DVFTX – Nomura Tax-Free California C Investment Strategy | Morningstar

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Strategy

The investment seeks as high a level of current income exempt from federal income tax and from the California 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 municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from California state personal income taxes. It will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
DCTIX	Nomura Tax-Free California Fund Institutional Class	Institutional	Open			Dec 31, 2013	$148.50M	0.550%	Average	—	−$40.58M
DVTAX	Nomura Tax-Free California Fund Class A	Front Load	Open			Mar 2, 1995	$74.73M	0.800%	Above Average	$1,000	−$8.80M
DVFTX	Nomura Tax-Free California Fund Class C	Level Load	Open			Apr 9, 1996	$1.09M	1.550%	Above Average	$1,000	−$865,132.10

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