equity Opportunities Fund | The Fund seeks to achieve its investment objective by investing in a broadly diversified portfolio of common stocks of any market capitalization while also investing in derivatives to help manage investment risk. Under normal circumstances, the Fund will invest at least 80% of | The Fund will seek to achieve its investment objective by investing in a broadly diversified portfolio of common stocks of any market capitalization while also investing in derivatives to help manage investment risk. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
its net assets (plus any borrowings for investment purposes) in equity securities of Wellington Management Company LLP (Wellington Management), the Fund’s | purposes) in equity securities of Wellington Management Company LLP (Wellington Management), the Fund’s Wellington Management allocates |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
market exposure. Wellington Management allocates the Fund’s assets among the underlying styles to create a portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations. The underlying styles make investments based on their specific investment philosophies, for example, value, growth, high quality, or low volatility. The portfolio management team seeks to combine complementary underlying styles, monitoring the Fund’s risk profile and strategically rebalancing the portfolio. In selecting different underlying styles, Wellington Management considers, among other things, the relative level of an underlying style’s “active share” (i.e., the extent to which the underlying style’s holdings diverge from the underlying style’s benchmark index), and the “active share” of the Fund (i.e., the extent to which the Fund’s holdings diverge from the Fund’s benchmark index). For each underlying style, Wellington Management has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale based on internal proprietary research. The underlying styles generally invest in equity securities, but may also use derivatives for investment purposes. The | the Fund’s assets among the underlying styles to create a portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations. The underlying styles make investments based on their specific investment philosophies, for example, value, growth, high quality, or low volatility. The portfolio management team seeks to combine complementary underlying styles, monitoring the Fund’s risk profile and strategically rebalancing the portfolio. In selecting different underlying styles, Wellington Management considers, among other things, the relative level of an underlying style’s “active share”(i.e., the extent to which the underlying style’s holdings diverge from the underlying style’s benchmark index), and the “active share” of the Fund (i.e., the extent to which the Fund’s holdings diverge from the Fund’s benchmark index). For each underlying style, Wellington Management has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale based on internal proprietary research. The underlying styles generally invest in equity securities, but may also use derivatives for investment purposes. The underlying styles do not use derivatives solely for the purpose of creating leverage. Wellington Management’s investment personnel for each underlying style have complete |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
underlying styles do not use derivatives solely for the purpose of creating leverage. Wellington Management’s investment personnel for each underlying style are responsible for selecting the Fund’s investments within their specific underlying styles. In selecting prospective investments for each underlying style, Wellington Management may employ qualitative and quantitative portfolio management techniques. In addition to allocating the Fund’s assets to the underlying styles, Wellington Management seeks to manage the Fund’s aggregate investment risks, specifically, the risk of loss associated with markets generally as well as the risk of loss from significant events, by investing in derivatives. This strategy principally involves the purchase and sale of put and call options on indices and the purchase and sale of index futures contracts. The use of derivatives is intended to hedge overall risks to the Fund, but not the risks associated with single or groups of investments or single or groups of underlying styles. As a result, Wellington Management’s derivatives strategy may protect the Fund from losses associated with a general market decline, but would not protect the Fund | responsibility and discretion for selecting the Fund’s investments within their specific underlying styles. In selecting prospective investments for each underlying style, Wellington Management may employ qualitative and quantitative portfolio management techniques, and analyze factors, including business environment, management quality, balance sheet, income statement, anticipated earnings, expected growth rates, revenues, dividends and other issuer metrics. In addition to allocating the Fund’s assets to the underlying styles, Wellington Management seeks to manage the Fund’s aggregate investment risks, specifically, the risk of loss associated with markets generally as well as the risk of loss from significant events, by investing in derivatives. This strategy principally involves the purchase and sale of put and call options on indices and the purchase and sale of index futures contracts. To reduce the Fund’s risk of loss due to a sharp decline in the value of the general equity market, the Fund may purchase put options on equity indices with respect to a substantial portion of the value of its common stock holdings. In order to help mitigate the cost of these investments or for other reasons, the Fund may sell call options and put options. The purchaser of a put option, in exchange for paying a premium to the seller, has the right to sell the option’s underlying asset in the event the value of the underlying |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
from losses resulting from a single investment or group of investments held by the Fund. The Fund may invest in cash and cash equivalents. | asset falls below the exercise price of the put option. Any put options sold by the Fund typically would have a lower exercise price than put options purchased by the Fund. The purchaser of a call option, in exchange for paying a premium to the seller, has the right to buy the option’s underlying asset in the event the value of the underlying asset rises above the exercise price of the call option. The use of derivatives is intended to hedge overall risks to the Fund, but not the risks associated with single or groups of investments or single or groups of underlying styles. As a result, Wellington Management’s derivatives strategy may protect the Fund from losses associated with a general market decline, but would not protect the Fund from losses resulting from a single investment or group of investments held by the Fund. By combining the underlying styles and Wellington Management’s derivatives strategy, the Fund seeks to generate attractive total returns with downside equity market protection. The Fund may engage in active and frequent trading which may result in high portfolio turnover. The Fund may invest in cash and cash equivalents. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors International Fund / Delaware International Fund | The Fund primarily invests in a portfolio of common stocks and other equity securities of companies that are located outside of the United States. To a limited degree, the Fund may also invest in companies based in the United States. The Fund | The Fund primarily invests in a portfolio of common stocks and other equity securities of companies that are located outside of the United States. To a limited degree, the Fund may also invest in companies based in the United States. The Fund | The Acquiring Fund is a non-diversified fund, unlike the First Investors Fund. The investment strategy of the Acquiring Fund does not require the Fund to invest primarily in large- to medium-sized companies (measured by market capitalization) or to limit the number of issuers held by the fund. As with the First Investors Fund, the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The investment process is bottom-up, research-driven. The aim is to produce attractive risk-adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Stock selection rests on an assessment of each company and its risk-return profile. Research is centered on understanding the nature and sustainability of how the company is creating value, including the associated risks. Businesses identified as | Acquiring Fund seeks long-term capital growth through research-driven investment processes; however, the factors considered by the Acquiring Fund to choose investments to achieve this objective differ from those taken into account by the First Investors Fund. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, low debt levels, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. In addition, these businesses will typically have identifiable triggers that unlock their underlying value within their operation, capital structure, or in the market environment itself. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team only invests in companies once they can be bought within an adequate safety margin. | The investment process is bottom-up, research-driven. The aim is to produce attractive risk- |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
adjusted long-term returns by investing in understandable, quality businesses with mispriced earnings power. Stock selection rests on an assessment of each company and its risk-return profile. Research is centered on understanding the nature and sustainability of how the company is creating value, including the associated risks. Businesses identified as attractive are likely to display one or more of these favorable characteristics: solid earnings power and free cash flow generation, sustainable business models and competitive advantages, ability to reinvest at rates above the cost of capital, low debt levels, flexibility to restructure inefficiencies, potential to benefit from consolidation within their industries, and ability to gain market share from competitors. In addition, these businesses will typically have identifiable triggers that unlock their underlying value within their operation, capital structure, or in the market environment itself. An estimate for long-term earnings power is derived in order to calculate the fair value of a company. To compensate for unpredictable risks, the team only invests in companies once they can be bought within an adequate safety margin. The Fund reserves the right to take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Opportunity Fund / Delaware Opportunity Fund | The Fund invests primarily in The Fund uses a “bottom-up” approach to selecting investments. The Fund uses | The Fund invests primarily in The Fund uses a “bottom-up” approach to selecting investments. The Fund uses fundamental research to search for companies that the | The Acquiring Fund invests primarily in mid-size companies rather than mid- and small-size companies. The Acquiring Fund invests in companies the Manager believes offer attractive valuation and quality characteristics rather than companies the Manager believes offer strong growth opportunities. Similarly, above average earnings |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
fundamental research to search for companies that have one or more of the following: a strong balance sheet; experienced management; The Fund may sell a stock if it becomes fully valued, its fundamentals have deteriorated or alternative investments become more attractive. The Fund may also sell a stock if it grows into a large, well-established company, although it may also continue to hold such a stock irrespective of its size. | have one or more of the following: a strong balance sheet; experienced management The Fund may sell a stock if it becomes fully valued, its fundamentals have deteriorated or alternative investments become more attractive. The Fund may also sell a stock if it grows into a large, well-established company, although it may also continue to hold such a stock irrespective of its size. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non- | growth potential is not a factor used by the Manager to select investments for the Acquiring Fund. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Premium Income Fund / Delaware Premium Income Fund | The Fund invests in a portfolio of equity securities and writes (sells) call options on those securities. Under normal circumstances, the Fund will write (sell) call options on a majority of its total assets. Typically, all of the call options written (sold) by the Fund are expected to be “in the money” at the time they are written (sold). The Fund’s call option writing strategy is designed to generate income and lower the overall risk profile of the Fund’s portfolio. A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at the exercise price at any time prior to the expiration of the option, regardless of the market price of the underlying security during the option period. An “in the money” call option means that its exercise price is below the current market price of the underlying security. The Fund receives premiums for writing covered call options as consideration for undertaking the obligations under the option contracts. The Fund will normally write (sell) covered call options listed on | The Fund invests in a portfolio of equity securities and writes (sells) call options on those securities. Under normal circumstances, the Fund will write (sell) call options on a majority of its total assets. Typically, all of the call options written (sold) by the Fund are expected to be “in the money” at the time they are written (sold). The Fund’s call option writing strategy is designed to generate income and lower the overall risk profile of the Fund’s portfolio. A call option gives the purchaser of the option the right to buy, and the writer, in this case, the Fund, the obligation to sell, the underlying security at the exercise price at any time prior to the expiration of the option, regardless of the market price of the underlying security during the option period. An “in the money” call option means that its exercise price is below the current market price of the underlying security. The Fund receives premiums for writing covered call options as consideration for undertaking the obligations under the option contracts. The Fund will normally write (sell) covered call options listed on | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
the equity securities held by the Fund. The Fund’s equity investments will consist primarily of common stocks of large-size In selecting investments, Ziegler Capital Management, LLC (ZCM), the Fund’s | companies, certain of which may pay dividends, and In making investment decisions, the Fund’s In selecting investments, the Fund’s |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
industry environment; and d) companies that are out of favor. The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in an issuer’s profitability and/or a significant negative outlook from management; b) a large appreciation in the stock price that leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; d) an industry-wide decrease in demand for an issuer’s products or services; or e) unattractive call premiums. | or significant revenues that fit the Fund’s investment strategy; b) companies with new products or new management to replace underperforming management; c) recent or anticipated fundamental improvements in industry environment; and d) companies that are out of favor. The Fund’s The Fund may sell a security based on the following, among other criteria: a) an actual or anticipated significant decline in the issuer’s profitability such as through the loss of an exclusive patent or a strong competitor entering the market and/or a significant negative outlook from management; b) a large appreciation in the stock price that leads to overvaluation relative to itself and its peers historically; c) significant management turnover at the senior level; d) an actual or expected decline in demand for the issuer’s products or services; or e) unattractive call premiums. The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
trading and a high portfolio turnover rate. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Select Growth Fund / Delaware Growth Equity Fund | The Fund invests in a portfolio of approximately 40-45 common stocks that the Fund’s Smith employs quantitative and qualitative analysis to identify high quality companies that it | The Fund invests in a portfolio of approximately 40-45 common stocks that When selecting investments for the Fund, Smith employs quantitative and qualitative analysis to identify | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
believes have the ability to accelerate earnings growth and exceed investor expectations. Beginning with a universe of stocks that includes large-, mid- and small-size companies, Smith’s investment team uses risk control and valuation screens primarily based on valuation, financial quality, stock volatility and corporate governance, to eliminate stocks that are highly volatile or are more likely to underperform the market. Stocks that pass the initial screens are then evaluated using a proprietary methodology and fundamental analysis to produce a list of 80-100 eligible companies that Smith believes have a high probability of earnings growth that exceeds investor expectations. The analysis includes an evaluation of changes in Wall Street opinions, individual analysts’ historical accuracy, earnings quality analysis and corporate governance practices. Smith then constructs the Fund’s portfolio based on a traditional fundamental analysis of the companies identified on the list to understand their business prospects, earnings potential, strength of management and competitive positioning. Stocks may be sold if they exhibit negative investment or performance characteristics, including: a negative earnings forecast or report, valuation | high quality companies that it believes have the ability to accelerate earnings growth and exceed investor expectations. The security selection process consists of three steps. Beginning with a universe of stocks that includes large-, mid- and small-size companies, Smith’s investment team first conducts a series of risk control and valuation screens designed to eliminate those stocks that are highly volatile or are more likely to underperform the market. Smith considers four primary factors when conducting the risk control and valuation screens. Those factors are: valuation, financial quality, stock volatility and corporate governance. Stocks that pass the initial screens are then evaluated using a proprietary methodology that attempts to identify stocks with the highest probability of producing an earnings growth rate that exceeds investor expectations. In other words, the investment team seeks to identify stocks that are well positioned to benefit from a positive earnings surprise. The process incorporates the following considerations: changes in Wall Street opinions, individual analysts’ historical accuracy, earnings quality analysis and corporate governance practices. The screening steps produce a list of approximately 80-100 eligible companies that are subjected to traditional fundamental analysis to further understand each company’s business prospects, earnings potential, strength of management |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
concerns, company officials’ downward guidance on company performance or earnings or announcement of a buyout. Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the information technology sector. | and competitive positioning. The investment team uses the results of this analysis to construct a portfolio of approximately 40-45 stocks that are believed to have the best growth and risk characteristics. Holdings in the portfolio become candidates for sale if the investment team identifies what they believe to be negative investment or performance characteristics. Reasons to sell a stock may include: a negative earnings forecast or report, valuation concerns, company officials’ downward guidance on company performance or earnings or announcement of a buyout. When a stock is eliminated from the portfolio, it is generally replaced with the stock that the investment team considers to be the next best stock that has been identified by Smith’s screening process. Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the information technology sector. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Special Situations Fund / Delaware Special Situations Fund | The Fund invests primarily in common stocks of small-size companies that the The Fund uses a “bottom-up” approach to selecting investments. The Fund uses | The Fund invests primarily in common stocks of small-size companies that the The Fund uses a “bottom-up” approach to selecting investments. The Fund uses fundamental research to search for companies | The Acquiring Fund will not generally invest in stocks of companies that are undervalued as a result of their experiencing a special situation, such as a merger, spin-off, litigation, etc. Above-average earnings growth potential is not a factor used by the Manager to select investments for the Acquiring Fund. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
fundamental research to search for companies that have one or more of the following: a strong balance sheet; experienced management; The Fund may sell a stock if it becomes fully valued, it appreciates in value to the point that it is no longer a small-size company stock, its fundamentals have deteriorated or alternative investments become more attractive. | that have one or more of the following: a strong balance sheet; experienced management; The Fund may sell a stock if it becomes fully valued, it appreciates in value to the point that it is no longer a small-size company stock, its fundamentals have deteriorated or alternative investments become more attractive. The Fund may, at times, engage in short-term trading, which could produce higher portfolio turnover, transaction costs, result in taxable distributions and may result in a lower total return for the Fund. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Total Return Fund / Delaware Total Return Fund | The Fund allocates its assets among stocks, bonds and money market instruments. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Fund normally invests at least 50% of its net assets in stocks and at least 30% in bonds, cash and money market instruments. Derivatives are included for the purposes of these allocations. In connection with the determination of the Fund’s allocation ranges, | The Fund allocates its assets among stocks, bonds and money market instruments. While the percentage of assets allocated to each asset class is flexible rather than fixed, the Fund normally invests at least 50% of its net assets in stocks and at least 30% in bonds, cash and money market instruments. Derivatives are included for the purpose of these allocations. In connection with the determination of the Fund’s allocation ranges, | None. (Please note that the restrictions related to credit-linked securities and derivatives that appear to have been added to the Acquiring Fund’s investment strategies are found in the First Investors Fund’s SAI instead of the prospectus.) |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Reallocations outside of the above ranges are expected to occur infrequently. The Fund’s investments in stocks are normally diversified among common stocks of large-, mid- and small-size companies that offer the potential for capital growth, current income, or both. In selecting stocks, the The Fund’s investments in bonds are primarily diversified among different types of bonds and other debt securities, including corporate bonds, | The The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
In addition, the | corporate bonds (commonly known as High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). High yield securities may be backed by receivables or other assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund may also invest in The Fund will not invest more than 20% of its net assets in derivatives in the aggregate. For purposes of calculating this 20% limitation, the Fund will use the market value of a derivative investment. | Manager will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Fund may also invest in The Fund will not invest more than 20% of its net assets in derivatives in the aggregate. For purposes of calculating this 20% limitation, the Fund will use the market value of a derivative investment. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Floating Rate Fund / Delaware Floating Rate II Fund | Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and/or bonds (80% policy). Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders, which have interest rates that reset periodically (annually or more frequently), generally based on a common interest rate index or another base rate. In many cases, they are issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancings. The Fund will normally invest the majority of its assets in | Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and/or bonds (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders, which have interest rates that reset periodically (typically annually or more frequently). The interest rates on floating rate loans are generally based on a percentage above LIBOR (the London Interbank Offered Rate), a The Fund will normally invest the majority of its assets in | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
lenders. The Fund may invest in floating rate loans and/or bonds of any maturity or credit quality, but typically will invest in short duration, below investment grade floating rate loans and/or bonds (commonly referred to as The | senior floating rate loan typically has priority with respect to payment (to the extent assets are available) in the event of bankruptcy. The Fund generally will acquire floating rate loans as assignments from lenders. The Fund may invest in floating rate loans and/or bonds of any maturity or credit quality, but typically will invest in short duration, below investment grade floating rate loans and/or bonds (commonly referred to as As part of the Fund’s below investment grade debt instruments investment strategy, the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
longer the duration of loans and/or bonds, the greater the likelihood that an increase in interest rates would cause a decline in the price of the Fund’s shares. The Although the The Fund may sell a holding when it has fulfilled the portfolio managers’ expectations, no longer offers | Although the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
compelling relative value, shows deteriorating fundamentals, or if it falls short of the portfolio managers’ expectations. The portfolio managers may also decide to continue to hold a loan or bond (or related securities) after a default. | considers both company-specific quantitative and qualitative factors in selecting debt instruments in which to invest and integrates that research with its views on the broader economy. Some of the factors the Fund may consider include: the overall economic outlook; the outlook for an issuer’s industry and an issuer’s competitive position therein; a company’s managerial strength and commitment to debt repayment; a company’s anticipated cash flow; a company’s debt maturity schedules; a company’s borrowing requirements; a company’s use of borrowing proceeds; a company’s asset coverage; a company’s earnings prospects; impacting legislation, regulation, or litigation; and the strength and depth of the protections afforded the lender through the documentation governing the bank loan or bond issuance. The Fund may sell a holding when it meets the portfolio managers’ expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if it falls short of the portfolio managers’ expectations. The portfolio managers may also decide to continue to hold a bond or loan (or related securities) after a default. The Fund reserves the right to take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, economic, political or other |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Fund For Income / Delaware Fund for Income | The Fund primarily invests in high yield, below investment grade corporate bonds (commonly known as | The Fund primarily invests in high yield, below investment grade corporate bonds (commonly known as | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
syndicated bank loans (also known as “floating rate loans”). Although the Fund will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Fund may sell a bond when it shows deteriorating fundamentals or it falls short of the portfolio | because of financial problems, special purpose entities that are used to finance capital investment, sales or leases of equipment, loans or other programs and firms with heavy debt loads. High yield securities may be backed by receivables or other assets. The Fund may also invest in other high yield debt securities, such as assignments of syndicated bank loans (also known as “floating rate loans”). The Fund seeks to reduce the risk of a default by selecting bonds through careful credit research and analysis. The Fund seeks to reduce the impact of a potential default by diversifying its investments among bonds of many different companies and industries. The Fund attempts to invest in bonds that have stable to improving credit quality and potential for capital appreciation because of a credit rating upgrade or an improvement in the outlook for a particular company, industry or the economy as a whole. Although the Fund will consider ratings assigned by ratings agencies in selecting high yield bonds, it relies principally on its own research and investment analysis. The Fund considers a variety of factors, including the overall economic outlook, the issuer’s competitive position, the outlook of its industry, its managerial strength, anticipated cash flow, debt maturity schedules, borrowing requirements, interest or dividend coverage, asset coverage and earnings prospects. The Fund may sell a bond when it shows |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
deteriorating fundamentals or it falls short of the portfolio manager’s expectations. It may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Government Cash Management Fund / Delaware Government Cash Management Fund | The Fund intends to operate as a “government money market fund” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended. The Fund will invest at least 99.5% of its total assets | The Fund intends to operate as a “government money market fund” as such term is defined in Rule 2a-7 under the Investment Company Act of 1940, as amended | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund’s portfolio is |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
managed to meet regulatory requirements that permit the Fund to maintain a stable net asset value ( | The Fund invests only in securities that comply with the quality, maturity, liquidity, diversification and other requirements applicable to a “government money market fund” under Rule 2a-7 under the 1940 Act. The Fund will invest only in securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulations. The dollar-weighted average portfolio maturity and dollar-weighted average portfolio life of the Fund will not exceed 60 and 120 days, respectively. The Fund uses the amortized cost method of valuation to seek to maintain a stable $1.00 net asset value per share price. The Fund will only purchase securities that have been determined to present minimal credit risk. In making such a determination, the Fund may consider the credit ratings assigned to securities by ratings services. If, after purchase, the credit quality of an investment deteriorates, the “Government money market funds” are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
gates. While the Fund’s Board of Trustees may elect to subject the Fund to liquidity fee and gate requirements in the future, it has not elected to do so at this time and currently has no intention of doing so. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors International Opportunities Bond Fund / Delaware International Opportunities Bond Fund | Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds (80% policy). For purposes of the 80% policy, bonds include debt securities issued or guaranteed by national governments, their agencies or instrumentalities and political sub-divisions (including inflation index linked securities); debt securities of supranational organizations such as freely transferable promissory notes, bonds and debentures; corporate debt securities, including freely transferable promissory notes, debentures, zero coupon bonds, commercial paper, certificates of deposits, and bankers’ | Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will notify shareholders at least 60 days before making any changes to this 80% policy. For purposes of the 80% policy, bonds include debt securities issued or guaranteed by national governments, their agencies or instrumentalities and political sub-divisions (including inflation index linked securities); debt securities of supranational organizations such as freely transferable promissory notes, bonds and debentures; corporate debt securities, including freely transferable promissory notes, | The Acquiring Fund is a diversified fund, unlike the First Investors Fund. The investment strategy of the Acquiring Fund does not include a minimum number of countries to be represented by the issuers held by the fund or an expected range for the weighted average duration of the Fund’s portfolio. As with the First Investors Fund, the Acquiring Fund seeks total return |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
acceptances issued by industrial, utility, finance, commercial banking or bank holding company organizations; emerging markets debt; and below investment grade securities, also known as high yield debt or “junk bonds The Fund will primarily invest its assets in debt securities (including fixed-rate and floating-rate securities) of issuers located in developed countries outside of the United States. An issuer is considered by the The Fund may invest in both investment grade and, to a lesser extent, below investment grade securities. | debentures, zero coupon bonds, commercial paper, certificates of deposits, and bankers’ acceptances issued by industrial, utility, finance, commercial banking or bank holding company organizations; emerging markets debt; and below investment grade securities, also known as high yield debt or “junk bonds”. The Fund may invest in fixed-rate and floating rate securities. The Fund will primarily invest its assets in debt securities (including fixed-rate and floating rate securities) of issuers located in developed countries outside of the United States. The Fund will primarily invest in sovereign debt and currencies, as well as in investment grade corporate bonds. To a lesser extent, the Fund may invest in emerging markets. | consisting of income and capital appreciation; however, the factors considered by the Acquiring Fund to choose investments to achieve this objective differ from those taken into account by the First Investors Fund. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund may invest in forward foreign currency contracts in order to hedge its currency exposure in bond positions or to gain currency exposure. The Fund may also invest in interest rate and bond futures to manage interest rate risk and for hedging purposes. These investments may be significant at times. Although the Fund has the flexibility to make use of forward foreign currency contracts it may choose not to for a variety of reasons, even under very volatile market conditions. | produced, sales made or services provided in one or more developed countries; or maintains 50% or more of its assets in one or more developed countries. The Fund may invest in both investment grade and, to a lesser extent, below investment grade securities. The Fund may invest in forward foreign currency contracts in order to hedge its currency exposure in bond positions or to gain currency exposure. The Fund may also invest in interest rate and bond futures to manage interest rate risk and for hedging purposes. These investments may be significant at times. Although the Fund has the flexibility to make use of forward foreign currency contracts it may choose not to for a variety of reasons, even under very volatile market conditions. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. In selecting securities, the Manager evaluates the overall investment opportunities and risks in individual national economies. The Manager analyzes the business cycle in developed countries, and analyzes political factors and exchange rates in emerging market countries. The Manager considers local, national and global economic conditions, market conditions, interest rate movements, and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities. The Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities. The Manager may sell a security if the team believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons. The Manager focuses on investments denominated in foreign currencies that compare favorably to the US dollar. These factors may vary in particular cases and may change over time. | its interest rate, yield, maturity, any call features and value relative to other securities. The Manager may sell a security if the team believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons. The Manager focuses on investments denominated in foreign currencies that compare favorably to the U.S. dollar. These factors may vary in particular cases and may change over time. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund reserves the right to take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Investment Grade Fund / Delaware | Under normal circumstances, the Fund invests at least 80% of its net assets (plus any | Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for | The Acquiring Fund may use derivatives for defensive |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Investment Grade Fund | borrowings for investment purposes) in investment grade debt securities (80% policy). Investment grade debt securities include those that are rated within the four highest ratings categories by Moody’s Investors Service, Inc. ( The Fund primarily invests in investment grade corporate bonds. The Fund may also invest in other investment grade securities, including securities issued or guaranteed by the | investment purposes) in investment grade debt securities (80% policy). The 80% policy is non-fundamental and may be changed without shareholder approval, but the Fund will provide shareholders with at least 60 days’ notice before changing this 80% policy. The Fund defines investment grade debt securities as those that are rated within the four highest ratings categories by Moody’s The Fund invests primarily in investment grade corporate bonds. The Fund may also invest in other investment grade securities, including securities issued or guaranteed by the | purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, or to effect diversification. The Acquiring Fund will use derivatives to manage duration, to earn additional income, or to gain exposure to a market (or segment of a market). It will not use derivatives for reasons inconsistent with its investment objective. The Manager for the Acquiring Fund also researches and continually monitors the creditworthiness of current or potential counterparties to its derivatives transactions. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
will sell a security when it shows deteriorating fundamentals, it falls short of the portfolio manager’s expectations, or a more attractive investment is available. The To a lesser extent, the Fund also invests in high yield, below investment grade corporate bonds (commonly known as | quality, debt levels, industry characteristics and management strength. The The To a lesser extent, the Fund also invests in high yield, below investment grade corporate bonds (commonly known as |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund may invest in securities of any maturity or duration, but may adjust its average portfolio weighted duration or maturity in anticipation of interest rate changes. For example, if the Fund expects interest rates to rise, it may seek to reduce its average portfolio weighted duration and maturity. The Fund may also invest in | High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). High yield securities may be backed by receivables or other assets. Although The Fund may invest in securities of any maturity or duration, but may adjust its average portfolio weighted duration or maturity in anticipation of interest rate changes. For example, if the Fund expects interest rates to increase, it may seek to reduce its average |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
portfolio weighted duration and maturity. The Fund may also invest in Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the financials sector. While the Fund may use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, or to effect diversification, the Fund will use derivatives to manage duration, to earn additional income, or to gain exposure to a market (or segment of a market). It will not use derivatives for reasons inconsistent with its investment objective. The Manager also researches and continually monitors the creditworthiness of current or potential counterparties to its derivatives transactions. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this prospectus. | |||
First Investors Limited Duration Bond Fund / Delaware Limited Duration Bond Fund | Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade bonds (80% policy). For purposes of the 80% policy, investment grade bonds also include other investment grade Investment grade debt securities include those that are rated within the four highest ratings categories by Moody’s | Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade bonds (80% policy). For purposes of the 80% policy, investment grade bonds also include other investment grade The Fund defines investment grade debt securities as those that are rated within the four highest ratings categories by Moody’s | None. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund may invest in a variety of different types of investment grade securities, including corporate bonds, securities issued or guaranteed by the To a lesser extent, the Fund also invests in high yield, below investment grade corporate bonds (commonly known as | equivalent quality. The Fund may invest in a variety of different types of investment grade securities, including corporate bonds, securities issued or guaranteed by the To a lesser extent, the Fund also invests in high yield, below investment grade corporate bonds |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the financials sector. The Fund seeks to maintain an average weighted duration of between one and six years. Duration is a measurement of a bond’s sensitivity to changes in | (commonly known as High yield bonds generally provide higher income than investment grade bonds to compensate investors for their higher risk of default (i.e., failure to make required interest or principal payments). High yield securities may be backed by receivables or other assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
interest rates. For every 1% change in interest rates, a bond’s price generally changes approximately 1% in the opposite direction for each year of duration. For example, if a portfolio of fixed income securities has an average weighted duration of six years, its value can be expected to fall about 6% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 6% if interest rates fall by 1%. As a result, prices of securities with longer durations tend to be more sensitive to interest rate changes than prices of securities with shorter durations. By comparison, a debt security’s “maturity” is the date on which the security matures and the issuer is obligated to repay principal. Duration is typically not equal to maturity. The Fund may invest in | or it falls short of the portfolio manager’s expectations. It may also decide to continue to hold a bond (or related securities, such as stocks or warrants) after its issuer defaults or is subject to a bankruptcy. The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
By contrast, if it believes interest rates are likely to rise, it may attempt to buy securities with shorter maturities or sell securities with longer maturities. The Fund may invest in Additionally, from time to time, in pursuing its investment strategies, the Fund may hold significant investments (25% or more of its assets) in a specific market sector, including the financials sector. The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. If it does so, it may not achieve its investment objective. The Fund may also choose not to take defensive positions. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
investments that are not described in this | |||
First Investors Strategic Income Fund / Delaware Strategic Income II Fund | Under normal circumstances, the Manager will invest at least 80% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets (80% policy). 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. To achieve the Fund's investment objective, the Manager will allocate investments among various sectors of debt securities and at any given time may have a substantial amount of its | The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it thinks are the best investments for the Fund. Following are descriptions of how the portfolio managers pursue the Fund’s investment objectives. | The Acquiring Fund will no longer operate as a fund of funds that invests in underlying First Investors fixed income (85–100%) and equity income (0–15%) funds. Rather, the Acquiring Fund will, according to its non-fundamental investment policy, invest at least 80% of the fund’s assets plus borrowings in U.S. and foreign debt securities, including those in emerging markets. The Acquiring Fund has the flexibility to invest up to 100% of its net assets in any one sector (among the U.S. investment grade sector, the high-yield sector, and the international sector), regardless of credit quality or foreign exposure. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
assets invested in any class of debt security. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund may invest up to 100% of its net assets in high yield, lower-quality debt securities (also known as “junk bonds”). The Fund may invest up to | To meet its investment objectives, the Fund invests in domestic (US) investment grade debt securities, high yield, and international fixed income securities, including those of issuers in emerging markets. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in US and foreign debt securities, including those in emerging markets. The Manager will determine how much of the Fund’s assets to allocate to each of the various sectors based on its evaluation of economic and market conditions and its assessment of the yields and potential for appreciation that can be achieved from investments in each of the sectors. The Manager will periodically reallocate the Fund’s assets, as deemed appropriate. The relative proportion of the Fund’s assets to be allocated among the sectors is described below. The Fund may invest up to 100% of its assets in any one sector at any time. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
100% of its net assets in foreign securities, including emerging markets securities. The Fund’s total non-US dollar currency exposure may reach 100% of net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover. | • US investment grade sector In managing the Fund’s assets allocated to the US investment grade sector, the Manager will invest principally in debt obligations issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations. The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of US companies. The US government securities in which the Fund may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the US government, and by various agencies or instrumentalities that have been established or sponsored by the US government. The assets in the Fund’s US investment grade sector may also be invested in mortgage-backed securities issued or guaranteed by the US government, its agencies or instrumentalities, or by government sponsored |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investment. The Fund may also use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and swaps. The Fund may use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against a credit event, to gain exposure to certain securities | corporations. Other mortgage-backed securities in which the Fund may invest are issued by certain private, nongovernment entities. Subject to quality limitations, the Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases. Securities purchased by the Fund within this sector will be rated in one of the four highest rating categories or will be unrated securities that the Manager determines are of comparable quality. Please see the Statement of Additional Information (SAI) for additional ratings information. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
or markets, or to enhance total return; and index swaps to enhance return or to affect diversification. The 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days’ notice prior to any such change. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
• High yield sector The Fund may invest in high yield corporate debt obligations, including notes, which may be convertible or nonconvertible, commercial paper, units consisting of bonds with stock or warrants to buy stock attached, debentures, convertible debentures, zero coupon bonds, and pay-in-kind securities. The Fund may invest in both rated and unrated bonds. The rated bonds that the Fund may purchase in this sector will be rated lower than BBB- by S&P, Baa3 by Moody’s Investors Service (Moody’s), or similarly |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
rated by another nationally recognized statistical rating organization (NRSRO). Unrated bonds may be more speculative in nature than rated bonds. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
• International sector The Fund may invest in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Central Bank, the European Investment Bank, the Inter-American Development Bank, and the Asian Development Bank. The Fund may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Fund may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
currency contracts in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations. Currency exposures carry a special risk for the Fund when it allocates a significant portion of its assets to non-USD denominated securities. The Fund may invest in both rated and unrated foreign securities, and may purchase securities of issuers in any foreign country, developed and developing. These investments may include direct obligations of issuers located in emerging markets countries. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Statement of Additional Information also describes non-principal investment strategies that the Fund | |||
First Investors Tax Exempt Income Fund / Delaware Tax-Exempt Income Fund | Under normal circumstances, the Fund will invest at least 80% of | Under normal circumstances, the Fund will invest at least 80% of | The Acquiring Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between three and ten years, instead of securities that have maturities of eight years or more. The Acquiring Fund will use derivatives for defensive purposes, such as to protect gains or |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). | that pay interest that is exempt from federal income tax, but may invest up to 20% of its net assets in securities that pay interest that is Municipal securities include bonds and notes that are issued by state and local governments, the District of Columbia and commonwealths, territories or possessions of the United States (including Guam, Puerto Rico and the The Fund primarily invests in high quality municipal securities that are: (a) rated as investment grade, at the time of purchase, by at least one rating organization, such as Moody’s Investors Service, Inc. ( | hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. A non-fundamental policy of the First Investors Fund, stated in its SAI, is that the First Investors Fund will not invest more than 20% of its net assets in the aggregate without reference to a purpose as outlined in the Acquiring Fund’s prospectus. The Acquiring Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt, whereas the First Investors Fund’s non-fundamental policy limits the fund’s investments in inverse floaters to 10%. However, the Acquiring Fund’s investments in taxable securities (including investments in |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
rated below Baa3 In selecting investments for the Fund, the | To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). | inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Acquiring Fund’s net assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 3 and 10 years. | consistent income. The Fund generally pursues its investment objective by investing in municipal bonds with |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
longer maturities. In selecting investments, the The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions by investing in instruments such as |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Fund is so invested, it may not achieve its investment objective. The Fund may choose not to take defensive positions. The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. The Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt. However, the Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Fund’s net assets. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this | |||
First Investors Tax | Under normal circumstances, | Under normal circumstances, the | The Acquiring Fund |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Exempt Opportunities Fund / Delaware Tax-Exempt Opportunities Fund | the Fund will invest at least 80% of The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the | Fund will invest at least 80% of Municipal securities include bonds and notes that are issued by state and local governments, the District of Columbia and commonwealths, territories or possessions of the United States (including Guam, Puerto Rico and the | does not seek total return through actively trading to take advantage of relative value opportunities in the municipal bond market. The Acquiring Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years, instead of securities that have maturities of 15 years or more, which is the strategy for the First Investors fund. The Acquiring Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
insurance companies and revenue bonds. The Fund also may invest in variable and floating rate securities, as well as interest rate swaps, futures and options on futures to hedge against interest rate changes and inverse floaters to produce income. To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). | agencies, instrumentalities and authorities. The Fund diversifies its assets among municipal bonds and securities of different states, municipalities, and The Fund primarily invests in high quality municipal securities that are: (a) rated as investment grade, at the time of purchase, by at least one rating organization, such as Moody’s To a lesser extent, the Fund may | A non-fundamental policy of the First Investors Fund, stated in its SAI, is that the First Investors Fund will not investment more than 20% of its net assets in the aggregate without reference to a purpose as outlined in the Acquiring Fund’s prospectus. The Acquiring Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt, whereas the First Investors Fund’s non-fundamental policy limits the fund’s investments in inverse floaters to 10%. However, the Acquiring Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Acquiring Fund’s net assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
generate attractive and consistent income. In selecting investments for the Fund, the The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years. | invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). The Fund generally pursues its investment |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
current interest rate environment. The Fund may also buy and sell municipal securities of any maturity to adjust the duration of its portfolio. Duration is a measurement of a In selecting investments, the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
incurred upon the sale of an investment and, thus, may decide not to sell a security if it would result in a capital gain distribution to shareholders. In addition the The Fund reserves the right to take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions by investing in instruments such as |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. The Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt. However, the Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Fund’s net assets. The Statement of Additional Information also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this | |||
First Investors California Tax Exempt Fund / Delaware Tax-Free California II Fund | Under normal circumstances, the Fund will invest at least 80% of | Under normal circumstances, the Fund will invest at least 80% of | The Acquiring Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years, instead of securities that have maturities |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
fundamental investment policy that may not be changed without prior shareholder approval (80% policy). However, the Fund typically attempts to invest all of its assets in securities that pay interest that is exempt from federal income tax and The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the | Municipal securities include bonds and notes that are issued by state and local governments, the District of Columbia and commonwealths, territories or possessions of the United States (including Guam, Puerto Rico and the | of 15 years or more, which is the strategy for the First Investors fund. The Acquiring Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. A non-fundamental policy of the First Investors Fund, stated in its SAI, is that the First Investors Fund will not investment more than 20% of its net assets in the aggregate without reference to a purpose as outlined in the Acquiring Fund’s prospectus. The Acquiring Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt, whereas the First Investors Fund’s |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
floating rate securities, as well as interest rate swaps, futures and options on futures to hedge against interest rate changes and inverse floaters to produce income. To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). In selecting investments for the Fund, the | California in order to produce income that is exempt from The | non-fundamental policy limits the Fund’s investments in inverse floaters to 10%. However, the Acquiring Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Acquiring Fund’s net assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
security that offers a higher yield or better value, respond to a deterioration in credit quality, or raise cash. The The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years. | interest and principal to the extent they determine that the insurance improves the credit quality of the securities and the costs of insurance are reasonable in relation to the benefits. The To a lesser extent, The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
average effective maturity of between 5 and 30 years (long-term In selecting investments, the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
investment The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. The Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt. However, the Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Fund’s net assets. The Statement of Additional Information also describes non-principal investment strategies that the | |||
First Investors New Jersey Tax Exempt | Under normal circumstances, at least 80% of the | Under normal circumstances, at least 80% of | The Acquiring Fund will invest its assets |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
Fund / Delaware Tax-Free New Jersey Fund | net assets (plus any borrowings for investment purposes) will be invested in municipal securities that pay interest that is exempt from federal income tax The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the | Fund’s net assets (plus any borrowings for investment purposes) will be invested in municipal securities that pay interest that is exempt from federal income tax Municipal securities include bonds and notes that are issued by state and local governments, the District of Columbia and commonwealths, territories or possessions of the United States (including Guam, Puerto Rico and the | in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years, instead of securities that have maturities of 15 years or more, which is the strategy for the First Investors fund. The Acquiring Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. A non-fundamental policy of the First Investors Fund, stated in its SAI, is that the First Investors Fund will not investment more than 20% of its net assets in the aggregate without reference to a |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
insurance companies and revenue bonds. The Fund may also invest in variable and floating rate securities, as well as interest rate swaps, futures and options on futures to hedge against interest rate changes and inverse floaters to produce income. To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). In selecting investments for the Fund, the | agencies, instrumentalities and authorities. The | purpose as outlined in the Acquiring Fund’s prospectus. The Acquiring Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt, whereas the First Investors Fund’s non-fundamental policy limits the Fund’s investments in inverse floaters to 10%. However, the Acquiring Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Acquiring Fund’s net assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years. | by the To a lesser extent, |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
consistent income. The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
by purchasing municipal securities with shorter maturities or selling municipal securities with longer maturities. In selecting investments, the The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
economic, political, or other conditions by investing in instruments such as The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. The Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt. However, the Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Fund’s net assets. The Statement of Additional Information also describes non-principal investment strategies that the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
investing in other types of investments that are not described in this | |||
First Investors New York Tax Exempt Fund / Delaware Tax-Free New York II Fund | Under normal circumstances, the Fund will invest at least 80% of | Under normal circumstances, the Fund will invest at least 80% of | The Acquiring Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years, instead of securities that have maturities of 15 years or more, which is the strategy for the First Investors fund. The Acquiring Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. A non-fundamental policy of the First Investors Fund, stated in its SAI, is that the First |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
by the Fund may also be exempt from local personal income taxes. The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). | recipient’s federal income tax liability. Municipal securities include bonds and notes that are issued by state and local governments, the District of Columbia and commonwealths, territories or possessions of the United States (including Guam, Puerto Rico and the | Investors Fund will not investment more than 20% of its net assets in the aggregate without reference to a purpose as outlined in the Acquiring Fund’s prospectus. The Acquiring Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt, whereas the First Investors Fund’s non-fundamental policy limits the Fund’s investments in inverse floaters to 10%. However, the Acquiring Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Acquiring Fund’s net assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
believes can generate attractive and consistent income. In selecting investments for the Fund, the The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years. | The To a lesser extent, |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
are rated below Baa3 The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
in interest rates. For example, if a portfolio of fixed income securities has an average weighted duration of 5 years, its value can be expected to fall about 5% if interest rates rise by 1%. If the In selecting investments, the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. The Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt. However, the Fund’s investments in taxable securities |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
(including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Fund’s net assets. The Statement of Additional Information also describes non-principal investment strategies that the | |||
First Investors Oregon Tax Exempt Fund / Delaware Tax-Free Oregon Fund | Under normal circumstances, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) will be invested in municipal securities that pay interest that is exempt from federal income tax | Under normal circumstances, at least 80% of | The Acquiring Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 5 and 30 years, instead of securities that have maturities of 15 years or more, which is the strategy for the First Investors fund. The Acquiring Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as “high yield” or “junk bonds”). | federal alternative minimum tax, though still excludable from gross income for federal income tax purposes, generally may increase a recipient’s federal income tax liability. Municipal securities include bonds and notes that are issued by state and local governments, the District of Columbia and commonwealths, territories or possessions of the United States (including Guam, Puerto Rico and the | effect diversification, or to earn additional income. A non-fundamental policy of the First Investors Fund, stated in its SAI, is that the First Investors Fund will not investment more than 20% of its net assets in the aggregate without reference to a purpose as outlined in the Acquiring Fund’s prospectus. The Acquiring Fund may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt, whereas the First Investors Fund’s non-fundamental policy limits the Fund’s investments in inverse floaters to 10%. However, the Acquiring Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
making investment decisions, In selecting investments for the Fund, the The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years. | The To a lesser extent, | Acquiring Fund’s net assets. |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
The |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
maturity to adjust the duration of their portfolios. Duration is a measurement of a bond's sensitivity to changes in interest rates. For example, if a portfolio of fixed income securities has an average weighted duration of 5 years, its value can be expected to fall about 5% if interest rates rise by 1%. If the In selecting investments, the |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
not to sell a security if it will result in a capital gain distribution to shareholders. In addition, the The The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income. The Fund may invest up to 25% of |
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES | |||
First Investors Fund / Acquiring Fund | Investment Strategies as Listed in Summary Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Investment Strategies as Listed in Statutory Prospectus** **Changes show differences between First Investors investment strategies and Acquiring Fund investment strategies | Material Differences |
its net assets in inverse floaters when the underlying bond is tax-exempt. However, the Fund’s investments in taxable securities (including investments in inverse floaters on taxable securities) combined with its investments in securities rated below investment grade are limited to 20% of the Fund’s net assets. The Statement of Additional Information also describes non-principal investment strategies that the |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Covered Call Strategy Fund | American Depositary Receipts Risk. ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity more volatility, different governmental regulations, and the potential for political and economic instability. Call Options Risk. Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value. Dividend Risk. At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price. Exchange-Traded Funds Risk. The risks of investing in securities of ETFs typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. High Portfolio Turnover and Frequent Trading Risk. High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. | American depositary receipts risk — ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity, more volatility, different governmental regulations, and the potential for political and economic instability. Call options risk — Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value. Dividend risk — At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price. Exchange-traded funds risk — The risks of investing in securities of ETFs typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. High portfolio turnover and frequent trading risk — High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet redemptions. Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. | Delaware Covered Call Strategy Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Covered Call Strategy Fund (cont.) | Sector Risk. The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the information technology sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as intense competition, government regulation and potentially rapid product obsolescence. Companies in this sector also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. Declines in certain securities could detract from the Fund’s returns even when the broad market is flat or increasing and the Fund’s call option writing strategy may make it difficult for the Fund to dispose of underperforming securities. Tax Risk. Writing call options may significantly reduce or eliminate the amount of Fund dividends that qualify to be taxed to non-corporate shareholders at a lower rate. Covered calls also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash. | Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the information technology sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as intense competition, government regulation and potentially rapid product obsolescence. Companies in this sector also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.
Tax risk — Writing call options may significantly reduce or eliminate the amount of Fund dividends that qualify to be taxed to non-corporate shareholders at a lower rate. Covered calls also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash. | Delaware Covered Call Strategy Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Equity Income Fund | Call Options Risk. Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value. Dividend Risk. At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. Undervalued Securities Risk. The Fund seeks to invest in securities that the Fund’s adviser believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall. | Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Undervalued securities risk — The Fund seeks to invest in securities that the Fund’s Manager believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall. | Delaware Equity Income Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the First Investors Fund is subject to Call Options Risk, Dividend Risk, and Mid-Size and Small-Size Company Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Global Fund | Derivatives Risk. To the extent the Fund invests in forwards it is exposed to a number of risks, such as possible default by the counterparty to the transaction, incorrect judgment by the portfolio manager as to certain market movements and the potential of greater losses than if this technique had not been used. These investments can also increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind or value. Emerging Markets Risk. The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Foreign Securities Risk. There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. High Portfolio Turnover and Frequent Trading Risk. High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. | Emerging markets risk — The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Foreign securities risk — There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as consumer staples) will decline because of changing expectations for the performance of that industry or sector. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. | Delaware Global Equity Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the Acquiring Fund is subject to Industry and sector risk attributable to consumer staples, as well as Nondiversification risk. Also, the First Investors Fund is subject to Derivatives Risk, High Portfolio Turnover and Frequent Trading Risk, and Mid-Size and Small-Size Company Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Global Fund (cont.) | Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Global Equity Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Growth & Income Fund | Call Options Risk. Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the Fund will give up the opportunity to benefit from potential increases in the value of a Fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value. Dividend Risk. At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. The Fund’s investments in potential growth opportunities may increase the potential volatility of its share price. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. Undervalued Securities Risk. The Fund seeks to invest in securities that the Fund’s adviser believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall. | Dividend risk — At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. The Fund’s investments in potential growth opportunities may increase the potential volatility of its share price. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Undervalued securities risk — The Fund seeks to invest in securities that the Fund’s Manager believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall. | Delaware Growth and Income Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the First Investors Fund is subject to Call Options Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Hedged U.S. Equity Opportunities Fund | Derivatives Risk. Futures and options involve risks, such as possible default by a counterparty, potential losses if markets do not move as expected, and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind or value. Emerging Markets Risk. The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Exchange-Traded Funds Risk. The risks of investing in ETFs typically reflect the risks of the instruments in which the ETFs invest. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. Foreign Securities Risk. There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Hedging Risk. Hedging seeks to limit downside risks, but it also will limit the Fund’s return potential. This will especially be true during periods of rapid or large market gains. Hedging activities involve fees and expenses, which can further reduce the Fund’s returns. If the Fund uses a hedging instrument at the wrong time or judges market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, and/or create a loss. High Portfolio Turnover and Frequent Trading Risk. High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet redemptions. | Derivatives risk — Futures and options involve risks, such as possible default by a counterparty, potential losses if markets do not move as expected, and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind or value. Emerging markets risk — The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Exchange-traded funds risk — The risks of investing in ETFs typically reflect the risks of the instruments in which the ETFs invest. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. Foreign securities risk — There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Hedging risk — Hedging seeks to limit downside risks, but it also will limit the Fund’s return potential. This will especially be true during periods of rapid or large market gains. Hedging activities involve fees and expenses, which can further reduce the Fund’s returns. If the Fund uses a hedging instrument at the wrong time or judges market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, and/or create a loss. High portfolio turnover and frequent trading risk — High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet redemptions. | Delaware Hedged U.S. Equity Opportunities Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Hedged U.S. Equity Opportunities Fund (cont.) | Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Multi-Style Risk. The Fund’s performance depends on, among other things, the portfolio managers’ success in monitoring and allocating the Fund’s assets among the various underlying styles. The underlying styles may not always be complementary. The portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions. This may result in the Fund investing a significant percentage of its assets in certain types of securities or in securities representing a specific investment philosophy which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. Quantitative Strategies Risk. Selecting or screening investments based on quantitative models may be adversely affected if the model relies on erroneous or outdated data. In addition, the quantitative model may be flawed, and factors that affect an investment’s value can change over time and these changes may not be reflected in the quantitative model. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. Tax Risk. The Fund’s activities in derivatives may significantly reduce or eliminate the amount of Fund dividends that generally qualify to be taxed to non-corporate shareholders at lower rates. The Fund’s investments in derivatives also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains to higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash. | Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Multi-style risk — The Fund’s performance depends on, among other things, the portfolio managers’ success in monitoring and allocating the Fund’s assets among the various underlying styles. The underlying styles may not always be complementary. The portfolio managers may make investment decisions independently of one another, and may make conflicting investment decisions. This may result in the Fund investing a significant percentage of its assets in certain types of securities or in securities representing a specific investment philosophy which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. Quantitative strategies risk — Selecting or screening investments based on quantitative models may be adversely affected if the model relies on erroneous or outdated data. In addition, the quantitative model may be flawed, and factors that affect an investment’s value can change over time and these changes may not be reflected in the quantitative model. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — The Fund’s activities in derivatives may significantly reduce or eliminate the amount of Fund dividends that generally qualify to be taxed to non-corporate shareholders at lower rates. The Fund’s investments in derivatives also are subject to federal tax rules that may: (1) limit the allowance of certain losses or deductions by the Fund; (2) convert the Fund’s long-term capital gains to higher taxed short-term capital gains or ordinary income; (3) convert the Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause the Fund to recognize income or gains without a corresponding receipt of cash. | Delaware Hedged U.S. Equity Opportunities Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Opportunity Fund | Exchange-Traded Funds Risk. The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Opportunity Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors International Fund | Emerging Markets Risk. The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Focused Portfolio Risk. Because the Fund’s assets may be invested in a limited number of issuers its performance may be more volatile than other funds whose portfolios contain a larger number of securities. Foreign Securities Risk. There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. To the extent the Fund invests a significant portion of its assets in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with the securities of mid- and small-size companies is generally greater than that associated with securities of larger, more established companies because such securities tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small size company stocks at reasonable prices. | Emerging markets risk — The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Foreign securities risk — There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding a company’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. To the extent the Fund invests a significant portion of its assets in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund. Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as consumer staples) will decline because of changing expectations for the performance of that industry or sector. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified. | Delaware International Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the Acquiring Fund is subject to Industry and sector risk attributable to consumer staples, as well as Nondiversification risk. Also, the First Investors Fund is subject to Focused Portfolio Risk, Mid-Size and Small-Size Company Risk and Sector Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors International Fund (cont.) | Sector Risk. The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the consumer staples sector, meaning the value of its shares may be particularly vulnerable to factors affecting that sector, such as the health of the overall economy, marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware International Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Premium Income Fund | American Depositary Receipts Risk. ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity, more volatility, different governmental regulations, and the potential for political and economic instability. Call Options Risk. Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. 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. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value. Dividend Risk. At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price. Exchange-Traded Funds Risk. The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. | American depositary receipts risk — ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity, more volatility, different governmental regulations, and the potential for political and economic instability. Call options risk — Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. 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. Writing call options may expose the Fund to significant additional costs. Derivatives may be difficult to sell, unwind or value. Dividend risk — At times, the Fund may not be able to identify attractive dividend-paying stocks. The income received by the Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Fund’s ability to pay dividends and its share price. Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. | Delaware Premium Income Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Premium Income Fund (cont.) | High Portfolio Turnover and Frequent Trading Risk. High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Security Selection Risk. Securities selected by the portfolio managers may perform differently than the overall market or may not meet expectations. Declines in certain securities could detract from the Fund’s returns even when the broad market is flat or increasing and the Fund’s call option writing strategy may make it difficult for the Fund to dispose of underperforming securities. Tax Risk. 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. | High portfolio turnover and frequent trading risk — High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet redemptions. Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — 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. | Delaware Premium Income Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Select Growth Fund | Focused Portfolio Risk. Because the Fund generally invests in a limited portfolio of only 40 to 45 stocks, its performance may be more volatile than other funds whose portfolios contain a larger number of securities. Growth Stock Risk. The Fund’s focus on growth stocks increases the potential volatility of its share price. If expectations are not met, the prices of these stocks may decline significantly. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Sector Risk. The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the information technology sector, meaning that the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as intense competition and potentially rapid product obsolescence. Companies in this sector also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | Focused portfolio risk — Because the Fund generally invests in a limited portfolio of only 40 to 45 stocks, its performance may be more volatile than other funds whose portfolios contain a larger number of securities. Growth stock risk — The Fund’s focus on growth stocks increases the potential volatility of its share price. If expectations are not met, the prices of these stocks may decline significantly. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the information technology sector, meaning that the value of the Fund’s shares may be particularly vulnerable to factors affecting that sector, such as intense competition and potentially rapid product obsolescence. Companies in this sector also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Growth Equity Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Special Situations Fund | Exchange-Traded Funds Risk. The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. REIT Risk. In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free “pass through” of distributed net income and net realized gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. Small-Size and Mid-Size Company Risk. The market risk associated with stocks of small- and mid-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of small- and mid-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell small-to-mid-size company stocks at reasonable prices. Undervalued Securities Risk. The Fund seeks to invest in stocks that the Fund’s adviser believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall. | Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. REIT risk — In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free “pass-through” of distributed net income and net realized gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types. As a result, investments in REITs may be volatile. REITs are pooled investment vehicles with their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Small-size and mid-size company risk — The market risk associated with stocks of small- and mid-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of small- and mid-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell small- to mid-size company stocks at reasonable prices. Undervalued securities risk — The Fund seeks to invest in stocks that the Manager believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall. | Delaware Special Situations Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Total Return Fund | Allocation Risk. The Fund may allocate assets to investment classes that underperform other classes. For example, the Fund may be overweighted in stocks when the stock market is falling and the bond market is rising. Credit Risk. A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and other asset-backed securities, the credit quality of the underlying loans. Securities issued by U.S. Government-sponsored enterprises are supported only by the credit of the issuing entity. Derivatives Risk. Investments in U.S. Treasury futures and options on U.S. Treasury futures to hedge against changes in interest rates involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value. Exchange-Traded Funds Risk. The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Allocation risk — The Fund may allocate assets to investment classes that underperform other classes. For example, the Fund may be overweighted in stocks when the stock market is falling and the bond market is rising. Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and other asset-backed securities, the credit quality of the underlying loans. Securities issued by US government-sponsored enterprises are supported only by the credit of the issuing entity. Derivatives risk — Investments in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value. Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. High yield securities risk — High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Delaware Total Return Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Total Return Fund (cont.) | Interest Rate Risk. 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. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Market Risk. Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Similarly, bond prices fluctuate in value with changes in interest rates, the economy and circumstances directly involving issuers. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Certain investments may be difficult or impossible to sell at a favorable time or price when the Fund requires liquidity to make redemptions. Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Prepayment and Extension Risk. When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase both the Fund’s sensitivity to rising interest rates and its potential for price declines. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | Interest rate risk — 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. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Market risk — Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations. Similarly, bond prices fluctuate in value with changes in interest rates, the economy and circumstances directly involving issuers. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Certain investments may be difficult or impossible to sell at a favorable time or price when the Fund requires liquidity to make redemptions. Mid-size and small-size company risk — The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult to sell mid- to small-size company stocks at reasonable prices. Prepayment and extension risk — When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase both the Fund’s sensitivity to rising interest rates and its potential for price declines. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Total Return Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Floating Rate Fund | Credit Risk. A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer. Floating Rate Loan Risk. The value of any collateral securing a floating rate loan may decline, be insufficient to meet the borrower’s obligations, or be difficult or costly to liquidate. It may take significantly longer than 7 days for investments in floating rate loans to settle, which can adversely affect the Fund’s ability to timely honor redemptions. In the event of a default, it may be difficult to collect on any collateral and a floating rate loan can decline significantly in value. The Fund’s access to collateral may also be limited by bankruptcy or other insolvency laws. Although senior loans may be senior to equity and other debt securities in the borrower’s capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. If a floating rate loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. High yield floating rate loans usually are more credit sensitive. Floating rate loans may not be considered “securities” for certain purposes of the federal securities laws and purchasers, such as the Fund, therefore, may not be entitled to rely on the anti-fraud protections of the federal securities laws. Foreign Loan Risk. A loan and/or bond issued by a foreign corporation or its subsidiary may be subject to risks associated with certain regulatory, economic and political conditions of the issuer’s foreign country and, in the event of default, it may be difficult for the Fund to pursue its rights against the issuer in that country’s courts. | Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer. Floating rate loan risk — The value of any collateral securing a floating rate loan may decline, be insufficient to meet the borrower’s obligations, or be difficult or costly to liquidate. It may take significantly longer than 7 days for investments in floating rate loans to settle, which can adversely affect the Fund’s ability to timely honor redemptions. In the event of a default, it may be difficult to collect on any collateral and a floating rate loan can decline significantly in value. The Fund’s access to collateral may also be limited by bankruptcy or other insolvency laws. Although senior loans may be senior to equity and other debt securities in the borrower’s capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. If a floating rate loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. High yield floating rate loans usually are more credit sensitive. Floating rate loans may not be considered “securities” for certain purposes of the federal securities laws and purchasers, such as the Fund, therefore, may not be entitled to rely on the anti-fraud protections of the federal securities laws. Foreign loan risk — A loan and/or bond issued by a foreign corporation or its subsidiary may be subject to risks associated with certain regulatory, economic and political conditions of the issuer’s foreign country and, in the event of default, it may be difficult for the Fund to pursue its rights against the issuer in that country’s courts. | Delaware Floating Rate II Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Floating Rate Fund (cont.) | High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), including floating rate loans, have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. Interest Rate Risk. 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. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments, meaning that they could remain sensitive over the short-term to interest rate changes. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities and loans tend to be less liquid. Floating rate loans generally are subject to legal or contractual restrictions on resale and may trade infrequently. Assignments of bank loans and bonds also may be less liquid because of potential delays in the settlement process or restrictions on resale. Market Risk. The floating rate loan, high yield loan and bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | High yield securities risk — High yield debt securities (commonly known as “junk bonds”), including floating rate loans, have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. Interest rate risk — 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. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments, meaning that they could remain sensitive over the short-term to interest rate changes. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities and loans tend to be less liquid. Floating rate loans generally are subject to legal or contractual restrictions on resale and may trade infrequently. Assignments of bank loans and bonds also may be less liquid because of potential delays in the settlement process or restrictions on resale. Market risk — The floating rate loan, high yield loan and bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Floating Rate II Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Fund For Income | Credit Risk. A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer. Floating Rate Loan Risk. The value of any collateral securing a floating rate loan may decline, be insufficient to meet the borrower’s obligations, or be difficult or costly to liquidate. It may take significantly longer than 7 days for investments in floating rate loans to settle, which can adversely affect the Fund’s ability to timely honor redemptions. In the event of a default, it may be difficult to collect on any collateral and a floating rate loan can decline significantly in value. The Fund’s access to collateral may also be limited by bankruptcy or other insolvency laws. Although senior loans may be senior to equity and other debt securities in the borrower’s capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. If a floating rate loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. High yield floating rate loans usually are more credit sensitive. Floating rate loans may not be considered “securities” for certain purposes of the federal securities laws and purchasers, such as the Fund, therefore, may not be entitled to rely on the anti-fraud protections of the federal securities laws. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), including floating rate loans, have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer. Floating rate loan risk — The value of any collateral securing a floating rate loan may decline, be insufficient to meet the borrower’s obligations, or be difficult or costly to liquidate. It may take significantly longer than 7 days for investments in floating rate loans to settle, which can adversely affect the Fund’s ability to timely honor redemptions. In the event of a default, it may be difficult to collect on any collateral and a floating rate loan can decline significantly in value. The Fund’s access to collateral may also be limited by bankruptcy or other insolvency laws. Although senior loans may be senior to equity and other debt securities in the borrower’s capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. If a floating rate loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. High yield floating rate loans usually are more credit sensitive. Floating rate loans may not be considered “securities” for certain purposes of the federal securities laws and purchasers, such as the Fund, therefore, may not be entitled to rely on the anti-fraud protections of the federal securities laws. High yield securities risk — High yield debt securities (commonly known as “junk bonds”), including floating rate loans, have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Delaware Fund for Income | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Fund For Income (cont.) | Interest Rate Risk. 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. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments, meaning that they could remain sensitive over the short-term to interest rate changes. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities and loans tend to be less liquid. Floating rate loans generally are subject to legal or contractual restrictions on resale and may trade infrequently. Assignments of bank loans and bonds also may be less liquid because of potential delays in the settlement process or restrictions on resale. Market Risk. The floating rate loan, high yield loan and bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | Interest rate risk — 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. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments, meaning that they could remain sensitive over the short-term to interest rate changes. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities and loans tend to be less liquid. Floating rate loans generally are subject to legal or contractual restrictions on resale and may trade infrequently. Assignments of bank loans and bonds also may be less liquid because of potential delays in the settlement process or restrictions on resale. Market risk — The floating rate loan, high yield loan and bond market can experience sharp price swings due to a variety of factors, including changes in economic forecasts, stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Fund for Income (cont.) |
First Investors Government Cash Management Fund | Credit Risk. The U.S. government securities the Fund invests in may or may not be backed by the full faith and credit of the U.S. government. Securities issued by U.S. 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. Interest Rate Risk. Like the values of other debt instruments, the market values of U.S. government securities are affected by changes in interest rates. When interest rates rise, the market values of U.S. government securities generally decline. This could cause the Fund’s NAV to decline below $1.00 per share. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements, which may have an adverse effect on the Fund’s ability to maintain a $1.00 share price. Market Risk. The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions or cause the Fund’s NAV to decline below $1.00 per share. Supply issues within the U.S. Treasury securities market could arise as demand increases for U.S. government securities. Repurchase Agreement Risk. If the seller in a repurchase agreement transaction defaults on its obligation to repurchase a security, the Fund may suffer delays, incur costs and lose money in exercising its rights. Yield Risk. The yields received by the Fund on its investments will generally decline as interest rates decline. | Credit risk — 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. Interest rate risk — 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 Fund’s NAV to decline below $1.00 per share. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements, which may have an adverse effect on the Fund’s ability to maintain a $1.00 share price. Market risk — The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions or cause the Fund’s NAV to decline below $1.00 per share. Supply issues within the US Treasury securities market could arise as demand increases for US government securities. Repurchase agreement risk — If the seller in a repurchase agreement transaction defaults on its obligation to repurchase a security, the Fund may suffer delays, incur costs and lose money in exercising its rights. Yield risk — The yields received by the Fund on its investments will generally decline as interest rates decline. | Delaware Government Cash Management Fund | First Investors Fund and Acquiring Fund have the same principal investment risks. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors International Opportunities Bond Fund | Credit Risk. A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer. Currency Risk. The value of foreign currency-denominated investments increases or decreases as exchange rates change. Currency exchange rates can be volatile, and are affected by factors such as economic conditions, actions by U.S. and foreign governments or central banks, the imposition of currency controls and other political or regulatory conditions. Derivatives Risk. Forwards and futures involve a number of risks, such as possible default by the counterparty to the transaction, incorrect judgment by the portfolio manager as to certain market movements and the potential of greater losses than if these techniques had not been used by the Fund. These investments can also increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind or value. Emerging Markets Risk. The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Foreign Securities Risk. There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding an issuer’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government and some foreign governments may default on principal and interest payments. To the extent the Fund significantly invests in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund. | Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer. Currency risk — The value of foreign currency-denominated investments increases or decreases as exchange rates change. Currency exchange rates can be volatile, and are affected by factors such as economic conditions, actions by US and foreign governments or central banks, the imposition of currency controls and other political or regulatory conditions. Derivatives risk — Forwards and futures involve a number of risks, such as possible default by the counterparty to the transaction, incorrect judgment by the portfolio managers as to certain market movements and the potential of greater losses than if these techniques had not been used by the Fund. These investments can also increase the volatility of the Fund’s share price and expose it to significant additional costs. Derivatives may be difficult to sell, unwind or value. Emerging markets risk — The risks of investing in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable, resulting in more volatile rates of returns than developed markets and substantially greater risk. Foreign securities risk — There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding an issuer’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government and some foreign governments may default on principal and interest payments. To the extent the Fund significantly invests in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund. | Delaware International Opportunities Bond Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the First Investors Fund is subject to Nondiversification Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
First Investors International Opportunities Bond Fund (cont.) | High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. Interest Rate Risk. 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. Interest rates across the U.S. and other economies have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates between adjustments, meaning that they could remain sensitive over the short term to interest rate changes. Zero coupon bonds do not make periodic interest payments but are instead sold at a discount from face value and can be redeemed at face value when they mature. Zero coupon bonds may be more volatile than other similar debt securities. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets. High yield securities also tend to be less liquid. Market Risk. The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Non-Diversification Risk. The Fund is non-diversified and, as such, its assets may be invested in a limited number of issuers. This means that the Fund’s performance may be substantially impacted by the change in value of even a single holding. The Fund’s share price can therefore be expected to fluctuate more than the share price of a diversified fund. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | High yield securities risk — High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. Interest rate risk — 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. Interest rates across the US and other economies have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates between adjustments, meaning that they could remain sensitive over the short term to interest rate changes. Zero coupon bonds do not make periodic interest payments but are instead sold at a discount from face value and can be redeemed at face value when they mature. Zero coupon bonds may be more volatile than other similar debt securities. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute in the case of foreign securities that are traded in smaller, less-developed or emerging markets. High yield securities also tend to be less liquid. Market risk — The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware International Opportunities Bond Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors International Opportunities Bond Fund (cont.) | Sovereign and Quasi-Sovereign Debt Securities Risk. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund’s net asset value, may be volatile. Supranational Risk. Obligations of supranational organizations are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. Obligations of a supranational organization that are denominated in foreign currencies will also be subject to the risks associated with investment in foreign currencies. Valuation Risk. The sales price the Fund could receive for a portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are fair valued. Fair valuation is subjective and different market participants may assign different values to the same security. | Sovereign and quasi-sovereign debt securities risk — The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund’s net asset value, may be volatile. Supranational risk — Obligations of supranational organizations are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. Obligations of a supranational organization that are denominated in foreign currencies will also be subject to the risks associated with investment in foreign currencies. Valuation risk — The sales price the Fund could receive for a portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are fair valued. Fair valuation is subjective and different market participants may assign different values to the same security. | Delaware International Opportunities Bond Fund (cont.) |
First Investors Investment Grade Fund | Credit Risk. A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Securities issued by U.S. Government-sponsored enterprises are supported only by the credit of the issuing entity. Derivatives Risk. Investments in U.S. Treasury futures and options on U.S. Treasury futures involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value. Exchange-Traded Funds Risk. The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Securities issued by US government-sponsored enterprises are supported only by the credit of the issuing entity. Derivatives risk — Investments in US Treasury futures and options on US Treasury futures involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value. Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. High yield securities risk — High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Delaware Investment Grade Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Investment Grade Fund (cont.) | Interest Rate Risk. 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. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Prepayment and Extension Risk. When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase the Fund’s sensitivity to interest rates and its potential for price declines. Sector Risk. The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the financials sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | Interest rate risk — 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. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Prepayment and extension risk — When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase the Fund’s sensitivity to interest rates and its potential for price declines. Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the financials sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Investment Grade Fund (cont.) |
First Investors Limited Duration Bond Fund | Call Risk. 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, and the Fund’s income may decline if it has to reinvest the proceeds at a lower interest rate. Credit Risk. A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Securities issued by U.S. Government-sponsored enterprises are supported only by the credit of the issuing entity. Derivatives Risk. Investments in U.S. Treasury futures and options on U.S. Treasury futures to hedge against changes in interest rates involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value. Exchange-Traded Funds Risk. The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower. | Call risk — 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, and the Fund’s income may decline if it has to reinvest the proceeds at a lower interest rate. Credit risk — A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the credit quality of the issuer and, in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans. Securities issued by US government-sponsored enterprises are supported only by the credit of the issuing entity. Derivatives risk — Investments in US Treasury futures and options on US Treasury futures to hedge against changes in interest rates involve risks, such as potential losses if interest rates do not move as expected and the potential for greater losses than if these techniques had not been used. Investments in derivatives can increase the volatility of the Fund’s share price and may expose it to significant additional costs. Derivatives may be difficult to sell, unwind, or value. Exchange-traded funds risk — The risks of investing in an ETF typically reflect the risks of the instruments in which the ETF invests. In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund's expenses may be higher and performance may be lower. | Delaware Limited Duration Bond Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, with the exception of the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, which are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Limited Duration Bond Fund (cont.) | High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. Interest Rate Risk. 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. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity Risk. Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Prepayment and Extension Risk. When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase both the Fund’s sensitivity to rising interest rates and its potential for price declines. Sector Risk. The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the financials sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition. Security Selection Risk. Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations. | High yield securities risk — High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. Interest rate risk — 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. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. Liquidity risk — Certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of the debt securities held by the Fund may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Prepayment and extension risk — When interest rates decline, borrowers tend to refinance their loans and the loans that back mortgage-backed and other asset-backed securities suffer a higher rate of prepayment. This could cause a decrease in the Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans less quickly, which will generally increase both the Fund’s sensitivity to rising interest rates and its potential for price declines. Sector risk — The Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Fund may be significantly invested in the financials sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Limited Duration Bond Fund (cont.) |
First Investors Strategic Income Fund | Affiliated Persons. The Adviser will have the authority to select and substitute Underlying Funds and direct investments for the Fund. The Adviser, Foresters Financial Services, Inc. (“FFS”), a broker-dealer affiliated with the Adviser and the principal underwriter of the First Investors Funds, and their affiliates are compensated by the Fund and by the Underlying Funds serviced by them for advisory, principal underwriting services and other services provided. The Adviser is subject to conflicts of interest in allocating Fund assets because the Underlying Funds serviced by the Adviser and its affiliates pay compensation to the Adviser and its affiliates and may do so at different rates. The Adviser and its affiliates would not receive any compensation directly from unaffiliated Underlying Funds or the Fund’s direct investments. The portfolio manager may also be subject to conflicts of interest in allocating Fund assets because the Fund’s portfolio manager may manage some of the Underlying Funds and may receive compensation for managing those Underlying Funds. The Trustees and officers of the Underlying Funds may also have conflicting interests in fulfilling their fiduciary duties to both the Fund and the Underlying Funds overseen by them. Allocation Risk. The Fund’s ability to achieve its investment objective depends upon the portfolio manager’s skill in determining the Fund’s asset allocation mix and selecting the Underlying Funds and the Fund’s direct investments. There is the possibility that the portfolio manager’s selection of Underlying Funds and direct investments and allocation of the Fund’s assets among the Underlying Funds and direct investments may cause the Fund to perform differently than the overall market and may not meet the portfolio manager’s expectations. Direct Investments. Since the Fund may invest directly in commercial paper, short-term corporate bonds and notes, floating and variable rate notes, U.S. Government Securities, U.S. Treasury futures and options on U.S. Treasury futures, the Fund may be subject to Call Risk, Credit Risk, Derivatives Risk, Interest Rate Risk, Liquidity Risk, Market Risk, Prepayment and Extension Risk, Security Selection Risk and Yield Risk from such investments. These risks are described with respect to the Underlying Funds below. Expenses. By investing in the Underlying Funds indirectly through the Fund, shareholders will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also expenses of the Fund. Investing in the Underlying Funds. The investments of the Fund are focused on the Underlying Funds, and the Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The ability of the Fund to meet its investment objective is directly related to the ability of the Underlying Funds to meet their objectives as well as the allocation among those Underlying Funds and the Fund’s direct investments by the Adviser. Investments of the Underlying Funds. Because the Fund invests in the Underlying Funds, the Fund’s shareholders will be affected by the investment policies and practices of the Underlying Funds in proportion to the amount of the assets the Fund allocates to those Underlying Funds. See “Principal Risks of the Underlying Funds” below. | Market risk — The risk that all or a majority of the securities in a certain market — such as the stock 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. Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner. Loans and other indebtedness risk — The risk that the fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A fund’s ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a fund invests may not be considered securities. A fund therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments. | Delaware Strategic Income II Fund | First Investors Fund and Acquiring Fund have different strategies such that Acquiring Fund will no longer be a fund of funds like the First Investors Fund. For this reason, Acquiring Fund will not be subject to any risks of any underlying funds; rather, Acquiring Fund will only be subject to those risks to which the securities in which it invests lend themselves. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Strategic Income Fund (cont.) | Adjustable rate securities risk — During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. Foreign and emerging markets risk — The risk that international investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. The risk associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility. Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). | Delaware Strategic Income II Fund (cont.) |
First Investors Strategic Income Fund (cont.) | Leveraging risk — The risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund. Mortgage-backed and asset-backed securities risk — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value. Prepayment risk — The risk that the principal on a bond that is held by a fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A fund may then have to reinvest that money at a lower interest rate. Valuation risk — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio. Portfolio turnover risk — High portfolio turnover rates may increase a fund’s transaction costs and lower returns. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. | Delaware Strategic Income II Fund (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Strategic Income Fund (Underlying Funds Risks) | American Depositary Receipts Risk. ADRs may involve many of the same risks as direct investments in foreign securities, including currency exchange fluctuations, less liquidity, more volatility, different governmental regulations, and the potential for political and economic instability. Call Risk. During periods of falling interest rates, an issuer of a callable bond may “call” or repay the security before its stated maturity, and the Underlying Fund’s income may decline if it has to reinvest the proceeds at a lower interest rate. Call Options Risk. Writing call options involves risks, such as potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, an Underlying 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 Underlying Fund for writing the option is insufficient to make up for that loss. The Underlying Fund will also give up the opportunity to benefit from potential increases in the value of an Underlying Fund asset above the option’s exercise price. Nevertheless, the Underlying Fund will continue to bear the risk of declines in the value of the covered assets. Writing call options may expose an Underlying Fund to significant additional costs. Credit Risk. A debt issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, in the case of mortgage-backed and asset-backed securities, the credit quality of the underlying loans or, in the case of insured securities, the quality of the insurer. The value of an investment will decline if there is a default or a deterioration in the credit quality of the issuer or the provider of a credit enhancement or demand feature. Securities issued by GSEs are supported only by the credit of the issuing entity. For municipal securities, an issuer’s ability to pay interest and principal may be adversely affected by a variety of factors, such as economic, political, regulatory, or legal developments; a credit rating downgrade or other adverse news about the issuer. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. Currency Risk. The value of foreign currency denominated investments increases or decreases as exchange rates change. Currency exchange rates can be volatile, and are affected by factors such as economic conditions, actions by U.S. and foreign governments or central banks, the imposition of currency controls and other political or regulatory conditions. Derivatives Risk. Investments in derivatives, such as inverse floaters, interest rate swaps, futures and options, involve a number of risks, such as possible default by the counterparty to the transaction, incorrect judgment by the portfolio manager as to certain market or interest rate movements and the potential of greater losses than if these techniques had not been used. These investments can also increase the volatility of returns and cause exposure to significant additional costs. Derivatives may be difficult to sell, unwind or value. Dividend Risk. At times, an Underlying Fund may not be able to identify attractive dividend-paying stocks. The income received by an Underlying Fund will also fluctuate due to the amount of dividends that companies elect to pay, which could adversely affect the Underlying Fund’s ability to pay dividends and its share price. | N/A | Delaware Strategic Income II Fund (Underlying Funds Risks) |
First Investors Strategic Income Fund (Underlying Funds Risks) (cont.) | Emerging Markets Risk. The risks of an Underlying Fund that invests in foreign securities are heightened when investing in emerging or developing markets. The economies and political environments of emerging or developing countries tend to be more unstable resulting in more volatile rates of returns than developed markets and substantially greater risk. Exchange-Traded Funds Risk. The risks of investing in an ETF typically reflect the risks of the instruments in which the ETFs invest. In addition, because ETFs are investment companies, an Underlying Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Underlying Fund’s, and thereby the Fund’s, expenses may be higher and performance may be lower. Floating Rate Loan Risk. The value of any collateral securing a floating rate loan may decline, be insufficient to meet the borrower’s obligations, or be difficult or costly to liquidate. It may take significantly longer than 7 days for investments in floating rate loans to settle, which can adversely affect an Underlying Fund’s and, thereby the Fund’s, ability to timely honor redemptions. In the event of a default, an Underlying Fund may have difficulty collecting on any collateral and a floating rate loan can decline significantly in value. An Underlying Fund’s access to collateral may also be limited by bankruptcy or other insolvency laws. Although senior loans may be senior to equity and other debt securities in the borrower’s capital structure, the loans may be subordinated to other obligations of the borrower or its subsidiaries. If a floating rate loan is acquired through an assignment, an Underlying Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. High yield floating rate loans usually are more credit sensitive. Floating rate loans may not be considered securities for certain purposes of the federal securities laws and purchasers, such as an Underlying Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. Foreign Loan Risk. A loan and/or bond issued by a foreign corporation or subsidiary may be subject to risks associated with regulatory, economic and political conditions of the issuer’s foreign country and, in the event of default, it may be difficult for an Underlying Fund to pursue its rights against the issuer in that country’s courts. Foreign Securities Risk. There are special risk factors associated with investing in foreign securities, including the risks of fluctuations in exchange rates, potential political and economic instability, differing accounting and financial reporting standards or inability to obtain reliable financial information regarding an issuer’s financial condition, less stringent regulation and supervision of foreign securities markets, custodians and securities depositories, and potential capital restrictions. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government and some foreign governments may default on principal and interest payments. To the extent an Underlying Fund invests significantly in securities of a single country or region, it is more likely to be affected by events or conditions of that area. As a result, it may be more volatile than a more geographically diversified fund. | N/A | Delaware Strategic Income II Fund (Underlying Funds Risks) (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Strategic Income Fund (Underlying Funds Risks) (cont.) | High Portfolio Turnover and Frequent Trading Risk. High portfolio turnover could increase transaction costs, result in taxable distributions to shareholders, and negatively impact performance. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), including floating rate loans, have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. Interest Rate Risk. In general, when interest rates rise, the market values of debt securities decline, and when interest rates decline, market values of debt securities increase. Interest rates across the U.S. and other economies have recently increased and may continue to increase, thereby heightening an Underlying Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes and an Underlying Fund that typically invests in them will have a higher degree of interest rate risk. The yield of an Underlying Fund may decline if interest rates decline. The interest rates on floating rate securities adjust periodically and may not correlate to prevailing interest rates during the periods between rate adjustments, meaning that they could remain sensitive over the short term to interest rate changes. Zero coupon bonds do not make periodic interest payments but are instead sold at a discount from face value and can be redeemed at face value when they mature. Zero coupon bonds may be more volatile than other similar debt securities. Liquidity Risk. An Underlying Fund is susceptible to the risk that certain | N/A | Delaware Strategic Income II Fund (Underlying Funds Risks) (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
investments may be difficult or impossible to sell at a favorable time or price. Market developments may cause an Underlying Fund’s investments to become less liquid and subject to erratic price movements. This risk is particularly acute for foreign securities that are traded in smaller, less-developed or emerging markets. High yield securities and loans also tend to be less liquid. In the case of assignments of syndicated bank loans, such loans may be less liquid because of potential delays in the settlement process or restrictions on resale. Floating rate loans may be less liquid at time since they are generally subject to legal or contractual restrictions on resale and may trade infrequently. During times of market stress, it may be difficult to sell municipal securities at reasonable prices. Market Risk. The prices of an Underlying Fund’s investments may decline or experience volatility over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or a change in interest rates. This risk also applies to the high yield bond market which can experience sharp price swings due to a variety of factors, including stock market volatility, large sustained sales of high yield bonds by major investors, high-profile defaults or the market’s psychology. Adverse market events may lead to increased redemptions, which could cause an Underlying Fund to experience a loss or difficulty in selling securities to meet redemptions. Supply issues could arise within the U.S. Treasury securities market as demand increases for U.S. government securities. |
First Investors Strategic Income Fund (Underlying Funds Risks) (cont.) | Mid-Size and Small-Size Company Risk. The market risk associated with stocks of mid- and small-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of mid- and small-size companies tend to experience sharper price fluctuations. At times, it may be difficult for an Underlying Fund to sell mid- to small-size company stocks at reasonable prices. Money Market Fund Risk. Although an Underlying Fund that is a money market fund seeks to preserve a $1.00 per share net asset value, it cannot guarantee it will do so. The sponsor to any such Underlying Fund has no legal obligation to provide financial support to the Underlying Fund and investors in the Underlying Fund should not expect that the sponsor will provide support to the Underlying Fund at any time. Municipal Securities Risk. An Underlying Fund’s investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to raise taxes or otherwise collect revenue. Non-Diversification Risk. An Underlying Fund that is non-diversified may have its assets invested in a limited number of issuers and its performance may be substantially impacted by the change in value of even a single holding. The share price of such an Underlying Fund can therefore be expected to fluctuate more than the share price of a diversified fund. Prepayment and Extension Risk. To the extent an Underlying Fund invests in mortgage-backed or other asset-backed securities, it is subject to prepayment and extension risk. When interest rates decline, borrowers tend to refinance their loans and mortgages. When this occurs, the loans that back mortgage-backed and other asset-backed securities may suffer a higher rate of prepayment. This could cause a decrease in the Underlying Fund’s income and share price. Conversely, when interest rates rise, borrowers tend to repay their loans and mortgages less quickly, which generally will increase an Underlying Fund’s sensitivity to interest rates and its potential for price declines. Repurchase Agreement Risk. If the seller in a repurchase agreement transaction defaults on its obligation to repurchase a security at a mutually agreed-upon time and price, the Underlying Fund may suffer delays, incur costs and lose money in exercising its rights under the agreement. Sector Risk. An Underlying Fund may hold a significant amount of investments in similar businesses, which could be affected by the same economic or market conditions. The Investment Grade Fund and Limited Duration Bond Fund may be significantly invested in the financials sector, meaning that the value of their shares may be particularly vulnerable to factors affecting that sector, such as the availability and cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, credit ratings and quality, market liquidity, extensive government regulation and price competition. The Covered Call Strategy Fund may be significantly invested in the information technology sector, meaning that the value of its shares may be particularly vulnerable to factors affecting that sector, such as intense competition, government regulation and potentially rapid product obsolescence. Companies in this sector also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. | N/A | Delaware Strategic Income II Fund (Underlying Funds Risks) (cont.) |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Strategic Income Fund (Underlying Funds Risks) (cont.) | Security Selection Risk. Securities selected by a portfolio manager may perform differently than the overall market or may not meet expectations. Declines in certain securities could detract from the returns of an Underlying Fund even when the broad market is flat or increasing and it may be difficult for an Underlying Fund with a call option writing strategy to dispose of underperforming securities. Sovereign and Quasi-Sovereign Debt Securities Risk. The issuer of the sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and an Underlying Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and an Underlying Fund’s net asset value, may be volatile. Supranational Risk. Obligations of supranational organizations are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. Obligations of a supranational organization that are denominated in foreign currencies will also be subject to the risks associated with investment in foreign currencies. Tax Risk. The writing of call options by an Underlying Fund may significantly reduce or eliminate its, and thereby the Fund’s, dividends that qualify to be taxed to non-corporate shareholders at a lower rate. Covered calls also are subject to federal tax rules that: (1) limit the allowance of certain losses or deductions by an Underlying Fund; (2) convert an Underlying Fund’s long-term capital gains into higher taxed short-term capital gains or ordinary income; (3) convert an Underlying Fund’s ordinary losses or deductions to capital losses, the deductibility of which is more limited; and/or (4) cause an Underlying Fund to recognize income or gains without a corresponding receipt of cash. Undervalued Securities Risk. An Underlying Fund may seek to invest in securities that it believes are undervalued and that it believes will rise in value due to anticipated events or changes in investor perceptions. If these developments do not occur, the market price of these securities may not rise as expected or may fall. Valuation Risk. The sales price an Underlying Fund could receive for a portfolio investment may differ from the Underlying Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are fair valued. Fair valuation is subjective and different market participants may assign different values to the same security. Yield Risk. The yields received by an Underlying Fund on its investments will generally decline as interest rates decline. | N/A | Delaware Strategic Income II Fund (Underlying Funds Risks) (cont.) |
First Investors Tax Exempt Income Fund | Call Risk. When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit Risk. An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. Derivatives Risk. Inverse floaters, interest rate swaps, futures, and options on futures involve risks, such as possible default by a counterparty to a swap agreement, potential losses if interest rates do not move as expected, and the potential for greater losses than if these techniques had not been used. There may not be a liquid secondary market for a derivative contract. Investments in derivatives may cause leverage, increase the volatility of the Fund’s share price, expose it to significant costs and magnify potential losses. Derivatives may be difficult to sell, unwind or value. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Call risk — When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit risk — An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. High yield securities risk — High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Delaware Tax-Exempt Income Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the First Investors Fund is subject to Derivatives Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Tax Exempt Income Fund (cont.) | Interest Rate Risk. In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with intermediate term maturities and durations and, therefore, has a higher degree of interest rate risk than a Fund that invests in short-term bonds. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity Risk. Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal Securities Risk. Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or revenue. Security Selection Risk. Securities selected by a portfolio manager may perform differently than the overall market or may not meet expectations. Tax Risk. The Fund may invest in securities that pay taxable interest and/or pay interest that is a Tax Preference Item or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Interest rate risk — In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity risk — Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal securities risk — Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to raise taxes or otherwise collect revenue. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — The Fund may invest in securities that pay taxable interest and/or pay interest that is subject to the federal alternative minimum tax or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Delaware Tax-Exempt Income Fund (cont.) |
First Investors Tax Exempt Opportunities Fund | Call Risk. When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit Risk. An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. Derivatives Risk. Inverse floaters, interest rate swaps, futures, and options on futures involve risks, such as possible default by a counterparty to a swap agreement, potential losses if interest rates do not move as expected, and the potential for greater losses than if these techniques had not been used. There may not be a liquid secondary market for a derivative contract. Investments in derivatives may cause leverage, increase the volatility of the Fund’s share price, expose it to significant costs and magnify potential losses. Derivatives may be difficult to sell, unwind or value. High Portfolio Turnover and Frequent Trading Risk. High portfolio turnover could increase the Fund’s transaction costs, result in taxable distributions to shareholders and negatively impact performance. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Call risk — When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit risk — An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. High yield securities risk — High yield debt securities (commonly known as “junk bonds”) have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Delaware Tax-Exempt Opportunities Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the First Investors Fund is subject to Derivatives Risk and High Portfolio Turnover and Frequent Trading Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Tax Exempt Opportunities Fund (cont.) | Interest Rate Risk. In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity Risk. Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal Securities Risk. Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or revenue. Security Selection Risk. Securities selected by a portfolio manager may perform differently than the overall market or may not meet expectations. Tax Risk. The Fund may invest in securities that pay taxable interest and/or pay interest that is a Tax Preference Item or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Interest rate risk — In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity risk — Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal securities risk — Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or otherwise collect revenue. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — The Fund may invest in securities that pay taxable interest and/or pay interest that is subject to the federal alternative minimum tax or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Delaware Tax-Exempt Opportunities Fund (cont.) |
First Investors California Tax Exempt Fund | Call Risk. When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit Risk. An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. Derivatives Risk. Inverse floaters, interest rate swaps, futures, and options on futures involve risks, such as possible default by a counterparty to a swap agreement, potential losses if interest rates do not move as expected, and the potential for greater losses than if these techniques had not been used. There may not be a liquid secondary market for a derivative contract. Investments in derivatives may cause leverage, increase the volatility of the Fund’s share price, expose it to significant costs and magnify potential losses. Derivatives may be difficult to sell, unwind or value. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Call risk — When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Concentration risk — The Fund’s returns will be affected significantly by events that affect California's economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be concentrated in a relatively small number of issuers. Credit risk — An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. | Delaware Tax-Free California II Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the Acquiring Fund is subject to Concentration risk and the First Investors Fund is not. Also, the First Investors Fund is subject to Derivatives Risk and State Focus Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors California Tax Exempt Fund (cont.) | Interest Rate Risk. In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity Risk. Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal Securities Risk. Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or revenue. Security Selection Risk. Securities selected by a portfolio manager may perform differently than the overall market or may not meet expectations. State Focus Risk. The Fund’s returns will be affected significantly by events that affect California’s economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be invested in a relatively small number of issuers. Tax Risk. The Fund may invest in securities that pay taxable interest and/or pay interest that is a Tax Preference Item or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Interest rate risk — In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity risk — Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal securities risk — Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or otherwise collect revenue. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — The Fund may invest in securities that pay taxable interest and/or pay interest that is subject to the federal alternative minimum tax or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Delaware Tax-Free California II Fund (cont.) |
First Investors New Jersey Tax Exempt Fund | Call Risk. When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit Risk. An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. Derivatives Risk. Inverse floaters, interest rate swaps, futures, and options on futures involve risks, such as possible default by a counterparty to a swap agreement, potential losses if interest rates do not move as expected, and the potential for greater losses than if these techniques had not been used. There may not be a liquid secondary market for a derivative contract. Investments in derivatives may cause leverage, increase the volatility of the Fund’s share price, expose it to significant costs and magnify potential losses. Derivatives may be difficult to sell, unwind or value. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Call risk — When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Concentration risk — The Fund’s returns will be affected significantly by events that affect New Jersey's economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be concentrated in a relatively small number of issuers. Credit risk — An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. | Delaware Tax-Free New Jersey Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the Acquiring Fund is subject to Concentration risk and the First Investors Fund is not. Also, the First Investors Fund is subject to Derivatives Risk and State Focus Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors New Jersey Tax Exempt Fund (cont.) | Interest Rate Risk. In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity Risk. Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal Securities Risk. Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or revenue. Security Selection Risk. Securities selected by a portfolio manager may perform differently than the overall market or may not meet expectations. State Focus Risk. The Fund’s returns will be affected significantly by events that affect New Jersey’s economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be invested in a relatively small number of issuers. Tax Risk. The Fund may invest in securities that pay taxable interest and/or pay interest that is a Tax Preference Item or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Interest rate risk — In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity risk — Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal securities risk — Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or otherwise collect revenue. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — The Fund may invest in securities that pay taxable interest and/or pay interest that is subject to the federal alternative minimum tax or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Delaware Tax-Free New Jersey Fund (cont.) |
First Investors New York Tax Exempt Fund | Call Risk. When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit Risk. An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. Derivatives Risk. Inverse floaters, interest rate swaps, futures, and options on futures involve risks, such as possible default by a counterparty to a swap agreement, potential losses if interest rates do not move as expected, and the potential for greater losses than if these techniques had not been used. There may not be a liquid secondary market for a derivative contract. Investments in derivatives may cause leverage, increase volatility of the Fund’s share price, expose it to significant costs and magnify potential losses. Derivatives may be difficult to sell, unwind or value. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Call risk — When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Concentration risk — The Fund’s returns will be affected significantly by events that affect New York's economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be concentrated in a relatively small number of issuers. Credit risk — An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. | Delaware Tax-Free New York II Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the Acquiring Fund is subject to Concentration risk and the First Investors Fund is not. Also, the First Investors Fund is subject to Derivatives Risk and State Focus Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors New York Tax Exempt Fund (cont.) | Interest Rate Risk. In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity Risk. Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal Securities Risk. Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or revenue. Security Selection Risk. Securities selected by a portfolio manager may perform differently than the overall market or may not meet expectations. State Focus Risk. The Fund’s returns will be affected significantly by events that affect New York’s economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be invested in a relatively small number of issuers. Tax Risk. The Fund may invest in securities that pay taxable interest and/or pay interest that is a Tax Preference Item or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Interest rate risk — In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity risk — Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal securities risk — Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or otherwise collect revenue. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — The Fund may invest in securities that pay taxable interest and/or pay interest that is subject to the federal alternative minimum tax or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Delaware Tax-Free New York II Fund (cont.) |
First Investors Oregon Tax Exempt Fund | Call Risk. When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Credit Risk. An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. Derivatives Risk. Inverse floaters, interest rate swaps, futures, and options on futures involve risks, such as possible default by a counterparty to a swap agreement, potential losses if interest rates do not move as expected, and the potential for greater losses than if these techniques had not been used. There may not be a liquid secondary market for a derivative contract. Investments in derivatives may cause leverage, increase the volatility of the Fund’s share price, expose it to significant costs and magnify potential losses. Derivatives may be difficult to sell, unwind or value. High Yield Securities Risk. High yield debt securities (commonly known as “junk bonds”), have greater credit risk than higher quality debt securities because their issuers may not be as financially strong. High yield securities are inherently speculative due to the risk associated with the issuer’s ability to make principal and interest payments. During times of economic stress, high yield securities issuers may be unable to access credit to refinance their bonds or meet their credit obligations. | Call risk — When interest rates fall, a callable bond issuer may “call” or repay the security before its stated maturity, and the Fund’s income may decline if it has to reinvest the proceeds at lower interest rates. Concentration risk — The Fund’s returns will be affected significantly by events that affect Oregon's economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be concentrated in a relatively small number of issuers. Credit risk — An issuer may become unable or unwilling to pay interest or principal when due. The prices of debt securities are affected by the issuer’s credit quality and, for insured securities, the quality of the insurer. A municipal issuer’s ability to pay interest and principal may be adversely affected by factors such as economic, political, regulatory, or legal developments; a credit rating downgrade; or other adverse news. Revenue bonds are subject to the risk that the revenues underpinning the bonds may decline or be insufficient to satisfy the bonds’ obligations. High yield (junk bond) risk — The risk that high yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. | Delaware Tax-Free Oregon Fund | First Investors Fund and Acquiring Fund have the same principal investment risks, except that the Acquiring Fund is subject to Concentration risk and the First Investors Fund is not. Also, the First Investors Fund is subject to Derivatives Risk and State Focus Risk and the Acquiring Fund is not. In addition, the Acquiring Fund’s Active management and selection risk and the First Investors Fund’s Security Selection Risk, are similar to one another, but not identical. |
COMPARISON OF PRINCIPAL INVESTMENT RISKS | ||||
First Investors Fund | First Investors Fund Risks | Acquiring Fund Risks | Acquiring Fund | Material Differences |
First Investors Oregon Tax Exempt Fund (cont.) | Interest Rate Risk. In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the U.S. economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity Risk. Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market Risk. The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal Securities Risk. Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or revenue. Security Selection Risk. Securities selected by a portfolio manager may perform differently than the overall market or may not meet expectations. State Focus Risk. The Fund’s returns will be affected significantly by events that affect Oregon’s economy as well as legislative, political and judicial changes in the state. The Fund’s portfolio may be invested in a relatively small number of issuers. Tax Risk. The Fund may invest in securities that pay taxable interest and/or pay interest that is a Tax Preference Item or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Interest rate risk — In general, when interest rates rise, the market values of municipal securities decline, and when interest rates decline, the market values of municipal securities increase. Interest rates across the US economy have recently increased and may continue to increase, thereby heightening the Fund’s exposure to the risks associated with rising interest rates. Securities with longer maturities and durations are generally more sensitive to interest rate changes. The Fund typically purchases securities with longer maturities and durations and, therefore, has a high degree of interest rate risk. If interest rates decline, the Fund’s yield may decline and the rates paid on floating rate and variable rate securities will generally decline. Liquidity risk — Certain investments, such as municipal securities and derivatives, may be difficult or impossible to sell at a favorable time or price, when, for example, the Fund requires liquidity to make redemptions. Market developments may cause the Fund’s investments to become less liquid and subject to erratic price movements. High yield securities tend to be less liquid. Market risk — The prices of municipal securities may decline in response to certain events, such as general economic and market conditions, adverse political or regulatory developments, and interest rate fluctuations. Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions. Municipal securities risk — Investments in municipal securities may be negatively affected by political, legal or judicial developments and by economic conditions that threaten the ability of municipalities to collect taxes or otherwise collect revenue. Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index. Tax risk — The Fund may invest in securities that pay taxable interest and/or pay interest that is subject to the federal alternative minimum tax or effect transactions that produce taxable capital gains. Interest on municipal securities may also become subject to income tax due to an adverse legal change or other events. | Delaware Tax-Free Oregon Fund (cont.) |
2600 One Commerce Square
Philadelphia, PA 19103-7098
Fax: (215) 564-8120
Delaware Group Equity Funds IV, on behalf of its series identified on Exhibit A hereto By: _________________________________ Name: Title: | First Investors Equity Funds, on behalf of its series identified on Exhibit A hereto By: _________________________________ Name: Title: |
Delaware Group Limited-Term Government Funds, on behalf of its series identified on Exhibit A hereto By: _________________________________ Name: Title: | First Investors Income Funds, on behalf of its series identified on Exhibit A hereto By: _________________________________ Name: Title: |
Delaware VIP Trust, on behalf of its series identified on Exhibit A hereto By: _________________________________ Name: Title: | First Investors Life Series Funds, on behalf of its series identified on Exhibit A hereto By: _________________________________ Name: Title: |
First Investors Tax Exempt Funds, on behalf of its series identified on Exhibit A hereto By: _________________________________ Name: Title: | |
Macquarie Investment Management Business Trust, on behalf of its series, Delaware Management Company, solely with respect to Sections 1.2(f), 5.1(a), 9.2, 14 and 16.3 By: _________________________________ Name: Title: | Foresters Investment Management Company, Inc., solely with respect to 1.2(f), 5.1(a), 9.2, 14 and 16.3 By: _________________________________ Name: Title: |
Target Trust/Fund (and share classes) | Corresponding Acquiring Trust/Fund (and share classes) |
First Investors Equity Funds | Delaware Group Equity Funds IV |
First Investors Growth & Income Fund Class A Adviser Class Institutional Class | Delaware Growth and Income Fund Class A Institutional Class Class R6 |
First Investors Equity Income Fund Class A Adviser Class Institutional Class | Delaware Equity Income Fund Class A Institutional Class Class R6 |
First Investors Select Growth Fund Class A Adviser Class Institutional Class | Delaware Growth Equity Fund Class A Institutional Class Class R6 |
First Investors Opportunity Fund Class A Adviser Class Institutional Class | Delaware Opportunity Fund Class A Institutional Class Class R6 |
First Investors Special Situations Fund Class A Adviser Class Institutional Class | Delaware Special Situations Fund Class A Institutional Class Class R6 |
First Investors Global Fund Class A Adviser Class Institutional Class | Delaware Global Equity Fund Class A Institutional Class Class R6 |
First Investors International Fund Class A Adviser Class Institutional Class | Delaware International Fund Class A Institutional Class Class R6 |
First Investors Total Return Fund Class A Adviser Class Institutional Class | Delaware Total Return Fund Class A Institutional Class Class R6 |
First Investors Covered Call Strategy Fund Class A Adviser Class Institutional Class | Delaware Covered Call Strategy Fund Class A Institutional Class Class R6 |
Target Trust/Fund (and share classes) | Corresponding Acquiring Trust/Fund (and share classes) |
First Investors Hedged U.S. Equity Opportunities Fund Class A Adviser Class Institutional Class | Delaware Hedged U.S. Equity Opportunities Fund Class A Institutional Class Class R6 |
First Investors Premium Income Fund Class A Adviser Class Institutional Class | Delaware Premium Income Fund Class A Institutional Class Class R6 |
First Investors Tax-Exempt Funds | Delaware Group Limited-Term Government Funds |
First Investors Tax Exempt Income Fund Class A Adviser Class Institutional Class | Delaware Tax-Exempt Income Fund Class A Institutional Class Class R6 |
First Investors Tax Exempt Opportunities Fund Class A Adviser Class Institutional Class | Delaware Tax-Exempt Opportunities Fund Class A Institutional Class Class R6 |
First Investors California Tax Exempt Fund Class A Adviser Class Institutional Class | Delaware Tax-Free California II Fund Class A Institutional Class Class R6 |
First Investors New Jersey Tax Exempt Fund Class A Adviser Class Institutional Class | Delaware Tax-Free New Jersey Fund Class A Institutional Class Class R6 |
First Investors New York Tax Exempt Fund Class A Adviser Class Institutional Class | Delaware Tax-Free New York II Fund Class A Institutional Class Class R6 |
First Investors Oregon Tax Exempt Fund Class A Adviser Class Institutional Class | Delaware Tax-Free Oregon Fund Class A Institutional Class Class R6 |
First Investors Income Funds | Delaware Group Equity Funds IV |
First Investors Limited Duration Bond Fund Class A Adviser Class Institutional Class | Delaware Limited Duration Bond Fund Class A Institutional Class Class R6 |
Target Trust/Fund (and share classes) | Corresponding Acquiring Trust/Fund (and share classes) |
First Investors Investment Grade Fund Class A Adviser Class Institutional Class | Delaware Investment Grade Fund Class A Institutional Class Class R6 |
First Investors Floating Rate Fund Class A Adviser Class Institutional Class | Delaware Floating Rate II Fund Class A Institutional Class Class R6 |
First Investors Fund for Income Class A Adviser Class Institutional Class | Delaware Fund for Income Class A Institutional Class Class R6 |
First Investors Strategic Income Fund Class A Adviser Class | Delaware Strategic Income II Fund Class A Institutional Class |
First Investors International Opportunities Bond Fund Class A Adviser Class Institutional Class | Delaware International Opportunities Bond Fund Class A Institutional Class Class R6 |
First Investors Government Cash Management Fund Class A Institutional Class | Delaware Government Cash Management Fund Class A Institutional Class |
First Investors Life Series Funds | Delaware VIP Trust |
First Investors Life Series Equity Income Fund | Delaware VIP Equity Income Series |
First Investors Life Series Growth & Income Fund | Delaware VIP Growth and Income Series |
First Investors Life Series Select Growth Fund | Delaware VIP Growth Equity Series |
First Investors Life Series Opportunity Fund | Delaware VIP Opportunity Series |
First Investors Life Series Special Situations Fund | Delaware VIP Special Situations Series |
First Investors Life Series International Fund | Delaware VIP International Series |
First Investors Life Series Total Return Fund | Delaware VIP Total Return Series |
First Investors Life Series Limited Duration Bond Fund | Delaware VIP Limited Duration Bond Series |
First Investors Life Series Investment Grade Fund | Delaware VIP Investment Grade Series |
Target Trust/Fund (and share classes) | Corresponding Acquiring Trust/Fund (and share classes) |
First Investors Life Series Fund for Income Fund | Delaware VIP Fund for Income Series |
First Investors Life Series Covered Call Strategy Fund | Delaware VIP Covered Call Strategy Series |
First Investors Life Series Government Cash Management Fund | Delaware VIP Government Cash Management Series |
Type of Statements, Books or Records | Location | Method of Access |
Shareholder ledger accounts including, without limitation: the name, address and taxpayer identification number of each shareholder of record, the number of shares of beneficial interest held by each shareholder, the dividend reinvestment elections applicable to each shareholder, and the backup withholding and nonresident alien withholding certifications | ||
Information in connection with the Target Fund’s cost basis reporting and related obligations under Sections 1012, 6045, 6045A, and 6045B of the Code and related regulations issued by the United States Treasury (“Income Tax Regulations”) | ||
Notices or records on file with the Target Fund with respect to each shareholder, for all of the shareholders of record of the Target Fund as of the close of business on the Closing Date, who are to become holders of the Acquiring Fund as a result of the transfer of Assets | ||
Year-end shareholder tax reporting information including ICI broker files, Tax insert letters, and supporting calculations for the Target Fund |
All IRS Forms 8937 (Report of Organizational Actions Affecting Basis of Securities) filed or posted by the Target Fund | ||
Statement of the respective Tax1 basis (by lot) and holding period as of the most recent Tax year end of the Target Fund of all portfolio securities to be transferred by the Target Fund to the Acquiring Fund | ||
Tax books and records of the Target Fund for purposes of preparing any Tax returns required by law to be filed for Tax periods ending after the Closing Date2 | ||
A statement of any capital loss carryovers, for U.S. federal income tax purposes, of the Target Fund, as of the most recent Tax year end of the Target Fund, along with supporting workpapers providing information regarding any limitations on the use of such capital loss carryovers including information on any built-in gains and built-in losses of the Target Fund for purposes of applying applicable limitations on the use of such items under the Code | ||
All Tax Returns filed by or on behalf of the Target Fund (including extensions) |
Any of the following that have been issued to or for the benefit of the Target Fund: (a) rulings, determinations, holdings or opinions issued by any Tax authority and (b) Tax opinions | ||
All books and records related to testing the qualification of the Target Fund, excluding the C Corporation Target Fund, as a regulated investment company for Tax purposes (e.g., distribution requirement, qualifying income requirement, quarterly asset diversification requirement) | ||
All books and records relating to the filing of FBARs (FinCEN Form 114, Report of Foreign Bank and Financial Accounts) by the Target Fund | ||
Current and historical books and records of the Target Fund to comply with regulatory requirements imposed under the 1940 Act, including, without limitation, Section 31(a) of the 1940 Act and the rules thereunder, for all periods including, but not limited to, up to and including the Closing Date |
P E R S H A R E D A T A | R A T I O S / S U P P L E M E N T A L D A T A | ||||||||||||||||||||||||||||
Investment Operations | Less Distributions from | Ratio to Average Net Assets** | Ratio to Average Net Assets Before Expenses Waived or Assumed | ||||||||||||||||||||||||||
Net Asset Value, Beginning of Period/Year | Net Investment Income (Loss) | (a) | Net Realized and Unrealized Gain (Loss) on Investments | Total From Investment Operations | Net Investment Income | Net Realized Gain | Total Distributions | Net Asset Value, End of Period/Year | Total Return* | Net Assets End of Period/Year (in thousands) | Net Expenses After Fee Credits | Net Expenses Before Fee Credits | *** | Net Investment Income (Loss) | Expenses | *** | Net Investment Income (Loss) | Portfolio Turnover Rate | |||||||||||
COVERED CALL STRATEGY FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2016(d) | $ 10.00 | $ .06 | $ .33 | $ .39 | $ .03 | $ -- | $ .03 | $ 10.36 | 3.94 | %†† | $48,514 | 1.30 | %† | 1.30 | %† | 1.19 | %† | 1.73 | %† | .76 | %† | 83 | %†† | ||||||
2017 | 10.36 | .10 | .85 | .95 | .11 | .02 | .13 | 11.18 | 9.17 | 167,906 | 1.30 | 1.30 | 1.18 | 1.36 | 1.12 | 121 | |||||||||||||
2018 | 11.18 | .11 | .64 | .75 | .10 | -- | .10 | 11.83 | 6.79 | 237,103 | 1.30 | 1.30 | .95 | 1.28 | .97 | 107 | |||||||||||||
2019(f) | 11.83 | .07 | (.55) | (.48) | .07 | -- | .07 | 11.28 | (4.00) | †† | 228,791 | 1.34 | † | 1.34 | † | 1.32 | † | 1.31 | 1.35 | 16 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2016(d) | 10.00 | .08 | .32 | .40 | .06 | --- | .06 | 10.34 | 4.05 | †† | 39,129 | .97 | † | .97 | † | 1.64 | † | 1.50 | † | 1.11 | † | 83 | †† | ||||||
2017 | 10.34 | .13 | .86 | .99 | .15 | .02 | .17 | 11.16 | 9.62 | 109,360 | .97 | .97 | 1.53 | 1.06 | 1.44 | 121 | |||||||||||||
2018 | 11.16 | .14 | .64 | .78 | .14 | -- | .14 | 11.80 | 7.09 | 114,275 | .97 | .97 | 1.25 | 1.03 | 1.19 | 107 | |||||||||||||
2019(f) | 11.80 | .08 | (.56) | (.48) | .08 | -- | .08 | 11.24 | (3.99) | †† | 85,855 | 1.17 | † | 1.17 | † | 1.47 | † | 1.09 | 1.55 | 16 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2016(d) | 10.00 | .09 | .33 | .42 | .07 | --- | .07 | 10.35 | 4.18 | †† | 4,214 | .84 | † | .84 | † | 1.76 | † | 1.25 | † | 1.35 | † | 83 | †† | ||||||
2017 | 10.35 | .16 | .85 | 1.01 | .17 | .02 | .19 | 11.17 | 9.77 | 7,334 | .84 | .84 | 1.65 | .96 | 1.53 | 121 | |||||||||||||
2018 | 11.17 | .16 | .63 | .79 | .24 | -- | .24 | 11.72 | 7.19 | 2,913 | .84 | .84 | 1.38 | .89 | 1.33 | 107 | |||||||||||||
2019(f) | 11.72 | .10 | (.55) | (.45) | .10 | -- | .10 | 11.17 | (3.81) | †† | 2,309 | .88 | † | .88 | † | 1.78 | † | .91 | 1.75 | 16 | †† | ||||||||
EQUITY INCOME FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 8.99 | $ .13 | $ 1.16 | $ 1.29 | $ .14 | $ .15 | $ .29 | $ 9.99 | 14.48 | % | $510,981 | 1.21 | % | 1.22 | % | 1.33 | % | N/A | N/A | 27 | % |
2015 | 9.99 | .15 | (.54) | (.39) | .15 | .46 | .61 | 8.99 | (4.31) | 485,342 | 1.21 | 1.21 | 1.52 | N/A | N/A | 23 | |||||||||||||
2016 | 8.99 | .16 | 1.08 | 1.24 | .16 | .35 | .51 | 9.72 | 14.16 | 529,327 | 1.22 | 1.22 | 1.72 | N/A | N/A | 22 | |||||||||||||
2017 | 9.72 | .16 | 1.22 | 1.38 | .21 | .18 | .39 | 10.71 | 14.46 | 564,918 | 1.20 | 1.20 | 1.58 | N/A | N/A | 15 | |||||||||||||
2018 | 10.71 | .26 | .65 | .91 | .17 | .36 | .53 | 11.09 | 8.68 | 545,810 | 1.20 | 1.20 | 2.42 | N/A | N/A | 35 | |||||||||||||
2019(f) | 11.09 | .08 | (.59) | (.51) | .17 | 1.14 | 1.31 | 9.27 | (3.41) | †† | 498,834 | 1.22 | † | 1.22 | † | 1.70 | † | N/A | N/A | 26 | †† | ||||||||
Class B | |||||||||||||||||||||||||||||
2014 | 8.84 | .05 | 1.13 | 1.18 | .05 | .15 | .20 | 9.82 | 13.49 | 5,721 | 2.06 | 2.06 | .49 | N/A | N/A | 27 | |||||||||||||
2015 | 9.82 | .06 | (.53) | (.47) | .07 | .46 | .53 | 8.82 | (5.16) | 3,847 | 2.06 | 2.06 | .67 | N/A | N/A | 23 | |||||||||||||
2016 | 8.82 | .08 | 1.06 | 1.14 | .09 | .35 | .44 | 9.52 | 13.20 | 3,446 | 2.07 | 2.07 | .87 | N/A | N/A | 22 | |||||||||||||
2017 | 9.52 | .08 | 1.19 | 1.27 | .12 | .18 | .30 | 10.49 | 13.48 | 3,012 | 2.03 | 2.03 | .76 | N/A | N/A | 15 | |||||||||||||
2018 | 10.49 | .16 | .65 | .81 | .10 | .36 | .46 | 10.84 | 7.89 | 2,562 | 2.04 | 2.04 | 1.54 | N/A | N/A | 35 | |||||||||||||
2019(f) | 10.84 | .04 | (.59) | (.55) | .11 | 1.14 | 1.25 | 9.04 | (3.90) | †† | 2,200 | 2.06 | † | 2.06 | † | .86 | † | N/A | N/A | 26 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 8.99 | .17 | 1.13 | 1.30 | .15 | .15 | .30 | 9.99 | 14.57 | 32,160 | .81 | .81 | 1.71 | N/A | N/A | 27 | |||||||||||||
2015 | 9.99 | .19 | (.55) | (.36) | .17 | .46 | .63 | 9.00 | (3.96) | 38,482 | .84 | .84 | 1.90 | N/A | N/A | 23 | |||||||||||||
2016 | 9.00 | .20 | 1.08 | 1.28 | .19 | .35 | .54 | 9.74 | 14.63 | 54,576 | .85 | .85 | 2.08 | N/A | N/A | 22 | |||||||||||||
2017 | 9.74 | .19 | 1.23 | 1.42 | .21 | .18 | .39 | 10.77 | 14.87 | 71,611 | .84 | .84 | 1.94 | N/A | N/A | 15 | |||||||||||||
2018 | 10.77 | .31 | .65 | .96 | .21 | .36 | .57 | 11.16 | 9.09 | 80,387 | .85 | .85 | 2.79 | N/A | N/A | 35 | |||||||||||||
2019(f) | 11.16 | .10 | (.60) | (.50) | .18 | 1.14 | 1.32 | 9.34 | (3.25) | †† | 78,539 | .85 | † | .85 | † | 2.07 | † | N/A | N/A | 26 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 9.02 | .17 | 1.16 | 1.33 | .17 | .15 | .32 | 10.03 | 14.88 | 7,399 | .80 | .80 | 1.76 | N/A | N/A | 27 | |||||||||||||
2015 | 10.03 | .19 | (.55) | (.36) | .17 | .46 | .63 | 9.04 | (3.97) | 9,773 | .81 | .81 | 1.93 | N/A | N/A | 23 | |||||||||||||
2016 | 9.04 | .20 | 1.09 | 1.29 | .20 | .35 | .55 | 9.78 | 14.67 | 2,448 | .78 | .78 | 2.08 | N/A | N/A | 22 | |||||||||||||
2017 | 9.78 | .37 | 1.06 | 1.43 | .31 | .18 | .49 | 10.72 | 14.84 | 2,193 | .80 | .80 | 2.02 | N/A | N/A | 15 | |||||||||||||
2018 | 10.72 | .31 | .66 | .97 | .21 | .36 | .57 | 11.12 | 9.21 | 2,499 | .80 | .80 | 2.81 | N/A | N/A | 35 | |||||||||||||
2019(f) | 11.12 | .10 | (.60) | (.50) | .22 | 1.14 | 1.36 | 9.26 | (3.24) | †† | 1,998 | .81 | † | .81 | † | 2.05 | † | N/A | N/A | 26 | †† | ||||||||
GLOBAL FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 8.01 | $ -- | $ .80 | $ .80 | $ .04 | $ .11 | $ .15 | $ 8.66 | 10.00 | % | $332,416 | 1.49 | % | 1.49 | % | .03 | % | 1.54 | % | (.02) | % | 154 | % | ||||||
2015 | 8.66 | -- | .11 | .11 | -- | 1.51 | 1.51 | 7.26 | .87 | 331,382 | 1.47 | 1.47 | (.01) | 1.52 | (.06) | 97 | |||||||||||||
2016 | 7.26 | .01 | .43 | .44 | .00 | (b) | .40 | .40 | 7.30 | 6.03 | 339,956 | 1.47 | 1.47 | .09 | 1.52 | .04 | 94 | ||||||||||||
2017 | 7.30 | .02 | 1.29 | 1.31 | .01 | -- | .01 | 8.60 | 17.99 | 379,176 | 1.44 | 1.44 | .30 | 1.49 | .25 | 117 | |||||||||||||
2018 | 8.60 | (.01) | .89 | .88 | .04 | .63 | .67 | 8.81 | 10.69 | 393,697 | 1.43 | 1.43 | (.16) | 1.48 | (.21) | 132 | |||||||||||||
2019(f) | 8.81 | .01 | (.66) | (.65) | -- | 1.00 | 1.00 | 7.16 | (5.95) | †† | 356,080 | 1.46 | † | 1.46 | † | .26 | † | 1.49 | .23 | 81 | †† |
Class B | |||||||||||||||||||||||||||||
2014 | 6.86 | (.06) | .69 | .63 | --- | .11 | .11 | 7.38 | 9.18 | 4,023 | 2.31 | 2.31 | (.79) | 2.36 | (.84) | 154 | |||||||||||||
2015 | 7.38 | (.05) | .10 | .05 | -- | 1.51 | 1.51 | 5.92 | .09 | 3,405 | 2.28 | 2.28 | (.82) | 2.33 | (.87) | 97 | |||||||||||||
2016 | 5.92 | (.04) | .36 | .32 | -- | .40 | .40 | 5.84 | 5.29 | 2,937 | 2.27 | 2.27 | (.72) | 2.32 | (.77) | 94 | |||||||||||||
2017 | 5.84 | (.03) | 1.02 | .99 | .00 | (b) | -- | .00 | (b) | 6.83 | 16.98 | 2,642 | 2.24 | 2.24 | (.52) | 2.29 | (.57) | 117 | |||||||||||
2018 | 6.83 | (.07) | .70 | .63 | .03 | .63 | .66 | 6.80 | 9.70 | 2,309 | 2.23 | 2.23 | (.97) | 2.28 | (1.02) | 132 | |||||||||||||
2019(f) | 6.80 | (.01) | (.54) | (.55) | -- | 1.00 | 1.00 | 5.25 | (6.28) | †† | 1,938 | 2.25 | † | 2.25 | † | .54 | † | 2.29 | (.58) | 81 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 8.01 | -- | .82 | .82 | -- | .11 | .11 | 8.72 | 10.24 | 66,590 | 1.06 | 1.06 | .53 | 1.11 | 0.48 | 154 | |||||||||||||
2015 | 8.72 | .03 | .12 | .15 | -- | 1.51 | 1.51 | 7.36 | 1.37 | 114,556 | 1.06 | 1.06 | .43 | 1.11 | .38 | 97 | |||||||||||||
2016 | 7.36 | .04 | .44 | .48 | .01 | .40 | .41 | 7.43 | 6.48 | 169,088 | 1.05 | 1.05 | .53 | 1.10 | .48 | 94 | |||||||||||||
2017 | 7.43 | .06 | 1.31 | 1.37 | .02 | -- | .02 | 8.78 | 18.46 | 191,839 | 1.04 | 1.04 | .70 | 1.09 | .65 | 117 | |||||||||||||
2018 | 8.78 | .02 | .91 | .93 | .05 | .63 | .68 | 9.03 | 11.03 | 228,234 | 1.05 | 1.05 | .25 | 1.10 | .20 | 132 | |||||||||||||
2019(f) | 9.03 | .02 | (.67) | (.65) | -- | 1.00 | 1.00 | 7.38 | (5.79) | †† | 227,833 | 1.08 | † | 1.08 | † | .65 | † | 1.12 | .61 | 81 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 8.02 | -- | .84 | .84 | -- | .11 | .11 | 8.75 | 10.48 | 3,001 | 1.03 | 1.03 | .48 | 1.08 | .43 | 154 | |||||||||||||
2015 | 8.75 | .04 | .11 | .15 | -- | 1.51 | 1.51 | 7.39 | 1.37 | 2,955 | 1.02 | 1.02 | .45 | 1.07 | .40 | 97 | |||||||||||||
2016 | 7.39 | .04 | .45 | .49 | .01 | .40 | .41 | 7.47 | 6.61 | 3,288 | 1.01 | 1.01 | .55 | 1.06 | .50 | 94 | |||||||||||||
2017 | 7.47 | .06 | 1.31 | 1.37 | .02 | -- | .02 | 8.82 | 18.38 | 3,800 | 1.00 | 1.00 | .74 | 1.05 | .69 | 117 | |||||||||||||
2018 | 8.82 | .03 | .91 | .94 | .05 | .63 | .68 | 9.08 | 11.12 | 4,419 | 1.00 | 1.00 | .29 | 1.05 | .24 | 132 | |||||||||||||
2019(f) | 9.08 | .03 | (.68) | (.65) | -- | 1.00 | 1.00 | 7.43 | (5.77) | †† | 3,285 | 1.02 | † | 1.02 | † | .69 | † | 1.05 | .66 | 81 | †† | ||||||||
GROWTH & INCOME FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 20.54 | $ .18 | $ 2.92 | $ 3.10 | $ .20 | $ .68 | $ .88 | $ 22.76 | 15.26 | % | $1,632,920 | 1.15 | % | 1.15 | % | .80 | % | N/A | N/A | 22 | % | ||||||||
2015 | 22.76 | .20 | (1.37) | (1.17) | .19 | 1.05 | 1.24 | 20.35 | (5.62) | 1,496,803 | 1.15 | 1.15 | .89 | N/A | N/A | 23 | |||||||||||||
2016 | 20.35 | .26 | 2.07 | 2.33 | .24 | .93 | 1.17 | 21.51 | 11.72 | 1,588,423 | 1.16 | 1.16 | 1.28 | N/A | N/A | 23 | |||||||||||||
2017 | 21.51 | .25 | 2.66 | 2.91 | .37 | .75 | 1.12 | 23.30 | 13.99 | 1,675,590 | 1.15 | 1.15 | 1.13 | N/A | N/A | 16 | |||||||||||||
2018 | 23.30 | .26 | 2.11 | 2.37 | .32 | .94 | 1.26 | 24.41 | 10.35 | 1,653,563 | 1.14 | 1.14 | 1.08 | N/A | N/A | 34 | |||||||||||||
2019(f) | 24.41 | .14 | (1.64) | (1.50) | .13 | 4.02 | 4.15 | 18.76 | (4.27) | †† | 1,505,650 | 1.16 | † | 1.16 | † | 1.37 | † | N/A | N/A | 41 | †† | ||||||||
Class B | |||||||||||||||||||||||||||||
2014 | 19.26 | --- | 2.73 | 2.73 | --- | .68 | .68 | 21.31 | 14.32 | 25,497 | 1.93 | 1.93 | .02 | N/A | N/A | 22 | |||||||||||||
2015 | 21.31 | .02 | (1.27) | (1.25) | .04 | 1.05 | 1.09 | 18.97 | (6.33) | 19,316 | 1.93 | 1.93 | .11 | N/A | N/A | 23 |
2016 | 18.97 | .10 | 1.91 | 2.01 | .08 | .93 | 1.01 | 19.97 | 10.82 | 17,047 | 1.94 | 1.94 | .50 | N/A | N/A | 23 | |||||||||||||
2017 | 19.97 | .08 | 2.45 | 2.53 | .13 | .75 | .88 | 21.62 | 13.14 | 14,310 | 1.93 | 1.93 | .35 | N/A | N/A | 16 | |||||||||||||
2018 | 21.62 | .06 | 1.96 | 2.02 | .08 | .94 | 1.02 | 22.62 | 9.49 | 12,023 | 1.93 | 1.93 | .29 | N/A | N/A | 34 | |||||||||||||
2019(f) | 22.62 | .05 | (1.54) | (1.49) | .05 | 4.02 | 4.07 | 17.06 | (4.63) | †† | 9,995 | 1.95 | † | 1.95 | † | .58 | † | N/A | N/A | 41 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 20.54 | .27 | 2.91 | 3.18 | .20 | .68 | .88 | 22.84 | 15.67 | 123,039 | .74 | .74 | 1.17 | N/A | N/A | 22 | |||||||||||||
2015 | 22.84 | .29 | (1.38) | (1.09) | .24 | 1.05 | 1.29 | 20.46 | (5.24) | 141,229 | .75 | .75 | 1.29 | N/A | N/A | 23 | |||||||||||||
2016 | 20.46 | .35 | 2.08 | 2.43 | .29 | .93 | 1.22 | 21.67 | 12.18 | 132,486 | .77 | .77 | 1.68 | N/A | N/A | 23 | |||||||||||||
2017 | 21.67 | .33 | 2.69 | 3.02 | .48 | .75 | 1.23 | 23.46 | 14.42 | 166,851 | .78 | .78 | 1.50 | N/A | N/A | 16 | |||||||||||||
2018 | 23.46 | .35 | 2.11 | 2.46 | .40 | .94 | 1.34 | 24.58 | 10.73 | 142,220 | .79 | .79 | 1.44 | N/A | N/A | 34 | |||||||||||||
2019(f) | 24.58 | .17 | (1.64) | (1.47) | .16 | 4.02 | 4.18 | 18.93 | (4.09) | †† | 143,755 | .84 | † | .84 | † | 1.69 | † | N/A | N/A | 41 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 20.55 | .27 | 2.92 | 3.19 | .28 | .68 | .96 | 22.78 | 15.75 | 9,746 | .74 | .74 | 1.21 | N/A | N/A | 22 | |||||||||||||
2015 | 22.78 | .29 | (1.39) | (1.10) | .24 | 1.05 | 1.29 | 20.39 | (5.27) | 9,380 | .75 | .75 | 1.29 | N/A | N/A | 23 | |||||||||||||
2016 | 20.39 | .35 | 2.07 | 2.42 | .30 | .93 | 1.23 | 21.58 | 12.18 | 10,596 | .74 | .74 | 1.70 | N/A | N/A | 23 | |||||||||||||
2017 | 21.58 | .34 | 2.67 | 3.01 | .45 | .75 | 1.20 | 23.39 | 14.47 | 10,839 | .74 | .74 | 1.54 | N/A | N/A | 16 | |||||||||||||
2018 | 23.39 | .36 | 2.12 | 2.48 | .41 | .94 | 1.35 | 24.52 | 10.85 | 11,067 | .74 | .74 | 1.49 | N/A | N/A | 34 | |||||||||||||
2019(f) | 24.52 | .18 | (1.65) | (1.47) | .18 | 4.02 | 4.20 | 18.85 | (4.10) | †† | 8,419 | .75 | † | .75 | † | 1.78 | † | N/A | N/A | 41 | †† | ||||||||
HEDGED U.S. EQUITY OPPORTUNITIES FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2016(c) | $ 10.00 | $ -- | $ (.09) | $ (.09) | $ -- | $ -- | $ -- | $ 9.91 | (.90) | %†† | $9,265 | 1.75 | %† | 1.75 | %† | (.02) | %† | 4.24 | %† | (2.51) | %† | 7 | %†† | ||||||
2017 | 9.91 | (.02) | .88 | .86 | -- | -- | -- | 10.77 | 8.68 | 44,228 | 1.75 | 1.75 | (.21) | 2.09 | (.55) | 75 | |||||||||||||
2018 | 10.77 | (.03) | 1.16 | 1.13 | -- | -- | -- | 11.90 | 10.49 | 66,746 | 1.75 | 1.75 | (.22) | 1.76 | (.23) | 56 | |||||||||||||
2019(f) | 11.90 | -- | (.03) | (.03) | -- | .21 | .21 | 11.66 | (.08) | †† | 76,399 | 1.75 | † | 1.75 | † | .04 | † | 1.69 | † | .10 | † | 20 | †† | ||||||
Advisor Class | |||||||||||||||||||||||||||||
2016(c) | 10.00 | -- | (.09) | (.09) | -- | --- | -- | 9.91 | (.90) | †† | 24,539 | 1.42 | † | 1.42 | † | .26 | † | 3.37 | † | (1.69) | † | 7 | †† | ||||||
2017 | 9.91 | .01 | .89 | .90 | .00 | (b) | -- | .00 | (b) | 10.81 | 9.11 | 33,770 | 1.42 | 1.42 | .10 | 1.76 | (.24) | 75 | |||||||||||
2018 | 10.81 | .02 | 1.16 | 1.18 | -- | -- | -- | 11.99 | 10.92 | 94,955 | 1.42 | 1.42 | .16 | 1.40 | .18 | 56 | |||||||||||||
2019(f) | 11.99 | .02 | (.04) | (.02) | -- | .21 | .21 | 11.76 | .01 | †† | 105,027 | 1.42 | † | 1.42 | † | .37 | † | 1.44 | † | .35 | † | 20 | †† | ||||||
Institutional Class | |||||||||||||||||||||||||||||
2016(c) | 10.00 | .01 | (.10) | (.09) | -- | --- | -- | 9.91 | (.90) | †† | 99 | 1.31 | † | 1.31 | † | .30 | † | 3.24 | † | (1.63) | † | 7 | †† | ||||||
2017 | 9.91 | .02 | .89 | .91 | .00 | (b) | -- | .00 | (b) | 10.82 | 9.21 | 472 | 1.31 | 1.31 | .23 | 1.74 | (.20) | 75 |
2018 | 10.82 | .02 | 1.17 | 1.19 | -- | -- | -- | 12.01 | 11.00 | 574 | 1.31 | 1.31 | .21 | 1.39 | .13 | 56 | |||||||||||||
2019(f) | 12.01 | .03 | (.03) | -- | -- | .21 | .21 | 11.80 | .19 | †† | 549 | 1.31 | † | 1.31 | † | .47 | † | 1.30 | † | .48 | † | 20 | †† | ||||||
INTERNATIONAL FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 12.53 | $ .05 | $ .50 | $ .55 | $ .02 | --- | $ .02 | $ 13.06 | 4.43 | % | $193,174 | 1.66 | % | 1.66 | % | .39 | % | N/A | N/A | 34 | % | ||||||||
2015 | 13.06 | .05 | (.41) | (.36) | .05 | -- | .05 | 12.65 | (2.78) | 194,991 | 1.64 | 1.64 | .40 | N/A | N/A | 27 | |||||||||||||
2016 | 12.65 | .06 | 1.05 | 1.11 | .05 | -- | .05 | 13.71 | 8.80 | 209,205 | 1.61 | 1.61 | .45 | N/A | N/A | 28 | |||||||||||||
2017 | 13.71 | .02 | 2.02 | 2.04 | .07 | -- | .07 | 15.68 | 15.00 | 238,770 | 1.58 | 1.58 | .17 | N/A | N/A | 38 | |||||||||||||
2018 | 15.68 | .01 | .28 | .29 | .02 | -- | .02 | 15.95 | 1.83 | 259,683 | 1.56 | 1.56 | .09 | N/A | N/A | 36 | |||||||||||||
2019(f) | 15.95 | (.02) | (.12) | (.14) | .03 | .96 | .99 | 14.82 | (.07) | †† | 254,909 | 1.58 | † | 1.58 | † | (.31) | † | N/A | N/A | 40 | †† | ||||||||
Class B | |||||||||||||||||||||||||||||
2014 | 11.98 | (.05) | .47 | .42 | --- | --- | -- | 12.40 | 3.51 | 2,893 | 2.49 | 2.49 | (.42) | N/A | N/A | 34 | |||||||||||||
2015 | 12.40 | (.06) | (.38) | (.44) | --- | --- | -- | 11.96 | (3.55) | 2,094 | 2.47 | 2.47 | (.49) | N/A | N/A | 27 | |||||||||||||
2016 | 11.96 | (.06) | 1.00 | .94 | .03 | -- | .03 | 12.87 | 7.83 | 1,607 | 2.45 | 2.45 | (.45) | N/A | N/A | 28 | |||||||||||||
2017 | 12.87 | (.09) | 1.90 | 1.81 | .05 | -- | .05 | 14.63 | 14.12 | 1,465 | 2.40 | 2.40 | (.68) | N/A | N/A | 38 | |||||||||||||
2018 | 14.63 | (.11) | .26 | .15 | -- | -- | -- | 14.78 | 1.03 | 1,239 | 2.38 | 2.38 | (.76) | N/A | N/A | 36 | |||||||||||||
2019(f) | 14.78 | (.08) | (.12) | (.20) | -- | .96 | .96 | 13.62 | (.50) | †† | 1,092 | 2.41 | † | 2.41 | † | (1.15) | † | N/A | N/A | 40 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 12.55 | .14 | .44 | .58 | --- | --- | -- | 13.13 | 4.62 | 35,249 | 1.27 | 1.27 | .98 | N/A | N/A | 34 | |||||||||||||
2015 | 13.13 | .11 | (.43) | (.32) | .05 | --- | .05 | 12.76 | (2.45) | 57,623 | 1.24 | 1.24 | .83 | N/A | N/A | 27 | |||||||||||||
2016 | 12.76 | .11 | 1.06 | 1.17 | .06 | -- | .06 | 13.87 | 9.22 | 81,525 | 1.23 | 1.24 | .85 | N/A | N/A | 28 | |||||||||||||
2017 | 13.87 | .08 | 2.05 | 2.13 | .08 | -- | .08 | 15.92 | 15.50 | 111,334 | 1.18 | 1.18 | .59 | N/A | N/A | 38 | |||||||||||||
2018 | 15.92 | .08 | .27 | .35 | .03 | -- | .03 | 16.24 | 2.21 | 136,628 | 1.18 | 1.18 | .48 | N/A | N/A | 36 | |||||||||||||
2019(f) | 16.24 | -- | (.12) | (.12) | .04 | .96 | 1.00 | 15.12 | .09 | †† | 144,283 | 1.22 | † | 1.22 | † | .06 | † | N/A | N/A | 40 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 12.56 | .12 | .51 | .63 | --- | --- | -- | 13.19 | 5.02 | 2,357 | 1.17 | 1.17 | .93 | N/A | N/A | 34 | |||||||||||||
2015 | 13.19 | .12 | (.43) | (.31) | .10 | --- | .10 | 12.78 | (2.33) | 2,347 | 1.14 | 1.14 | .89 | N/A | N/A | 27 | |||||||||||||
2016 | 12.78 | .13 | 1.07 | 1.20 | .07 | -- | .07 | 13.91 | 9.39 | 2,695 | 1.12 | 1.12 | .95 | N/A | N/A | 28 | |||||||||||||
2017 | 13.91 | .09 | 2.05 | 2.14 | .09 | -- | .09 | 15.96 | 15.54 | 3,274 | 1.09 | 1.09 | .65 | N/A | N/A | 38 | |||||||||||||
2018 | 15.96 | .09 | .29 | .38 | .04 | -- | .04 | 16.30 | 2.36 | 3,509 | 1.09 | 1.09 | .56 | N/A | N/A | 36 | |||||||||||||
2019(f) | 16.30 | .01 | (.12) | (.11) | .05 | .96 | 1.01 | 15.18 | .14 | †† | 2,783 | 1.09 | † | 1.09 | † | .17 | † | N/A | N/A | 40 | †† | ||||||||
OPPORTUNITY FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 38.13 | $ .07 | $ 5.29 | $ 5.36 | $ .16 | $ 2.43 | $ 2.59 | $ 40.90 | 14.20 | % | $805,113 | 1.20 | % | 1.20 | % | .16 | % | N/A | N/A | 34 | % |
2015 | 40.90 | .04 | (.39) | (.35) | .06 | 2.70 | 2.76 | 37.79 | (1.16) | 818,955 | 1.20 | 1.20 | .11 | N/A | N/A | 37 | |||||||||||||
2016 | 37.79 | .20 | 2.52 | 2.72 | .04 | 3.18 | 3.22 | 37.29 | 7.39 | 880,274 | 1.22 | 1.22 | .54 | N/A | N/A | 36 | |||||||||||||
2017 | 37.29 | .11 | 6.03 | 6.14 | .22 | 1.35 | 1.57 | 41.86 | 16.99 | 1,002,618 | 1.20 | 1.20 | .27 | N/A | N/A | 32 | |||||||||||||
2018 | 41.86 | .39 | 2.31 | 2.70 | .12 | 2.38 | 2.50 | 42.06 | 6.49 | 1,010,312 | 1.20 | 1.20 | .93 | N/A | N/A | 35 | |||||||||||||
2019(f) | 42.06 | .05 | (2.32) | (2.27) | .38 | 3.41 | 3.79 | 36.00 | (3.97) | †† | 943,678 | 1.26 | † | 1.26 | † | .27 | † | N/A | N/A | 40 | †† | ||||||||
Class B | |||||||||||||||||||||||||||||
2014 | 32.27 | (.21) | 4.47 | 4.26 | -- | 2.43 | 2.43 | 34.10 | 13.32 | 12,145 | 1.99 | 1.99 | (.63) | N/A | N/A | 34 | |||||||||||||
2015 | 34.10 | (.23) | (.29) | (.52) | -- | 2.70 | 2.70 | 30.88 | (1.94) | 9,691 | 1.97 | 1.97 | (.67) | N/A | N/A | 37 | |||||||||||||
2016 | 30.88 | (.07) | 2.05 | 1.98 | -- | 3.18 | 3.18 | 29.68 | 6.58 | 8,606 | 1.99 | 1.99 | (.22) | N/A | N/A | 36 | |||||||||||||
2017 | 29.68 | (.16) | 4.77 | 4.61 | .18 | 1.35 | 1.53 | 32.76 | 16.12 | 7,557 | 1.96 | 1.96 | (.49) | N/A | N/A | 32 | |||||||||||||
2018 | 32.76 | .04 | 1.81 | 1.85 | .07 | 2.38 | 2.45 | 32.16 | 5.65 | 6,202 | 1.96 | 1.96 | .12 | N/A | N/A | 35 | |||||||||||||
2019(f) | 32.16 | (.07) | (1.90) | (1.97) | .34 | 3.41 | 3.75 | 26.44 | (4.30) | †† | 5,276 | 1.98 | † | 1.98 | † | (.46) | † | N/A | N/A | 40 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 38.18 | .23 | 5.22 | 5.45 | -- | 2.43 | 2.43 | 41.20 | 14.43 | 35,733 | .90 | .90 | .51 | N/A | N/A | 34 | |||||||||||||
2015 | 41.20 | .16 | (.40) | (.24) | .08 | 2.70 | 2.78 | 38.18 | (.87) | 48,322 | .91 | .91 | .40 | N/A | N/A | 37 | |||||||||||||
2016 | 38.18 | .30 | 2.56 | 2.86 | .07 | 3.18 | 3.25 | 37.79 | 7.69 | 73,477 | .93 | .93 | .83 | N/A | N/A | 36 | |||||||||||||
2017 | 37.79 | .24 | 6.12 | 6.36 | .24 | 1.35 | 1.59 | 42.56 | 17.37 | 81,773 | .88 | .88 | .59 | N/A | N/A | 32 | |||||||||||||
2018 | 42.56 | .61 | 2.27 | 2.88 | .15 | 2.38 | 2.53 | 42.91 | 6.82 | 149,481 | .89 | .89 | 1.42 | N/A | N/A | 35 | |||||||||||||
2019(f) | 42.91 | .12 | (2.37) | (2.25) | .40 | 3.41 | 3.81 | 36.85 | (3.82) | †† | 151,157 | .90 | † | .90 | † | .63 | † | N/A | N/A | 40 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 38.21 | .24 | 5.30 | 5.54 | .17 | 2.43 | 2.60 | 41.15 | 14.66 | 3,838 | .79 | .79 | .58 | N/A | N/A | 34 | |||||||||||||
2015 | 41.15 | .22 | (.40) | (.18) | .20 | 2.70 | 2.90 | 38.07 | (.74) | 4,228 | .78 | .78 | .52 | N/A | N/A | 37 | |||||||||||||
2016 | 38.07 | .36 | 2.54 | 2.90 | .08 | 3.18 | 3.26 | 37.71 | 7.84 | 4,975 | .79 | .79 | .98 | N/A | N/A | 36 | |||||||||||||
2017 | 37.71 | .27 | 6.12 | 6.39 | .26 | 1.35 | 1.61 | 42.49 | 17.49 | 5,678 | .78 | .78 | .70 | N/A | N/A | 32 | |||||||||||||
2018 | 42.49 | .59 | 2.33 | 2.92 | .16 | 2.38 | 2.54 | 42.87 | 6.95 | 5,793 | .77 | .77 | 1.38 | N/A | N/A | 35 | |||||||||||||
2019(f) | 42.87 | .14 | (2.36) | (2.22) | .43 | 3.41 | 3.84 | 36.81 | (3.74) | †† | 4,600 | .78 | † | .78 | † | .74 | † | N/A | N/A | 40 | †† | ||||||||
PREMIUM INCOME FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2018(e) | $ 10.00 | $ .08 | $ .23 | $ .31 | $ .05 | $ -- | $ .05 | $ 10.26 | 3.06 | %†† | $41,688 | 1.30 | %† | 1.30 | %† | 1.57 | %† | 2.07 | %† | .80 | %† | 77 | %†† | ||||||
2019(f) | 10.26 | .09 | -- | .09 | .08 | .10 | .18 | 10.17 | .90 | †† | 60,449 | 1.30 | † | 1.30 | † | 1.73 | † | 1.42 | † | 1.61 | † | 32 | †† | ||||||
Advisor Class | |||||||||||||||||||||||||||||
2018(e) | 10.00 | .10 | .22 | .32 | .06 | -- | .06 | 10.26 | 3.18 | †† | 34,170 | 1.02 | † | 1.02 | † | 1.86 | † | 1.52 | † | 1.36 | † | 77 | †† | ||||||
2019(f) | 10.26 | .10 | -- | .10 | .08 | .10 | .18 | 10.18 | 1.03 | †† | 63,243 | 1.04 | † | 1.04 | † | 2.01 | † | 1.14 | † | 1.91 | † | 32 | †† |
Institutional Class | |||||||||||||||||||||||||||||
2018(e) | 10.00 | .10 | .23 | .33 | .17 | -- | .17 | 10.16 | 3.27 | †† | 3,877 | .89 | † | .89 | † | 1.88 | † | 1.88 | † | .89 | † | 77 | †† | ||||||
2019(f) | 10.16 | .10 | (.26) | (.16) | 4.36 | .10 | 4.46 | 5.54 | 1.19 | †† | 39 | .90 | † | .90 | † | 2.06 | † | 1.05 | † | 1.91 | † | 32 | †† | ||||||
SELECT GROWTH FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 9.24 | $ -- | $ 1.73 | $ 1.73 | $ .00 | (b) | $ -- | $ .00 | (b) | $ 10.97 | 18.77 | % | $330,595 | 1.27 | % | 1.27 | % | .03 | % | N/A | N/A | 33 | % | ||||||
2015 | 10.97 | .02 | .65 | .67 | .00 | (b) | -- | .00 | (b) | 11.64 | 6.12 | 352,651 | 1.25 | 1.25 | .16 | N/A | N/A | 48 | |||||||||||
2016 | 11.64 | .02 | .73 | .75 | .02 | 1.13 | 1.15 | 11.24 | 6.50 | 373,279 | 1.27 | 1.27 | .22 | N/A | N/A | 59 | |||||||||||||
2017 | 11.24 | -- | 2.38 | 2.38 | .03 | 1.55 | 1.58 | 12.04 | 24.16 | 444,933 | 1.25 | 1.25 | .00 | N/A | N/A | 58 | |||||||||||||
2018 | 12.04 | (.01) | 2.66 | 2.65 | .01 | 1.07 | 1.08 | 13.61 | 23.22 | 570,309 | 1.22 | 1.22 | (.06) | N/A | N/A | 37 | |||||||||||||
2019(f) | 13.61 | .02 | (.64) | (.62) | -- | .62 | .62 | 12.37 | (3.83) | †† | 557,068 | 1.22 | † | 1.22 | † | .29 | † | N/A | N/A | 20 | †† | ||||||||
Class B | |||||||||||||||||||||||||||||
2014 | 8.34 | (.07) | 1.55 | 1.48 | -- | -- | -- | 9.82 | 17.75 | 4,868 | 2.06 | 2.06 | (.76) | N/A | N/A | 33 | |||||||||||||
2015 | 9.82 | (.07) | .59 | .52 | -- | -- | -- | 10.34 | 5.30 | 4,101 | 2.03 | 2.03 | (.63) | N/A | N/A | 48 | |||||||||||||
2016 | 10.34 | (.06) | .65 | .59 | .00 | (b) | 1.13 | 1.13 | 9.80 | 5.71 | 3,393 | 2.03 | 2.03 | (.56) | N/A | N/A | 59 | ||||||||||||
2017 | 9.80 | (.07) | 2.02 | 1.95 | .02 | 1.55 | 1.57 | 10.18 | 23.13 | 3,163 | 2.01 | 2.01 | (.75) | N/A | N/A | 58 | |||||||||||||
2018 | 10.18 | (.09) | 2.21 | 2.12 | -- | 1.07 | 1.07 | 11.23 | 22.21 | 2,997 | 1.98 | 1.98 | (.82) | N/A | N/A | 37 | |||||||||||||
2019(f) | 11.23 | (.02) | (.54) | (.56) | -- | .62 | .62 | 10.05 | (4.12) | †† | 2,544 | 1.98 | † | 1.98 | † | (.47) | † | N/A | N/A | 20 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 9.26 | .06 | 1.69 | 1.75 | -- | -- | -- | 11.01 | 18.90 | 31,902 | .83 | .83 | .51 | N/A | N/A | 33 | |||||||||||||
2015 | 11.01 | .07 | .66 | .73 | .01 | -- | .01 | 11.73 | 6.61 | 46,793 | .84 | .84 | .57 | N/A | N/A | 48 | |||||||||||||
2016 | 11.73 | .07 | .73 | .80 | .03 | 1.13 | 1.16 | 11.37 | 6.93 | 66,588 | .85 | .86 | .62 | N/A | N/A | 59 | |||||||||||||
2017 | 11.37 | .05 | 2.40 | 2.45 | .04 | 1.55 | 1.59 | 12.23 | 24.61 | 81,203 | .84 | .84 | .40 | N/A | N/A | 58 | |||||||||||||
2018 | 12.23 | .04 | 2.71 | 2.75 | .02 | 1.07 | 1.09 | 13.89 | 23.74 | 194,554 | .83 | .83 | .34 | N/A | N/A | 37 | |||||||||||||
2019(f) | 13.89 | .04 | (.65) | (.61) | .01 | .62 | .63 | 12.65 | (3.68) | †† | 203,092 | .89 | † | .89 | † | .62 | † | N/A | N/A | 20 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 9.27 | .05 | 1.74 | 1.79 | -- | -- | -- | 11.06 | 19.31 | 3,057 | .83 | .83 | .48 | N/A | N/A | 33 | |||||||||||||
2015 | 11.06 | .07 | .66 | .73 | .02 | -- | .02 | 11.77 | 6.56 | 3,608 | .82 | .82 | .59 | N/A | N/A | 48 | |||||||||||||
2016 | 11.77 | .07 | .74 | .81 | .03 | 1.13 | 1.16 | 11.42 | 7.00 | 3,915 | .83 | .83 | .66 | N/A | N/A | 59 | |||||||||||||
2017 | 11.42 | .05 | 2.41 | 2.46 | .04 | 1.55 | 1.59 | 12.29 | 24.61 | 4,950 | .82 | .82 | .43 | N/A | N/A | 58 | |||||||||||||
2018 | 12.29 | .05 | 2.72 | 2.77 | .02 | 1.07 | 1.09 | 13.97 | 23.81 | 7,836 | .80 | .80 | .35 | N/A | N/A | 37 | |||||||||||||
2019(f) | 13.97 | .04 | (.65) | (.61) | .01 | .62 | .63 | 12.73 | (3.62) | †† | 6,613 | .79 | † | .79 | † | .71 | † | N/A | N/A | 20 | †† | ||||||||
SPECIAL SITUATIONS FUND |
Class A | |||||||||||||||||||||||||||||
2014 | $ 28.07 | $ .02 | $ 3.16 | $ 3.18 | $ -- | $ 4.60 | $ 4.60 | $ 26.65 | 11.65 | % | $425,957 | 1.33 | % | 1.33 | % | .06 | % | 1.38 | % | .01 | % | 55 | % | ||||||
2015 | 26.65 | .02 | .07 | .09 | .04 | 1.43 | 1.47 | 25.27 | .12 | 432,235 | 1.32 | 1.32 | .07 | 1.33 | .06 | 43 | |||||||||||||
2016 | 25.27 | .17 | 2.36 | 2.53 | .02 | 1.44 | 1.46 | 26.34 | 10.35 | 472,720 | 1.33 | 1.34 | .68 | 1.34 | .68 | 39 | |||||||||||||
2017 | 26.34 | -- | 5.24 | 5.24 | .16 | .24 | .40 | 31.18 | 20.06 | 549,780 | 1.31 | 1.31 | (.01) | N/A | N/A | 27 | |||||||||||||
2018 | 31.18 | .03 | 2.29 | 2.32 | .01 | .87 | .88 | 32.62 | 7.50 | 580,730 | 1.29 | 1.29 | .08 | N/A | N/A | 48 | |||||||||||||
2019(f) | 32.62 | .06 | (3.81) | (3.75) | .08 | 3.83 | 3.91 | 24.96 | (10.08) | †† | 512,211 | 1.32 | † | 1.32 | † | .48 | † | N/A | N/A | 37 | †† | ||||||||
Class B | |||||||||||||||||||||||||||||
2014 | 23.45 | (.17) | 2.62 | 2.45 | -- | 4.60 | 4.60 | 21.30 | 10.71 | 4,441 | 2.16 | 2.16 | (.77) | 2.21 | (.82) | 55 | |||||||||||||
2015 | 21.30 | (.16) | .08 | (.08) | -- | 1.43 | 1.43 | 19.79 | (.67) | 3,618 | 2.13 | 2.13 | (.74) | 2.14 | (.75) | 43 | |||||||||||||
2016 | 19.79 | (.02) | 1.81 | 1.79 | -- | 1.44 | 1.44 | 20.14 | 9.43 | 3,301 | 2.14 | 2.14 | (.12) | 2.15 | (.13) | 39 | |||||||||||||
2017 | 20.14 | (.19) | 4.01 | 3.82 | .13 | .24 | .37 | 23.59 | 19.13 | 3,081 | 2.10 | 2.10 | (.80) | N/A | N/A | 27 | |||||||||||||
2018 | 23.59 | (.17) | 1.73 | 1.56 | -- | .87 | .87 | 24.28 | 6.65 | 2,626 | 2.07 | 2.07 | (.71) | N/A | N/A | 48 | |||||||||||||
2019(f) | 24.28 | (.03) | (2.95) | (2.98) | .05 | 3.83 | 3.88 | 17.42 | (10.44) | †† | 2,108 | 2.10 | † | 2.10 | † | (.31) | † | N/A | N/A | 37 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 28.09 | .12 | 3.10 | 3.22 | -- | 4.60 | 4.60 | 26.71 | 11.82 | 26,458 | 1.01 | 1.01 | .39 | 1.06 | .34 | 55 | |||||||||||||
2015 | 26.71 | .10 | .08 | .18 | .08 | 1.43 | 1.51 | 25.38 | .46 | 38,790 | 1.02 | 1.03 | .37 | 1.04 | .36 | 43 | |||||||||||||
2016 | 25.38 | .23 | 2.39 | 2.62 | .04 | 1.44 | 1.48 | 26.52 | 10.67 | 59,159 | 1.03 | 1.03 | .94 | 1.04 | .93 | 39 | |||||||||||||
2017 | 26.52 | .08 | 5.29 | 5.37 | .18 | .24 | .42 | 31.47 | 20.45 | 120,912 | .97 | .97 | .34 | N/A | N/A | 27 | |||||||||||||
2018 | 31.47 | .14 | 2.32 | 2.46 | .04 | .87 | .91 | 33.02 | 7.86 | 140,657 | .95 | .95 | .43 | N/A | N/A | 48 | |||||||||||||
2019(f) | 33.02 | .11 | (3.87) | (3.76) | .10 | 3.83 | 3.93 | 25.33 | (9.97) | †† | 130,647 | 1.02 | † | 1.02 | † | .79 | † | N/A | N/A | 37 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 28.14 | .14 | 3.16 | 3.30 | -- | 4.60 | 4.60 | 26.84 | 12.10 | 5,750 | .89 | .89 | .51 | .94 | .46 | 55 | |||||||||||||
2015 | 26.84 | .14 | .08 | .22 | .16 | 1.43 | 1.59 | 25.47 | .60 | 5,905 | .88 | .88 | .51 | .89 | .50 | 43 | |||||||||||||
2016 | 25.47 | .28 | 2.39 | 2.67 | .05 | 1.44 | 1.49 | 26.65 | 10.84 | 6,914 | .88 | .89 | 1.11 | .90 | 1.10 | 39 | |||||||||||||
2017 | 26.65 | .12 | 5.31 | 5.43 | .18 | .24 | .42 | 31.66 | 20.56 | 8,712 | .87 | .87 | .42 | N/A | N/A | 27 | |||||||||||||
2018 | 31.66 | .17 | 2.34 | 2.51 | .05 | .87 | .92 | 33.25 | 7.98 | 9,592 | .86 | .86 | .52 | N/A | N/A | 48 | |||||||||||||
2019(f) | 33.25 | .13 | (3.89) | (3.76) | .12 | 3.83 | 3.95 | 25.54 | (9.90) | †† | 7,328 | .87 | † | .87 | † | .92 | † | N/A | N/A | 37 | †† | ||||||||
TOTAL RETURN FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 18.49 | $ .22 | $ 1.65 | $ 1.87 | $ .31 | $ .42 | $ .73 | $ 19.63 | 10.18 | % | $767,354 | 1.19 | % | 1.19 | % | 1.14 | % | N/A | N/A | 44 | % | ||||||||
2015 | 19.63 | .21 | (.68) | (.47) | .28 | .67 | .95 | 18.21 | (2.65) | 784,281 | 1.18 | 1.18 | 1.05 | N/A | N/A | 40 | |||||||||||||
2016 | 18.21 | .23 | 1.26 | 1.49 | .27 | .43 | .70 | 19.00 | 8.36 | 845,726 | 1.19 | 1.19 | 1.27 | N/A | N/A | 63 | |||||||||||||
2017 | 19.00 | .23 | 1.27 | 1.50 | .32 | .30 | .62 | 19.88 | 8.09 | 877,311 | 1.19 | 1.19 | 1.22 | N/A | N/A | 39 | |||||||||||||
2018 | 19.88 | .31 | .74 | 1.05 | .36 | .35 | .71 | 20.22 | 5.32 | 889,473 | 1.18 | 1.18 | 1.55 | N/A | N/A | 53 | |||||||||||||
2019(f) | 20.22 | .14 | (.57) | (.43) | .18 | 1.52 | 1.70 | 18.09 | (1.45) | †† | 828,822 | 1.20 | † | 1.20 | † | 1.52 | † | N/A | N/A | 42 | †† |
Class B | |||||||||||||||||||||||||||||
2014 | 18.17 | .07 | 1.61 | 1.68 | .16 | .42 | .58 | 19.27 | 9.29 | 10,016 | 1.97 | 1.97 | .36 | N/A | N/A | 44 | |||||||||||||
2015 | 19.27 | .06 | (.68) | (.62) | .06 | .67 | .73 | 17.92 | (3.44) | 8,270 | 1.96 | 1.96 | .27 | N/A | N/A | 40 | |||||||||||||
2016 | 17.92 | .09 | 1.25 | 1.34 | .13 | .43 | .56 | 18.70 | 7.61 | 7,774 | 1.96 | 1.96 | .50 | N/A | N/A | 63 | |||||||||||||
2017 | 18.70 | .09 | 1.24 | 1.33 | .17 | .30 | .47 | 19.56 | 7.23 | 6,939 | 1.93 | 1.93 | .48 | N/A | N/A | 39 | |||||||||||||
2018 | 19.56 | .16 | .72 | .88 | .18 | .35 | .53 | 19.91 | 4.52 | 6,061 | 1.94 | 1.94 | .79 | N/A | N/A | 53 | |||||||||||||
2019(f) | 19.91 | .07 | (.57) | (.50) | .11 | 1.52 | 1.63 | 17.78 | (1.84) | †† | 5,406 | 1.95 | † | 1.95 | † | .77 | † | N/A | N/A | 42 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 18.49 | .29 | 1.60 | 1.89 | .32 | .42 | .74 | 19.64 | 10.34 | 2,106 | .78 | .78 | 1.46 | N/A | N/A | 44 | |||||||||||||
2015 | 19.64 | .29 | (.69) | (.40) | .31 | .67 | .98 | 18.26 | (2.24) | 976 | .78 | .78 | 1.44 | N/A | N/A | 40 | |||||||||||||
2016 | 18.26 | .26 | 1.27 | 1.53 | .32 | .43 | .75 | 19.04 | 8.55 | 1,213 | .82 | .82 | 1.63 | N/A | N/A | 63 | |||||||||||||
2017 | 19.04 | .32 | 1.30 | 1.62 | .38 | .30 | .68 | 19.98 | 8.69 | 996 | .80 | .80 | 1.61 | N/A | N/A | 39 | |||||||||||||
2018 | 19.98 | .37 | .75 | 1.12 | .43 | .35 | .78 | 20.32 | 5.69 | 1,006 | .84 | .84 | 1.83 | N/A | N/A | 53 | |||||||||||||
2019(f) | 20.32 | .16 | (.59) | (.43) | .19 | 1.52 | 1.71 | 18.18 | (1.40) | †† | 1,011 | .98 | † | .98 | † | 1.74 | † | N/A | N/A | 42 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 18.50 | .30 | 1.63 | 1.93 | .36 | .42 | .78 | 19.65 | 10.55 | 2,885 | .78 | .78 | 1.55 | N/A | N/A | 44 | |||||||||||||
2015 | 19.65 | .29 | (.70) | (.41) | .28 | .67 | .95 | 18.29 | (2.28) | 30,644 | .77 | .77 | 1.47 | N/A | N/A | 40 | |||||||||||||
2016 | 18.29 | .31 | 1.28 | 1.59 | .32 | .43 | .75 | 19.13 | 8.88 | 32,525 | .77 | .77 | 1.68 | N/A | N/A | 63 | |||||||||||||
2017 | 19.13 | .32 | 1.27 | 1.59 | .37 | .30 | .67 | 20.05 | 8.50 | 33,545 | .77 | .77 | 1.65 | N/A | N/A | 39 | |||||||||||||
2018 | 20.05 | .40 | .74 | 1.14 | .46 | .35 | .81 | 20.38 | 5.77 | 34,555 | .77 | .77 | 1.96 | N/A | N/A | 53 | |||||||||||||
2019(f) | 20.38 | .17 | (.57) | (.40) | .21 | 1.52 | 1.73 | 18.25 | (1.26) | †† | 33,082 | .79 | † | .79 | † | 1.93 | † | N/A | N/A | 42 | †† | ||||||||
* | Calculated without sales charges. | ||||||||||||||||||||||||||||
** | Net of expenses waived or assumed (Note 3). | ||||||||||||||||||||||||||||
*** | The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G). | ||||||||||||||||||||||||||||
† | Annualized | ||||||||||||||||||||||||||||
†† | Not annualized | ||||||||||||||||||||||||||||
(a) | Based on average shares during the period. | �� | |||||||||||||||||||||||||||
(b) | Due to rounding, amount is less than .005 per share. | ||||||||||||||||||||||||||||
(c) | For the period August 1, 2016 (commencement of operations) to September 30, 2016. | ||||||||||||||||||||||||||||
(d) | For the period April 1, 2016 (commencement of operations) to September 30, 2016. | ||||||||||||||||||||||||||||
(e) | For the period April 2, 2018 (commencement of operations) to September 30, 2018. | ||||||||||||||||||||||||||||
(f) | For the period October 1, 2018 to March 31, 2019. | ||||||||||||||||||||||||||||
See notes to financial statements |
P E R S H A R E D A T A | R A T I O S / S U P P L E M E N T A L D A T A | ||||||||||||||||||||||||||||
Investment Operations | Less Distributions from | Ratio to Average Net Assets** | Ratio to Average Net Assets Before Expenses Waived or Assumed | ||||||||||||||||||||||||||
Net Asset Value, Beginning of Period/Year | Net Investment Income (Loss) | (c) | Net Realized and Unrealized Gain (Loss) on Investments | Total From Investment Operations | Net Investment Income | Net Realized Gain | Total Distributions | Net Asset Value, End of Period/Year | Total Return* | Net Assets End of Period/Year (in thousands) | Net Expenses After Fee Credits | Net Expenses Before Fee Credits | *** | Net Investment Income (Loss) | Expenses | *** | Net Investment Income (Loss) | Portfolio Turnover Rate | |||||||||||
FLOATING RATE FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014(h) | $ 10.00 | $ .21 | $ (.10) | $ .11 | $ .23 | --- | $ .23 | $ 9.88 | 1.12 | %†† | $50,361 | 1.10 | %† | 1.10 | %† | 2.21 | %† | 1.58 | %† | 1.73 | %† | 26 | %†† | ||||||
2015 | 9.88 | .26 | (.27) | (.01) | .29 | --- | .29 | 9.58 | (.08) | 57,101 | 1.10 | 1.10 | 2.72 | 1.33 | 2.49 | 49 | |||||||||||||
2016 | 9.58 | .27 | .09 | .36 | .28 | --- | .28 | 9.66 | 3.69 | 61,243 | 1.10 | 1.10 | 2.86 | 1.27 | 2.69 | 38 | |||||||||||||
2017 | 9.66 | .27 | .05 | .32 | .31 | --- | .31 | 9.67 | 3.47 | 66,769 | 1.10 | 1.10 | 2.90 | 1.24 | 2.76 | 89 | |||||||||||||
2018 | 9.67 | .32 | .04 | .36 | .32 | --- | .32 | 9.71 | 3.83 | 68,567 | 1.10 | 1.10 | 3.25 | 1.21 | 3.14 | 60 | |||||||||||||
2019(i) | 9.71 | .18 | (.16) | .02 | .19 | --- | .19 | 9.54 | .25 | †† | 70,502 | 1.10 | † | 1.10 | † | 3.96 | † | 1.20 | † | 3.86 | † | 29 | †† | ||||||
Advisor Class | |||||||||||||||||||||||||||||
2014(h) | 10.00 | .25 | (.11) | .14 | .26 | --- | .26 | 9.88 | 1.43 | †† | 34,942 | .90 | † | .90 | † | 2.63 | † | .95 | † | 2.58 | † | 26 | †† | ||||||
2015 | 9.88 | .28 | (.26) | .02 | .32 | --- | .32 | 9.58 | .18 | 50,122 | .90 | .90 | 2.92 | 1.03 | 2.79 | 49 | |||||||||||||
2016 | 9.58 | .29 | .08 | .37 | .30 | --- | .30 | 9.65 | 3.92 | 61,844 | .90 | .90 | 3.06 | .98 | 2.98 | 38 | |||||||||||||
2017 | 9.65 | .26 | .09 | .35 | .32 | --- | .32 | 9.68 | 3.70 | 98,958 | .90 | .90 | 3.07 | .92 | 3.05 | 89 | |||||||||||||
2018 | 9.68 | .34 | .04 | .38 | .34 | --- | .34 | 9.72 | 4.03 | 144,799 | .90 | .90 | 3.46 | .86 | 3.50 | 60 | |||||||||||||
2019(i) | 9.72 | .19 | (.16) | .03 | .20 | --- | .20 | 9.55 | .35 | †† | 159,109 | .90 | † | .90 | † | 4.16 | † | .88 | † | 4.18 | † | 29 | †† | ||||||
Institutional Class | |||||||||||||||||||||||||||||
2014(h) | 10.00 | .27 | (.13) | .14 | .28 | --- | .28 | 9.86 | 1.36 | †† | 5,329 | .70 | † | .70 | † | 2.76 | † | 1.06 | † | 2.40 | † | 26 | †† | ||||||
2015 | 9.86 | .30 | (.25) | .05 | .34 | --- | .34 | 9.57 | .47 | 10,458 | .70 | .70 | 3.17 | .90 | 2.97 | 49 | |||||||||||||
2016 | 9.57 | .31 | .08 | .39 | .32 | --- | .32 | 9.64 | 4.14 | 11,456 | .70 | .70 | 3.27 | .83 | 3.14 | 38 | |||||||||||||
2017 | 9.64 | .26 | .11 | .37 | .34 | --- | .34 | 9.67 | 3.87 | 21,277 | .70 | .70 | 3.23 | .80 | 3.13 | 89 | |||||||||||||
2018 | 9.67 | .36 | .04 | .40 | .36 | --- | .36 | 9.71 | 4.20 | 32,019 | .70 | .70 | 3.68 | .75 | 3.63 | 60 | |||||||||||||
2019(i) | 9.71 | .20 | (.16) | .04 | .21 | --- | .21 | 9.54 | .47 | †† | 26,472 | .74 | † | .74 | † | 4.32 | † | .77 | † | 4.29 | † | 29 | †† |
FUND FOR INCOME | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 2.59 | $ .12 | $ .02 | $ .14 | $ .14 | --- | $ .14 | $ 2.59 | 5.38 | % | $621,618 | 1.21 | % | 1.21 | % | 4.67 | % | 1.23 | % | 4.65 | % | 47 | % | ||||||
2015 | 2.59 | .11 | (.18) | (.07) | .13 | --- | .13 | 2.39 | (2.85) | 567,249 | 1.21 | 1.21 | 4.39 | 1.23 | 4.37 | 47 | |||||||||||||
2016 | 2.39 | .11 | .10 | .21 | .12 | --- | .12 | 2.48 | 9.07 | 571,028 | 1.22 | 1.22 | 4.76 | 1.24 | 4.74 | 55 | |||||||||||||
2017 | 2.48 | .11 | .05 | .16 | .12 | --- | .12 | 2.52 | 6.79 | 572,631 | 1.21 | 1.21 | 4.57 | 1.23 | 4.55 | 65 | |||||||||||||
2018 | 2.52 | .11 | (.06) | .05 | .13 | --- | .13 | 2.44 | 1.88 | 523,932 | 1.22 | 1.22 | 4.46 | 1.24 | 4.44 | 67 | |||||||||||||
2019(i) | 2.44 | .05 | -- | .05 | .06 | --- | .06 | 2.43 | 2.26 | †† | 505,329 | 1.23 | † | 1.23 | † | 4.89 | † | 1.25 | † | 4.87 | † | 33 | †† | ||||||
Class B | |||||||||||||||||||||||||||||
2014 | 2.59 | .10 | .02 | .12 | .12 | --- | .12 | 2.59 | 4.67 | 4,690 | 2.02 | 2.02 | 3.86 | 2.04 | 3.84 | 47 | |||||||||||||
2015 | 2.59 | .09 | (.18) | (.09) | .11 | --- | .11 | 2.39 | (3.65) | 3,376 | 2.01 | 2.01 | 3.60 | 2.03 | 3.58 | 47 | |||||||||||||
2016 | 2.39 | .09 | .10 | .19 | .10 | --- | .10 | 2.48 | 7.99 | 2,923 | 2.04 | 2.04 | 3.94 | 2.07 | 3.92 | 55 | |||||||||||||
2017 | 2.48 | .10 | .05 | .15 | .10 | --- | .10 | 2.53 | 6.15 | 2,356 | 1.98 | 1.98 | 3.79 | 2.00 | 3.77 | 65 | |||||||||||||
2018 | 2.53 | .09 | (.06) | .03 | .11 | --- | .11 | 2.45 | 1.06 | 1,786 | 2.02 | 2.02 | 3.66 | 2.04 | 3.64 | 67 | |||||||||||||
2019(i) | 2.45 | .04 | (.01) | .03 | .05 | --- | .05 | 2.43 | 1.42 | †† | 1,517 | 2.07 | † | 2.07 | † | 4.04 | † | 2.09 | † | 4.02 | † | 33 | †† | ||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 2.59 | .12 | .02 | .14 | .14 | --- | .14 | 2.59 | 5.42 | 31,132 | .91 | .91 | 4.83 | .93 | 4.81 | 47 | |||||||||||||
2015 | 2.59 | .12 | (.18) | (.06) | .14 | --- | .14 | 2.39 | (2.47) | 41,699 | .93 | .93 | 4.65 | .95 | 4.63 | 47 | |||||||||||||
2016 | 2.39 | .12 | .10 | .22 | .13 | --- | .13 | 2.48 | 9.34 | 68,198 | .93 | .94 | 5.02 | .96 | 5.00 | 55 | |||||||||||||
2017 | 2.48 | .12 | .05 | .17 | .13 | --- | .13 | 2.52 | 7.05 | 73,403 | .94 | .94 | 4.84 | .96 | 4.82 | 65 | |||||||||||||
2018 | 2.52 | .12 | (.07) | .05 | .13 | --- | .13 | 2.44 | 2.17 | 79,880 | .93 | .93 | 4.76 | .95 | 4.74 | 67 | |||||||||||||
2019(i) | 2.44 | .06 | -- | .06 | .07 | --- | .07 | 2.43 | 2.36 | †† | 80,264 | 1.04 | † | 1.04 | † | 5.07 | † | 1.06 | † | 5.05 | † | 33 | †† | ||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 2.60 | .13 | .02 | .15 | .15 | --- | .15 | 2.60 | 5.59 | 42,941 | .78 | .78 | 5.07 | .80 | 5.05 | 47 | |||||||||||||
2015 | 2.60 | .12 | (.17) | (.05) | .15 | --- | .15 | 2.40 | (2.28) | 51,704 | .78 | .78 | 4.81 | .80 | 4.79 | 47 | |||||||||||||
2016 | 2.40 | .12 | .10 | .22 | .13 | --- | .13 | 2.49 | 9.58 | 62,340 | .79 | .79 | 5.19 | .81 | 5.17 | 55 | |||||||||||||
2017 | 2.49 | .13 | .05 | .18 | .13 | --- | .13 | 2.54 | 7.59 | 78,784 | .78 | .78 | 4.99 | .80 | 4.97 | 65 | |||||||||||||
2018 | 2.54 | .12 | (.07) | .05 | .14 | --- | .14 | 2.45 | 1.91 | 33,545 | .79 | .79 | 4.88 | .81 | 4.86 | 67 | |||||||||||||
2019(i) | 2.45 | .06 | -- | .06 | .07 | --- | .07 | 2.44 | 2.47 | †† | 36,666 | .80 | † | .80 | † | 5.30 | † | .82 | † | 5.28 | † | 33 | †† | ||||||
GOVERNMENT CASH MANAGEMENT FUND(f) | |||||||||||||||||||||||||||||
Class A |
2014 | $ 1.00 | $ --- | --- | $ --- | $ --- | --- | $ --- | $ 1.00 | .00 | % | $108,088 | .08 | % | .08 | % | .00 | % | 1.02 | % | (.94) | % | N/A | |||||||
2015 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 109,566 | .10 | .10 | .00 | 1.08 | (.98) | N/A | |||||||||||||
2016 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 122,037 | .33 | .33 | .00 | 1.05 | (.72) | N/A | |||||||||||||
2017 | 1.00 | .00 | (d) | --- | .00 | (d) | .00 | (d) | --- | .00 | (d) | 1.00 | .08 | 127,079 | .60 | .60 | .08 | 1.02 | (.34) | N/A | |||||||||
2018 | 1.00 | .01 | --- | .01 | .01 | --- | .01 | 1.00 | .96 | 153,695 | .60 | .60 | .98 | 1.01 | .57 | N/A | |||||||||||||
2019(i) | 1.00 | .01 | --- | .01 | .01 | --- | .01 | 1.00 | .87 | †† | 177,586 | .60 | † | .60 | † | 1.74 | † | .91 | † | 1.43 | † | N/A | |||||||
Class B | |||||||||||||||||||||||||||||
2014 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 404 | .08 | .08 | .00 | 1.64 | (1.56) | N/A | |||||||||||||
2015 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 287 | .10 | .10 | .00 | 1.72 | (1.62) | N/A | |||||||||||||
2016 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 248 | .33 | .33 | .00 | 1.77 | (1.44) | N/A | |||||||||||||
2017 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 161 | .64 | .64 | .00 | 1.76 | (1.12) | N/A | |||||||||||||
2018 | 1.00 | .00 | (d) | --- | .00 | (d) | .00 | (d) | --- | .00 | (d) | 1.00 | .17 | 101 | 1.35 | 1.35 | .14 | 1.92 | (.43) | N/A | |||||||||
2019(i) | 1.00 | .01 | --- | .01 | .01 | --- | .01 | 1.00 | .49 | †† | 154 | 1.35 | † | 1.35 | † | 1.00 | † | 1.73 | † | .62 | † | N/A | |||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 2,595 | .08 | .08 | .00 | .66 | (.58) | N/A | |||||||||||||
2015 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 2,267 | .10 | .10 | .00 | .67 | (.57) | N/A | |||||||||||||
2016 | 1.00 | --- | --- | -- | --- | --- | -- | 1.00 | .00 | 2,844 | .33 | .33 | .00 | .68 | (.35) | N/A | |||||||||||||
2017 | 1.00 | .00 | (d) | --- | .00 | (d) | .00 | (d) | --- | .00 | (d) | 1.00 | .07 | 2,394 | .60 | .60 | .06 | .68 | (.02) | N/A | |||||||||
2018 | 1.00 | .01 | --- | .01 | .01 | --- | .01 | 1.00 | .97 | 1 | .60 | .60 | .96 | .68 | .88 | N/A | |||||||||||||
2019(i) | 1.00 | .01 | --- | .01 | .01 | --- | .01 | 1.00 | .87 | †† | 1 | .60 | † | .60 | † | 1.78 | † | .80 | † | 1.58 | † | N/A | |||||||
INTERNATIONAL OPPORTUNITIES BOND FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $ 9.84 | $ .21 | $ .07 | $ .28 | $ .27 | --- | $ .27 | $ 9.85 | 2.84 | % | $80,197 | 1.30 | % | 1.30 | % | 2.06 | % | 1.41 | % | 1.95 | % | 76 | % | ||||||
2015 | 9.85 | .12 | (1.06) | (.94) | .28 | --- | .28 | 8.63 | (9.72) | 69,394 | 1.30 | 1.30 | 1.29 | 1.38 | 1.21 | 61 | |||||||||||||
2016 | 8.63 | .20 | .51 | .71 | .13 | --- | .13 | 9.21 | 8.30 | 65,456 | 1.38 | 1.38 | 2.29 | 1.41 | 2.26 | 72 | |||||||||||||
2017 | 9.21 | .22 | .21 | .43 | .15 | --- | .15 | 9.49 | 4.70 | 59,782 | 1.41 | 1.41 | 2.35 | N/A | N/A | 76 | |||||||||||||
2018 | 9.49 | .23 | (.64) | (.41) | .30 | --- | .30 | 8.78 | (4.50) | 54,060 | 1.40 | 1.40 | 2.49 | N/A | N/A | 41 | |||||||||||||
2019(i) | 8.78 | .13 | (.15) | (.02) | .16 | --- | .16 | 8.60 | (.21) | †† | 49,291 | 1.44 | † | 1.44 | † | 3.10 | † | N/A | N/A | 17 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 9.85 | .24 | .04 | .28 | .28 | --- | .28 | 9.85 | 2.81 | 33,851 | 1.10 | 1.10 | 2.21 | N/A | N/A | 76 | |||||||||||||
2015 | 9.85 | .14 | (1.06) | (.92) | .29 | --- | .29 | 8.64 | (9.51) | 50,912 | 1.04 | 1.04 | 1.56 | N/A | N/A | 61 | |||||||||||||
2016 | 8.64 | .23 | .51 | .74 | .13 | --- | .13 | 9.25 | 8.70 | 50,749 | 1.08 | 1.08 | 2.60 | N/A | N/A | 72 | |||||||||||||
2017 | 9.25 | .24 | .23 | .47 | .16 | --- | .16 | 9.56 | 5.07 | 68,162 | 1.11 | 1.11 | 2.66 | N/A | N/A | 76 |
2018 | 9.56 | .27 | (.66) | (.39) | .30 | --- | .30 | 8.87 | (4.17) | 87,491 | 1.08 | 1.08 | 2.82 | N/A | N/A | 41 | |||||||||||||
2019(i) | 8.87 | .14 | (.15) | (.01) | .16 | --- | .16 | 8.70 | (.07) | †† | 89,839 | 1.14 | † | 1.14 | † | 3.40 | † | N/A | N/A | 17 | †† | ||||||||
Institutional Class | |||||||||||||||||||||||||||||
2014 | 9.85 | .25 | .06 | .31 | .28 | --- | .28 | 9.88 | 3.19 | 16,014 | .93 | .93 | 2.43 | N/A | N/A | 76 | |||||||||||||
2015 | 9.88 | .17 | (1.08) | (.91) | .30 | --- | .30 | 8.67 | (9.36) | 19,097 | .90 | .90 | 1.69 | N/A | N/A | 61 | |||||||||||||
2016 | 8.67 | .24 | .52 | .76 | .14 | --- | .14 | 9.29 | 8.85 | 8,289 | .93 | .93 | 2.75 | N/A | N/A | 72 | |||||||||||||
2017 | 9.29 | .22 | .27 | .49 | .19 | --- | .19 | 9.59 | 5.27 | 8,669 | .94 | .95 | 2.80 | N/A | N/A | 76 | |||||||||||||
2018 | 9.59 | .28 | (.65) | (.37) | .30 | --- | .30 | 8.92 | (4.03) | 9,868 | .93 | .93 | 2.98 | N/A | N/A | 41 | |||||||||||||
2019(i) | 8.92 | .15 | (.16) | (.01) | .12 | --- | .12 | 8.79 | (.02) | †† | 18,836 | .97 | † | .97 | † | 3.57 | † | N/A | N/A | 17 | †† | ||||||||
INVESTMENT GRADE FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $9.78 | $ .31 | $ .22 | $ .53 | $ .39 | --- | $ .39 | $ 9.92 | 5.50 | % | $475,090 | 1.05 | % | 1.05 | % | 3.11 | % | 1.16 | % | 3.00 | % | 49 | % | ||||||
2015 | 9.92 | .28 | (.17) | .11 | .39 | --- | .39 | 9.64 | 1.12 | 458,704 | 1.04 | 1.04 | 2.85 | 1.15 | 2.74 | 36 | |||||||||||||
2016 | 9.64 | .27 | .35 | .62 | .36 | --- | .36 | 9.90 | 6.55 | 477,010 | 1.04 | 1.05 | 2.78 | 1.15 | 2.68 | 37 | |||||||||||||
2017 | 9.90 | .26 | (.17) | .09 | .33 | --- | .33 | 9.66 | .97 | 462,999 | 1.04 | 1.04 | 2.68 | 1.15 | 2.57 | 52 | |||||||||||||
2018 | 9.66 | .26 | (.42) | (.16) | .33 | --- | .33 | 9.17 | (1.69) | 400,673 | 1.06 | 1.06 | 2.80 | 1.17 | 2.69 | 58 | |||||||||||||
2019(i) | 9.17 | .13 | .29 | .42 | .16 | --- | .16 | 9.43 | 4.68 | †† | 387,909 | 1.08 | † | 1.08 | † | 3.00 | † | 1.18 | † | 2.90 | † | 33 | †† | ||||||
Class B | |||||||||||||||||||||||||||||
2014 | 9.76 | .22 | .22 | .44 | .33 | --- | .33 | 9.87 | 4.53 | 4,727 | 1.92 | 1.92 | 2.24 | 2.03 | 2.13 | 49 | |||||||||||||
2015 | 9.87 | .20 | (.17) | .03 | .33 | --- | .33 | 9.57 | .27 | 3,623 | 1.92 | 1.92 | 1.98 | 2.03 | 1.87 | 36 | |||||||||||||
2016 | 9.57 | .19 | .34 | .53 | .27 | --- | .27 | 9.83 | 5.61 | 2,907 | 1.92 | 1.92 | 1.91 | 2.03 | 1.80 | 37 | |||||||||||||
2017 | 9.83 | .19 | (.18) | .01 | .23 | --- | .23 | 9.61 | .12 | 2,181 | 1.90 | 1.90 | 1.84 | 2.01 | 1.73 | 52 | |||||||||||||
2018 | 9.61 | .18 | (.42) | (.24) | .24 | --- | .24 | 9.13 | (2.50) | 1,475 | 1.93 | 1.93 | 1.93 | 2.04 | 1.82 | 58 | |||||||||||||
2019(i) | 9.13 | .09 | .28 | .37 | .12 | --- | .12 | 9.38 | 4.15 | †† | 1,444 | 1.94 | † | 1.94 | † | 2.14 | † | 2.04 | † | 2.04 | † | 33 | †† | ||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 9.78 | .34 | .20 | .54 | .40 | --- | .40 | 9.92 | 5.61 | 44,351 | .69 | .69 | 3.38 | .80 | 3.27 | 49 | |||||||||||||
2015 | 9.92 | .31 | (.16) | .15 | .40 | --- | .40 | 9.67 | 1.53 | 63,614 | .73 | .73 | 3.17 | .84 | 3.06 | 36 | |||||||||||||
2016 | 9.67 | .30 | .34 | .64 | .37 | --- | .37 | 9.94 | 6.78 | 83,659 | .74 | .74 | 3.08 | .85 | 2.97 | 37 | |||||||||||||
2017 | 9.94 | .26 | (.14) | .12 | .35 | --- | .35 | 9.71 | 1.32 | 136,316 | .72 | .72 | 2.99 | .82 | 2.89 | 52 | |||||||||||||
2018 | 9.71 | .30 | (.42) | (.12) | .36 | --- | .36 | 9.23 | (1.25) | 180,286 | .72 | .72 | 3.15 | .83 | 3.04 | 58 | |||||||||||||
2019(i) | 9.23 | .15 | .28 | .43 | .18 | --- | .18 | 9.48 | 4.73 | †† | 197,002 | .74 | † | .74 | † | 3.34 | † | .84 | † | 3.24 | † | 33 | †† |
Institutional Class | |||||||||||||||||||||||||||||
2014 | 9.79 | .35 | .23 | .58 | .43 | --- | .43 | 9.94 | 5.98 | 22,269 | .63 | .63 | 3.51 | .74 | 3.40 | 49 | |||||||||||||
2015 | 9.94 | .32 | (.17) | .15 | .43 | --- | .43 | 9.66 | 1.48 | 15,025 | .63 | .63 | 3.26 | .74 | 3.15 | 36 | |||||||||||||
2016 | 9.66 | .31 | .35 | .66 | .40 | --- | .40 | 9.92 | 6.97 | 31,395 | .63 | .63 | 3.17 | .74 | 3.06 | 37 | |||||||||||||
2017 | 9.92 | .31 | (.18) | .13 | .37 | --- | .37 | 9.68 | 1.41 | 26,127 | .63 | .63 | 3.10 | .74 | 2.99 | 52 | |||||||||||||
2018 | 9.68 | .31 | (.42) | (.11) | .37 | --- | .37 | 9.20 | (1.18) | 23,974 | .64 | .64 | 3.23 | .75 | 3.12 | 58 | |||||||||||||
2019(i) | 9.20 | .15 | .28 | .43 | .18 | --- | .18 | 9.45 | 4.78 | †† | 20,327 | .66 | † | .66 | † | 3.42 | † | .76 | † | 3.32 | † | 33 | †† | ||||||
LIMITED DURATION BOND FUND (e) | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014(g) | $ 10.00 | -- | $ (.05) | $ (.05) | $ .06 | --- | .06 | 9.89 | (.50) | %†† | $8,911 | 1.05 | %† | 1.05 | %† | .15 | %† | 3.37 | %† | (2.17) | %† | 19 | %†† | ||||||
2015 | 9.89 | .03 | .04 | .07 | .20 | --- | .20 | 9.76 | .67 | 26,852 | 1.05 | 1.05 | .37 | 1.32 | .10 | 57 | |||||||||||||
2016 | 9.76 | (.03) | .15 | .12 | .22 | --- | .22 | 9.66 | 1.21 | 48,342 | 1.05 | 1.05 | (.25) | 1.23 | (.43) | 54 | |||||||||||||
2017 | 9.66 | .08 | (.06) | .02 | .21 | --- | .21 | 9.47 | .22 | 62,841 | 1.05 | 1.05 | .85 | 1.22 | .68 | 60 | |||||||||||||
2018 | 9.47 | -- | (.05) | (.05) | .25 | --- | .25 | 9.17 | (.52) | 247,902 | .89 | .89 | .02 | 1.11 | (.20) | 102 | |||||||||||||
2019(i) | 9.17 | .11 | .09 | .20 | .13 | --- | .13 | 9.24 | 2.21 | †† | 241,720 | .79 | † | .79 | † | 2.30 | † | 1.04 | † | 2.05 | † | 35 | †† | ||||||
Advisor Class | |||||||||||||||||||||||||||||
2014(g) | 10.00 | .02 | (.05) | (.03) | .06 | --- | .06 | 9.91 | (.28) | †† | 25,649 | .75 | † | .75 | † | .46 | † | 1.02 | † | .19 | † | 19 | †† | ||||||
2015 | 9.91 | .06 | .05 | .11 | .22 | --- | .22 | 9.80 | 1.08 | 40,502 | .75 | .75 | .66 | 1.09 | .32 | 57 | |||||||||||||
2016 | 9.80 | -- | .14 | .14 | .25 | --- | .25 | 9.69 | 1.47 | 50,645 | .75 | .75 | .04 | 1.01 | (.22) | 54 | |||||||||||||
2017 | 9.69 | .13 | (.08) | .05 | .24 | --- | .24 | 9.50 | .54 | 31,638 | .75 | .75 | 1.14 | 1.02 | .87 | 60 | |||||||||||||
2018 | 9.50 | .03 | (.05) | (.02) | .28 | --- | .28 | 9.20 | (.25) | 35,498 | .62 | .62 | .33 | .84 | .11 | 102 | |||||||||||||
2019(i) | 9.20 | .12 | .08 | .20 | .14 | --- | .14 | 9.26 | 2.24 | †† | 49,032 | .51 | † | .51 | † | 2.58 | † | .84 | † | 2.25 | † | 35 | †† | ||||||
Institutional Class | |||||||||||||||||||||||||||||
2014(g) | 10.00 | .02 | (.03) | (.01) | .07 | --- | .07 | 9.92 | (.14) | †† | 5,125 | .60 | † | .60 | † | .53 | † | 3.32 | † | (2.19) | † | 19 | †† | ||||||
2015 | 9.92 | .08 | .04 | .12 | .23 | --- | .23 | 9.81 | 1.21 | 6,747 | .60 | .60 | .81 | .92 | .49 | 57 | |||||||||||||
2016 | 9.81 | .02 | .14 | .16 | .27 | --- | .27 | 9.70 | 1.64 | 22,296 | .60 | .60 | .20 | .82 | (.02) | 54 | |||||||||||||
2017 | 9.70 | .11 | (.04) | .07 | .25 | --- | .25 | 9.52 | .77 | 41,065 | .60 | .60 | 1.30 | .82 | 1.08 | 60 | |||||||||||||
2018 | 9.52 | .04 | (.06) | (.02) | .29 | --- | .29 | 9.21 | (.19) | 38,822 | .47 | .47 | .46 | .68 | .25 | 102 | |||||||||||||
2019(i) | 9.21 | .13 | .09 | .22 | .15 | --- | .15 | 9.28 | 2.43 | †† | 37,563 | .36 | † | .36 | † | 2.71 | † | .59 | † | 2.48 | † | 35 | †† | ||||||
STRATEGIC INCOME FUND | |||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||
2014 | $9.78 | $ .32 | $ .12 | $ .44 | $ .28 | $ .00 | (d) | $ .28 | $ 9.94 | 4.55 | % | $101,540 | .80 | % | .80 | % | 3.18 | % | .68 | %(b) | 3.30 | %(a) | 20 | % | |||||
2015 | 9.94 | .34 | (.57) | (.23) | .34 | .07 | .41 | 9.30 | (2.37) | 131,734 | .59 | .59 | 3.55 | N/A | N/A | 40 |
2016 | 9.30 | .30 | .22 | .52 | .32 | .02 | .34 | 9.48 | 5.64 | 149,190 | .58 | .58 | 3.19 | N/A | N/A | 49 | |||||||||||||
2017 | 9.48 | .30 | .05 | .35 | .30 | --- | .30 | 9.53 | 3.73 | 162,789 | .57 | .57 | 3.24 | N/A | N/A | 37 | |||||||||||||
2018 | 9.53 | .31 | (.32) | (.01) | .32 | --- | .32 | 9.20 | (.10) | 152,180 | .56 | .56 | 3.36 | N/A | N/A | 58 | |||||||||||||
2019(i) | 9.20 | .16 | (.01) | .15 | .16 | --- | .16 | 9.19 | 1.66 | †† | 147,501 | .60 | † | .60 | † | 3.42 | † | N/A | N/A | 43 | †† | ||||||||
Advisor Class | |||||||||||||||||||||||||||||
2014 | 9.77 | .36 | .11 | .47 | .32 | $ .00 | (d) | .32 | 9.92 | 4.82 | 323 | .36 | .36 | 3.62 | .29 | (b) | 3.69 | (a) | 20 | ||||||||||
2015 | 9.92 | .38 | (.56) | (.18) | .38 | .07 | .45 | 9.29 | (1.93) | 306 | .19 | .19 | 3.95 | N/A | N/A | 40 | |||||||||||||
2016 | 9.29 | .33 | .23 | .56 | .36 | .02 | .38 | 9.47 | 6.14 | 415 | .17 | .17 | 3.59 | N/A | N/A | 49 | |||||||||||||
2017 | 9.47 | .29 | .09 | .38 | .33 | --- | .33 | 9.52 | 4.14 | 963 | .18 | .18 | 3.66 | N/A | N/A | 37 | |||||||||||||
2018 | 9.52 | .34 | (.32) | .02 | .35 | --- | .35 | 9.19 | .22 | 759 | .21 | .21 | 3.70 | N/A | N/A | 58 | |||||||||||||
2019(i) | 9.19 | .17 | -- | .17 | .18 | --- | .18 | 9.18 | 1.85 | †† | 830 | .27 | † | .27 | † | 3.77 | † | N/A | N/A | 43 | †† | ||||||||
* | Calculated without sales charges. | ||||||||||||||||||||||||||||
** | Net of expenses waived or assumed (Note 3). | ||||||||||||||||||||||||||||
*** | The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note1G). | ||||||||||||||||||||||||||||
† | Annualized | ||||||||||||||||||||||||||||
†† | Not annualized | ||||||||||||||||||||||||||||
(a) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests. | ||||||||||||||||||||||||||||
(b) | Does not include expenses of the investment companies in which the Fund invests. | ||||||||||||||||||||||||||||
(c) | Based on average shares during the period. | ||||||||||||||||||||||||||||
(d) | Due to rounding, amount is less than .005 per share. | ||||||||||||||||||||||||||||
(e) | Prior to January 31, 2018, known as Limited Duration High Quality Bond Fund. | ||||||||||||||||||||||||||||
(f) | Prior to October 3, 2016, known as Cash Management Fund. | ||||||||||||||||||||||||||||
(g) | For the period May 19, 2014 (commencement of operations) to September 30, 2014. | ||||||||||||||||||||||||||||
(h) | For the period October 21, 2013 (commencement of operations) to September 30, 2014. | ||||||||||||||||||||||||||||
(i) | For the period October 1, 2018 to March 31, 2019. | ||||||||||||||||||||||||||||
See notes to financial statements |
P E R S H A R E D A T A | R A T I O S / S U P P L E M E N T A L D A T A | |||||||||||||||||||||||
Investment Operations | Less Distributions from | Ratio to Average Net Assets** | Ratio to Average Net Assets Before Expenses Waived or Assumed | |||||||||||||||||||||
Net Asset Value, Beginning of Period/Year | Net Investment Income | Net Realized and Unrealized Gain (Loss) on Investments | Total From Investment Operations | Net Investment Income | Net Realized Gain | Total Distributions | Net Asset Value, End of Period/Year | Total Return* | Net Assets End of Period/Year (in thousands) | Net Expenses After Fee Credits | Net Expenses Before Fee Credits | *** | Net Investment Income | Expenses | *** | Net Investment Income | Portfolio Turnover Rate | |||||||
TAX EXEMPT INCOME FUND | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
2014 | $ 9.56 | $.395(a) | $.444 | $.839 | $.389 | --- | $.389 | $ 10.01 | 8.88 | % | $ 645,294 | .95 | % | .95 | % | 3.99 | % | 1.00 | % | 3.94 | % | 11 | % | |
2015 | 10.01 | .392(a) | (.143) | .249 | .389 | --- | .389 | 9.87 | 2.53 | 627,297 | .95 | .95 | 3.95 | 1.00 | 3.90 | 11 | ||||||||
2016 | 9.87 | .379(a) | (.360) | .019 | .389 | --- | .389 | 9.50 | .14 | 607,985 | .96 | .96 | 3.86 | 1.00 | 3.82 | 18 | ||||||||
2017 | 9.50 | .359(a) | (.074) | .285 | .365 | --- | .365 | 9.42 | 3.05 | 617,860 | .96 | .96 | 3.78 | 1.01 | 3.73 | 34 | ||||||||
2018 | 9.42 | .324(a) | (.317) | .007 | .327 | --- | .327 | 9.10 | .11 | 577,753 | .97 | .97 | 3.53 | 1.02 | 3.48 | 88 | ||||||||
Class B | ||||||||||||||||||||||||
2014 | 9.54 | .320(a) | .449 | .769 | .319 | --- | .319 | 9.99 | 8.14 | 1,403 | 1.70 | 1.70 | 3.24 | 1.75 | 3.19 | 11 | ||||||||
2015 | 9.99 | .315(a) | (.156) | .159 | .319 | --- | .319 | 9.83 | 1.62 | 1,067 | 1.72 | 1.72 | 3.19 | 1.76 | 3.15 | 11 | ||||||||
2016 | 9.83 | .302(a) | (.353) | (.051) | .319 | --- | .319 | 9.46 | (.58) | 1,020 | 1.73 | 1.73 | 3.09 | 1.77 | 3.05 | 18 | ||||||||
2017 | 9.46 | .285(a) | (.068) | .217 | .297 | --- | .297 | 9.38 | 2.32 | 834 | 1.72 | 1.72 | 3.02 | 1.77 | 2.97 | 34 | ||||||||
2018 | 9.38 | .253(a) | (.317) | (.064) | .256 | --- | .256 | 9.06 | (.67) | 625 | 1.74 | 1.74 | 2.77 | 1.79 | 2.72 | 88 | ||||||||
Advisor Class | ||||||||||||||||||||||||
2014 | 9.54 | .422(a) | .442 | .864 | .404 | --- | .404 | 10.00 | 9.17 | 18,887 | .64 | .64 | 4.24 | .68 | 4.20 | 11 | ||||||||
2015 | 10.00 | .421(a) | (.147) | .274 | .414 | --- | .414 | 9.86 | 2.80 | 29,094 | .64 | .64 | 4.26 | .69 | 4.21 | 11 | ||||||||
2016 | 9.86 | .408(a) | (.354) | .054 | .414 | --- | .414 | 9.50 | .50 | 35,947 | .65 | .65 | 4.16 | .69 | 4.12 | 18 | ||||||||
2017 | 9.50 | .386(a) | (.080) | .306 | .386 | --- | .386 | 9.42 | 3.27 | 54,245 | .66 | .66 | 4.07 | .71 | 4.02 | 34 | ||||||||
2018 | 9.42 | .348(a) | (.306) | .042 | .352 | --- | .352 | 9.11 | .49 | 62,831 | .70 | .70 | 3.80 | .75 | 3.75 | 88 | ||||||||
Institutional Class | ||||||||||||||||||||||||
2014 | 9.57 | .437(a) | .427 | .864 | .404 | --- | .404 | 10.03 | 9.14 | 5,667 | .63 | .63 | 4.36 | .67 | 4.32 | 11 | ||||||||
2015 | 10.03 | .421(a) | (.157) | .264 | .414 | --- | .414 | 9.88 | 2.69 | 7,124 | .63 | .63 | 4.25 | .67 | 4.21 | 11 | ||||||||
2016 | 9.88 | .410(a) | (.416) | (.006) | .414 | --- | .414 | 9.46 | (.13) | 3,762 | .64 | .64 | 4.15 | .68 | 4.11 | 18 | ||||||||
2017 | 9.46 | .415(a) | (.099) | .316 | .386 | --- | .386 | 9.39 | 3.40 | 4,120 | .64 | .64 | 4.38 | .69 | 4.33 | 34 | ||||||||
2018 | 9.39 | .355(a) | (.310) | .045 | .355 | --- | .355 | 9.08 | .52 | 3,777 | .64 | .64 | 3.87 | .69 | 3.82 | 88 | ||||||||
TAX EXEMPT OPPORTUNITIES FUND | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
2014 | $ 15.81 | $.552(a) | $1.241 | $1.793 | $.533 | --- | $.533 | $ 17.07 | 11.46 | % | $ 265,621 | .99 | % | .99 | % | 3.31 | % | 1.04 | % | 3.26 | % | 70 | % |
2015 | 17.07 | .548(a) | (.032) | .516 | .546 | --- | .546 | 17.04 | 3.08 | 265,258 | .99 | .99 | 3.23 | 1.04 | 3.18 | 59 | ||||||||
2016 | 17.04 | .555(a) | (.523) | .032 | .552 | --- | .552 | 16.52 | .13 | 268,466 | 1.00 | 1.00 | 3.24 | 1.05 | 3.19 | 50 | ||||||||
2017 | 16.52 | .551(a) | .086 | .637 | .607 | --- | .607 | 16.55 | 3.91 | 280,412 | 1.00 | 1.00 | 3.32 | 1.05 | 3.27 | 69 | ||||||||
2018 | 16.55 | .485(a) | (.562) | (.077) | .483 | --- | .483 | 15.99 | (.44) | 423,773 | 1.01 | 1.01 | 3.02 | 1.01 | 3.02 | 135 | ||||||||
Class B | ||||||||||||||||||||||||
2014 | 15.77 | .429(a) | 1.238 | 1.667 | .427 | --- | .427 | 17.01 | 10.66 | 2,779 | 1.72 | 1.72 | 2.59 | 1.77 | 2.54 | 70 | ||||||||
2015 | 17.01 | .421(a) | (.037) | .384 | .434 | --- | .434 | 16.96 | 2.29 | 2,587 | 1.73 | 1.73 | 2.49 | 1.78 | 2.44 | 59 | ||||||||
2016 | 16.96 | .428(a) | (.524) | (.096) | .434 | --- | .434 | 16.43 | (.62) | 2,231 | 1.73 | 1.73 | 2.51 | 1.78 | 2.46 | 50 | ||||||||
2017 | 16.43 | .432(a) | .084 | .516 | .476 | --- | .476 | 16.47 | 3.18 | 1,459 | 1.72 | 1.72 | 2.62 | 1.77 | 2.57 | 69 | ||||||||
2018 | 16.47 | ..367(a) | (.556) | (.189) | .361 | --- | .361 | 15.92 | (1.13) | 1,422 | 1.74 | 1.74 | 2.29 | 1.74 | 2.29 | 135 | ||||||||
Advisor Class | ||||||||||||||||||||||||
2014 | 15.79 | .583(a) | 1.221 | 1.804 | .544 | --- | .544 | 17.05 | 11.55 | 3,684 | .78 | .78 | 3.46 | .83 | 3.41 | 70 | ||||||||
2015 | 17.05 | .579(a) | (.025) | .554 | .564 | --- | .564 | 17.04 | 3.31 | 4,165 | .81 | .81 | 3.41 | .86 | 3.36 | 59 | ||||||||
2016 | 17.04 | .582(a) | (.532) | .050 | .570 | --- | .570 | 16.52 | .23 | 5,909 | .84 | .84 | 3.40 | .89 | 3.35 | 50 | ||||||||
2017 | 16.52 | .569(a) | .097 | .666 | .606 | --- | .606 | 16.58 | 4.09 | 15,017 | .84 | .84 | 3.43 | .89 | 3.38 | 69 | ||||||||
2018 | 16.58 | .519(a) | (.555) | (.036) | .524 | --- | .524 | 16.02 | (.18) | 21,317 | .80 | .80 | 3.22 | .80 | 3.22 | 135 | ||||||||
Institutional Class | ||||||||||||||||||||||||
2014 | 15.84 | .568(a) | 1.246 | 1.814 | .544 | --- | .544 | 17.11 | 11.57 | 1 | .66 | .66 | 3.64 | .71 | 3.59 | 70 | ||||||||
2015 | 17.11 | .590(a) | (.046) | .544 | .564 | --- | .564 | 17.09 | 3.24 | 6 | .66 | .66 | 3.56 | .71 | 3.51 | 59 | ||||||||
2016 | 17.09 | .609(a) | (.529) | .080 | .570 | --- | .570 | 16.60 | .41 | 6 | .69 | .69 | 3.55 | .74 | 3.50 | 50 | ||||||||
2017 | 16.60 | .483(a) | .201 | .684 | .634 | --- | .634 | 16.65 | 4.18 | 8,472 | .70 | .70 | 2.91 | .75 | 2.86 | 69 | ||||||||
2018 | 16.65 | .537(a) | (.662) | (.125) | .545 | --- | .545 | 15.98 | (.71) | 7,555 | .66 | .66 | 3.35 | .66 | 3.35 | 135 | ||||||||
CALIFORNIA FUND | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
2014 | $ 12.18 | $.448(a) | $.831 | $1.279 | $.439 | --- | $.439 | $ 13.02 | 10.62 | % | $ 47,909 | .99 | % | .99 | % | 3.51 | % | 1.06 | 3.44 | % | 47 | % | ||
2015 | 13.02 | .435(a) | .007 | .442 | .442 | --- | .442 | 13.02 | 3.46 | 48,610 | .97 | .97 | 3.36 | 1.05 | 3.28 | 76 | ||||||||
2016 | 13.02 | .430(a) | (.428) | .002 | .442 | --- | .442 | 12.58 | (.06) | 48,658 | .95 | .95 | 3.29 | 1.05 | 3.19 | 42 | ||||||||
2017 | 12.58 | .412(a) | .058 | .470 | .420 | --- | .420 | 12.63 | 3.78 | 53,998 | .96 | .96 | 3.25 | 1.06 | 3.15 | 19 | ||||||||
2018 | 12.63 | .386(a) | (.359) | .027 | .387 | --- | .387 | 12.27 | .24 | 48,853 | .97 | .97 | 3.13 | 1.00 | 3.10 | 48 | ||||||||
Advisor Class | ||||||||||||||||||||||||
2014 | 12.16 | .481(a) | .824 | 1.305 | .465 | --- | .465 | 13.00 | 10.86 | 804 | .69 | .69 | 3.73 | .76 | 3.66 | 47 | ||||||||
2015 | 13.00 | .472(a) | .004 | .476 | .486 | --- | .486 | 12.99 | 3.74 | 2,400 | .66 | .66 | 3.66 | .75 | 3.57 | 76 | ||||||||
2016 | 12.99 | .470(a) | (.424) | .046 | .486 | --- | .486 | 12.55 | .28 | 5,851 | .62 | .62 | 3.61 | .72 | 3.51 | 42 |
2017 | 12.55 | .453(a) | .057 | .510 | .460 | --- | .460 | 12.60 | 4.11 | 7,057 | .62 | .62 | 3.58 | .72 | 3.48 | 19 | ||||||||
2018 | 12.60 | ..424(a) | (.347) | .077 | .427 | --- | .427 | 12.25 | .65 | 7,447 | .64 | .64 | 3.45 | .67 | 3.42 | 48 | ||||||||
Institutional Class | ||||||||||||||||||||||||
2014 | 12.20 | .456(a) | .849 | 1.305 | .465 | --- | .465 | 13.04 | 10.82 | 1 | .67 | .67 | 3.83 | .74 | 3.76 | 47 | ||||||||
2015 | 13.04 | .459(a) | (.013) | .446 | .486 | --- | .486 | 13.00 | 3.50 | 6 | .65 | .65 | 3.68 | .73 | 3.60 | 76 | ||||||||
2016 | 13.00 | .466(a) | (.430) | .036 | .486 | --- | .486 | 12.55 | .20 | 6 | .62 | .62 | 3.62 | .72 | 3.52 | 42 | ||||||||
2017 | 12.55 | .451(a) | .069 | .520 | .460 | --- | .460 | 12.61 | 4.19 | 6 | .65 | .65 | 3.56 | .75 | 3.46 | 19 | ||||||||
2018 | 12.61 | .424(a) | (.359) | .065 | .425 | --- | .425 | 12.25 | .55 | 7 | .65 | .65 | 3.44 | .68 | 3.41 | 48 | ||||||||
NEW JERSEY FUND | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
2014 | $ 12.60 | $.475(a) | $.618 | $1.093 | $.473 | --- | $.473 | $ 13.22 | 8.78 | % | $ 49,263 | .97 | % | .97 | % | 3.64 | % | 1.04 | % | 3.57 | % | 30 | % | |
2015 | 13.22 | .460(a) | (.181) | .279 | .459 | --- | .459 | 13.04 | 2.16 | 46,060 | .96 | .96 | 3.52 | 1.05 | 3.43 | 48 | ||||||||
2016 | 13.04 | .435(a) | (.348) | .087 | .437 | --- | .437 | 12.69 | .61 | 47,698 | .95 | .95 | 3.31 | 1.05 | 3.21 | 25 | ||||||||
2017 | 12.69 | .429(a) | .090 | .519 | .429 | --- | .429 | 12.78 | 4.13 | 48,917 | .94 | .94 | 3.35 | 1.04 | 3.25 | 44 | ||||||||
2018 | 12.78 | .412(a) | (.379) | .033 | .413 | --- | .413 | 12.40 | .29 | 43,895 | .95 | .95 | 3.31 | .98 | 3.28 | 20 | ||||||||
Class B | ||||||||||||||||||||||||
2014 | 12.56 | .371(a) | .630 | 1.001 | .381 | --- | .381 | 13.18 | 8.04 | 534 | 1.76 | 1.76 | 2.85 | 1.83 | 2.78 | 30 | ||||||||
2015 | 13.18 | .355(a) | (.189) | .166 | .366 | --- | .366 | 12.98 | 1.29 | 423 | 1.76 | 1.76 | 2.73 | 1.84 | 2.65 | 48 | ||||||||
2016 | 12.98 | .331(a) | (.336) | (.005) | .345 | --- | .345 | 12.63 | (.10) | 393 | 1.73 | 1.73 | 2.53 | 1.83 | 2.43 | 25 | ||||||||
2017 | 12.63 | .330(a) | .078 | .408 | .328 | --- | .328 | 12.71 | 3.26 | 305 | 1.70 | 1.70 | 2.59 | 1.80 | 2.49 | 44 | ||||||||
2018 | 12.71 | .315(a) | (.379) | (.064) | .316 | --- | .316 | 12.33 | (.48) | 256 | 1.71 | 1.71 | 2.54 | 1.74 | 2.51 | 20 | ||||||||
Advisor Class | ||||||||||||||||||||||||
2014 | 12.57 | .506(a) | .616 | 1.122 | .492 | --- | .492 | 13.20 | 9.04 | 478 | .67 | .67 | 3.86 | .74 | 3.79 | 30 | ||||||||
2015 | 13.20 | .497(a) | (.172) | .325 | .495 | --- | .495 | 13.03 | 2.52 | 866 | .65 | .65 | 3.81 | .74 | 3.72 | 48 | ||||||||
2016 | 13.03 | .474(a) | (.345) | .129 | .479 | --- | .479 | 12.68 | .93 | 1,289 | .64 | .64 | 3.62 | .74 | 3.52 | 25 | ||||||||
2017 | 12.68 | .464(a) | .081 | .545 | .465 | --- | .465 | 12.76 | 4.36 | 2,114 | .66 | .66 | 3.63 | .76 | 3.53 | 44 | ||||||||
2018 | 12.76 | .444(a) | (.378) | .066 | .446 | --- | .446 | 12.38 | .56 | 3,251 | .68 | .68 | 3.57 | .71 | 3.54 | 20 | ||||||||
Institutional Class | ||||||||||||||||||||||||
2014 | 12.62 | .473(a) | .629 | 1.102 | .492 | --- | .492 | 13.23 | 8.83 | 1 | .66 | .66 | 3.95 | .73 | 3.88 | 30 | ||||||||
2015 | 13.23 | .475(a) | (.197) | .278 | .498 | --- | .498 | 13.01 | 2.16 | 6 | .65 | .65 | 3.83 | .74 | 3.74 | 48 | ||||||||
2016 | 13.01 | .471(a) | (.337) | .134 | .484 | --- | .484 | 12.66 | .97 | 6 | .64 | .64 | 3.62 | .74 | 3.52 | 25 | ||||||||
2017 | 12.66 | .466(a) | .079 | .545 | .465 | --- | .465 | 12.74 | 4.36 | 6 | .64 | .64 | 3.65 | .75 | 3.54 | 44 | ||||||||
2018 | 12.74 | .445(a) | (.381) | .064 | .444 | --- | .444 | 12.36 | .55 | 7 | .67 | .67 | 3.58 | .70 | 3.55 | 20 |
NEW YORK FUND | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
2014 | $ 14.12 | $.539(a) | $.712 | $1.251 | $.531 | --- | $.531 | $ 14.84 | 8.96 | % | $ 149,367 | .94 | % | .94 | % | 3.69 | % | 1.01 | % | 3.62 | % | 28 | % | |
2015 | 14.84 | .529(a) | (.127) | .402 | .532 | --- | .532 | 14.71 | 2.76 | 144,162 | .93 | .93 | 3.60 | 1.01 | 3.52 | 36 | ||||||||
2016 | 14.71 | .528(a) | (.486) | .042 | .532 | --- | .532 | 14.22 | .22 | 152,145 | .92 | .92 | 3.59 | 1.02 | 3.49 | 19 | ||||||||
2017 | 14.22 | .486(a) | (.026) | .460 | .500 | --- | .500 | 14.18 | 3.27 | 160,514 | .91 | .91 | 3.40 | 1.01 | 3.30 | 33 | ||||||||
2018 | 14.18 | .454(a) | (.459) | (.005) | .455 | --- | .455 | 13.72 | .0 | 148,451 | .91 | .91 | 3.29 | .94 | 3.26 | 47 | ||||||||
Class B | ||||||||||||||||||||||||
2014 | 14.10 | .433(a) | .714 | 1.147 | .427 | --- | .427 | 14.82 | 8.21 | 1,307 | 1.67 | 1.67 | 2.96 | 1.74 | 2.89 | 28 | ||||||||
2015 | 14.82 | .423(a) | (.125) | .298 | .428 | --- | .428 | 14.69 | 2.05 | 1,183 | 1.65 | 1.65 | 2.88 | 1.73 | 2.80 | 36 | ||||||||
2016 | 14.69 | .424(a) | (.486) | (.062) | .428 | --- | .428 | 14.20 | (.47) | 1,272 | 1.61 | 1.61 | 2.89 | 1.71 | 2.79 | 19 | ||||||||
2017 | 14.20 | .386(a) | (.030) | .356 | .396 | --- | .396 | 14.16 | 2.53 | 1,227 | 1.61 | 1.61 | 2.71 | 1.71 | 2.61 | 33 | ||||||||
2018 | 14.16 | .358(a) | (.449) | (.091) | .359 | --- | .359 | 13.71 | (.62) | 1,091 | 1.60 | 1.60 | 2.60 | 1.63 | 2.57 | 47 | ||||||||
Advisor Class | ||||||||||||||||||||||||
2014 | 14.09 | .573(a) | .697 | 1.270 | .550 | --- | .550 | 14.81 | 9.13 | 3,581 | .64 | .64 | 3.89 | .71 | 3.82 | 28 | ||||||||
2015 | 14.81 | .572(a) | (.118) | .454 | .564 | --- | .564 | 14.70 | 3.13 | 6,304 | .62 | .62 | 3.90 | .71 | 3.81 | 36 | ||||||||
2016 | 14.70 | .572(a) | (.488) | .084 | .564 | --- | .564 | 14.22 | .51 | 7,282 | .61 | .61 | 3.89 | .71 | 3.79 | 19 | ||||||||
2017 | 14.22 | .529(a) | (.026) | .503 | .533 | --- | .533 | 14.19 | 3.58 | 9,559 | .61 | .61 | 3.70 | .71 | 3.60 | 33 | ||||||||
2018 | 14.19 | .497(a) | (.458) | .039 | .499 | --- | .499 | 13.73 | .31 | 11,140 | .60 | .60 | 3.60 | .63 | 3.57 | 47 | ||||||||
Institutional Class | ||||||||||||||||||||||||
2014 | 14.14 | .554(a) | .716 | 1.270 | .550 | --- | .550 | 14.86 | 9.09 | 1 | .62 | .62 | 4.01 | .69 | 3.94 | 28 | ||||||||
2015 | 14.86 | .557(a) | (.133) | .424 | .564 | --- | .564 | 14.72 | 2.92 | 6 | .61 | .61 | 3.92 | .69 | 3.84 | 36 | ||||||||
2016 | 14.72 | .569(a) | (.495) | .074 | .564 | --- | .564 | 14.23 | .44 | 6 | .60 | .60 | 3.90 | .70 | 3.80 | 19 | ||||||||
2017 | 14.23 | .526(a) | (.021) | .505 | .535 | --- | .535 | 14.20 | 3.59 | 6 | .64 | .64 | 3.68 | .74 | 3.58 | 33 | ||||||||
2018 | 14.20 | .495(a) | (.457) | .038 | .498 | --- | .498 | 13.74 | .31 | 6 | .62 | .62 | 3.58 | .65 | 3.55 | 47 | ||||||||
OREGON FUND | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
2014 | $ 13.10 | $.446(a) | $.729 | $1.175 | $.445 | - | $.445 | $ 13.83 | 9.06 | % | $ 47,248 | .99 | % | .99 | % | 3.27 | % | 1.06 | % | 3.20 | % | 25 | % | |
2015 | 13.83 | .429(a) | (.105) | .324 | .434 | - | .434 | 13.72 | 2.39 | 49,015 | .98 | .98 | 3.13 | 1.06 | 3.05 | 27 | ||||||||
2016 | 13.72 | .425(a) | (.413) | .012 | .402 | - | .402 | 13.33 | .03 | 51,480 | .95 | .95 | 3.08 | 1.05 | 2.98 | 34 | ||||||||
2017 | 13.33 | .402(a) | .085 | .487 | .427 | - | .427 | 13.39 | 3.70 | 52,210 | .95 | .95 | 3.00 | 1.05 | 2.90 | 30 | ||||||||
2018 | 13.39 | .370(a) | (.380) | (.010) | .370 | - | .370 | 13.01 | (.04) | 48,527 | .96 | .96 | 2.84 | .99 | 2.81 | 49 | ||||||||
Class B | ||||||||||||||||||||||||
2014 | 13.06 | .339(a) | .730 | 1.069 | .349 | - | .349 | 13.78 | 8.25 | 346 | 1.77 | 1.77 | 2.50 | 1.84 | 2.43 | 25 |
2015 | 13.78 | .318(a) | (.111) | .207 | .337 | - | .337 | 13.65 | 1.53 | 321 | 1.77 | 1.77 | 2.33 | 1.86 | 2.24 | 27 | ||||||||
2016 | 13.65 | .309(a) | (.389) | (.080) | .300 | - | .300 | 13.27 | (.64) | 57 | 1.75 | 1.75 | 2.24 | 1.85 | 2.14 | 34 | ||||||||
2017 | 13.27 | .275(a) | .007 | .282 | .252 | - | .252 | 13.30 | 2.13 | 7 | 1.91 | 1.91 | 2.06 | 2.01 | 1.96 | 30 | ||||||||
2018 | 13.30 | .061(a) | (.364) | (.303) | .117 | - | .117 | 12.88 | (2.28) | 5 | 3.35 | 3.35 | .48 | 3.38 | .45 | 49 | ||||||||
Advisor Class | ||||||||||||||||||||||||
2014 | 13.07 | .481(a) | .715 | 1.196 | .466 | - | .466 | 13.80 | 9.24 | 2,698 | .66 | .66 | 3.50 | .73 | 3.43 | 25 | ||||||||
2015 | 13.80 | .471(a) | (.107) | .364 | .474 | - | .474 | 13.69 | 2.69 | 2,315 | .67 | .67 | 3.44 | .75 | 3.36 | 27 | ||||||||
2016 | 13.69 | .467(a) | (.401) | .066 | .456 | - | .456 | 13.30 | .42 | 3,048 | .64 | .64 | 3.39 | .74 | 3.29 | 34 | ||||||||
2017 | 13.30 | .441(a) | .072 | .513 | .453 | - | .453 | 13.36 | 3.91 | 4,100 | .64 | .64 | 3.30 | .74 | 3.20 | 30 | ||||||||
2018 | 13.36 | .407(a) | (.368) | .039 | .409 | - | .409 | 12.99 | .33 | 4,605 | .66 | .66 | 3.13 | .69 | 3.10 | 49 | ||||||||
Institutional Class | ||||||||||||||||||||||||
2014 | 13.12 | .460(a) | .736 | 1.196 | .466 | - | .466 | 13.85 | 9.21 | 1 | .66 | .66 | 3.60 | .73 | 3.53 | 25 | ||||||||
2015 | 13.85 | .455(a) | (.118) | .337 | .477 | - | .477 | 13.71 | 2.48 | 6 | .66 | .66 | 3.45 | .74 | 3.37 | 27 | ||||||||
2016 | 13.71 | .465(a) | (.407) | .058 | .468 | - | .468 | 13.30 | .36 | �� 6 | .63 | .63 | 3.39 | .73 | 3.29 | 34 | ||||||||
2017 | 13.30 | .436(a) | .082 | .518 | .458 | - | .458 | 13.36 | 3.95 | 6 | .68 | .68 | 3.27 | .78 | 3.17 | 30 | ||||||||
2018 | 13.36 | .403(a) | (.380) | .023 | .403 | - | .403 | 12.98 | .21 | 6 | .69 | .69 | 3.10 | .72 | 3.07 | 49 | ||||||||
* | Calculated without sales charges | |||||||||||||||||||||||
** | Net of expenses waived or assumed by the investment adviser (Note 5) | |||||||||||||||||||||||
*** | The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1E). | |||||||||||||||||||||||
(a) | Based on average shares outstanding during the period noted. | |||||||||||||||||||||||
See notes to financial statements |
First Investors Fund/Share Class | Shares |
First Investors Covered Call Strategy Fund | |
Class A | 19,888,480 |
Advisor Class | 7,393,224 |
Institutional Class | 194,924 |
First Investors Equity Income Fund | |
Class A | 52,365,338 |
Advisor Class | 318,232 |
Institutional Class | 192,289 |
First Investors Global Fund | |
Class A | 48,781,834 |
Advisor Class | 38,307,936 |
Institutional Class | 375,111 |
First Investors Growth & Income Fund | |
Class A | 78,484,076 |
Advisor Class | 8,722,796 |
Institutional Class | 389,149 |
First Investors Hedged U.S. Equity Opportunities Fund | |
Class A | 6,677,560 |
Advisor Class | 19,455,443 |
Institutional Class | 41,360 |
First Investors Opportunity Fund | |
Class A | 25,764,207 |
Advisor Class | 1,716,453 |
Institutional Class | 108,288 |
First Investors International Fund | |
Class A | 16,807,568 |
Advisor Class | 10,623,650 |
Institutional Class | 168,123 |
First Investors Fund/Share Class | Shares |
First Investors Premium Income Fund | |
Class A | 6,203,103 |
Advisor Class | 5,068,886 |
Institutional Class | 7,028 |
First Investors Select Growth Fund | |
Class A | 44,545,131 |
Advisor Class | 10,671,054 |
Institutional Class | 489,899 |
First Investors Special Situations Fund | |
Class A | 20,156,202 |
Advisor Class | 2,367,405 |
Institutional Class | 239,353 |
First Investors Total Return Fund | |
Class A | 44,778,143 |
Advisor Class | 52,731 |
Institutional Class | 1,784,428 |
First Investors Floating Rate Fund | |
Class A | 7,287,664 |
Advisor Class | 2,690,766 |
Institutional Class | 2,361,120 |
First Investors Fund For Income | |
Class A | 205,004,144 |
Advisor Class | 2,108,662 |
Institutional Class | 14,807,419 |
First Investors Government Cash Management Fund | |
Class A | 179,557,829 |
Institutional Class | 1,021 |
First Investors International Opportunities Bond Fund | |
Class A | 5,559,326 |
Advisor Class | 4,885,041 |
Institutional Class | 1,740,096 |
First Investors Investment Grade Fund | |
Class A | 40,419,200 |
Advisor Class | 10,112,147 |
Institutional Class | 2,502,667 |
First Investors Fund/Share Class | Shares |
First Investors Limited Duration Bond Fund | |
Class A | 25,539,701 |
Advisor Class | 18,194,651 |
Institutional Class | 4,401,032 |
First Investors Strategic Income Fund | |
Class A | 15,958,755 |
Advisor Class | 76,937 |
First Investors Tax Exempt Income Fund | |
Class A | 61,451,068 |
Advisor Class | 7,174,496 |
Institutional Class | 711 |
First Investors Tax Exempt Opportunities Fund | |
Class A | 25,259,125 |
Advisor Class | 1,231,842 |
Institutional Class | 3,646 |
First Investors California Tax Exempt Fund | |
Class A | 3,757,715 |
Advisor Class | 492,467 |
Institutional Class | 539 |
First Investors New Jersey Tax Exempt Fund | |
Class A | 3,511,924 |
Advisor Class | 274,763 |
Institutional Class | 533 |
First Investors New York Tax Exempt Fund | |
Class A | 10,436,475 |
Advisor Class | 641,199 |
Institutional Class | 473 |
First Investors Oregon Tax Exempt Fund | |
Class A | 3,625,736 |
Advisor Class | 313,374 |
Institutional Class | 500 |
Name and Address | First Investors Fund | Class of Shares | Percent Owned of Record* |
National Financial Services LLC 499 Washington BLVD Jersey City, NJ 07310 | First Investors Covered Call Strategy Fund | Advisor Class | 12.6% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Covered Call Strategy Fund | Advisor Class | 37.1% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Covered Call Strategy Fund | Advisor Class | 14.3% |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94104 | First Investors Covered Call Strategy Fund | Advisor Class | 25.2% |
National Financial Services LLC 499 Washington BLVD Jersey City, NJ 07310 | First Investors Equity Income Fund | Advisor Class | 5.2% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Equity Income Fund | Advisor Class | 5.4% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Equity Income Fund | Advisor Class | 63.6% |
Charles Schwab 101 Montgomery Street San Francisco, CA 94104 | First Investors Equity Income Fund | Institutional Class | 99.5% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Global Fund | Advisor Class | 97.9% |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94104 | First Investors Global Fund | Institutional Class | 99.6% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Growth & Income Fund | Advisor Class | 96.2% |
Charles Schwab 101 Montgomery Street San Francisco, CA 94104 | First Investors Growth & Income Fund | Institutional Class | 99.7% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Hedged U.S. Equity Opportunities Fund | Advisor Class | 73.2% |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94104 | First Investors Hedged U.S. Equity Opportunities Fund | Institutional Class | 96.7% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors International Fund | Advisor Class | 96.1% |
Charles Schwab 101 Montgomery Street San Francisco, CA 94104 | First Investors International Fund | Institutional Class | 99.6% |
Sammons Financial Network LLC 4546 Corporate Dr. STE 100 West Des Moines, IA 50266 | First Investors Opportunity Fund | A Shares | 7.6% |
Name and Address | First Investors Fund | Class of Shares | Percent Owned of Record* |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Opportunity Fund | Advisor Class | 92.8% |
Charles Schwab 101 Montgomery Street San Francisco, CA 94104 | First Investors Opportunity Fund | Institutional Class | 96.6% |
National Financial Services LLC 499 Washington BLVD Jersey City, NJ 07310 | First Investors Premium Income Fund | A Shares | 6.6% |
National Financial Services LLC 499 Washington BLVD Jersey City, NJ 07310 | First Investors Premium Income Fund | Adv Shares | 13.1% |
Charles Schwab 101 Montgomery Street San Fransico, CA 94104 | First Investors Premium Income Fund | Adv Shares | 10.7% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Premium Income Fund | Adv Shares | 68.9% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Premium Income Fund | Institutional Shares | 99.9% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Select Growth Fund | Advisor Class | 91.1% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Select Growth Fund | Advisor Class | 5.0% |
Charles Schwab 101 Montgomery Street San Francisco, CA 94104 | First Investors Select Growth Fund | Institutional Class | 99.7% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Special Situation Fund | Advisor Class | 90.3% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Special Situation Fund | Advisor Class | 7.3% |
MSCS Financial Services, LLC 171 17th Street STE 1300 Denver, CO 80202 | First Investors Special Situation Fund | Institutional Class | 94.3% |
William H Damon and Martha Damon 24 Westin Ave Greenfield, MA 01301 | First Investors Total Return Fund | Advisor Class | 6.9% |
David R Scott 22 Harding Ave Adams, MA 01220 | First Investors Total Return Fund | Advisor Class | 9.7% |
Claudia Palazzola Living Trust 1413 Picadilly Ct Mount Prospect, IL 60056 | First Investors Total Return Fund | Advisor Class | 6.4% |
The Sherman and Alice Potts Trust 164 Wenzel Slough Rd Elma WA, 98541 | First Investors Total Return Fund | Advisor Class | 31.4% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Total Return Fund | Advisor Class | 12.5% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Total Return Fund | Advisor Class | 14.2% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors Total Return Fund | Institutional Class | 92.4% |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94104 | First Investors Total Return Fund | Institutional Class | 7.4% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Floating Rate Fund | Advisor Class | 61.9% |
Name and Address | First Investors Fund | Class of Shares | Percent Owned of Record* |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Floating Rate Fund | Advisor Class | 24.9% |
MSCS Financial Services, LLC 171 17th Street STE 1300 Denver, CO 80202 | First Investors Floating Rate Fund | Institutional Class | 96.8% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Fund For Income | Advisor Class | 33.2% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Fund For Income | Advisor Class | 57.7% |
MSCS Financial Services 717 17th Street STE 1300 Denver, CO 80202 | First Investors Fund For Income | Institutional Class | 93.1% |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94104 | First Investors Fund For Income | Institutional Class | 6.8% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors Government Cash Management Fund | Institutional Class | 100.0% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors International Opportunities Bond Fund | Advisor Class | 94.1% |
MSCS Financial Services, LLC 171 17th Street STE 1300 Denver, CO 80202 | First Investors International Opportunities Bond Fund | Institutional Class | 97.3% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Investment Grade Fund | Advisor Class | 97.3% |
MSCS Financial Services, LLC 171 17th Street STE 1300 Denver, CO 80202 | First Investors Investment Grade Fund | Institutional Class | 94.0% |
Charles Schwab 101 Montgomery Street San Francisco, CA 94104 | First Investors Investment Grade Fund | Institutional Class | 5.8% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Limited Duration Bond Fund | Advisor Class | 90.5% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Limited Duration Bond Fund | Advisor Class | 7.6% |
MSCS Financial Services, LLC 171 17th Street STE 1300 Denver, CO 80202 | First Investors Limited Duration Bond Fund | Institutional Class | 89.2% |
Mac & Co | First Investors Limited Duration Bond Fund | Institutional Class | 8.9% |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94104 | First Investors Strategic Income Fund | Advisor Class | 50.6% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Strategic Income Fund | Advisor Class | 46.3% |
First Clearing LLC 1N Jefferson Ave Saint Louis, MO 63103 | First Investors New Jersey Tax Exempt Fund | A Shares | 5.6% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors New Jersey Tax Exempt Fund | Advisor Class | 37.8% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors New Jersey Tax Exempt Fund | Advisor Class | 62.1% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors New Jersey Tax Exempt Fund | Institutional Class | 100.0% |
Name and Address | First Investors Fund | Class of Shares | Percent Owned of Record* |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Tax Exempt Opportunities Fund | Advisor Class | 78.6% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Tax Exempt Opportunities Fund | Advisor Class | 7.3% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors Tax Exempt Opportunities Fund | Institutional Class | 100.0% |
National Financial Services LLC 499 Washington BLVD Jersey City, NJ 07310 | First Investors Tax Exempt Income Fund | Advisor Class | 8.9% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Tax Exempt Income Fund | Advisor Class | 71.5% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors Tax Exempt Income Fund | Advisor Class | 11.8% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors Tax Exempt Income Fund | Institutional Class | 100.0% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors New York Tax Exempt Fund | Advisor Class | 75.0% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors New York Tax Exempt Fund | Advisor Class | 19.5% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors New York Tax Exempt Fund | Institutional Class | 100.0% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors California Tax Exempt Fund | Advisor Class | 76.7% |
LPL Financial Corp PO Box 509206 San Diego, CA 92150 | First Investors California Tax Exempt Fund | Advisor Class | 20.7% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors California Tax Exempt Fund | Institutional Class | 100.0% |
James Trofitter and James Trofitter Jr 35298 Woodland Ln Astoria OR, 97103 | First Investors Oregon Tax Exempt Fund | Advisor Class | 9.5% |
Sherrie Love 4103 SE Henderson St Portland OR, 97202 | First Investors Oregon Tax Exempt Fund | Advisor Class | 5.6% |
Pershing LLC PO Box 2052 Jersey City, NJ 07303 | First Investors Oregon Tax Exempt Fund | Advisor Class | 61.9% |
Foresters Financial Services Raritan Plaza 1 Edison, NJ 08837 | First Investors Oregon Tax Exempt Fund | Institutional Class | 100.0% |
First Investors Fund Name | First Investors Subadviser (if applicable (1) | Current Mgmt Fee (2)(3) | Current Total Expense Ratio for Advisor Class (after waivers if applicable) (2) | Acquiring Fund (4) | Acquiring Fund Subadviser (if applicable) | Estimated Acquiring Fund Share Shell Fund Mgmt Fee (3) (5) | Estimated Acquiring Fund Inst. Share Total Expense Ratio (after waivers if applicable) (5) |
Growth & Income | - | 0.68% | 0.80% | Growth and Income | MFMHKL MIMGL | 0.63% | 0.72% |
Equity Income | - | 0.73% | 0.86% | Equity Income | MFMHKL MIMGL | 0.65% | 0.75% |
Select Growth | Smith | 0.73% | 0.83% | Growth Equity | Smith | 0.65% | 0.75% |
Opportunity | - | 0.70% | 0.90% | Opportunity | MFMHKL MIMGL | 0.73% | 0.84% |
Special Situations | - | 0.78% | 0.95% | Special Situations | MFMHKL MIMGL | 0.75% | 0.85% |
Global | - | 0.95% | 1.10% | Global Equity | MFMHKL MIMGL | 0.85% | 0.97% |
International | Vontobel | 0.97% | 1.18% | International | MFMHKL MIMGL | 0.85% | 0.98% |
Total Return | Muzinich | 0.69% | 0.84% | Total Return | MFMHKL MIMAK MIMEL MIMGL | 0.65% | 0.75% |
Tax Exempt Income | Green Square | 0.60% | 0.75% | Tax-Exempt Income | - | 0.50% | 0.61% |
Tax Exempt Opportunities | Green Square | 0.55% | 0.80% | Tax-Exempt Opportunities | - | 0.55% | 0.62% |
California Tax Exempt | Green Square | 0.50% | 0.64% | Tax-Free California II | - | 0.55% | 0.58% |
New Jersey Tax Exempt | Green Square | 0.50% | 0.68% | Tax-Free New Jersey | - | 0.55% | 0.66% |
New York Tax Exempt | Green Square | 0.50% | 0.60% | Tax-Free New York II | - | 0.55% | 0.60% |
Oregon Tax Exempt | Green Square | 0.50% | 0.66% | Tax-Free Oregon | - | 0.55% | 0.64% |
Limited Duration Bond | Muzinich | 0.41% | 0.51% | Limited Duration Bond | MIMAK MIMEL MIMGL | 0.50% | 0.51% |
Investment Grade | Muzinich | 0.66% | 0.76% | Investment Grade | MIMAK MIMEL MIMGL | 0.50% | 0.60% |
Floating Rate | Muzinich | 0.60% | 0.90% | Floating Rate II | MIMAK MIMEL MIMGL | 0.50% | 0.72% |
Fund For Income | Muzinich | 0.72% | 0.95% | Fund For Income | MIMAK MIMEL MIMGL | 0.65% | 0.75% |
Strategic Income | - | 0.05%* | 0.86% | Strategic Income II | MIMAK MIMEL MIMGL | 0.55% | 0.79% |
International Opportunities Bond | Brandywine | 0.75% | 1.08% | International Opportunities Bond | MIMAK MIMEL MIMGL | 0.75% | 0.95% |
Government Cash Management | - | 0.50% | 0.68%** | Gov't Cash Management | - | 0.45% | 0.68% |
Covered Call Strategy | ZCM | 0.80% | 1.03% | Covered Call Strategy | ZCM | 0.80% | 1.03% |
Hedged US Equity Opportunities | Wellington Management | 1.15% | 1.42% | Hedged US Equity Opportunities | Wellington Management | 1.15% | 1.42% |
Premium Income | ZCM | 0.80% | 1.06% | Premium Income | ZCM | 0.80% | 1.06% |
[1] Investment adviser for all FI Funds is Foresters Investment Management Company, Inc. | |||||||
[2] Fees and expenses are for the Advisor Class from the most current Prospectus. | |||||||
[3] Management fees cannot be shown after waivers as waivers are applied to different components of the expenses. The TER shows the amount an investor pays after waivers. | |||||||
[4] “DIFF Shell Funds” are newly created funds within the Delaware Funds complex that each correspond to a First Investors Fund. | |||||||
[5] Fees and expenses are estimates based on current expense information and were calculated at a $10 billion AUM level for the First Investors Fund Family. Actual fees and expenses could differ based on a variety of variables. Estimated expenses for Delaware VIP Series are Standard Share Class | |||||||
* This is a Fund of Fund and the fee provided does not include the Acquired (Underlying) Funds Fees and Expenses. | |||||||
** Fees and expenses are for the Institutional Class as the Fund does not offer an Advisor Class. |
Comparative Investment Advisory Fee Schedules | |||
First Investors Fund | First Investors Fund Investment Advisory Fee Schedule | Corresponding Acquiring Fund | Corresponding Acquiring Fund Investment Advisory Fee Schedule |
First Investors Covered Call Strategy Fund | Up to $300 mil 0.80% $300 mil-$500 mil 0.75% $500 mil-$1 bil 0.70% $1 bil-$2 bil 0.65% $2 bil-$3 bil 0.60% Above $3 bil 0.55% | Delaware Covered Call Strategy Fund | Up to $300 mil 0.80% $300 mil-$500 mil 0.75% $500 mil-$1 bil 0.70% $1 bil-$2 bil 0.65% $2 bil-$3 bil 0.60% Above $3 bil 0.55% |
Comparative Investment Advisory Fee Schedules | |||
First Investors Fund | First Investors Fund Investment Advisory Fee Schedule | Corresponding Acquiring Fund | Corresponding Acquiring Fund Investment Advisory Fee Schedule |
First Investors Equity Income Fund | Up to $300 mil 0.75% $300 mil-$500 mil 0.72% $500 mil-$750 mil 0.69% $750 mil-$1.25 bil 0.66% $1.25 bil-$1.75 bil 0.64% $1.75 bil-$2.25 bil 0.62% Above $2.25 bil 0.60% | Delaware Equity Income Fund | Up to $500 mil 0.65% $500-$1 bil 0.60% $1-$2.5 bil 0.55% Above $2.5 bl 0.50% |
First Investors Global Fund | Up to $600 mil 0.95% $600-$1 bil 0.92% $1 bil-$1.5 bil 0.90% Above $1.5 bl 0.88% | Delaware Global Equity Fund | Up to $500 mil 0.85% $500-$1 bil 0.80% $1-$2.5 bil 0.75% Above $2.5 bl 0.70% |
First Investors Growth & Income Fund | Up to $300 mil 0.75% $300 mil-$500 mil 0.72% $500 mil-$750 mil 0.69% $750 mil-$1.25 bil 0.66% $1.25 bil-$1.75 bil 0.64% $1.75 bil-$2.25 bil 0.62% Above $2.25 bil 0.60% | Delaware Growth and Income Fund | Up to $500 mil 0.65% $500-$1 bil 0.60% $1-$2.5 bil 0.55% Above $2.5 bl 0.50% |
First Investors Hedged U.S. Equity Opportunities Fund | Up to $100 mil 1.15% $100 mil-$500 mil 1.10% $500 mil-$1 bil 1.05% $1 bil-$2 bil 1.00% $2 bil-$3 bil 0.95% Above $3 bil 0.90% | Delaware Hedged U.S. Equity Opportunities Fund | Up to $100 mil 1.15% $100 mil-$500 mil 1.10% $500 mil-$1 bil 1.05% $1 bil-$2 bil 1.00% $2 bil-$3 bil 0.95% Above $3 bil 0.90% |
First Investors Opportunity Fund | Up to $300 mil 0.75% $300 mil-$500 mil 0.72% $500 mil-$750 mil 0.69% $750 mil-$1.25 bil 0.66% $1.25 bil-$1.75 bil 0.64% $1.75 bil-$2.25 bil 0.62% Above $2.25 bil 0.60% | Delaware Opportunity Fund | Up to $500 mil 0.75% $500-$1 bil 0.70% $1-$2.5 bil 0.65% Above $2.5 bl 0.60% |
First Investors International Fund | Up to $300 mil 0.98% $300-$600 mil 0.95% $600 mil-$1 bil 0.92% $1 bil-$1.5 bil 0.90% Above $1.5 bil 0.88% | Delaware International Fund | Up to $500 mil 0.85% $500-$1 bil 0.80% $1-$2.5 bil 0.75% Above $2.5 bl 0.70% |
First Investors Premium Income Fund | Above $0 0.80% | Delaware Premium Income Fund | Above $0 0.80% |
Comparative Investment Advisory Fee Schedules | |||
First Investors Fund | First Investors Fund Investment Advisory Fee Schedule | Corresponding Acquiring Fund | Corresponding Acquiring Fund Investment Advisory Fee Schedule |
First Investors Select Growth Fund | Up to $300 mil 0.75% $300 mil-$500 mil 0.72% $500 mil-$750 mil 0.69% $750 mil-$1.25 bil 0.66% $1.25 bil-$1.75 bil 0.64% $1.75 bil-$2.25 bil 0.62% Above $2.25 bil 0.60% | Delaware Growth Equity Fund | Up to $500 mil 0.65% $500-$1 bil 0.60% $1-$2.5 bil 0.55% Above $2.5 bl 0.50% |
First Investors Special Situations Fund | Up to $200 mil 0.90% $200 mil-$500 mil 0.75% $500 mil-$750 mil 0.72% $750 mil-$1 bil 0.69% $1 bil-$1.5 bil 0.66% Above $1.5 bil 0.64% | Delaware Special Situations Fund | Up to $500 mil 0.75% $500-$1 bil 0.70% $1-$2.5 bil 0.65% Above $2.5 bl 0.60% |
First Investors Total Return Fund | Up to $300 mil 0.75% $300-$500 mil 0.70% $500 mil-$1 Bil 0.65% $1 bil-$2bil 0.60% $2 bil-$3 bil 0.55% Over $3 Bil 0.50% | Delaware Total Return Fund | Up to $500 mil 0.65% $500-$1 bil 0.60% $1-$2.5 bil 0.55% Above $2.5 bl 0.50% |
First Investors Floating Rate Fund | Up to $250 mil 0.60% $250-$500 mil 0.55% $500-$1 bil 0.50% $1 -$2 bil 0.45% Above $2 bil 0.40% | Delaware Floating Rate II Fund | Up to $500 mil 0.50% $500-$1 bil 0.475% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors Fund For Income | Up to $250 mil 0.75% $250 mil-$500 mil 0.72% $500 mil-$750 mil 0.69% $750 mil-$1.25 bil 0.66% $1.25 bil-$1.75 bil 0.64% $1.75 bil-$2.25 bil 0.62% Above $2.25 bil 0.60% | Delaware Fund for Income | Up to $500 mil 0.65% $500-$1 bil 0.60% $1-$2.5 bil 0.55% Above $2.5 bl 0.50% |
First Investors Government Cash Management Fund | Above $0 0.50% | Delaware Government Cash Management Fund | Above $0 0.45% |
First Investors International Opportunities Bond Fund | Up to $250 mil 0.75% $250 mil-$500 mil 0.72% $500 mil-$750 mil 0.69% $750 mil-$1.25 bil 0.66% $1.25 bil-$1.75 bil 0.64% $1.75 bil-$2.25 bil 0.62% Above $2.25 bil 0.60% | Delaware International Opportunities Bond Fund | Up to $500 mil 0.75% $500-$1 bil 0.70% $1-$2.5 bil 0.65% Above $2.5 bl 0.60% |
Comparative Investment Advisory Fee Schedules | |||
First Investors Fund | First Investors Fund Investment Advisory Fee Schedule | Corresponding Acquiring Fund | Corresponding Acquiring Fund Investment Advisory Fee Schedule |
First Investors Investment Grade Fund | Up to $500 mil 0.66% $500-$1 bil 0.64% $1 bil -$1.5 bil 0.62% Above $1.5 bil 0.60% | Delaware Investment Grade Fund | Up to $500 mil 0.50% $500-$1 bil 0.475% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors Limited Duration Bond Fund | Up to $500 mil 0.41% $500 mil-$1 bil 0.39% $1 bil-$1.5 bil 0.37% Above $1.5 bil 0.35% | Delaware Limited Duration Bond Fund | Up to $500 mil 0.50% $500-$1 bil 0.475% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors Strategic Income Fund | Above $0 0.05% | Delaware Strategic Income II Fund | Up to $500 mil 0.55% $500-$1 bil 0.50% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors Tax Exempt Income Fund | Up to $500 mil 0.60% $500-$1 bil 0.58% $1-$1.5 bil 0.56% Above $1.5 bl 0.54% | Delaware Tax-Exempt Income Fund | Up to $500 mil 0.50% $500-$1 bil 0.475% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors Tax Exempt Opportunities Fund | Up to $500 mil 0.55% $500-$1 bil 0.53% $1-$1.5 bil 0.51% Above $1.5 bl 0.49% | Delaware Tax-Exempt Opportunities Fund | Up to $500 mil 0.55% $500-$1 bil 0.50% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors California Tax Exempt Fund | Up to $500 mil 0.50% $500-$1 bil 0.48% $1-$1.5 bil 0.46% Above $1.5 bl 0.44% | Delaware Tax-Free California II Fund | Up to $500 mil 0.55% $500-$1 bil 0.50% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors New Jersey Tax Exempt Fund | Up to $500 mil 0.50% $500-$1 bil 0.48% $1-$1.5 bil 0.46% Above $1.5 bl 0.44% | Delaware Tax-Free New Jersey Fund | Up to $500 mil 0.55% $500-$1 bil 0.50% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors New York Tax Exempt Fund | Up to $500 mil 0.50% $500-$1 bil 0.48% $1-$1.5 bil 0.46% Above $1.5 bl 0.44% | Delaware Tax-Free New York II Fund | Up to $500 mil 0.55% $500-$1 bil 0.50% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
Comparative Investment Advisory Fee Schedules | |||
First Investors Fund | First Investors Fund Investment Advisory Fee Schedule | Corresponding Acquiring Fund | Corresponding Acquiring Fund Investment Advisory Fee Schedule |
First Investors Oregon Tax Exempt Fund | Up to $500 mil 0.50% $500-$1 bil 0.48% $1-$1.5 bil 0.46% Above $1.5 bl 0.44% | Delaware Tax-Free Oregon Fund | Up to $500 mil 0.55% $500-$1 bil 0.50% $1-$2.5 bil 0.45% Above $2.5 bl 0.425% |
First Investors Trust/Funds | Corresponding Acquiring Trust/Fund |
First Investors Equity Funds | Delaware Group Equity Funds IV |
First Investors Growth & Income Fund | Delaware Growth and Income Fund |
First Investors Equity Income Fund | Delaware Equity Income Fund |
First Investors Select Growth Fund | Delaware Growth Equity Fund |
First Investors Opportunity Fund | Delaware Opportunity Fund |
First Investors Special Situations Fund | Delaware Special Situations Fund |
First Investors Global Fund | Delaware Global Equity Fund |
First Investors Trust/Funds | Corresponding Acquiring Trust/Fund |
First Investors International Fund | Delaware International Fund |
First Investors Total Return Fund | Delaware Total Return Fund |
First Investors Covered Call Strategy Fund | Delaware Covered Call Strategy Fund |
First Investors Hedged U.S. Equity Opportunities Fund | Delaware Hedged U.S. Equity Opportunities Fund |
First Investors Premium Income Fund | Delaware Premium Income Fund |
First Investors Tax-Exempt Funds | Delaware Group Limited-Term Government Funds |
First Investors Tax Exempt Income Fund | Delaware Tax-Exempt Income Fund |
First Investors Tax Exempt Opportunities Fund | Delaware Tax-Exempt Opportunities Fund |
First Investors California Tax Exempt Fund | Delaware Tax-Free California II Fund |
First Investors New Jersey Tax Exempt Fund | Delaware Tax-Free New Jersey Fund |
First Investors New York Tax Exempt Fund | Delaware Tax-Free New York II Fund |
First Investors Oregon Tax Exempt Fund | Delaware Tax-Free Oregon Fund |
First Investors Income Funds | Delaware Group Equity Funds IV |
First Investors Limited Duration Bond Fund | Delaware Limited Duration Bond Fund |
First Investors Investment Grade Fund | Delaware Investment Grade Fund |
First Investors Floating Rate Fund | Delaware Floating Rate II Fund |
First Investors Fund for Income | Delaware Fund for Income |
First Investors Strategic Income Fund | Delaware Strategic Income II Fund |
First Investors International Opportunities Bond Fund | Delaware International Opportunities Bond Fund |
First Investors Government Cash Management Fund | Delaware Government Cash Management Fund |
Page | |
General Information | 4 |
Incorporation by Reference | 7 |
First Investors Trust/Funds | Corresponding Acquiring Trust/Fund |
First Investors Equity Funds | Delaware Group Equity Funds IV |
First Investors Growth & Income Fund | Delaware Growth and Income Fund |
First Investors Equity Income Fund | Delaware Equity Income Fund |
First Investors Select Growth Fund | Delaware Growth Equity Fund |
First Investors Opportunity Fund | Delaware Opportunity Fund |
First Investors Special Situations Fund | Delaware Special Situations Fund |
First Investors Global Fund | Delaware Global Equity Fund |
First Investors International Fund | Delaware International Fund |
First Investors Total Return Fund | Delaware Total Return Fund |
First Investors Covered Call Strategy Fund | Delaware Covered Call Strategy Fund |
First Investors Hedged U.S. Equity Opportunities Fund | Delaware Hedged U.S. Equity Opportunities Fund |
First Investors Premium Income Fund | Delaware Premium Income Fund |
First Investors Tax-Exempt Funds | Delaware Group Limited-Term Government Funds |
First Investors Tax Exempt Income Fund | Delaware Tax-Exempt Income Fund |
First Investors Tax Exempt Opportunities Fund | Delaware Tax-Exempt Opportunities Fund |
First Investors California Tax Exempt Fund | Delaware Tax-Free California II Fund |
First Investors New Jersey Tax Exempt Fund | Delaware Tax-Free New Jersey Fund |
First Investors New York Tax Exempt Fund | Delaware Tax-Free New York II Fund |
First Investors Oregon Tax Exempt Fund | Delaware Tax-Free Oregon Fund |
First Investors Income Funds | Delaware Group Equity Funds IV |
First Investors Limited Duration Bond Fund | Delaware Limited Duration Bond Fund |
First Investors Investment Grade Fund | Delaware Investment Grade Fund |
First Investors Floating Rate Fund | Delaware Floating Rate II Fund |
First Investors Trust/Funds | Corresponding Acquiring Trust/Fund |
First Investors Fund for Income | Delaware Fund for Income |
First Investors Strategic Income Fund | Delaware Strategic Income II Fund |
First Investors International Opportunities Bond Fund | Delaware International Opportunities Bond Fund |
First Investors Government Cash Management Fund | Delaware Government Cash Management Fund |
1. | Statement of Additional Information for the First Investors Equity Funds dated January 31, 2019 (filed via EDGAR on January 28, 2019, Accession No. 0000898432-19-000114). |
2. | Supplement dated April 1, 2019 to the Statement of Additional Information for the First Investors Equity Funds dated January 31, 2019 (filed via EDGAR on April 1, 2019, Accession No. 0000898432-19-000575). |
3. | Supplement dated April 9, 2019 to the Statement of Additional Information for the First Investors Equity Funds dated January 31, 2019 (filed via EDGAR on April 9, 2019, Accession No. 0000898432-19-000654). |
4. | Supplement dated May 31, 2019 to the Statement of Additional Information for the First Investors Equity Funds dated January 31, 2019 (filed via EDGAR on May 31, 2019, Accession No. 0000898432-19-000876). |
5. | The audited financial statements and related report of the independent public accounting firm included in the First Investor Equity Funds’ Annual Report to Shareholders for the fiscal year ended September 30, 2018 (filed via EDGAR on December 10, 2018, Accession No. 0001398344-18-017737) and Semi-Annual Report for the period ended March 31, 2019 (filed via EDGAR on June 6, 2019, Accession No. 0001398344-19-010164). |
6. | Statement of Additional Information for the First Investors Income Funds dated January 31, 2019 (filed via EDGAR on January 28, 2019, Accession No. 0000898432-19-000115). |
7. | Supplement dated April 1, 2019 to the Statement of Additional Information for the First Investors Income Funds dated January 31, 2019 (filed via EDGAR on April 1, 2019, Accession No. 0000898432-19-000568). |
8. | Supplement dated April 9, 2019 to the Statement of Additional Information for the First Investors Income Funds dated January 31, 2019 (filed via EDGAR on April 9, 2019, Accession No. 0000898432-19-000655). |
9. | Supplement dated May 31, 2019 to the Statement of Additional Information for the First Investors Income Funds dated January 31, 2019 (filed via EDGAR on May 31, 2019, Accession No. 0000898432-19-000877). |
10. | The audited financial statements and related report of the independent public accounting firm included in the First Investor Income Funds’ Annual Report to Shareholders for the fiscal year ended September 30, 2018 (filed via EDGAR on December 10, 2018, Accession No. 0001398344-18-017734) and Semi-Annual Report for the period ended March 31, 2019 (filed via EDGAR on June 6, 2019, Accession No. 0001398344-19-010121). |
11. | Statement of Additional Information for the First Investors Tax Exempt Funds dated May 1, 2019 (filed via EDGAR on April 29, 2019, Accession No. 0000898432-19-000742). |
12. | Supplement dated May 1, 2019 to the Statement of Additional Information for the First Investors Tax Exempt Funds dated May 1, 2019 (filed via EDGAR on May 31, 2019, Accession No. 0000898432-19-000800). |
13. | Supplement dated May 31, 2019 to the Statement of Additional Information for the First Investors Tax Exempt Funds dated May 1, 2019 (filed via EDGAR on May 31, 2019, Accession No. 0000898432-19-000878). |
14. | The audited financial statements and related report of the independent public accounting firm included in the First Investor Tax Exempt Funds’ Annual Report to Shareholders for the fiscal year ended December 31, 2018 (filed via EDGAR on March 8, 2019, Accession No. 0001398344-19-004436) and Semi-Annual Report for the period ended June 30, 2018 (filed via EDGAR on September 7, 2018, Accession No. 0001398344-18-013339). |
15. | Statement of Additional Information for the Delaware Group® Equity Funds IV dated July [__], 2019 (filed via EDGAR on July [__], 2019, Accession No. [______________]). |
16. | Statement of Additional Information for the Delaware Group® Limited-Term Government Funds dated July [__], 2019 (filed via EDGAR on July [__], 2019, Accession No. [____________]). |
Delaware Group® Limited-Term Government Funds
Item 15. | Indemnification. Article VII, Section 2 (November 15, 2006) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 60 filed April 27, 2007. Article VI of the Amended and Restated By-Laws (April 1, 2015) incorporated into this filing by reference to Post-Effective Amendment No. 77 filed April 28, 2016. | |||
Item 16. | Exhibits. The following exhibits are incorporated by reference to the Registrant’s previously filed registration statements on Form N-1A indicated below, except as noted: | |||
(1) | Copies of the charter of the Registrant as now in effect; | |||
(a) | Executed Agreement and Declaration of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 49 filed December 14, 1999. | |||
(i) | Executed Certificate of Amendment (November 15, 2006) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 60 filed April 27, 2007. | |||
(ii) | Executed Certificate of Amendment (February 26, 2009) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 65 filed February 25, 2010. | |||
(iii) | Executed Certificate of Amendment (August 18, 2009) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 65 filed February 25, 2010. | |||
(iv) | Executed Certificate of Amendment (May 21, 2015) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 77 filed April 28, 2016. | |||
(b) | Executed Certificate of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 49 filed December 14, 1999. | |||
(2) | Copies of the existing bylaws or corresponding instruments of the Registrant; | |||
(i) | By-Laws. Amended and Restated By-Laws (April 1, 2015) incorporated into this filing by reference to Post-Effective Amendment No. 77 filed April 28, 2016. | |||
(3) | Copies of any voting trust agreement affecting more than 5 percent of any class of equity securities of the Registrant; | |||
Not applicable. | ||||
(4) | Copies of the agreement of acquisition, reorganization, merger, liquidation and any amendments to it; | |||
(a) | Form of Agreement and Plan of Reorganization by and between First Investors Equity Funds, First Investors Income Funds, First Investors Life Series Funds, First Investors Tax Exempt Funds, Delaware Group Equity Funds IV, Delaware Group Limited-Term Government Funds, Delaware VIP Trust, Macquarie Investment Management Business Trust and Foresters Investment Management Company, Inc. is filed herewith as Exhibit A to the Proxy Statement/Prospectus. | |||
(5) | Copies of all instruments defining the rights of holders of the securities being registered, including copies, where applicable, of the relevant portion of the articles of incorporation or by-laws of the Registrant; |
(a) | Agreement and Declaration of Trust. Articles III, IV, V and VI of the Agreement and Declaration of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 25 filed October 18, 1999. | ||||
(b) | By-Laws. Article II of the Amended and Restated By-Laws (November 16, 2006) incorporated into this filing by reference to Post-Effective Amendment No. 38 filed July 6, 2007. | ||||
(6) | Copies of all investment advisory contracts relating to the management of the assets of the Registrant; | ||||
(a) | |||||
(i) | Executed Investment Management Agreement (January 4, 2010) between Delaware Management Company (a series of Macquarie Investment Management Business Trust) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 65 filed February 25, 2010. | ||||
(ii) | Form of Amendment No. 1 to Exhibit A of the Investment Management Agreement attached as Exhibit No. EX-99.6.a.ii. | ||||
(7) | Copies of each underwriting or distribution contract between the Registrant and a principal underwriter, and specimens or copies of all agreements between principal underwriters and dealers; | ||||
(a) | Distribution Agreements. | ||||
(i) | Executed Amended and Restated Distribution Agreement (February 25, 2016) between Delaware Distributors, L.P. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | ||||
(ii) | Executed Distribution Expense Limitation Letter (April 23, 2018) between Delaware Distributors, L.P. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | ||||
(b) | Form of Dealer's Agreement incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | ||||
(c) | Form of Registered Investment Advisers Agreement incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | ||||
(d) | Form of Bank/Trust Agreement incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | ||||
(8) | Copies of all bonus, profit sharing, pension or other similar contracts or arrangements wholly or partly for the benefit of directors or officers of the Registrant in their capacity as such. Furnish a reasonably detailed description of any plan that is not set forth in a formal document; Not applicable. | ||||
(9) | Copies of all custodian agreements and depository contracts under Section 17(f) of the Investment Company Act of 1940, as amended (the “1940 Act”), for securities and similar investments of the Registrant, including the schedule of remuneration; | ||||
(a) | Executed Mutual Fund Custody and Services Agreement (July 20, 2007) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 64 filed April 29, 2009. | ||||
(i) | Executed Amendment (January 1, 2014) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 75 filed April 30, 2015. |
(ii) | Executed Amendment No. 2 (July 1, 2017) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | |||
(b) | Executed Securities Lending Authorization Agreement (July 20, 2007) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 62 filed November 27, 2007. | |||
(i) | Executed Amendment (September 22, 2009) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective Amendment No. 67 filed April 29, 2011. | |||
(ii) | Executed Amendment No. 2 (January 1, 2010) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective Amendment No. 65 filed February 25, 2010. | |||
(10) | Copies of any plan entered into by Registrant pursuant to Rule 12b-1 under the 1940 Act and any agreements with any person relating to implementation of the plan, and copies of any plan entered into by Registrant pursuant to Rule 18f-3 under the 1940 Act, any agreement with any person relating to implementation of the plan, any amendment to the plan, and a copy of the portion of the minutes of the meeting of the Registrant’s trustees describing any action taken to revoke the plan; | |||
(a) | Plan under Rule 12b-1 for Class A (April 19, 2001) incorporated into this filing by reference to Post-Effective Amendment No. 53 filed February 28, 2002. | |||
(b) | Plan under Rule 12b-1 for Class C (April 19, 2001) incorporated into this filing by reference to Post-Effective Amendment No. 53 filed February 28, 2002. | |||
(c) | Plan under Rule 12b-1 for Class R (May 15, 2003) incorporated into this filing by reference to Post-Effective Amendment No. 59 filed April 26, 2006. | |||
(d) | Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 (February 28, 2018) incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | |||
(11) | An opinion and consent of counsel as to the legality of the securities being registered, indicating whether they will, when sold, be legally issued, fully paid and nonassessable; | |||
(a) | Opinion and Consent of Counsel (June 18, 2019) relating to the Registrant attached as Exhibit No. EX-99.11.a. | |||
(12) | An opinion, and consent to their use, of counsel or, in lieu of an opinion, a copy of the revenue ruling from the Internal Revenue Service, supporting the tax matters and consequences to shareholders discussed in the prospectus; | |||
Not applicable. | ||||
(13) | Copies of all material contracts of the Registrant not made in the ordinary course of business which are to be performed in whole or in part on or after the date of filing the registration statement; | |||
(a) | Executed Shareholder Services Agreement (April 19, 2001) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 53 filed February 28, 2002. | |||
(i) | Executed Letter Amendment (August 23, 2002) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 56 filed February 27, 2004. | |||
(ii) | Executed Schedule B (February 25, 2016) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 79 filed April 27, 2017. |
(iii) | Executed Schedule B (February 25, 2016) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 79 filed April 27, 2017. | |||
(b) | Executed Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014) between The Bank of New York Mellon and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 73 filed April 30, 2014. | |||
(i) | Executed Amendment No. 1 (July 1, 2017) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | |||
(c) | Executed Amended and Restated Fund Accounting and Financial Administration Oversight Agreement (January 1, 2014) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 73 filed April 30, 2014. | |||
(i) | Executed Assignment and Assumption Agreement (November 1, 2014) between Delaware Service Company, Inc. and Delaware Investments Fund Services Company relating to the Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 75 filed April 30, 2015. | |||
(ii) | Executed Amendment No. 1 (September 1, 2017) to Amended and Restated Fund Accounting and Financial Administration Oversight Agreement incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | |||
(14) | Copies of any other opinions, appraisals or rulings, and consents to their use, relied on in preparing the registration statement and required by Section 7 of the 1933 Act; | |||
(a) | Consent of Independent Registered Public Accounting Firm (June 14, 2019) attached as Exhibit No. EX-14.a. | |||
(15) | All financial statements omitted pursuant to Item 14(a)(1); | |||
Not applicable. | ||||
(16) | Manually signed copies of any power of attorney pursuant to which the name of any person has been signed by the registration statement; and | |||
(a) | Powers of Attorney attached as Exhibit No. EX-99.16.a. | |||
(17) | Any additional exhibits which the Registrant may wish to file. | |||
(a) | Code of Ethics for Macquarie Investment Management, Delaware Funds® by Macquarie and Optimum Fund Trust (October 1, 2013) incorporated into this filing by reference to Post-Effective Amendment No. 81 filed April 27. 2018. | |||
Item 17. | Undertakings. | |||
(1) | The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. | |||
(2) | The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. | |||
(3) | The undersigned Registrant agrees to file by Post-Effective Amendment the opinion and consent of counsel regarding the tax consequences of the proposed reorganization required by Item 16(12) of Form N-14 within a reasonable time after receipt of such opinion. |
DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS | ||
By: | /s/ Shawn K. Lytle | |
Shawn K. Lytle President/Chief Executive Officer |
Signature | Title | Date | ||
/s/ Shawn K. Lytle | President/Chief Executive Officer | June 19, 2019 | ||
Shawn K. Lytle | (Principal Executive Officer) and Trustee | |||
Jerome D. Abernathy | * | Trustee | June 19, 2019 | |
Jerome D. Abernathy | ||||
Thomas L. Bennett | * | Chair and Trustee | June 19, 2019 | |
Thomas L. Bennett | ||||
Ann D. Borowiec | * | Trustee | June 19, 2019 | |
Ann D. Borowiec | ||||
Joseph W. Chow | * | Trustee | June 19, 2019 | |
Joseph W. Chow | ||||
John A. Fry | * | Trustee | June 19, 2019 | |
John A. Fry | ||||
Lucinda S. Landreth | * | Trustee | June 19, 2019 | |
Lucinda S. Landreth | ||||
Frances A. Sevilla-Sacasa | * | Trustee | June 19, 2019 | |
Frances A. Sevilla-Sacasa | ||||
Thomas K. Whitford | * | Trustee | June 19, 2019 | |
Thomas K. Whitford | ||||
Christianna Wood | * | Trustee | June 19, 2019 | |
Christianna Wood | ||||
Janet L. Yeomans | * | Trustee | June 19, 2019 | |
Janet L. Yeomans | ||||
Richard Salus | * | Senior Vice President/Chief Financial Officer | June 19, 2019 | |
Richard Salus | (Principal Financial Officer) |
Shawn K. Lytle
as Attorney-in-Fact for each of the persons indicated
(Pursuant to Powers of Attorney previously filed and filed herewith)
(Delaware Group® Limited-Term Government Funds N-14)
Exhibit No. | Exhibit |
EX-99.6.a.ii | Form of Amendment No. 1 to Exhibit A of the Investment Management Agreement |
EX-99.11.a | Opinion and Consent of Counsel (June 18, 2019) relating to the Registrant |
EX-99.14.a | Consent of Tait, Weller & Baker LLP |
EX-99.16.a | Powers of Attorney |