Fund Evaluator:
Nomura Tax-Free Pennsylvania A (DELIX)
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Best Performing in Muni Pennsylvania Over the Last Year
| 6.7% | Vanguard PA Long-Term Tax-Exempt Adm (VPALX) |
| 6.7% | Vanguard PA Long-Term Tax-Exempt Inv (VPAIX) |
| 5.0% | Fidelity Pennsylvania Municipal Income (FPXTX) |
Fund Details
Nomura Tax-Free Pennsylvania A Overview
Nomura Tax-Free Pennsylvania A (DELIX) is an actively managed Municipal Bond Muni Pennsylvania fund. Nomura launched the fund in 1977.
The investment seeks as high a level of current income exempt from federal income tax and from Pennsylvania state personal income tax as is consistent with preservation of capital. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities that provide income that is exempt from federal income tax, including the federal alternative minimum tax, and the personal income taxes of the Commonwealth of Pennsylvania. It will invest its assets in securities with maturities of various lengths, depending on market conditions.
About Nomura Tax-Free Pennsylvania A (DELIX)
There are 3 members of the management team with an average tenure of 11.94 years: William Roach (2023), Stephen Czepiel (2007), Gregory Gizzi (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Nomura Tax-Free Pennsylvania A has 155 securities in its portfolio. The top 10 holdings constitute 21.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nomura Tax-Free Pennsylvania A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Nomura Tax-Free Pennsylvania A has 16.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (83.8% domestic bond, 16.3% foreign bond and 0.0% convertible bond). Nomura Tax-Free Pennsylvania A has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $267 million in total assets, which is above the $189 million average for the Muni Pennsylvania category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DELIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nomura Tax-Free Pennsylvania A expense ratio is high compared to funds in the Muni Pennsylvania category. Nomura Tax-Free Pennsylvania A has an expense ratio of 0.83%, which is 1% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nomura Tax-Free Pennsylvania A has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Muni Pennsylvania category.
Recently, in the month of July 2026, Nomura Tax-Free Pennsylvania A returned -2.3%, which earned it a grade of F, as the Muni Pennsylvania category had an average return of -1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Nomura Tax-Free Pennsylvania A has a trailing yield of 4.04%, which is above the 3.51% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nomura Tax-Free Pennsylvania A Grades
Year to date, the fund has returned 1.3%, 0.7 percentage points better than the category, which translates into a grade of A. The fund has returned 7.6% over the past year (grade of A), 3.5% over the past three years (grade of A) and 0.4% per year over the past five years (grade of B) and 2.0% per year over the past 10 years (grade of B).
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DELIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DELIX Return (NAV) | -2.3% | -0.3% | 7.6% | 3.5% | 0.4% | 2.0% |
| DELIX Grade | F | A | A | A | B | B |
| +/- Category | -0.3% | 0.2% | 1.3% | 0.4% | 0.3% | 0.3% |
| Muni Pennsylvania Avg | -1.9% | -0.5% | 6.3% | 3.1% | 0.1% | 1.7% |
| DELIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
DELIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DELIX Return (NAV) | 1.3% | 1.9% | 2.9% | 8.8% | -11.8% | 4.4% | 4.8% | 7.2% | 0.5% | 5.3% | 0.6% |
| DELIX Grade | A | F | B | A | F | A | B | B | F | B | C |
| +/- Category | 0.7% | -1.4% | 0.6% | 2.9% | -1.3% | 1.8% | 0.4% | 0.1% | -1.4% | 1.2% | -0.1% |
| Muni Pennsylvania Avg | 0.6% | 3.3% | 2.2% | 5.9% | -10.5% | 2.6% | 4.4% | 7.1% | 2.0% | 4.1% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 8.0% |
| Total Risk Index: | 0.65 - Below Average |
| Category Risk Index: | 1.26 - High |
| Category Risk Grade: | F (98% Rank) |
| Beta: | 1.36 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $383 Mil |
| Fund Total Assets: | $ 267 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 19.1 years | |||
| Average Tenure: 11.9 years | |||
| Managers (Year): Czepiel Stephen (2007), Gizzi Gregory (2012), Roach William (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 155 |
| % in Top 10 Holdings: | 21.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 16.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 83.8% |
| Foreign Bond: | 16.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Nomura |
| Phone Number: | 800-523-1918 |
| Website: | www.delawarefunds.com |
| Status: | Open |
| Inception Date: | March 23, 1977 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.83% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Nomura Tax-Free Pennsylvania A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
