Dupree Mutual Funds

What Dupree Mutual Funds does

Dupree Mutual Funds is a privately held, family-owned mutual fund complex headquartered in Lexington, Kentucky, operating a portfolio of seven open-end mutual funds. The firm's core offering consists of five single-state municipal bond funds targeting residents of Kentucky, Tennessee, North Carolina, Alabama, and Mississippi, each providing income exempt from federal and (for in-state residents) state income tax. All municipal fund holdings are 100% AMT-free. The firm also offers two taxable funds—an Intermediate Government Bond Series and a Taxable Municipal Bond Series—for use in IRAs, tax-advantaged accounts, and tax-exempt organization portfolios. Aggregate assets under management total approximately $893 million as of July 2026, with the Kentucky Tax-Free Income Series (KYTFX) representing roughly 79% of total AUM at $702 million.

The firm's underlying technology is traditional active fixed-income management with no proprietary digital platform beyond an investor online access portal and legacy bond-pricing infrastructure dating to a 1969 computer program pioneered by President Tom Dupree Sr. Products are managed in-house with daily NAV pricing and monthly or quarterly dividend distributions. There is no mention of AI, machine learning, automated portfolio construction, or modern data-driven investment systems. The business is operated through Dupree & Company, Inc., a FINRA-member transfer agent and registered investment adviser.

Revenue is generated exclusively through annual management fees embedded in net annual fund operating expense ratios, which range from 0.62% (KYTFX) to 0.81% (Taxable Municipal). All funds are 100% no-load with no front-end loads, back-end loads, redemption fees, or 12b-1 fees. Distribution is entirely direct-to-consumer via a toll-free phone line (1-800-866-0614), a corporate website with prospectus availability, and quarterly shareholder letters—no brokers, dealers, or third-party distribution platforms are utilized. Fund availability is geographically restricted to 14 U.S. states. The customer base consists of individual retail investors, retirees seeking tax-free income, and tax-exempt organizations, with a low $500 minimum initial investment enabling broad participation across the firm's target investor pool.

Name

Dupree Mutual Funds

Legal name

Dupree Mutual Funds

Website

https://dupree-funds.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

11–50 employees

Short description

Dupree Mutual Funds is a privately held, family-owned mutual fund complex headquartered in Lexington, Kentucky, operating seven no-load municipal and taxable bond funds serving individual retail investors in five U.S. states, with aggregate AUM of approximately $893 million as of July 2026.

Ownership category

akta.pro rank

Product category

Tax-Free Municipal Bond Mutual Funds

NAICS

Open-End Investment Funds (52591), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Fixed Income Mutual Funds (FSAAAEAB)

akta.pro secondary industry

Government Bonds & Agencies (Sovereigns, Supras, Munis) (FSAAAHAA)

Keywords

• Tax-free municipal bonds
• Single-state bond funds
• No-load mutual funds
• Fixed-income investing
• Municipal bond management

Headquarters

HQ city

Lexington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mutual Fund Management Fees: Dupree Mutual Funds generates revenue through annual management fees embedded in the Net Annual Fund Operating Expense Ratios charged to fund shareholders. These expense ratios range from approximately 0.70% to 0.81% across different fund series. The funds are 100% no-load with no front-end loads, back-end loads, or 12b-1 fees, meaning all revenue comes from the management fee structure.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Dupree Mutual Funds operates as a privately held, family-owned mutual fund company that offers individual investors a portfolio of seven no-load mutual funds, including five single-state tax-free municipal bond funds (Kentucky, Tennessee, North Carolina, Alabama, and Mississippi) and two taxable bond funds (Intermediate Government Bond Series and Taxable Municipal Bond Series). All municipal bond funds are 100% AMT-free and provide dividend income free from federal and state income taxes for residents of the corresponding named state. Fund shares are bought and sold directly from the fund company at Net Asset Value with no sales loads, redemption fees, or 12b-1 fees, with daily liquidity and a $500 minimum initial investment.

Product overview

Dupree Mutual Funds offers a portfolio of seven mutual funds: five single-state tax-free municipal bond funds (Kentucky, Tennessee, North Carolina, Alabama, and Mississippi), one Intermediate Government Bond Series, and one Taxable Municipal Bond Series. All municipal bond funds are 100% no-load, AMT-free, and provide income tax-free at federal and state levels for residents of the named state. The funds are actively managed by in-house experts and offer daily liquidity at Net Asset Value with no sales loads, redemption fees, or 12b-1 fees.

Differentiator

Problem solved

Functional benefit

Products and services

• Kentucky Tax-Free Income Series (KYTFX) Single-state municipal bond fund offering Kentucky residents income free from federal and state taxes, also 100% AMT-free. Net Annual Fund Operating Expense Ratio: 0.62% (as of 12/31/2025); 30 Day Distribution Yield: 3.23%; Minimum to Invest: $500; No load, redemption fee, or 12b-1 fee.
• Tennessee Tax-Free Income Series (TNTIX) Single-state municipal bond fund offering Tennessee residents income free from federal and state taxes, also 100% AMT-free. 30 Day Distribution Yield: 3.07%; Minimum to Invest: $500.
• North Carolina Tax-Free Income Series (NTFIX) Single-state municipal bond fund offering North Carolina residents income free from federal and state taxes, also 100% AMT-free. 30 Day Distribution Yield: 3.13%; Minimum to Invest: $500.
• Alabama Tax-Free Income Series (DUALX) Single-state municipal bond fund offering Alabama residents income free from federal and state taxes, also 100% AMT-free. Net Annual Fund Operating Expense Ratio: 0.70% (as of 12/31/2025); 30 Day Distribution Yield: 3.10%; Minimum to Invest: $500.
• Mississippi Tax-Free Income Series (DUMSX) Single-state municipal bond fund offering Mississippi residents income free from federal and state taxes, also 100% AMT-free. 30 Day Distribution Yield: 3.26%; Minimum to Invest: $500.
• Intermediate Government Bond Series (DPIGX) Fully taxable fund investing in U.S. Government Agency securities with nominal maturities of 10 years or less. Appropriate for IRAs, tax-advantaged accounts, and tax-exempt organizations. Net Annual Fund Operating Expense Ratio: 0.70% (as of 12/31/2025); 30 Day Distribution Yield: 3.35%; Minimum to Invest: $500.
• Taxable Municipal Bond Series (DUTMX) Fully taxable fund investing in taxable municipal securities. Appropriate for IRAs, tax-advantaged accounts, and tax-exempt organizations. Net Annual Fund Operating Expense Ratio: 0.81% (as of 12/31/2025); 30 Day Distribution Yield: 4.61%; Minimum to Invest: $500.

Quantifiable outcome

• Tax-equivalent yields of 5.17-5.47% for investors in highest tax brackets (37%)
• +2 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• Fidelity Investments: Fidelity offers tax-free bond funds (including Fidelity Municipal Income Fund) as part of its broad asset management platform. Comparable to Dupree in offering no-load municipal bond exposure, but with significantly larger scale and broader distribution.
• Vanguard: Vanguard offers tax-exempt municipal bond funds and ETFs with a strong low-cost no-load philosophy. Comparable to Dupree in emphasizing low expense ratios and no-load access, though at vastly larger scale and broader geographic reach.
• T. Rowe Price: T. Rowe Price offers tax-free municipal bond funds (including single-state variants) as part of a broader asset management platform. Comparable to Dupree in offering no-load tax-free income funds but at substantially greater scale and with multi-state coverage.
• BlackRock: BlackRock manages municipal bond ETFs (MUB) and mutual funds at massive scale, with iShares as a major retail-accessible brand. Comparable to Dupree in municipal bond product category, though with a global platform and significantly different distribution model.

Direct peers

• Thornburg Investment Management: Thornburg is an independently operated investment manager with a strong municipal bond fund lineup (e.g., Thornburg Intermediate Municipal Fund). Comparable to Dupree as a smaller, focused fixed-income manager emphasizing tax-free income strategies.
• Eaton Vance (Morgan Stanley Investment Management): Eaton Vance (now part of Morgan Stanley) is a long-standing municipal bond specialist with single-state and national tax-free funds. Directly comparable to Dupree's single-state muni bond franchise and share a similar investor focus on tax-efficient income.
• American Century Investments: American Century offers tax-free bond funds (e.g., Short Duration Tax-Free, Intermediate-Term Tax-Free) targeted at retail investors seeking tax-exempt income. Comparable to Dupree in product focus on tax-free income and retail-oriented no-load distribution.
• Baird Funds: Baird Funds offers the Baird Municipal Bond Fund and similar tax-free fixed-income products distributed primarily through financial advisors. Comparable to Dupree in municipal bond focus and mid-sized independent asset management positioning.
• Nuveen: Nuveen is a long-standing municipal bond specialist owned by TIAA, managing one of the largest muni bond complexes in the U.S. It is directly comparable to Dupree as both focus on tax-free income strategies and serve income-oriented retail and institutional investors.
• Delaware Funds by Macquarie: Delaware Funds (Macquarie Asset Management) offers tax-free income funds (e.g., Delaware Tax-Free USA Fund) targeted at retail investors. Comparable to Dupree in product focus on tax-free bond strategies and similar mid-tier mutual fund complex positioning.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dupree Mutual Funds