FTOUX — Nomura Tax-Free Oregon Fund
Data updated: 2026-08-24
FTOUX — Nomura Tax-Free Oregon Fund. Long Municipal - National Bond · $50.45M AUM · 0.67% expense ratio. Holdings, fees, performance and SEC filings.
FTOUX Fund Overview
FTOUX — Nomura Tax-Free Oregon Fund is a US mutual fund managed by Delaware Group Limited-Term Government Funds, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Delaware Group Limited-Term Government Funds
- Category: Long Municipal - National Bond
- Assets under management: $50.45M
- Ticker: FTOUX
- SEC CIK: 0000357059
- SEC series ID: S000065936
- Share class ID: C000212990
FTOUX Investment Objective and Strategy
Nomura Tax-Free Oregon Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Delaware Group Limited-Term Government Funds.
Investment objective
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.
Principal investment strategy
Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax, and any applicable state income tax for individual residents of the state of Oregon (80% policy). The 80% policy is a fundamental investment policy that can only be changed upon shareholder approval. However, the Fund typically attempts to invest all of its assets in securities that pay interest that is exempt from federal income tax and state income tax for individual residents of such state, but may invest up to 20% of its net assets in securities that pay interest that is subject to the federal alternative minimum tax. Such securities include obligations issued by municipalities and other authorities in Oregon and US possessions and territories.
In certain cases, dividends paid by the Fund may also be exempt from local personal income taxes. The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the Manager to be, investment grade at the time of purchase. The Fund may invest in securities insured against default by independent insurance companies and revenue bonds. The Fund may also invest in variable and floating rate securities, as well as interest rate swaps, futures and options on futures to hedge against interest rate changes and inverse floaters to produce income. To a lesser extent, the Fund may invest up to 20% of its net assets in high yield, below investment grade municipal bonds (commonly known as high yield or junk bonds). High yield bonds include those that are rated below Baa3 by Moodys Investors Service, Inc.
or below BBB- by Standard & Poors and unrated bonds that are determined by the Manager to be of equivalent quality. When making investment decisions, the Manager focuses on bonds that it believes can generate attractive and consistent income. In selecting investments for the Fund, the Manager considers various factors, including: a securitys maturity, coupon, yield, credit quality, call protection and relative value and the outlook for interest rates and the economy. The Manager may sell a security for various reasons, including to replace it with a security that offers a higher yield or better value, respond to a deterioration in credit quality, or raise cash. The Manager generally considers any capital gains or losses that may be incurred upon the sale of an investment. In addition, the Manager considers the duration of the Funds portfolio when deciding whether to buy or sell a security.
The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.
FTOUX Holdings
Top 10 holdings of Nomura Tax-Free Oregon Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Puerto Rico Sales Tax Financing Corp. | 3.48% |
| Eugene Ore | 3.13% |
| Oregon Facilities Authority (or) | 3.03% |
| Oregon St Facs Auth | 2.61% |
| Oregon Health Sciences Univ Revenue (or) | 2.61% |
| Oregon St | 2.23% |
| Newport (or), City Of | 2.22% |
| Bend Ore | 2.21% |
| Oregon State Department Administrative Services (or) | 2.20% |
| Clackamas Cnty Ore Sch Dist No 007j Lake Oswego | 2.17% |
FTOUX Portfolio Allocation
Asset-class allocation of Nomura Tax-Free Oregon Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.2% |
FTOUX Costs and Fees
FTOUX costs about $67 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.67%
- Gross expense ratio: 0.90%
- Portfolio turnover: 31%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
FTOUX Cashflows
Over the 12 months to 2026-06, Nomura Tax-Free Oregon Fund had net outflows of $2.50M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $575.66K |
| 2026-05 | $788.96K |
| 2026-04 | $1.17M |
| 2026-03 | $66.61K |
| 2026-02 | $267.83K |
| 2026-01 | −$1.94M |
FTOUX Debt Constituents
Largest debt holdings of Nomura Tax-Free Oregon Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Puerto Rico Sales Tax Financing Corp. | 3.48% |
| Eugene Ore | 3.13% |
| Oregon Facilities Authority (or) | 3.03% |
| Oregon St Facs Auth | 2.61% |
| Oregon Health Sciences Univ Revenue (or) | 2.61% |
| Oregon St | 2.23% |
| Newport (or), City Of | 2.22% |
| Bend Ore | 2.21% |
| Oregon State Department Administrative Services (or) | 2.20% |
| Clackamas Cnty Ore Sch Dist No 007j Lake Oswego | 2.17% |
FTOUX Prospectus and SEC Filings
Official Nomura Tax-Free Oregon Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2026-08-24
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-14
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.