# EDGAR Filing Document

**Accession Number:** 0000311101
**File Stem:** 0001193125-26-019060
**Filing Date:** 2026-1
**Character Count:** 66834
**Document Hash:** e9de95a6e22050b2b392f5c86558590f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-019060.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-019060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02918
- **FILM NUMBER:** 26550359

**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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Dupree Mutual Funds

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

- **c. CIK number of Registrant:** 0000311101

- **d. LEI of Registrant:** 549300S8YVGTJ1NMTW57

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 125 South Mill Street

  - **City:** Lexington

  - **State:** KY

  - **Foreign country:** US

  - **Zip / Postal Code:** 40507

  - **Telephone number:** 859-254-7741

**Item A.2. Information about the Series.**

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

- **b. EDGAR series identifier (if any):** S000012002

- **c. LEI of Series:** 549300L1B850MUN5FK63

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $106463053.40

**Total Liabilities:** $889740.56

**Net Assets:** $105573312.84

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 828.356546943762 | **1-Year:** 8329.211235980358 | **5-Year:** 17501.098840608948 | **10-Year:** 32433.147408590590 | **30-Year:** 11672.676816408833

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 244.758723740385 | **5-Year:** 56.245060253559 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032730 | 1.28%                | 0.25%                | -0.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1089660.77                                |
| Month 2  | $-1325.69                | $10553.97                                  |
| Month 3  | $-225.37                 | $-237548.42                                |

### Schedule of Portfolio Investments

| Name                                              | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4.38 07/01/2044 | CUSIP: 6582076J9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2454893.95   | 2.33%             | 2044-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4.35 07/01/2043 | CUSIP: 658207X26<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    870000 | PA      | $879622.20    | 0.83%             | 2043-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4 07/01/2039    | CUSIP: 65820BAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $422807.00    | 0.40%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4.35 01/01/2044 | CUSIP: 65820BAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1002601.80   | 0.95%             | 2044-01-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 5 10/01/2026    | CUSIP: 914722SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305436.00    | 0.29%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 5 06/01/2033    | CUSIP: 91472TAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550544.50    | 0.52%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 4 06/01/2029    | CUSIP: 91472TBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $753307.50    | 0.71%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 4 06/01/2030    | CUSIP: 91472TBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200698.00    | 0.19%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREENSBORO N C                                    | NC GREOBL 4 10/01/2044    | CUSIP: 395476HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488355.00    | 0.46%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MECKLENBURG CNTY N C                              | NC MEC 4 02/01/2044       | CUSIP: 58400CCE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1175306.40   | 1.11%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THOMASVILLE N C                                   | NC THO 4 05/01/2036       | CUSIP: 884708AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503970.00    | 0.48%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINSTON-SALEM N C                                 | NC WIN 5 06/01/2043       | CUSIP: 975680HF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269747.50    | 0.26%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHEVILLE N C                                     | NC ASHGEN 3 04/01/2041    | CUSIP: 044037CB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219557.50    | 0.21%             | 2041-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONROE N C                                        | NC MONGEN 4 03/01/2033    | CUSIP: 611199AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255221.85    | 0.24%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RANDOLPH CNTY N C                                 | NC RAN 3 10/01/2036       | CUSIP: 752598EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $305236.75    | 0.29%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RUTHERFORD CNTY N C                               | NC RUTGEN 5 03/01/2029    | CUSIP: 783237AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $187846.75    | 0.18%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAMPSON CNTY N C                                  | NC SAM 5 09/01/2040       | CUSIP: 79588VBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1777002.50   | 1.68%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCOTLAND CNTY N C                                 | NC SCO 5 12/01/2027       | CUSIP: 809323AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $145598.60    | 0.14%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMANCE CNTY N C                                 | NC ALA 4 05/01/2041       | CUSIP: 010734VH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $643972.55    | 0.61%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMANCE CNTY N C                                 | NC ALA 4 05/01/2042       | CUSIP: 010734VJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $307138.05    | 0.29%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENDER CNTY N C                                   | NC PEN 4 03/01/2045       | CUSIP: 706711KK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1018458.00   | 0.96%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IREDELL CNTY N C                                  | NC IRE 5 04/01/2026       | CUSIP: 462668FQ2<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225436.50    | 0.21%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKY MOUNT N C                                   | NC RKMOBL 4.5 05/01/2032  | CUSIP: 774652AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506360.00   | 1.43%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BUNCOMBE CNTY N C MET SEW DIST                    | NC BUNUTL 5 07/01/2039    | CUSIP: 120532KF2<br>LEI: 254900U5AA2F4DQUFZ71 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550456.50    | 0.52%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARY N C                                          | NC CRYGEN 4 12/01/2028    | CUSIP: 147056EB7<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250027.50    | 0.24%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARY N C                                          | NC CRYGEN 4 12/01/2042    | CUSIP: 147056HC2<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |    750000 | PA      | $751905.00    | 0.71%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY N C                                  | NC LINUTL 3 08/01/2041    | CUSIP: 53334CBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $208552.80    | 0.20%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARTIN CNTY N C                                   | NC MRTOBL 4.75 06/01/2034 | CUSIP: 573252AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1149977.00   | 1.09%             | 2034-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MEBANE N C                                        | NC MEBUTL 4 08/01/2044    | CUSIP: 583445AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482790.00    | 0.46%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MUN PWR AGY NO 1                   | NC NCMPWR 5 01/01/2028    | CUSIP: 658203X33<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125253.75    | 0.12%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANFORD N C                                       | NC SANGEN 4 06/01/2044    | CUSIP: 800618DK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $319525.80    | 0.30%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANFORD N C                                       | NC SANGEN 4 06/01/2045    | CUSIP: 800618DL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $220093.90    | 0.21%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N C                                    | NC UNIGEN 4 06/01/2044    | CUSIP: 906400FG6<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |    335000 | PA      | $327298.35    | 0.31%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREENVILLE N C UTILS COMMN                        | NC GRVUTL 4.12 12/01/2043 | CUSIP: 396321EP2<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |    250000 | PA      | $185220.00    | 0.18%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WAKE CNTY N C INDL FACS & POLLUTION CTL FING AUTH | NC WAKPOL 4 06/01/2041    | CUSIP: 930868BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1259987.40   | 1.19%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILMINGTON N C STORM WTR FEE                      | NC WMGWTR 5 06/01/2035    | CUSIP: 971724BV0<br>LEI: 549300Y5IY4G3QB69428 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500655.00    | 0.47%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILSON N C                                        | NC WLSGEN 4 10/01/2042    | CUSIP: 972335AS2<br>LEI: 549300D35O04YBG64T16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497560.00    | 0.47%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUNCOMBE CNTY N C                                 | NC BUNOBL 5 06/01/2044    | CUSIP: 120525JW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267340.00    | 0.25%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CABARRUS CNTY N C                                 | NC CAB 4 06/01/2034       | CUSIP: 12677RCT2<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    795000 | PA      | $804937.50    | 0.76%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON CNTY N C                                | NC HENOBG 4 06/01/2034    | CUSIP: 424898EA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203594.00    | 0.19%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4.9 07/01/2043  | CUSIP: 6582074C6<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1528955.50   | 1.45%             | 2043-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 5 07/01/2046    | CUSIP: 6582074D4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2395684.00   | 2.27%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4.55 07/01/2045 | CUSIP: 65821FKY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499360.00    | 0.47%             | 2045-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST                                 | NC NCSGEN 5 03/01/2029    | CUSIP: 658268EA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21518.80     | 0.02%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                           | NC NCSTRN 5 01/01/2029    | CUSIP: 65830RBH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $291027.75    | 0.28%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                           | NC NCSTRN 5 01/01/2036    | CUSIP: 65830RCE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525110.00    | 0.50%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                           | NC NCSTRN 5 01/01/2038    | CUSIP: 65830RCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2530654.35   | 2.40%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                           | NC NCSTRN 4 01/01/2039    | CUSIP: 65830VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504115.00    | 0.48%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN ST UNIV N C                           | NC ASUHGR 4 10/01/2030    | CUSIP: 037777XX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204168.00    | 0.19%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN ST UNIV N C                           | NC ASUHGR 4 05/01/2033    | CUSIP: 037777YR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509360.00    | 0.48%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPALACHIAN ST UNIV N C                           | NC ASUHGR 5 05/01/2036    | CUSIP: 037777YU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045400.00   | 0.99%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST UNIV N C                        | NC NCSHGR 4 10/01/2045    | CUSIP: 658289P31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $568860.30    | 0.54%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 4 10/01/2037    | CUSIP: 914716H40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752857.50    | 0.71%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 5 10/01/2042    | CUSIP: 914716H65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255530.00    | 0.24%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 4 10/01/2035    | CUSIP: 914716K79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253197.50    | 0.24%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 4 10/01/2036    | CUSIP: 914716K87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252305.00    | 0.24%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4 07/01/2039    | CUSIP: 65820BAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762405.00    | 0.72%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4.35 01/01/2044 | CUSIP: 65820BAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507510.00    | 0.48%             | 2044-01-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C GREENSBORO                         | NC UNCHGR 5 04/01/2038    | CUSIP: 914719WZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $442871.25    | 0.42%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY                        | NC NCSHSG 4.55 07/01/2045 | CUSIP: 65821FKY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.03%             | 2045-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 4 04/01/2039    | CUSIP: 914722RH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1389977.40   | 1.32%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                    | NC UNCHGR 4 06/01/2034    | CUSIP: 91472TBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501520.00    | 0.48%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTERN CAROLINA UNIV N C                         | NC WESHGR 5 10/01/2045    | CUSIP: 957897HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $825000.00    | 0.78%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN CAROLINA UNIV N C                         | NC WESHGR 5 10/01/2035    | CUSIP: 957897KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037400.00   | 0.98%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN CAROLINA UNIV N C                         | NC WESHGR 5 10/01/2043    | CUSIP: 957897KR1<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014580.00   | 0.96%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN CAROLINA UNIV N C                         | NC WESHGR 4.38 04/01/2045 | CUSIP: 957897NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607026.00    | 0.57%             | 2045-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WESTERN CAROLINA UNIV N C                         | NC WESHGR 4.5 04/01/2048  | CUSIP: 957897NK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605844.00    | 0.57%             | 2048-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HENDERSON CNTY N C                                | NC HENOBG 4.12 10/01/2045 | CUSIP: 424898GS7<br>LEI: 549300Y5IY4G3QB69428 | Long             | DBT              | MUN               | US        |    370000 | PA      | $327723.80    | 0.31%             | 2045-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MONROE N C                                        | NC MONGEN 5 03/01/2028    | CUSIP: 611199BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95359.10     | 0.09%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE N C                                        | NC MONGEN 5 03/01/2029    | CUSIP: 611199BH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $195672.75    | 0.19%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENDER CNTY N C                                   | NC PEN 3 06/01/2038       | CUSIP: 706716CG0<br>LEI: 549300TW9ZHCIKDLQB34 | Long             | DBT              | MUN               | US        |    490000 | PA      | $446914.30    | 0.42%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENDER CNTY N C                                   | NC PEN 3 06/01/2045       | CUSIP: 706716CJ4<br>LEI: 549300TW9ZHCIKDLQB34 | Long             | DBT              | MUN               | US        |    500000 | PA      | $395790.00    | 0.37%             | 2045-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY N C                                   | NC WAR 5 06/01/2027       | CUSIP: 935079AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160257.60    | 0.15%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST UNIV EDL BLDG CORP                 | MS MSUFAC 4 08/01/2043    | CUSIP: 605699RW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294996.00    | 0.28%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DURHAM N C                                        | NC DUR 4 04/01/2036       | CUSIP: 26678PFG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017850.00   | 0.96%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON CNTY N C                                | NC HENOBG 4.12 10/01/2045 | CUSIP: 424898GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243230.00    | 0.23%             | 2045-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HOLLY SPRINGS N C                                 | NC HSPGEN 4.12 10/01/2041 | CUSIP: 436088BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511810.00    | 0.48%             | 2041-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HOLLY SPRINGS N C                                 | NC HSPGEN 4.25 10/01/2043 | CUSIP: 436088CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $369796.10    | 0.35%             | 2043-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KANNAPOLIS N C                                    | NC KANGEN 5 04/01/2032    | CUSIP: 484580BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500435.00    | 0.47%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MECKLENBURG CNTY N C                              | NC MEC 4 02/01/2043       | CUSIP: 58400CCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499985.00    | 0.47%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON CNTY N C                                | NC HENOBG 4.12 10/01/2045 | CUSIP: 424898GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $316988.00    | 0.30%             | 2045-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW HANOVER CNTY N C                              | NC HNVOBG 4 10/01/2044    | CUSIP: 64480PHT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1054846.80   | 1.00%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENDER CNTY N C                                   | NC PEN 4 04/01/2044       | CUSIP: 706716DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965960.00    | 0.91%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PERSON CNTY N C                                   | NC PERGEN 4 12/01/2044    | CUSIP: 71534TBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962660.00    | 0.91%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SURRY CNTY N C                                    | NC SRRGEN 3 10/01/2038    | CUSIP: 86888UCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $360283.45    | 0.34%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SURRY CNTY N C                                    | NC SRRGEN 3 10/01/2041    | CUSIP: 86888UCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $953468.10    | 0.90%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONROE N C                                        | NC MONGEN 5 03/01/2039    | CUSIP: 611199AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1253300.00   | 1.19%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST                                 | NC NCSGEN 5 05/01/2028    | CUSIP: 65829QCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129002.50    | 0.12%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAMPSON CNTY N C                                  | NC SAM 5 09/01/2026       | CUSIP: 79588VBE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $212895.90    | 0.20%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAMPSON CNTY N C                                  | NC SAM 4 09/01/2036       | CUSIP: 79588VBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005570.00   | 0.95%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAMPSON CNTY N C                                  | NC SAM 4 09/01/2037       | CUSIP: 79588VBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502300.00    | 0.48%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASHE CNTY N C                                     | NC ASE 4.12 06/01/2044    | CUSIP: 043891AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $638859.00    | 0.61%             | 2044-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CNTY N C                                | NC BRU 5 06/01/2031       | CUSIP: 117073BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250220.00    | 0.24%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUNCOMBE CNTY N C                                 | NC BUNOBL 4 06/01/2036    | CUSIP: 120525HJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129398.75    | 0.12%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CABARRUS CNTY N C                                 | NC CAB 4 06/01/2035       | CUSIP: 12677RCU9<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1668562.50   | 1.58%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CATAWBA CNTY N C                                  | NC CATGEN 4 04/01/2042    | CUSIP: 149063DJ5<br>LEI: 549300EWQJNN6JBILN37 | Long             | DBT              | MUN               | US        |    420000 | PA      | $417496.80    | 0.40%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CATAWBA CNTY N C                                  | NC CATGEN 4 04/01/2043    | CUSIP: 149063DK2<br>LEI: 549300EWQJNN6JBILN37 | Long             | DBT              | MUN               | US        |    320000 | PA      | $313724.80    | 0.30%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATHAM CNTY N C                                  | NC CHM 4 11/01/2036       | CUSIP: 16207RDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $765697.50    | 0.73%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATHAM CNTY N C                                  | NC CHM 4 11/01/2037       | CUSIP: 16207RDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029920.00   | 1.92%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUPLIN CNTY N C                                   | NC DUPOBL 5 04/01/2027    | CUSIP: 266122BF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100520.00    | 0.10%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARNETT CNTY N C                                  | NC HARGEN 4.25 04/01/2044 | CUSIP: 41333TCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $643448.00    | 0.61%             | 2044-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MACON CNTY N C                                    | NC MACGEN 4 10/01/2043    | CUSIP: 555645BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489390.00    | 0.46%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MACON CNTY N C                                    | NC MACGEN 4 10/01/2044    | CUSIP: 555645BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480800.00    | 0.46%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY N C                                   | NC ORA 5 10/01/2042       | CUSIP: 684566FH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275525.00    | 0.26%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY N C                                   | NC ORA 5 10/01/2042       | CUSIP: 684566FH0<br>LEI: 549300NRI6XE7BEE9A08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503775.00    | 0.48%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITT CNTY N C                                     | NC PIT 4 04/01/2034       | CUSIP: 724505EB4<br>LEI: 549300NRI6XE7BEE9A08 | Long             | DBT              | MUN               | US        |    550000 | PA      | $552684.00    | 0.52%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCOTLAND CNTY N C                                 | NC SCO 5 12/01/2026       | CUSIP: 809323BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50974.00     | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCOTLAND CNTY N C                                 | NC SCO 4.5 12/01/2036     | CUSIP: 809323BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1190439.90   | 1.13%             | 2036-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SURRY CNTY N C                                    | NC SRRGEN 4 06/01/2036    | CUSIP: 86888UBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $599410.50    | 0.57%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SURRY CNTY N C                                    | NC SRRGEN 4 06/01/2037    | CUSIP: 86888UBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $737650.40    | 0.70%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY N C                                    | NC WAY 4 06/01/2034       | CUSIP: 945863PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510650.00   | 1.43%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILKES CNTY N C                                   | NC WILGEN 5 06/01/2031    | CUSIP: 968389AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350518.00    | 0.33%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST                                 | NC NCSGEN 5 03/01/2029    | CUSIP: 658268EP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215062.00    | 0.20%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST                                 | NC NCSGEN 5 05/01/2029    | CUSIP: 65829QEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $243474.75    | 0.23%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITT CNTY N C                                     | NC PIT 5 04/01/2027       | CUSIP: 724505DU3<br>LEI: 549300NRI6XE7BEE9A08 | Long             | DBT              | MUN               | US        |    495000 | PA      | $503598.15    | 0.48%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN CAROLINA UNIV N C                         | NC WESHGR 5 06/01/2027    | CUSIP: 957897JK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252222.50    | 0.24%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHACTF 5 06/01/2033    | CUSIP: 161037G75<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    840000 | PA      | $840915.60    | 0.80%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHACTF 5 06/01/2034    | CUSIP: 161037N93<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750450.00    | 0.71%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                           | NC NCSTRN 5 01/01/2049    | CUSIP: 65830RCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508325.00    | 0.48%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FUQUAY-VARINA N C                                 | NC FQU 4 08/01/2042       | CUSIP: 361050HX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506195.00    | 0.48%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINSTON-SALEM N C                                 | NC WIN 4 06/01/2043       | CUSIP: 975673HT4<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1169427.00   | 1.11%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                           | NC NCSTRN 5 01/01/2049    | CUSIP: 65830RCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $920174.80    | 0.87%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON N C                                    | NC BUR 4.5 08/01/2044     | CUSIP: 121889TG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $572143.00    | 0.54%             | 2044-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DURHAM CNTY N C                                   | NC DUR 4 06/01/2036       | CUSIP: 266705R53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231291.00    | 0.22%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH N C                                       | NC RAL 4 04/01/2043       | CUSIP: 751091UJ6<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    695000 | PA      | $697140.60    | 0.66%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IREDELL CNTY N C                                  | NC IRE 5 04/01/2027       | CUSIP: 462668FR0<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325614.25    | 0.31%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HANOVER CNTY N C                              | NC NHVMED 5 10/01/2028    | CUSIP: 644804EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156429.00    | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HANOVER CNTY N C                              | NC NHVMED 5 10/01/2034    | CUSIP: 644804FF8<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1564545.00   | 1.48%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 5 07/01/2036    | CUSIP: 161036MF2<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256355.00    | 0.24%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 5 07/01/2037    | CUSIP: 161036MG0<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    700000 | PA      | $717486.00    | 0.68%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 5 07/01/2042    | CUSIP: 161036MH8<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1346425.25   | 1.28%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 4 07/01/2032    | CUSIP: 161036NW4<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101544.00    | 0.10%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 4 07/01/2036    | CUSIP: 161036PA0<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503985.00    | 0.48%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 5 07/01/2044    | CUSIP: 161036VL9<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265395.00    | 0.25%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 5 07/01/2045    | CUSIP: 161036XH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533490.00    | 0.51%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG HOSP AUTH N C               | NC CHAMED 5 01/15/2039    | CUSIP: 160853RT6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502700.00   | 1.42%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG HOSP AUTH N C               | NC CHAMED 5 01/15/2027    | CUSIP: 160853TW7<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173976.30    | 0.16%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE N C                                     | NC CHAAPT 5 07/01/2045    | CUSIP: 161036XH6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    590000 | PA      | $622438.20    | 0.59%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN                     | NC NCSMED 5 06/01/2040    | CUSIP: 65821DSM4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1385000.00   | 1.31%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN                     | NC NCSMED 4 06/01/2042    | CUSIP: 65821DVK4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1037464.40   | 0.98%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN                     | NC NCSMED 4 07/01/2040    | CUSIP: 65821DXH9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008470.00   | 0.96%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN                     | NC NCSMED 4 07/01/2049    | CUSIP: 65821DXK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937600.00    | 0.89%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HANOVER CNTY N C                              | NC HNVOBG 5 06/01/2029    | CUSIP: 64480PEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108444.00    | 0.10%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENVILLE N C                                    | NC GRV 4.25 03/01/2045    | CUSIP: 396314BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487800.00    | 0.46%             | 2045-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CLAYTON N C                                       | NC CLAUTL 5 08/01/2040    | CUSIP: 184383AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $761243.00    | 0.72%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DURHAM N C                                        | NC DURUTL 4 08/01/2044    | CUSIP: 266818DP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246125.00    | 0.23%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FUQUAY-VARINA N C                                 | NC FQUUTL 5 04/01/2040    | CUSIP: 36106QAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003230.00   | 0.95%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FUQUAY-VARINA N C                                 | NC FQUUTL 4 02/01/2044    | CUSIP: 36106QCM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977290.00    | 0.93%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FUQUAY-VARINA N C                                 | NC FQUUTL 4 06/01/2043    | CUSIP: 36106QDF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990070.00    | 0.94%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FUQUAY-VARINA N C                                 | NC FQUUTL 4 06/01/2045    | CUSIP: 36106QDH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $709068.00    | 0.67%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FUQUAY-VARINA N C                                 | NC FQUUTL 4.12 06/01/2049 | CUSIP: 36106QDJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954390.00    | 0.90%             | 2049-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GREENSBORO N C                                    | NC GREGEN 4 06/01/2047    | CUSIP: 395468KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $341140.80    | 0.32%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSTON CNTY N C                                 | NC JOHUTL 5 04/01/2043    | CUSIP: 479357CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $933380.80    | 0.88%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENVILLE N C UTILS COMMN                        | NC GRVUTL 4.12 12/01/2043 | CUSIP: 396321EP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460400.20    | 0.44%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GREENVILLE N C UTILS COMMN                        | NC GRVUTL 5 09/01/2049    | CUSIP: 396321FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1314500.00   | 1.25%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENDERSONVILLE N C                                | NC HNDUTL 4.5 06/01/2043  | CUSIP: 42538PAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $567028.00    | 0.54%             | 2043-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HOLLY SPRINGS N C                                 | NC HSPGEN 4 11/01/2044    | CUSIP: 436084AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1131867.40   | 1.07%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREENVILLE N C UTILS COMMN                        | NC GRVUTL 5 09/01/2049    | CUSIP: 396321FP1<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298137.00    | 0.28%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHNSTON CNTY N C                                 | NC JOHUTL 4 04/01/2044    | CUSIP: 479357BM6<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489190.00    | 0.46%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSTON CNTY N C                                 | NC JOHUTL 5 04/01/2043    | CUSIP: 479357CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $334294.70    | 0.32%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY N C                                  | NC LINUTL 3 08/01/2038    | CUSIP: 53334CBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $147742.40    | 0.14%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY N C                                  | NC LINUTL 3 08/01/2039    | CUSIP: 53334CBS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $310321.40    | 0.29%             | 2039-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY N C                                  | NC LINUTL 3 08/01/2040    | CUSIP: 53334CBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $235656.55    | 0.22%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MUN PWR AGY NO 1                   | NC NCMPWR 5 01/01/2032    | CUSIP: 658203X66<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500255.00    | 0.47%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONSLOW N C WTR & SWR AUTH                         | NC ONSUTL 4 12/01/2049    | CUSIP: 682852ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $345626.25    | 0.33%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSTON CNTY N C                                 | NC JOHUTL 5 04/01/2043    | CUSIP: 479357CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $555627.60    | 0.53%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANFORD N C                                       | NC SANGEN 4 06/01/2044    | CUSIP: 800618CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $271112.80    | 0.26%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANFORD N C                                       | NC SANGEN 4 06/01/2043    | CUSIP: 800618DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $289185.55    | 0.27%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-22

**Name of Applicant:** Dupree Mutual Funds

**Signature:** Michelle Dragoo

**Name of Signer:** Michelle Dragoo

**Title:** Treasurer