Nomura Tax-Free California Institutional (DCTIX)

Fund Assets	274.43M
Expense Ratio	0.55%
Min. Investment	$1,000
Turnover	46.00%
Dividend (ttm)	0.46
Dividend Yield	4.34%
Dividend Growth	7.62%
Payout Frequency	Monthly
Ex-Dividend Date	Jul 31, 2026

Previous Close	10.66
YTD Return	0.70%
1-Year Return	6.13%
5-Year Return	3.08%
52-Week Low	10.43
52-Week High	11.02
Beta (5Y)	0.10
Holdings	199
Inception Date	Dec 31, 2013

About DCTIX

Macquarie Tax-Free California Fund Institutional Class is a municipal bond mutual fund designed to provide investors with a high level of current income that is exempt from both federal and California state personal income taxes. As an actively managed fund, it primarily invests in a diversified portfolio of investment-grade California municipal bonds, though it has flexibility to allocate up to 20% of its assets to bonds of below investment grade if warranted by market conditions. The fund emphasizes capital preservation alongside income generation, making it suitable for institutional investors seeking tax-advantaged income streams. It distributes dividends monthly, with capital gains offered annually, reflecting its focus on stable, consistent returns. The fund’s portfolio is managed by Macquarie Asset Management, leveraging their expertise in fixed income and municipal securities. Over time, this share class has demonstrated strong relative performance compared to its category averages, underlining its role as a significant tax-exempt investment vehicle for those with California tax exposure and institutional needs.

• Fund Family: Nomura
• Category: Muni California Long
• Performance Rating: High
• Risk Rating: High
• Stock Exchange: NASDAQ
• Ticker Symbol: DCTIX
• Share Class: Institutional Class
• Index: Bloomberg Municipal Bond TR

Performance

DCTIX had a total return of 6.13% in the past year, including dividends. Since the fund's inception, the average annual return has been 3.54%.

Equivalent Funds

These are funds that follow the same index from the other major fund companies.

Symbol	Provider	Name	Expense Ratio
FCMAX	Fidelity	Fidelity Advisor California Muni Inc A	0.76%
FCTFX	Fidelity	Fidelity California Municipal Income Fund	0.43%
FIJBX	Fidelity	Fidelity Advisor California Muni Inc Z	0.40%
FCMQX	Fidelity	Fidelity Advisor California Municipal Income Fund - Class I	0.52%
FCMTX	Fidelity	Fidelity Advisor California Muni Inc M	0.67%

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
DVTAX	Class A	0.80%
DVFTX	Class C	1.55%

Dividend History

Ex-Dividend	Amount	Pay Date
Jul 31, 2026	$0.04137	Jul 31, 2026
Jun 30, 2026	$0.0379	Jun 30, 2026
May 29, 2026	$0.03911	May 29, 2026
Apr 30, 2026	$0.0383	Apr 30, 2026
Mar 31, 2026	$0.0392	Mar 31, 2026
Feb 27, 2026	$0.0354	Feb 27, 2026

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

Data Sources Report a data error