DVTAX Fees and Costs — Macquarie Tax-Free California Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 0.80%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.18% other expenses, less a 0.18% fee waiver. This share class carries a maximum front-end sales load of 4.50%. Portfolio turnover was 46%.
DVTAX Fees and Expenses
Annual operating expenses and sales charges of DVTAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.18% |
| Gross expense ratio | 0.98% |
| Fee waiver | −0.18% |
| Net expense ratio | 0.80% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
DVTAX Costs Over Time
On $10,000 invested in DVTAX, assuming 5% a year before costs, total costs come to $1,054 over 5 years, cutting the return by 1.79% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $450 | $450 | $450 |
| Fund expenses (net expense ratio 0.80%) | $80 | $251 | $436 |
| Lost growth on money paid in costs | $22 | $83 | $168 |
| Total costs | $553 | $784 | $1,054 |
| Value after costs | $9,947 | $10,792 | $11,709 |
| Impact on return, per year | 5.53% | 2.43% | 1.79% |
DVTAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $360.7M
- Portfolio turnover (prospectus): 46%
- Securities lending: none during the year
DVTAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $70.5M | 26.68% |
| MORGAN STANLEY & CO. LLC | $45.7M | 17.29% |
| TD SECURITIES (USA) LLC | $44.5M | 16.85% |
| STIFEL FINANCIAL CORP. | $18.9M | 7.15% |
| J.P. Morgan Securities LLC | $18.6M | 7.06% |
| RBC CAPITAL MARKETS, LLC | $16.5M | 6.24% |
| B. C. ZIEGLER AND COMPANY | $13.1M | 4.98% |
| UBS SECURITIES LLC | $12.3M | 4.67% |
| BARCLAYS CAPITAL, INC. | $12.2M | 4.63% |
| INSPEREX LLC | $11.8M | 4.46% |
Macquarie Tax-Free California Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DCTIX | Institutional Class | 0.55% | none |
| DVTAX | Class A | 0.80% | 4.50% |
| DVFTX | Class C | 1.55% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.