Management team
Gregory GizziChief Investment Officer of Fixed Income and Head of Municipal Bonds
Stephen CzepielSenior Portfolio Manager
William Roach, CFA, CMTSenior Portfolio Manager
Nomura Tax-Free Oregon Fund seeks a high level of interest income that is exempt from both federal and state income tax for individual residents of the state of Oregon.
Income focus
Investment approach emphasizes yield, which is the most significant component of total return over time
Research-driven process
Credit analysis is the cornerstone of the team’s bottom-up investment process and drives the potential for excess returns
Responsible risk
A multi-faceted risk management approach is critical to the team’s goal of delivering strong results over the long term
Long-term returns are predominantly driven by income – not price swings. This principle shapes the Municipal Bond Team’s approach.
Maximizing income and preserving principal is the primary focus, supported by disciplined risk management.
Actively managing tax efficiency through controlled turnover and strategic loss harvesting can help deliver stronger after-tax results.
The award-winning, experienced investment team* has applied its investment philosophy consistently for more than two decades.
The total return–oriented investment process emphasizes tax-advantaged results, combining deep bottom-up credit research with a broader macroeconomic perspective.
In-depth fundamental analysis is the cornerstone of the approach.
A collaborative team structure across portfolio management, research, and trading ensures informed, disciplined decision making at every step.
Bloomberg Municipal Bond Index
Morningstar Muni Single State Long Category
Lipper Other States Municipal Debt Funds Average
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.
Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor (as applicable) for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.
Returns for less than one year are not annualized.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Performance at NAV assumes that no front-end sales charge applied or the investment was not redeemed. Performance at offer assumes that a front-end sales charge applied to the extent applicable.
Performance at NAV assumes that no contingent deferred sales charge applied or the investment was not redeemed. Performance at max offer price assumes that a contingent deferred sales charge applied to the extent applicable.
Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). Class C shares are eligible to automatically convert to Class A shares with a lower 12b-1 fee approximately eight years after you buy Class C shares.
Class A shares have a maximum up-front sales charge of 4.50%.
The returns shown for periods after October 4, 2019 reflect the performance and expenses of the Predecessor Fund.
as of 2026-09-30
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Risk Disclosures
Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus and its summary prospectus, which may be obtained by visiting nomuraassetmanagement.com/literature or calling 800 523-1918 (for individual investors) or 877 693-3546 (for financial professionals). Investors should read the prospectus and the summary prospectus carefully before investing.
Investing involves risk, including the possible loss of principal.
Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
The principal on a fixed income security may be prepaid prior to maturity, which may require reinvestment at a lower interest rate.
Investments primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified investments.
If a fund or strategy invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund or strategy’s distributions would be taxable for investors who are subject to this tax.
Longer-duration debt securities are more likely to decline in price than shorter duration debt securities in a rising interest rate environment.
Not FDIC Insured • No Bank Guarantee • May Lose Value
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
© 2026 Nomura Asset Management International Inc.
Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary, institutional clients, and retail. Nomura Asset Management primarily operates through several distinct investment managers, which include Nomura Capital Management LLC, Nomura Corporate Research and Asset Management Inc., Nomura Investment Management Business Trust (NIMBT) (consisting of the Nomura Alternative Strategies, Nomura Investment Management Advisers, Nomura Investments Fund Advisers, Delaware Capital Management (DCM), and Delaware Management Company series), Nomura Investment Management Europe S.A., and Nomura Investment Management Austria Kapitalanlage AG. Nomura Asset Management includes investment products and advisory services distributed and offered by and referred through affiliates, which include Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA), and NIMBT, a Securities and Exchange Commission (SEC)-registered investment advisor. Investment advisory services are provided by the DCM series of NIMBT.
Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
This information is a general description of Nomura Asset Management only. The views expressed on this website represent those of the relevant investment team and are subject to change. No information set out above constitutes advice, an advertisement, an invitation, a confirmation, an offer or a solicitation, to buy or sell any security or other financial product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned on this website may not be suitable for you and may not be available in all jurisdictions.