A demodulator is provided that functions as a reduced-state equalizer and produces reliable soft bit values. According to an embodiment, soft bit values are generated for a sequence of transmitted symbols using a demodulator by updating an M-state trellis managed by the demodulator responsive to a transition from symbol time n−1 to symbol time n, where M is a function of the number of bits per symbol in the sequence of transmitted symbols. Survivor metrics associated with the M states of the trellis are saved each symbol time so that the demodulator can calculate soft bit values with regard to transitions from symbol time n+D−1 to symbol time n+D. The survivor metrics indicate the probability that each respective state represents the transmitted symbol associated with symbol time n+D−1. The trellis is traced back through to calculate soft bit values for a symbol detected at symbol time n−D based on survivor metrics saved for the M states at symbol time n−D.