NTSMX — North Carolina Tax-Free Short-to-Medium Series
Data updated: 2025-09-10
NTSMX — North Carolina Tax-Free Short-to-Medium Series. Short Municipal - National Bond · $8.35M AUM. Holdings, fees, performance and SEC filings.
NTSMX Fund Overview
NTSMX — North Carolina Tax-Free Short-to-Medium Series is a US mutual fund managed by Dupree Mutual Funds, categorised as Short 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: Dupree Mutual Funds
- Category: Short Municipal - National Bond
- Assets under management: $8.35M
- 1-year return: 2.3%
- Ticker: NTSMX
- SEC CIK: 0000311101
- SEC series ID: S000012003
- Share class ID: C000032731
NTSMX Investment Objective and Strategy
North Carolina Tax-Free Short-to-Medium Series describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Dupree Mutual Funds.
Investment objective
The Fund 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.
Principal investment strategy
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 ranging from 2-7 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of North Carolina. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and North Carolina income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and North Carolina income taxes.
Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.
NTSMX Holdings
Top 10 holdings of North Carolina Tax-Free Short-to-Medium Series by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| University N C | 9.04% |
| Pitt Cnty N C | 6.10% |
| Buncombe Cnty N C | 6.00% |
| University N C Greensboro | 4.89% |
| University N C | 3.70% |
| North Carolina Tpk Auth | 3.51% |
| Scotland Cnty N C | 3.27% |
| Monroe N C | 3.25% |
| Western Carolina Univ N C | 3.06% |
| Randolph Cnty N C | 3.03% |
NTSMX Portfolio Allocation
Asset-class allocation of North Carolina Tax-Free Short-to-Medium Series by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 96.4% |
NTSMX Performance
Total returns for NTSMX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.3% |
| 3 years (annualised) | 1.3% |
| 5 years (annualised) | 0.6% |
NTSMX Risk Information
Risk metrics for NTSMX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.4%
NTSMX Costs and Fees
NTSMX costs about $97 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.97%
- Gross expense ratio: 0.97%
- Portfolio turnover: 0%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
NTSMX Cashflows
Over the 12 months to 2025-03, North Carolina Tax-Free Short-to-Medium Series had net outflows of $1.05M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-03 | −$36.90K |
| 2025-02 | −$104.12K |
| 2025-01 | −$381.21K |
| 2024-12 | $124.99K |
| 2024-11 | −$86.99K |
| 2024-10 | $12.56K |
NTSMX Debt Constituents
Largest debt holdings of North Carolina Tax-Free Short-to-Medium Series by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| University N C | 9.04% |
| Pitt Cnty N C | 6.10% |
| Buncombe Cnty N C | 6.00% |
| University N C Greensboro | 4.89% |
| University N C | 3.70% |
| North Carolina Tpk Auth | 3.51% |
| Scotland Cnty N C | 3.27% |
| Monroe N C | 3.25% |
| Western Carolina Univ N C | 3.06% |
| Randolph Cnty N C | 3.03% |
NTSMX Prospectus and SEC Filings
Official North Carolina Tax-Free Short-to-Medium Series filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-10-28
- Prospectus (485BPOS) — filed 2023-10-27
- Prospectus (485BPOS) — filed 2022-10-28
- Portfolio holdings (N-PORT) — filed 2025-04-11
- Portfolio holdings (N-PORT) — filed 2025-01-24
- Portfolio holdings (N-PORT) — filed 2024-10-23
- Annual census (N-CEN) — filed 2025-09-10
- Annual census (N-CEN) — filed 2024-08-30
Related Funds
Other Short 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.