# EDGAR Filing Document

**Accession Number:** 0000311101
**File Stem:** 0001193125-23-047766
**Filing Date:** 2023-2
**Character Count:** 302248
**Document Hash:** 5eb30746ee716d602060a78de7f802ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-047766.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001193125-23-047766

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DUPREE MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000311101
- **IRS NUMBER:** 610954630
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02918
- **FILM NUMBER:** 23662770

**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           |

##### [**Table of Contents**](#toc)

------

**UNITED STATES.** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D. C. 20549** 

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number 811-2918

## DUPREE MUTUAL FUNDS
**(Exact Name of Registrant as Specified in Charter)** 

**125 South Mill Street, Vine Center, Suite 100** 

**Lexington, Kentucky 40507** 

**(Address of Principal Executive Offices) (Zip Code)** 

**Allen E. Grimes, III** 

**125 South Mill Street, Vine Center, Suite 100** 

**Lexington, Kentucky 40507** 

**(Name and address of agent for service)** 

**Registrant's Telephone Number, including Area Code (859) 254-7741** 

Date of fiscal year end: June 30

Date of reporting period: December 31, 2022

------

##### [**Table of Contents**](#toc)
Item 1. Report to Stockholders

------

##### [**Table of Contents**](#toc)
![LOGO](g432492g11n63.jpg)

**December 31, 2022** 

**SEMI ANNUAL REPORT** 

**TO SHAREHOLDERS** 

------

##### [**Table of Contents**](#toc)
**ABOUT DUPREE MUTUAL FUNDS** 

In 1941, Dupree & Company, Inc. began business in Harlan, Kentucky as a small securities brokerage firm specializing in tax-exempt municipal bonds.

Over the years the firm, which in 1963 moved its offices to Lexington, Kentucky, grew to become a regional leader in public finance, helping to structure complex and innovative municipal bond financing for some of the largest public projects in the Commonwealth of Kentucky.

In 1979, Dupree & Company began what is now Dupree Mutual Funds with the *Kentucky Tax-Free Income Series* and became the Fund's investment adviser. The Fund was one of the first single-state municipal bond funds in the country, and the first mutual fund to invest solely in Kentucky municipal bonds. Since then, several new offerings have been added to the Dupree Mutual Funds family:

*Kentucky Tax-Free Short-to-Medium Series in 1987;* 

*Intermediate Government Bond Series in 1992;* 

*Tennessee Tax-Free Income Series in 1993;* 

*Tennessee Tax-Free Short-to-Medium Series in 1994;* 

*North Carolina Tax-Free Income Series in 1995;* 

*North Carolina Tax-Free Short-to-Medium Series in 1995;* 

*Alabama Tax-Free Income Series in 2000;* 

*Mississippi Tax-Free Income Series in 2000; and* 

*Taxable Municipal Bond Series in 2010.* 

Today, after more than 60 years in business, Dupree continues to be a pioneer in the industry. Our Kentucky, Tennessee, and Mississippi Series are currently the *ONLY 100% "no-load"* municipal bond funds available in those states. No-load means simply that shares of the funds are offered directly to investors with no front or back-end sales charges, as opposed to load funds, which are sold through brokerage firms or other institutions that typically carry sales charges.

At Dupree Mutual Funds, our goal is a simple one: to offer investors a high-quality, low-cost way to invest in municipal and government bonds while providing superior service to our shareholders. We encourage you to let us know how we're doing.

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Management's Discussion of Fund Performance](#toc432492_1) | i |
|  [Sector Allocation of Funds](#toc432492_2) | iii |
|  **Financial Statements** |  |
|  [Alabama Tax-Free Income Series](#toc432492_3) | 1 |
|  [Kentucky Tax-Free Income Series](#toc432492_4) | 5 |
|  [Kentucky Tax-Free Short-to-Medium Series](#toc432492_5) | 13 |
|  [Mississippi Tax-Free Income Series](#toc432492_6) | 17 |
|  [North Carolina Tax-Free Income Series](#toc432492_7) | 21 |
|  [North Carolina Tax-Free Short-to-Medium Series](#toc432492_8) | 27 |
|  [Tennessee Tax-Free Income Series](#toc432492_9) | 31 |
|  [Tennessee Tax-Free Short-to-Medium Series](#toc432492_10) | 36 |
|  [Intermediate Government Bond Series](#toc432492_11) | 40 |
|  [Taxable Municipal Bond Series](#toc432492_12) | 43 |
|  [Notes to Financial Statements](#toc432492_13) | 47 |
|  [Other Unaudited Information](#toc432492_14) | 57 |
|  [Schedule of Shareholder Expenses](#toc432492_15) | 61 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Management's Discussion of Fund Performance:**  | **(Unaudited)**  |

---

**Six Months Ended December 31, 2022** 

The investment objective for our tax-exempt municipal bond funds is to provide a steady stream of tax-free income derived from state-specific municipal securities without incurring undue risk to principal. Similarly, the investment objectives for our government bond fund and taxable municipal bond fund are to provide a steady stream of taxable income derived from securities of the U.S. Government and its agencies and taxable municipal bonds, respectively, without incurring undue risk to principal. We do not try to anticipate market direction; instead, we attempt to buy high quality investment grade bonds at the best possible prices and yields and hold them in down markets as well as up markets.

Factors that may influence the performance of a state-specific tax-exempt municipal bond fund or a taxable municipal bond fund include, but are not limited to, movements in interest rates, a downgrade or upgrade of credit ratings assigned to bonds issued by state or local governments, changes in the credit ratings assigned to bond insurers, downturns or upturns in the specific economies of a given state, the rate at which bonds are called, and the rate at which revenues used to pay debt service on issued bonds are received by state and local governments. Similarly, the performance of a government bond fund may be influenced by several factors including, but not limited to, movements in interest rates, prevailing conditions in the U.S. Government securities markets, changes in an issuer's financial strength, changes in the credit rating assigned to an obligation, and the rate at which bonds are called.

During the six-month period ended December 31, 2022 (the "Reporting Period"), the economy grew at a solid pace. Real gross domestic product ("GDP") increased at an annual rate of 3.2 percent in the third quarter following two consecutive quarters of negative growth during the first two quarters of the year. The economy continued to show signs of resiliency towards the end of the year with real GDP increasing at a 2.9 percent annual rate (advance estimate) in the fourth quarter. The pickup in economic growth was fueled primarily by increases in exports, consumer spending, state and local government spending, and federal government spending.

Labor market conditions remained relatively tight during the Reporting Period. The seasonally adjusted national unemployment rate was 3.5 percent in December. The labor force participation rate was stood at 62.3 percent in December. Wage growth remained elevated with average hourly earnings increasing at a 4.6 percent annual rate in December.

Key measures of inflation remained elevated above the Federal Reserve's (the "Fed") 2 percent inflation target but showed signs of improvement. The headline Consumer Price Index ("CPI") increased at an annual rate of 6.5 percent in December. The core CPI (which excludes food and energy costs) increased at an annual rate of 5.7 percent in December. The Fed's preferred inflation gauge, the core Personal Consumption Expenditure Index, increased at an annual rate of 4.4 percent in December. Core goods inflation declined slightly which was helped by improvements in global supply chains. However, prices for services, which make up two-thirds of consumer spending, trended slightly higher during the Reporting Period.

In response to persistently elevated inflation levels, the Federal Open Market Committee (FOMC) raised the fed funds target rate at each of its four scheduled meetings. The fed funds target rate ended the year at 4.25 – 4.50 percent. In its December meeting statement, the FOMC indicated that ongoing increases in the fed funds target range would be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.

Tax-exempt yields on both the short and long ends of the yield curve moved higher during the Reporting Period with benchmark 5-year and 30-year AAA-rated tax-exempt yields increasing by 30 and 40 basis points, respectively. On the other hand, yields in the intermediate portion of the curve declined slightly with benchmark 10-year AAA-rated tax-exempt yields declining by 9 basis points. With a few exceptions, longer-dated bonds underperformed shorter-dated bonds, and higher-rated bonds outperformed lower-rated bonds during the Reporting Period.

Credit quality in the investment grade municipal bond market has remained very strong. State and local fiscal conditions remain very strong in fiscal 2023 following record-breaking increases in general fund revenue collections in fiscal 2021 and spending in fiscal 2022. State and local tax revenues have soared as nominal profits and incomes have risen. According to data compiled by the National Association of State Budget Officers, state spending grew by 18.3 percent in fiscal 2022 and is expected to increase approximately 6.7 percent in fiscal 2023. State rainy day reserve funds reached new highs in fiscal 2022 and are projected to increase further in fiscal 2023.

Investment grade municipal bonds provided modest positive returns during the Reporting Period. The Bloomberg Municipal Bond Index ("Muni Index") provided a total return (which includes prices changes plus interest) of 0.50 percent for the six-month period ended December 31, 2022. Taxable municipal bonds underperformed tax-exempt bonds during the Reporting Period. The

i

------

##### [**Table of Contents**](#toc)
Bloomberg Taxable Municipal Bond Index ("Taxable Muni Index") provided a total return of -4.82 percent, whereas the Bloomberg U.S. Intermediate Government Bond Index ("Intermediate Government Bond Index") provided a total return of -2.07 percent.

A discussion of the performance of each of our funds for the six-month period ended December 31, 2022, follows:

The **Kentucky Tax-Free Income Series** provided a total return of 0.45 percent during the period under review. The **Kentucky Tax-Free Short-to-Medium Series** provided a total return of 0.27 percent. Both the Kentucky Tax-Free Income Series and Kentucky Tax-Free Short-to-Medium Series performed in line with the Muni Index when taking into consideration that an index does not reflect any operating expenses or transaction costs.

The **Tennessee Tax-Free Income Series** provided a total return of 0.13 percent during the period under review. The **Tennessee Tax-Free Short-to-Medium Series** provided a total return of -0.09 percent. Both the Tennessee Tax-Free Income Series and the Tennessee Tax-Free Short-to-Medium Series performed in line with the Muni Index when taking into consideration that an index does not reflect any operating expenses or transaction costs.

The **North Carolina Tax-Free Income Series** provided a total return of 0.06 percent during the period under review. The **North Carolina Tax-Free Short-to-Medium Series** provided a total return of -0.02 percent. Both the North Carolina Tax-Free Income Series and the North Carolina Tax-Free Short-to-Medium Series performed in line with the Muni Index when taking into consideration that an index does not reflect any operating expenses or transaction costs.

The **Alabama Tax-Free Income Series** provided a total a total return of -0.40 percent during the period under review. The Alabama Tax-Free Income Series had a slightly longer nominal maturity than the Muni Index (14.85 v. 12.96 years) which led to its underperformance during the Reporting Period.

The **Mississippi Tax-Free Income Series** provided a total return of -0.25 percent during the period under review. The Mississippi Tax-Free Income Series experienced higher than normal redemption activity during the last six months of the year. This required the fund to sell bonds in a down market which led to its underperformance during the Reporting Period.

The **Intermediate Government Bond Series** provided a total return of -0.82 percent which outperformed the Intermediate Government Bond Index during the period under review. The Intermediate Government Bond Series had a shorter duration than the Intermediate Government Bond Index (2.34 v 3.73 years) which led to its outperformance during the Reporting Period.

The **Taxable Municipal Bond Series** provided a total return of -7.27 percent during the during the period under review. Both the duration and nominal maturity of the Taxable Municipal Bond Series (9.88 and 19.06 years, respectively) were longer than the Taxable Muni Index (8.22 and 14.74 years, respectively) which led to its underperformance during the Reporting Period.

Thank you for investing with Dupree Mutual Funds.

&nbsp;&nbsp;&nbsp; **Total returns include changes in share price, reinvestment of dividends, and reinvestment of capital gains, if any. Performance data quoted represents past performance which is not a guarantee of future results. The opinions expressed herein are those of the funds' portfolio management and are current as of December 31, 2022. Management's opinions are not guarantees of performance or investment results and should not be taken as investment advice. You may lose money investing in the funds.**<br>

ii

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **The illustrations below provide each Fund's sector allocation and <br>summarize key information about each Fund's investments as of December 31, 2022.**  | **Unaudited**  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Alabama Tax-Free Income Series | &nbsp;&nbsp;&nbsp; Alabama Tax-Free Income Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | 0.97% |
| &nbsp;&nbsp;&nbsp; Aa/AA | 95.51% |
| &nbsp;&nbsp;&nbsp; A | 1.44% |
| &nbsp;&nbsp;&nbsp; Not Rated | 2.08% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Prerefunded | 26.07% |
| &nbsp;&nbsp;&nbsp; School Improvement | 22.20% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 15.12% |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 13.27% |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 12.57% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 3.26% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 2.60% |
| &nbsp;&nbsp;&nbsp; Refunding | 2.43% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 2.48% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income Series | &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aa/AA | 44.54% |
| &nbsp;&nbsp;&nbsp; A | 54.97% |
| &nbsp;&nbsp;&nbsp; Not Rated | 0.49% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 35.06% |
| &nbsp;&nbsp;&nbsp; School Improvement | 18.38% |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 12.45% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 9.00% |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 8.37% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 5.64% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 5.00% |
| &nbsp;&nbsp;&nbsp; Turnpikes/Toll Road/Highway Revenue | 2.72% |
| &nbsp;&nbsp;&nbsp; Refunding | 1.18% |
| &nbsp;&nbsp;&nbsp; Airport Revenue | 0.77% |
| &nbsp;&nbsp;&nbsp; Ad Valorem Property | 0.32% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 1.11% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Short-to-Medium Series | &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Short-to-Medium Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aa/AA | 39.44% |
| &nbsp;&nbsp;&nbsp; A | 59.46% |
| &nbsp;&nbsp;&nbsp; Not Rated | 1.10% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; School Improvement | 20.75% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 18.10% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 15.83% |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 9.94% |
| &nbsp;&nbsp;&nbsp; Turnpikes/Toll Road/Highway Revenue | 9.79% |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 8.15% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 7.04% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 3.35% |
| &nbsp;&nbsp;&nbsp; Ad Valorem Property | 1.65% |
| &nbsp;&nbsp;&nbsp; Refunding | 1.44% |
| &nbsp;&nbsp;&nbsp; Airport Revenue | 1.28% |
| &nbsp;&nbsp;&nbsp; Escrowed to Maturity | 0.43% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 2.25% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Mississippi Tax-Free Income Series | &nbsp;&nbsp;&nbsp; Mississippi Tax-Free Income Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | 3.03% |
| &nbsp;&nbsp;&nbsp; Aa/AA | 87.91% |
| &nbsp;&nbsp;&nbsp; A | 6.15% |
| &nbsp;&nbsp;&nbsp; Not Rated | 2.91% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 35.33% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 23.25% |
| &nbsp;&nbsp;&nbsp; Turnpikes/Toll Road/Highway Revenue | 10.15% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 7.11% |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 6.08% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 4.51% |
| &nbsp;&nbsp;&nbsp; School Improvement | 4.05% |
| &nbsp;&nbsp;&nbsp; Refunding | 3.79% |
| &nbsp;&nbsp;&nbsp; State and Local Mortgage/Housing Revenue | 3.00% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 1.64% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 1.09% |
|  | 100.00% |

---

iii

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **The illustrations below provide each Fund's sector allocation and <br>summarize key information about each Fund's investments as of December 31, 2022.**  | **Unaudited**  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income Series | &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | 4.63% |
| &nbsp;&nbsp;&nbsp; Aa/AA | 79.18% |
| &nbsp;&nbsp;&nbsp; A | 14.80% |
| &nbsp;&nbsp;&nbsp; NR | 1.39% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; School Improvement | 19.43% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 17.32% |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 14.80% |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 12.95% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 12.38% |
| &nbsp;&nbsp;&nbsp; Refunding | 6.35% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 5.76% |
| &nbsp;&nbsp;&nbsp; Airport Revenue | 3.68% |
| &nbsp;&nbsp;&nbsp; Turnpikes/Toll Road/Highway Revenue | 3.41% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 2.66% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 1.26% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Short-to-Medium Series | &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Short-to-Medium Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | 4.83% |
| &nbsp;&nbsp;&nbsp; Aa/AA | 59.22% |
| &nbsp;&nbsp;&nbsp; A | 34.48% |
| &nbsp;&nbsp;&nbsp; NR | 1.47% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 27.10% |
| &nbsp;&nbsp;&nbsp; School Improvement | 15.37% |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 15.00% |
| &nbsp;&nbsp;&nbsp; Refunding | 9.49% |
| &nbsp;&nbsp;&nbsp; Turnpikes/Toll Road/Highway Revenue | 8.04% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 6.99% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 4.01% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 3.63% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 3.06% |
| &nbsp;&nbsp;&nbsp; Ad Valorem Property | 2.20% |
| &nbsp;&nbsp;&nbsp; Lease Revenue | 0.98% |
| &nbsp;&nbsp;&nbsp; Airport Revenue | 0.75% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 3.38% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income Series | &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | 4.43% |
| &nbsp;&nbsp;&nbsp; Aa/AA | 77.67% |
| &nbsp;&nbsp;&nbsp; A | 17.90% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 27.00% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 22.07% |
| &nbsp;&nbsp;&nbsp; School Improvement | 11.84% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 10.20% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 8.85% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 5.05% |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 4.44% |
| &nbsp;&nbsp;&nbsp; Refunding | 3.91% |
| &nbsp;&nbsp;&nbsp; Airport Revenue | 3.59% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 3.05% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Short-to-Medium Series | &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Short-to-Medium Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aa/AA | 89.82% |
| &nbsp;&nbsp;&nbsp; A | 10.18% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 30.13% |
| &nbsp;&nbsp;&nbsp; Refunding | 23.42% |
| &nbsp;&nbsp;&nbsp; School Improvement | 15.99% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 8.64% |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 7.45% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 6.57% |
| &nbsp;&nbsp;&nbsp; Airport Revenue | 2.25% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 0.80% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 4.75% |
|  | 100.00% |

---

iv

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **The illustrations below provide each Fund's sector allocation and <br>summarize key information about each Fund's investments as of December 31, 2022.**  | **Unaudited**  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Intermediate Government Bond Series | &nbsp;&nbsp;&nbsp; Intermediate Government Bond Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank | 67.56% |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corporation | 21.21% |
| &nbsp;&nbsp;&nbsp; Federal Farm Credit | 8.94% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 2.29% |
|  | 100.00% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Taxable Municipal Bond Series | &nbsp;&nbsp;&nbsp; Taxable Municipal Bond Series |
| &nbsp;&nbsp;&nbsp;CREDIT QUALITY\* | % of Fair Value of<br>Investments Held |
| &nbsp;&nbsp;&nbsp; Aa/AA | 81.03% |
| &nbsp;&nbsp;&nbsp; A | 18.37% |
| &nbsp;&nbsp;&nbsp; Not Rated | 0.60% |
|  | 100.00% |
| &nbsp;&nbsp;&nbsp;COMPOSITION |  |
|  | % of Net Assets |
| &nbsp;&nbsp;&nbsp; Municipal Utility Revenue | 21.47% |
| &nbsp;&nbsp;&nbsp; Public Facilities Revenue | 19.28% |
| &nbsp;&nbsp;&nbsp; University Consolidated Education and Building Revenue | 14.75% |
| &nbsp;&nbsp;&nbsp; Turnpikes/Toll Road/Highway Revenue | 8.08% |
| &nbsp;&nbsp;&nbsp; State and Local Mortgage/Housing Revenue | 7.64% |
| &nbsp;&nbsp;&nbsp; Miscellaneous Public Improvement | 6.13% |
| &nbsp;&nbsp;&nbsp; School Improvement | 5.99% |
| &nbsp;&nbsp;&nbsp; Marina/Port Authority Revenue | 5.57% |
| &nbsp;&nbsp;&nbsp; Hospital and Healthcare Revenue | 4.81% |
| &nbsp;&nbsp;&nbsp; Airport Revenue | 1.97% |
| &nbsp;&nbsp;&nbsp; Prerefunded | 0.58% |
| &nbsp;&nbsp;&nbsp; Other Assets Less Liabilities | 3.73% |
|  | 100.00% |

---

\* Ratings by Moody's Investors Services, Inc. unless noted otherwise. See Schedules of Portfolio Investments for individual bond ratings.

v

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Alabama Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **26.07% of Net Assets** |  |  |  |  |  |
|  Alabaster AL Board of Education Special Tax Warrants\*\* | 5.000% | 09/01/2039 | A1 | $600000 | $621754 |
|  Auburn AL Waterworks Board Water Revenue | 5.000 | 09/01/2036 | Aa2 | 250000 | 264175 |
|  Birmingham AL Waterworks | 5.000 | 01/01/2040 | Aa2 | 150000 | 157221 |
|  Decatur City AL Board of Education Special Tax | 5.000 | 02/01/2040 | Aa2 | 225000 | 236266 |
|  Jasper AL Warrants | 5.000 | 03/01/2031 | A2 | 250000 | 256888 |
|  Jasper AL Warrants | 5.000 | 03/01/2032 | A2 | 450000 | 462398 |
|  Limestone County AL Water & Sewer Authority | 4.750 | 12/01/2033 | AA\* | 290000 | 313197 |
|  Limestone County AL Water & Sewer Authority | 5.000 | 12/01/2034 | AA-\* | 250000 | 254883 |
|  Madison AL Warrants | 5.000 | 04/01/2035 | Aa3 | 350000 | 368645 |
|  Northport AL Warrants\*\* | 5.000 | 08/01/2040 | AA\* | 735000 | 761870 |
|  Trussville AL Warrants | 5.000 | 10/01/2039 | NR | 445000 | 451955 |
|  Trussville AL Warrants\*\* | 5.000 | 10/01/2039 | Aa2 | 775000 | 787695 |
|  Tuscaloosa AL Warrants | 5.000 | 07/01/2034 | Aa1 | 300000 | 310320 |
|  Tuscaloosa County AL Board of Education Special Tax School Warrants | 5.000 | 02/01/2036 | Aa3 | 250000 | 273518 |
|  Tuscaloosa County AL Board of Education Special Tax School Warrants | 5.000 | 02/01/2037 | Aa3 | 250000 | 273518 |
|  |  |  |  |  | 5794303 |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **22.20% of Net Assets** |  |  |  |  |  |
|  Athens AL Warrants | 3.000 | 05/01/2041 | Aa3 | 125000 | 102990 |
|  Bibb County AL Board of Education Special Tax | 4.000 | 04/01/2032 | AA\* | 380000 | 390100 |
|  Cherokee County AL Board of Education Special Tax Warrants | 4.250 | 12/01/2042 | A1 | 150000 | 151739 |
|  Cherokee County AL Board of Education Tax Warrants | 4.000 | 12/01/2034 | A1 | 310000 | 312921 |
|  Elmore County AL Board of Education | 4.000 | 08/01/2038 | Aa3 | 250000 | 250425 |
|  Florence AL City Board of Education Special Tax School Warrants | 4.000 | 03/01/2046 | Aa3 | 225000 | 212308 |
|  Guntersville AL Warrants | 3.000 | 08/01/2040 | AA-\* | 250000 | 208263 |
|  Houston County AL Board of Education Special Tax School Warrants | 3.000 | 12/01/2037 | AA\* | 250000 | 217493 |
|  Jackson County AL Board of Education School Tax Warrants | 3.000 | 03/01/2038 | AA\* | 350000 | 302862 |
|  Jefferson County AL Board of Education Public School Warrants | 4.000 | 02/01/2042 | A1 | 325000 | 312384 |
|  Jefferson County AL Public Schools | 4.000 | 02/01/2038 | A1 | 165000 | 162060 |
|  Madison AL Board of Education Special Tax School Warrants | 4.000 | 02/01/2041 | Aa3 | 370000 | 364831 |
|  Madison County AL Board of Education Capital Outlay\*\* | 5.000 | 09/01/2031 | Aa3 | 660000 | 705170 |
|  Marshall County AL Board of Education Special Tax School Warrants | 4.000 | 03/01/2033 | A1 | 250000 | 252660 |
|  Mountain Brook AL City Board of Education | 3.000 | 03/01/2042 | Aa1 | 250000 | 210175 |
|  Oxford AL Board of Education School Tax Warrants | 4.000 | 05/01/2045 | Aa3 | 350000 | 331632 |
|  Pell City AL Warrants | 4.500 | 02/01/2042 | AA\* | 200000 | 201926 |
|  Saint Clair County AL Board of Education Special Tax Warrants | 3.000 | 02/01/2038 | A1 | 250000 | 216720 |
|  Troy AL Public Educational Building Authority | 5.250 | 12/01/2036 | A1 | 30000 | 30017 |
|  |  |  |  |  | 4936676 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **15.12% of Net Assets** |  |  |  |  |  |
|  Adamsville AL Warrants | 3.000 | 09/01/2045 | AA\* | 250000 | 203853 |
|  AL State Corrections Institution Finance Authority | 5.000 | 07/01/2042 | Aa2 | 350000 | 375440 |
|  Anniston AL Public Building Authority DHR Project | 5.250 | 05/01/2030 | AA-\* | 50000 | 50054 |
|  Anniston AL Public Building Authority DHR Project | 5.500 | 05/01/2033 | AA-\* | 200000 | 200324 |
|  Bessemer AL Public Educational Building Authority Revenue | 5.000 | 07/01/2030 | AA\* | 140000 | 140094 |
|  Birmingham Jefferson AL Civic Center Authority Revenue | 5.000 | 05/01/2037 | Aa3 | 500000 | 534940 |
|  Birmingham Jefferson AL Civic Center Authority Revenue | 5.000 | 05/01/2038 | Aa3 | 250000 | 266468 |
|  Boaz AL Warrants | 4.000 | 02/01/2037 | AA\* | 250000 | 246810 |
|  Bullock County AL Public Building Authority | 4.000 | 10/01/2038 | AA-\* | 500000 | 504315 |
|  Montgomery County AL Public Building Authority | 5.000 | 03/01/2036 | Aa2 | 350000 | 374724 |
|  Phenix City AL Public Building Authority | 4.000 | 10/01/2035 | AA-\* | 100000 | 102134 |
|  Phenix City AL Public Building Authority | 4.000 | 10/01/2037 | AA-\* | 120000 | 120701 |
|  Saint Clair County AL Public Building Authority | 4.000 | 02/01/2041 | AA-\* | 250000 | 241548 |
|  |  |  |  |  | 3361405 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |
| **13.27% of Net Assets** |  |  |  |  |  |
|  AL Community College System Gadsden State Community College | 5.000 | 06/01/2038 | A1 | 325000 | 346845 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Alabama Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Auburn University AL General Fee Revenue | 4.000% | 06/01/2036 | Aa2 | $380000 | $383135 |
|  Troy University AL Facilities Revenue | 5.000 | 11/01/2028 | A1 | 250000 | 260960 |
|  Troy University AL Facilities Revenue | 4.000 | 11/01/2032 | A1 | 300000 | 312579 |
|  Troy University AL Facilities Revenue | 5.000 | 11/01/2037 | A1 | 200000 | 213874 |
|  University of AL General Fee Revenue | 5.000 | 09/01/2037 | Aa3 | 250000 | 269543 |
|  University of AL Huntsville General Fee Revenue | 5.000 | 09/01/2038 | Aa3 | 435000 | 467508 |
|  University of AL Huntsville General Fee Revenue | 5.000 | 09/01/2038 | Aa3 | 500000 | 540380 |
|  University of South AL | 5.000 | 04/01/2044 | A1 | 150000 | 156027 |
|  |  |  |  |  | 2950851 |
| **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** |
| **12.57% of Net Assets** |  |  |  |  |  |
|  Athens AL Water & Sewer | 4.000 | 05/01/2039 | A1 | 200000 | 198096 |
|  Athens AL Water & Sewer | 4.000 | 05/01/2040 | A1 | 100000 | 98397 |
|  Berry AL Water & Sewer Revenue | 4.000 | 09/01/2039 | AA\* | 250000 | 252540 |
|  Birmingham AL Waterworks | 4.000 | 01/01/2037 | Aa2 | 250000 | 252025 |
|  Birmingham AL Waterworks | 4.000 | 01/01/2041 | Aa2 | 225000 | 220471 |
|  Limestone County AL Water & Sewer Authority | 4.750 | 12/01/2035 | AA\* | 400000 | 410015 |
|  Opelika AL Utilities Board | 4.000 | 06/01/2039 | Aa3 | 250000 | 246733 |
|  Prattville AL Sewer Warrants | 4.000 | 11/01/2042 | AA-\* | 375000 | 363971 |
|  Scottsboro AL Waterworks Sewer & Gas | 4.000 | 08/01/2040 | AA\* | 150000 | 142173 |
|  Talladega AL Water & Sewer Revenue | 3.000 | 09/01/2046 | AA\* | 250000 | 188793 |
|  Tuskegee AL Utilities Board | 3.000 | 08/01/2037 | A1 | 260000 | 229619 |
|  Warrior River AL Water Authority | 4.000 | 08/01/2043 | AA\* | 200000 | 191852 |
|  |  |  |  |  | 2794685 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |
| **3.26% of Net Assets** |  |  |  |  |  |
|  Arab AL | 3.000 | 12/01/2041 | AA\* | 250000 | 204800 |
|  Birmingham AL Warrants | 4.000 | 12/01/2035 | Aa3 | 250000 | 253648 |
|  Birmingham AL Warrants | 5.000 | 12/01/2037 | Aa3 | 250000 | 266960 |
|  |  |  |  |  | 725408 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **2.60% of Net Assets** |  |  |  |  |  |
|  Chilton County AL Health Care Authority Chilton County Hospital\*\* | 5.000 | 11/01/2035 | AA-@ | 550000 | 578138 |
| **REFUNDING BONDS** |  |  |  |  |  |
| **2.43% of Net Assets** |  |  |  |  |  |
|  Montgomery AL Warrants | 5.000 | 06/15/2035 | A1 | 500000 | 540240 |
|  Total Investments 97.52% of Net Assets (cost $22,684,545) (See footnote 6 for further explanation) | Total Investments 97.52% of Net Assets (cost $22,684,545) (See footnote 6 for further explanation) | Total Investments 97.52% of Net Assets (cost $22,684,545) (See footnote 6 for further explanation) |  |  | $21681706 |
|  Other assets in excess of liabilities 2.48% |  |  |  |  | 552421 |
|  Net Assets 100% |  |  |  |  | $22234127 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 21681706 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $21681706 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**ALABAMA TAX-FREE INCOME SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $22,684,545) |  | $21681706 |
|  Cash |  | 407219 |
|  Interest receivable |  | 266483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 22355408 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 85349.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3807.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 2650.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 6839.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 7091.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing expense | 6665.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3152.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 2153.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 970.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2605.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 121281 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 23546338 |
|  Total accumulated loss |  | (1312211) |
|  Total Net Assets |  | $22234127 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(1,953,888 shares outstanding; unlimited number of shares authorized; no par value) |  | $11.38 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $394604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 61947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 17892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 4445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing expense | 5192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 12012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 116608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (29756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 86842 |
|  Net investment income | 307762 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (309372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (118588) |
|  Net realized and unrealized loss on investments | (427960) |
|  Net decrease in net assets resulting from operations | $(120198) |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**ALABAMA TAX-FREE INCOME SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $307762 | $606402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | (309372) | 13595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (118588) | (2883506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (120198) | (2263509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (321357) | (608060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (3085338) | 423477 |
|  Total decrease | (3526893) | (2448092) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 25761020 | 28209112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $22234127 | $25761020 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $| 11.57 | $| 12.86 | $12.78 | $12.43 | $12.08 | $12.29 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.14 |  | 0.27 | 0.29 | 0.33 | 0.34 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments |  | (0.18) |  | (1.29) | 0.08 | 0.35 | 0.35 | (0.21) |
|  Total from investment operations |  | (0.04) |  | (1.02) | 0.37 | 0.68 | 0.69 | 0.15 |
|  Less distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.14) |  | (0.27) | (0.29) | (0.33) | (0.34) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | (0.01) |  | 0.00 (b) | 0.00 | 0.00 | 0.00 | 0.00 |
|  Total distributions |  | (0.15) |  | (0.27) | (0.29) | (0.33) | (0.34) | (0.36) |
|  Net asset value, end of period | $| 11.38 | $| 11.57 | $12.86 | $12.78 | $12.43 | $12.08 |
|  Total return |  | (0.40)%(c) |  | (8.03)% | 2.93% | 5.49% | 5.80% | 1.24% |
|  Net assets, end of period (in thousands) | $| 22234 | $| 25761 | $28209 | $27354 | $26154 | $25255 |
|  Ratio of net expenses to average net assets (a) |  | 0.70% (d) |  | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of gross expenses to average net assets |  | 0.95% (d) |  | 0.87% | 0.80% | 0.82% | 0.84% | 0.82% |
|  Ratio of net investment income to average net assets |  | 2.51% (d) |  | 2.19% | 2.26% | 2.58% | 2.79% | 2.96% |
|  Portfolio turnover |  | 1.49% (c) |  | 2.55% | 13.38% | 6.98% | 16.54% | 13.83% |

---

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Rounds to less than $0.01.

(c) Not Annualized

(d) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |
| **35.06% of Net Assets** |  |  |  |  |  |
|  KY Association of Counties | 4.000% | 02/01/2028 | AA-\* | $345000 | $360325 |
|  KY Association of Counties | 4.000 | 02/01/2029 | AA-\* | 240000 | 251484 |
|  KY Association of Counties | 5.000 | 02/01/2030 | AA-\* | 385000 | 427535 |
|  KY Association of Counties | 5.000 | 02/01/2031 | AA-\* | 255000 | 282124 |
|  KY Association of Counties | 4.000 | 02/01/2033 | AA-\* | 420000 | 427862 |
|  KY Association of Counties | 4.000 | 02/01/2034 | AA-\* | 435000 | 441673 |
|  KY Association of Counties | 4.000 | 02/01/2035 | AA-\* | 690000 | 699501 |
|  KY Association of Counties | 4.000 | 02/01/2035 | AA-\* | 460000 | 464582 |
|  KY Association of Counties | 4.500 | 02/01/2036 | AA-\* | 445000 | 466640 |
|  KY Association of Counties | 4.000 | 02/01/2037 | AA-\* | 745000 | 748390 |
|  KY Association of Counties | 4.500 | 02/01/2037 | AA-\* | 460000 | 479145 |
|  KY Association of Counties | 4.000 | 02/01/2038 | AA-\* | 3165000 | 3129552 |
|  KY Association of Counties | 4.500 | 02/01/2038 | AA-\* | 490000 | 505479 |
|  KY Association of Counties | 4.000 | 02/01/2039 | AA-\* | 1000000 | 981340 |
|  KY Association of Counties | 4.500 | 02/01/2039 | AA-\* | 515000 | 528514 |
|  KY Association of Counties | 4.500 | 02/01/2040 | AA-\* | 535000 | 548627 |
|  KY Association of Counties | 4.500 | 02/01/2041 | AA-\* | 565000 | 578102 |
|  KY Association of Counties | 4.500 | 02/01/2042 | AA-\* | 1050000 | 1070370 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2032 | AA-\* | 550000 | 514030 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2033 | AA-\* | 1010000 | 929200 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2034 | AA-\* | 1070000 | 963289 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2034 | AA-\* | 925000 | 831982 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2035 | AA-\* | 1170000 | 1034900 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2035 | AA-\* | 930000 | 822613 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2036 | AA-\* | 1240000 | 1072017 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2036 | AA-\* | 965000 | 835150 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2037 | AA-\* | 990000 | 840005 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2038 | AA-\* | 980000 | 816428 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2038 | AA-\* | 1025000 | 851929 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2039 | AA-\* | 1050000 | 864686 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2040 | AA-\* | 1030000 | 836422 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2041 | AA-\* | 1000000 | 803890 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2041 | AA-\* | 1065000 | 857272 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2042 | AA-\* | 420000 | 332027 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2043 | AA-\* | 430000 | 332799 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2044 | AA-\* | 450000 | 344808 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2047 | AA-\* | 1100000 | 813956 |
|  KY State Property & Building #105 | 4.750 | 04/01/2031 | A1 | 2110000 | 2121078 |
|  KY State Property & Building #105 | 4.750 | 04/01/2032 | A1 | 2205000 | 2217083 |
|  KY State Property & Building #105 | 4.750 | 04/01/2033 | A1 | 2310000 | 2321712 |
|  KY State Property & Building #108 | 5.000 | 08/01/2026 | A1 | 955000 | 1004354 |
|  KY State Property & Building #108 | 5.000 | 08/01/2028 | A1 | 2670000 | 2808653 |
|  KY State Property & Building #108 | 5.000 | 08/01/2030 | A1 | 5000000 | 5255850 |
|  KY State Property & Building #108 | 5.000 | 08/01/2032 | A1 | 8820000 | 9257825 |
|  KY State Property & Building #108 | 5.000 | 08/01/2033 | A1 | 5270000 | 5535608 |
|  KY State Property & Building #108 | 5.000 | 08/01/2034 | A1 | 4900000 | 5123293 |
|  KY State Property & Building #110 | 5.000 | 08/01/2029 | A1 | 4200000 | 4421340 |
|  KY State Property & Building #110 | 5.000 | 08/01/2032 | A1 | 1515000 | 1590205 |
|  KY State Property & Building #110 | 5.000 | 08/01/2033 | A1 | 1000000 | 1049130 |
|  KY State Property & Building #110 | 5.000 | 08/01/2034 | A1 | 1900000 | 1986583 |
|  KY State Property & Building #110 | 5.000 | 08/01/2035 | A1 | 3680000 | 3820797 |
|  KY State Property & Building #112 | 5.000 | 11/01/2028 | A1 | 2765000 | 2963859 |
|  KY State Property & Building #112 | 5.000 | 02/01/2035 | A1 | 8325000 | 8709365 |
|  KY State Property & Building #112 | 5.000 | 02/01/2036 | A1 | 7920000 | 8321227 |
|  KY State Property & Building #115 | 5.000 | 04/01/2033 | A1 | 4565000 | 4921116 |
|  KY State Property & Building #115 | 5.000 | 04/01/2034 | A1 | 13975000 | 15030392 |
|  KY State Property & Building #115 | 5.000 | 04/01/2036 | A1 | 14460000 | 15403515 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  KY State Property & Building #115 | 5.000% | 04/01/2037 | A1 | $5000000 | $5295750 |
|  KY State Property & Building #117 | 5.000 | 05/01/2031 | A1 | 5055000 | 5469409 |
|  KY State Property & Building #117 | 5.000 | 05/01/2032 | A1 | 3680000 | 3977013 |
|  KY State Property & Building #117 | 5.000 | 05/01/2033 | A1 | 3550000 | 3830521 |
|  KY State Property & Building #117 | 5.000 | 05/01/2034 | A1 | 5825000 | 6268108 |
|  KY State Property & Building #117 | 5.000 | 05/01/2035 | A1 | 5065000 | 5426945 |
|  KY State Property & Building #117 | 5.000 | 05/01/2036 | A1 | 5275000 | 5618930 |
|  KY State Property & Building #119 | 5.000 | 05/01/2030 | A1 | 3920000 | 4309844 |
|  KY State Property & Building #119 | 5.000 | 05/01/2034 | A1 | 725000 | 787408 |
|  KY State Property & Building #119 | 5.000 | 05/01/2035 | A1 | 10000000 | 10799700 |
|  KY State Property & Building #119 | 5.000 | 05/01/2036 | A1 | 10000000 | 10673700 |
|  KY State Property & Building #119 | 5.000 | 05/01/2037 | A1 | 770000 | 816500 |
|  KY State Property & Building #119 | 4.000 | 05/01/2038 | A1 | 265000 | 263187 |
|  KY State Property & Building #122 | 5.000 | 11/01/2031 | A1 | 790000 | 876663 |
|  KY State Property & Building #122 | 5.000 | 11/01/2033 | A1 | 1000000 | 1096210 |
|  KY State Property & Building #122 | 4.000 | 11/01/2034 | A1 | 750000 | 770010 |
|  KY State Property & Building #122 | 4.000 | 11/01/2035 | A1 | 2500000 | 2542900 |
|  KY State Property & Building #122 | 4.000 | 11/01/2036 | A1 | 1750000 | 1768095 |
|  KY State Property & Building #122 | 4.000 | 11/01/2037 | A1 | 3000000 | 3013830 |
|  KY State Property & Building #122 | 4.000 | 11/01/2037 | A1 | 675000 | 678463 |
|  KY State Property & Building #122 | 4.000 | 11/01/2038 | A1 | 6595000 | 6526016 |
|  KY State Property & Building #122 | 4.000 | 11/01/2039 | A1 | 9655000 | 9596105 |
|  KY State Property & Building #126 | 5.000 | 05/01/2039 | A1 | 5565000 | 6039917 |
|  KY State Property & Building #126 | 5.000 | 05/01/2040 | A1 | 5845000 | 6320023 |
|  KY State Property & Building #126 | 5.000 | 05/01/2041 | A1 | 6135000 | 6633591 |
|  KY State Property & Building #126 | 5.000 | 05/01/2042 | A1 | 2000000 | 2167420 |
|  KY State Property & Building #126 | 4.000 | 05/01/2042 | A1 | 1980000 | 1915096 |
|  KY State Property & Building #127 | 5.250 | 06/01/2040 | A1 | 10000000 | 11013900 |
|  KY State Property & Building #127 | 5.250 | 06/01/2041 | A1 | 8745000 | 9595626 |
|  KY State Property & Building #127 | 5.250 | 06/01/2042 | A1 | 15975000 | 17634480 |
|  Louisville & Jefferson County Visitors & Convention Commission | 4.000 | 06/01/2034 | Aa3 | 3720000 | 3781752 |
|  |  |  |  |  | 286458745 |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **18.38% of Net Assets** |  |  |  |  |  |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2034 | A1 | 1890000 | 1922187 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2035 | A1 | 2215000 | 2240030 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2036 | A1 | 2305000 | 2319499 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2037 | A1 | 2395000 | 2398904 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 04/01/2043 | A1 | 3085000 | 2968603 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 04/01/2045 | A1 | 2500000 | 2400050 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 10/01/2035 | A1 | 1820000 | 1842714 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 10/01/2036 | A1 | 2985000 | 3004522 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 10/01/2037 | A1 | 3075000 | 3085486 |
|  Covington KY Independent School District Finance Corporation | 4.000 | 06/01/2041 | A1 | 490000 | 480587 |
|  Fayette County KY School District Finance Corporation | 5.000 | 08/01/2028 | Aa3 | 1330000 | 1408962 |
|  Fayette County KY School District Finance Corporation | 4.750 | 11/01/2031 | Aa3 | 1730000 | 1788336 |
|  Fayette County KY School District Finance Corporation\*\* | 5.000 | 08/01/2032 | Aa3 | 10600000 | 11169432 |
|  Fayette County KY School District Finance Corporation | 5.000 | 08/01/2034 | Aa3 | 8750000 | 9215588 |
|  Glasgow KY School District Finance Corporation | 3.000 | 02/01/2042 | A1 | 1820000 | 1472762 |
|  Hardin County KY School District Finance Corporation | 4.000 | 05/01/2030 | Aa3 | 635000 | 654183 |
|  Jefferson County KY School District Finance Corporation | 5.000 | 10/01/2026 | Aa3 | 255000 | 275313 |
|  Jefferson County KY School District Finance Corporation | 5.000 | 04/01/2030 | Aa3 | 975000 | 1017773 |
|  Jefferson County KY School District Finance Corporation | 5.000 | 04/01/2031 | Aa3 | 1025000 | 1069741 |
|  Jefferson County KY School District Finance Corporation | 5.000 | 12/01/2032 | Aa3 | 895000 | 1036428 |
|  Jefferson County KY School District Finance Corporation | 5.000 | 05/01/2033 | Aa3 | 5145000 | 5277895 |
|  Jefferson County KY School District Finance Corporation | 4.000 | 06/01/2033 | Aa3 | 4310000 | 4426370 |
|  Jefferson County KY School District Finance Corporation | 4.750 | 04/01/2034 | Aa3 | 1165000 | 1208524 |
|  Jefferson County KY School District Finance Corporation | 5.000 | 05/01/2034 | Aa3 | 5405000 | 5544611 |
|  Jefferson County KY School District Finance Corporation | 4.000 | 06/01/2034 | Aa3 | 3500000 | 3560375 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Jefferson County KY School District Finance Corporation | 4.750% | 04/01/2035 | Aa3 | $1220000 | $1263957 |
|  Jefferson County KY School District Finance Corporation | 3.000 | 12/01/2035 | Aa3 | 11140000 | 10076910 |
|  Jefferson County KY School District Finance Corporation | 4.250 | 10/01/2037 | Aa3 | 2110000 | 2138380 |
|  Jefferson County KY School District Finance Corporation | 3.000 | 12/01/2038 | Aa3 | 6470000 | 5554689 |
|  Jefferson County KY School District Finance Corporation | 3.000 | 12/01/2039 | Aa3 | 4385000 | 3699888 |
|  Jefferson County KY School District Finance Corporation | 3.000 | 12/01/2040 | Aa3 | 1940000 | 1599317 |
|  Kenton County KY School District Finance Corporation | 4.000 | 04/01/2036 | A1 | 1210000 | 1221374 |
|  Kenton County KY School District Finance Corporation | 4.000 | 04/01/2037 | A1 | 1255000 | 1260848 |
|  Kenton County KY School District Finance Corporation | 4.000 | 04/01/2038 | A1 | 1300000 | 1296997 |
|  Kenton County KY School District Finance Corporation | 3.000 | 12/01/2040 | A1 | 1965000 | 1609256 |
|  Kenton County KY School District Finance Corporation | 3.000 | 12/01/2041 | A1 | 2025000 | 1663436 |
|  Meade County KY School District Finance Corporation | 4.000 | 06/01/2036 | A1 | 2215000 | 2233983 |
|  Meade County KY School District Finance Corporation | 4.000 | 06/01/2037 | A1 | 2255000 | 2264967 |
|  Meade County KY School District Finance Corporation | 4.000 | 06/01/2038 | A1 | 2400000 | 2394456 |
|  Morgan County KY School District Finance Corporation | 4.000 | 08/01/2029 | A1 | 960000 | 999158 |
|  Oldham County KY School District Finance Corporation | 4.000 | 10/01/2034 | A1 | 1560000 | 1587144 |
|  Raceland-Worthington KY Independent School District Finance Corporation | 3.400 | 06/01/2037 | A1 | 630000 | 586247 |
|  Scott County KY School District Finance Corporation | 4.500 | 01/01/2025 | A1 | 4890000 | 5040221 |
|  Scott County KY School District Finance Corporation | 4.000 | 02/01/2029 | Aa3 | 5040000 | 5315486 |
|  Scott County KY School District Finance Corporation | 4.000 | 06/01/2035 | Aa3 | 1440000 | 1462046 |
|  Scott County KY School District Finance Corporation | 4.000 | 10/01/2035 | Aa3 | 2235000 | 2267586 |
|  Scott County KY School District Finance Corporation | 4.000 | 06/01/2036 | Aa3 | 1500000 | 1514295 |
|  Scott County KY School District Finance Corporation | 4.000 | 10/01/2037 | Aa3 | 2415000 | 2419057 |
|  Scott County KY School District Finance Corporation | 5.000 | 09/01/2041 | Aa3 | 7120000 | 7751473 |
|  Shelby County KY School District Finance Corporation | 4.000 | 08/01/2037 | Aa3 | 6240000 | 6264648 |
|  Shelby County KY School District Finance Corporation | 4.000 | 08/01/2038 | Aa3 | 3000000 | 3002910 |
|  Woodford County KY School District Finance Corporation | 5.000 | 08/01/2038 | A1 | 1650000 | 1803614 |
|  |  |  |  |  | 150081218 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |  |  |
| **12.45% of Net Assets** |  |  |  |  |  |
|  Boyle County Centre College | 5.000 | 06/01/2037 | A3 | 2865000 | 2977566 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2033 | A3 | 1345000 | 1447207 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2034 | A3 | 1605000 | 1717960 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2035 | A3 | 2165000 | 2299815 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2036 | A3 | 2835000 | 2988770 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2038 | A3 | 1340000 | 1396709 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2038 | A3 | 200000 | 188322 |
|  KY Bond Development Corporation Educational Facilities Centre College | 3.000 | 06/01/2039 | A3 | 860000 | 694846 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2040 | A3 | 640000 | 591405 |
|  KY Bond Development Corporation Educational Facilities Centre College | 3.000 | 06/01/2041 | A3 | 1405000 | 1089283 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2046 | A3 | 4045000 | 3556405 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2051 | A3 | 4400000 | 3706736 |
|  KY State Property & Building #114 | 5.000 | 10/01/2032 | A1 | 2795000 | 2984697 |
|  KY State Property & Building #114 | 5.000 | 10/01/2033 | A1 | 2940000 | 3134187 |
|  KY State Property & Building #114 | 5.000 | 10/01/2034 | A1 | 3090000 | 3283928 |
|  KY State Property & Building #114 | 5.000 | 10/01/2035 | A1 | 1945000 | 2056487 |
|  KY State Property & Building #116 | 5.000 | 10/01/2035 | A1 | 4165000 | 4472002 |
|  KY State Property & Building #116 | 5.000 | 10/01/2036 | A1 | 2725000 | 2909782 |
|  Murray State University | 5.000 | 03/01/2032 | A1 | 2220000 | 2301585 |
|  Murray State University | 3.000 | 09/01/2037 | A1 | 1310000 | 1139084 |
|  Murray State University | 3.000 | 09/01/2039 | A1 | 1390000 | 1167628 |
|  Murray State University | 3.000 | 09/01/2041 | A1 | 1470000 | 1180572 |
|  University of Kentucky Certificate of Participation | 4.000 | 05/01/2033 | Aa3 | 885000 | 927356 |
|  University of Kentucky Certificate of Participation | 4.000 | 05/01/2034 | Aa3 | 1020000 | 1058709 |
|  University of Kentucky Certificate of Participation | 4.000 | 05/01/2039 | Aa3 | 4660000 | 4654268 |
|  University of Kentucky Certificate of Participation | 4.000 | 05/01/2044 | Aa3 | 3755000 | 3568301 |
|  University of Kentucky General Receipts | 5.000 | 04/01/2030 | Aa2 | 5490000 | 5757802 |
|  University of Kentucky General Receipts | 4.000 | 10/01/2036 | Aa2 | 16160000 | 16321437 |
|  University of Kentucky General Receipts | 4.000 | 10/01/2038 | Aa2 | 10855000 | 10913726 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  University of Kentucky Higher Educational | 4.750% | 04/01/2034 | Aa2 | $5435000 | $5645280 |
|  University of Louisville | 3.000 | 09/01/2039 | A1 | 1450000 | 1216507 |
|  University of Louisville | 3.000 | 09/01/2040 | A1 | 1495000 | 1233255 |
|  University of Louisville | 3.000 | 09/01/2042 | A1 | 1575000 | 1252818 |
|  Western KY University | 4.000 | 09/01/2034 | A1 | 575000 | 587984 |
|  Western KY University | 4.000 | 09/01/2035 | A1 | 595000 | 601866 |
|  Western KY University | 4.000 | 09/01/2036 | A1 | 620000 | 624185 |
|  |  |  |  |  | 101648470 |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **9.00% of Net Assets** |  |  |  |  |  |
|  Fayette County KY School District Finance Corporation | 5.000 | 10/01/2028 | Aa3 | 1375000 | 1396904 |
|  Fayette County KY School District Finance Corporation | 5.000 | 10/01/2029 | Aa3 | 3660000 | 3718304 |
|  Fayette County KY School District Finance Corporation | 5.000 | 10/01/2032 | Aa3 | 3615000 | 3672587 |
|  Fayette County KY School District Finance Corporation | 5.000 | 10/01/2033 | Aa3 | 4385000 | 4454853 |
|  Frankfort KY Electric & Water | 4.750 | 12/01/2034 | NR | 695000 | 720006 |
|  Frankfort KY Electric & Water | 4.750 | 12/01/2035 | NR | 725000 | 751086 |
|  Frankfort KY Electric & Water | 4.750 | 12/01/2036 | NR | 760000 | 787345 |
|  Frankfort KY Electric & Water | 4.750 | 12/01/2037 | NR | 800000 | 828784 |
|  Frankfort KY Electric & Water | 4.750 | 12/01/2038 | NR | 835000 | 865043 |
|  KY State Property & Building #106 | 5.000 | 10/01/2028 | A1 | 2030000 | 2062338 |
|  KY State Property & Building #106 | 5.000 | 10/01/2029 | A1 | 4130000 | 4197649 |
|  KY State Property & Building #106 | 5.000 | 10/01/2030 | A1 | 7165000 | 7282363 |
|  KY State Property & Building #106 | 5.000 | 10/01/2031 | A1 | 4910000 | 4990426 |
|  KY State Property & Building #106 | 5.000 | 10/01/2032 | A1 | 6275000 | 6377785 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2033 | Aa3 | 5000000 | 5054800 |
|  Lexington Fayette Urban County Government | 5.000 | 01/01/2029 | Aa2 | 345000 | 360508 |
|  Louisville & Jefferson County Metropolitan Sewer | 5.000 | 05/15/2031 | Aa3 | 2465000 | 2485065 |
|  River City, Inc. Parking Authority | 5.000 | 06/01/2031 | Aa3 | 1080000 | 1089439 |
|  River City, Inc. Parking Authority | 5.000 | 06/01/2032 | Aa3 | 1130000 | 1139876 |
|  River City, Inc. Parking Authority | 5.000 | 06/01/2033 | Aa3 | 1395000 | 1407722 |
|  University of Kentucky General Receipts | 5.000 | 04/01/2036 | Aa2 | 4820000 | 4945850 |
|  University of Kentucky General Receipts | 5.000 | 04/01/2037 | Aa2 | 7180000 | 7367470 |
|  University of Kentucky General Receipts | 5.000 | 04/01/2038 | Aa2 | 7395000 | 7588083 |
|  |  |  |  |  | 73544286 |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **8.37% of Net Assets** |  |  |  |  |  |
|  KY Rural Water Finance Corporation | 4.500 | 02/01/2024 | A+\* | 880000 | 881558 |
|  KY Rural Water Finance Corporation | 4.000 | 08/01/2030 | A+\* | 625000 | 658644 |
|  KY Rural Water Finance Corporation | 3.000 | 02/01/2032 | A+\* | 240000 | 229459 |
|  KY Rural Water Finance Corporation | 3.000 | 02/01/2033 | A+\* | 370000 | 349550 |
|  KY Rural Water Finance Corporation | 5.125 | 02/01/2035 | A+\* | 295000 | 295021 |
|  KY Rural Water Finance Corporation | 3.000 | 08/01/2036 | A+\* | 285000 | 252858 |
|  KY Rural Water Finance Corporation | 3.000 | 08/01/2037 | A+\* | 280000 | 244462 |
|  KY State Association of Counties Finance Corporation | 4.000 | 02/01/2031 | AA-\* | 405000 | 419317 |
|  KY State Association of Counties Finance Corporation | 4.000 | 02/01/2033 | AA-\* | 415000 | 425749 |
|  Louisville & Jefferson County Metropolitan Sewer | 4.000 | 05/15/2033 | Aa3 | 1000000 | 1019170 |
|  Louisville & Jefferson County Metropolitan Sewer | 4.750 | 05/15/2034 | Aa3 | 2230000 | 2296030 |
|  Louisville & Jefferson County Metropolitan Sewer | 5.000 | 05/15/2034 | Aa3 | 4595000 | 4877455 |
|  Louisville & Jefferson County Metropolitan Sewer | 4.750 | 05/15/2035 | Aa3 | 2245000 | 2327683 |
|  Louisville & Jefferson County Metropolitan Sewer | 5.000 | 05/15/2035 | Aa3 | 4825000 | 5103789 |
|  Louisville & Jefferson County Metropolitan Sewer | 4.750 | 05/15/2036 | Aa3 | 2795000 | 2866971 |
|  Louisville & Jefferson County Metropolitan Sewer | 4.000 | 05/15/2037 | Aa3 | 10000000 | 10091200 |
|  Louisville & Jefferson County Metropolitan Sewer | 3.000 | 05/15/2044 | Aa3 | 21515000 | 17214578 |
|  Louisville & Jefferson County Metropolitan Sewer | 3.250 | 05/15/2046 | Aa3 | 2450000 | 2012945 |
|  Louisville & Jefferson County Metropolitan Sewer | 3.000 | 05/15/2046 | Aa3 | 5000000 | 3940600 |
|  Murray KY Electric Plant | 3.000 | 12/01/2030 | A1 | 315000 | 306738 |
|  Murray KY Electric Plant | 3.000 | 12/01/2036 | A1 | 370000 | 327872 |
|  Murray KY Electric Plant | 3.000 | 12/01/2037 | A1 | 380000 | 332131 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Murray KY Electric Plant | 3.000% | 12/01/2038 | A1 | $395000 | $339949 |
|  Murray KY Electric Plant | 3.000 | 12/01/2039 | A1 | 405000 | 343910 |
|  Murray KY Electric Plant | 3.000 | 12/01/2040 | A1 | 420000 | 351322 |
|  Murray KY Electric Plant | 3.000 | 12/01/2041 | A1 | 430000 | 353224 |
|  Murray KY Electric Plant | 3.000 | 12/01/2042 | A1 | 445000 | 359823 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2031 | A3 | 245000 | 253053 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2033 | A3 | 275000 | 281127 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2034 | A3 | 305000 | 310649 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2035 | A3 | 200000 | 202510 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2036 | A3 | 325000 | 327152 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2037 | A3 | 410000 | 411505 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2034 | A1 | 2075000 | 2112371 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2035 | A1 | 2155000 | 2189135 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2037 | A1 | 1950000 | 1956551 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2039 | A1 | 2125000 | 2071726 |
|  |  |  |  |  | 68337787 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **5.64% of Net Assets** |  |  |  |  |  |
|  KY Association of Counties | 4.000 | 02/01/2038 | AA-\* | 1045000 | 1032136 |
|  KY Association of Counties | 3.500 | 02/01/2042 | AA-\* | 1215000 | 1067560 |
|  KY Bond Development | 5.000 | 09/01/2035 | A2 | 1275000 | 1377969 |
|  KY Bond Development | 5.000 | 09/01/2036 | A2 | 2000000 | 2141280 |
|  KY Bond Development | 5.000 | 09/01/2038 | A2 | 1125000 | 1190273 |
|  KY State Certificate of Participation | 4.000 | 04/15/2030 | A1 | 1500000 | 1562385 |
|  KY State Certificate of Participation | 4.000 | 04/15/2031 | A1 | 1350000 | 1402137 |
|  KY State Certificate of Participation | 5.000 | 06/15/2034 | A1 | 1640000 | 1719540 |
|  KY State Certificate of Participation | 5.000 | 04/15/2038 | A1 | 10000000 | 10693400 |
|  KY State Certificate of Participation | 5.000 | 06/15/2038 | A1 | 7535000 | 7862170 |
|  KY State Certificate of Participation | 4.000 | 04/15/2048 | A1 | 1000000 | 937820 |
|  Laurel County General Obligation | 4.000 | 05/01/2031 | A2 | 1295000 | 1339781 |
|  Laurel County General Obligation | 4.000 | 05/01/2034 | A2 | 1440000 | 1469837 |
|  Laurel County General Obligation | 4.000 | 05/01/2035 | A2 | 1495000 | 1516947 |
|  Laurel County General Obligation | 4.000 | 05/01/2036 | A2 | 1555000 | 1574095 |
|  Laurel County General Obligation | 4.000 | 05/01/2037 | A2 | 1620000 | 1629558 |
|  Laurel County General Obligation | 4.000 | 05/01/2038 | A2 | 1680000 | 1662830 |
|  Laurel County KY Judicial Center | 5.000 | 03/01/2025 | A1 | 500000 | 519765 |
|  Louisville & Jefferson County Visitors & Convention Commission | 4.000 | 06/01/2032 | Aa3 | 2725000 | 2787020 |
|  Marshall County Library | 4.000 | 06/01/2038 | Aa3 | 1060000 | 1066381 |
|  River City, Inc. Parking Authority | 3.000 | 12/01/2036 | Aa3 | 835000 | 741572 |
|  River City, Inc. Parking Authority | 3.000 | 12/01/2037 | Aa3 | 860000 | 750789 |
|  |  |  |  |  | 46045245 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **5.00% of Net Assets** |  |  |  |  |  |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 4.000 | 05/01/2032 | AA\* | 1810000 | 1843919 |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 4.000 | 05/01/2035 | AA\* | 1390000 | 1401176 |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 4.000 | 05/01/2036 | AA\* | 1200000 | 1204416 |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 5.000 | 05/01/2039 | AA\* | 7185000 | 7427350 |
|  Louisville & Jefferson County Norton Healthcare | 5.500 | 10/01/2033 | A\* | 2000000 | 2031000 |
|  Louisville & Jefferson County Norton Healthcare | 5.000 | 10/01/2033 | A\* | 6810000 | 7075999 |
|  Louisville & Jefferson County Norton Healthcare | 4.000 | 10/01/2035 | A\* | 3850000 | 3755791 |
|  Louisville & Jefferson County Norton Healthcare | 4.000 | 10/01/2036 | A\* | 7005000 | 6802344 |
|  Louisville & Jefferson County Norton Healthcare | 4.000 | 10/01/2039 | A\* | 4500000 | 4318920 |
|  Louisville & Jefferson County Norton Healthcare | 4.000 | 10/01/2040 | A\* | 2000000 | 1906780 |
|  Louisville & Jefferson County Norton Healthcare | 3.000 | 10/01/2043 | A\* | 4000000 | 3034080 |
|  |  |  |  |  | 40801775 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |  |  |  |  |  |
| **2.72% of Net Assets** |  |  |  |  |  |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2029 | Aa3 | 4000000 | 4273720 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2032 | Aa3 | 1315000 | 1381197 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  KY State Turnpike Economic Development Road Revenue | 5.000% | 07/01/2032 | Aa3 | $1765000 | $1917302 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2034 | Aa3 | 1120000 | 1191266 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2036 | Aa3 | 400000 | 428064 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2037 | Aa3 | 500000 | 533570 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2038 | Aa3 | 1100000 | 1204137 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2039 | Aa3 | 3255000 | 3548893 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2040 | Aa3 | 2250000 | 2429348 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2041 | Aa3 | 3555000 | 3827704 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2042 | Aa3 | 1400000 | 1490720 |
|  |  |  |  |  | 22225921 |
| **REFUNDING BONDS** |  |  |  |  |  |
| **1.18% of Net Assets** |  |  |  |  |  |
|  KY Association of Counties | 3.000 | 02/01/2034 | AA-\* | 480000 | 447998 |
|  KY Association of Counties | 3.000 | 02/01/2035 | AA-\* | 505000 | 462898 |
|  KY Association of Counties | 3.000 | 02/01/2036 | AA-\* | 510000 | 456491 |
|  KY State Property & Building #102 | 5.000 | 05/01/2024 | Aa3 | 405000 | 405312 |
|  KY State Property & Building #108 | 5.000 | 08/01/2025 | A1 | 2690000 | 2828320 |
|  KY State Property & Building #121 | 5.000 | 02/01/2029 | A1 | 4535000 | 5046684 |
|  |  |  |  |  | 9647703 |
| **AIRPORT REVENUE BONDS** |  |  |  |  |  |
| **0.77% of Net Assets** |  |  |  |  |  |
|  Kenton County Airport | 5.000 | 01/01/2029 | A1 | 240000 | 254820 |
|  Kenton County Airport | 5.000 | 01/01/2034 | A1 | 275000 | 301997 |
|  Kenton County Airport | 5.000 | 01/01/2035 | A1 | 300000 | 326886 |
|  Kenton County Airport | 5.000 | 01/01/2036 | A1 | 965000 | 1040048 |
|  Kenton County Airport | 5.000 | 01/01/2037 | A1 | 670000 | 715017 |
|  Kenton County Airport | 5.000 | 01/01/2038 | A1 | 500000 | 533040 |
|  Kenton County Airport | 5.000 | 01/01/2039 | A1 | 500000 | 530280 |
|  Kenton County Airport | 5.000 | 01/01/2044 | A1 | 2500000 | 2594400 |
|  |  |  |  |  | 6296488 |
| **AD VALOREM PROPERTY BONDS** |  |  |  |  |  |
| **0.32% of Net Assets** |  |  |  |  |  |
|  Henderson KY | 3.000 | 09/01/2042 | Aa3 | 845000 | 693255 |
|  Henderson KY | 3.000 | 09/01/2043 | Aa3 | 870000 | 683585 |
|  Warren County General Obligation | 4.000 | 06/01/2035 | Aa1 | 1175000 | 1201743 |
|  |  |  |  |  | 2578583 |
|  Total Investments 98.89% of Net Assets (cost $843,053,254) (See footnote 6 for further explanation) | Total Investments 98.89% of Net Assets (cost $843,053,254) (See footnote 6 for further explanation) | Total Investments 98.89% of Net Assets (cost $843,053,254) (See footnote 6 for further explanation) |  |  | $807666221 |
|  Other assets in excess of liabilities 1.11% |  |  |  |  | 9065215 |
|  Net Assets 100% |  |  |  |  | $816731436 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 807666221 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $807666221 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**KENTUCKY TAX-FREE INCOME SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $843,053,254) |  | $807666221 |
|  Cash |  | 4212426 |
|  Receivable for fund shares sold |  | 30457 |
|  Interest receivable |  | 8915285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 820824389 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 2499424.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1099726.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 273880.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 84534.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 59039.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 35855.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 14540.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 25955.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 4092953 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 857876493 |
|  Total accumulated loss |  | (41145057) |
|  Total Net Assets |  | $816731436 |
|  **NET ASSET VALUE**, offering price and redemption price per share<br>(114,414,519 shares outstanding; unlimited number of shares authorized; no par value) |  | $7.14 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $12940312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 1618257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 499095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 110842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 59220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 48754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 15740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 5539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 4466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 65761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2427674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2427548 |
|  Net investment income | 10512764 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (4646949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (2132139) |
|  Net realized and unrealized loss on investments | (6779088) |
|  Net increase in net assets resulting from operations | $3733676 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**KENTUCKY TAX-FREE INCOME SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $10512764 | $22611319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (4646949) | (1093417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (2132139) | (102942618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 3733676 | (81424716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (10512764) | (22665986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (36771872) | (44005954) |
|  Total decrease | (43550960) | (148096656) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 860282396 | 1008379052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $816731436 | $860282396 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.20 | $| 8.02 | $7.86 | $7.83 | $7.60 | $7.76 |
|  Income from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.09 |  | 0.18 | 0.20 | 0.21 | 0.22 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments | (0.06) |  | (0.82) | 0.16 | 0.03 | 0.24 | (0.16) |
|  Total from investment operations | 0.03 |  | (0.64) | 0.36 | 0.24 | 0.46 | 0.07 |
|  Less distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.09) |  | (0.18) | (0.20) | (0.21) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | 0.00 |  | 0.00 (b) | 0.00 (b) | 0.00 | (0.01) | 0.00 (b) |
|  Total distributions | (0.09) |  | (0.18) | (0.20) | (0.21) | (0.23) | (0.23) |
|  Net asset value, end of period | $7.14 | $| 7.20 | $8.02 | $7.86 | $7.83 | $7.60 |
|  Total return | 0.45% (c) |  | (8.11)% | 4.63% | 3.08% | 6.22% | 0.93% |
|  Net assets, end of period (in thousands) | $816731 | $| 860282 | $1008379 | $973889 | $969264 | $954333 |
|  Ratio of net expenses to average net assets (a) | 0.59% (d) |  | 0.56% | 0.56% | 0.56% | 0.57% | 0.56% |
|  Ratio of gross expenses to average net assets | 0.59% (d) |  | 0.56% | 0.56% | 0.56% | 0.57% | 0.56% |
|  Ratio of net investment income to average net assets | 2.56% (d) |  | 2.31% | 2.46% | 2.66% | 2.88% | 2.98% |
|  Portfolio turnover | 7.83% (c) |  | 14.39% | 5.92% | 4.59% | 10.23% | 16.81% |

---

(a) Percentages are after custodian expense reduction for which no recovery will be sought.

(b) Rounds to less than $0.01.

(c) Not Annualized

(d) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** |  |  |  |
| **20.75% of Net Assets** |  |  |  |  |  |
|  Anderson County KY School District Finance Corporation | 3.000% | 02/01/2029 | A1 | $500000 | $501140 |
|  Barren County KY School District Finance Corporation | 5.000 | 08/01/2023 | A1 | 500000 | 505665 |
|  Bowling Green KY Independent School District Finance Corporation | 5.000 | 08/01/2027 | A1 | 695000 | 743615 |
|  Fayette County KY School District Finance Corporation | 5.000 | 06/01/2023 | Aa3 | 500000 | 504850 |
|  Fayette County KY School District Finance Corporation\*\* | 5.000 | 08/01/2023 | Aa3 | 1000000 | 1013140 |
|  Hardin County KY School District Finance Corporation | 5.000 | 03/01/2023 | A1 | 770000 | 772780 |
|  Jefferson County KY School District Finance Corporation | 4.000 | 12/01/2023 | Aa3 | 500000 | 505080 |
|  Jefferson County KY School District Finance Corporation | 4.000 | 06/01/2030 | Aa3 | 1245000 | 1286795 |
|  Jessamine County KY School District Finance Corporation | 5.000 | 02/01/2023 | A1 | 575000 | 576081 |
|  Laurel County KY School District Finance Corporation | 4.000 | 06/01/2024 | A1 | 465000 | 471664 |
|  Pike County KY School District Finance Corporation | 5.000 | 08/01/2024 | A1 | 250000 | 257998 |
|  Pike County KY School District Finance Corporation | 5.000 | 02/01/2025 | A1 | 900000 | 937970 |
|  Pike County KY School District Finance Corporation | 5.000 | 08/01/2025 | A1 | 200000 | 210438 |
|  Pike County KY School District Finance Corporation | 4.000 | 02/01/2028 | A1 | 295000 | 304242 |
|  |  |  |  |  | 8591458 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |
| **18.10% of Net Assets** |  |  |  |  |  |
|  KY Association of Counties | 4.000 | 02/01/2029 | AA-\* | 630000 | 660857 |
|  KY State Property & Building #108 | 5.000 | 08/01/2023 | A1 | 750000 | 759113 |
|  KY State Property & Building #108 | 5.000 | 08/01/2028 | A1 | 755000 | 794207 |
|  KY State Property & Building #110 | 5.000 | 08/01/2023 | A1 | 1750000 | 1771053 |
|  KY State Property & Building #126 | 5.000 | 05/01/2030 | A1 | 750000 | 853380 |
|  KY State Property & Building #127 | 5.000 | 06/01/2029 | A1 | 1000000 | 1118450 |
|  Somerset KY | 5.000 | 06/01/2028 | A1 | 605000 | 671804 |
|  Somerset KY | 5.000 | 06/01/2029 | A1 | 380000 | 427135 |
|  Somerset KY | 4.000 | 06/01/2030 | A1 | 415000 | 435841 |
|  |  |  |  |  | 7491840 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **15.83% of Net Assets** |  |  |  |  |  |
|  KY Bond Development | 5.000 | 09/01/2026 | A3 | 1000000 | 1061810 |
|  KY State Certificate of Participation | 4.000 | 06/15/2023 | A1 | 940000 | 944700 |
|  KY State Certificate of Participation | 4.000 | 06/15/2024 | A1 | 300000 | 304632 |
|  Laurel County KY Justice Center | 5.000 | 03/01/2023 | A1 | 600000 | 601950 |
|  Lexington Fayette Urban County Government — Court Facilities | 5.000 | 10/01/2024 | A1 | 700000 | 723212 |
|  Livingston County KY Public Properties | 5.000 | 08/01/2024 | A1 | 555000 | 571534 |
|  River City Parking Authority | 5.000 | 12/01/2024 | Aa3 | 340000 | 354069 |
|  Taylor County KY Public Courthouse | 4.000 | 09/01/2027 | A1 | 700000 | 724129 |
|  Warren County KY Justice Center Expansion Corporation\*\* | 5.000 | 09/01/2023 | A1 | 1250000 | 1267150 |
|  |  |  |  |  | 6553186 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |  |  |
| **9.94% of Net Assets** |  |  |  |  |  |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2030 | A3 | 170000 | 176975 |
|  University of Kentucky General Receipts | 4.000 | 04/01/2028 | Aa2 | 750000 | 760425 |
|  University of Louisville | 5.000 | 03/01/2024 | A1 | 350000 | 357242 |
|  University of Louisville\*\* | 5.000 | 03/01/2024 | A1 | 2000000 | 2041380 |
|  University of Louisville | 4.000 | 09/01/2030 | A1 | 745000 | 775962 |
|  |  |  |  |  | 4111984 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |  |  |  |  |  |
| **9.79% of Net Assets** |  |  |  |  |  |
|  KY Asset Liability Commission Federal Highway | 5.000 | 09/01/2024 | A2 | 500000 | 518050 |
|  KY Asset Liability Commission Federal Highway | 5.000 | 09/01/2026 | A2 | 565000 | 584832 |
|  KY Asset Liability Project Notes | 4.000 | 09/01/2023 | A2 | 250000 | 251935 |
|  KY State Turnpike Authority Economic Development | 5.000 | 07/01/2024 | Aa3 | 1175000 | 1211907 |
|  KY State Turnpike Authority Economic Development | 5.000 | 07/01/2026 | Aa3 | 1385000 | 1483597 |
|  |  |  |  |  | 4050321 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Kentucky Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **8.15% of Net Assets** |  |  |  |  |  |
|  Campbell & Kenton Counties Sanitation District #1 | 4.000% | 08/01/2031 | Aa2 | $1000000 | $1032710 |
|  Frankfort Electric & Water | 4.000 | 12/01/2023 | NR | 440000 | 444233 |
|  Henderson KY | 4.000 | 06/01/2028 | Aa3 | 385000 | 404905 |
|  KY Rural Water Financing Corporation | 5.000 | 08/01/2029 | A+\* | 595000 | 663740 |
|  Northern KY Water | 5.000 | 02/01/2026 | Aa2 | 815000 | 825668 |
|  |  |  |  |  | 3371256 |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **7.04% of Net Assets** |  |  |  |  |  |
|  KY State Property & Building #106 | 5.000 | 10/01/2024 | A1 | 750000 | 762278 |
|  KY State Property & Building #106 | 5.000 | 10/01/2025 | A1 | 1115000 | 1133263 |
|  KY State Property & Building #106\*\* | 5.000 | 10/01/2026 | A1 | 1000000 | 1016380 |
|  |  |  |  |  | 2911921 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **3.35% of Net Assets** |  |  |  |  |  |
|  Warren County KY Hospital | 5.000 | 04/01/2032 | AA-\* | 1200000 | 1388400 |
| **AD VALOREM PROPERTY BONDS** |  |  |  |  |  |
| **1.65% of Net Assets** |  |  |  |  |  |
|  Henderson KY | 5.000 | 09/01/2029 | Aa3 | 600000 | 681732 |
| **REFUNDING BONDS** |  |  |  |  |  |
| **1.44% of Net Assets** |  |  |  |  |  |
|  KY State Property & Building #112 | 5.000 | 11/01/2026 | A1 | 555000 | 595332 |
| **AIRPORT REVENUE BONDS** |  |  |  |  |  |
| **1.28% of Net Assets** |  |  |  |  |  |
|  Kenton County Airport | 5.000 | 01/01/2026 | A1 | 500000 | 531615 |
| **ESCROWED TO MAURITY BONDS** |  |  |  |  |  |
| **0.43% of Net Assets** |  |  |  |  |  |
|  Warren County KY Hospital | 5.000 | 04/01/2023 | AA-\* | 175000 | 175982 |
|  Total Investments 97.75% of Net Assets (cost $41,102,461) (See footnote 6 for further explanation) | Total Investments 97.75% of Net Assets (cost $41,102,461) (See footnote 6 for further explanation) | Total Investments 97.75% of Net Assets (cost $41,102,461) (See footnote 6 for further explanation) |  |  | $40455027 |
|  Other assets in excess of liabilities 2.25% |  |  |  |  | 929849 |
|  Net Assets 100% |  |  |  |  | $41384876 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 40455027 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $40455027 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $41,102,461) |  | $40455027 |
|  Cash |  | 442468 |
|  Interest receivable |  | 576256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 41473751 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 31709.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1075.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 15008.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 5864.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 6470.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 5453.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 4639.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3459.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 2149.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 13049.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 88875 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 42194250 |
|  Total accumulated loss |  | (809374) |
|  Total Net Assets |  | $41384876 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(8,113,880 shares outstanding; unlimited number of shares authorized; no par value) |  | $5.10 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $517145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 108119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 28973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 5923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 5724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 5581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 169320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (17890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 151416 |
|  Net investment income | 365729 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (77028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (173276) |
|  Net realized and unrealized loss on investments | (250304) |
|  Net increase in net assets resulting from operations | $115425 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $365729 | $703577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | (77028) | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (173276) | (2409895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 115425 | (1700288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (365729) | (703577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (1330758) | 281173 |
|  Total decrease | (1581062) | (2122692) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 42965938 | 45088630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $41384876 | $42965938 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** | **2018** |
|  Net asset value, beginning of period | $5.13 | $| 5.42 | $5.41 | $5.36 | $5.22 | $| 5.33 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.04 |  | 0.08 | 0.09 | 0.09 | 0.09 |  | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments | (0.03) |  | (0.29) | 0.01 (b) | 0.05 | 0.14 |  | (0.11) |
|  Total from investment operations | 0.01 |  | (0.21) | 0.10 | 0.14 | 0.23 |  | (0.02) |
|  Less distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.04) |  | (0.08) | (0.09) | (0.09) | (0.09) |  | (0.09) |
|  Net asset value, end of period | $5.10 | $| 5.13 | $5.42 | $5.41 | $5.36 | $| 5.22 |
|  Total return | 0.27% (c) |  | (3.85)% | 1.86% | 2.66% | 4.56% |  | (0.32)% |
|  Net assets, end of period (in thousands) | $41385 | $| 42966 | $45089 | $47389 | $55419 | $| 62646 |
|  Ratio of net expenses to average net assets (a) | 0.70% (d) |  | 0.70% | 0.70% | 0.70% | 0.70% |  | 0.70% |
|  Ratio of gross expenses to average net assets | 0.79% (d) |  | 0.78% | 0.78% | 0.78% | 0.77% |  | 0.75% |
|  Ratio of net investment income to average net assets | 1.71% (d) |  | 1.57% | 1.66% | 1.70% | 1.81% |  | 1.76% |
|  Portfolio turnover | 6.24% (c) |  | 13.09% | 10.00% | 2.75% | 4.88% |  | 4.69% |

---

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's
statement of operations due to share transactions for the period.

(c) Not annualized

(d) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Mississippi Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |  |
| **35.33% of Net Assets** |  |  |  |  |  |
|  Jackson State University Educational Building | 5.000% | 03/01/2034 | Aa2 | $440000 | $460692 |
|  Mississippi State University Educational Building | 5.000 | 11/01/2032 | Aa2 | 125000 | 132023 |
|  MS Development Bank Special Obligation Gulf Coast Community Project\*\* | 4.000 | 12/01/2034 | AA-\* | 300000 | 307434 |
|  MS Development Bank Special Obligation Northwest MS Community College | 4.000 | 03/01/2039 | AA-\* | 225000 | 220005 |
|  MS Development Bank Special Obligation Pearl River Community College | 5.000 | 10/01/2033 | AA-\* | 125000 | 138044 |
|  MS State University Educational Building Corporation Revenue | 5.000 | 08/01/2033 | Aa2 | 225000 | 243540 |
|  MS State University Educational Building Corporation Revenue | 4.000 | 08/01/2036 | Aa2 | 250000 | 252080 |
|  University of MS Educational Building Corporation | 5.000 | 10/01/2031 | Aa2 | 205000 | 219967 |
|  University of MS Educational Building Corporation | 3.000 | 10/01/2034 | Aa2 | 200000 | 188760 |
|  University of MS Educational Building Corporation | 5.000 | 10/01/2036 | Aa2 | 100000 | 112210 |
|  University of MS Educational Building Corporation | 4.000 | 10/01/2037 | Aa2 | 100000 | 100397 |
|  University Southern MS Educational Building Corporation | 5.000 | 09/01/2033 | Aa2 | 360000 | 384826 |
|  |  |  |  |  | 2759978 |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **23.25% of Net Assets** |  |  |  |  |  |
|  MS Development Bank Special Obligation Brandon Public Improvement | 5.000 | 11/01/2033 | Aa3 | 150000 | 156189 |
|  MS Development Bank Special Obligation Hattiesburg Water & Sewer | 4.750 | 12/01/2038 | AA\* | 700000 | 712096 |
|  MS Development Bank Special Obligation Jackson Schools | 5.000 | 04/01/2028 | NR | 125000 | 125635 |
|  MS Development Bank Special Obligation West Jackson County Utility District | 5.000 | 12/01/2033 | A\* | 50000 | 50954 |
|  MS State Refunding | 5.000 | 10/01/2033 | Aa2 | 150000 | 165921 |
|  MS State University Educational Building Corporation Revenue\*\* | 5.250 | 08/01/2038 | Aa2 | 300000 | 304254 |
|  Southern Mississippi Educational Building Corporation | 5.000 | 03/01/2038 | Aa2 | 300000 | 301239 |
|  |  |  |  |  | 1816288 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |  |  |  |  |  |
| **10.15% of Net Assets** |  |  |  |  |  |
|  MS Development Bank Special Obligation Highway Construction | 5.000 | 01/01/2025 | Aa3 | 200000 | 208630 |
|  MS Development Bank Special Obligation Highway Construction | 5.000 | 01/01/2029 | Aa3 | 300000 | 325302 |
|  MS Development Bank Special Obligation Highway Construction | 4.000 | 01/01/2030 | Aa3 | 175000 | 181286 |
|  MS Development Bank Special Obligation Marshall County | 5.000 | 01/01/2030 | Aa3 | 75000 | 77732 |
|  |  |  |  |  | 792950 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **7.11% of Net Assets** |  |  |  |  |  |
|  MS Development Bank Special Obligation Brandon Public Improvement\*\* | 4.000 | 08/01/2033 | AA\* | 300000 | 304704 |
|  MS Development Bank Special Obligation Brandon Public Improvement | 4.000 | 08/01/2035 | AA\* | 150000 | 151695 |
|  MS Development Bank Special Obligation Hinds County | 4.000 | 11/01/2035 |  | 100000 | 99104 |
|  |  |  |  |  | 555503 |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **6.08% of Net Assets** |  |  |  |  |  |
|  MS Development Bank Special Obligation Diamondhead Water & Sewer | 4.000 | 07/01/2046 | A+\* | 175000 | 160956 |
|  MS Development Bank Special Obligation Jackson Water & Sewer | 6.875 | 12/01/2040 | Ba2 | 150000 | 154220 |
|  MS Development Bank Special Obligation Tupelo | 5.000 | 05/01/2033 | Aa2 | 150000 | 160138 |
|  |  |  |  |  | 475314 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |
| **4.51% of Net Assets** |  |  |  |  |  |
|  Mississippi State | 3.000 | 06/01/2038 | Aa2 | 100000 | 88785 |
|  Mississippi State Gaming Tax Revenue | 5.000 | 10/15/2035 | A3 | 125000 | 130040 |
|  Mississippi State Gaming Tax Revenue | 5.000 | 10/15/2037 | A-\* | 125000 | 133126 |
|  |  |  |  |  | 351951 |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **4.05% of Net Assets** |  |  |  |  |  |
|  MS Development Bank Special Obligation Canton School District | 5.000 | 12/01/2033 | A1 | 100000 | 106616 |
|  MS Development Bank Special Obligation Rankin School District | 4.000 | 06/01/2038 | AA\* | 100000 | 99542 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Mississippi Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  MS Development Bank Special Obligation Vicksburg Warren School District | 5.500% | 03/01/2038 | AA\* | $100000 | $110306 |
|  |  |  |  |  | 316464 |
| **REFUNDING BONDS 3.79% of Net Assets** |  |  |  |  |  |
|  MS State Refunding\*\* | 4.000 | 10/01/2036 | Aa2 | 290000 | 295777 |
| **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** |  |  |  |  |  |
| **3.00% of Net Assets** |  |  |  |  |  |
|  Mississippi State Home Corporation | 3.950 | 12/01/2042 | Aaa | 100000 | 95863 |
|  Mississippi State Home Corporation | 4.050 | 12/01/2047 | Aaa | 150000 | 138254 |
|  |  |  |  |  | 234117 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **1.64% of Net Assets** |  |  |  |  |  |
|  Medical Center Educational Building Corporation MS Revenue | 5.500 | 12/01/2023 | Aa2 | 20000 | 20447 |
|  Medical Center Educational Building Corporation MS Revenue | 5.000 | 06/01/2035 | Aa2 | 100000 | 107958 |
|  |  |  |  |  | 128405 |
|  Total Investments 98.91% of Net Assets (cost $7,864,661) (See footnote 6 for further explanation) | Total Investments 98.91% of Net Assets (cost $7,864,661) (See footnote 6 for further explanation) | Total Investments 98.91% of Net Assets (cost $7,864,661) (See footnote 6 for further explanation) |  |  | $7726747 |
|  Other assets in excess of liabilities 1.09% |  |  |  |  | 84882 |
|  Net Assets 100% |  |  |  |  | $7811629 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 7726747 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $7726747 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**MISSISSIPPI TAX-FREE INCOME SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $7,864,661) | Investments in securities, at fair value (Cost: $7,864,661) | $7726747 |
|  Cash |  | 37495 |
|  Interest receivable |  | 96207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 7860449 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 32123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 2676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing expense | 2373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postage expense | 1659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 48820 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 8360536 |
|  Total accumulated loss | Total accumulated loss | (548907) |
|  Total Net Assets |  | $7811629 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(706,591 shares outstanding; unlimited number of shares authorized; no par value) |  | $11.06 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $144540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 23866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 7160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 4966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 3063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 49159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (15822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 33330 |
|  Net investment income | 111210 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (411058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 209671 |
|  Net realized and unrealized loss on investments | (201387) |
|  Net decrease in net assets resulting from operations | $(90177) |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**MISSISSIPPI TAX-FREE INCOME SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $111210 | $226994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | (411058) | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 209671 | (1080034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (90177) | (851223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (112536) | (247437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (2015337) | (283311) |
|  Total decrease | (2218050) | (1381971) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 10029679 | 11411650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $7811629 | $10029679 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $| 11.22 | $| 12.40 | $12.37 | $12.21 | $11.92 | $12.14 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.13 |  | 0.25 | 0.27 | 0.31 | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments |  | (0.16) |  | (1.16) | 0.05 | 0.18 | 0.29 | (0.22) |
|  Total from investment operations |  | (0.03) |  | (0.91) | 0.32 | 0.49 | 0.62 | 0.11 |
|  Less distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.13) |  | (0.25) | (0.27) | (0.31) | (0.33) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | 0.00 (b) |  | (0.02) | (0.02) | (0.02) | 0.00 (b) | 0.00 (b) |
|  Total distributions |  | (0.13) |  | (0.27) | (0.29) | (0.33) | (0.33) | (0.33) |
|  Net asset value, end of period | $| 11.06 | $| 11.22 | $12.40 | $12.37 | $12.21 | $11.92 |
|  Total return |  | (0.25)%(c) |  | (7.46)% | 2.68% | 4.01% | 5.29% | 0.99% |
|  Net assets, end of period (in thousands) | $| 7812 | $| 10030 | $11412 | $11111 | $11325 | $11615 |
|  Ratio of net expenses to average net assets (a) |  | 0.70% (d) |  | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of gross expenses to average net assets |  | 1.04% (d) |  | 0.96% | 0.96% | 0.99% | 0.97% | 0.92% |
|  Ratio of net investment income to average net assets |  | 2.36% (d) |  | 2.06% | 2.21% | 2.51% | 2.75% | 2.75% |
|  Portfolio turnover |  | 5.04% (c) |  | 9.15% | 8.85% | 10.26% | 4.65% | 7.26% |

---

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Rounds to less than $0.01.

(c) Not annualized

(d) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**North Carolina Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **19.43% of Net Assets** |  |  |  |  |  |
|  Brunswick County NC Limited Obligation | 5.000% | 06/01/2030 | Aa1 | $250000 | $263915 |
|  Brunswick County NC Limited Obligation | 5.000 | 06/01/2031 | Aa1 | 250000 | 263855 |
|  Buncombe County NC Limited Obligation | 4.000 | 06/01/2036 | Aa1 | 125000 | 128064 |
|  Burke County NC Limited Obligation | 4.000 | 04/01/2034 | Aa3 | 250000 | 255683 |
|  Cabarrus County NC | 4.000 | 06/01/2034 | Aa1 | 795000 | 820003 |
|  Cabarrus County NC Limited Obligation | 5.000 | 04/01/2035 | Aa1 | 1435000 | 1524170 |
|  Cabarrus County NC Limited Obligation | 4.000 | 06/01/2035 | Aa1 | 1650000 | 1694369 |
|  Chatham County NC Limited Obligation | 4.000 | 11/01/2036 | Aa2 | 750000 | 762075 |
|  Chatham County NC Limited Obligation | 4.000 | 11/01/2037 | Aa2 | 2000000 | 2020680 |
|  Davidson County NC Limited Obligation | 5.000 | 06/01/2032 | Aa2 | 500000 | 536975 |
|  Duplin County NC Limited Obligation | 5.000 | 04/01/2032 | A1 | 750000 | 796605 |
|  Duplin County NC Limited Obligation | 5.000 | 04/01/2034 | A1 | 865000 | 914063 |
|  Henderson County NC Limited Obligation | 4.000 | 06/01/2034 | Aa2 | 200000 | 206090 |
|  Henderson County NC Limited Obligation | 4.000 | 06/01/2037 | Aa2 | 750000 | 760568 |
|  Henderson County NC Limited Obligation | 4.000 | 06/01/2038 | Aa2 | 500000 | 503500 |
|  Onslow County NC Limited Obligation | 5.000 | 06/01/2033 | Aa2 | 500000 | 527110 |
|  Pitt County NC Limited Obligation | 4.000 | 04/01/2031 | Aa2 | 500000 | 517785 |
|  Pitt County NC Limited Obligation | 4.000 | 04/01/2034 | Aa2 | 550000 | 564443 |
|  Randolph County NC Limited Obligation | 3.000 | 10/01/2036 | Aa3 | 325000 | 288639 |
|  Randolph County NC Limited Obligation | 4.000 | 10/01/2037 | Aa3 | 250000 | 249160 |
|  Randolph County NC Limited Obligation | 4.000 | 10/01/2039 | Aa3 | 350000 | 342860 |
|  Rutherford County NC Limited Obligation | 4.000 | 03/01/2037 | A1 | 410000 | 412780 |
|  Rutherford County NC Limited Obligation | 4.000 | 03/01/2039 | A1 | 500000 | 493525 |
|  Rutherford County NC Limited Obligation | 4.000 | 03/01/2040 | A1 | 325000 | 317480 |
|  Sampson County NC Limited Obligation | 5.000 | 12/01/2033 | A1 | 1975000 | 2075524 |
|  Sampson County NC Limited Obligation | 5.000 | 09/01/2040 | A1 | 750000 | 788468 |
|  Scotland County NC | 4.500 | 12/01/2036 | A\* | 1170000 | 1188194 |
|  Surry County NC Limited Obligation | 4.000 | 06/01/2034 | Aa3 | 350000 | 361400 |
|  Surry County NC Limited Obligation | 4.000 | 06/01/2036 | Aa3 | 590000 | 599340 |
|  Surry County NC Limited Obligation | 4.000 | 06/01/2037 | Aa3 | 730000 | 735745 |
|  Wake County NC Limited Obligation | 4.000 | 09/01/2037 | Aa1 | 750000 | 763605 |
|  Wayne County NC | 4.000 | 06/01/2034 | Aa3 | 1500000 | 1538475 |
|  Wilkes County NC Limited Obligation | 5.000 | 06/01/2031 | A1 | 350000 | 367213 |
|  |  |  |  |  | 23582361 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **17.32% of Net Assets** |  |  |  |  |  |
|  Charlotte NC Certificate of Participation | 4.000 | 06/01/2036 | Aa2 | 1000000 | 1020990 |
|  Charlotte NC Certificate of Participation | 4.000 | 06/01/2037 | Aa2 | 3000000 | 3044070 |
|  Charlotte NC Certificate of Participation Convention Facility Project | 4.000 | 06/01/2037 | Aa2 | 500000 | 507345 |
|  Charlotte NC Certificate of Participation Convention Facility Project | 4.000 | 06/01/2039 | Aa2 | 1000000 | 1005040 |
|  Davidson County NC Limited Obligation | 4.000 | 06/01/2037 | Aa2 | 200000 | 202560 |
|  Davidson County NC Limited Obligation | 4.000 | 06/01/2038 | Aa2 | 240000 | 241680 |
|  Davidson County NC Limited Obligation | 4.000 | 06/01/2040 | Aa2 | 635000 | 635794 |
|  Durham Capital Financing Corporation | 4.000 | 06/01/2037 | Aa1 | 270000 | 274506 |
|  Durham Capital Financing Corporation | 4.000 | 06/01/2038 | Aa1 | 250000 | 252073 |
|  Durham NC Limited Obligation | 4.000 | 04/01/2036 | Aa1 | 1000000 | 1021350 |
|  Harnett County NC Limited Obligation | 4.000 | 10/01/2038 | Aa3 | 1055000 | 1034385 |
|  Henderson County NC Limited Obligation | 5.000 | 10/01/2030 | Aa2 | 250000 | 265830 |
|  Henderson County NC Limited Obligation | 5.000 | 10/01/2031 | Aa2 | 500000 | 531385 |
|  Hoke County NC Limited Obligation | 3.000 | 06/01/2039 | Aa3 | 1065000 | 898626 |
|  Hoke County NC Limited Obligation | 3.000 | 06/01/2040 | Aa3 | 750000 | 621540 |
|  Kannapolis NC Limited Obligation | 5.000 | 04/01/2032 | A1 | 500000 | 512805 |
|  Moore County NC | 3.000 | 06/01/2039 | Aa2 | 350000 | 300153 |
|  Onslow County NC Limited Obligation | 5.000 | 06/01/2032 | Aa2 | 500000 | 526990 |
|  Orange County NC | 4.000 | 10/01/2036 | Aa1 | 375000 | 382778 |
|  Orange County NC | 4.000 | 10/01/2037 | Aa1 | 375000 | 379860 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**North Carolina Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Orange County NC | 4.000% | 10/01/2038 | Aa1 | $275000 | $277255 |
|  Orange County NC | 4.000 | 10/01/2038 | Aa1 | 765000 | 771273 |
|  Orange County NC | 4.000 | 10/01/2039 | Aa1 | 200000 | 200342 |
|  Raleigh NC Limited Obligation | 5.000 | 10/01/2034 | Aa1 | 1420000 | 1471531 |
|  Randolph County NC Limited Obligation | 4.000 | 10/01/2036 | Aa3 | 250000 | 253538 |
|  Randolph County NC Limited Obligation | 4.000 | 10/01/2037 | Aa3 | 250000 | 249160 |
|  Randolph County NC Limited Obligation | 4.000 | 10/01/2038 | Aa3 | 670000 | 659950 |
|  Randolph County NC Limited Obligation | 4.000 | 10/01/2039 | Aa3 | 500000 | 489800 |
|  Surry County NC Limited Obligation\*\* | 3.000 | 10/01/2038 | Aa3 | 395000 | 337476 |
|  Surry County NC Limited Obligation | 3.000 | 10/01/2039 | Aa3 | 1000000 | 833140 |
|  Surry County NC Limited Obligation | 3.000 | 10/01/2041 | Aa3 | 1135000 | 912131 |
|  Thomasville NC Revenue | 4.000 | 05/01/2036 | Aa3 | 500000 | 506215 |
|  Wilmington NC Limited Obligation | 4.000 | 06/01/2036 | Aa1 | 230000 | 236544 |
|  Wilmington NC Limited Obligation | 4.000 | 06/01/2037 | Aa1 | 170000 | 172837 |
|  |  |  |  |  | 21030952 |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **14.80% of Net Assets** |  |  |  |  |  |
|  Brunswick County NC Enterprise System Revenue | 5.000 | 04/01/2031 | Aa2 | 500000 | 525400 |
|  Brunswick County NC Enterprise System Revenue | 4.000 | 04/01/2039 | Aa2 | 1000000 | 1004900 |
|  Brunswick County NC Enterprise System Revenue | 3.000 | 04/01/2046 | Aa2 | 500000 | 382300 |
|  Buncombe County NC Metropolitan Sewer District | 5.000 | 07/01/2039 | Aaa | 550000 | 565230 |
|  Cary NC Combined Enterprise System Revenue | 4.000 | 12/01/2042 | Aaa | 750000 | 754643 |
|  Clayton NC Water & Sewer Revenue | 5.000 | 08/01/2040 | Aaa | 700000 | 769888 |
|  Concord NC Utilities System Revenue | 4.500 | 12/01/2034 | Aa2 | 1000000 | 1042100 |
|  Durham NC Utility System Revenue | 3.000 | 08/01/2042 | Aa1 | 1250000 | 1055538 |
|  Fuquay-Varina NC Combined Utilities Revenue | 5.000 | 04/01/2040 | Aa2 | 1000000 | 1043810 |
|  Gastonia NC Combined Utilities System Revenue | 5.000 | 05/01/2034 | Aa2 | 570000 | 598671 |
|  Gastonia NC Combined Utilities System Revenue | 5.000 | 05/01/2035 | Aa2 | 250000 | 261305 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2038 | AA\* | 160000 | 138699 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2039 | AA\* | 340000 | 291237 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2040 | AA\* | 265000 | 224550 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2041 | AA\* | 240000 | 200342 |
|  Martin County NC Limited Obligation Water and Sewer District | 4.750 | 06/01/2034 | A2 | 1150000 | 1173069 |
|  NC Municipal Power Agency #1 Catawba Electric Revenue | 5.000 | 01/01/2032 | A\* | 500000 | 527335 |
|  Pender County NC Limited Obligation | 3.000 | 06/01/2038 | Aa3 | 490000 | 421728 |
|  Pender County NC Limited Obligation | 3.000 | 06/01/2045 | Aa3 | 500000 | 382965 |
|  Sampson County NC Water & Sewer District | 5.000 | 06/01/2037 | A1 | 920000 | 951068 |
|  Union County NC Enterprise System Revenue | 4.000 | 06/01/2038 | Aa2 | 500000 | 502800 |
|  Union County NC Enterprise System Revenue | 4.000 | 06/01/2044 | Aa2 | 1750000 | 1686440 |
|  Union County NC Enterprise System Revenue | 3.000 | 06/01/2046 | Aa2 | 1500000 | 1154460 |
|  Union County NC Enterprise System Revenue | 3.000 | 06/01/2051 | Aa2 | 250000 | 184035 |
|  Wake County NC Industrial Facilities & Pollution Control Duke Energy | 4.000 | 06/01/2041 | Aa3 | 1260000 | 1207559 |
|  Wilmington NC Storm Water Revenue | 5.000 | 06/01/2035 | Aa2 | 500000 | 523755 |
|  Winston Salem NC Water & Sewer System Revenue | 3.000 | 06/01/2046 | Aa1 | 500000 | 392715 |
|  |  |  |  |  | 17966542 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |  |
| **12.95% of Net Assets** |  |  |  |  |  |
|  Appalachian NC State University | 4.000 | 05/01/2033 | A1 | 500000 | 519710 |
|  Appalachian NC State University\*\* | 5.000 | 05/01/2036 | A1 | 1000000 | 1080480 |
|  Iredell County NC Community College | 5.000 | 04/01/2026 | Aaa | 225000 | 225236 |
|  Iredell County NC Community College | 5.000 | 04/01/2027 | Aaa | 325000 | 325348 |
|  NC State Capital Facilities Wake Forest | 5.000 | 01/01/2048 | Aa3 | 315000 | 332514 |
|  Scotland County NC | 5.000 | 12/01/2033 | A\* | 250000 | 269618 |
|  University of NC at Asheville | 4.000 | 06/01/2036 | A2 | 1350000 | 1369830 |
|  University of NC at Charlotte Board of Governors | 4.000 | 10/01/2037 | Aa3 | 750000 | 749130 |
|  University of NC at Charlotte Board of Governors | 5.000 | 10/01/2042 | Aa3 | 250000 | 262365 |
|  University of NC at Wilmington | 4.000 | 10/01/2037 | Aa3 | 750000 | 746655 |
|  University of NC Chapel Hill Hospitals | 4.000 | 02/01/2037 | Aa3 | 1000000 | 980950 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**North Carolina Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  University of NC Chapel Hill Hospitals | 4.000% | 02/01/2038 | Aa3 | $400000 | $387632 |
|  University of NC Charlotte | 4.000 | 10/01/2035 | Aa3 | 250000 | 253448 |
|  University of NC Charlotte | 4.000 | 10/01/2036 | Aa3 | 250000 | 251170 |
|  University of NC Greensboro | 4.000 | 04/01/2035 | Aa3 | 750000 | 767460 |
|  University of NC Greensboro | 4.000 | 04/01/2036 | Aa3 | 500000 | 506840 |
|  University of NC Greensboro | 5.000 | 04/01/2038 | Aa3 | 425000 | 453224 |
|  University of NC Wilmington | 4.000 | 04/01/2037 | Aa3 | 385000 | 386463 |
|  University of NC Wilmington | 4.000 | 04/01/2038 | Aa3 | 405000 | 403607 |
|  University of NC Wilmington | 4.000 | 04/01/2039 | Aa3 | 1380000 | 1363675 |
|  University of NC Wilmington Limited Obligation | 5.000 | 06/01/2033 | A1 | 550000 | 573513 |
|  University of NC Wilmington Limited Obligation | 4.000 | 06/01/2034 | A1 | 500000 | 503005 |
|  University of North Carolina | 5.000 | 10/01/2033 | A2 | 30000 | 30004 |
|  Western Carolina NC University | 5.000 | 10/01/2035 | Aa3 | 1000000 | 1074830 |
|  Western Carolina NC University | 5.000 | 10/01/2043 | Aa3 | 1000000 | 1054160 |
|  Western Carolina NC University | 5.000 | 10/01/2045 | Aa3 | 825000 | 849511 |
|  |  |  |  |  | 15720378 |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **12.38% of Net Assets** |  |  |  |  |  |
|  Buncombe County NC Limited Obligation | 5.000 | 06/01/2034 | Aa1 | 500000 | 516110 |
|  Charlotte NC Certificate of Participation | 4.000 | 12/01/2034 | Aa1 | 290000 | 301255 |
|  High Point NC Combined Enterprise | 5.000 | 11/01/2039 | Aa2 | 750000 | 780810 |
|  Johnston County NC Limited Obligation | 4.750 | 06/01/2033 | Aa2 | 500000 | 503850 |
|  NC Eastern Municipal Power Agency | 6.000 | 01/01/2025 | Baa2 | 1150000 | 1223037 |
|  NC State Capital Facilities Duke University | 5.000 | 10/01/2041 | Aa1 | 1000000 | 1063600 |
|  New Hanover County NC Hospital Revenue New Hanover Regional Medical\*\* | 5.000 | 10/01/2034 | NR | 1500000 | 1661325 |
|  Raleigh NC Limited Obligation | 5.000 | 10/01/2038 | Aa1 | 500000 | 508190 |
|  University of NC Charlotte | 5.000 | 04/01/2035 | Aa3 | 595000 | 612166 |
|  University of NC Charlotte | 5.000 | 04/01/2038 | Aa3 | 1000000 | 1028850 |
|  University of NC Charlotte | 5.000 | 04/01/2040 | Aa3 | 1550000 | 1632567 |
|  University of NC Greensboro | 5.000 | 04/01/2033 | Aa3 | 900000 | 924732 |
|  University of NC Greensboro | 5.000 | 04/01/2039 | Aa3 | 2870000 | 2951365 |
|  Winston Salem NC Limited Obligation | 5.000 | 06/01/2031 | Aa1 | 800000 | 807728 |
|  Winston Salem NC Limited Obligation | 4.500 | 06/01/2034 | Aa1 | 500000 | 512720 |
|  |  |  |  |  | 15028305 |
| **REFUNDING BONDS** |  |  |  |  |  |
| **6.35% of Net Assets** |  |  |  |  |  |
|  Asheville NC Limited Obligation | 3.000 | 04/01/2041 | Aa1 | 250000 | 210870 |
|  Buncombe County NC Limited Obligation\*\* | 5.000 | 06/01/2035 | Aa1 | 1000000 | 1047510 |
|  Charlotte NC Certificate of Participation | 5.000 | 06/01/2033 | Aa1 | 840000 | 848644 |
|  Charlotte NC Certificate of Participation | 5.000 | 06/01/2034 | Aa1 | 750000 | 791025 |
|  Chatham County NC | 5.000 | 11/01/2032 | Aa2 | 825000 | 877602 |
|  Durham County NC | 4.000 | 06/01/2036 | Aaa | 225000 | 232067 |
|  Monroe NC Limited Obligation | 4.000 | 03/01/2033 | Aa3 | 255000 | 260475 |
|  Monroe NC Limited Obligation\*\* | 5.000 | 03/01/2039 | Aa3 | 1250000 | 1303437 |
|  Rockingham County NC Limited Obligation | 4.500 | 04/01/2032 | Aa3 | 500000 | 513780 |
|  Sampson County NC Limited Obligation | 4.000 | 09/01/2036 | A1 | 1000000 | 1000380 |
|  Sampson County NC Limited Obligation | 4.000 | 09/01/2037 | A1 | 500000 | 497780 |
|  Union County NC Limited Obligation Refunding | 5.000 | 12/01/2024 | Aa1 | 125000 | 130388 |
|  |  |  |  |  | 7713958 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **5.76% of Net Assets** |  |  |  |  |  |
|  Charlotte Mecklenburg NC Hospital Authority Atrium Health | 5.000 | 01/15/2036 | Aa3 | 590000 | 631176 |
|  Charlotte Mecklenburg NC Hospital Authority Atrium Health | 4.000 | 01/15/2043 | Aa3 | 250000 | 243268 |
|  Charlotte Mecklenburg NC Hospital Healthcare System | 5.000 | 01/15/2039 | Aa3 | 1500000 | 1500690 |
|  Charlotte Mecklenburg NC Hospital Authority Atrium Health | 5.000 | 01/15/2033 | Aa3 | 210000 | 228927 |
|  NC State Medical Care Commission Health Care Facilities Rex Hospital | 5.000 | 07/01/2033 | A2 | 750000 | 779288 |
|  NC State Medical Care Commission Health Care Facilities Rex Hospital | 4.000 | 07/01/2039 | A2 | 550000 | 526251 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**North Carolina Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  NC State Medical Care Commission Health Care Facilities Rex Hospital | 4.000% | 07/01/2040 | A2 | $1750000 | $1671355 |
|  NC State Medical Care Commission Health Care Facilities Vidant Health | 5.000 | 06/01/2040 | A2 | 1385000 | 1406051 |
|  |  |  |  |  | 6987006 |
| **AIRPORT REVENUE BONDS** |  |  |  |  |  |
| **3.68% of Net Assets** |  |  |  |  |  |
|  Charlotte NC Douglas International Airport | 5.000 | 07/01/2030 | Aa3 | 1095000 | 1130051 |
|  Charlotte NC Douglas International Airport | 5.000 | 07/01/2036 | Aa3 | 250000 | 265925 |
|  Charlotte NC Douglas International Airport | 4.000 | 07/01/2036 | Aa3 | 500000 | 503075 |
|  Charlotte NC Douglas International Airport | 5.000 | 07/01/2037 | Aa3 | 700000 | 740999 |
|  Charlotte NC Douglas International Airport | 5.000 | 07/01/2042 | Aa3 | 1325000 | 1378543 |
|  Charlotte NC Douglas International Airport | 4.000 | 07/01/2044 | Aa3 | 480000 | 451570 |
|  |  |  |  |  | 4470163 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |  |  |  |  |  |
| **3.41% of Net Assets** |  |  |  |  |  |
|  NC State Grant Anticipation Revenue Vehicle Garvee | 5.000 | 03/01/2030 | A2 | 200000 | 209406 |
|  NC State Limited Obligation | 4.000 | 05/01/2035 | Aa1 | 100000 | 103863 |
|  NC State Turnpike Authority | 5.000 | 01/01/2036 | AA\* | 500000 | 531660 |
|  NC State Turnpike Authority | 5.000 | 01/01/2038 | AA\* | 2415000 | 2533552 |
|  NC State Turnpike Authority Triangle Expressway | 4.000 | 01/01/2036 | Aa1 | 250000 | 255230 |
|  NC State Turnpike Authority Triangle Expressway | 4.000 | 01/01/2039 | Aa1 | 500000 | 503385 |
|  |  |  |  |  | 4137096 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |
| **2.66% of Net Assets** |  |  |  |  |  |
|  Buncombe County NC Limited Obligation | 5.000 | 06/01/2033 | Aa1 | 600000 | 631091 |
|  Buncombe County NC Limited Obligation | 5.000 | 06/01/2034 | Aa1 | 365000 | 383214 |
|  Charlotte NC Certificate of Participation | 5.000 | 12/01/2029 | Aa1 | 340000 | 340350 |
|  Rocky Mount NC Special Obligation | 4.500 | 05/01/2032 | Aa3 | 1500000 | 1563600 |
|  Wilmington NC Limited Obligation | 3.000 | 06/01/2037 | Aa1 | 370000 | 312284 |
|  |  |  |  |  | 3230539 |
|  Total Investments 98.74% of Net Assets (cost $126,266,243) (See footnote 6 for further explanation) | Total Investments 98.74% of Net Assets (cost $126,266,243) (See footnote 6 for further explanation) | Total Investments 98.74% of Net Assets (cost $126,266,243) (See footnote 6 for further explanation) |  |  | $119867300 |
|  Other assets in excess of liabilities 1.26% |  |  |  |  | 1525655 |
| Net Assets 100% |  |  |  |  | $121392955 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit --see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 119867300 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $119867300 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**NORTH CAROLINA TAX-FREE INCOME SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $126,266,243) | Investments in securities, at fair value (Cost: $126,266,243) | $119867300 |
|  Cash |  | 855000 |
|  Receivable for fund shares sold |  | 75278 |
|  Interest receivable |  | 1192820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 121990398 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 237383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 283463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 44900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 23955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 1671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 597443 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 130977900 |
|  Total accumulated loss | Total accumulated loss | (9584945) |
|  Total Net Assets |  | $121392955 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(11,434,428 shares outstanding; unlimited number of shares authorized; no par value) |  | $10.62 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1978852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 318958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 81358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 22394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 10873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 9398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 8867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 4399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 18824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 478701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (20543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 458130 |
|  Net investment income | 1520722 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (1455312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (272425) |
|  Net realized and unrealized loss on investments | (1727737) |
|  Net decrease in net assets resulting from operations | $(207015) |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**NORTH CAROLINA TAX-FREE INCOME SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1520722 | $3205533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (1455312) | (281248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (272425) | (17186653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (207015) | (14262368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (1520722) | (3205533) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (11308586) | (11171671) |
|  Total decrease | (13036323) | (28639572) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 134429278 | 163068850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $121392955 | $134429278 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.74 | $| 12.05 | $11.93 | $11.68 | $11.34 | $11.50 |
|  Income from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.12 |  | 0.24 | 0.25 | 0.27 | 0.29 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments | (0.12) |  | (1.31) | 0.12 | 0.25 | 0.34 | (0.16) |
|  Total from investment operations | 0.00 |  | (1.07) | 0.37 | 0.52 | 0.63 | 0.15 |
|  Less distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.12) |  | (0.24) | (0.25) | (0.27) | (0.29) | (0.31) |
|  Net asset value, end of period | $10.62 | $| 10.74 | $12.05 | $11.93 | $11.68 | $11.34 |
|  Total return | 0.06% (b) |  | (9.01)% | 3.12% | 4.48% | 5.69% | 1.27% |
|  Net assets, end of period (in thousands) | $121393 | $| 134429 | $163069 | $161366 | $146078 | $131178 |
|  Ratio of net expenses to average net assets (a) | 0.70% (c) |  | 0.68% | 0.68% | 0.69% | 0.70% | 0.70% |
|  Ratio of gross expenses to average net assets | 0.74% (c) |  | 0.68% | 0.68% | 0.69% | 0.71% | 0.71% |
|  Ratio of net investment income to average net assets | 2.35% (c) |  | 2.05% | 2.07% | 2.27% | 2.58% | 2.66% |
|  Portfolio turnover | 1.42% (b) |  | 6.57% | 7.79% | 9.88% | 13.02% | 11.76% |

---

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions,

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**North Carolina Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |
| **27.10% of Net Assets** |  |  |  |  |  |
|  Pitt County NC Limited Obligation | 5.000% | 04/01/2027 | Aa2 | $495000 | $536090 |
|  University of NC Charlotte | 5.000 | 10/01/2025 | Aa3 | 110000 | 116394 |
|  University of NC Charlotte | 5.000 | 04/01/2028 | Aa3 | 250000 | 262588 |
|  University of NC Greensboro | 5.000 | 04/01/2026 | Aa3 | 400000 | 428708 |
|  University of NC Wilmington | 4.000 | 06/01/2029 | A1 | 750000 | 771967 |
|  University of NC Wilmington Limited Obligation | 4.000 | 06/01/2030 | A1 | 200000 | 204748 |
|  University of North Carolina at Wilmington | 5.000 | 10/01/2026 | Aa3 | 300000 | 324234 |
|  Western Carolina University | 5.000 | 10/01/2025 | Aa3 | 225000 | 237528 |
|  Western Carolina University | 5.000 | 06/01/2027 | AA\* | 250000 | 265795 |
|  |  |  |  |  | 3148052 |
| **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** |
| **15.37% of Net Assets** |  |  |  |  |  |
|  Brunswick County NC | 5.000 | 08/01/2028 | Aaa | 250000 | 282252 |
|  Onslow County NC Limted Obligation | 5.000 | 06/01/2023 | Aa2 | 250000 | 252153 |
|  Randolph County NC Limited Obligation | 5.000 | 10/01/2025 | Aa3 | 250000 | 265145 |
|  Rutherford County NC Limited Obligation | 5.000 | 03/01/2028 | A1 | 75000 | 83001 |
|  Rutherford County NC Limited Obligation | 5.000 | 03/01/2029 | A1 | 175000 | 195932 |
|  Scotland County NC | 5.000 | 12/01/2025 | A\* | 270000 | 285522 |
|  Scotland County NC | 5.000 | 12/01/2026 | A\* | 250000 | 268545 |
|  Scotland County NC | 5.000 | 12/01/2027 | A\* | 140000 | 152848 |
|  |  |  |  |  | 1785398 |
| **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** |
| **15.00% of Net Assets** |  |  |  |  |  |
|  Brunswick County NC Enterprise System Revenue\*\* | 5.000 | 04/01/2027 | Aa2 | 250000 | 262868 |
|  Cary NC Combined Enterprise Systems | 4.000 | 12/01/2028 | Aaa | 250000 | 260133 |
|  Columbus County NC Limited Obligation | 5.000 | 06/01/2023 | A1 | 355000 | 357968 |
|  Monroe NC Limited Obligation | 5.000 | 03/01/2028 | Aa3 | 95000 | 101471 |
|  Monroe NC Limited Obligation | 5.000 | 03/01/2029 | Aa3 | 195000 | 208345 |
|  NC State Municipal Power Agency #1 Catawba | 5.000 | 01/01/2025 | A\* | 100000 | 104196 |
|  NC State Municipal Power Agency #1 Catawba | 5.000 | 01/01/2025 | A\* | 140000 | 145930 |
|  NC State Municipal Power Agency #1 Catawba | 5.000 | 01/01/2028 | A\* | 125000 | 132979 |
|  Warren County NC Limited Obligation | 5.000 | 06/01/2027 | A1 | 160000 | 167984 |
|  |  |  |  |  | 1741874 |
| **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** |
| **9.49% of Net Assets** |  |  |  |  |  |
|  Charlotte NC Certificate of Participation | 5.000 | 06/01/2023 | Aa1 | 25000 | 25225 |
|  Charlotte NC Certificate of Participation | 4.000 | 06/01/2025 | Aa1 | 100000 | 100565 |
|  Charlotte NC Certificate of Participation | 5.000 | 12/01/2025 | Aa2 | 100000 | 106616 |
|  North Carolina State Limited Obligation | 5.000 | 05/01/2028 | Aa1 | 125000 | 136954 |
|  Rockingham County NC Limited Obligation | 4.000 | 04/01/2024 | Aa3 | 105000 | 106550 |
|  Sampson County NC Limited Obligation | 5.000 | 12/01/2023 | A1 | 165000 | 167952 |
|  Sampson County NC Limited Obligation | 5.000 | 09/01/2025 | A1 | 125000 | 131724 |
|  Sampson County NC Limited Obligation | 5.000 | 09/01/2026 | A1 | 210000 | 225312 |
|  Warren County NC Limited Obligation\*\* | 5.000 | 06/01/2023 | A1 | 100000 | 100836 |
|  |  |  |  |  | 1101734 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |
| **8.04% of Net Assets** |  |  |  |  |  |
|  North Carolina State Grant Anticipation Revenue | 5.000 | 03/01/2029 | A2 | 200000 | 225974 |
|  North Carolina State Grant Anticipation Revenue | 5.000 | 03/01/2029 | A2 | 120000 | 125800 |
|  North Carolina State Grant Anticpation Revenue | 5.000 | 03/01/2029 | A2 | 20000 | 22585 |
|  North Carolina State Limited Obligation | 5.000 | 05/01/2029 | Aa1 | 225000 | 255929 |
|  North Carolina Turnpike Authority | 5.000 | 01/01/2029 | Aa1 | 285000 | 304903 |
|  |  |  |  |  | 935191 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**North Carolina Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** |
| **6.99% of Net Assets** |  |  |  |  |  |
|  Buncombe County NC Limited Obligation\*\* | 5.000% | 06/01/2028 | Aa1 | $500000 | $527590 |
|  Monroe NC Limited Obligation | 5.000 | 04/01/2026 | AA\* | 265000 | 284189 |
|  |  |  |  |  | 811779 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |
| **4.01% of Net Assets** |  |  |  |  |  |
|  Davidson County NC Limited Obligation | 5.000 | 06/01/2028 | Aa2 | 315000 | 339362 |
|  Winston Salem NC Limited Obligation | 5.000 | 06/01/2023 | Aa1 | 125000 | 126124 |
|  |  |  |  |  | 465486 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** |
| **3.63% of Net Assets** |  |  |  |  |  |
|  Charlotte-Mecklenburg NC Hospital Authority Health Care System | 5.000 | 01/15/2028 | Aa3 | 225000 | 238927 |
|  NC State Medical Care Commission Health Care Facilities | 4.000 | 06/01/2024 | A2 | 180000 | 182605 |
|  |  |  |  |  | 421532 |
| **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** |
| **3.06% of Net Assets** |  |  |  |  |  |
|  New Hanover NC Hospital Revenue | 5.000 | 10/01/2028 | NR | 150000 | 165356 |
|  North Carolina State Medical Care Commission Vidant Health | 5.000 | 06/01/2028 | A2 | 180000 | 189500 |
|  |  |  |  |  | 354856 |
| **AD VALOREM PROPERTY BONDS** | **AD VALOREM PROPERTY BONDS** | **AD VALOREM PROPERTY BONDS** | **AD VALOREM PROPERTY BONDS** | **AD VALOREM PROPERTY BONDS** | **AD VALOREM PROPERTY BONDS** |
| **2.20% of Net Assets** |  |  |  |  |  |
|  Smithville Township NC\*\* | 5.000% | 06/01/2024 | Aa2 | 250000 | 254933 |
| **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** |
| **0.98% of Net Assets** |  |  |  |  |  |
|  New Hanover County NC Limitied Obligation | 5.000 | 06/01/2029 | Aa1 | 100000 | 113723 |
| **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** |
| **0.75% of Net Assets** |  |  |  |  |  |
|  Charlotte NC Airport | 5.000 | 07/01/2030 | Aa3 | 75000 | 86535 |
|  Total Investments 96.62% of Net Assets (cost $11,308,455) (See footnote 6 for further explanation) | Total Investments 96.62% of Net Assets (cost $11,308,455) (See footnote 6 for further explanation) | Total Investments 96.62% of Net Assets (cost $11,308,455) (See footnote 6 for further explanation) |  |  | $11221093 |
|  Other assets in excess of liabilities 3.38% |  |  |  |  | 392268 |
|  Net Assets 100% |  |  |  |  | $11613361 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 11221093 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $11221093 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $11,308,455) |  | $11221093 |
|  Cash |  | 304870 |
|  Interest receivable |  | 107265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 11633228 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 4702.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1222.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 1911.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 1468.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1954.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 1553.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 1211.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 1103.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 1027.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 3716.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 19867 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 11860705 |
|  Total accumulated loss |  | (247344) |
|  Total Net Assets |  | $11613361 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(1,117,446 shares outstanding; unlimited number of shares authorized; no par value) |  | $10.39 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $156937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 33292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 9988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 62610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (15956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 46647 |
|  Net investment income | 110290 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (151988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 41437 |
|  Net realized and unrealized loss on investments | (110551) |
|  Net decrease in net assets resulting from operations | $(261) |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $110290 | $203455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (151988) | (7994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 41437 | (832809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (261) | (637348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (110290) | (203503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (1785248) | 1110314 |
|  Total increase/(decrease) | (1895799) | 269463 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 13509160 | 13239697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $11613361 | $13509160 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** | **2018** |
|  Net asset value, beginning of period | $| 10.48 | $| 11.17 | $11.20 | $11.02 | $10.64 | $| 10.85 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.09 |  | 0.17 | 0.18 | 0.17 | 0.17 |  | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments |  | (0.09) |  | (0.69) | (0.03) | 0.18 | 0.38 |  | (0.21) |
|  Total from investment operations |  | 0.00 |  | (0.52) | 0.15 | 0.35 | 0.55 |  | (0.05) |
|  Less distributions: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.09) |  | (0.17) | (0.18) | (0.17) | (0.17) |  | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | 0.00 |  | 0.00 (b) | 0.00 (b) | 0.00 | 0.00 |  | 0.00 |
|  Net asset value, end of period | $| 10.39 | $| 10.48 | $11.17 | $11.20 | $11.02 | $| 10.64 |
|  Total return |  | (0.02)%(c) |  | (4.72)% | 1.32% | 3.24% | 5.19% |  | (0.45)% |
|  Net assets, end of period (in thousands) | $| 11613 | $| 13509 | $13240 | $12977 | $19504 | $| 22267 |
|  Ratio of net expenses to average net assets (a) |  | 0.70% (d) |  | 0.70% | 0.70% | 0.70% | 0.70% |  | 0.70% |
|  Ratio of gross expenses to average net assets |  | 0.95% (d) |  | 0.92% | 0.95% | 0.91% | 0.88% |  | 0.86% |
|  Ratio of net investment income to average net assets |  | 1.67% (d) |  | 1.54% | 1.56% | 1.56% | 1.55% |  | 1.50% |
|  Portfolio turnover |  | 10.79% (c) |  | 13.13% | 1.94% | 9.59% | 13.59% |  | 21.80% |

---

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Rounds to less than $0.01.

(c) Not annualized

(d) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Tennessee Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **27.00% of Net Assets** |  |  |  |  |  |
|  Chattanooga TN Electric Revenue | 5.000% | 09/01/2035 | AA-\* | $250000 | $262200 |
|  Chattanooga TN Electric Revenue | 5.000 | 09/01/2040 | AA-\* | 2325000 | 2411233 |
|  Clarksville TN Electric System Revenue | 4.000 | 09/01/2034 | Aa2 | 500000 | 514140 |
|  Clarksville TN Water Sewer & Gas Revenue | 4.000 | 02/01/2036 | Aa2 | 1475000 | 1493939 |
|  Clarksville TN Water Sewer & Gas Revenue | 4.000 | 02/01/2038 | Aa2 | 820000 | 820722 |
|  Franklin TN Water & Sewer Revenue and Tax Authority | 5.000 | 04/01/2024 | Aaa | 750000 | 770700 |
|  Franklin TN Water & Sewer System Revenue | 4.000 | 02/01/2036 | Aa2 | 250000 | 253478 |
|  Hallsdale-Powell TN Utility District | 3.000 | 04/01/2043 | AA\* | 800000 | 655544 |
|  Hallsdale-Powell TN Utility District Knox County Water & Sewer | 4.000 | 04/01/2035 | AA\* | 315000 | 320081 |
|  Hallsdale-Powell TN Utility District Knox County Water & Sewer | 4.000 | 04/01/2038 | AA\* | 1000000 | 1002980 |
|  Harpeth Valley TN Utilities District | 5.000 | 09/01/2034 | AA+\* | 500000 | 519215 |
|  Harpeth Valley TN Utilities District | 4.000 | 09/01/2045 | AA+\* | 150000 | 142473 |
|  Harpeth Valley TN Utilities District Davidson & Williamson Counties | 4.000 | 09/01/2039 | AA+\* | 500000 | 500775 |
|  Knox Chapman TN Utility District | 5.000 | 01/01/2031 | AA-\* | 250000 | 261435 |
|  Knox Chapman TN Utility District | 5.000 | 01/01/2033 | AA-\* | 250000 | 260988 |
|  Knoxville TN Electric | 4.000 | 07/01/2041 | Aa2 | 750000 | 740340 |
|  Memphis TN Gas System Revenue | 4.000 | 12/01/2034 | Aa1 | 775000 | 793058 |
|  Memphis TN Gas System Revenue | 4.000 | 12/01/2036 | Aa1 | 800000 | 810328 |
|  Memphis TN Gas System Revenue\*\* | 4.000 | 12/01/2037 | Aa1 | 1310000 | 1319275 |
|  Metropolitan Government Nashville & Davidson County Electric | 5.000 | 05/15/2036 | AA\* | 500000 | 513285 |
|  Metropolitan Government Nashville & Davidson County Electric | 5.000 | 05/15/2039 | AA\* | 500000 | 510775 |
|  Metropolitan Government Nashville & Davidson County Water & Sewer | 5.000 | 07/01/2037 | Aa2 | 250000 | 267865 |
|  Portland TN Water & Sewer | 4.000 | 04/01/2040 | AA\* | 750000 | 721868 |
|  Watauga River Regional Water Authority TN Waterworks | 4.000 | 07/01/2037 | A\* | 270000 | 272103 |
|  West Wilson TN Utility District Waterworks | 5.000 | 06/01/2042 | AA\* | 500000 | 552120 |
|  Williamson County Utilities | 4.000 | 09/01/2041 | AA\* | 500000 | 493500 |
|  |  |  |  |  | 17184420 |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **22.07% of Net Assets** |  |  |  |  |  |
|  Bristol TN Electric Revenue | 5.000 | 09/01/2038 | AA-\* | 1525000 | 1547142 |
|  Gallatin TN Water & Sewer Revenue | 5.000 | 01/01/2032 | AA\* | 235000 | 246078 |
|  Memphis TN Electric System Revenue | 5.000 | 12/01/2031 | Aa2 | 225000 | 234783 |
|  Memphis TN Electric System Revenue | 5.000 | 12/01/2034 | Aa2 | 1250000 | 1304350 |
|  Memphis TN General Improvement | 5.000 | 04/01/2034 | Aa2 | 500000 | 514425 |
|  Memphis TN General Improvement | 5.000 | 04/01/2039 | Aa2 | 250000 | 257213 |
|  Memphis TN Refunding General Improvement | 5.000 | 04/01/2031 | Aa2 | 800000 | 823080 |
|  Metropolitan Government Nashville & Davidson County Sports Authority | 5.000 | 08/01/2031 | Aa3 | 1500000 | 1518495 |
|  Metropolitan Government Nashville & Davidson County Sports Authority | 5.000 | 08/01/2038 | Aa3 | 755000 | 764309 |
|  Metropolitan Government Nashville & Davidson County Water & Sewer\*\* | 5.000 | 07/01/2030 | Aa2 | 3250000 | 3284320 |
|  Metropolitan Government Nashville & Davidson County Water & Sewer\*\* | 5.000 | 07/01/2040 | Aa2 | 750000 | 757920 |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 5.000 | 08/01/2040 | A2 | 650000 | 668051 |
|  TN State School Bond Authority Higher Educational Facilities | 5.000 | 11/01/2040 | Aa1 | 2000000 | 2132040 |
|  |  |  |  |  | 14052206 |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **11.84% of Net Assets** |  |  |  |  |  |
|  Coffee County TN | 4.000 | 06/01/2037 | AA-\* | 500000 | 503085 |
|  Coffee County TN | 4.000 | 06/01/2041 | AA-\* | 620000 | 602640 |
|  Franklin TN Special School District | 5.000 | 06/01/2039 | Aa1 | 250000 | 270640 |
|  Johnson City TN | 4.000 | 06/01/2036 | Aa2 | 1150000 | 1172826 |
|  Montgomery County TN | 4.000 | 04/01/2036 | AA\* | 260000 | 263747 |
|  Montgomery County TN | 4.000 | 04/01/2037 | AA\* | 1920000 | 1939373 |
|  Shelby County TN | 5.000 | 04/01/2037 | Aa1 | 500000 | 534675 |
|  Wilson County TN | 4.000 | 04/01/2039 | AA+\* | 1495000 | 1502640 |
|  Wilson County TN 10th Special School District | 4.000 | 04/01/2037 | AA-\* | 200000 | 201202 |
|  Wilson County TN 10th Special School District | 4.000 | 04/01/2039 | AA-\* | 550000 | 544137 |
|  |  |  |  |  | 7534965 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Tennessee Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **10.20% of Net Assets** |  |  |  |  |  |
|  Knox County TN Health East Tennessee Children's Hospital | 4.000% | 11/15/2048 | A\* | $900000 | $804969 |
|  Metropolitan Government Nashville & Davidson County TN Health | 5.000 | 07/01/2035 | A\* | 2500000 | 2589225 |
|  Metropolitan Government Nashville & Davidson County TN Health | 5.000 | 07/01/2040 | A\* | 950000 | 970168 |
|  Shelby County TN Health Education & Housing Facilities | 5.000 | 05/01/2036 | A1 | 1535000 | 1602310 |
|  Shelby County TN Health Education & Housing Facilities — LeBonheur | 5.000 | 05/01/2035 | A1 | 500000 | 526000 |
|  |  |  |  |  | 6492672 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |
| **8.85% of Net Assets** |  |  |  |  |  |
|  Germantown TN | 3.000 | 12/01/2050 | Aaa | 415000 | 316043 |
|  Memphis TN | 4.000 | 06/01/2041 | Aa2 | 1120000 | 1121389 |
|  Metropolitan Government Nashville & Davidson County TN | 4.000 | 07/01/2033 | Aa2 | 1470000 | 1523949 |
|  Metropolitan Government Nashville & Davidson County TN | 4.000 | 07/01/2034 | Aa2 | 500000 | 515165 |
|  Metropolitan Government Nashville & Davidson County TN | 4.000 | 07/01/2036 | Aa2 | 500000 | 507155 |
|  TN State Series A | 5.000 | 02/01/2036 | Aaa | 1500000 | 1647930 |
|  |  |  |  |  | 5631631 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **5.05% of Net Assets** |  |  |  |  |  |
|  Hamblen County TN | 4.000% | 05/01/2039 | Aa3 | 1250000 | 1241050 |
|  Memphis Shelby County TN Industrial Development Board | 5.000 | 11/01/2030 | Aa3 | 1250000 | 1342250 |
|  Metropolitan Government Nashville & Davidson County Convention Center | 5.000 | 07/01/2026 | A1 | 630000 | 630391 |
|  |  |  |  |  | 3213691 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |
| **4.44% of Net Assets** |  |  |  |  |  |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 4.000 | 08/01/2036 | A2 | 920000 | 929688 |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 4.000 | 08/01/2037 | A2 | 1030000 | 1032791 |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 4.000 | 08/01/2040 | A2 | 875000 | 864089 |
|  |  |  |  |  | 2826568 |
| **REFUNDING BONDS** |  |  |  |  |  |
| **3.91% of Net Assets** |  |  |  |  |  |
|  Blount County TN | 5.000 | 06/01/2037 | Aa2 | 1000000 | 1052529 |
|  Jackson TN Refunding | 4.000 | 06/01/2037 | AA\* | 405000 | 410950 |
|  Memphis TN Refunding | 5.000 | 04/01/2033 | Aa2 | 250000 | 256745 |
|  Memphis TN Refunding | 5.000 | 04/01/2035 | Aa2 | 250000 | 256745 |
|  Memphis TN Refunding | 5.000 | 04/01/2040 | Aa2 | 500000 | 513490 |
|  |  |  |  |  | 2490459 |
| **AIRPORT REVENUE BONDS** |  |  |  |  |  |
| **3.59% of Net Assets** |  |  |  |  |  |
|  Metropolitan Nashville Airport Authority | 5.000 | 07/01/2034 | A1 | 800000 | 835744 |
|  Metropolitan Nashville Airport Authority | 5.000 | 07/01/2035 | A1 | 250000 | 260130 |
|  Metropolitan Nashville Airport Authority | 5.000 | 07/01/2040 | A1 | 1160000 | 1189313 |
|  |  |  |  |  | 2285187 |
|  Total Investments 96.95% of Net Assets (cost $63,330,692) (See footnote 6 for further explanation) | Total Investments 96.95% of Net Assets (cost $63,330,692) (See footnote 6 for further explanation) | Total Investments 96.95% of Net Assets (cost $63,330,692) (See footnote 6 for further explanation) |  |  | $61711799 |
|  Other assets in excess of liabilities 3.05% |  |  |  |  | 1941131 |
|  Net Assets 100% |  |  |  |  | $63652930 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Tennessee Municipal Bonds** 

**December 31, 2022** 

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 61711799 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $61711799 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**TENNESSEE TAX-FREE INCOME SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $63,330,692) |  | $61711799 |
|  Cash |  | 1302770 |
|  Interest receivable |  | 853678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 63868247 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 151714.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 29565.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 21983.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 7365.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 1974.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 673.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2043.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 215317 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 66213690 |
|  Total accumulated loss |  | (2560760) |
|  Total Net Assets |  | $63652930 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(6,042,169 shares outstanding; unlimited number of shares authorized; no par value) |  | $10.53 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1101287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 172771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 44490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 14519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 7172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 5042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 262530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (20702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 241811 |
|  Net investment income | 859476 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (744587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (113044) |
|  Net realized and unrealized loss on investments | (857631) |
|  Net increase in net assets resulting from operations | $1845 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**TENNESSEE TAX-FREE INCOME SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $859476 | $1890340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (744587) | (24886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (113044) | (7560469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 1845 | (5695015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (859476) | (1890340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (9097964) | (4952902) |
|  Total decrease | (9955595) | (12538257) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 73608525 | 86146782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $63652930 | $73608525 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.65 | $| 11.71 | $11.66 | $11.51 | $11.24 | $11.44 |
|  Income from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.13 |  | 0.26 | 0.27 | 0.28 | 0.30 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments | (0.12) |  | (1.06) | 0.05 | 0.15 | 0.27 | (0.20) |
|  Total from investment operations | 0.01 |  | (0.80) | 0.32 | 0.43 | 0.57 | 0.11 |
|  Less distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.13) |  | (0.26) | (0.27) | (0.28) | (0.30) | (0.31) |
|  Net asset value, end of period | $10.53 | $| 10.65 | $11.71 | $11.66 | $11.51 | $11.24 |
|  Total return | 0.13% (b) |  | (6.92)% | 2.84% | 3.77% | 5.12% | 0.94% |
|  Net assets, end of period (in thousands) | $63653 | $| 73609 | $86147 | $95680 | $104207 | $108121 |
|  Ratio of net expenses to average net assets (a) | 0.70% (c) |  | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of gross expenses to average net assets | 0.77% (c) |  | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
|  Ratio of net investment income to average net assets | 2.51% (c) |  | 2.31% | 2.35% | 2.42% | 2.63% | 2.70% |
|  Portfolio turnover | 2.22% (b) |  | 11.61% | 2.75% | 3.46% | 6.46% | 15.77% |

---

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Tennessee Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **30.13% of Net Assets** |  |  |  |  |  |
|  Loudon County TN | 5.000% | 06/01/2025 | Aa2 | $150000 | $158241 |
|  Maryville TN | 5.000 | 06/01/2026 | Aa2 | 350000 | 377068 |
|  Memphis TN General Improvement\*\* | 5.000 | 11/01/2023 | Aa2 | 350000 | 356248 |
|  Memphis-Shelby County TN Industrial Development Board | 5.000 | 11/01/2027 | Aa3 | 200000 | 215664 |
|  Putnam County TN | 4.000 | 04/01/2025 | Aa2 | 100000 | 102797 |
|  Sevierville TN | 5.000 | 05/01/2028 | Aa3 | 125000 | 138865 |
|  |  |  |  |  | 1348883 |
| **REFUNDING BONDS** |  |  |  |  |  |
| **23.42% of Net Assets** |  |  |  |  |  |
|  Chattanooga TN Electric Revenue\*\* | 5.000 | 09/01/2023 | AA-\* | 250000 | 253613 |
|  Hallsdale-Powell TN Utility District | 4.000 | 04/01/2028 | AA\* | 255000 | 265815 |
|  Maryville TN | 4.000 | 06/01/2029 | Aa2 | 250000 | 260627 |
|  Springfield TN | 5.000 | 06/01/2027 | Aa3 | 245000 | 267895 |
|  |  |  |  |  | 1047950 |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **15.99% of Net Assets** |  |  |  |  |  |
|  Bedford County TN | 4.000 | 04/01/2027 | AA\* | 250000 | 259810 |
|  Milan TN Special School District | 5.000 | 03/01/2028 | AA\* | 170000 | 188136 |
|  White County TN | 4.000 | 06/01/2027 | AA-\* | 260000 | 267613 |
|  |  |  |  |  | 715559 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **8.64% of Net Assets** |  |  |  |  |  |
|  Memphis-Shelby County TN Industrial Development Board | 5.000 | 11/01/2024 | Aa3 | 250000 | 260225 |
|  Metropolitan Government Nashville & Davidson County TN Sports Authority | 5.000 | 07/01/2023 | Aa3 | 125000 | 126245 |
|  |  |  |  |  | 386470 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |
| **7.45% of Net Assets** |  |  |  |  |  |
|  Shelby County TN Health Educational & Housing Facilities Rhodes College | 4.000 | 08/01/2025 | A2 | 100000 | 102846 |
|  Shelby County TN Health Educational & Housing Facilities Rhodes College | 4.000 | 08/01/2027 | A2 | 225000 | 230384 |
|  |  |  |  |  | 333230 |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **6.57% of Net Assets** |  |  |  |  |  |
|  Metropolitan Government Nashville & Davidson County TN Sports Authority | 5.250 | 08/01/2024 | Aa3 | 190000 | 192694 |
|  Metropolitan Government Nashville & Davidson County TN Sports Authority | 5.250 | 08/01/2026 | Aa3 | 100000 | 101377 |
|  |  |  |  |  | 294071 |
| **AIRPORT REVENUE BONDS** |  |  |  |  |  |
| **2.25% of Net Assets** |  |  |  |  |  |
|  Metropolitan Nashville Airport Authority | 4.000 | 07/01/2023 | A1/A+\* | 100000 | 100505 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |
| **0.80% of Net Assets** |  |  |  |  |  |
|  Selmer TN | 4.000 | 06/01/2025 | AA\* | 35000 | 35917 |
|  Total Investments 95.25% of Net Assets (cost $4,307,460) (See footnote 6 for further explanation) | Total Investments 95.25% of Net Assets (cost $4,307,460) (See footnote 6 for further explanation) | Total Investments 95.25% of Net Assets (cost $4,307,460) (See footnote 6 for further explanation) |  |  | $4262585 |
|  Other assets in excess of liabilities 4.75% |  |  |  |  | 212534 |
|  Net Assets 100% |  |  |  |  | $4475119 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Tennessee Municipal Bonds** 

**December 31, 2022** 

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 4262585 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $4262585 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $4,307,460) |  | $4262585 |
|  Cash |  | 178382 |
|  Interest receivable |  | 42879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 4483846 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 1010.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 418.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 391.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 145.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 1142.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 1178.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1277.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing expense | 750.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postage expense | 732.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 735.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 240.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 709.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 8727 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 4768960 |
|  Total accumulated loss |  | (293841) |
|  Total Net Assets |  | $4475119 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(436,082 shares outstanding; unlimited number of shares authorized; no par value) |  | $10.26 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $50068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 11123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration expense | 4479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing expense | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 29735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (11123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Transfer Agent (Note 2) | (3022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15584 |
|  Net investment income | 34484 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (1388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (41981) |
|  Net realized and unrealized loss on investments | (43369) |
|  Net decrease in net assets resulting from operations | $(8885) |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $34484 | $83245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | (1388) | 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (41981) | (298681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (8885) | (211955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (34484) | (83245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | 25555 | (1133970) |
|  Total decrease | (17814) | (1429170) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4492933 | 5922103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $4475119 | $4492933 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** | **2018** |
|  Net asset value, beginning of period | $| 10.35 | $| 10.94 | $11.02 | $10.82 | $10.52 | $| 10.70 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.08 |  | 0.17 | 0.17 | 0.17 | 0.17 |  | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments |  | (0.09) |  | (0.59) | (0.08) | 0.20 | 0.30 |  | (0.18) |
|  Total from investment operations |  | (0.01) |  | (0.42) | 0.09 | 0.37 | 0.47 |  | (0.02) |
|  Less distributions: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.08) |  | (0.17) | (0.17) | (0.17) | (0.17) |  | (0.16) |
|  Net asset value, end of period | $| 10.26 | $| 10.35 | $10.94 | $11.02 | $10.82 | $| 10.52 |
|  Total return |  | (0.09)%(b) |  | (3.89)% | 0.81% | 3.49% | 4.48% |  | (0.17)% |
|  Net assets, end of period (in thousands) | $| 4475 | $| 4493 | $5922 | $6600 | $7239 | $| 10003 |
|  Ratio of net expenses to average net assets (a) |  | 0.70%(c) |  | 0.70% | 0.70% | 0.70% | 0.71% |  | 0.70% |
|  Ratio of gross expenses to average net assets |  | 1.35%(c) |  | 1.19% | 1.12% | 1.14% | 1.08% |  | 0.98% |
|  Ratio of net investment income to average net assets |  | 1.56%(c) |  | 1.57% | 1.54% | 1.60% | 1.57% |  | 1.53% |
|  Portfolio turnover |  | 7.00%(b) |  | 0.00% | 5.75% | 4.55% | 10.64% |  | 22.75% |

---

(a) Percentages are after expense waivers and reductions by the Adviser, Transfer Agent, and Custodian. The Adviser, Transfer Agent, and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — INTERMEDIATE GOVERNMENT BOND SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**U.S. Government Securities and Agencies** 

**December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Par Value** | **Fair Value** |
| **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** |
| **67.56% of Net Assets** |  |  |  |  |
|  Federal Home Loan Bank | 4.900% | 11/28/2023 Aaa | $500000 | $500238 |
|  Federal Home Loan Bank | 3.400 | 07/19/2024 Aaa | 900000 | 880591 |
|  Federal Home Loan Bank | 5.365 | 09/09/2024 Aaa | 1750000 | 1769983 |
|  Federal Home Loan Bank | 4.000 | 01/22/2025 Aaa | 900000 | 885640 |
|  Federal Home Loan Bank | 3.300 | 06/09/2025 Aaa | 500000 | 482739 |
|  Federal Home Loan Bank | 3.600 | 07/18/2025 Aaa | 900000 | 880042 |
|  Federal Home Loan Bank | 5.000 | 07/28/2025 Aaa | 250000 | 250142 |
|  Federal Home Loan Bank | 5.250 | 10/24/2025 Aaa | 650000 | 647492 |
|  Federal Home Loan Bank | 5.500 | 10/27/2025 Aaa | 250000 | 249975 |
|  Federal Home Loan Bank\*\* | 3.200 | 06/10/2027 Aaa | 250000 | 236445 |
|  |  |  |  | 6783287 |
| **FEDERAL HOME LOAN MORTAGE CORPORATION** | **FEDERAL HOME LOAN MORTAGE CORPORATION** | **FEDERAL HOME LOAN MORTAGE CORPORATION** | **FEDERAL HOME LOAN MORTAGE CORPORATION** | **FEDERAL HOME LOAN MORTAGE CORPORATION** |
| **21.21% of Net Assets** |  |  |  |  |
|  Federal Home Loan Mortgage Corporation | 3.000 | 06/13/2024 Aaa | 250000 | 243602 |
|  Federal Home Loan Mortgage Corporation | 5.100 | 11/26/2024 Aaa | 500000 | 500790 |
|  Federal Home Loan Mortgage Corporation | 4.950 | 11/28/2025 Aaa | 1000000 | 1001650 |
|  Federal Home Loan Mortgage Corporation | 1.400 | 07/28/2032 Aaa | 500000 | 384020 |
|  |  |  |  | 2130062 |
| **FEDERAL FARM CREDIT** | **FEDERAL FARM CREDIT** | **FEDERAL FARM CREDIT** | **FEDERAL FARM CREDIT** | **FEDERAL FARM CREDIT** |
| **8.94% of Net Assets** |  |  |  |  |
|  Federal Farm Credit Bank | 2.375 | 08/01/2029 Aaa | 1000000 | 898162 |
|  Total Investments 97.71% of Net Assets (cost $10,179,757) (See footnote 6 for further explanation) | Total Investments 97.71% of Net Assets (cost $10,179,757) (See footnote 6 for further explanation) | Total Investments 97.71% of Net Assets (cost $10,179,757) (See footnote 6 for further explanation) |  | $9811511 |
|  Other assets in excess of liabilities 2.29% |  |  |  | 229867 |
|  Net Assets 100% |  |  |  | $10041378 |

---

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Government Agencies** |
|  Level 1 | Quoted Prices |  |
|  Level 2 | Other Significant Observable Inputs | $9811511 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $9811511 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**INTERMEDIATE GOVERNMENT BOND SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $10,179,757) |  | $9811511 |
|  Cash |  | 132417 |
|  Interest receivable |  | 109172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 10053100 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 5132.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 688.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 805.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 1314.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1275.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 641.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 1867.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 11722 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 10461415 |
|  Total accumulated loss |  | (420037) |
|  Total Net Assets |  | $10041378 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(1,074,931 shares outstanding; unlimited number of shares authorized; no par value) |  | $9.34 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $171947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 10517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 7888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 5643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing expense | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 41992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (5147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 36837 |
|  Net investment income | 135110 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (6688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (214799) |
|  Net realized and unrealized loss on investments | (221487) |
|  Net decrease in net assets resulting from operations | $(86377) |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**INTERMEDIATE GOVERNMENT BOND SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $135110 | $262283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | (6688) | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (214799) | (643365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (86377) | (374247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (135110) | (262283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (469414) | (675223) |
|  Total decrease | (690901) | (1311753) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 10732279 | 12044032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $10041378 | $10732279 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2021** | **2020** | **2019** | **2018** | **2018** |
|  Net asset value, beginning of period | $| 9.54 | $| 10.09 | $| 10.37 | $10.12 | $9.87 | $| 10.23 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.12 |  | 0.23 |  | 0.23 | 0.24 | 0.25 |  | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments |  | (0.20) |  | (0.55) |  | (0.28) | 0.25 | 0.25 |  | (0.36) |
|  Total from investment operations |  | (0.08) |  | (0.32) |  | (0.05) | 0.49 | 0.50 |  | (0.11) |
|  Less distributions: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.12) |  | (0.23) |  | (0.23) | (0.24) | (0.25) |  | (0.25) |
|  Net asset value, end of period | $| 9.34 | $| 9.54 | $| 10.09 | $10.37 | $10.12 | $| 9.87 |
|  Total return |  | (0.82)%(b) |  | (3.25)% |  | (0.49)% | 4.88% | 5.12% |  | (1.05)% |
|  Net assets, end of period (in thousands) | $| 10041 | $| 10732 | $| 12044 | $15677 | $15128 | $| 15033 |
|  Ratio of net expenses to average net assets (a) |  | 0.70%(c) |  | 0.70% |  | 0.66% | 0.68% | 0.69% |  | 0.61% |
|  Ratio of gross expenses to average net assets |  | 0.81%(c) |  | 0.75% |  | 0.67% | 0.68% | 0.69% |  | 0.61% |
|  Ratio of net investment income to average net assets |  | 2.59%(c) |  | 2.30% |  | 2.25% | 2.33% | 2.50% |  | 2.53% |
|  Portfolio turnover |  | 29.76%(b) |  | 17.50% |  | 3.35% | 5.07% | 0.00% |  | 1.99% |

---

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Taxable Municipal Bonds** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** | **MUNICIPAL UTILITY REVENUE BONDS** |
| **21.47% of Net Assets** |  |  |  |  |  |
|  Grant County WA Public Utility District | 3.336% | 01/01/2041 | Aa3 | $125000 | $94811 |
|  KY State Rural Water Finance Corporation | 3.000 | 08/01/2050 | A+\* | 250000 | 161535 |
|  Metropolitan Government Nashville & Davidson County TN Recovery Zone | 6.693 | 07/01/2041 | Aa2 | 200000 | 228494 |
|  OK State Municipal Power Authority | 6.310 | 01/01/2040 | A2 | 95000 | 102771 |
|  Pigeon Forge TN Build America Recovery Zone | 7.125 | 06/01/2040 | AA\* | 300000 | 313023 |
|  |  |  |  |  | 900634 |
| **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** |
| **19.28% of Net Assets** |  |  |  |  |  |
|  Evanston IL Taxable Corporate Purpose Bonds | 4.250 | 12/01/2038 | Aa2 | 275000 | 228058 |
|  Franklin County OH Convention Facilities Build America | 6.540 | 12/01/2036 | Aa2 | 155000 | 161770 |
|  Metropolitan Government Nashville & Davidson County TN | 7.431 | 07/01/2043 | A1 | 190000 | 220592 |
|  Montgomery AL Community Cooperative District | 2.815 | 11/01/2049 | Aa1 | 200000 | 124716 |
|  Rhode Island Convention Center | 6.060 | 05/15/2035 | A1 | 70000 | 73673 |
|  |  |  |  |  | 808809 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |
| **14.75% of Net Assets** |  |  |  |  |  |
|  Mesa CO State College Auxiliary | 5.800 | 05/15/2040 | Aa2 | 170000 | 173543 |
|  Mesa State College CO Auxiliary Facilities Build America | 6.746 | 05/15/2042 | Aa2 | 100000 | 111788 |
|  Michigan State University Revenues\*\* | 4.496 | 08/15/2048 | Aa2 | 375000 | 333461 |
|  |  |  |  |  | 618792 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |
| **8.08% of Net Assets** |  |  |  |  |  |
|  Washoe County NV Highway Revenue | 7.969 | 02/01/2040 | Aa3 | 280000 | 339077 |
| **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** |
| **7.64% of Net Assets** |  |  |  |  |  |
|  Uptown Development Authority Texas | 3.464 | 09/01/2040 | A1 | 200000 | 150412 |
|  VA State Housing Development Authority | 3.230 | 11/01/2050 | Aa1 | 250000 | 169863 |
|  |  |  |  |  | 320275 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |
| **6.13% of Net Assets** |  |  |  |  |  |
|  KY State Property & Buildings Build America\*\* | 5.921 | 11/01/2030 | A1 | 250000 | 256925 |
| **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** |
| **5.99% of Net Assets** |  |  |  |  |  |
|  Jefferson County TN Build America Bonds | 6.625 | 06/01/2040 | Aa3 | 250000 | 251175 |
| **MARINA/PORT AUTHORITY REVENUE BONDS** | **MARINA/PORT AUTHORITY REVENUE BONDS** | **MARINA/PORT AUTHORITY REVENUE BONDS** | **MARINA/PORT AUTHORITY REVENUE BONDS** | **MARINA/PORT AUTHORITY REVENUE BONDS** | **MARINA/PORT AUTHORITY REVENUE BONDS** |
| **5.57% of Net Assets** |  |  |  |  |  |
|  Miami Dade County FL Special Obligation | 7.500 | 04/01/2040 | Aa3 | 200000 | 233604 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** |
| **4.81% of Net Assets** |  |  |  |  |  |
|  Midland County TX Hospital District | 6.440 | 05/15/2039 | Aa3 | 185000 | 201711 |
| **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** |
| **1.97% of Net Assets** |  |  |  |  |  |
|  Tri Cities TN Airport Authority Revenue | 3.625 | 05/01/2038 | Aa2 | 100000 | 82560 |
| **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** |
| **0.58% of Net Assets** |  |  |  |  |  |
|  Tri Cities TN Airport Authority Revenue | 3.625 | 05/01/2038 | NR | 25000 | 24352 |
|  Total Investments 96.27% of Net Assets (cost $4,572,230) (See footnote 6 for further explanation) | Total Investments 96.27% of Net Assets (cost $4,572,230) (See footnote 6 for further explanation) | Total Investments 96.27% of Net Assets (cost $4,572,230) (See footnote 6 for further explanation) |  |  | $4037914 |
|  Other assets in excess of liabilities 3.73% |  |  |  |  | 156621 |
|  Net Assets 100% |  |  |  |  | $4194535 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES**  | **UNAUDITED**  |

---

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

**Taxable Municipal Bonds** 

**December 31, 2022** 

# Ratings by Moody's Investors Service unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

\* Rated by Standard & Poor's Corporation

@ Rated by Fitch's Investors Service

NR Not Rated

\*\* Security is segregated against the line of credit — see footnote 7

**Other Information** 

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | **Valuation Inputs** | **Taxable Municipal Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 4037914 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $4037914 |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**TAXABLE MUNICIPAL BOND SERIES** 

**STATEMENT OF ASSETS AND LIABILITIES** 

---

| | |
|:---|:---|
| **December 31, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $4,572,230) |  | $4037914 |
|  Cash |  | 126058 |
|  Interest receivable |  | 58635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 4222607 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 4893.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 5953.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3627.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fee | 7954.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 2142.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 3503.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 28072 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 6401371 |
|  Total accumulated loss |  | (2206836) |
|  Total Net Assets |  | $4194535 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(571,135 shares outstanding; unlimited number of shares authorized; no par value) |  | $7.34 |

---

**STATEMENT OF OPERATIONS** 

**For the six months ended December 31, 2022** 

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $115068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 11645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 5613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 32734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (13015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Transfer Agent (Note 2) | (3475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16236 |
|  Net investment income | 98832 |
|  Realized and unrealized loss on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (155734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (300308) |
|  Net realized and unrealized loss on investments | (456042) |
|  Net decrease in net assets resulting from operations | $(357210) |

---

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)
**TAXABLE MUNICIPAL BOND SERIES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
| **For the six months ended December 31, 2022 and the year ended June 30, 2022**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2022** | **Year Ended<br>6/30/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $98832 | $358393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (155734) | (1476608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | (300308) | (1143150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (357210) | (2261365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (99676) | (362905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (505052) | (6815481) |
|  Total decrease | (961938) | (9439751) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5156473 | 14596224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $4194535 | $5156473 |

---

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2022** | **Six Months Ended**<br>**12/31/2022** | **2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $| 8.09 | $| 10.28 | $10.40 | $10.39 | $10.24 | $10.48 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.16 |  | 0.29 | 0.34 | 0.52 | 0.51 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments |  | (0.75) |  | (2.19) | (0.06) | 0.01 | 0.15 | (0.24) |
|  Total from investment operations |  | (0.59) |  | (1.90) | 0.28 | 0.53 | 0.66 | 0.27 |
|  Less distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.16) |  | (0.29) | (0.34) | (0.52) | (0.51) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | 0.00 |  | 0.00 | (0.06) | 0.00 | 0.00 | 0.00 |
|  Total distributions |  | (0.16) |  | (0.29) | (0.40) | (0.52) | (0.51) | (0.51) |
|  Net asset value, end of period | $| 7.34 | $| 8.09 | $10.28 | $10.40 | $10.39 | $10.24 |
|  Total return |  | (7.27)%(b) |  | (18.86)% | 2.72% | 5.20% | 6.64% | 2.66% |
|  Net assets, end of period (in thousands) | $| 4195 | $| 5156 | $14596 | $13722 | $12239 | $10957 |
|  Ratio of net expenses to average net assets (a) |  | 0.70%(c) |  | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of gross expenses to average net assets |  | 1.42%(c) |  | 1.00% | 0.96% | 1.02% | 1.00% | 0.92% |
|  Ratio of net investment income to average net assets |  | 4.29%(c) |  | 2.89% | 3.30% | 4.62% | 4.99% | 4.95% |
|  Portfolio turnover |  | 0.00%(b) |  | 8.39% | 33.27% | 16.28% | 3.58% | 4.31% |

---

(a) Percentages are after expense waivers and reductions by the Adviser, Transfer Agent, and Custodian. The Adviser, Transfer Agent, and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**1.** **Organization and Significant Accounting Policies** 

Dupree Mutual Funds is registered under the Investment Company Act of 1940, as amended, ("1940 Act") as a no-load, open-end investment company. The Declaration of Trust of Dupree Mutual Funds (the "Trust") permits the Trustees to create an unlimited number of series of investment portfolios (each a "Fund" and collectively, the "Funds") and with respect to each series to issue an unlimited number of full or fractional shares of a single class. The Trust currently offers ten series:

Alabama Tax-Free Income Series

Kentucky Tax-Free Income Series

Kentucky Tax-Free Short-to-Medium Series

Mississippi Tax-Free Income Series

North Carolina Tax-Free Income Series

North Carolina Tax-Free Short-to-Medium Series

Tennessee Tax-Free Income Series

Tennessee Tax-Free Short-to-Medium Series

Intermediate Government Bond Series

Taxable Municipal Bond Series

The investment strategy of each of the eight state tax-free funds is to invest exclusively in municipal securities issued by the states of Alabama, Kentucky, Mississippi, North Carolina and Tennessee, respectively. Normally, each fund's assets will be invested so that (1) at least 80% of the income earned on the investments will be exempt from Federal and state income taxes or (2) at least 80% of the fund's net assets will be invested in securities exempt from Federal and state income taxes.

The Intermediate Government Bond Series' investment strategy is to invest only in obligations of the U.S. Treasury and agencies of the U.S. Government. The Intermediate Government Bond Series will buy bonds and notes that will maintain an average maturity of no more than ten years, and its weighted average nominal maturity will normally range between 3-10 years.

The Taxable Municipal Bond Series' investment strategy is to invest in taxable municipal bonds of investment grade quality.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). The Trust operates as an investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08, and accordingly follows the investment company accounting and reporting guidance of Accounting Standards Codification ("ASC") Topic 946 "Financial Services — Investment Companies."

The Funds indemnify the Trust's Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation** 

In general, securities for which market quotations are readily available are valued at current market value, as provided by independent third-party pricing agents. All other securities are valued at fair value as determined in good faith by the Funds' Valuation Designee, Dupree & Company, Inc. (the "Valuation Designee"). The Valuation Designee is responsible for, among other things, monitoring the value of the Funds' securities. These procedures involve the use of matrix pricing models which take into consideration, among other factors, years to maturity, call date, coupon rate, trading patterns, creditworthiness, supply and demand dynamics, trading characteristics, special circumstances of a security or trading market, and any other factors or market data considered relevant in determining the value for securities. The procedures also include weekly verification of market quotations provided by two independent pricing services. A bond valuation that is not supported by the matrix pricing model requires the Valuation Designee to fair value the security in accordance with Board approved policies and procedures (the "Valuation Procedures"). Pursuant to the Valuation Procedures, the Valuation

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**1.** **Organization and Significant Accounting Policies, continued** 

Designee has the day-to-day responsibility for fair valuing the Trust's securities or other assets. Securities valued by the Valuation Designee are reviewed by the Valuation Committee, which consists of all the Independent Trustees. Shares of open-end mutual funds in which the Funds invest, if any, are valued at their respective net asset values as reported by the underlying funds.

The Funds have adopted the provisions of FASB ASC 820, "Fair Value Measurements and Disclosures." ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Level 1: | Unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;Level 2: | Prices determined using other significant observable inputs. Observable inputs, either directly or indirectly, are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
| &nbsp;&nbsp;&nbsp;Level 3: | Price determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, where there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Funds' own assumptions about the factors market participants would use in pricing a security, and would be based on the best information available. |

---

The aggregate value by input level, as of December 31, 2022, for the Funds' investments is included at the end of the Funds' Schedules of Portfolio Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Investment Transactions** 

Security transactions are accounted for on a trade date basis. Realized gains and losses on securities sold are determined on an identified cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Investment Income** 

Interest income, which includes the amortization of premiums and the accretion of discounts, is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **When-Issued and Extended Settlement Securities** 

The Funds may purchase securities with delivery or payment to occur at a later date. At the time the Funds enter into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the net asset value. The value of the security may vary with market fluctuations. No interest is accrued by the Funds until the security is delivered and payment takes place. At the time the Funds enter this type of transaction, they are required to segregate cash or other liquid assets equal to the value of the securities purchased. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Federal Income Taxes** 

It is each Fund's policy to qualify as a regulated investment company by complying with the requirements of the Internal Revenue Code (the "Code") applicable to regulated investment companies, including the distribution of all or substantially all taxable and tax-exempt income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six months ended December 31, 2022. Therefore, no federal income tax provision is required. Management has analyzed the Funds' tax positions for all open tax years and all major jurisdictions, and has concluded that as of December 31, 2022, no provision for income taxes is required in the financial statements. Therefore, no additional tax expense, including any interest and penalties, was recorded in the current year and no adjustments were made to prior periods. To the extent the Funds recognize interest and penalties, they are included in interest expense and other expenses, respectively, in the Statements of Operations. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last three tax year ends and the interim tax period since then).

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**1.** **Organization and Significant Accounting Policies, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Distributions** 

Substantially all of the net investment income of the Funds is declared as a dividend to shareholders of record as of the close of business each day. Any net realized long term capital gains are distributed annually to shareholders. Distributions are payable in cash or in additional shares at the net asset value on the payable date. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

Distributions are paid at the following frequencies:

---

| | |
|:---|:---|
| **Monthly**: | Kentucky Tax-Free Short-to-Medium Series<br> North Carolina Tax-Free Short-to-Medium Series<br> Tennessee Tax-Free Short-to-Medium Series<br> Intermediate Government Bond Series<br> Taxable Municipal Bond Series |
| **Quarterly**: | Alabama Tax-Free Income Series<br> Kentucky Tax-Free Income Series<br> Mississippi Tax-Free Income Series<br> North Carolina Tax-Free Income Series<br> Tennessee Tax-Free Income Series |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Estimates** 

The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual amounts could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Subsequent Events** 

Subsequent events occurring after December 31, 2022 have been evaluated by Dupree & Company, Inc. (the "Adviser") for potential impact to this report through the date the financial statements were issued. The Adviser has determined that there were no material subsequent events that require recognition or disclosure in the Funds' financial statements.

**2.** **Investment Advisory Fee and Other Transactions with Affiliates** 

Subject to the direction of the Trustees, the Adviser is responsible for the management of the Funds' portfolios. Under the terms of the Investment Advisory Agreements between the Adviser and the Trust, on behalf of each Fund (each a "Agreement" and collectively, the "Agreements") the Funds (except the Intermediate Government Bond Series) have agreed to pay to the Adviser as compensation for all services rendered, facilities furnished and expenses paid or assumed by it under the Agreements, a fee at the annual rate of 0.50 of 1% of the first $100,000,000 average daily net assets of each Fund determined separately; 0.45 of 1% of the average daily net assets between $100,000,001 and $150,000,000 of each Fund determined separately; 0.40 of 1% of the average daily net assets between $150,000,001 and $500,000,000 of each Fund determined separately; 0.35 of 1% of the average daily net assets between $500,000,001 and $750,000,000; and 0.30 of 1% of the average daily net assets between $750,000,001 and $1,000,000,000; and 0.25 of 1% of the average daily net assets in excess of $1,000,000,000. The Intermediate Government Bond Series has agreed to pay to the Adviser, as compensation for all services rendered, facilities furnished and expenses paid or assumed by it under the Agreement, a fee at the annual rate of 0.20 of 1% of average daily net assets.

Dupree & Company, Inc., also serving as the Funds' transfer agent (the "Transfer Agent"), may voluntarily waive investment advisory fees and transfer agent fees payable to it under the Investment Advisory Agreement and Transfer Agent Agreement with each Fund, and assume and pay other operating expenses. Dupree & Company, Inc. will not seek to recoup any waived fees or other operating expenses it has assumed.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**2.** **Investment Advisory Fee and Other Transactions with Affiliates, continued** 

For the six months ended December 31, 2022, fees voluntarily waived by the Adviser and Transfer Agent were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fees waived by Adviser** | **Fees waived by<br>Transfer Agent** |
|  Alabama Tax-Free Income Series | $29756 | $-0- |
|  Kentucky Tax-Free Income Series | -0- | -0- |
|  Kentucky Tax-Free Short-to-Medium Series | 17890 | -0- |
|  Mississippi Tax-Free Income Series | 15822 | -0- |
|  North Carolina Tax-Free Income Series | 20543 | -0- |
|  North Carolina Tax-Free Short-to-Medium Series | 15956 | -0- |
|  Tennessee Tax-Free Income Series | 20702 | -0- |
|  Tennessee Tax-Free Short-to-Medium Series | 11123 | 3022 |
|  Intermediate Government Bond Series | 5147 | -0- |
|  Taxable Municipal Bond Series | 13015 | 3475 |

---

In addition, each Fund has entered into a Transfer Agent and Dividend Disbursing Agent Services Agreement with the Transfer Agent. The agreement provides for a fee computed on the average daily net asset value at the annual rate of 0.15 of 1% on the first $20,000,000 of average net assets and 0.12 of 1% of all amounts in excess of $20,000,000 of average net assets for each Fund.

For the six months ended December 31, 2022, each member of the Board of Trustees that is not an "interested person" as defined in the 1940 Act (each, and "Independent Trustee") received a fee of $40,000 per year. In addition, all Independent Trustees are reimbursed by the Funds for all reasonable out-of-pocket expenses incurred by them in performing their duties. The fees are allocated on an average monthly net asset basis for each Fund. The Trustees fees for each Fund are disclosed on the Funds' Statements of Operations.

**3.** **Purchases and Sales of Securities** 

During the six months ended December 31, 2022, the cost of purchases and the proceeds from sales/calls and maturities of securities (excluding short-term securities and U.S. government obligations, except for the Intermediate Government Bond Series which are all U.S. government obligations) for each Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales/Calls/Maturities** |
|  Alabama Tax-Free Income Series | $356891 | $4004667 |
|  Kentucky Tax-Free Income Series | 62663939 | 94004171 |
|  Kentucky Tax-Free Short-to-Medium Series | 2611760 | 3507250 |
|  Mississippi Tax-Free Income Series | 460092 | 2406595 |
|  North Carolina Tax-Free Income Series | 1798380 | 12617077 |
|  North Carolina Tax-Free Short-to-Medium Series | 1375353 | 2346242 |
|  Tennessee Tax-Free Income Series | 1478093 | 10855501 |
|  Tennessee Tax-Free Short-to-Medium Series | 297377 | 352722 |
|  Intermediate Government Bond Series | 3150000 | 6043313 |
|  Taxable Municipal Bond Series | -0- | 374260 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**4.** **Capital Shares** 

As of December 31, 2022 and June 30, 2022, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**ALABAMA TAX-FREE INCOME SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 67297 | $772029 | 196960 | $2464942 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 12393 | 139024 | 21203 | 259715 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (352104) | (3996391) | (186054) | (2301180) |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease)** | (272414) | $(3085338) | 32109 | $423477 |
| &nbsp;&nbsp;&nbsp;**KENTUCKY TAX-FREE INCOME SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 14148875 | $101402644 | 14222679 | $110952605 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 815081 | 5722714 | 1593379 | 12192407 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (19987322) | (143897230) | (22091850) | (167150966) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (5023366) | $(36771872) | (6275792) | $(44005954) |
| &nbsp;&nbsp;&nbsp;**KENTUCKY TAX-FREE<br>SHORT-TO-MEDIUM SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 708809 | $3629610 | 1771390 | $9291397 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 35779 | 181884 | 69899 | 369565 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (1010819) | (5142252) | (1787360) | (9379789) |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease)** | (266231) | $(1330758) | 53929 | $281173 |
| &nbsp;&nbsp;&nbsp;**MISSISSIPPI TAX-FREE INCOME SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 32147 | $360885 | 93511 | $1129927 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 3988 | 43500 | 7991 | 94928 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (223513) | (2419722) | (127853) | (1508166) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (187378) | $(2015337) | (26351) | $(283311) |
| &nbsp;&nbsp;&nbsp; **NORTH CAROLINA TAX-FREE**<br> **INCOME SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 1291369 | $13732678 | 2775766 | $31815282 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 100692 | 1049486 | 185936 | 2127491 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (2472627) | (26090750) | (3977163) | (45114444) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (1080566) | $(11308586) | (1015461) | $(11171671) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**4.** **Capital Shares, continued** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **NORTH CAROLINA TAX-FREE**<br> **SHORT-TO-MEDIUM SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 94618 | $970224 | 211127 | $2249766 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 7774 | 80548 | 13766 | 149521 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (274352) | (2836020) | (120761) | (1288973) |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease)** | (171960) | $(1785248) | 104132 | $1110314 |
| &nbsp;&nbsp;&nbsp;**TENNESSEE TAX-FREE INCOME SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 226874 | $2382649 | 375074 | $4292365 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 51136 | 530642 | 100146 | 1122805 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (1150617) | (12011255) | (916682) | (10368072) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (872607) | $(9097964) | (441462) | $(4952902) |
| &nbsp;&nbsp;&nbsp; **TENNESSEE TAX-FREE**<br> **SHORT-TO-MEDIUM SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 35445 | $364356 | 13467 | $142595 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 2757 | 28253 | 6388 | 68137 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (36117) | (367054) | (127241) | (1344702) |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease)** | 2085 | $25555 | (107386) | $(1133970) |
| &nbsp;&nbsp;&nbsp;**INTERMEDIATE GOVERNMENT BOND SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 32029 | $298156 | 53838 | $531475 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 11692 | 109720 | 21665 | 213220 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (93484) | (877290) | (144096) | (1419918) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (49763) | $(469414) | (68593) | $(675223) |
| &nbsp;&nbsp;&nbsp;**TAXABLE MUNICIPAL BOND SERIES** | **Six months Ended**<br> **December 31, 2022** | **Six months Ended**<br> **December 31, 2022** | **Year Ended June 30, 2022** | **Year Ended June 30, 2022** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 2765 | $20859 | 190676 | $1881495 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 9270 | 69811 | 27855 | 271383 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (78315) | (595722) | (1000416) | (8968359) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (66280) | $(505052) | (781885) | $(6815481) |

---

**5.** **Principal Risks** 

**State-Specific Concentration of Credit Risk** 

The Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series, Kentucky Tax-Free Short-to-Medium Series, Mississippi Tax-Free Income Series, North Carolina Tax-Free Income Series, North Carolina Tax-Free Short-to-Medium Series,

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**5.** **Principal Risks, continued** 

Tennessee Tax-Free Income Series, and Tennessee Tax-Free Short-to-Medium Series each invest solely in debt obligations issued by the states of Alabama, Kentucky, Mississippi, North Carolina, and Tennessee, respectively, and their respective political subdivisions, agencies and public authorities to obtain funds for various public purposes. Each of these state-specific Funds is more susceptible to economic and political factors adversely affecting issuers of their respective states' municipal securities than a fund that is not geographically concentrated in these issuers to the same extent.

**Municipal Securities Risk** 

Many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities). As a result, conditions in those sectors may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities. Therefore, the investment performance of a Fund investing in municipal securities may be more dependent on the analytical abilities of the Adviser than if a Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less liquid than many other securities markets. This is primarily the result of lower capital commitments to the asset class by the dealer community. This may adversely affect a Fund's ability to sell or value municipal securities it holds. A Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.

**Market Risk** 

The market values of municipal securities held by a Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. Accordingly, the net asset value ("NAV") of the Funds' shares will fluctuate. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed settlement, where payment and delivery take place at a future date. Since the market price of a when-issued or delayed settlement security may fluctuate during the time before payment and delivery, a Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

**Taxability Risk** 

The Funds' investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after a Fund buys a security, the Internal Revenue Service may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax-exempt should in fact be taxable. This may result in a significant decline in the value of the security.

**Non-Diversification Risk (Kentucky Tax-Free Short-to-Medium Series, Mississippi Tax-Free Income Series, Tennessee Tax-Free Short-to-Medium Series and Taxable Municipal Bond Series, only)** 

These Funds are non-diversified, and may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in increased volatility in the Funds' performance and share price.

**Risks Associated with Health Crises** 

The novel coronavirus ("COVID-19") pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer's ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Funds. Factors contributing to the economic stress on

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**5.** **Principal Risks, continued** 

municipal issuers may include an increase in expenses associated with combatting the COVID-19 pandemic and a decrease in revenues supporting the issuer's bonds due to factors such as lower sales tax revenue as a result of decreased consumer spending, lower income tax revenue due to higher unemployment, and a decrease in the value of collateral backing revenue bonds due to closures and/or curtailment of services and/or changes in consumer behavior. In light of the uncertainty surrounding the magnitude, duration, reach, costs and effects of the COVID-19 pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, it is difficult to predict the level of financial stress and duration of such stress municipal issuers may experience. Changes in an issuer's financial strength or changes in the credit rating assigned to an obligation may affect the market values and marketability of many or all municipal obligations of issuers in that state.

**Issuer Cybersecurity Risk** 

Municipalities issuing securities in which the Funds invest, counterparties with which the Funds engage or transact, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses of other malicious software code; ransomware; and attacks that shut down, disable, slow or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Funds and their shareholders could be negatively impacted as a result.

**6.** **Federal Income Taxes** 

At December 31, 2022, the Funds' cost of investments for federal income tax purposes and the net unrealized depreciation of investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Appreciation** | **Depreciation** | **Net unrealized<br>depreciation** |
|  Alabama Tax-Free Income Series | $22684545 | $96562 | $(1099401) | $(1002839) |
|  Kentucky Tax-Free Income Series | 843053254 | 3799680 | (39186713) | (35387033) |
|  Kentucky Tax-Free Short-to-Medium Series | 41102461 | 44751 | (692185) | (647434) |
|  Mississippi Tax-Free Income Series | 7864661 | 37153 | (175067) | (137914) |
|  North Carolina Tax-Free Income Series | 126266243 | 352159 | (6751102) | (6398943) |
|  North Carolina Tax-Free Short-to-Medium Series | 11308455 | 16099 | (103461) | (87362) |
|  Tennessee Tax-Free Income Series | 63330692 | 160568 | (1779461) | (1618893) |
|  Tennessee Tax-Free Short-to-Medium Series | 4307460 | 829 | (45704) | (44875) |
|  Intermediate Government Bond Series | 10179757 | 2821 | (371067) | (368246) |
|  Taxable Municipal Bond Series | 4580842 | 45734 | (588662) | (542928) |

---

At June 30, 2022, the Funds' capital loss carry-forwards available to offset future capital gains, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term** | **Long-term** | **Total** |
|  Kentucky Tax-Free Short-to-Medium Series | $84910 | $— | $84910 |
|  North Carolina Tax-Free Income Series | 1277364 | 453326 | 1730690 |
|  North Carolina Tax-Free Short-to-Medium Series | 7994 |  | 7994 |
|  Tennessee Tax-Free Income Series | 174082 |  | 174082 |
|  Tennessee Tax-Free Short-to-Medium Series | 2170 | 245408 | 247578 |
|  Intermediate Government Bond Series | 45103 |  | 45103 |
|  Taxable Municipal Bond Series | 174265 | 1333904 | 1508169 |

---

During the year ended June 30, 2022, the following Funds utilized capital loss carry-forwards as follows:

---

| | |
|:---|:---|
|  Kentucky Tax-Free Short-to-Medium Series | $6031 |
|  Tennessee Tax-Free Short-to-Medium Series | 3481.0 |
|  Intermediate Government Bond Series | 6835.0 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**6.** **Federal Income Taxes, continued** 

Capital losses incurred after October 31 ("Post-October" losses) within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. The following Funds incurred and will elect to defer net capital losses during the fiscal year 2022 as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term** | **Long-term** | **Total** |
|  Kentucky Tax-Free Income Series | $446441 | $664635 | $1111076 |

---

The distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are caused primarily due to the recognition of certain components of realized capital gains for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds. For the six months ended December 31, 2022, the Funds did not have any reclassification of net assets.

The tax character of distributions paid for the six months ended December 31, 2022 and the year ended June 30, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended December 31, 2022** | **Six months ended December 31, 2022** | **Six months ended December 31, 2022** | **Year ended June 30, 2022** | **Year ended June 30, 2022** | **Year ended June 30, 2022** |
|  | **Tax**<br>**Exempt**<br>**Income** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital<br>Gain** | **Tax**<br>**Exempt**<br>**Income** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital<br>Gain** |
|  Alabama Tax-Free Income Series | $307762 | $— | $13595 | $606402 | $— | $1658 |
|  Kentucky Tax-Free Income Series | 10512764 |  |  | 22611319 | 3399 | 51268 |
|  Kentucky Tax-Free Short-to-Medium Series | 365729 |  |  | 703577 |  |  |
|  Mississippi Tax-Free Income Series | 111209 |  | 1327 | 226994 |  | 20443 |
|  North Carolina Tax-Free Income Series | 1520722 |  |  | 3205533 |  |  |
|  North Carolina Tax-Free Short-to-Medium Series | 110290 |  |  | 203455 |  | 48 |
|  Tennessee Tax-Free Income Series | 859476 |  |  | 1890340 |  |  |
|  Tennessee Tax-Free Short-to-Medium Series | 34484 |  |  | 83245 |  |  |
|  Intermediate Government Bond Series |  | 135110 |  |  | 262283 |  |
|  Taxable Municipal Bond Series |  | 99676 |  |  | 362905 |  |

---

At June 30, 2022, the Funds' components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Tax-Exempt<br>Income** | **Undistributed Net<br>Long-term<br>Capital Gain** | **Net Unrealized<br>Appreciation/<br>Depreciation on<br>Investments** |
| &nbsp;&nbsp;&nbsp; Alabama Tax-Free Income | $— | $88143 | $13595 | $(884251) |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income |  | 2460977 |  | (33254893) |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Short-to-Medium |  | 29853 |  | (474159) |
| &nbsp;&nbsp;&nbsp; Mississippi Tax-Free Income |  | 35792 | 1391 | (347585) |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income |  | 238395 |  | (6126518) |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Short-to-Medium |  | 4532 |  | (128799) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income |  | 157709 |  | (1505850) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Short-to-Medium |  | 1089 |  | (2894) |
| &nbsp;&nbsp;&nbsp; Intermediate Government Bond | 3769 |  |  | (153447) |
| &nbsp;&nbsp;&nbsp; Taxable Municipal Bond Series | 4688 |  |  | (241782) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**6.** **Federal Income Taxes, continued** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Accumulated<br>Capital and<br>Other Losses** | **Other<br>Temporary<br>Differences** | **Total<br>Accumulated**<br> **Losses** |
| &nbsp;&nbsp;&nbsp; Alabama Tax-Free Income | $-0- | $(88143) | $(870656) |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income | (1111076) | (2460977) | (34365969) |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Short-to-Medium | (84910) | (29853) | (559069) |
| &nbsp;&nbsp;&nbsp; Mississippi Tax-Free Income | -0- | (35792) | (346194) |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income | (1730690) | (238395) | (7857208) |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Short-to-Medium | (7994) | (4532) | (136793) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income | (174083) | (180906) | (1703129) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Short-to-Medium | (247578) | (1089) | (250472) |
| &nbsp;&nbsp;&nbsp; Intermediate Government Bond | (45103) | (3769) | (198550) |
| &nbsp;&nbsp;&nbsp; Taxable Municipal Bond Series | (1508168) | (4688) | (1749950) |

---

**7.** **Line of Credit Agreement and Custodian Agreement** 

Under the terms of an agreement with the Funds' custodian, U.S. Bank, N.A., principal amounts up to 5% of a Fund's net assets are available on a committed line of credit. Each Fund is permitted to borrow money as a temporary measure in order to pay redeeming shareholders. The principal amounts borrowed are due on demand. The agreement expires on August 21, 2023, but may be renewed annually. Interest is payable based on the published prime rate of the bank. Securities with a minimum value of three times the loan proceeds will be assigned as collateral until the balance of the note and unpaid interest is paid in full and terminated. Each Fund has segregated securities in order to cover potential loans.

At December 31, 2022, the Funds had an aggregate unused line of credit amount of $25,000,000. During the six months ended December 31, 2022, the average interest rate on borrowings was 6.50% and the largest borrowing amount, the date of the largest borrowing, and the daily weighted average borrowings for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Largest<br>Borrowing** | **Date of<br>Largest<br>Borrowing** | **Weighted<br>Average<br>Borrowing** |
|  Alabama Tax-Free Income Series | $170000 | 11/28/2022 | $6696 |
|  Kentucky Tax Free Income Series | -0- | N/A | -0- |
|  Kentucky Tax-Free Short-to-Medium Series | 224000 | 11/22/2022 | 1217 |
|  Mississippi Tax-Free Income Series | 140000 | 11/07/2022 | 1364 |
|  North Carolina Tax-Free Income Series | 1366000 | 12/29/2022 | 47261 |
|  North Carolina Tax-Free Short-to-Medium Series | 312000 | 11/03/2022 | 2576 |
|  Tennessee Tax-Free Income Series | 762000 | 09/14/2022 | 13620 |
|  Tennessee Short-to-Medium Tax-Free Series | -0- | N/A | -0- |
|  Intermediate Government Bond Series | 50000 | 12/21/2022 | 538 |
|  Taxable Municipal Bond Series | 8000 | 11/21/2022 | 71 |

---

The Funds have a contractual agreement with the custodian whereby the Funds compensate the custodian for custodial services incurred exceeding the credits realized as a result of uninvested cash balances. Credits realized as a result of uninvested cash balances are used to reduce each Fund's custody fees. During the six months, these credits reduced each Fund's expenses by the amount shown on each Statement of Operations as "Custodian expense reduction."

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**OTHER UNAUDITED INFORMATION** 

**December 31, 2022** 

**Trustee and officer information** 

The following table sets forth information as to the Trustees and officers:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and Birth<br>Year** | **Position(s) held<br>with Funds** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s)**<br>**During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee or<br>Nominee** | **Other<br>Directorships<br>Held by Trustee<br>or Nominee<br>During Past Five<br>Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees:** | | | | | |
| &nbsp;&nbsp;&nbsp; James C. Baughman, Jr.<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1962) | Trustee,<br> Chair of Nominating and Governance Committee | Indefinite Term/<br> Since October 2007 | President, CJN Advisors, LLC (2013 – present; business consulting); President, H&S1 KY Lexington, LLC (2017 – present; health and wellness); President, Blue Horse Entries, LLC (2014 –2021; online business support services for equestrian events) | 10 | Advisory Board, Community Trust Bank |
| &nbsp;&nbsp;&nbsp; Ann Rosenstein Giles<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1952) | Trustee,<br> Chair of Valuation Committee | Indefinite Term/<br> Since October 2011 | AJ Marketing Partners (2012 – present; strategic marketing consultant) | 10 | N/A |
| &nbsp;&nbsp;&nbsp; Marc A. Mathews,<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1958) | Chairman, Trustee, Chair of Audit Committee | Indefinite Term/<br> Since October 2011 | Realtor, Bluegrass Sotheby's International Realty (2021 – present); Consultant, National Association of College and University Business Officers (organization for higher education business professionals 2021 – present); Vice President for Finance and Business, Transylvania University (2009 – 2021) | 10 | Director, Bank of the Bluegrass |
| &nbsp;&nbsp;&nbsp; Knox van Nagell Pfister<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1978) | Trustee | Indefinite Term/Since August 2019 | Managing Member of Knox Consulting LLC (September 2020 – present; (project management, advocacy, and organization-optimization services); Owner, Co-Founder of Terra Firma Construction, LLC (August 2021 – present); General Counsel, Mt. Brilliant Farm and Boone Creek LLC (2017 – 2020); Sr. Director of Philanthropy UK Health Care (2016 – 2017) | 10 | N/A |
| &nbsp;&nbsp;&nbsp;**Interested Trustees and Officers of the Trust:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allen E. Grimes, III<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1962) | President,<br> Interested Trustee | Annual Term/President, May 2018 – present; Executive Vice President, October 2005 – May 2018;<br> Trustee since 2019 | President, Dupree & Company, Inc. (2004 – present) | 10 | N/A |
| &nbsp;&nbsp;&nbsp; Michelle M. Dragoo<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1961) | Vice President, Treasurer | Annual Term/Vice President & Treasurer, (October 2022 – present); Vice President, Secretary & Treasurer, October 1999 – October 2022 | Vice President, Secretary, Treasurer of Dupree & Company, Inc. (1999 – present) | N/A | N/A |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**OTHER UNAUDITED INFORMATION** 

**December 31, 2022** 

**Trustee and officer information, continued** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and Birth<br>Year** | **Position(s) held<br>with Funds** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s)**<br>**During Past 5 Years** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen by<br>Trustee or<br>Nominee** | **Other<br>Directorships<br>Held by Trustee<br>or Nominee<br>During Past Five<br>Years** |
| &nbsp;&nbsp;&nbsp; Huston B. Combs<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1976) | Vice President, Secretary | Annual Term/Vice President & Secretary (October 2022 – present);Vice President (May 2018 – October 2022) | Attorney/Registered Representative Dupree & Company, Inc. (2017 – present) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Vincent Harrison<br> 125 South Mill Street<br> Lexington, KY 40507<br> (1971) | Assistant Secretary & Assistant Treasurer | Annual Term/October 2015 – present | Vice President of Dupree & Company, Inc. (2016 – present) | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Martin Dean<br> Ultimus Fund Solutions,<br> LLC<br> 225 Pictoria Drive Suite 450<br> Cincinnati, OH 45246<br> (1963) | Chief Compliance Officer | Annual Term/<br> August 2017 – present | Senior Vice President, Head of Fund Compliance, Ultimus Fund Solutions, LLC (January 2016 – present) | N/A | N/A |

---

(1) Allen E. Grimes, III is considered to be an "interested person" as defined in section 2(a)(19) of the Investment Company Act of 1940 by virtue of his affiliation with the Adviser.

As of December 31, 2022, none of the Independent Trustees or members of their immediate family held any beneficial interest in the Trust's Investment Adviser. Further, the Trust does not have an underwriter.

The Statement of Additional Information ("SAI") includes additional information about Trustees and officers and is available upon request without charge. Please call (800) 866-0614 to request the SAI.

**Proxy Voting Information** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent year ended June 30, 2022, is available without charge upon request by calling (800) 866-0614, or on the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>. For the six months ended December 31, 2022, the Funds exercised no proxy votes due to the fact that the debt instruments in which the Funds invest carry no voting rights.

**Quarterly Portfolio Disclosure** 

The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Form N-PORT. The information will be publicly available 60 days after the end of the period.

The complete listing of each Fund's portfolio holdings is available on the Commission's website at http://www.sec.gov and will be made available to shareholders upon request by calling (800) 866-0614.

**Renewal of Advisory Agreements:** 

At a meeting held on October 27, 2022, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreements (the "Advisory Agreements") between the Adviser and the Trust with respect to each of the Funds. In considering the renewal of the Advisory Agreements, the Board received materials specifically relating to each Fund and its respective Advisory Agreement.

The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreements.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**OTHER UNAUDITED INFORMATION** 

**December 31, 2022** 

**Renewal of Advisory Agreements, continued** 

*<u>Nature, Quality and Extent of Services</u>*. The Board reviewed the Adviser's experience and the capabilities of its personnel. The Board discussed the Adviser's compliance program and its business continuity and disaster recovery plans. The Board noted that the Trust has delegated certain compliance program responsibilities to Dupree including liquidity analysis and reporting, valuation of the Funds' portfolio securities, and administration of the Trust's anti-money laundering program. After considering the personnel involved in servicing each of the Funds, as well as the materials and services described above, the Board expressed satisfaction with the quality of the services received from the Adviser.

*<u>Performance</u>*. The Board reviewed performance for each of the Funds over the 1-Year, 5-Year and 10-Year periods, relative to applicable benchmarks, peer groups and Morningstar categories, noting that the Funds generally outperformed the applicable benchmarks, peer groups and Morningstar categories for the most recent 1-Year period. The Board also noted that the Funds also generally outperformed their peer groups and Morningstar categories for the 5-Year and 10-Year periods, but generally underperformed the applicable benchmarks for the 5-Year and 10-Year periods. The Board noted the Adviser's explanation that the underperformance relative to the benchmark was due to the fact that the indices do not reflect fund fees or expenses. The Board observed that the Intermediate Government Bond Series outperformed its benchmark for all periods. The Board noted the Adviser's explanation that the Taxable Municipal Bond Series underperformed due to market factors and a longer duration relative to its benchmark, peer group and Morningstar category. The Board concluded that Fund performance was satisfactory. The Board considered the Adviser's methodology to select the peer groups, noting no material changes in the Adviser's selection process or peer group composition relative to the previous year, with the exception of the peer group for the Tennessee Tax-Free Income Series, which comprise of similar single-state funds outside of Tennessee.

*<u>Fees and Expenses</u>*. The Board reviewed the range of advisory fees paid by the Funds to the Adviser and the total operating expenses of each Fund. The Board turned its attention to materials previously provided by the Adviser that compared the investment advisory fees assessed to the Funds with each Fund's peer group and the appropriate Morningstar category averages. The Board noted that the advisory fees for the Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series and the Intermediate Government Bond Series were below the peer group and Morningstar category averages. The Board also noted that the advisory fee for the other Funds were higher than the peer groups and Morningstar category averages but were within the range of fees charged by funds in the peer groups and Morningstar categories. The Board noted the Adviser's explanation that the slightly higher fees were due to the smaller size of the Funds as compared to the size of the funds comprising the peer group and Morningstar categories. The Board turned its attention to total operating expenses and observed that the average expense ratios for all Funds, after voluntary fee waivers and reimbursements, were equal to or lower than the average expense ratios of the peer groups and Morningstar categories, with the exception of the Tennessee Tax-Free Income Series whose average expense ratio is higher than the peer group average and the Taxable Municipal Bond Series whose average expense ratio is higher than the Morningstar category average. The Board observed that the voluntary fee waivers and expenses reimbursements would remain in place for an additional one-year period. The Board reviewed the advisory fee breakpoints currently in place for all Funds. After considering the comparative data as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

*<u>Economies of Scale and Profitability</u>*. In reviewing the costs of the services to be provided and the profits to be realized by the Adviser, the Board reviewed the Adviser's unaudited balance sheet for the six-months ending June 30, 2022, and a Statement of Income and Expenses for the six-months ending June 30, 2022. The Board reviewed the net profit margins realized on each Fund. The Board noted the Adviser's explanation regarding the allocation of revenues and expenses, specifically noting that 100% of marketing expenses are allocated to the Adviser. The Board considered the methodology used by the Adviser in determining profitability.

The Board discussed the transfer agency fees earned by the Adviser for services provided to the Funds pursuant to the Transfer Agent and Dividend Disbursing Agent Services Agreement. The Board noted the Adviser's explanation that the transfer agency fees earned by the Adviser reflected its service to the Funds' direct shareholders and the coordination of trading and settlement issues for all shareholders. The Board also observed that unlike other service providers, Adviser does not charge separately for fund accounting and fund administration services. Rather, such services are included in the transfer agency fee. The Board discussed the level and quality of services provided to shareholders by the Adviser. The Board also discussed the net profit margins realized by the Adviser on each Fund under the Transfer Agent and Dividend Disbursing Agent Services Agreement. After further discussion, the Board concluded the level of profit realized by the Adviser in connection with its advisory services provided to the Funds was not excessive.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**OTHER UNAUDITED INFORMATION** 

**December 31, 2022** 

**Renewal of Advisory Agreements, continued** 

*<u>Conclusion</u>*. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of independent counsel, the Board determined that the Investment Advisory Agreement was fair and reasonable, that the Adviser's fees were reasonable in light of the services provided to the Funds and the benefits received by the Adviser, and that renewal of the Investment Advisory Agreement would be in the best interests of the Funds.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**OTHER UNAUDITED INFORMATION** 

**December 31, 2022** 

**Schedule of Shareholder Expenses** 

As a shareholder of the Funds, you incur ongoing costs including investment advisory fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Six Months Ended December 31, 2022" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses which is not the Funds' actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Expense<br>Ratio<br>Annualized<br>December 31, 2022** | **Beginning<br>Account Value<br>July 1, 2022\*** | **Ending<br>Account Value<br>December 31, 2022\*\*** | **Expenses Paid During<br>the Six Months<br>Ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Alabama Tax-Free Income Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70% | $1000.00 | $997.98 | $3.56 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.61 |
| &nbsp;&nbsp;&nbsp; **Kentucky Tax-Free Income Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .59 | 1000.00 | 1002.27 | 2.99 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .59 | 1000.00 | 1025.21 | 3.02 |
| &nbsp;&nbsp;&nbsp; **Kentucky Tax-Free Short-to-Medium Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70 | 1000.00 | 1001.36 | 3.56 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.60 |
| &nbsp;&nbsp;&nbsp; **Mississippi Tax-Free Income Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70 | 1000.00 | 998.74 | 3.53 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.57 |
| &nbsp;&nbsp;&nbsp; **North Carolina Tax-Free Income Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70 | 1000.00 | 1000.30 | 3.57 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.61 |
| &nbsp;&nbsp;&nbsp; **North Carolina Tax-Free Short-to-Medium Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70 | 1000.00 | 1000.10 | 3.56 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.61 |
| &nbsp;&nbsp;&nbsp; **Tennessee Tax-Free Income Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70 | 1000.00 | 1000.33 | 3.56 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.61 |
| &nbsp;&nbsp;&nbsp; **Tennessee Tax-Free Short-to-Medium Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70 | 1000.00 | 999.55 | 3.56 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.61 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **DUPREE MUTUAL FUNDS**  | **UNAUDITED**  |

---

**OTHER UNAUDITED INFORMATION** 

**December 31, 2022** 

**Schedule of Shareholder Expenses, continued** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Expense<br>Ratio<br>Annualized<br>December 31, 2022** | **Beginning<br>Account Value<br>July 1, 2022\*** | **Ending<br>Account Value<br>December 31, 2022\*\*** | **Expenses Paid During<br>the Six Months<br>Ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Intermediate Government Bond Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70% | $1000.00 | $995.87 | $3.56 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.61 |
| &nbsp;&nbsp;&nbsp; **Taxable Municipal Bond Series** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | .70 | 1000.00 | 963.35 | 3.48 |
| &nbsp;&nbsp;&nbsp;Hypothetical | .70 | 1000.00 | 1025.21 | 3.59 |

---

\* The example is based on an investment of $1,000 invested at the beginning of the period.

\*\* Expenses are equal to the Funds' annualized expense ratio, multiplied by the average account value over the period multiplied by [184/365] (to reflect one-half year period).

------

##### [**Table of Contents**](#toc)
![LOGO](g432492g05a99.jpg)

------

##### [**Table of Contents**](#toc)
Item 2. Not applicable.

Item 3. Not applicable.

Item 4. Not applicable.

Item 5. Not applicable.

Item 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 7. Not applicable.

Item 8. Not applicable.

Item 9. Not applicable.

Item 10. There have been no changes to the procedures by which shareholders may recommend nominees to the board of trustees nominating committee.

Item 11. Controls and Procedures:

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Not applicable.

Item 13. Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Certifications](d432492dex9913a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification](d432492dex9913b.htm)

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  Dupree Mutual Funds | Dupree Mutual Funds |
|  By: | /s/ Michelle M. Dragoo  |
|  | Michelle M. Dragoo,<br> Vice President, Treasurer |
|  Date: February 24, 2023 | Date: February 24, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By: | /s/ Allen E. Grimes, III  |
|  | Allen E. Grimes, III, |
|  | President |
|  Date: February 24, 2023 | Date: February 24, 2023 |
|  By: | /s/ Michelle M. Dragoo  |
|  | Michelle M. Dragoo,<br> Vice President, Treasurer |
|  Date: February 24, 2023 | Date: February 24, 2023 |

---

## Exhibit 99.13

Exhibit 13 (a)(2)

I, Allen E. Grimes, III, certify that:

1. I have reviewed this report on Form N-CSR of Dupree Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2023

---

| |
|:---|
| /s/ Allen E. Grimes |
| Allen E. Grimes, III |
| President |

---

------

I, Michelle M. Dragoo, certify that:

1. I have reviewed this report on Form N-CSR of Dupree Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2023

---

| |
|:---|
| /s/ Michelle M. Dragoo |
| Michelle M. Dragoo |
| Treasurer |

---

## Exhibit 99.13

Exhibit 13 (b)

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18

U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2022 of Dupree Mutual Funds.

I, Allen E. Grimes, III, President of the Registrant, certify that to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of
Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| 02/24/2023 |
| /s/ Allen E. Grimes, III |
| President, Dupree Mutual Funds |

---

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2021 of Dupree Mutual Funds.

I, Michelle M. Dragoo, Treasurer of the Registrant, certify that to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of
Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| 02/24/2023 |
| /s/ Michelle M. Dragoo |
| Treasurer, Dupree Mutual Funds |

---

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.