# EDGAR Filing Document

**Accession Number:** 0000311101
**File Stem:** 0000311101-25-000007
**Filing Date:** 2025-9
**Character Count:** 116146
**Document Hash:** d50a8289063803c34fb36afc490bd9a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000311101-25-000007.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0000311101-25-000007

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250910

**EFFECTIVENESS DATE**: 20250910

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DUPREE MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000311101

**ORGANIZATION NAME:**
- **EIN:** 610954630
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02918
- **FILM NUMBER:** 251305650

**BUSINESS ADDRESS:**
- **STREET 1:** 125 S MILL
- **STREET 2:** P O BOX 1149
- **CITY:** LEXINGTON
- **STATE:** KY
- **ZIP:** 40507
- **BUSINESS PHONE:** 8592547741

**MAIL ADDRESS:**
- **STREET 1:** 125 SOUTH MILL STREET VINCE CENTER
- **STREET 2:** SUITE 100
- **CITY:** LEXINGTON
- **STATE:** KY
- **ZIP:** 40507

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KENTUCKY TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870716

## Series and Classes Contracts Data

### Alabama Tax-Free Income Series (Series ID: S000011998)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000032726 | Alabama Tax-Free Income Series | DUALX           |

### Kentucky Tax-Free Income Series (Series ID: S000011999)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000032727 | Kentucky Tax-Free Income Series | KYTFX           |

### Kentucky Tax-Free Short-to-Medium Series (Series ID: S000012000)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000032728 | Kentucky Tax-Free Short-to-Medium Series | KYSMX           |

### Mississippi Tax-Free Income Series (Series ID: S000012001)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000032729 | Mississippi Tax-Free Income Series | DUMSX           |

### North Carolina Tax-Free Income Series (Series ID: S000012002)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000032730 | North Carolina Tax-Free Income Series | NTFIX           |

### North Carolina Tax-Free Short-to-Medium Series (Series ID: S000012003)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000032731 | North Carolina Tax-Free Short-to-Medium Series | NTSMX           |

### Tennessee Tax-Free Income Series (Series ID: S000012004)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000032732 | Tennessee Tax-Free Income Series | TNTIX           |

### Tennessee Tax-Free Short-to-Medium Series (Series ID: S000012005)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000032733 | Tennessee Tax-Free Short-to-Medium Series | TTSMX           |

### Intermediate Government Bond Series (Series ID: S000012006)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000032734 | Intermediate Government Bond Series | DPIGX           |

### Taxable Municipal Bond Series (Series ID: S000030335)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000093320 | Taxable Municipal Bond Series | DUTMX           |

## Internal

<br>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM <br>To the Shareholders and Board of Trustees of <br> Dupree Mutual Funds <br>In planning and performing our audit of the financial statements of Dupree Mutual Funds, comprising the Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series, Mississippi Tax-Free Income Series, North Carolina Tax-Free Income Series, Tennessee Tax-Free Income Series, Intermediate Government Bond Series, and Taxable Municipal Bond Series (the "Funds") as of and for the year ended June 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. <br>The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements. <br>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. <br>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis. <br>Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of June 30, 2025. <br>This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. <br>/s/ COHEN & COMPANY, LTD. <br> COHEN & COMPANY, LTD. <br> Cleveland, Ohio <br> August 28, 2025 <br>

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000311101

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-06-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Dupree Mutual Funds

- **Item B.1.b - Investment Company Act file number:** 811-02918

- **Item B.1.c - CIK:** 0000311101

- **Item B.1.d - LEI:** 549300S8YVGTJ1NMTW57

- **Item B.2.a - Street 1:** 125 South Mill Street

- **Item B.2.a - Street 2:** Vine Center, Suite 100

- **Item B.2.b - City:** Lexington

- **Item B.2.c - State:** KY

- **Item B.2.e - Zip Code:** 40507

- **Item B.2.f - Telephone:** 859-254-7741

- **Item B.2.g - Public Website:** Dupree-Funds.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Dupree and Company, Inc.

- **b. Street 1:** 125 South Mill Street

- **Street 2:** Vine Center, Suite 100

- **c. City:** Lexington

- **d. State, if applicable:** KY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 40507

- **g. Telephone number:** 8592547741

- **h. Briefly describe the books and records kept at this location:** All books and records of Dupree Mutual Funds

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Dupree Mutual Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 10

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                    | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Allen Evans Grimes, III | Yes                     | N/A                                     |
| James C. Baughman, Jr.  | No                      | N/A                                     |
| Marc A. Mathews         | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Martin Robert Dean

- **b. CRD Number, if any:** 002500364

- **c. Street Address 1:** 225 Pictoria Drive

- **d. City:** Cincinnati

- **e. State, if applicable:** OH

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 45246

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Company, Ltd.

- **b. PCAOB Number:** 925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Alabama Tax-Free Income Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Alabama Tax-Free Income Series

- **b. Series identification number, if any:** S000011998

- **c. LEI:** 549300T1CNFIN1UYSS96

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Alabama Tax-Free Income Series | C000032726                                | DUALX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                                | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Raymond James and Associates, Inc.                  | N/A               | 000000705    | U4ONQX15J3RO8XCKE979 | TN      | US        | $2,497,145.00             |
| Stifel Nicholaus and Company, Inc.                  | 8-14470-1         | 000000793    | 5WUVMA08EYG4KEUPW589 | KY      | US        | $979,068.00               |
| Bank of Oklahoma Financial Services, Inc.           | N/A               | 000017530    | 5493008UZFTI4G7UQ733 | TX      | US        | $525,055.00               |
| Carty & Company, Inc.                               | 8-19082           | 000007001    | N/A                  | TN      | US        | $1,035,132.00             |
| Middlegate Securities                               | 8-39031-1         | 000021544    | 549300ZVONUQ845QCH95 | NY      | US        | $848,624.00               |
| Piper Jaffray                                       | 8-15204-1         | 000000665    | N/A                  | MN      | US        | $833,370.00               |
| Morgan Stanley and Company LLC                      | N/A               | N/A          | 9R7GPTSO7KV3UQJZQ078 | GA      | US        | $261,433.00               |
| South State Duncan Williams Securitiers Corporation | 8-18971           | 000006950    | N/A                  | TN      | US        | $261,175.00               |
| PNC Securities                                      | 8-32493-1         | 000015647    | 7OGNSSLOQJ8U3B9Y5F18 | KY      | US        | $251,985.00               |
| Oppenheimer and Company Inc.                        | N/A               | 000000249    | 254900VH02JQR2L8XD64 | IL      | US        | $250,030.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $8,942,260.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $20,493,775.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Kentucky Tax-Free Income Series                | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Taxable Municipal Bond Series                  | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Kentucky Tax-Free Income Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kentucky Tax-Free Income Series

- **b. Series identification number, if any:** S000011999

- **c. LEI:** 549300M6RI6888R83354

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class           | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kentucky Tax-Free Income Series | C000032727                                | KYTFX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                      | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Jefferies                                 | 8-15074-1         | 000002347    | 549300HOF34RGOJ5YL07 | NY      | US        | $10,570,250.00            |
| BOFA Merrill Lynch                        | 8-76910-1         | 000007691    | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $33,425,192.00            |
| Robert Baird                              | 8-49700-1         | 000008158    | N/A                  | IL      | US        | $22,329,593.00            |
| Northland Securities, Inc.                | 8-48994           | 000040258    | N/A                  | MN      | US        | $21,990,496.00            |
| Morgan Stanley and Company LLC            | N/A               | N/A          | 9R7GPTSO7KV3UQJZQ078 | GA      | US        | $18,838,246.00            |
| Bank of Oklahoma Financial Services, Inc. | N/A               | 000017530    | 5493008UZFTI4G7UQ733 | TX      | US        | $15,249,421.00            |
| PNC Securities                            | 8-32493-1         | 000015647    | N/A                  | KY      | US        | $10,854,178.00            |
| Janney Montgomery Scott LLC               | 8-462             | 000000463    | 549300QQRY1JCFQHYS08 | PA      | US        | $11,957,051.00            |
| Wells Fargo Bank NA                       | 8-65876-1         | 000126292    | KB1H1DSPRFMYMCUFXT09 | NC      | US        | $11,967,004.00            |
| Stifel Nicholaus and Company Inc          | 8-14470-1         | 000000793    | 5WUVMA08EYG4KEUPW589 | KY      | US        | $39,639,346.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $300,245,672.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $723,361,120.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |
| Taxable Municipal Bond Series                  | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Kentucky Tax-Free Short-to-Medium Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Kentucky Tax-Free Short-to-Medium Series

- **b. Series identification number, if any:** S000012000

- **c. LEI:** 5493006TF05454RBY690

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                    | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Kentucky Tax-Free Short-to-Medium Series | C000032728                                | KYSMX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                       | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Fifth Third Securities     | 8-02428-1         |    000000628 | 54930031MO3TYX51WE43 | OH      | US        | $1,016,400.00             |
| Robert Baird               | 8-49700-1         |    000008158 | N/A                  | IL      | US        | $903,170.00               |
| Carty & Company, Inc.      | 8-19082           |    000007001 | N/A                  | TN      | US        | $900,018.00               |
| J P MORGAN                 | N/A               |    000000352 | N/A                  | NY      | US        | $845,687.00               |
| Northland Securities, Inc. | 8-48994           |    000040258 | N/A                  | MN      | US        | $805,875.00               |
| Stonex Financial           | 8-51269           |    000045993 | 549300LNKU6K5TJCRG93 | FL      | US        | $680,673.00               |
| Hilltop Securities Inc     | 8-45123           |    000006220 | 549300IXU82PMU6XZT45 | TX      | US        | $596,094.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $6,312,917.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $31,093,340.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Income Series                | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |
| Taxable Municipal Bond Series                  | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - Mississippi Tax-Free Income Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Mississippi Tax-Free Income Series

- **b. Series identification number, if any:** S000012001

- **c. LEI:** 549300OXO4F6D3I1L078

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class              | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Mississippi Tax-Free Income Series | C000032729                                | DUMSX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                                | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Stephens                                            | 8-01927-1         | 000003496    | N/A                  | AR      | US        | $869,985.00               |
| Academy Securities, Inc.                            | 8-35173           | 000017433    | N/A                  | NY      | US        | $680,325.00               |
| Raymond James and Associates, Inc.                  | N/A               | 000000705    | U4ONQX15J3RO8XCKE979 | TN      | US        | $651,986.00               |
| Sumridge Partners                                   | 8-68454-1         | 000152437    | 529900ECMK8VI6Q1FG89 | NJ      | US        | $520,917.00               |
| Morgan Stanley and Company LLC                      | N/A               | N/A          | 9R7GPTSO7KV3UQJZQ078 | GA      | US        | $456,388.00               |
| Bank of Oklahoma Financial Services, Inc.           | N/A               | 000017530    | 5493008UZFTI4G7UQ733 | TX      | US        | $450,533.00               |
| Wells Fargo Bank NA                                 | 8-65876-1         | 000126292    | KB1H1DSPRFMYMCUFXT09 | NC      | US        | $328,883.00               |
| FTN Financial                                       | 8-51393-1         | 000046346    | PHDL2C07HIPM5DUL8S59 | IL      | US        | $322,646.00               |
| South State Duncan Williams Securitiers Corporation | 8-18971           | 000006950    | N/A                  | TN      | US        | $312,200.00               |
| Multi-Bank Securities, Inc.                         | 8-39547           | 000022098    | N/A                  | MI      | US        | $306,055.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $6,289,498.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $5,172,426.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Income Series                | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |
| Taxable Municipal Bond Sereis                  | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - North Carolina Tax-Free Income Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** North Carolina Tax-Free Income Series

- **b. Series identification number, if any:** S000012002

- **c. LEI:** 549300L1B850MUN5FK63

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                 | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | North Carolina Tax-Free Income Series | C000032730                                | NTFIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                                | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| PNC Securities                                      | 8-32493-1         | 000015647    | 7OGNSSLOQJ8U3B9Y5F18 | KY      | US        | $8,060,645.00             |
| Robert Baird                                        | 8-49700-1         | 000008158    | N/A                  | IL      | US        | $7,568,629.00             |
| First Ballantyne, LLC                               | 8-65792           | 000125393    | N/A                  | NC      | US        | $6,328,541.00             |
| Bank of Oklahoma Financial Services, Inc.           | N/A               | 000017530    | 5493008UZFTI4G7UQ733 | TX      | US        | $4,507,852.00             |
| Wells Fargo Bank NA                                 | 8-65876-1         | 000126292    | KB1H1DSPRFMYMCUFXT09 | NC      | US        | $4,453,596.00             |
| FTN Financial                                       | 8-51393-1         | 000046346    | PHDL2C07HIPM5DUL8S59 | IL      | US        | $2,310,243.00             |
| Morgan Stanley and Company LLC                      | N/A               | N/A          | 9R7GPTSO7KV3UQJZQ078 | GA      | US        | $1,768,647.00             |
| BOFA Merrill Lynch                                  | 8-76910-1         | 000007691    | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $1,632,280.00             |
| Northland Securities, Inc.                          | 8-48994           | 000040258    | N/A                  | MN      | US        | $1,554,046.00             |
| South State Duncan Williams Securitiers Corporation | 8-18971           | 000006950    | N/A                  | TN      | US        | $1,391,733.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $59,399,768.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $110,635,438.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Income Series                | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |
| Taxable Municipal Bond Series                  | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - North Carolina Tax-Free Short-to-Medium Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** North Carolina Tax-Free Short-to-Medium Series

- **b. Series identification number, if any:** S000012003

- **c. LEI:** 549300M4DFH3QZXKWF41

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | North Carolina Tax-Free Short-to-Medium Seris | C000032731                                | NTSMX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                         | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| H J SIMS & COMPANY INC       | 8-3315-1          |    000003420 | N/A                  | DE      | US        | $331,199.00               |
| RBC Capital Markets, LLC     | 8-45411           |    000031194 | N/A                  | NY      | US        | $277,810.00               |
| Oppenheimer and Company Inc. | N/A               |    000000249 | 254900VH02JQR2L8XD64 | IL      | US        | $250,633.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,109,642.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $8,712,486.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                              | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series            | 811-2918          |
| Kentucky Tax-Free Income Series           | 811-2918          |
| Mississippi Tax-Free Income Series        | 811-2918          |
| North Carolina Tax-Free Income Series     | 811-2918          |
| Tennessee Tax-Free Income Series          | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Sereis | 811-2918          |
| Intermediate Government Bond Series       | 811-2918          |
| Taxable Municipal Bond Series             | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series  | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Tennessee Tax-Free Income Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Tennessee Tax-Free Income Series

- **b. Series identification number, if any:** S000012004

- **c. LEI:** 549300OJ7QYEHSBVZ852

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class            | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Tennessee Tax-Free Income Series | C000032732                                | TNTIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                                | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Robert Baird                                        | 8-49700-1         |    000008158 | N/A                  | IL      | US        | $4,764,746.00             |
| South State Duncan Williams Securitiers Corporation | 8-18971           |    000006950 | N/A                  | TN      | US        | $2,849,025.00             |
| Northland Securities, Inc.                          | 8-48994           |    000040258 | N/A                  | MN      | US        | $2,307,279.00             |
| Raymond James and Associates, Inc.                  | N/A               |    000000705 | U4ONQX15J3RO8XCKE979 | TN      | US        | $2,015,150.00             |
| Janney Montgomery Scott LLC                         | 8-462             |    000000463 | 549300QQRY1JCFQHYS08 | PA      | US        | $1,993,598.00             |
| Mesirow Financial, Inc.                             | 8-28816-1         |    000002764 | 549300BIV46SUHPOFE54 | IL      | US        | $1,500,235.00             |
| Stifel Nicholaus and Company, Inc.                  | 8-14470-1         |    000000793 | 5WUVMA08EYG4KEUPW589 | KY      | US        | $1,340,012.00             |
| J.V.B. Financial Group, LLC                         | 8-68186           |    000149758 | N/A                  | NY      | US        | $1,297,113.00             |
| Hilltop Securities Inc                              | 8-45123           |    000006220 | 549300IXU82PMU6XZT45 | TX      | US        | $1,153,975.00             |
| Intercoastal Capital Markets, Inc.                  | 8-9698            |    000000083 | N/A                  | FL      | US        | $1,024,640.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $27,410,101.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $51,238,311.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Income Series                | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |
| Taxable Municipal Bond Series                  | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Tennessee Tax-Free Short-to-Medium Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Tennessee Tax-Free Short-to-Medium Series

- **b. Series identification number, if any:** S000012005

- **c. LEI:** 5493000HPB4E5S96H308

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Tennessee Tax-Free Short-to-Medium Series | C000032733                                | TTSMX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Wells Fargo Bank NA                | 8-65876-1         |    000126292 | KB1H1DSPRFMYMCUFXT09 | NC      | US        | $341,420.00               |
| Piper Jaffray                      | 8-15204-1         |    000000665 | N/A                  | MN      | US        | $227,818.00               |
| Robert Baird                       | 8-49700-1         |    000008158 | N/A                  | IL      | US        | $107,048.00               |
| J P MORGAN                         | N/A               |    000000352 | N/A                  | NY      | US        | $104,580.00               |
| UMB Bank NA                        | N/A               |    000017073 | N/A                  | TN      | US        | $100,249.00               |
| Wiley Brothers Aintree Capital LLC | 8-37740-1         |    000003767 | N/A                  | TN      | US        | $75,949.00                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $957,063.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $2,598,878.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $0.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Income Series                | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| Taxable Municipal Bond Series                  | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 9 - Intermediate Government Bond Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Intermediate Government Bond Series

- **b. Series identification number, if any:** S000012006

- **c. LEI:** 5493000Y7HCG8WW51M20

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Intermediate Government Bond Series | C000032734                                | DPIGX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Piper Jaffray                      | 8-15204-1         |    000000665 | N/A                  | MN      | US        | $6,641,630.00             |
| FTN Financial                      | 8-51393-1         |    000046346 | PHDL2C07HIPM5DUL8S59 | IL      | US        | $1,997,949.00             |
| Northland Securities, Inc.         | 8-48994           |    000040258 | N/A                  | MN      | US        | $449,951.00               |
| Stifel Nicholaus and Company, Inc. | 8-14470-1         |    000000793 | 5WUVMA08EYG4KEUPW589 | KY      | US        | $378,621.00               |
| PNC Securities                     | 8-32493-1         |    000015647 | N/A                  | KY      | US        | $332,080.00               |
| Cantor Fitzgerald & Co.            | 8-20100           |    000000134 | N/A                  | NY      | US        | $150,015.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $15,200,246.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $8,849,120.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Income Series                | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Taxable Municipal Bond Series                  | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 10 - Taxable Municipal Bond Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Taxable Municipal Bond Series

- **b. Series identification number, if any:** S000030335

- **c. LEI:** 549300QZJNRF9P13HG37

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Taxable Municipal Bond Series | C000093320                                | DUTMX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. SEC file number:** 801-13157

- **iii. CRD number:** 000001697

- **iv. LEI, if any:** 549300UHYVKBWLSXI251

- **v. State, if applicable:** KY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc

- **ii. SEC file number:** 84-01407

- **iii. LEI, if any:** 549300UHYVKBWLSXI251

- **iv. State, if applicable:** KY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing and Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Finance LP

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US BANK

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Dupree and Company, Inc.

- **ii. LEI, if any, or other identifying number:** 549300UHYVKBWLSXI251

- **iii. State, if applicable:** KY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Dupree & Company, Inc.

- **b. SEC file number:** 8-13157

- **c. CRD number:** 000001697

- **d. LEI, if any:** 549300UHYVKBWLSXI251

- **e. State, if applicable:** KY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| RBC Capital Markets, LLC    | 8-45411           |    000031194 | N/A                  | NY      | US        | $175,000.00               |
| Multi-Bank Securities, Inc. | 8-39547           |    000022098 | N/A                  | MI      | US        | $125,156.00               |
| J P MORGAN                  | N/A               |    000000352 | N/A                  | NY      | US        | $125,000.00               |
| FTN Financial               | 8-51393-1         |    000046346 | PHDL2C07HIPM5DUL8S59 | IL      | US        | $77,888.00                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,016,221.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $3,501,670.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $25,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** US BANC CORP

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                   | SEC File number   |
|:---|:---|
| Alabama Tax-Free Income Series                 | 811-2918          |
| Kentucky Tax-Free Income Series                | 811-2918          |
| Kentucky Tax-Free Short-to-Medium Series       | 811-2918          |
| Mississippi Tax-Free Income Series             | 811-2918          |
| North Carolina Tax-Free Income Series          | 811-2918          |
| North Carolina Tax-Free Short-to-Medium Series | 811-2918          |
| Tennessee Tax-Free Income Series               | 811-2918          |
| Tennessee Tax-Free Short-to-Medium Series      | 811-2918          |
| Intermediate Government Bond Series            | 811-2918          |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Dupree Mutual Funds

**Date:** 2025-09-10

**Signature:** Michelle Dragoo

**Title:** Vice President, Treasurer