Fund Evaluator:
Dupree NC Tax-Free Income (NTFIX)
Follow This Fund
Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
Dupree NC Tax-Free Income Overview
Dupree NC Tax-Free Income (NTFIX) is an actively managed Municipal Bond Muni Single State Interm fund. Dupree launched the fund in 1995.
The investment seeks to provide a high and stable level of income exempt from federal and North Carolina personal income taxes derived from North Carolina municipal securities without incurring undue risk to principal. The fund seeks to provide a steady flow of tax-exempt income derived from North Carolina municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally greater than 10 years.
About Dupree NC Tax-Free Income (NTFIX)
There are 1 members of the management team with an average tenure of 26.60 years: Vincent Harrison (1999). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Dupree NC Tax-Free Income has 171 securities in its portfolio. The top 10 holdings constitute 17.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Dupree NC Tax-Free Income is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Dupree NC Tax-Free Income has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.5% (99.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Dupree NC Tax-Free Income has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $106 million in total assets, which is above the $85 million average for the Muni Single State Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NTFIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Dupree NC Tax-Free Income expense ratio is above average compared to funds in the Muni Single State Interm category. Dupree NC Tax-Free Income has an expense ratio of 0.74%, which is 12% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Dupree NC Tax-Free Income has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, Dupree NC Tax-Free Income returned -1.9%, which earned it a grade of D, as the Muni Single State Interm category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Dupree NC Tax-Free Income has a trailing yield of 3.08%, which is above the 3.00% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Dupree NC Tax-Free Income Grades
Year to date, the fund has returned 0.7%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 5.6% over the past year (grade of B), 2.5% over the past three years (grade of C) and -0.1% per year over the past five years (grade of D) and 1.3% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Dupree NC Tax-Free Income, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
NTFIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NTFIX Return (NAV) | -1.9% | -0.7% | 5.6% | 2.5% | -0.1% | 1.3% |
| NTFIX Grade | D | D | B | C | D | C |
| +/- Category | -0.1% | -0.1% | 0.6% | -0.1% | -0.3% | 0.1% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| NTFIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
NTFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NTFIX Return (NAV) | 0.7% | 3.8% | 0.7% | 4.8% | -9.3% | 1.2% | 5.0% | 6.3% | 0.2% | 4.7% | 0.0% |
| NTFIX Grade | B | D | C | B | F | A | A | B | F | A | C |
| +/- Category | 0.4% | -0.3% | -0.2% | 0.4% | -1.6% | 0.7% | 0.9% | 0.6% | -0.6% | 1.2% | -0.0% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 5.2% |
| Total Risk Index: | 0.42 - Low |
| Category Risk Index: | 1.04 - Average |
| Category Risk Grade: | C (54% Rank) |
| Beta: | 0.90 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $106 Mil |
| Fund Total Assets: | $ 107 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 26.6 years | |||
| Average Tenure: 26.6 years | |||
| Managers (Year): Harrison Vincent (1999) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 171 |
| % in Top 10 Holdings: | 17.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | Dupree |
| Phone Number: | 800-866-0614 |
| Website: | www.dupree-funds.com |
| Status: | Open |
| Inception Date: | November 15, 1995 |
| Min. Initial Purchase: | $ 500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Dupree NC Tax-Free Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
