Fund Evaluator:
Nomura Tax-Free Pennsylvania Instl (DTPIX)
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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 Instl Overview
Nomura Tax-Free Pennsylvania Instl (DTPIX) is an actively managed Municipal Bond Muni Pennsylvania fund. Nomura launched the fund in 2013.
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 Instl (DTPIX)
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 Instl 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 Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Nomura Tax-Free Pennsylvania Instl 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 Instl has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $105 million in total assets, which is below 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.
DTPIX 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 Instl expense ratio is average compared to funds in the Muni Pennsylvania category. Nomura Tax-Free Pennsylvania Instl has an expense ratio of 0.58%, which is 31% lower than its category average, making the fund expense ratio grade a B. 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 Instl 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 Instl returned -2.1%, which earned it a grade of C, 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 Instl has a trailing yield of 4.28%, which is above the 3.51% category average. The fund normally distributes its income monthly.
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 Instl Grades
Year to date, the fund has returned 1.5%, 0.9 percentage points better than the category, which translates into a grade of A. The fund has returned 7.8% over the past year (grade of A), 3.8% over the past three years (grade of A) and 0.6% per year over the past five years (grade of A) and 2.3% per year over the past 10 years (grade of A).
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DTPIX 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 |
|
| DTPIX Return (NAV) | -2.1% | -0.1% | 7.8% | 3.8% | 0.6% | 2.3% |
| DTPIX Grade | C | A | A | A | A | A |
| +/- Category | -0.2% | 0.4% | 1.6% | 0.7% | 0.5% | 0.6% |
| Muni Pennsylvania Avg | -1.9% | -0.5% | 6.3% | 3.1% | 0.1% | 1.7% |
| DTPIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
DTPIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DTPIX Return (NAV) | 1.5% | 2.3% | 3.0% | 9.1% | -11.5% | 4.6% | 4.9% | 7.6% | 0.6% | 5.6% | 1.0% |
| DTPIX Grade | A | F | A | A | D | A | A | B | D | A | C |
| +/- Category | 0.9% | -1.0% | 0.7% | 3.2% | -1.0% | 2.1% | 0.5% | 0.5% | -1.3% | 1.4% | 0.3% |
| 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: | 0.66 - Below Average |
| Category Risk Index: | 1.27 - High |
| Category Risk Grade: | F (102% Rank) |
| Beta: | 1.37 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $383 Mil |
| Fund Total Assets: | $ 105 Mil |
| Share Class Type: | Inst |
| 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: | December 31, 2013 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.58% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Nomura Tax-Free Pennsylvania A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
