# EDGAR Filing Document

**Accession Number:** 0000311101
**File Stem:** 0001193125-26-079782
**Filing Date:** 2026-2
**Character Count:** 251793
**Document Hash:** b37d7e2e546f68388f2d56dcbc794f53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-079782.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-079782

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02918
- **FILM NUMBER:** 26693353

**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           |

### 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           |

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

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

### 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           |

?xml version='1.0' encoding='ASCII'? N-CSRS

U. S.

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, 2026

Date of reporting period: July 1, 2025 through December 31, 2025

------

Item 1. Report to Stockholders

(a) Tailored Shareholder Reports

(b) Not applicable.

------

---

| | |
|:---|:---|
| <br>**Alabama Tax-Free Income Series** | <br> ![LOGO](g21619g01a04.jpg)  |
| **TICKER: DUALX**<br>| <br> ![LOGO](g21619g01a04.jpg)  |

---

### Semi-Annual Shareholder Report: December 31, 2025
This semi-annual shareholder report contains important information about the Alabama Tax-Free Income Series (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) 866-0614 or info@dupree-funds.com.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid during the reporting period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**Investment<br>(annualized)** | Costs paid as a percentage of<br>a $10,000 investment<br>(annualized) |
| &nbsp;&nbsp;&nbsp;Alabama Tax-Free Income Series | $70 | 0.70% |

---

#### What are the Key Fund statistics you should know?
The following table outlines key Fund statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $| 19091060 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings |  | 66 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period |  | 3.86% |

---

------

#### What is the Fund invested in?
The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

#### COMPOSITION
![LOGO](g21619g05a02.jpg)

#### CREDIT QUALITY\*
![LOGO](g21619g05a01.jpg)

Ratings have been assigned by a Nationally Recognized Statistical Rating Organization ("NRSRO"). All ratings are by Moody's Ratings, an NRSRO, unless noted otherwise. Moody's Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

#### How can you get additional information about the Fund?
Additional information is available on the Fund's website (www.dupree-funds.com/documents), including the following:

#### Prospectus

#### Fund Financial Information

#### Fund Holdings

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 866-0614, and we will begin sending you separate copies of these materials within 30 days after we receive your request.

2. ![LOGO](g21619g67c85.jpg)

------

---

| | |
|:---|:---|
| <br>**Kentucky Tax-Free Income Series** | <br> ![LOGO](g21619g36q30.jpg)  |
| **TICKER: KYTFX**<br>| <br> ![LOGO](g21619g36q30.jpg)  |

---

### Semi-Annual Shareholder Report: December 31, 2025
This semi-annual shareholder report contains important information about the Kentucky Tax-Free Income Series (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) 866-0614 or info@dupree-funds.com.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid during the reporting period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**Investment<br>(annualized)** | Costs paid as a percentage of a<br>$10,000 investment<br>(annualized) |
| &nbsp;&nbsp;&nbsp;Kentucky Tax-Free Income Series | $62 | 0.62% |

---

#### What are the Key Fund statistics you should know?
The following table outlines key Fund statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $| 699440229 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings |  | 400 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period |  | 6.51% |

---

------

#### What is the Fund invested in?
The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

#### COMPOSITION
![LOGO](g21619g00x07.jpg)

#### CREDIT QUALITY\*
![LOGO](g21619g00y07.jpg)

Ratings have been assigned by a Nationally Recognized Statistical Rating Organization ("NRSRO"). All ratings are by Moody's Ratings, an NRSRO, unless noted otherwise. Moody's Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

#### How can you get additional information about the Fund?
Additional information is available on the Fund's website (www.dupree-funds.com/documents), including the following:

#### Prospectus

#### Fund Financial Information

#### Fund Holdings

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 866-0614, and we will begin sending you separate copies of these materials within 30 days after we receive your request.

2. ![LOGO](g21619g67c85.jpg)

------

---

| | |
|:---|:---|
| <br>**Mississippi Tax-Free Income Series** | <br> ![LOGO](g21619g91p15.jpg)  |
| **TICKER: DUMSX**<br>| <br> ![LOGO](g21619g91p15.jpg)  |

---

### Semi-Annual Shareholder Report: December 31, 2025
This semi-annual shareholder report contains important information about the Mississippi Tax-Free Income Series (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) 866-0614 or info@dupree-funds.com.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid during the reporting period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**Investment<br>(annualized)** | Costs paid as a percentage of a<br>$10,000 investment<br>(annualized) |
| &nbsp;&nbsp;&nbsp;Mississippi Tax-Free Income Series | $70 | 0.70% |

---

#### What are the Key Fund statistics you should know?
The following table outlines key Fund statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $| 4381387 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings |  | 27 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period |  | 0.00% |

---

------

#### What is the Fund invested in?
The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

#### COMPOSITION
![LOGO](g21619g00n11.jpg)

#### CREDIT QUALITY\*
![LOGO](g21619g00m11.jpg)

Ratings have been assigned by a Nationally Recognized Statistical Rating Organization ("NRSRO"). All ratings are by Moody's Ratings, an NRSRO, unless noted otherwise. Moody's Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

#### How can you get additional information about the Fund?
Additional information is available on the Fund's website (www.dupree-funds.com/documents), including the following:

#### Prospectus

#### Fund Financial Information

#### Fund Holdings

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 866-0614, and we will begin sending you separate copies of these materials within 30 days after we receive your request.

2. ![LOGO](g21619g67c85.jpg)

------

---

| | |
|:---|:---|
| <br>**North Carolina Tax-Free Income Series** | <br> ![LOGO](g21619g02x18.jpg)  |
| **TICKER: NTFIX**<br>| <br> ![LOGO](g21619g02x18.jpg)  |

---

### Semi-Annual Shareholder Report: December 31, 2025
This semi-annual shareholder report contains important information about the North Carolina Tax-Free Income Series (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) 866-0614 or info@dupree-funds.com.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid during the reporting period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**Investment<br>(annualized)** | Costs paid as a percentage of a<br>$10,000 investment<br>(annualized) |
| &nbsp;&nbsp;&nbsp;North Carolina Tax-Free Income Series | $70 | 0.70% |

---

#### What are the Key Fund statistics you should know?
The following table outlines key Fund statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $| 106016028 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings |  | 168 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period |  | 2.27% |

---

------

#### What is the Fund invested in?
The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

#### COMPOSITION
![LOGO](g21619g14a02.jpg)

#### CREDIT QUALITY \*
![LOGO](g21619g14a01.jpg)

Ratings have been assigned by a Nationally Recognized Statistical Rating Organization ("NRSRO"). All ratings are by Moody's Ratings, an NRSRO, unless noted otherwise. Moody's Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

#### How can you get additional information about the Fund?
Additional information is available on the Fund's website (www.dupree-funds.com/documents), including the following:

#### Prospectus

#### Fund Financial Information

#### Fund Holdings

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 866-0614, and we will begin sending you separate copies of these materials within 30 days after we receive your request.

2. ![LOGO](g21619g67c85.jpg)

------

---

| | |
|:---|:---|
| <br>**Tennessee Tax-Free Income Series** | <br> ![LOGO](g21619g96h31.jpg)  |
| **TICKER: TNTIX**<br>| <br> ![LOGO](g21619g96h31.jpg)  |

---

### Semi-Annual Shareholder Report: December 31, 2025
This semi-annual shareholder report contains important information about the Tennessee Tax-Free Income Series (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) 866-0614 or info@dupree-funds.com.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid during the reporting period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**Investment<br>(annualized)** | Costs paid as a percentage of a<br>$10,000 investment<br>(annualized) |
| &nbsp;&nbsp;&nbsp;Tennessee Tax-Free Income Series | $70 | 0.70% |

---

#### What are the Key Fund statistics you should know?
The following table outlines key Fund statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $| 49837302 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings |  | 76 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period |  | 0.85% |

---

------

#### What is the Fund invested in?
The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

#### COMPOSITION
![LOGO](g21619g00x17.jpg)

#### CREDIT QUALITY\*
![LOGO](g21619g00y17.jpg)

Ratings have been assigned by a Nationally Recognized Statistical Rating Organization ("NRSRO"). All ratings are by Moody's Ratings, an NRSRO, unless noted otherwise. Moody's Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

#### How can you get additional information about the Fund?
Additional information is available on the Fund's website (www.dupree-funds.com/documents), including the following:

#### Prospectus

#### Fund Financial Information

#### Fund Holdings

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 866-0614, and we will begin sending you separate copies of these materials within 30 days after we receive your request.

2. ![LOGO](g21619g67c85.jpg)

------

---

| | |
|:---|:---|
| <br>**Intermediate Government Bond Series** | <br> ![LOGO](g21619g01z31.jpg)  |
| **TICKER: DPIGX**<br>| <br> ![LOGO](g21619g01z31.jpg)  |

---

### Semi-Annual Shareholder Report: December 31, 2025
This semi-annual shareholder report contains important information about the Intermediate Government Bond Series (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) 866-0614 or info@dupree-funds.com.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid during the reporting period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**Investment<br>(annualized)** | Costs paid as a percentage of a<br>$10,000 investment<br>(annualized) |
| &nbsp;&nbsp;&nbsp;Intermediate Government Bond Series | $70 | 0.70% |

---

#### What are the Key Fund statistics you should know?
The following table outlines key Fund statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $| 8199025 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings |  | 26 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period |  | 48.53% |

---

------

#### What is the Fund invested in?
The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

#### COMPOSITION
![LOGO](g21619g38i55.jpg)

#### CREDIT QUALITY\*
![LOGO](g21619g91m09.jpg)

Ratings have been assigned by a Nationally Recognized Statistical Rating Organization ("NRSRO"). All ratings are by Moody's Ratings, an NRSRO, unless noted otherwise. Moody's Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

#### How can you get additional information about the Fund?
Additional information is available on the Fund's website (www.dupree-funds.com/documents), including the following:

#### Prospectus

#### Fund Financial Information

#### Fund Holdings

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 866-0614, and we will begin sending you separate copies of these materials within 30 days after we receive your request.

2. ![LOGO](g21619g67c85.jpg)

------

---

| | |
|:---|:---|
| <br>**Taxable Municipal Bond Series** | <br> ![LOGO](g21619g51p54.jpg)  |
| **TICKER: DUTMX**<br>| <br> ![LOGO](g21619g51p54.jpg)  |

---

### Semi-Annual Shareholder Report: December 31, 2025
This semi-annual shareholder report contains important information about the Taxable Municipal Bond Series (the "Fund") for the period of July 1, 2025 to December 31, 2025 (the "reporting period"). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) 866-0614 or info@dupree-funds.com.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid during the reporting period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund (Class) | **Costs of a $10,000**<br>**Investment<br>(annualized)** | Costs paid as a percentage of a<br>$10,000 investment<br>(annualized) |
| &nbsp;&nbsp;&nbsp;Taxable Municipal Bond Series | $81 | 0.81% |

---

#### What are the Key Fund statistics you should know?
The following table outlines key Fund statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Fund's net assets | $| 3326946 |
| &nbsp;&nbsp;&nbsp;Total number of portfolio holdings |  | 21 |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period |  | 0.00% |

---

------

#### What is the Fund invested in?
The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

#### COMPOSITION
![LOGO](g21619g88d63.jpg)

#### CREDIT QUALITY \*
![LOGO](g21619g00y22.jpg)

Ratings have been assigned by a Nationally Recognized Statistical Rating Organization ("NRSRO"). All ratings are by Moody's Ratings, an NRSRO, unless noted otherwise. Moody's Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

#### How can you get additional information about the Fund?
Additional information is available on the Fund's website (www.dupree-funds.com/documents), including the following:

#### Prospectus

#### Fund Financial Information

#### Fund Holdings

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 866-0614, and we will begin sending you separate copies of these materials within 30 days after we receive your request.

2. ![LOGO](g21619g67c85.jpg)

------

Item 2. Not applicable

Item 3. Not applicable

Item 4. Not applicable

Item 5. Not applicable.

Item 6.

(a) The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

(b) Not Applicable

------

Item 7.

------

![LOGO](g21619g77y20.jpg)

### December 31, 2025

### SEMI ANNUAL REPORT

### TO SHAREHOLDERS

------

### 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:

*Intermediate Government Bond Series in 1992;* 

*Tennessee Tax-Free Income Series in 1993;* 

*North Carolina Tax-Free Income 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 45 years in business, Dupree Mutual Funds continues to be a leader in the no-load single-state municipal bond space. 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 and 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**

---

| | |
|:---|:---|
|  [Alabama Tax-Free Income Series](#fin21619_1) | 1 |
|  [Kentucky Tax-Free Income Series](#fin21619_2) | 5 |
|  [Mississippi Tax-Free Income Series](#fin21619_3) | 16 |
|  [North Carolina Tax-Free Income Series](#fin21619_4) | 20 |
|  [Tennessee Tax-Free Income Series](#fin21619_5) | 26 |
|  [Intermediate Government Bond Series](#fin21619_6) | 31 |
|  [Taxable Municipal Bond Series](#fin21619_7) | 34 |
|  [Notes to Financial Statements](#fin21619_8) | 38 |
|  [Other Unaudited Information](#fin21619_9) | 47 |

---

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Alabama Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **26.31% of Net Assets** |  |  |  |  |  |
|  Athens AL | 4.125% | 05/01/2044 | Aa2 | $250000 | $247292 |
|  Athens AL | 4.250 | 05/01/2049 | Aa2 | 250000 | 240665 |
|  Cherokee County AL Board of Education Tax Warrants | 4.000 | 12/01/2034 | A1 | 310000 | 313311 |
|  Cherokee County AL Board of Education Tax Warrants | 4.250 | 12/01/2042 | A1 | 150000 | 151170 |
|  Cullman AL Board of Education Special Tax School Warrants | 4.000 | 03/01/2044 | A1 | 250000 | 237568 |
|  Cullman AL Board of Education Special Tax School Warrants | 4.125 | 03/01/2049 | A1 | 250000 | 231493 |
|  Enterprise AL Board of Education Special Tax School Warrants | 4.000 | 03/01/2044 | AA\* | 250000 | 238473 |
|  Florence AL City Board of Education Special Tax School Warrants | 4.000 | 03/01/2046 | Aa3 | 225000 | 207927 |
|  Guntersville AL Warrants | 3.000 | 08/01/2040 | AA-\* | 250000 | 218775 |
|  Houston County AL Board of Education Special Tax School Warrants | 3.000 | 12/01/2037 | AA\* | 150000 | 136022 |
|  Jackson County AL Board of Education School Tax Warrants | 3.000 | 03/01/2038 | AA\* | 350000 | 315270 |
|  Jefferson County AL Board of Education Public School Warrants | 4.000 | 02/01/2042 | Aa3 | 795000 | 768391 |
|  Lauderdale County AL Board of Education Special Tax School Warrants | 5.000 | 02/01/2044 | AA\* | 155000 | 163420 |
|  Lauderdale County AL Board of Education Special Tax School Warrants | 4.125 | 02/01/2049 | AA\* | 250000 | 231868 |
|  Mountain Brook AL City Board of Education | 3.000 | 03/01/2042 | Aa1 | 250000 | 210840 |
|  Pell City AL Warrants | 4.500 | 02/01/2042 | AA\* | 200000 | 204370 |
|  Pike Road AL Warrants | 5.000 | 03/01/2043 | AA+\* | 250000 | 264633 |
|  Saint Clair County AL Board of Education Special Tax Warrants | 5.000 | 02/01/2040 | A1 | 125000 | 135608 |
|  Saint Clair County AL Board of Education Special Tax Warrants | 4.000 | 02/01/2044 | A1 | 500000 | 475820 |
|  Troy AL Public Educational Building Authority | 5.250 | 12/01/2036 | A1 | 30000 | 30022 |
|  |  |  |  |  | 5022938 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **25.60% of Net Assets** |  |  |  |  |  |
|  Adamsville AL Warrants | 3.000 | 09/01/2045 | AA\* | 250000 | 194203 |
|  AL State Corrections Institution Finance Authority | 5.000 | 07/01/2042 | Aa2 | 350000 | 370475 |
|  Alabama State Corrections Finance Authority | 5.250 | 07/01/2047 | Aa2 | 100000 | 104703 |
|  Alabaster AL Public Building Authority | 5.000 | 05/01/2045 | A1 | 230000 | 240993 |
|  Anniston AL Public Building Authority DHR Project | 5.250 | 05/01/2030 | AA-\* | 50000 | 50083 |
|  Anniston AL Public Building Authority DHR Project | 5.500 | 05/01/2033 | AA-\* | 200000 | 200348 |
|  Bessemer AL Public Educational Building Authority Revenue | 5.000 | 07/01/2030 | AA\* | 140000 | 140206 |
|  Birmingham Jefferson AL Civic Center Authority Revenue | 5.000 | 05/01/2037 | Aa3 | 400000 | 413220 |
|  Birmingham Jefferson AL Civic Center Authority Revenue | 5.000 | 05/01/2038 | Aa3 | 250000 | 257698 |
|  Birmingham Jefferson AL Civic Center Authority Revenue | 5.000 | 12/01/2043 | AA\* | 500000 | 533785 |
|  Boaz AL Warrants | 4.000 | 02/01/2037 | AA\* | 250000 | 251685 |
|  Bullock County AL Public Building Authority | 4.000 | 10/01/2038 | AA-\* | 500000 | 501225 |
|  Cherokee County AL Public Building Authority | 4.125 | 07/01/2044 | A2 | 350000 | 335762 |
|  Helena AL Warrants | 4.000 | 01/01/2049 | AA\* | 350000 | 318535 |
|  Irondale AL Public Building Authority | 4.000 | 10/01/2049 | AA-\* | 425000 | 383805 |
|  Montgomery County AL Public Building Authority | 5.000 | 03/01/2036 | NR | 350000 | 355914 |
|  Tuscaloosa County AL Public Building Authority | 4.000 | 10/01/2044 | AA-\* | 250000 | 235175 |
|  |  |  |  |  | 4887815 |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **14.27% of Net Assets** |  |  |  |  |  |
|  Berry AL Water & Sewer Revenue | 4.000 | 09/01/2039 | AA\* | 250000 | 250120 |
|  Birmingham AL Waterworks | 4.000 | 01/01/2041 | Aa2 | 225000 | 225000 |
|  Guntersville AL Waterworks & Sewer Board Utility Revenue | 4.250 | 08/01/2049 | AA\* | 250000 | 237823 |
|  Limestone County AL Water & Sewer Authority | 4.750 | 12/01/2035 | AA\* | 400000 | 399994 |
|  Montgomery AL Waterworks | 5.000 | 09/01/2044 | Aa1 | 115000 | 123852 |
|  Opelika AL Utilities Board | 4.000 | 06/01/2039 | Aa3 | 250000 | 250300 |
|  Prattville AL Sewer Warrants | 4.000 | 11/01/2042 | AA\* | 375000 | 367770 |
|  Roanoke AL Utilities Board Water & Gas & Sewer Revenue | 4.375 | 08/15/2049 | AA\* | 250000 | 245830 |
|  Talladega AL Water & Sewer Revenue | 3.000 | 09/01/2046 | AA\* | 250000 | 188698 |
|  Tuskegee AL Utilities Board | 3.000 | 08/01/2037 | A1 | 260000 | 242042 |
|  Warrior River AL Water Authority | 4.000 | 08/01/2043 | AA\* | 200000 | 192644 |
|  |  |  |  |  | 2724073 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Alabama Municipal Bonds

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **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** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |
| **14.08% of Net Assets** |  |  |  |  |  |  |
|  AL Community College System Gadsden State Community College | 5.000% | 06/01/2038 | A1 | $| 325000 | $334136 |
|  AL State Public School & College Authority | 4.000 | 11/01/2040 | Aa1 |  | 250000 | 252068 |
|  AL State Public School & College Authority | 4.000 | 09/01/2043 | Aa1 |  | 250000 | 244100 |
|  Auburn University AL General Fee Revenue | 4.000 | 06/01/2036 | Aa2 |  | 380000 | 381125 |
|  Auburn University AL General Fee Revenue | 4.000 | 06/01/2041 | Aa2 |  | 285000 | 281118 |
|  Florence AL Public Educational Building Authority | 5.250 | 11/01/2049 | A1 |  | 350000 | 368155 |
|  Troy University AL Facilities Revenue | 4.000 | 11/01/2032 | A1 |  | 300000 | 305517 |
|  University of AL Huntsville General Fee Revenue | 5.000 | 09/01/2038 | Aa3 |  | 500000 | 522284 |
|  |  |  |  |  |  | 2688503 |
| **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** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS** |
| **8.27% of Net Assets** |  |  |  |  |  |  |
|  AL State Housing Finance Authority | 4.500 | 10/01/2044 | Aa1 |  | 940000 | 943318 |
|  AL State Housing Finance Authority | 4.550 | 10/01/2044 | Aa1 |  | 245000 | 247095 |
|  AL State Housing Finance Authority | 4.450 | 10/01/2044 | Aa1 |  | 140000 | 140336 |
|  AL State Housing Finance Authority | 4.700 | 10/01/2049 | Aa1 |  | 245000 | 247533 |
|  |  |  |  |  |  | 1578282 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |  |
| **5.06% of Net Assets** |  |  |  |  |  |  |
|  Birmingham AL Warrants | 4.000 | 12/01/2035 | Aa3 |  | 250000 | 252578 |
|  Elmore County AL Warrants | 5.000 | 05/01/2047 | AA\* |  | 250000 | 257920 |
|  Enterprise AL Warrants | 4.625 | 10/01/2040 | AA-\* |  | 250000 | 261837 |
|  Rainsville AL Warrants | 4.000 | 01/01/2044 | AA\* |  | 200000 | 192778 |
|  |  |  |  |  |  | 965113 |
| **PREREFUNDED BONDS** |  |  |  |  |  |  |
| **1.55% of Net Assets** |  |  |  |  |  |  |
|  Limestone County AL Water & Sewer Authority | 4.750 | 12/01/2033 | AA\* |  | 290000 | 295873 |
| **REFUNDING BONDS** |  |  |  |  |  |  |
| **1.34% of Net Assets** |  |  |  |  |  |  |
|  Jefferson County AL Warrants | 5.000 | 09/15/2035 | AA+\* |  | 250000 | 255538 |
|  Total Investments 96.48% of Net Assets (cost $18,951,626) (See footnote 6 for further explanation) | Total Investments 96.48% of Net Assets (cost $18,951,626) (See footnote 6 for further explanation) | Total Investments 96.48% of Net Assets (cost $18,951,626) (See footnote 6 for further explanation) | Total Investments 96.48% of Net Assets (cost $18,951,626) (See footnote 6 for further explanation) | Total Investments 96.48% of Net Assets (cost $18,951,626) (See footnote 6 for further explanation) | Total Investments 96.48% of Net Assets (cost $18,951,626) (See footnote 6 for further explanation) | $18418135 |
|  Other assets in excess of liabilities 3.52% |  |  |  |  |  | 672925 |
|  Net Assets 100% |  |  |  |  |  | $19091060 |

---

# 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

#### Other Information
The following is a summary of the inputs used, as of December 31, 2025, 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 | 18418135 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $18418135 |

---

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

------

#### ALABAMA TAX-FREE INCOME SERIES

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| **December 31, 2025**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $18,951,626) |  | $18418135 |
|  Cash |  | 700560 |
|  Interest receivable |  | 219293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 19337988 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 82426.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 150504.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment advisory fee | 4310.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 2371.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 2238.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 973.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 958.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 761.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 681.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 1706.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 246928 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 20373387 |
|  Total accumulated loss |  | (1282327) |
|  Total Net Assets |  | $19091060 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(1,672,067 shares outstanding; unlimited number of shares authorized; no par value) |  | $11.42 |

---

#### STATEMENT OF OPERATIONS

#### For the six months ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $374363 |
| &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 | 49017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 14704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 5278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 4462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 87420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (18586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 68801 |
|  Net investment income | 305562 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (137318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 884347 |
|  Net realized and unrealized gain on investments | 747029 |
|  Net increase in net assets resulting from operations | $1052591 |

---

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

------

#### ALABAMA TAX-FREE INCOME SERIES

#### STATEMENTS OF CHANGES IN NET ASSETS
**For the six months ended December 31, 2025 and the year ended June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2025<br>(Unaudited)** | **Year Ended<br>6/30/2025** |
| &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 | $305562 | $605920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (137318) | (32301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 884347 | (801571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 1052591 | (227952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (305562) | (605920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (1348348) | (128200) |
|  Total decrease | (601319) | (962072) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 19692379 | 20654451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $19091060 | $19692379 |

---

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2025<br>(Unaudited)** | **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>**12/31/2025<br>(Unaudited)** | **2025** | **2025** | **2024** | **2023** | **2022** | **2022** | **2021** |
|  Net asset value, beginning of period | $11.00 | $| 11.46 | $11.40 | $11.57 | $| 12.86 | $12.78 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.18 |  | 0.34 | 0.29 | 0.28 |  | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments (c) | 0.42 |  | (0.46) | 0.06 | (0.16) |  | (1.29) | 0.08 |
|  Total from investment operations | 0.60 |  | (0.12) | 0.35 | 0.12 |  | (1.02) | 0.37 |
|  Less distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.18) |  | (0.34) | (0.29) | (0.28) |  | (0.27) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | 0.00 |  | 0.00 | 0.00 | (0.01) |  | 0.00 (b) | 0.00 |
|  Total distributions | (0.18) |  | (0.34) | (0.29) | (0.29) |  | (0.27) | (0.29) |
|  Net asset value, end of period | $11.42 | $| 11.00 | $11.46 | $11.40 | $| 11.57 | $12.86 |
|  Total return | 5.46% (d) |  | (1.13)% | 3.17% | 1.08% |  | (8.03)% | 2.93% |
|  Net assets, end of period (in thousands) | $19091 | $| 19692 | $20654 | $21780 | $| 25761 | $28209 |
|  Ratio of net expenses to average net assets (a) | 0.70% (e) |  | 0.70% | 0.70% | 0.70% |  | 0.70% | 0.70% |
|  Ratio of gross expenses to average net assets | 0.90% (e) |  | 0.86% | 0.91% | 0.93% |  | 0.87% | 0.80% |
|  Ratio of net investment income to average net assets | 3.14% (e) |  | 2.96% | 2.60% | 2.49% |  | 2.19% | 2.26% |
|  Portfolio turnover | 3.86% (d) |  | 20.09% | 20.02% | 4.46% |  | 2.55% | 13.38% |

---

(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) Realized and unrealized gains and losses per share in this caption may be 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.

(d) Not Annualized

(e) Annualized

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** |
| **30.68% of Net Assets** |  |  |  |  |  |
|  Adair County KY School District Finance Corporation | 4.250% | 09/01/2040 | Aa3 | $1840000 | $1876138 |
|  Adair County KY School District Finance Corporation | 4.250 | 09/01/2042 | Aa3 | 1270000 | 1284618 |
|  Anderson County KY School District Finance Corporation | 3.000 | 02/01/2029 | Aa3 | 500000 | 498680 |
|  Bardstown Independent School District Finance Corporation | 4.750 | 09/01/2044 | Aa3 | 610000 | 627330 |
|  Bardstown KY Independent School Building | 5.000 | 09/01/2048 | Aa3 | 2200000 | 2266198 |
|  Bardstown KY Independent School District Finance Corporation | 4.000 | 02/01/2040 | Aa3 | 1495000 | 1509352 |
|  Bardstown KY Independent School District Finance Corporation | 4.000 | 02/01/2042 | Aa3 | 1525000 | 1521371 |
|  Beechwood KY Independent School District Finance Corporation | 4.375 | 08/01/2042 | Aa3 | 650000 | 655447 |
|  Bell County KY School District Finance Corporation | 4.000 | 10/01/2042 | Aa3 | 680000 | 669351 |
|  Bell County KY School District Finance Corporation | 4.000 | 10/01/2043 | Aa3 | 710000 | 687997 |
|  Boone County KY School District Finance Corporation | 4.000 | 06/01/2029 | Aa3 | 450000 | 467321 |
|  Bourbon County KY School District Finance Corporation | 5.000 | 08/01/2028 | Aa3 | 215000 | 226483 |
|  Bourbon County KY School District Finance Corporation | 5.000 | 08/01/2029 | Aa3 | 225000 | 241522 |
|  Bourbon County KY School District Finance Corporation | 5.000 | 08/01/2030 | Aa3 | 185000 | 201805 |
|  Bowling Green KY Independent School District Finance Corporation | 5.000 | 08/01/2027 | Aa3 | 695000 | 704577 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2034 | Aa3 | 1890000 | 1901359 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2035 | Aa3 | 2215000 | 2226252 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2036 | Aa3 | 2305000 | 2313667 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 08/01/2037 | Aa3 | 2395000 | 2400964 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 04/01/2043 | Aa3 | 3085000 | 3035702 |
|  Bowling Green KY School District Finance Corporation | 4.000 | 04/01/2045 | Aa3 | 2500000 | 2392875 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 10/01/2035 | Aa3 | 1820000 | 1830356 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 10/01/2036 | Aa3 | 2985000 | 2999119 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 10/01/2037 | Aa3 | 3075000 | 3083672 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 03/01/2038 | Aa3 | 575000 | 587276 |
|  Bullitt County KY School District Finance Corporation | 4.000 | 02/01/2042 | Aa3 | 1485000 | 1453889 |
|  Butler County KY School District Finance Corporation | 4.000 | 03/01/2037 | Aa3 | 360000 | 369490 |
|  Butler County KY School District Finance Corporation | 4.250 | 03/01/2040 | Aa3 | 755000 | 773905 |
|  Campbell County KY School District Finance Corporation | 4.000 | 02/01/2045 | Aa3 | 1000000 | 932740 |
|  Campbellsville KY Independent School District Finance Corporation | 4.500 | 06/01/2043 | Aa3 | 685000 | 691864 |
|  Christian County KY School District Finance Corporation | 4.500 | 10/01/2042 | Aa3 | 3555000 | 3689059 |
|  Christian County KY School District Finance Corporation | 4.500 | 10/01/2043 | Aa3 | 3605000 | 3704534 |
|  Christian County KY School District Finance Corporation | 4.500 | 10/01/2048 | Aa3 | 3000000 | 3005640 |
|  Clark County KY School District Finance Corporation | 4.000 | 03/01/2039 | Aa3 | 3090000 | 3141912 |
|  Clark County KY School District Finance Corporation | 4.000 | 03/01/2040 | Aa3 | 1475000 | 1490517 |
|  Clay County KY School District Finance Corporation | 4.250 | 09/01/2042 | Aa3 | 1500000 | 1516500 |
|  Corbin KY Independent School District Finance Corporation | 4.250 | 04/01/2042 | Aa3 | 705000 | 708017 |
|  Corbin KY Independent School District Finance Corporation | 4.250 | 04/01/2043 | Aa3 | 500000 | 496345 |
|  Covington KY Independent School District Finance Corporation | 4.000 | 06/01/2041 | Aa3 | 490000 | 491646 |
|  Daviess County KY Board of Education | 4.000 | 02/01/2044 | Aa3 | 775000 | 736591 |
|  Dayton KY Independent School District Finance Corporation | 4.000 | 04/01/2044 | Aa3 | 2210000 | 2110462 |
|  Edmonson County KY School District Finance Corporation | 5.000 | 02/01/2046 | Aa3 | 1045000 | 1079569 |
|  Elizabethtown KY GO | 4.625 | 06/01/2042 | Aa3 | 745000 | 771217 |
|  Erlanger-Elsmere KY Board of Education | 4.875 | 06/01/2044 | Aa3 | 1000000 | 1045240 |
|  Erlanger-Elsmere KY Board of Education | 5.000 | 06/01/2046 | Aa3 | 1695000 | 1767038 |
|  Fairview KY Independent School District Finance Corporation | 4.000 | 10/01/2041 | Aa3 | 530000 | 529359 |
|  Fairview KY Independent School District Finance Corporation | 4.000 | 10/01/2042 | Aa3 | 555000 | 546309 |
|  Fairview KY Independent School District Finance Corporation | 4.000 | 10/01/2043 | Aa3 | 580000 | 562026 |
|  Fairview KY Independent School District Finance Corporation | 4.000 | 10/01/2044 | Aa3 | 515000 | 490120 |
|  Fayette County KY Board of Education | 4.000 | 04/01/2042 | Aa3 | 1000000 | 983510 |
|  Fayette County KY Board of Education | 4.000 | 04/01/2043 | Aa3 | 4020000 | 3888224 |
|  Fayette County KY Board of Education | 4.000 | 04/01/2044 | Aa3 | 4585000 | 4378492 |
|  Fayette County KY Board of Education | 4.000 | 04/01/2048 | Aa3 | 1410000 | 1287358 |
|  Fayette County KY School District Finance Corporation | 5.000 | 06/01/2046 | Aa3 | 2525000 | 2613097 |
|  Fayette County KY School District Finance Corporation | 5.000 | 06/01/2047 | Aa3 | 1000000 | 1029810 |
|  Fleming County KY School District Finance Corporation | 4.250 | 06/01/2043 | Aa3 | 965000 | 970896 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Fleming County KY School District Finance Corporation | 4.250% | 06/01/2044 | Aa3 | $1010000 | $1007414 |
|  Floyd County KY School District Finance Corporation | 3.500 | 08/01/2031 | Aa3 | 800000 | 799984 |
|  Franklin County KY Board of Education | 5.000 | 06/01/2046 | Aa3 | 2000000 | 2091620 |
|  Franklin County KY School District Finance Corporation | 4.000 | 02/01/2040 | Aa3 | 1000000 | 1004270 |
|  Franklin County KY School District Finance Corporation | 4.000 | 02/01/2041 | Aa3 | 1020000 | 1014257 |
|  Graves County KY Board of Education | 4.500 | 05/01/2045 | Aa3 | 610000 | 612068 |
|  Hardin County KY Board of Education | 4.000 | 06/01/2040 | Aa2 | 1000000 | 1007640 |
|  Hardin County KY Board of Education | 4.000 | 06/01/2044 | Aa2 | 1000000 | 941400 |
|  Hardin County KY School District Finance Corporation | 4.000 | 05/01/2030 | Aa3 | 635000 | 637775 |
|  Hardin County KY School District Finance Corporation | 4.000 | 02/01/2041 | Aa3 | 1220000 | 1222208 |
|  Hardin County KY School District Finance Corporation | 4.000 | 02/01/2042 | Aa3 | 6035000 | 5943268 |
|  Hardin County KY School District Finance Corporation | 4.000 | 02/01/2044 | Aa3 | 2000000 | 1903280 |
|  Harlan KY Independent School District Finance Corporation | 4.250 | 09/01/2041 | Aa3 | 560000 | 569570 |
|  Harlan KY Independent School District Finance Corporation | 4.375 | 09/01/2042 | Aa3 | 260000 | 264623 |
|  Hart County KY School District Finance Corporation | 5.000 | 05/01/2048 | Aa3 | 1000000 | 1035930 |
|  Hazard County KY School District Finance Corporation | 4.000 | 11/01/2045 | Aa3 | 815000 | 754796 |
|  Hazard County KY School District Finance Corporation | 4.000 | 11/01/2046 | Aa3 | 900000 | 828081 |
|  Hazard KY Independent School District Finance Corporation | 4.000 | 11/01/2040 | Aa3 | 745000 | 747622 |
|  Hazard KY Independent School District Finance Corporation | 4.000 | 11/01/2041 | Aa3 | 735000 | 726467 |
|  Hazard KY Independent School District Finance Corporation | 4.000 | 11/01/2043 | Aa3 | 595000 | 568612 |
|  Henderson County KY School District Finance Commission | 4.125 | 03/01/2045 | Aa3 | 2485000 | 2359905 |
|  Hopkins County KY School District Finance Corporation | 4.000 | 11/01/2047 | Aa3 | 1465000 | 1346526 |
|  Jefferson County KY School District Finance Corporation | 4.250 | 10/01/2037 | Aa3 | 2110000 | 2124960 |
|  Jefferson County KY School District Finance Corporation | 3.000 | 12/01/2039 | Aa3 | 385000 | 342685 |
|  Jefferson County KY School District Finance Corporation | 3.000 | 12/01/2040 | Aa3 | 1940000 | 1701593 |
|  Johnson County KY School District Finance Corporation | 4.500 | 09/01/2042 | Aa3 | 500000 | 507100 |
|  Johnson County KY School District Finance Corporation | 4.500 | 09/01/2043 | Aa3 | 825000 | 827079 |
|  Kenton County KY School District Finance Corporation | 4.000 | 04/01/2036 | Aa3 | 1210000 | 1222148 |
|  Kenton County KY School District Finance Corporation | 4.000 | 04/01/2037 | Aa3 | 1255000 | 1262191 |
|  Kenton County KY School District Finance Corporation | 4.000 | 04/01/2038 | Aa3 | 1300000 | 1308840 |
|  Knox County KY School District Finance Corporation | 4.000 | 10/01/2044 | Aa3 | 390000 | 371639 |
|  KY State Interlocal School Transportation Association | 3.250 | 03/01/2028 | Aa3 | 475000 | 478453 |
|  Madison County KY School District Finance Corporation | 4.000 | 02/01/2042 | Aa3 | 2545000 | 2497510 |
|  Madison County KY School District Finance Corporation | 4.000 | 02/01/2043 | Aa3 | 1585000 | 1527829 |
|  Madison County KY School District Finance Corporation | 4.000 | 02/01/2044 | Aa3 | 1000000 | 957670 |
|  Madison County KY School District Finance Corporation | 4.250 | 02/01/2045 | Aa3 | 2170000 | 2090166 |
|  Marion County KY School District Finance Corporation | 4.000 | 04/01/2038 | Aa3 | 1000000 | 1024640 |
|  Marion County KY School District Finance Corporation | 4.000 | 04/01/2040 | Aa3 | 1190000 | 1201888 |
|  Marshall County KY Board of Education | 4.000 | 10/01/2044 | Aa3 | 1230000 | 1161538 |
|  Mason County KY School District Finance Corporation | 4.000 | 04/01/2043 | Aa3 | 1145000 | 1140706 |
|  McLean County KY School District Finance Corporation | 4.000 | 02/01/2044 | Aa3 | 845000 | 817470 |
|  Meade County KY School District Finance Corporation | 4.000 | 06/01/2036 | Aa3 | 2215000 | 2220914 |
|  Meade County KY School District Finance Corporation | 4.000 | 06/01/2037 | Aa3 | 2255000 | 2259984 |
|  Meade County KY School District Finance Corporation | 4.000 | 06/01/2038 | Aa3 | 2400000 | 2403336 |
|  Mercer County KY School District Finance Corporation | 4.000 | 05/01/2040 | Aa3 | 1555000 | 1563584 |
|  Mercer County KY School District Finance Corporation | 4.000 | 05/01/2041 | Aa3 | 1950000 | 1938866 |
|  Mercer County KY School District Finance Corporation | 4.000 | 05/01/2044 | Aa3 | 450000 | 428036 |
|  Montgomery County KY School District Finance Corporation | 4.250 | 04/01/2044 | Aa3 | 530000 | 522029 |
|  Montgomery County School District Finance Corporation | 4.375 | 04/01/2045 | Aa3 | 455000 | 449431 |
|  Nelson County KY School District Finance Corporation | 4.000 | 06/01/2041 | Aa3 | 1695000 | 1673813 |
|  Nelson County KY School District Finance Corporation | 4.125 | 06/01/2042 | Aa3 | 1765000 | 1743167 |
|  Nelson County KY School District Finance Corporation | 4.125 | 11/01/2044 | Aa3 | 2160000 | 2073661 |
|  Newport KY Independent School District Finance Corporation | 3.500 | 11/01/2028 | Aa3 | 425000 | 425043 |
|  Owensboro KY Independent School District Finance Corporation | 4.000 | 04/01/2041 | Aa3 | 1545000 | 1532717 |
|  Paris KY Independent School District Finance Corporation | 5.000 | 06/01/2027 | Aa3 | 205000 | 210957 |
|  Paris KY Independent School District Finance Corporation | 5.000 | 06/01/2028 | Aa3 | 215000 | 225460 |
|  Paris KY Independent School District Finance Corporation | 5.000 | 06/01/2029 | Aa3 | 170000 | 181701 |
|  Paris KY Independent School District Finance Corporation | 4.000 | 03/01/2042 | Aa3 | 1000000 | 995240 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Paris KY School District Finance Corporation | 4.000% | 06/01/2043 | Aa3 | $335000 | $325158 |
|  Pike County KY School District Finance Corporation | 4.000 | 02/01/2028 | Aa3 | 295000 | 295325 |
|  Powell County KY School District Finance Corporation | 4.000 | 02/01/2039 | Aa3 | 1235000 | 1252969 |
|  Pulaski County KY School District Finance Corporation | 4.500 | 06/01/2045 | Aa3 | 3300000 | 3301947 |
|  Raceland-Worthington KY Independent School District Finance Corporation | 3.400 | 06/01/2037 | Aa3 | 555000 | 542130 |
|  Robertson County KY School District Finance Corporation | 4.000 | 02/01/2042 | Aa3 | 300000 | 298230 |
|  Robertson County KY School District Finance Corporation | 4.000 | 02/01/2043 | Aa3 | 310000 | 303227 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2038 | Aa3 | 1140000 | 1167086 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2041 | Aa3 | 1305000 | 1300537 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2041 | Aa3 | 1275000 | 1270640 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2042 | Aa3 | 1015000 | 994812 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2043 | Aa3 | 1205000 | 1162789 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2043 | Aa3 | 500000 | 481900 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2044 | Aa3 | 500000 | 473935 |
|  Rockcastle County KY School District Finance Corporation | 4.000 | 03/01/2046 | Aa3 | 705000 | 652386 |
|  Russell County KY School District Finance Corporation | 4.125 | 02/01/2042 | Aa3 | 655000 | 649275 |
|  Russell County KY School District Finance Corporation | 4.125 | 02/01/2043 | Aa3 | 720000 | 703138 |
|  Russell County KY School District Finance Corporation | 4.250 | 02/01/2044 | Aa3 | 520000 | 513521 |
|  Russell County KY School District Finance Corporation | 4.250 | 02/01/2045 | Aa3 | 565000 | 550553 |
|  Russellville KY Independent School District Finance Corporation | 4.000 | 03/01/2044 | Aa3 | 545000 | 525173 |
|  Scott County KY School District Finance Corporation | 4.000 | 06/01/2035 | Aa3 | 1440000 | 1445630 |
|  Scott County KY School District Finance Corporation | 4.000 | 10/01/2035 | Aa3 | 2235000 | 2249371 |
|  Scott County KY School District Finance Corporation | 4.000 | 06/01/2036 | Aa3 | 1500000 | 1505310 |
|  Scott County KY School District Finance Corporation | 4.000 | 10/01/2037 | Aa3 | 2415000 | 2419854 |
|  Scott County KY School District Finance Corporation | 5.000 | 09/01/2041 | Aa3 | 7120000 | 7631640 |
|  Scott County KY School District Finance Corporation | 4.125 | 04/01/2047 | Aa3 | 2025000 | 1924337 |
|  Shelby County KY School District Finance Corporation | 4.000 | 08/01/2037 | Aa3 | 6240000 | 6254851 |
|  Shelby County KY School District Finance Corporation | 4.000 | 08/01/2038 | Aa3 | 3000000 | 3006450 |
|  Somerset KY Independent School District Finance Corporation | 4.625 | 08/01/2045 | Aa3 | 1605000 | 1612592 |
|  Somerset KY Independent School District Finance Corporation | 4.625 | 08/01/2046 | Aa3 | 1655000 | 1662828 |
|  Spencer County KY Board of Education | 4.000 | 12/01/2043 | Aa3 | 800000 | 779976 |
|  Spencer County KY Board of Education | 4.375 | 12/01/2045 | Aa3 | 1085000 | 1078544 |
|  Taylor County KY School District Finance Corporation | 4.000 | 12/01/2044 | Aa3 | 820000 | 785273 |
|  Union County KY School District Finance Corporation | 4.500 | 05/01/2042 | Aa3 | 500000 | 509675 |
|  Union County KY School District Finance Corporation | 4.500 | 05/01/2043 | Aa3 | 950000 | 965381 |
|  Warren County KY School District Finance Corporation | 4.000 | 02/01/2040 | Aa3 | 2000000 | 2013920 |
|  Warren County KY School District Finance Corporation | 4.250 | 12/01/2041 | Aa3 | 5000000 | 5068700 |
|  Williamstown KY Independent School District Finance Corporation | 4.125 | 05/01/2044 | Aa3 | 490000 | 477353 |
|  Woodford County KY School District Finance Corporation | 5.000 | 08/01/2038 | Aa3 | 1650000 | 1808582 |
|  Woodford County KY School District Finance Corporation | 5.000 | 08/01/2039 | Aa3 | 350000 | 381479 |
|  |  |  |  |  | 214612645 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |
| **27.20% of Net Assets** |  |  |  |  |  |
|  KY Association of Counties | 5.000 | 02/01/2028 | AA-\* | 195000 | 203699 |
|  KY Association of Counties | 4.000 | 02/01/2029 | AA-\* | 630000 | 653304 |
|  KY Association of Counties | 5.000 | 02/01/2029 | AA-\* | 205000 | 218417 |
|  KY Association of Counties | 5.000 | 02/01/2030 | AA-\* | 385000 | 409609 |
|  KY Association of Counties | 5.000 | 02/01/2030 | AA-\* | 250000 | 270775 |
|  KY Association of Counties | 5.000 | 02/01/2031 | AA-\* | 255000 | 271534 |
|  KY Association of Counties | 4.000 | 02/01/2033 | AA-\* | 420000 | 422449 |
|  KY Association of Counties | 4.000 | 02/01/2034 | AA-\* | 435000 | 437536 |
|  KY Association of Counties | 4.000 | 02/01/2035 | AA-\* | 690000 | 700191 |
|  KY Association of Counties | 4.000 | 02/01/2035 | AA-\* | 460000 | 462498 |
|  KY Association of Counties | 4.500 | 02/01/2036 | AA-\* | 445000 | 473698 |
|  KY Association of Counties | 4.000 | 02/01/2037 | AA-\* | 745000 | 751057 |
|  KY Association of Counties | 4.500 | 02/01/2037 | AA-\* | 460000 | 486289 |
|  KY Association of Counties | 4.000 | 02/01/2038 | AA-\* | 3165000 | 3175603 |
|  KY Association of Counties | 4.500 | 02/01/2038 | AA-\* | 490000 | 514436 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  KY Association of Counties | 4.000% | 02/01/2039 | AA-\* | $1000000 | $1002350 |
|  KY Association of Counties | 4.500 | 02/01/2039 | AA-\* | 515000 | 538103 |
|  KY Association of Counties | 5.000 | 02/01/2039 | AA-\* | 550000 | 601348 |
|  KY Association of Counties | 4.500 | 02/01/2040 | AA-\* | 535000 | 554859 |
|  KY Association of Counties | 4.500 | 02/01/2041 | AA-\* | 565000 | 582566 |
|  KY Association of Counties | 3.500 | 02/01/2042 | AA-\* | 1215000 | 1118930 |
|  KY Association of Counties | 4.500 | 02/01/2042 | AA-\* | 1050000 | 1076933 |
|  KY Association of Counties | 4.500 | 02/01/2043 | AA-\* | 1455000 | 1484144 |
|  KY Association of Counties | 4.000 | 02/01/2043 | AA-\* | 515000 | 500678 |
|  KY Association of Counties | 4.000 | 02/01/2048 | AA-\* | 920000 | 846326 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2032 | AA-\* | 550000 | 539770 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2033 | AA-\* | 1010000 | 985366 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2034 | AA-\* | 1070000 | 1025295 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2035 | AA-\* | 1170000 | 1115127 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2035 | AA-\* | 930000 | 886383 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2036 | AA-\* | 1240000 | 1161496 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2036 | AA-\* | 965000 | 908557 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2037 | AA-\* | 990000 | 918037 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2038 | AA-\* | 980000 | 899199 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2038 | AA-\* | 1025000 | 940489 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2039 | AA-\* | 1050000 | 946827 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2040 | AA-\* | 1030000 | 906627 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2041 | AA-\* | 1000000 | 856790 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2041 | AA-\* | 1065000 | 917849 |
|  KY Bond Corporation Finance Program | 4.375 | 02/01/2041 | AA-\* | 920000 | 943929 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2042 | AA-\* | 420000 | 353581 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2043 | AA-\* | 430000 | 353675 |
|  KY Bond Corporation Finance Program | 4.375 | 02/01/2043 | AA-\* | 455000 | 459819 |
|  KY Bond Corporation Finance Program | 3.000 | 02/01/2044 | AA-\* | 450000 | 360329 |
|  KY Bond Corporation Finance Program | 4.375 | 02/01/2047 | AA-\* | 765000 | 753066 |
|  KY Bond Development | 4.000 | 02/01/2047 | AA-\* | 510000 | 477472 |
|  KY State Bond Corporation | 4.750 | 02/01/2045 | AA-\* | 585000 | 599473 |
|  KY State Bond Corporation | 4.375 | 02/01/2046 | AA-\* | 475000 | 470288 |
|  KY State Bond Corporation | 4.750 | 02/01/2047 | AA-\* | 570000 | 580619 |
|  KY State Bond Corporation Financing Program | 4.000 | 02/01/2041 | AA-\* | 620000 | 617204 |
|  KY State Property & Building #115 | 5.000 | 04/01/2033 | Aa3 | 4565000 | 4684466 |
|  KY State Property & Building #115 | 5.000 | 04/01/2034 | Aa3 | 13975000 | 14325211 |
|  KY State Property & Building #115 | 5.000 | 04/01/2036 | Aa3 | 14460000 | 14800822 |
|  KY State Property & Building #117 | 5.000 | 05/01/2032 | Aa3 | 3680000 | 3788008 |
|  KY State Property & Building #117 | 5.000 | 05/01/2033 | Aa3 | 3550000 | 3647128 |
|  KY State Property & Building #117 | 5.000 | 05/01/2034 | Aa3 | 5825000 | 5980528 |
|  KY State Property & Building #117 | 5.000 | 05/01/2035 | Aa3 | 5065000 | 5192233 |
|  KY State Property & Building #117 | 5.000 | 05/01/2036 | Aa3 | 5275000 | 5400545 |
|  KY State Property & Building #119 | 5.000 | 05/01/2034 | Aa3 | 725000 | 757915 |
|  KY State Property & Building #119 | 5.000 | 05/01/2035 | Aa3 | 10000000 | 10435600 |
|  KY State Property & Building #119 | 5.000 | 05/01/2036 | Aa3 | 10000000 | 10414900 |
|  KY State Property & Building #127 | 5.000 | 06/01/2029 | Aa3 | 1000000 | 1080340 |
|  KY State Property & Building #127 | 5.250 | 06/01/2040 | Aa3 | 10000000 | 11052100 |
|  KY State Property & Building #127 | 5.250 | 06/01/2041 | Aa3 | 8745000 | 9606907 |
|  KY State Property & Building #127 | 5.250 | 06/01/2042 | Aa3 | 15975000 | 17444061 |
|  KY State Property & Building #130 | 4.000 | 11/01/2041 | Aa3 | 1500000 | 1487760 |
|  KY State Property & Building #130 | 5.000 | 11/01/2042 | Aa3 | 1500000 | 1621050 |
|  KY State Property & Building #130 | 4.000 | 11/01/2043 | Aa3 | 7000000 | 6740020 |
|  KY State Property & Building #130 | 5.250 | 11/01/2044 | Aa3 | 8140000 | 8846226 |
|  KY State Property & Building #131 | 4.000 | 10/01/2044 | Aa3 | 2500000 | 2360850 |
|  KY State Property & Building #132 | 4.125 | 04/01/2045 | Aa3 | 5000000 | 4803550 |
|  KY State Property & Building #132 | 5.000 | 04/01/2045 | Aa3 | 5000000 | 5299750 |
|  Louisville & Jefferson County Visitors & Convention Commission | 4.000 | 06/01/2034 | Aa3 | 1450000 | 1454408 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Paducah KY | 4.250% | 12/01/2044 | AA-\* | $1915000 | $1880722 |
|  Somerset KY | 5.000 | 06/01/2029 | A1 | 380000 | 408850 |
|  |  |  |  |  | 190248549 |
| **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** |
| **9.96% of Net Assets** |  |  |  |  |  |
|  Boyle County KY Educational Facilities Revenue Centre College | 5.000 | 06/01/2037 | Baa1 | 2865000 | 2911098 |
|  Boyle County KY Educational Facilities Revenue Centre College | 5.250 | 06/01/2043 | Baa1 | 2000000 | 2071440 |
|  Eastern KY University | 5.000 | 10/01/2026 | Aa3 | 655000 | 666967 |
|  Eastern KY University General Receipts | 4.500 | 04/01/2032 | Aa3 | 840000 | 840000 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2029 | Baa1 | 320000 | 329472 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2030 | Baa1 | 170000 | 176409 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2033 | Baa1 | 1345000 | 1398612 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2034 | Baa1 | 1605000 | 1663679 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2035 | Baa1 | 2165000 | 2238047 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2036 | Baa1 | 2835000 | 2921354 |
|  KY Bond Development Corporation Educational Facilities Centre College | 5.000 | 06/01/2038 | Baa1 | 1340000 | 1372709 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2038 | Baa1 | 200000 | 196724 |
|  KY Bond Development Corporation Educational Facilities Centre College | 3.000 | 06/01/2039 | Baa1 | 860000 | 734234 |
|  KY Bond Development Corporation Educational Facilities Centre College | 3.000 | 06/01/2041 | Baa1 | 1405000 | 1129016 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2046 | Baa1 | 2545000 | 2152128 |
|  KY Bond Development Corporation Educational Facilities Centre College | 4.000 | 06/01/2051 | Baa1 | 4400000 | 3574472 |
|  KY State Property & Building #116 | 5.000 | 10/01/2035 | Aa3 | 4165000 | 4293574 |
|  KY State Property & Building #116 | 5.000 | 10/01/2036 | Aa3 | 2725000 | 2806750 |
|  Murray KY State University General Receipts | 4.000 | 03/01/2043 | Aa3 | 1410000 | 1375681 |
|  Murray State University | 3.000 | 09/01/2039 | Aa3 | 1390000 | 1243341 |
|  Murray State University | 3.000 | 09/01/2041 | Aa3 | 1470000 | 1265891 |
|  University of Kentucky General Receipts | 4.000 | 10/01/2030 | Aa2 | 90000 | 90212 |
|  University of Kentucky General Receipts | 4.000 | 10/01/2032 | Aa2 | 750000 | 751673 |
|  University of Kentucky General Receipts | 4.000 | 10/01/2036 | Aa2 | 8160000 | 8170200 |
|  University of Kentucky General Receipts | 4.000 | 10/01/2038 | Aa2 | 10855000 | 10863681 |
|  University of Kentucky Parking | 5.000 | 04/01/2044 | Aa3 | 1275000 | 1368611 |
|  University of Kentucky Parking | 4.000 | 10/01/2044 | Aa3 | 1650000 | 1580486 |
|  University of Kentucky Parking | 5.000 | 04/01/2045 | Aa3 | 1725000 | 1827051 |
|  University of Louisville | 4.000 | 09/01/2030 | Aa3 | 745000 | 771448 |
|  University of Louisville | 3.000 | 09/01/2039 | Aa3 | 1450000 | 1289949 |
|  University of Louisville | 3.000 | 09/01/2040 | Aa3 | 1495000 | 1298482 |
|  University of Louisville | 3.000 | 09/01/2042 | Aa3 | 1575000 | 1303265 |
|  Western KY University | 5.000 | 09/01/2029 | Aa3 | 750000 | 807090 |
|  Western KY University | 4.000 | 09/01/2034 | Aa3 | 575000 | 578140 |
|  Western KY University | 4.000 | 09/01/2035 | Aa3 | 595000 | 598171 |
|  Western KY University | 4.000 | 09/01/2036 | Aa3 | 620000 | 622982 |
|  Western KY University | 4.000 | 09/01/2044 | Aa3 | 2500000 | 2361275 |
|  |  |  |  |  | 69644314 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **8.45% of Net Assets** |  |  |  |  |  |
|  Ashland KY | 4.000 | 11/01/2047 | A2 | 675000 | 638240 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Bath County KY Public Properties | 4.625% | 06/01/2045 | Aa3 | $1040000 | $1057930 |
|  Bath County KY Public Properties | 4.625 | 06/01/2046 | Aa3 | 1090000 | 1107407 |
|  Covington KY | 4.000 | 12/01/2042 | A1 | 955000 | 924134 |
|  Covington KY | 4.125 | 12/01/2043 | A1 | 995000 | 967309 |
|  Covington KY | 4.125 | 12/01/2044 | A1 | 1030000 | 986184 |
|  Covington KY | 4.125 | 12/01/2045 | A1 | 1585000 | 1511329 |
|  Covington KY | 4.125 | 12/01/2046 | A1 | 1665000 | 1585230 |
|  Covington KY | 4.000 | 12/01/2048 | A1 | 2000000 | 1831060 |
|  Elizabethtown KY | 4.000 | 09/01/2041 | Aa2 | 485000 | 478860 |
|  Elizabethtown KY | 4.000 | 09/01/2042 | Aa2 | 710000 | 695573 |
|  Elizabethtown KY | 4.000 | 09/01/2044 | Aa2 | 1510000 | 1446580 |
|  Glasgow KY Park Project | 4.000 | 12/01/2044 | AA\* | 1110000 | 1074147 |
|  Henderson KY | 4.000 | 12/01/2042 | Aa3 | 810000 | 786672 |
|  Henderson KY | 4.000 | 12/01/2043 | Aa3 | 840000 | 803653 |
|  KY Bond Development | 5.000 | 09/01/2035 | A2 | 1275000 | 1331826 |
|  KY Bond Development | 5.000 | 09/01/2036 | A2 | 2000000 | 2088100 |
|  KY State Certificate of Participation | 4.000 | 04/15/2030 | Aa3 | 1500000 | 1538910 |
|  KY State Certificate of Participation | 4.000 | 04/15/2031 | Aa3 | 1350000 | 1382009 |
|  KY State Certificate of Participation | 5.000 | 04/15/2038 | Aa3 | 5000000 | 5199100 |
|  KY State Certificate of Participation | 5.000 | 06/15/2038 | Aa3 | 7535000 | 7536053 |
|  Laurel County KY General Obligation | 4.000 | 05/01/2031 | AA\* | 1295000 | 1312949 |
|  Laurel County KY General Obligation | 4.000 | 05/01/2034 | AA\* | 1440000 | 1456186 |
|  Laurel County KY General Obligation | 4.000 | 05/01/2035 | AA\* | 1495000 | 1512193 |
|  Laurel County KY General Obligation | 4.000 | 05/01/2036 | AA\* | 1555000 | 1570441 |
|  Laurel County KY General Obligation | 4.000 | 05/01/2037 | AA\* | 1620000 | 1631453 |
|  Laurel County KY General Obligation | 4.000 | 05/01/2038 | AA\* | 1680000 | 1689257 |
|  Louisville & Jefferson County Visitors & Convention Commission | 4.000 | 06/01/2029 | Aa3 | 1000000 | 1004490 |
|  Madison County KY Public Properties Judicial Center | 4.125 | 06/01/2041 | Aa3 | 1180000 | 1191670 |
|  Marshall County Library | 4.000 | 06/01/2038 | Aa3 | 1060000 | 1066212 |
|  Richmond KY General Obligation | 4.375 | 06/01/2044 | Aa2 | 1270000 | 1279169 |
|  River City, Inc. Parking Authority | 3.000 | 12/01/2036 | Aa3 | 835000 | 791538 |
|  River City, Inc. Parking Authority | 3.000 | 12/01/2037 | Aa3 | 860000 | 796102 |
|  Scott County KY Public Projects | 4.000 | 05/01/2041 | Aa3 | 1000000 | 994290 |
|  Scott County KY Public Projects | 4.000 | 05/01/2042 | Aa3 | 500000 | 491725 |
|  Scott County KY Public Projects | 4.000 | 05/01/2043 | Aa3 | 2415000 | 2344241 |
|  Scott County KY Public Projects | 4.250 | 05/01/2044 | Aa3 | 3450000 | 3406530 |
|  Taylor County KY Library | 4.000 | 12/01/2044 | Aa3 | 290000 | 280265 |
|  Taylor County KY Library | 4.000 | 12/01/2045 | Aa3 | 300000 | 287643 |
|  Taylor County KY Library | 4.000 | 12/01/2046 | Aa3 | 315000 | 298702 |
|  Taylor County KY Public Courthouse | 4.000 | 09/01/2027 | Aa3 | 700000 | 705488 |
|  |  |  |  |  | 59080850 |
| **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** |
| **5.48% of Net Assets** |  |  |  |  |  |
|  KY State Housing Corporation | 3.650 | 07/01/2027 | Aaa | 660000 | 665960 |
|  KY State Housing Corporation | 3.750 | 07/01/2028 | Aaa | 345000 | 351355 |
|  KY State Housing Corporation | 3.850 | 07/01/2029 | Aaa | 450000 | 461412 |
|  KY State Housing Corporation | 3.350 | 07/01/2029 | Aaa | 305000 | 309130 |
|  KY State Housing Corporation | 3.400 | 07/01/2030 | Aaa | 200000 | 202334 |
|  KY State Housing Corporation | 4.250 | 01/01/2034 | Aaa | 250000 | 261705 |
|  KY State Housing Corporation | 4.300 | 07/01/2034 | Aaa | 325000 | 340964 |
|  KY State Housing Corporation | 4.350 | 01/01/2035 | Aaa | 310000 | 321910 |
|  KY State Housing Corporation | 4.350 | 07/01/2035 | Aaa | 605000 | 625062 |
|  KY State Housing Corporation | 4.400 | 07/01/2038 | Aaa | 3005000 | 3097494 |
|  KY State Housing Corporation | 4.700 | 07/01/2043 | Aaa | 3500000 | 3572695 |
|  KY State Housing Corporation | 4.400 | 07/01/2044 | Aaa | 2945000 | 2919231 |
|  KY State Housing Corporation | 4.350 | 07/01/2044 | Aaa | 1200000 | 1201524 |
|  KY State Housing Corporation | 4.500 | 07/01/2045 | Aaa | 4000000 | 3948880 |
|  KY State Housing Corporation | 4.900 | 07/01/2045 | Aaa | 2000000 | 2044060 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  KY State Housing Corporation | 4.800% | 07/01/2045 | Aaa | $2445000 | $2480697 |
|  KY State Housing Corporation | 4.800 | 07/01/2048 | Aaa | 5680000 | 5708343 |
|  KY State Housing Corporation | 4.600 | 07/01/2049 | Aaa | 4000000 | 3893520 |
|  KY State Housing Corporation | 4.500 | 07/01/2049 | Aaa | 2040000 | 1999404 |
|  KY State Housing Corporation | 4.625 | 07/01/2049 | Aaa | 4000000 | 3902000 |
|  |  |  |  |  | 38307680 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **5.18% of Net Assets** |  |  |  |  |  |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 4.000 | 05/01/2032 | AA\* | 1810000 | 1815665 |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 4.000 | 05/01/2035 | AA\* | 1390000 | 1393795 |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 4.000 | 05/01/2036 | AA\* | 1200000 | 1202688 |
|  KY Development Corporation Hospital Facilities — St. Elizabeth | 5.000 | 05/01/2039 | AA\* | 1685000 | 1693610 |
|  Louisville & Jefferson County Norton Healthcare | 5.000 | 10/01/2033 | A\* | 4060000 | 4107502 |
|  Louisville & Jefferson County Norton Healthcare | 4.000 | 10/01/2034 | A\* | 580000 | 581038 |
|  Louisville & Jefferson County Norton Healthcare | 4.000 | 10/01/2035 | A\* | 3850000 | 3846728 |
|  Louisville & Jefferson County Norton Healthcare | 4.000 | 10/01/2036 | A\* | 2005000 | 2001431 |
|  Louisville & Jefferson County Norton Healthcare | 5.000 | 10/01/2042 | A\* | 2750000 | 2914615 |
|  Louisville & Jefferson County Norton Healthcare | 3.000 | 10/01/2043 | A\* | 4000000 | 3187320 |
|  Warren County KY Hospital | 5.000 | 04/01/2032 | AA-\* | 1200000 | 1351092 |
|  Warren County KY Hospital | 5.000 | 04/01/2043 | AA-\* | 875000 | 924578 |
|  Warren County KY Hospital | 5.000 | 04/01/2044 | AA-\* | 2685000 | 2835199 |
|  Warren County KY Hospital | 5.250 | 04/01/2049 | AA-\* | 8000000 | 8358640 |
|  |  |  |  |  | 36213901 |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **4.48% of Net Assets** |  |  |  |  |  |
|  Campbell & Kenton Counties Sanitation District #1 | 4.000 | 08/01/2031 | Aa2 | 1000000 | 1006470 |
|  Henderson KY | 4.000 | 06/01/2028 | Aa3 | 385000 | 394625 |
|  KY Rural Water Finance Corporation | 3.000 | 02/01/2032 | AA-\* | 240000 | 238411 |
|  KY Rural Water Finance Corporation | 3.000 | 02/01/2033 | AA-\* | 370000 | 364413 |
|  KY Rural Water Finance Corporation | 5.125 | 02/01/2035 | AA-\* | 295000 | 295033 |
|  KY Rural Water Finance Corporation | 3.000 | 08/01/2036 | AA-\* | 285000 | 269573 |
|  KY Rural Water Finance Corporation | 3.000 | 08/01/2037 | AA-\* | 280000 | 261666 |
|  KY Rural Water Financing Corporation | 5.000 | 08/01/2029 | AA-\* | 595000 | 642909 |
|  KY State Association of Counties Finance Corporation | 4.000 | 02/01/2031 | AA-\* | 405000 | 412699 |
|  KY State Association of Counties Finance Corporation | 4.000 | 02/01/2033 | AA-\* | 415000 | 421881 |
|  Louisville & Jefferson County Metropolitan Sewer | 4.000 | 05/15/2037 | Aa3 | 10000000 | 10101200 |
|  Murray KY Electric Plant | 3.000 | 12/01/2036 | A1 | 370000 | 343116 |
|  Murray KY Electric Plant | 3.000 | 12/01/2037 | A1 | 380000 | 346963 |
|  Murray KY Electric Plant | 3.000 | 12/01/2038 | A1 | 395000 | 356938 |
|  Murray KY Electric Plant | 3.000 | 12/01/2039 | A1 | 405000 | 362090 |
|  Murray KY Electric Plant | 3.000 | 12/01/2040 | A1 | 420000 | 370978 |
|  Murray KY Electric Plant | 3.000 | 12/01/2041 | A1 | 430000 | 369177 |
|  Murray KY Electric Plant | 3.000 | 12/01/2042 | A1 | 445000 | 374525 |
|  Northern KY Water | 5.000 | 02/01/2026 | Aa2 | 815000 | 815269 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2031 | A3 | 245000 | 247565 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2033 | A3 | 275000 | 277338 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2034 | A3 | 305000 | 307474 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2035 | A3 | 200000 | 201484 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2036 | A3 | 325000 | 327061 |
|  Owensboro KY Electric Light & Power | 4.000 | 01/01/2037 | A3 | 410000 | 412038 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2034 | A1 | 2075000 | 2107453 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2035 | A1 | 2155000 | 2182602 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2037 | A1 | 1950000 | 1964001 |
|  Owensboro KY Water Revenue | 4.000 | 09/15/2039 | A1 | 2125000 | 2131503 |
|  Owensboro-Daviess County KY Water | 4.000 | 12/01/2043 | A+\* | 800000 | 768272 |
|  Rural Water Financing Agency | 5.000 | 08/01/2030 | AA-\* | 545000 | 598443 |
|  Rural Water Financing Agency KY | 5.000 | 02/01/2043 | AA-\* | 1965000 | 2092528 |
|  |  |  |  |  | 31365698 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Par Value** | **Fair Value** |
| **REFUNDING BONDS** |  |  |  |  |  |  |
| **4.12% of Net Assets** |  |  |  |  |  |  |
|  Covington KY | 4.000% | 10/01/2040 | A1 | $| 870000 | $871488 |
|  KY Association of Counties | 3.000 | 02/01/2034 | AA-\* |  | 480000 | 460925 |
|  KY Association of Counties | 3.000 | 02/01/2035 | AA-\* |  | 505000 | 480558 |
|  KY Association of Counties | 3.000 | 02/01/2036 | AA-\* |  | 510000 | 479349 |
|  KY State Property & Building #112 | 5.000 | 11/01/2026 | Aa3 |  | 555000 | 565845 |
|  KY State Property & Building #133 | 5.000 | 09/01/2043 | Aa3 |  | 2500000 | 2688274 |
|  KY State Property & Building #133 | 4.125 | 09/01/2043 | Aa3 |  | 2500000 | 2470500 |
|  KY State Property & Building #133 | 5.000 | 09/01/2044 | Aa3 |  | 5000000 | 5331200 |
|  KY State Property & Building #133 | 5.000 | 09/01/2045 | Aa3 |  | 10000000 | 10605200 |
|  KY State Property & Building #133 | 4.250 | 09/01/2045 | Aa3 |  | 5000000 | 4863200 |
|  |  |  |  |  |  | 28816539 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |  |  |  |  |  |  |
| **2.26% of Net Assets** |  |  |  |  |  |  |
|  KY State Turnpike Authority Economic Development | 5.000 | 07/01/2026 | Aa2 |  | 1385000 | 1401135 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2034 | Aa2 |  | 1120000 | 1127818 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2036 | Aa2 |  | 400000 | 409576 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2037 | Aa2 |  | 500000 | 512120 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2038 | Aa2 |  | 1100000 | 1197977 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2039 | Aa2 |  | 3255000 | 3514260 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2040 | Aa2 |  | 2250000 | 2405903 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2041 | Aa2 |  | 3555000 | 3774024 |
|  KY State Turnpike Economic Development Road Revenue | 5.000 | 07/01/2042 | Aa2 |  | 1400000 | 1477700 |
|  |  |  |  |  |  | 15820513 |
| **AD VALOREM PROPERTY BONDS** |  |  |  |  |  |  |
| **.36% of Net Assets** |  |  |  |  |  |  |
|  Henderson KY | 5.000 | 09/01/2029 | Aa3 |  | 600000 | 648720 |
|  Henderson KY | 3.000 | 09/01/2042 | Aa3 |  | 845000 | 708051 |
|  Warren County KY General Obligation | 4.000 | 06/01/2035 | Aa1 |  | 1175000 | 1191156 |
|  |  |  |  |  |  | 2547927 |
| **AIRPORT REVENUE BONDS** |  |  |  |  |  |  |
| **.23% of Net Assets** |  |  |  |  |  |  |
|  Kenton County Airport | 5.000 | 01/01/2026 | A1 |  | 500000 | 500050 |
|  Kenton County Airport | 5.000 | 01/01/2029 | A1 |  | 240000 | 240451 |
|  Kenton County Airport | 5.000 | 01/01/2034 | A1 |  | 275000 | 290912 |
|  Kenton County Airport | 5.000 | 01/01/2035 | A1 |  | 300000 | 316736 |
|  Kenton County Airport | 5.000 | 01/01/2037 | A1 |  | 250000 | 262263 |
|  |  |  |  |  |  | 1610412 |
|  Total Investments 98.40% of Net Assets (cost $695,469,451) (See footnote 6 for further explanation) | Total Investments 98.40% of Net Assets (cost $695,469,451) (See footnote 6 for further explanation) | Total Investments 98.40% of Net Assets (cost $695,469,451) (See footnote 6 for further explanation) | Total Investments 98.40% of Net Assets (cost $695,469,451) (See footnote 6 for further explanation) | Total Investments 98.40% of Net Assets (cost $695,469,451) (See footnote 6 for further explanation) | Total Investments 98.40% of Net Assets (cost $695,469,451) (See footnote 6 for further explanation) | $688269028 |
|  Other assets in excess of liabilities 1.60% |  |  |  |  |  | 11171201 |
|  Net Assets 100% |  |  |  |  |  | $699440229 |

---

# 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

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Kentucky Municipal Bonds

#### December 31, 2025

#### Other Information
The following is a summary of the inputs used, as of December 31, 2025, 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 | 688269028 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $688269028 |

---

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

------

#### KENTUCKY TAX-FREE INCOME SERIES

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| **December 31, 2025**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $695,469,451) |  | $688269028 |
|  Cash |  | 8320953 |
|  Receivable for fund shares sold |  | 24987 |
|  Interest receivable |  | 7557398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 704172366 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 2411838.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1760769.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee | 240951.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 72154.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 79366.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 58727.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 29874.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 18473.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 6894.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 53091.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 4732137 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 733983755 |
|  Total accumulated loss |  | (34543526) |
|  Total Net Assets |  | $699440229 |
|  **NET ASSET VALUE,** offering price and redemption price per share (96,899,712 shares outstanding; unlimited number of shares authorized; no par value) |  | $7.22 |

---

#### STATEMENT OF OPERATIONS

#### For the six months ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $13225032 |
| &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 | 1422806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 426030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 140483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 44194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 30915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 21924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 19506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 51270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2157128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2156851 |
|  Net investment income | 11068181 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (2100680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 24966826 |
|  Net realized and unrealized gain on investments | 22866146 |
|  Net increase in net assets resulting from operations | $33934327 |

---

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

------

#### KENTUCKY TAX-FREE INCOME SERIES

#### STATEMENTS OF CHANGES IN NET ASSETS

#### For the six months ended December 31, 2025 and the year ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2025**<br>**(Unaudited)** | **Year Ended<br>6/30/2025** |
| &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 | $11068181 | $21124828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (2100680) | (6200953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 24966826 | (15409185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 33934327 | (485310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (11068181) | (21124828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (30068993) | (8703159) |
|  Total decrease | (7202847) | (30313297) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 706643076 | 736956373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $699440229 | $706643076 |

---

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended<br>12/31/2025**<br>**(Unaudited)** | **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>12/31/2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $6.98 | $7.20 | $7.18 | $7.20 | $8.02 | $7.86 |
|  Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.11 | 0.21 | 0.19 | 0.19 | 0.18 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments (c) | 0.24 | (0.22) | 0.02 | (0.02) | (0.82) | 0.16 |
|  Total from investment operations | 0.35 | (0.01) | 0.21 | 0.17 | (0.64) | 0.36 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.21) | (0.19) | (0.19) | (0.18) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 (b) | 0.00 (b) |
|  Total distributions | (0.11) | (0.21) | (0.19) | (0.19) | (0.18) | (0.20) |
|  Net asset value, end of period | $7.22 | $6.98 | $7.20 | $7.18 | $7.20 | $8.02 |
|  Total return | 5.08% (d) | (0.18)% | 3.03% | 2.35% | (8.11)% | 4.63% |
|  Net assets, end of period (in thousands) | $699440 | $706643 | $736956 | $798821 | $860282 | $1008379 |
|  Ratio of net expenses to average net assets (a) | 0.62% (e) | 0.61% | 0.62% | 0.60% | 0.56% | 0.56% |
|  Ratio of gross expenses to average net assets | 0.62% (e) | 0.61% | 0.62% | 0.60% | 0.56% | 0.56% |
|  Ratio of net investment income to average net assets | 3.17% (e) | 2.92% | 2.70% | 2.59% | 2.31% | 2.46% |
|  Portfolio turnover | 6.51% (d) | 18.92% | 14.50% | 10.67% | 14.39% | 5.92% |

---

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

(b) Rounds to less than $0.01.

(c) Realized and unrealized gains and losses per share in this caption may be 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.

(d) Not Annualized

(e) Annualized

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Mississippi Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **23.36% of Net Assets** |  |  |  |  |  |
|  Canton MS Public School District Certificate of Participation | 5.250% | 01/01/2045 | AA\* | $100000 | $107647 |
|  Mississippi State | 4.000 | 10/01/2039 | Aa2 | 200000 | 200922 |
|  MS Development Bank Special Obligation Meridian Schools | 4.000 | 04/01/2039 | A2 | 100000 | 101252 |
|  MS Development Bank Special Obligation Rankin School District | 4.000 | 06/01/2033 | AA\* | 90000 | 90851 |
|  MS Development Bank Special Obligation Rankin School District | 5.000 | 06/01/2037 | AA\* | 200000 | 211226 |
|  MS Development Bank Special Obligation Rankin School District | 4.000 | 06/01/2038 | AA\* | 100000 | 100202 |
|  MS Development Bank Special Obligation Rankin School District | 5.000 | 06/01/2040 | AA\* | 100000 | 104788 |
|  MS Development Bank Special Obligation Vicksburg Warren School District | 5.500 | 03/01/2038 | AA\* | 100000 | 106528 |
|  |  |  |  |  | 1023416 |
| **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** |
| **17.16% of Net Assets** |  |  |  |  |  |
|  MS Alcoholic Beverage Control Revenue | 4.000 | 10/01/2045 | Aa2 | 100000 | 93249 |
|  MS Alcoholic Beverage Control Revenue | 5.000 | 10/01/2049 | Aa2 | 100000 | 103650 |
|  MS Development Bank Special Obligation Dept of Corrections - Walnut Grove | 5.000 | 08/01/2027 | AA-\* | 200000 | 207110 |
|  MS Development Bank Special Obligation Lauderdale Correctional Facilities | 4.000 | 03/01/2037 | Aa3 | 100000 | 100491 |
|  MS Development Bank Special Obligation Vicksburg Sports Complex | 5.000 | 07/01/2048 | AA\* | 245000 | 247232 |
|  |  |  |  |  | 751732 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |
| **16.14% of Net Assets** |  |  |  |  |  |
|  MS Development Bank Special Obligation Brandon Public Improvement | 4.000 | 08/01/2034 | AA\* | 200000 | 200568 |
|  MS Development Bank Special Obligation Olive Branch Public Improvement | 4.000 | 06/01/2044 | Aa2 | 225000 | 217859 |
|  MS Development Bank Special Obligation Tupelo Public Improvement | 4.000 | 09/01/2044 | Aa2 | 125000 | 120995 |
|  Pearl MS | 4.750 | 09/01/2038 | A3 | 155000 | 167813 |
|  |  |  |  |  | 707235 |
| **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** |
| **14.59% of Net Assets** |  |  |  |  |  |
|  Mississippi State Home Corporation | 4.400 | 12/01/2043 | Aa1 | 350000 | 350350 |
|  Mississippi State Home Corporation | 4.375 | 12/01/2044 | Aa1 | 150000 | 148945 |
|  Mississippi State Home Corporation | 4.050 | 12/01/2047 | Aa1 | 150000 | 140057 |
|  |  |  |  |  | 639352 |
| **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** |
| **14.28% of Net Assets** |  |  |  |  |  |
|  Alcorn MS State University Educational Building Corporation | 4.000 | 09/01/2035 | Aa2 | 100000 | 100448 |
|  MS Development Bank Special Obligation Gulf Coast Community Project | 4.000 | 12/01/2034 | AA-\* | 300000 | 302117 |
|  MS State University Educational Building Corporation | 4.000 | 08/01/2043 | Aa2 | 125000 | 120403 |
|  University of MS Educational Building Corporation | 4.000 | 10/01/2037 | Aa2 | 100000 | 102918 |
|  |  |  |  |  | 625886 |
| **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** | **LEASE REVENUE BONDS** |
| **5.17% of Net Assets** |  |  |  |  |  |
|  Warren County MS Certificate of Participation | 6.000 | 09/01/2042 | Aa3 | 100000 | 113582 |
|  Warren County MS Certificate of Participation | 6.000 | 09/01/2043 | Aa3 | 100000 | 112806 |
|  |  |  |  |  | 226388 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Mississippi Municipal Bonds

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Par Value** | **Fair Value** |
| **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** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** |
| **3.83% of Net Assets** |  |  |  |  |  |  |
|  Medical Center Educational Building Corporation University of Mississippi | 5.000% | 06/01/2042 | Aa2 | $| 165000 | $167746 |
|  Total Investments 94.53% of Net Assets (cost $4,134,881) (See footnote 6 for further explanation) | Total Investments 94.53% of Net Assets (cost $4,134,881) (See footnote 6 for further explanation) | Total Investments 94.53% of Net Assets (cost $4,134,881) (See footnote 6 for further explanation) | Total Investments 94.53% of Net Assets (cost $4,134,881) (See footnote 6 for further explanation) | Total Investments 94.53% of Net Assets (cost $4,134,881) (See footnote 6 for further explanation) | Total Investments 94.53% of Net Assets (cost $4,134,881) (See footnote 6 for further explanation) | $4141755 |
|  Other assets in excess of liabilities 5.47% |  |  |  |  |  | 239632 |
|  Net Assets 100% |  |  |  |  |  | $4381387 |

---

# 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

#### Other Information
The following is a summary of the inputs used, as of December 31, 2025, 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 | 4141755 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $4141755 |

---

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

------

#### MISSISSIPPI TAX-FREE INCOME SERIES

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| **December 31, 2025**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $4,134,881) |  | $4141755 |
|  Cash |  | 208959 |
|  Receivable from Adviser |  | 265 |
|  Interest receivable |  | 44195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 4395174 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 7549.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2867.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 809.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 774.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 677.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 399.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 197.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 515.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 13787 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 4958306 |
|  Total accumulated loss |  | (576919) |
|  Total Net Assets |  | $4381387 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(396,864 shares outstanding; unlimited number of shares authorized; no par value) |  | $11.04 |

---

#### STATEMENT OF OPERATIONS

#### For the six months ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $87212 |
| &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 | 11103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 6437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 29365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (11393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Transfer Agent (Note 2) | (2342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15605 |
|  Net investment income | 71607 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (3668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 123950 |
|  Net realized and unrealized gain on investments | 120282 |
|  Net increase in net assets resulting from operations | $191889 |

---

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

------

#### MISSISSIPPI TAX-FREE INCOME SERIES

#### STATEMENTS OF CHANGES IN NET ASSETS

#### For the six months ended December 31, 2025 and the year ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2025**<br>**(Unaudited)** | **Year Ended<br>6/30/2025** |
| &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 | $71607 | $159893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (3668) | (90600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 123950 | (64383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 191889 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (71607) | (159893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (249639) | (4941021) |
|  Total decrease | (129357) | (5096004) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4510744 | 9606748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $4381387 | $4510744 |

---

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2025**<br>**(Unaudited)** | **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>**12/31/2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $10.74 | $11.07 | $11.08 | $11.22 | $12.40 | $12.37 |
|  Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.18 | 0.34 | 0.29 | 0.26 | 0.25 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments (c) | 0.30 | (0.33) | (0.01) | (0.14) | (1.16) | 0.05 |
|  Total from investment operations | 0.48 | 0.01 | 0.28 | 0.12 | (0.91) | 0.32 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.18) | (0.34) | (0.29) | (0.26) | (0.25) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains | 0.00 | 0.00 | 0.00 | 0.00 (b) | (0.02) | (0.02) |
|  Total distributions | (0.18) | (0.34) | (0.29) | (0.26) | (0.27) | (0.29) |
|  Net asset value, end of period | $11.04 | $10.74 | $11.07 | $11.08 | $11.22 | $12.40 |
|  Total return | 4.48% (d) | 0.08% | 2.60% | 1.16% | (7.46)% | 2.68% |
|  Net assets, end of period (in thousands) | $4381 | $4511 | $9607 | $8422 | $10030 | $11412 |
|  Ratio of net expenses to average net assets (a) | 0.70% (e) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of gross expenses to average net assets | 1.33% (e) | 1.13% | 0.96% | 1.06% | 0.96% | 0.96% |
|  Ratio of net investment income to average net assets | 3.25% (e) | 3.09% | 2.65% | 2.38% | 2.06% | 2.21% |
|  Portfolio turnover | 0.00% (d) | 10.08% | 17.87% | 22.86% | 9.15% | 8.85% |

---

(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) Realized and unrealized gains and losses per share in this caption may be 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.

(d) Not Annualized

(e) Annualized

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### North Carolina Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **21.43% of Net Assets** |  |  |  |  |  |
|  Buncombe County NC Metropolitan Sewer District | 5.000% | 07/01/2039 | Aaa | $550000 | $550457 |
|  Cary NC Combined Enterprise System Revenue | 4.000 | 12/01/2042 | Aaa | 750000 | 751905 |
|  Cary NC Combined Enterprise Systems | 4.000 | 12/01/2028 | Aaa | 250000 | 250028 |
|  Clayton NC Water & Sewer Revenue | 5.000 | 08/01/2040 | Aa3 | 700000 | 761243 |
|  Durham NC Utility System Revenue | 4.000 | 08/01/2044 | Aa1 | 250000 | 246125 |
|  Fuquay-Varina NC Combined Utilities Revenue | 5.000 | 04/01/2040 | Aa2 | 1000000 | 1003230 |
|  Fuquay-Varina NC Combined Utilities Revenue | 4.000 | 06/01/2043 | Aa2 | 1000000 | 990070 |
|  Fuquay-Varina NC Combined Utilities Revenue | 4.000 | 02/01/2044 | Aa2 | 1000000 | 977290 |
|  Fuquay-Varina NC Combined Utilities Revenue | 4.000 | 06/01/2045 | Aa2 | 740000 | 709068 |
|  Fuquay-Varina NC Combined Utilities Revenue | 4.125 | 06/01/2049 | Aa2 | 1000000 | 954390 |
|  Greensboro NC Enterprise System Revenue | 4.000 | 06/01/2047 | Aa1 | 355000 | 341141 |
|  Greenville NC Combined Enterprise System Revenue | 5.000 | 08/01/2044 | Aa1 | 905000 | 933381 |
|  Greenville NC Utilities Commission | 4.125 | 12/01/2043 | Aa1 | 460000 | 460400 |
|  Greenville NC Utilities Commission Combined Enterprise | 5.000 | 09/01/2049 | Aa1 | 1250000 | 1314500 |
|  Hendersonville NC Water & Sewer System Revenue | 4.500 | 06/01/2043 | Aa3 | 550000 | 567028 |
|  Holly Springs NC EnterpriseSystem Revenue | 4.000 | 11/01/2044 | Aa2 | 1165000 | 1131867 |
|  Johnston County NC Water & Sewer Revenue | 4.000 | 04/01/2043 | Aa2 | 300000 | 298137 |
|  Johnston County NC Water & Sewer Revenue | 5.000 | 04/01/2043 | Aa2 | 310000 | 334295 |
|  Johnston County NC Water & Sewer Revenue | 4.000 | 04/01/2044 | Aa2 | 500000 | 489190 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2038 | AA\* | 160000 | 147742 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2039 | AA\* | 340000 | 310321 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2040 | AA\* | 265000 | 235657 |
|  Lincoln County NC Enterprise System Revenue | 3.000 | 08/01/2041 | AA\* | 240000 | 208553 |
|  Martin County NC Limited Obligation Water and Sewer District | 4.750 | 06/01/2034 | A2 | 1150000 | 1149977 |
|  Mebane NC Combined Utilities Revenue | 4.000 | 08/01/2044 | Aa3 | 500000 | 482790 |
|  Monroe NC Limited Obligation | 5.000 | 03/01/2028 | Aa3 | 95000 | 95359 |
|  Monroe NC Limited Obligation | 5.000 | 03/01/2029 | Aa3 | 195000 | 195673 |
|  NC Municipal Power Agency #1 Catawba Electric | 5.000 | 01/01/2028 | A\* | 125000 | 125254 |
|  NC Municipal Power Agency #1 Catawba Electric | 5.000 | 01/01/2032 | A\* | 500000 | 500255 |
|  Onslow NC Water & Sewer Authority Combined Enterprises | 4.000 | 12/01/2049 | Aa3 | 375000 | 345626 |
|  Pender County NC Limited Obligation | 3.000 | 06/01/2038 | Aa3 | 490000 | 446914 |
|  Pender County NC Limited Obligation | 3.000 | 06/01/2045 | Aa3 | 500000 | 395790 |
|  Salisbury NC Enterprise System Revenue | 5.000 | 02/01/2045 | AA-\* | 540000 | 555628 |
|  Sampson County NC Water & Sewer District | 5.000 | 06/01/2037 | A1 | 920000 | 920175 |
|  Sanford NC Enterprise System Revenue | 4.000 | 06/01/2043 | Aa3 | 295000 | 289186 |
|  Sanford NC Enterprise System Revenue | 4.000 | 06/01/2044 | Aa3 | 280000 | 271113 |
|  Sanford NC Enterprise System Revenue | 4.000 | 06/01/2044 | Aa3 | 330000 | 319526 |
|  Sanford NC Enterprise System Revenue | 4.000 | 06/01/2045 | Aa3 | 230000 | 220094 |
|  Union County NC Enterprise System Revenue | 4.000 | 06/01/2044 | Aa2 | 335000 | 327298 |
|  Union County NC Enterprise System Revenue | 3.000 | 06/01/2051 | Aa2 | 250000 | 185220 |
|  Wake County NC Industrial Facilities & Pollution Control Duke Energy | 4.000 | 06/01/2041 | Aa3 | 1260000 | 1259985 |
|  Warren County NC Limited Obligation | 5.000 | 06/01/2027 | A1 | 160000 | 160258 |
|  Wilmington NC Storm Water Revenue | 5.000 | 06/01/2035 | Aa2 | 500000 | 500655 |
|  |  |  |  |  | 22712794 |
| **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** |
| **18.26% of Net Assets** |  |  |  |  |  |
|  Alamance County NC | 4.000 | 05/01/2041 | Aa1 | 635000 | 643973 |
|  Alamance County NC | 4.000 | 05/01/2042 | Aa1 | 305000 | 307138 |
|  Ashe NC | 4.125 | 06/01/2044 | Aa3 | 650000 | 638859 |
|  Brunswick County NC Limited Obligation | 5.000 | 06/01/2031 | Aa1 | 250000 | 250220 |
|  Buncombe County NC Limited Obligation | 4.000 | 06/01/2036 | Aa1 | 125000 | 129399 |
|  Buncombe County NC Limited Obligation | 5.000 | 06/01/2044 | Aa1 | 250000 | 267340 |
|  Cabarrus County NC Limited Obligation | 4.000 | 06/01/2034 | Aa1 | 795000 | 804938 |
|  Cabarrus County NC Limited Obligation | 4.000 | 06/01/2035 | Aa1 | 1650000 | 1668561 |
|  Catawba County NC Limited Obligation | 4.000 | 04/01/2042 | Aa2 | 420000 | 417497 |
|  Catawba County NC Limited Obligation | 4.000 | 04/01/2043 | Aa2 | 320000 | 313725 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### North Carolina Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Chatham County NC Limited Obligation | 4.000% | 11/01/2036 | Aa1 | $750000 | $765698 |
|  Chatham County NC Limited Obligation | 4.000 | 11/01/2037 | Aa1 | 2000000 | 2029920 |
|  Duplin County NC | 5.000 | 04/01/2027 | A1 | 100000 | 100520 |
|  Harnett County NC Limited Obligation | 4.250 | 04/01/2044 | Aa3 | 650000 | 643448 |
|  Henderson County NC Limited Obligation | 4.000 | 06/01/2034 | Aa2 | 200000 | 203594 |
|  Macon County NC Limited Obligation | 4.000 | 10/01/2043 | Aa3 | 500000 | 489390 |
|  Macon County NC Limited Obligation | 4.000 | 10/01/2044 | Aa3 | 500000 | 480800 |
|  Orange County NC Limited Obligation | 5.000 | 10/01/2042 | Aa1 | 250000 | 275525 |
|  Pender County NC | 4.000 | 03/01/2045 | Aa2 | 1050000 | 1018457 |
|  Pitt County NC Limited Obligation | 4.000 | 04/01/2031 | Aa2 | 500000 | 503775 |
|  Pitt County NC Limited Obligation | 4.000 | 04/01/2034 | Aa2 | 550000 | 552684 |
|  Randolph County NC Limited Obligation | 3.000 | 10/01/2036 | Aa3 | 325000 | 305237 |
|  Rutherford County NC Limited Obligation | 5.000 | 03/01/2029 | A1 | 175000 | 187847 |
|  Sampson County NC Limited Obligation | 5.000 | 09/01/2040 | A1 | 1750000 | 1777002 |
|  Scotland County NC | 5.000 | 12/01/2026 | A\* | 50000 | 50974 |
|  Scotland County NC | 5.000 | 12/01/2027 | A\* | 140000 | 145599 |
|  Scotland County NC | 4.500 | 12/01/2036 | A\* | 1170000 | 1190440 |
|  Surry County NC Limited Obligation | 4.000 | 06/01/2036 | Aa3 | 590000 | 599411 |
|  Surry County NC Limited Obligation | 4.000 | 06/01/2037 | Aa3 | 730000 | 737650 |
|  Wayne County NC | 4.000 | 06/01/2034 | Aa3 | 1500000 | 1510650 |
|  Wilkes County NC Limited Obligation | 5.000 | 06/01/2031 | A1 | 350000 | 350518 |
|  |  |  |  |  | 19360789 |
| **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** |
| **13.85% of Net Assets** |  |  |  |  |  |
|  Appalachian NC State University | 4.000 | 10/01/2030 | Aa3 | 200000 | 204168 |
|  Appalachian NC State University | 4.000 | 05/01/2033 | A1 | 500000 | 509360 |
|  Appalachian NC State University | 5.000 | 05/01/2036 | A1 | 1000000 | 1045400 |
|  Iredell County NC Community College | 5.000 | 04/01/2026 | Aaa | 225000 | 225437 |
|  Iredell County NC Community College | 5.000 | 04/01/2027 | Aaa | 325000 | 325614 |
|  NC State University at Raleigh | 4.000 | 10/01/2045 | Aa1 | 590000 | 568860 |
|  Pitt County NC Limited Obligation | 5.000 | 04/01/2027 | Aa2 | 495000 | 503598 |
|  University of NC at Charlotte Board of Governors | 4.000 | 10/01/2037 | Aa3 | 750000 | 752858 |
|  University of NC at Charlotte Board of Governors | 5.000 | 10/01/2042 | Aa3 | 250000 | 255530 |
|  University of NC Charlotte | 4.000 | 10/01/2035 | Aa3 | 250000 | 253198 |
|  University of NC Charlotte | 4.000 | 10/01/2036 | Aa3 | 250000 | 252305 |
|  University of NC Greensboro | 4.000 | 04/01/2035 | Aa3 | 750000 | 762405 |
|  University of NC Greensboro | 4.000 | 04/01/2036 | Aa3 | 500000 | 507510 |
|  University of NC Greensboro | 5.000 | 04/01/2038 | Aa3 | 425000 | 442871 |
|  University of NC Wilmington | 4.000 | 06/01/2029 | A1 | 750000 | 753308 |
|  University of NC Wilmington | 4.000 | 04/01/2039 | Aa3 | 1380000 | 1389977 |
|  University of NC Wilmington Limited Obligation | 4.000 | 06/01/2030 | A1 | 200000 | 200698 |
|  University of NC Wilmington Limited Obligation | 5.000 | 06/01/2033 | A1 | 550000 | 550545 |
|  University of NC Wilmington Limited Obligation | 4.000 | 06/01/2034 | A1 | 500000 | 501520 |
|  University of North Carolina | 5.000 | 10/01/2033 | A1 | 30000 | 30000 |
|  University of North Carolina at Wilmington | 5.000 | 10/01/2026 | Aa3 | 300000 | 305436 |
|  Western Carolina NC University | 5.000 | 10/01/2035 | Aa3 | 1000000 | 1037400 |
|  Western Carolina NC University | 5.000 | 10/01/2043 | Aa3 | 1000000 | 1014580 |
|  Western Carolina NC University | 4.375 | 04/01/2045 | Aa3 | 600000 | 607024 |
|  Western Carolina NC University | 5.000 | 10/01/2045 | Aa3 | 825000 | 825000 |
|  Western Carolina NC University | 4.500 | 04/01/2048 | Aa3 | 600000 | 605844 |
|  Western Carolina University | 5.000 | 06/01/2027 | AA\* | 250000 | 252223 |
|  |  |  |  |  | 14682669 |
| **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** |
| **9.34% of Net Assets** |  |  |  |  |  |
|  Burlington NC | 4.500 | 08/01/2044 | Aa1 | 550000 | 572143 |
|  Concord NC Limited Obligation | 4.000 | 06/01/2044 | Aa1 | 300000 | 294996 |
|  Durham NC Limited Obligation | 4.000 | 04/01/2036 | Aa1 | 1000000 | 1017850 |
|  Henderson County NC Limited Obligation | 4.125 | 10/01/2045 | Aa2 | 250000 | 243230 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### North Carolina Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
|  Holly Springs NC Limited Obligation | 4.125% | 10/01/2041 | Aa1 | $500000 | $511810 |
|  Holly Springs NC Limited Obligation | 4.250 | 10/01/2043 | Aa1 | 365000 | 369796 |
|  Kannapolis NC Limited Obligation | 5.000 | 04/01/2032 | Aa3 | 500000 | 500435 |
|  Mecklenburg County NC Limited Obligation | 4.000 | 02/01/2043 | Aa1 | 500000 | 499985 |
|  Moore County NC | 3.000 | 06/01/2039 | Aa2 | 350000 | 316988 |
|  New Hanover County NC Limited Obligation | 4.000 | 10/01/2044 | Aa1 | 1080000 | 1054846 |
|  Pender County NC Limited Obligation | 4.000 | 04/01/2044 | Aa3 | 1000000 | 965960 |
|  Person County NC Limited Obligation | 4.000 | 12/01/2044 | Aa3 | 1000000 | 962660 |
|  Surry County NC Limited Obligation | 3.000 | 10/01/2038 | Aa3 | 395000 | 360284 |
|  Surry County NC Limited Obligation | 3.000 | 10/01/2041 | Aa3 | 1135000 | 953468 |
|  Thomasville NC Revenue | 4.000 | 05/01/2036 | Aa3 | 500000 | 503970 |
|  Wilson City NC | 4.000 | 10/01/2042 | Aa2 | 500000 | 497560 |
|  Winston Salem NC Limited Obligation | 5.000 | 06/01/2043 | Aa1 | 250000 | 269748 |
|  |  |  |  |  | 9895729 |
| **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** |
| **8.66% of Net Assets** |  |  |  |  |  |
|  NC Housing Finance Agency Homeownership Revenue | 4.000 | 07/01/2039 | Aa1 | 425000 | 422807 |
|  NC Housing Finance Agency Homeownership Revenue | 4.350 | 01/01/2044 | Aa1 | 995000 | 1002602 |
|  NC Housing Finance Agency Homeownership Revenue | 4.375 | 07/01/2044 | Aa1 | 2435000 | 2454894 |
|  NC State Housing Finance Agency | 4.900 | 07/01/2043 | Aa1 | 1475000 | 1528956 |
|  NC State Housing Finance Agency | 4.350 | 07/01/2043 | Aa1 | 870000 | 879622 |
|  NC State Housing Finance Agency | 4.550 | 07/01/2045 | Aa1 | 500000 | 499360 |
|  NC State Housing Finance Agency | 5.000 | 07/01/2046 | Aa1 | 2350000 | 2395684 |
|  |  |  |  |  | 9183925 |
| **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** |
| **6.29% of Net Assets** |  |  |  |  |  |
|  Charlotte Mecklenburg NC Hospital Authority Atrium Health | 5.000 | 01/15/2036 | Aa2 | 590000 | 622438 |
|  Charlotte Mecklenburg NC Hospital Healthcare System | 5.000 | 01/15/2039 | Aa2 | 1500000 | 1502700 |
|  Charlotte-Mecklenburg NC Hospital Revenue | 5.000 | 01/15/2027 | Aa2 | 170000 | 173976 |
|  NC State Medical Care Commission Health Care Facilities Rex Hospital | 4.000 | 07/01/2040 | Aa3 | 1000000 | 1008470 |
|  NC State Medical Care Commission Health Care Facilities Vidant Health | 5.000 | 06/01/2040 | A2 | 1385000 | 1385000 |
|  NC State Medical Care Commission Heath Care Facilities Duke University | 4.000 | 06/01/2042 | Aa3 | 1060000 | 1037464 |
|  NC State Medical Care Commission Rex Healthcare | 4.000 | 07/01/2049 | Aa3 | 1000000 | 937600 |
|  |  |  |  |  | 6667648 |
| **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** |
| **5.75% of Net Assets** |  |  |  |  |  |
|  Asheville NC Limited Obligation | 3.000 | 04/01/2041 | Aa1 | 250000 | 219558 |
|  Charlotte NC Certificate of Participation | 5.000 | 06/01/2033 | Aa1 | 840000 | 840916 |
|  Charlotte NC Certificate of Participation | 5.000 | 06/01/2034 | Aa1 | 750000 | 750450 |
|  Durham County NC | 4.000 | 06/01/2036 | Aaa | 225000 | 231291 |
|  Monroe NC Limited Obligation | 4.000 | 03/01/2033 | Aa3 | 255000 | 255222 |
|  Monroe NC Limited Obligation | 5.000 | 03/01/2039 | Aa3 | 1250000 | 1253300 |
|  North Carolina State Limited Obligation | 5.000 | 05/01/2028 | Aa1 | 125000 | 129003 |
|  Raleigh NC | 4.000 | 04/01/2043 | Aaa | 695000 | 697140 |
|  Sampson County NC Limited Obligation | 5.000 | 09/01/2026 | A1 | 210000 | 212896 |
|  Sampson County NC Limited Obligation | 4.000 | 09/01/2036 | A1 | 1000000 | 1005570 |
|  Sampson County NC Limited Obligation | 4.000 | 09/01/2037 | A1 | 500000 | 502300 |
|  |  |  |  |  | 6097646 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |
| **5.34% of Net Assets** |  |  |  |  |  |
|  Fuquay-Varina NC | 4.000 | 08/01/2042 | Aaa | 500000 | 506195 |
|  Greensboro NC Limited Obligation | 4.000 | 10/01/2044 | Aa1 | 500000 | 488355 |
|  Greenville NC Limited Obligation | 4.250 | 03/01/2045 | AA-\* | 500000 | 487800 |
|  Mecklenburg County NC Limited Obligation | 4.000 | 02/01/2044 | Aa1 | 1195000 | 1175306 |
|  Rocky Mount NC Special Obligation | 4.500 | 05/01/2032 | Aa2 | 1500000 | 1506360 |
|  Wilmington NC Limited Obligation | 3.000 | 06/01/2041 | Aa1 | 370000 | 327724 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### North Carolina Municipal Bonds

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Par Value** | **Fair Value** |
|  Winston Salem NC | 4.000% | 06/01/2043 | Aaa | $| 1165000 | $1169427 |
|  |  |  |  |  |  | 5661167 |
| **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** | **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |
| **4.57% of Net Assets** |  |  |  |  |  |  |
|  NC State Turnpike Authority | 5.000 | 01/01/2036 | AA\* |  | 500000 | 525110 |
|  NC State Turnpike Authority | 5.000 | 01/01/2038 | AA\* |  | 2415000 | 2530654 |
|  NC State Turnpike Authority | 5.000 | 01/01/2049 | AA\* |  | 500000 | 508325 |
|  NC State Turnpike Authority Triangle Expressway | 4.000 | 01/01/2039 | Aa1 |  | 500000 | 504115 |
|  North Carolina State Grant Anticipation Revenue | 5.000 | 03/01/2029 | Aa3 |  | 200000 | 215062 |
|  North Carolina State Grant Anticipation Revenue | 5.000 | 03/01/2029 | Aa3 |  | 20000 | 21519 |
|  North Carolina State Limited Obligation | 5.000 | 05/01/2029 | Aa1 |  | 225000 | 243475 |
|  North Carolina Turnpike Authority | 5.000 | 01/01/2029 | A1 |  | 285000 | 291028 |
|  |  |  |  |  |  | 4839288 |
| **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** |
| **3.51% of Net Assets** |  |  |  |  |  |  |
|  Charlotte NC Airport Revenue | 5.000 | 07/01/2044 | Aa3 |  | 250000 | 265395 |
|  Charlotte NC Airport Revenue | 4.000 | 07/01/2032 | Aa3 |  | 100000 | 101544 |
|  Charlotte NC Airport Revenue | 5.000 | 07/01/2045 | Aa3 |  | 500000 | 533490 |
|  Charlotte NC Douglas International Airport | 5.000 | 07/01/2036 | Aa3 |  | 250000 | 256355 |
|  Charlotte NC Douglas International Airport | 4.000 | 07/01/2036 | Aa3 |  | 500000 | 503985 |
|  Charlotte NC Douglas International Airport | 5.000 | 07/01/2037 | Aa3 |  | 700000 | 717486 |
|  Charlotte NC Douglas International Airport | 5.000 | 07/01/2042 | Aa3 |  | 1325000 | 1346425 |
|  |  |  |  |  |  | 3724680 |
| **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** | **PREREFUNDED BONDS** |
| **1.62% of Net Assets** |  |  |  |  |  |  |
|  New Hanover NC Hospital Revenue | 5.000 | 10/01/2028 | NR |  | 150000 | 156429 |
|  New Hanover NC Hospital Revenue | 5.000 | 10/01/2034 | NR |  | 1500000 | 1564545 |
|  |  |  |  |  |  | 1720974 |
| **LEASE REVENUE** |  |  |  |  |  |  |
| **.10% of Net Assets** |  |  |  |  |  |  |
|  New Hanover County NC Limited Obligation | 5.000 | 06/01/2029 | Aa1 |  | 100000 | 108444 |
|  Total Investments 98.72% of Net Assets (cost $105,975,421) (See footnote 6 for further explanation) | Total Investments 98.72% of Net Assets (cost $105,975,421) (See footnote 6 for further explanation) | Total Investments 98.72% of Net Assets (cost $105,975,421) (See footnote 6 for further explanation) | Total Investments 98.72% of Net Assets (cost $105,975,421) (See footnote 6 for further explanation) | Total Investments 98.72% of Net Assets (cost $105,975,421) (See footnote 6 for further explanation) | Total Investments 98.72% of Net Assets (cost $105,975,421) (See footnote 6 for further explanation) | $104655753 |
|  Other assets in excess of liabilities 1.28% |  |  |  |  |  | 1360275 |
|  Net Assets 100% |  |  |  |  |  | $106016028 |

---

# 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

#### Other Information
The following is a summary of the inputs used, as of December 31, 2025, 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 | 104655753 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $104655753 |

---

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

------

#### NORTH CAROLINA TAX-FREE INCOME SERIES

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| **December 31, 2025**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $105,975,421) |  | $104655753 |
|  Cash |  | 565337 |
|  Interest receivable |  | 1242441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 106463531 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 209367.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 154513.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment advisory fee | 39639.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 21975.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 8392.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 4982.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 3135.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 2302.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 860.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2338.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 447503 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 114367424 |
|  Total accumulated loss |  | (8351396) |
|  Total Net Assets |  | $106016028 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br> (9,858,286 shares outstanding; unlimited number of shares authorized; no par value) |  | $10.75 |

---

#### STATEMENT OF OPERATIONS

#### For the six months ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $2021780 |
| &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 | 270066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 68321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 24855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 11936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 10136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 9243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 10890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 409752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (28771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 380906 |
|  Net investment income | 1640874 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (226733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 3342004 |
|  Net realized and unrealized gain on investments | 3115271 |
|  Net increase in net assets resulting from operations | $4756145 |

---

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

------

#### NORTH CAROLINA TAX-FREE INCOME SERIES

#### STATEMENTS OF CHANGES IN NET ASSETS

#### For the six months ended December 31, 2025 and the year ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2025**<br>**(Unaudited)** | **Year Ended<br>6/30/2025** |
| &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 | $1640874 | $3079060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (226733) | (1283171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 3342004 | (1611529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 4756145 | 184360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (1640874) | (3079060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (7119682) | (2459327) |
|  Total decrease | (4004411) | (5354027) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 110020439 | 115374466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $106016028 | $110020439 |

---

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2025**<br>**(Unaudited)** | **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>**12/31/2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $10.45 | $10.74 | $10.70 | $10.74 | $12.05 | $11.93 |
|  Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 | 0.30 | 0.26 | 0.25 | 0.24 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments (b) | 0.30 | (0.29) | 0.04 | (0.04) | (1.31) | 0.12 |
|  Total from investment operations | 0.46 | 0.01 | 0.30 | 0.21 | (1.07) | 0.37 |
|  Less distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.30) | (0.26) | (0.25) | (0.24) | (0.25) |
|  Net asset value, end of period | $10.75 | $10.45 | $10.74 | $10.70 | $10.74 | $12.05 |
|  Total return | 4.44% (c) | 0.05% | 2.89% | 2.00% | (9.01)% | 3.12% |
|  Net assets, end of period (in thousands) | $106016 | $110020 | $115374 | $120062 | $134429 | $163069 |
|  Ratio of net expenses to average net assets (a) | 0.70% (d) | 0.70% | 0.70% | 0.70% | 0.68% | 0.68% |
|  Ratio of gross expenses to average net assets | 0.76% (d) | 0.74% | 0.76% | 0.75% | 0.68% | 0.68% |
|  Ratio of net investment income to average net assets | 3.04% (d) | 2.78% | 2.47% | 2.34% | 2.05% | 2.07% |
|  Portfolio turnover | 2.27% (c) | 23.38% | 11.99% | 3.74% | 6.57% | 7.79% |

---

(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 may be 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 footnotes are an integral part of the financial statements.

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Tennessee Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **50.48% of Net Assets** |  |  |  |  |  |
|  Clarksville TN Electric System Revenue | 4.250% | 09/01/2040 | Aa2 | $475000 | $488590 |
|  Clarksville TN Public Building Authority Revenue | 4.500 | 02/01/2043 | AA-\* | 630000 | 636659 |
|  Columbia TN | 4.000 | 12/01/2043 | AA+\* | 1000000 | 984870 |
|  Columbia TN | 4.000 | 12/01/2050 | AA+\* | 750000 | 687818 |
|  Dickson TN Electric Systems Revenue | 5.000 | 07/01/2043 | Aa3 | 1000000 | 1074440 |
|  Eastside TN Utility District Hamilton County Waterworks | 4.000 | 05/01/2045 | AA\* | 500000 | 474115 |
|  Franklin TN Water & Sewer System Revenue | 4.000 | 02/01/2036 | Aa2 | 250000 | 251603 |
|  Gallatin TN Electric | 4.000 | 07/01/2043 | Aa3 | 785000 | 757180 |
|  Gallatin TN Gas System Revenue | 4.000 | 01/01/2042 | AA-\* | 1155000 | 1142884 |
|  Hallsdale Powell TN Utility District | 4.000 | 04/01/2039 | AA\* | 700000 | 708057 |
|  Hallsdale-Powell TN Utility District | 4.000 | 04/01/2028 | AA\* | 255000 | 255620 |
|  Hallsdale-Powell TN Utility District Knox County Water & Sewer | 4.000 | 04/01/2035 | AA\* | 315000 | 315608 |
|  Hallsdale-Powell TN Utility District Knox County Water & Sewer | 4.000 | 04/01/2038 | AA\* | 1000000 | 1000850 |
|  Harpeth Valley TN Utilities District | 4.000 | 09/01/2043 | AA+\* | 1105000 | 1084337 |
|  Harpeth Valley TN Utilities District Davidson & Williamson Counties | 4.000 | 09/01/2039 | AA+\* | 500000 | 511740 |
|  Harriman TN | 5.000 | 06/01/2028 | AA\* | 100000 | 105104 |
|  Jackson TN Energy Authority Gas System | 5.000 | 06/01/2028 | Aa2 | 150000 | 150173 |
|  Knox Chapman TN Utility District | 4.000 | 01/01/2043 | AA-\* | 535000 | 520823 |
|  Knox County TN | 4.000 | 06/01/2043 | Aa1 | 500000 | 493805 |
|  Knoxville TN Electric | 4.000 | 07/01/2041 | Aa2 | 750000 | 754268 |
|  Knoxville TN Electric | 4.000 | 07/01/2044 | Aa2 | 670000 | 646195 |
|  Lafollette TN Electric Systems | 5.000 | 06/01/2045 | A1 | 235000 | 247063 |
|  Lexington TN Electric Revenue | 4.000 | 08/01/2044 | Aa3 | 500000 | 479070 |
|  Loudon TN Water & Sewer | 5.000 | 03/01/2039 | A+\* | 290000 | 316196 |
|  Loudon TN Water & Sewer | 5.000 | 03/01/2040 | A+\* | 355000 | 383105 |
|  Loudon TN Water & Sewer | 5.000 | 03/01/2041 | A+\* | 425000 | 454512 |
|  Loudon TN Water & Sewer | 4.000 | 03/01/2044 | AA\* | 1000000 | 958740 |
|  Marshall County TN Water Revenue | 5.000 | 06/01/2040 | AA\* | 275000 | 298161 |
|  Maryville TN | 4.000 | 06/01/2029 | Aa2 | 250000 | 251080 |
|  Memphis TN Gas System Revenue | 4.000 | 12/01/2034 | Aa1 | 775000 | 779425 |
|  Memphis TN Gas System Revenue | 4.000 | 12/01/2037 | Aa1 | 1310000 | 1317896 |
|  Metropolitan Government Nashville & Davidson County Electric | 5.000 | 05/15/2031 | AA-\* | 100000 | 102938 |
|  Metropolitan Government Nashville & Davidson County Water & Sewer | 4.000 | 07/01/2046 | Aa2 | 1000000 | 942470 |
|  Portland TN Water & Sewer | 4.000 | 04/01/2037 | A\* | 900000 | 900477 |
|  Portland TN Water & Sewer | 4.000 | 04/01/2040 | AA\* | 750000 | 747540 |
|  Pulaski TN Electric Revenue | 4.000 | 06/01/2042 | Aa3 | 500000 | 494055 |
|  Springfield TN | 5.000 | 06/01/2027 | Aa2 | 245000 | 253641 |
|  Watauga River Regional Water Authority TN Waterworks | 4.000 | 07/01/2037 | A\* | 1270000 | 1274037 |
|  Watts Bar Utility District TN | 5.000 | 09/01/2045 | AA\* | 200000 | 207280 |
|  West Knoxville TN Utility District Knox County Water & Sewer Revenue | 4.000 | 06/01/2046 | AA+\* | 1000000 | 941300 |
|  West Wilson TN Utility District Waterworks | 5.000 | 06/01/2040 | AA\* | 200000 | 223884 |
|  West Wilson TN Utility District Waterworks | 5.000 | 06/01/2042 | AA\* | 500000 | 534455 |
|  |  |  |  |  | 25152064 |
| **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** | **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |
| **9.13% of Net Assets** |  |  |  |  |  |
|  Hamblen County TN | 4.000 | 05/01/2038 | Aa3 | 880000 | 899738 |
|  Hamblen County TN | 4.000 | 05/01/2039 | Aa3 | 1250000 | 1268125 |
|  Hamblen County TN | 4.000 | 05/01/2045 | Aa3 | 420000 | 396686 |
|  Nolensville Town TN | 4.000 | 06/01/2041 | Aa1 | 400000 | 402404 |
|  Nolensville Town TN | 4.000 | 06/01/2042 | Aa1 | 600000 | 600468 |
|  Sullivan County TN | 4.000 | 02/01/2043 | Aa2 | 1010000 | 984316 |
|  |  |  |  |  | 4551737 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Tennessee Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** | **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |
| **8.26% of Net Assets** |  |  |  |  |  |
|  Metropolitan Government Nashville & Davidson County TN Health | 5.000% | 07/01/2035 | A\* | $1595000 | $1606516 |
|  Metropolitan Government Nashville & Davidson County TN Health | 5.000 | 07/01/2040 | A\* | 950000 | 954332 |
|  Shelby County TN Health Education & Housing Facilities | 5.000 | 05/01/2036 | Baa1 | 1535000 | 1556244 |
|  |  |  |  |  | 4117092 |
| **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS 7.79% of Net Assets** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS 7.79% of Net Assets** | **STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS 7.79% of Net Assets** |  |  |  |
| **Metropolitan Government Nashville & Davidson County TN 4th and Shelby Apartments Project** | 4.600 | 12/01/2044 | Aa1 | 500000 | 502500 |
|  TN Housing Development Agency Residential Finance Program | 4.150 | 07/01/2038 | Aa1 | 100000 | 101768 |
|  TN Housing Development Agency Residential Finance Program | 4.500 | 07/01/2043 | Aa1 | 1470000 | 1494858 |
|  TN Housing Development Agency Residential Finance Program | 4.450 | 07/01/2043 | Aa1 | 1780000 | 1784984 |
|  |  |  |  |  | 3884110 |
| **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** | **SCHOOL IMPROVEMENT BONDS** |  |  |  |
| **7.75% of Net Assets** |  |  |  |  |  |
|  Bedford County TN | 4.000 | 04/01/2027 | AA\* | 75000 | 75216 |
|  Collierville TN | 4.000 | 01/01/2046 | Aaa | 1000000 | 962630 |
|  Decatur County TN | 4.000 | 05/01/2042 | A1 | 390000 | 387208 |
|  Montgomery County TN | 4.000 | 04/01/2037 | AA\* | 1420000 | 1427682 |
|  Montgomery County TN | 4.000 | 06/01/2040 | Aa2 | 500000 | 504425 |
|  White County TN | 4.000 | 06/01/2027 | AA-\* | 260000 | 260005 |
|  Wilson County TN | 4.000 | 04/01/2039 | AA+\* | 245000 | 245130 |
|  |  |  |  |  | 3862296 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** | **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |
| **5.63% of Net Assets** |  |  |  |  |  |
|  Memphis TN | 4.000 | 06/01/2041 | Aa2 | 1120000 | 1117412 |
|  Metropolitan Government Nashville & Davidson County TN | 4.000 | 07/01/2033 | Aa2 | 750000 | 761033 |
|  Metropolitan Government Nashville & Davidson County TN | 4.000 | 07/01/2034 | Aa2 | 500000 | 505010 |
|  Sevierville TN | 4.000 | 06/01/2044 | Aa3 | 440000 | 420609 |
|  |  |  |  |  | 2804064 |
| **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** | **UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS** |  |  |  |
| **4.31% of Net Assets** |  |  |  |  |  |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 4.000 | 08/01/2027 | A3 | 100000 | 100004 |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 4.000 | 08/01/2036 | A3 | 920000 | 925097 |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 4.000 | 08/01/2037 | A3 | 280000 | 280381 |
|  Shelby County TN Health Education & Housing Facilities Board Rhodes College | 4.000 | 08/01/2040 | A3 | 875000 | 844909 |
|  |  |  |  |  | 2150391 |
| **REFUNDING BONDS** | **REFUNDING BONDS** | **REFUNDING BONDS** |  |  |  |
| **2.36% of Net Assets** |  |  |  |  |  |
|  Maryville TN | 5.000 | 06/01/2026 | Aa2 | 50000 | 50511 |
|  Memphis TN | 5.000 | 10/01/2043 | Aa2 | 750000 | 791295 |
|  Memphis-Shelby County TN Industrial Development Board | 5.000 | 11/01/2027 | Aa3 | 200000 | 203542 |
|  Sevierville TN | 5.000 | 05/01/2028 | Aa3 | 125000 | 131920 |
|  |  |  |  |  | 1177268 |
| **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** | **AIRPORT REVENUE BONDS** |  |  |  |
| **1.91% of Net Assets** |  |  |  |  |  |
|  Metropolitan Nashville Airport Authority | 5.000 | 07/01/2035 | A1 | 250000 | 250430 |
|  Metropolitan Nashville Airport Authority | 5.000 | 07/01/2040 | A1 | 700000 | 700826 |
|  |  |  |  |  | 951256 |
|  Total Investments 97.62% of Net Assets (cost $49,107,825) (See footnote 6 for further explanation) | Total Investments 97.62% of Net Assets (cost $49,107,825) (See footnote 6 for further explanation) | Total Investments 97.62% of Net Assets (cost $49,107,825) (See footnote 6 for further explanation) |  |  | $48650278 |
|  Other assets in excess of liabilities 2.38% | Other assets in excess of liabilities 2.38% | Other assets in excess of liabilities 2.38% |  |  | 1187024 |
|  Net Assets 100% | Net Assets 100% | Net Assets 100% |  |  | $49837302 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Tennessee Municipal Bonds

#### December 31, 2025
# 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

#### Other Information
The following is a summary of the inputs used, as of December 31, 2025, 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 | 48650278 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $48650278 |

---

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

------

#### TENNESSEE TAX-FREE INCOME SERIES

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| **December 31, 2025**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $49,107,825) |  | $48650278 |
|  Cash |  | 696724 |
|  Interest receivable |  | 642149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 49989151 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 107038.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 8794.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment advisory fee | 17205.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 5984.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 4502.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2161.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 1648.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 1102.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 903.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2512.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 151849 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 52706726 |
|  Total accumulated loss |  | (2869424) |
|  Total Net Assets |  | $49837302 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(4,716,732 shares outstanding; unlimited number of shares authorized; no par value) |  | $10.57 |

---

#### STATEMENT OF OPERATIONS

#### For the six months ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $956121 |
| &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 | 127050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 33517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 7934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 7004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 4638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 5663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 199318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (21293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 177975 |
|  Net investment income | 778146 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (8573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 1840316 |
|  Net realized and unrealized gain on investments | 1831743 |
|  Net increase in net assets resulting from operations | $2609889 |

---

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

------

#### TENNESSEE TAX-FREE INCOME SERIES

#### STATEMENTS OF CHANGES IN NET ASSETS

#### For the six months ended December 31, 2025 and the year ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2025<br>(Unaudited)** | **Year Ended<br>6/30/2025** |
| &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 | $778146 | $1473601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (8573) | (358488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 1840316 | (1574481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 2609889 | (459368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (778146) | (1473601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (2192455) | (1461128) |
|  Total decrease | (360712) | (3394097) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 50198014 | 53592111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $49837302 | $50198014 |

---

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2025<br>(Unaudited)** | **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>**12/31/2025<br>(Unaudited)** | **2025** | **2025** | **2024** | **2023** | **2022** | **2022** | **2021** |
|  Net asset value, beginning of period | $10.19 | $| 10.59 | $10.57 | $10.65 | $| 11.71 | $11.66 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 |  | 0.30 | 0.27 | 0.27 |  | 0.26 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments (b) | 0.38 |  | (0.40) | 0.02 | (0.08) |  | (1.06) | 0.05 |
|  Total from investment operations | 0.54 |  | (0.10) | 0.29 | 0.19 |  | (0.80) | 0.32 |
|  Less distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) |  | (0.30) | (0.27) | (0.27) |  | (0.26) | (0.27) |
|  Net asset value, end of period | $10.57 | $| 10.19 | $10.59 | $10.57 | $| 10.65 | $11.71 |
|  Total return | 5.34% (c) |  | (0.97)% | 2.82% | 1.78% |  | (6.92)% | 2.84% |
|  Net assets, end of period (in thousands) | $49837 | $| 50198 | $53592 | $63497 | $| 73609 | $86147 |
|  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) |  | 0.77% | 0.80% | 0.78% |  | 0.71% | 0.71% |
|  Ratio of net investment income to average net assets | 3.09% (d) |  | 2.88% | 2.59% | 2.51% |  | 2.31% | 2.35% |
|  Portfolio turnover | 0.85% (c) |  | 24.00% | 21.15% | 9.10% |  | 11.61% | 2.75% |

---

(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 may be 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 footnotes are an integral part of the financial statements.

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### U.S. Government Securities and Agencies

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity**<br> **Date** | **Rating#** | **Par Value** | **Fair Value** |
| **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** | **FEDERAL HOME LOAN BANK** |
| **81.96% of Net Assets** |  |  |  |  |  |
|  Federal Home Loan Bank | 3.200% | 06/10/2027 | Aa1 | $250000 | $248793 |
|  Federal Home Loan Bank | 4.125 | 08/27/2027 | Aa1 | 250000 | 249863 |
|  Federal Home Loan Bank | 4.000 | 06/30/2028 | Aa1 | 500000 | 506450 |
|  Federal Home Loan Bank | 4.625 | 01/22/2029 | Aa1 | 450000 | 453819 |
|  Federal Home Loan Bank | 4.625 | 06/08/2029 | Aa1 | 250000 | 258320 |
|  Federal Home Loan Bank | 4.000 | 08/24/2029 | Aa1 | 250000 | 249374 |
|  Federal Home Loan Bank | 4.250 | 10/22/2029 | Aa1 | 375000 | 377672 |
|  Federal Home Loan Bank | 4.625 | 11/20/2029 | Aa1 | 250000 | 251721 |
|  Federal Home Loan Bank | 4.300 | 03/25/2030 | Aa1 | 500000 | 501756 |
|  Federal Home Loan Bank | 4.125 | 06/14/2030 | Aa1 | 500000 | 508754 |
|  Federal Home Loan Bank | 4.050 | 07/18/2030 | Aa1 | 400000 | 404509 |
|  Federal Home Loan Bank | 4.100 | 07/18/2030 | Aa1 | 400000 | 403788 |
|  Federal Home Loan Bank | 4.150 | 07/19/2030 | Aa1 | 250000 | 252738 |
|  Federal Home Loan Bank | 4.000 | 08/19/2030 | Aa1 | 250000 | 250804 |
|  Federal Home Loan Bank | 3.940 | 08/21/2030 | Aa1 | 250000 | 251029 |
|  Federal Home Loan Bank | 3.875 | 10/08/2030 | Aa1 | 200000 | 200152 |
|  Federal Home Loan Bank | 3.760 | 11/27/2030 | Aa1 | 250000 | 248375 |
|  Federal Home Loan Bank | 4.375 | 12/12/2031 | Aa1 | 250000 | 255246 |
|  Federal Home Loan Bank | 4.750 | 12/12/2031 | Aa1 | 450000 | 469777 |
|  Federal Home Loan Bank | 4.720 | 08/15/2035 | Aa1 | 125000 | 127121 |
|  Federal Home Loan Bank | 5.400 | 08/20/2035 | Aa1 | 250000 | 250167 |
|  |  |  |  |  | 6720228 |
| **FEDERAL FARM CREDIT** |  |  |  |  |  |
| **7.92% of Net Assets** |  |  |  |  |  |
|  Federal Farm Credit Bank | 4.210 | 10/02/2030 | Aa1 | 400000 | 399969 |
|  Federal Farm Credit Bank | 4.790 | 11/26/2032 | Aa1 | 250000 | 249775 |
|  |  |  |  |  | 649744 |
| **FEDERAL HOME LOAN MORTAGE CORPORATION** |  |  |  |  |  |
| **5.33% of Net Assets** |  |  |  |  |  |
|  Federal Home Loan Mortgage Corporation | 4.150 | 04/17/2028 | Aa1 | 225000 | 225104 |
|  Federal Home Loan Mortgage Corporation | 1.400 | 07/28/2032 | Aa1 | 250000 | 211533 |
|  |  |  |  |  | 436637 |
| **FEDERAL NATIONAL MORTGAGE CORPORATION** |  |  |  |  |  |
| **3.05% of Net Assets** |  |  |  |  |  |
|  Federal National Mortgage Association | 4.000 | 10/10/2028 | Aa1 | 250000 | 250091 |
|  Total Investments 98.26% of Net Assets (cost $8,034,794) (See footnote 6 for further explanation) | Total Investments 98.26% of Net Assets (cost $8,034,794) (See footnote 6 for further explanation) | Total Investments 98.26% of Net Assets (cost $8,034,794) (See footnote 6 for further explanation) |  |  | $8056700 |
|  Other assets in excess of liabilities 1.74% |  |  |  |  | 142325 |
|  Net Assets 100% |  |  |  |  | $8199025 |

---

# 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

#### Other Information
The following is a summary of the inputs used, as of December 31, 2025, 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<br>Agencies** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 8056700 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $8056700 |

---

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

------

#### INTERMEDIATE GOVERNMENT BOND SERIES

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| **December 31, 2025**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $8,034,794) |  | $8056700 |
|  Cash |  | 76905 |
|  Receivable from Adviser |  | 3463 |
|  Interest receivable |  | 78014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 8215082 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 3147.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2389.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment advisory fee | 111.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 1959.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 700.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 696.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 276.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 273.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 6506.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 16057 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 8380706 |
|  Total accumulated loss |  | (181681) |
|  Total Net Assets |  | $8199025 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(855,123 shares outstanding; unlimited number of shares authorized; no par value) |  | $9.59 |

---

#### STATEMENT OF OPERATIONS

#### For the six months ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $172917 |
| &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 | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 6353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 13490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 9925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing expense | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postage expense | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 1770 |
| &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 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 53689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (17462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Transfer Agent (Note 2) | (6353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 29812 |
|  Net investment income | 143105 |
|  Realized and unrealized gain on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 35628 |
|  Net realized and unrealized gain on investments | 35634 |
|  Net increase in net assets resulting from operations | $178739 |

---

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

------

#### INTERMEDIATE GOVERNMENT BOND SERIES

#### STATEMENTS OF CHANGES IN NET ASSETS

#### For the six months ended December 31, 2025 and the year ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2025<br>(Unaudited)** | **Year Ended<br>6/30/2025** |
| &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 | $143105 | $309071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 6 | (56255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 35628 | 173174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 178739 | 425990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (143105) | (309071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (318853) | (1333484) |
|  Total decrease | (283219) | (1216565) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 8482244 | 9698809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $8199025 | $8482244 |

---

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2025<br>(Unaudited)** | **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>**12/31/2025<br>(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  Net asset value, beginning of period | $9.55 | $9.43 | $9.31 | $9.54 | $| 10.09 | $| 10.37 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 | 0.33 | 0.30 | 0.27 |  | 0.23 |  | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments (b) | 0.04 | 0.12 | 0.12 | (0.23) |  | (0.55) |  | (0.28) |
|  Total from investment operations | 0.20 | 0.45 | 0.42 | 0.04 |  | (0.32) |  | (0.05) |
|  Less distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.16) | (0.33) | (0.30) | (0.27) |  | (0.23) |  | (0.23) |
|  Net asset value, end of period | $9.59 | $9.55 | $9.43 | $9.31 | $| 9.54 | $| 10.09 |
|  Total return | 2.14% (c) | 4.86% | 4.58% | 0.39% |  | (3.25)% |  | (0.49)% |
|  Net assets, end of period (in thousands) | $8199 | $8482 | $9699 | $9776 | $| 10732 | $| 12044 |
|  Ratio of net expenses to average net assets (a) | 0.70% (d) | 0.70% | 0.70% | 0.70% |  | 0.70% |  | 0.66% |
|  Ratio of gross expenses to average net assets | 1.28% (d) | 0.85% | 0.89% | 0.90% |  | 0.75% |  | 0.67% |
|  Ratio of net investment income to average net assets | 3.41% (d) | 3.49% | 3.21% | 2.83% |  | 2.30% |  | 2.25% |
|  Portfolio turnover | 48.53% (c) | 80.78% | 26.47% | 39.69% |  | 17.50% |  | 3.35% |

---

(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) Realized and unrealized gains and losses per share in this caption may be 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 footnotes are an integral part of the financial statements.

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Taxable Municipal Bonds

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Description** | **Coupon** | **Maturity<br>Date** | **Rating#** | **Par Value** | **Fair Value** |
| **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** |
| **22.79% of Net Assets** |  |  |  |  |  |
|  FL Housing Finance Corporation | 6.187% | 07/01/2050 | Aaa | $150000 | $152035 |
|  IN State Housing & Community Development Authority | 5.944 | 07/01/2049 | Aaa | 125000 | 125480 |
|  KY State Housing Corporation | 5.806 | 07/01/2040 | Aaa | 125000 | 127401 |
|  MN State Housing Finance Authority | 5.915 | 07/01/2044 | Aa1 | 150000 | 151583 |
|  NC State Housing Finance Agency | 6.128 | 07/01/2043 | Aa1 | 170000 | 176333 |
|  WI State Housing & Economic Development Authority | 6.039 | 09/01/2045 | Aa2 | 25000 | 25350 |
|  |  |  |  |  | 758182 |
| **MUNICIPAL UTILITY REVENUE BONDS** |  |  |  |  |  |
| **14.88% of Net Assets** |  |  |  |  |  |
|  KY State Rural Water Finance Corporation | 3.000 | 08/01/2050 | AA-\* | 250000 | 166550 |
|  Metropolitan Government Nashville & Davidson County TN Recovery Zone | 6.693 | 07/01/2041 | Aa2 | 200000 | 225120 |
|  OK State Municipal Power Authority | 6.310 | 01/01/2040 | A2 | 95000 | 103416 |
|  |  |  |  |  | 495086 |
| **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** |
| **11.00% of Net Assets** |  |  |  |  |  |
|  Mesa State College CO | 6.746 | 05/15/2042 | Aa2 | 85000 | 94183 |
|  Michigan State University | 4.496 | 08/15/2048 | Aa2 | 300000 | 271713 |
|  |  |  |  |  | 365896 |
| **PUBLIC FACILITIES REVENUE BONDS** |  |  |  |  |  |
| **10.15% of Net Assets** |  |  |  |  |  |
|  Metropolitan Government Nashville & Davidson County TN | 7.431 | 07/01/2043 | Aa3 | 190000 | 213455 |
|  Montgomery AL Community Cooperative District | 2.815 | 11/01/2049 | NR | 75000 | 47990 |
|  Rhode Island Convention Center | 6.060 | 05/15/2035 | A1 | 70000 | 76094 |
|  |  |  |  |  | 337539 |
| **TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS** |  |  |  |  |  |
| **10.00% of Net Assets** |  |  |  |  |  |
|  Washoe County NV Highway Revenue | 7.969 | 02/01/2040 | Aa2 | 280000 | 332788 |
| **MARINA/PORT AUTHORITY REVENUE BONDS** |  |  |  |  |  |
| **7.06% of Net Assets** |  |  |  |  |  |
|  Miami Dade County FL Special Obligation | 7.500 | 04/01/2040 | Aa2 | 200000 | 234778 |
| **SCHOOL IMPROVEMENT BONDS** |  |  |  |  |  |
| **6.31% of Net Assets** |  |  |  |  |  |
|  Jefferson County TN Build America Bonds | 6.625 | 06/01/2040 | Aa2 | 210000 | 210000 |
| **HOSPITAL AND HEALTHCARE REVENUE BONDS** |  |  |  |  |  |
| **6.09% of Net Assets** |  |  |  |  |  |
|  Midland County TX Hospital District | 6.440 | 05/15/2039 | Aa3 | 185000 | 202771 |
| **MISCELLANEOUS PUBLIC IMPROVEMENT BONDS** |  |  |  |  |  |
| **3.81% of Net Assets** |  |  |  |  |  |
|  Waco TX | 5.488 | 02/01/2044 | Aa1 | 125000 | 126605 |
| **AIRPORT REVENUE BONDS** |  |  |  |  |  |
| **2.65% of Net Assets** |  |  |  |  |  |
|  Tri Cities TN Airport Authority Revenue | 3.625 | 05/01/2038 | Aa2 | 100000 | 88297 |
| **PREREFUNDED BONDS** |  |  |  |  |  |
| **.75% of Net Assets** |  |  |  |  |  |
|  Tri Cities TN Airport Authority Revenue | 3.625 | 05/01/2038 | NR | 25000 | 25011 |
|  Total Investments 95.49% of Net Assets (cost $3,349,053) (See footnote 6 for further explanation) | Total Investments 95.49% of Net Assets (cost $3,349,053) (See footnote 6 for further explanation) | Total Investments 95.49% of Net Assets (cost $3,349,053) (See footnote 6 for further explanation) |  |  | $3176953 |
|  Other assets in excess of liabilities 4.51% |  |  |  |  | 149993 |
|  Net Assets 100% |  |  |  |  | $3326946 |

---

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

------

---

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

---

#### SCHEDULE OF PORTFOLIO INVESTMENTS

#### Taxable Municipal Bonds

#### December 31, 2025
# 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

#### Other Information
The following is a summary of the inputs used, as of December 31, 2025, 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<br>Bonds** |
|  Level 1 | Quoted Prices | $— |
|  Level 2 | Other Significant Observable Inputs | 3176953 |
|  Level 3 | Significant Unobservable Inputs |  |
|  |  | $3176953 |

---

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

------

#### TAXABLE MUNICIPAL BOND SERIES

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | |
|:---|:---|
| **December 31, 2025**  | **UNAUDITED**  |

---

---

| | | |
|:---|:---|:---|
|  **ASSETS:** |  |  |
|  Investments in securities, at fair value (Cost: $3,349,053) |  | $3176953 |
|  Cash |  | 86382 |
|  Receivable from Adviser |  | 89 |
|  Prepaid expenses |  | 532 |
|  Interest receivable |  | 69201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | 3333157 |
|  **LIABILITIES:** |  |  |
|  Payable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders | 4169.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 761.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 464.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 374.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 372.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 71.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 6211 |
|  **NET ASSETS:** |  |  |
|  Paid-in capital |  | 5496401 |
|  Total accumulated loss |  | (2169455) |
|  Total Net Assets |  | $3326946 |
|  **NET ASSET VALUE,** offering price and redemption price per share<br>(448,330 shares outstanding; unlimited number of shares authorized; no par value) |  | $7.42 |

---

#### STATEMENT OF OPERATIONS

#### For the six months ended December 31, 2025

---

| | |
|:---|:---|
|  Net investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $89621 |
| &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 | 8593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fee | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 6182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing expense | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 25937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Adviser (Note 2) | (9775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived by Transfer Agent (Note 2) | (2273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee reduction (Note 7) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 13858 |
|  Net investment income | 75763 |
|  Realized and unrealized gain/(loss) on investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (7963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 43132 |
|  Net realized and unrealized gain on investments | 35169 |
|  Net increase in net assets resulting from operations | $110932 |

---

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

------

#### TAXABLE MUNICIPAL BOND SERIES

#### STATEMENTS OF CHANGES IN NET ASSETS

#### For the six months ended December 31, 2025 and the year ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>12/31/2025<br>(Unaudited)** | **Year Ended<br>6/30/2025** |
| &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 | $75763 | $160590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (7963) | (57379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 43132 | 34821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 110932 | 138032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions (Note 6) | (75844) | (161696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Fund share transactions (Note 4) | (94007) | (96230) |
|  Total decrease | (58919) | (119894) |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3385865 | 3505759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $3326946 | $3385865 |

---

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected data for a share outstanding:** | **Six Months Ended**<br>**12/31/2025<br>(Unaudited)** | **Six Months Ended**<br>**12/31/2025<br>(Unaudited)** | **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,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **Six Months Ended**<br>**12/31/2025<br>(Unaudited)** | **Six Months Ended**<br>**12/31/2025<br>(Unaudited)** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** | **2022** | **2022** | **2021** | **2021** |
|  Net asset value, beginning of period |  | $7.34 |  | $7.39 |  | $7.56 |  | $8.09 |  | $10.28 |  | $10.40 |
|  Income from investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | 0.16 |  | 0.34 |  | 0.33 |  | 0.33 |  | 0.29 |  | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains/(losses) on investments (b) |  | 0.08 |  | (0.05) |  | (0.17) |  | (0.53) |  | (2.19) |  | (0.06) |
|  Total from investment operations |  | 0.24 |  | 0.29 |  | 0.16 |  | (0.20) |  | (1.90) |  | 0.28 |
|  Less distributions: |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  | (0.16) |  | (0.34) |  | (0.33) |  | (0.33) |  | (0.29) |  | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from capital gains |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | (0.06) |
|  Total distributions |  | (0.16) |  | (0.34) |  | (0.33) |  | (0.33) |  | (0.29) |  | (0.40) |
|  Net asset value, end of period | $| 7.42 | $| 7.34 | $| 7.39 | $| 7.56 | $| 8.09 | $| 10.28 |
|  Total return |  | 3.36% (c) |  | 4.00% |  | 2.25% |  | (2.38)% |  | (18.86)% |  | 2.72% |
|  Net assets, end of period (in thousands) |  | $3327 |  | $3386 |  | $3506 |  | $4182 |  | $5156 |  | $14596 |
|  Ratio of net expenses to average net assets (a) |  | 0.81% (d) |  | 0.70% |  | 0.70% |  | 0.70% |  | 0.70% |  | 0.70% |
|  Ratio of gross expenses to average net assets |  | 1.52% (d) |  | 1.34% |  | 1.28% |  | 1.37% |  | 1.00% |  | 0.96% |
|  Ratio of net investment income to average net assets |  | 4.45% (d) |  | 4.59% |  | 4.46% |  | 4.31% |  | 2.89% |  | 3.30% |
|  Portfolio turnover |  | 0.00% (c) |  | 12.60% |  | 12.53% |  | 0.00% |  | 8.39% |  | 33.27% |

---

(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) Realized and unrealized gains and losses per share in this caption may be 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 footnotes are an integral part of the financial statements.

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**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 seven series:

Alabama Tax-Free Income Series

Kentucky Tax-Free Income Series

Mississippi Tax-Free Income Series

North Carolina Tax-Free Income Series

Tennessee Tax-Free Income Series

Intermediate Government Bond Series

Taxable Municipal Bond Series

The investment strategy of each of the five 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 generally accepted accounting principles 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."

Each Fund operates as a single operating segment. Each Fund's long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio manager. Each Fund's income, expenses, assets and performance are regularly monitored and assessed as a whole by certain officers (Allen Grimes, Michelle Dragoo, and Huston Combs) of the Fund, acting as the Chief Operating Decision Maker (the "CODM"). The CODM is responsible for the oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

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.

At a meeting of the Trustees on December 18, 2024, the Trustees approved an Agreement and Plan of Reorganization (the "Plan") providing for the transfer of all of the assets of the Kentucky Tax-Free Short-to-Medium Series, the North Carolina Tax-Free Short-to-Medium Series and the Tennessee Tax-Free Short-to-Medium Series (collectively the "Short-to-Medium Series") the Kentucky Tax-Free Income Series, the North Carolina Tax-Free Income Series and the Tennessee Tax Free Income Series (collectively the "Income Series"), respectively. The purpose of the reorganization was to combine funds with investment objectives that were identical and principal investment strategies that were substantially similar. The benefits of the Plan considered by the Trustees in approving the fund mergers included, but were not limited to, economies of scale related to trading, best execution, improved diversification, lower operating expenses, and performance.

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**1.** **Organization and Significant Accounting Policies, continued** 

The Reorganization, which was a non-taxable event for shareholders, closed as of the close of business on May 16, 2025. The Investment Adviser, Dupree & Company, Inc., bore 100% of the expenses relating to the Reorganization. Under the terms of the Plan, shareholders of each Short-to-Medium Series received shares of the corresponding Income Series equal in U.S. dollar value to the interests of such shareholders in the Short-to-Medium Series as of May 16, 2025. Additionally, the Short-to-Medium Series had outstanding unrealized depreciation on investments balances as of May 16, 2025, in the amounts of $(364,668) for the Kentucky Tax-Free Short-to-Medium Series, $(43,066) for the North Carolina Tax-Free Short-to-Medium Series, and $(11,059) for the Tennessee Tax-Free Short-to-Medium Series were transferred to the corresponding Income Series. For financial reporting purposes, all assets received and shares issued by the Income Series were recorded at fair value; however, the cost bases of the investments received were carried forward. The following table illustrates the specifics of the Reorganization:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Pre-Reorganization<br>Net Asset Value** | **Pre-<br>Reorganization<br>Shares<br>outstanding** | **Pre-<br>Reorganization<br>Net Asset Value<br>Per Share** | **Post<br>Reorganization<br>Net Asset Value** | **Post<br>Reorganization<br>shares outstanding** | **Post<br>Reorganization<br>Net Asset<br>Value**<br> **Per Share** | **Exchange<br>Ratio** |
| &nbsp;&nbsp;&nbsp; KY Income | $693362826 | 98836551 | $7.02 | $723380419 | 103115393 | $7.02 | 0.7305 |
| &nbsp;&nbsp;&nbsp; KY Short-to-Medium | 30016929 | 5857419 | 5.12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NC Income | 103842340 | 9901244 | 10.49 | 112198947 | 10698040 | 10.49 | 0.9915 |
| &nbsp;&nbsp;&nbsp; NC Short-to-Medium | 8356642 | 803608 | 10.40 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TN Income | 48056432 | 4691913 | 10.24 | 50405323 | 4921243 | 10.24 | 1.0035 |
| &nbsp;&nbsp;&nbsp; TN Short-to-Medium | 2348892 | 228538 | 10.28 |  |  |  |  |

---

Because each combined investment portfolio has been managed as a single integrated portfolio since the Reorganization was completed, it is not practical to separate the amounts of each Short-to-Medium Series income that would have been included in each Short-to-Medium Series Statement of Operations since May 16, 2025. Assuming the Acquisition had been completed on July 1, 2024 (the beginning of the annual reporting period of the Short-to-Medium Series), the Funds' pro forma results of operations for the current fiscal period would include net investment income of $21,705,849, $3,224,718, and $1,516,377 for the Kentucky Tax-Free Income Series, North Carolina Tax-Free Income Series and the Tennessee Tax Free Income Series respectively; a net realized and unrealized gain (loss) on investments of $(21,410,046), $(2,837,257) and $(1,915,564), respectively; and a net increase/(decrease) in assets resulting from operations of $295,803, $387,461 and $(399,186), respectively.

**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") in accordance with Board-approved policies and procedures (the "Valuation Procedures"). 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 the Valuation Procedures. Pursuant to the Valuation Procedures, the Valuation 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.

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**1.** **Organization and Significant Accounting Policies, continued** 

(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, 2025, for the Funds' investments is included at the end of the Funds' Schedules of Portfolio Investments.

**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.

**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.

**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 a Fund enters 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 Fund until the security is delivered and payment takes place. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**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, 2025. 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, 2025, 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).

**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.

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**1.** **Organization and Significant Accounting Policies, continued** 

Distributions are paid at the following frequencies:

---

| | |
|:---|:---|
| **Monthly:** | 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 |

---

**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.

**H.** **Subsequent Events** 

Subsequent events occurring after December 31, 2025 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.** **Fees and Transactions with Affiliates and Other Parties** 

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") each Fund (except 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 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 of each Fund determined separately; and 0.30 of 1% of the average daily net assets between $750,000,001 and $1,000,000,000 of each Fund determined separately; and 0.25 of 1% of the average daily net assets in excess of $1,000,000,000 of each Fund determined separately. 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.

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, 2025, fees voluntarily waived by the Adviser and Transfer Agent were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fees waived by Adviser** | **Fees waived by Transfer Agent** |
|  Alabama Tax-Free Income Series | $18586 | $-0- |
|  Kentucky Tax-Free Income Series | -0- | -0- |
|  Mississippi Tax-Free Income Series | 11393 | 2342 |
|  North Carolina Tax-Free Income Series | 28771 | -0- |
|  Tennessee Tax-Free Income Series | 21293 | -0- |
|  Intermediate Government Bond Series | 17462 | 6353 |
|  Taxable Municipal Bond Series | 9775 | 2273 |

---

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**2.** **Fees and Transactions with Affiliates and Other Parties, continued** 

Northern Lights Compliance Services, LLC, provides Chief Compliance Officer ("CCO") services to the Trust. An officer of the Trust is an employee of Northern Lights Compliance Services, LLC.

For the six months ended December 31, 2025, each member of the Board of Trustees that is not an "interested person" as defined in the 1940 Act (each, an "Independent Trustee") received a fee of $44,000. 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 each Fund's Statements of Operations.

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

During the six months ended December 31, 2025, 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 | $735976 | $2283801 |
|  Kentucky Tax-Free Income Series | 45068067 | 80343121 |
|  Mississippi Tax-Free Income Series | -0- | 329718 |
|  North Carolina Tax-Free Income Series | 2420455 | 9423966 |
|  Tennessee Tax-Free Income Series | 418238 | 2741462 |
|  Intermediate Government Bond Series | 3975000 | 4325006 |
|  Taxable Municipal Bond Series | -0- | 72517 |

---

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

As of December 31, 2025 and June 30, 2025, 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 December 31, 2025** | **Six Months Ended December 31, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 108469 | $1231292 | 189281 | $2158709 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 11036 | 125358 | 21589 | 243565 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (238098) | (2704998) | (222953) | (2530474) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (118593) | $(1348348) | (12083) | $(128200) |
| &nbsp;&nbsp;&nbsp;**KENTUCKY TAX-FREE<br>INCOME SERIES** | **Six Months Ended December 31, 2025** | **Six Months Ended December 31, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 7067757 | $50451997 | 5576898 | $40053050 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 854590 | 6139887 | 1649131 | 11753556 |
| &nbsp;&nbsp;&nbsp; **Shares from reorganization** | -0- | -0- | 4278842 | 30016929 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (12191433) | (86660877) | (12684020) | (90526694) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (4269086) | $(30068993) | (1179149) | $(8703159) |

---

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**4.** **Capital Shares, continued** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**MISSISSIPPI TAX-FREE<br>INCOME SERIES** | **Six Months Ended<br>December 31, 2025** | **Six Months Ended<br>December 31, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 2253 | $24445 | 9368 | $102878 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 5011 | 55162 | 10092 | 110377 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (30450) | (329246) | (467056) | (5154276) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (23186) | $(249639) | (447596) | $(4941021) |
| &nbsp;&nbsp;&nbsp;**NORTH CAROLINA TAX-FREE<br>INCOME SERIES** | **Six Months Ended<br>December 31, 2025** | **Six Months Ended<br>December 31, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 332236 | $3546489 | 775140 | $8269481 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 111932 | 1198752 | 213394 | 2267482 |
| &nbsp;&nbsp;&nbsp; **Shares from reorganization** | -0- | -0- | 796796 | 8356642 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (1114862) | (11864923) | (2002915) | (21352932) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (670694) | $(7119682) | (217585) | $(2459327) |
| &nbsp;&nbsp;&nbsp;**TENNESSEE TAX-FREE<br>INCOME SERIES** | **Six Months Ended<br>December 31, 2025** | **Six Months Ended<br>December 31, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 89920 | $931025 | 114834 | $1193163 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 52309 | 549678 | 98173 | 1022004 |
| &nbsp;&nbsp;&nbsp; **Shares from reorganization** | -0- | -0- | 229330 | 2348892 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (351403) | (3673158) | (576719) | (6025187) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (209174) | $(2192455) | (134382) | $(1461128) |
| &nbsp;&nbsp;&nbsp;**INTERMEDIATE<br>GOVERNMENT BOND SERIES** | **Six Months Ended<br>December 31, 2025** | **Six Months Ended<br>December 31, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 27260 | $260591 | 45082 | $428132 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 12903 | 123468 | 28206 | 267835 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (73391) | (702912) | (213520) | (2029451) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (33228) | $(318853) | (140232) | $(1333484) |
| &nbsp;&nbsp;&nbsp;**TAXABLE MUNICIPAL BOND SERIES** | **Six Months Ended<br>December 31, 2025** | **Six Months Ended<br>December 31, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | SHARES | AMOUNT | SHARES | AMOUNT |
| &nbsp;&nbsp;&nbsp; **Shares sold** | 43303 | $322417 | 44374 | $327237 |
| &nbsp;&nbsp;&nbsp; **Shares reinvested** | 6640 | 49196 | 14283 | 106051 |
| &nbsp;&nbsp;&nbsp; **Shares redeemed** | (62604) | (465620) | (72069) | (529518) |
| &nbsp;&nbsp;&nbsp; **Net decrease** | (12661) | $(94007) | (13412) | $(96230) |

---

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**5.** **Principal Risks** 

**State-Specific Concentration of Credit Risk** 

The Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series, Mississippi Tax-Free Income Series, North Carolina Tax-Free Income Series, and the Tennessee Tax-Free Income 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.

**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.

**Interest Rate Risk** 

Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. You should expect a Fund's share price and total return to fluctuate.

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

At December 31, 2025, 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>appreciation/<br>(depreciation)** |
| &nbsp;&nbsp;&nbsp; Alabama Tax-Free Income Series | $18951626 | $60333 | $(593824) | $(533491) |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income Series | 695469451 | 5227471 | (12427894) | (7200423) |
| &nbsp;&nbsp;&nbsp; Mississippi Tax-Free Income Series | 4134881 | 41425 | (34551) | 6874 |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income Series | 105975421 | 396947 | (1716615) | (1319668) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income Series | 49107825 | 136461 | (594008) | (457547) |
| &nbsp;&nbsp;&nbsp; Intermediate Government Bond Series | 8034794 | 63974 | (42068) | 21906 |
| &nbsp;&nbsp;&nbsp; Taxable Municipal Bond Series | 3349435 | 46100 | (218581) | (172481) |

---

At June 30, 2025, the Funds' non-expiring capital loss carry-forwards available to offset future capital gains, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term** | **Long-term** | **Total** |
|  Alabama Tax-Free Income Series | $— | $611518 | $611518 |
|  Kentucky Tax-Free Income Series | 1482387 | 23760036 | 25242423 |
|  Mississippi Tax-Free Income Series | 126287 | 453903 | 580190 |
|  North Carolina Tax-Free Income Series | 1332168 | 5472827 | 6804995 |
|  Tennessee Tax-Free Income Series | 176447 | 2203660 | 2380107 |
|  Intermediate Government Bond Series | 51994 | 151599 | 203593 |
|  Taxable Municipal Bond Series | 174265 | 1814185 | 1988450 |

---

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**6.** **Federal Income Taxes, continued** 

As a result of the merger, the Income Series acquired capital loss carry forward balances of the Short-to-Medium Series as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **Annual Limitation** |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income Series | $86274 | $200077 | $286351 | $-0- |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income Series | 54832 | 163327 | 218159 | -0- |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income Series | 2216 | 281735 | 283951 | 85500 |

---

The Income Series are eligible to utilize these amounts to offset future capital gains subject to annual limitations under IRC Section 382.

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 year ending June 30, 2025, the following reclassifications were made as a result of permanent differences between the financial statement and income tax reporting requirements primarily attributable to merger adjustments:

---

| | | |
|:---|:---|:---|
|  | **Paid-in Capital** | **Total accumulated loss** |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income Series | $286351 | $(286351) |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income Series | 218159 | (218159) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income Series | 283951 | (283951) |

---

The tax character of distributions paid for the six months ended December 31, 2025 and the year ended June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** |
|  | **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 | $305562 |  |  | $605920 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Kentucky Tax-Free Income Series | 11068181 |  |  | 21124828 |  |  |
|  Mississippi Tax-Free Income Series | 71607 |  |  | 159893 |  |  |
|  North Carolina Tax-Free Income Series | 1640874 |  |  | 3079060 |  |  |
|  Tennessee Tax-Free Income Series | 778146 |  |  | 1473601 |  |  |
|  Intermediate Government Bond Series |  | 143105 |  |  | 309071 |  |
|  Taxable Municipal Bond Series |  | 75844 |  |  | 161696 |  |

---

At June 30, 2025, 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 | $— | $92126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1417838) |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income |  | 2338919 |  | (32167249) |
| &nbsp;&nbsp;&nbsp; Mississippi Tax-Free Income |  | 10293 |  | (117076) |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income |  | 214017 |  | (4661672) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income |  | 90248 |  | (2297863) |
| &nbsp;&nbsp;&nbsp; Intermediate Government Bond | 3152 |  |  | (13722) |
| &nbsp;&nbsp;&nbsp; Taxable Municipal Bond Series | 4505 |  |  | (216096) |

---

------

---

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

---

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025
**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 | $(611518) | $(92126) | $(2029356) |
| &nbsp;&nbsp;&nbsp; Kentucky Tax-Free Income | (25242423) | (2338919) | (57409672) |
| &nbsp;&nbsp;&nbsp; Mississippi Tax-Free Income | (580190) | (10228) | (697366) |
| &nbsp;&nbsp;&nbsp; North Carolina Tax-Free Income | (6804995) | (214017) | (11466667) |
| &nbsp;&nbsp;&nbsp; Tennessee Tax-Free Income | (2380107) | (113446) | (4701167) |
| &nbsp;&nbsp;&nbsp; Intermediate Government Bond | (203593) | (3152) | (217315) |
| &nbsp;&nbsp;&nbsp; Taxable Municipal Bond Series | (1988450) | (4505) | (2204543) |

---

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

The Trust entered into an unsecured, uncommitted Loan Agreement ("Line of Credit") with the Funds' custodian, U.S.Bank, National Association, as an umbrella facility, on behalf of the Funds. 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 current agreement expires on September 16, 2026. Interest is payable based on the published prime rate of the bank.

The interest expense is shown on each Fund's Statement of Operations within "Other expenses". The Funds had no borrowings as of December 31, 2025. During the six months ended December 31, 2025, the average interest rate on borrowings was 7.31% 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 Largest<br>Borrowing** | **Weighted Average<br>Borrowing** |
|  Alabama Tax-Free Income Series | $337000 | 11/07/2025 | 2929 |
|  Kentucky Tax Free Income Series | 840000 | 11/14/2025 | 14125 |
|  Mississippi Tax-Free Income Series | 60000 | 07/30/2025 | 326 |
|  North Carolina Tax-Free Income Series | 64000 | 09/12/2025 | 1163 |
|  Tennessee Tax-Free Income Series | -0- | N/A | -0- |
|  Intermediate Government Bond Series | 54000 | 10/24/2025 | 1364 |
|  Taxable Municipal Bond Series | -0- | N/A | -0- |

---

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 ended December 31, 2025 these credits reduced each Fund's expenses by the amount shown on each Fund's Statement of Operations as "Custodian fee reduction."

------

---

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

---

#### OTHER UNAUDITED INFORMATION

#### December 31, 2025

---

| | |
|:---|:---|
| **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 twelve months ended June 30, 2025, is available without charge upon request by visiting <u>http://www.dupree-funds.com</u>, or on the Securities and Exchange Commission's (the "Commission") website at <u>http://www.sec.gov</u>. For the six months ended December 31, 2025, the Funds exercised no proxy votes due to the fact that the debt instruments in which the Funds invest carry no voting rights.

#### Renewal of Advisory Agreements:
At a meeting of the Board held on October 21, 2025, 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 Series. 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 its 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.

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

*Performance.* The Board reviewed the performance of each Fund for the last 10 years, comparing the performance of each Fund to various indices, peer groups and Morningstar categories. The Trustees discussed the methodology used to select the peer groups, noting no change in the methodology used to assemble the peer groups, which were the same peer groups used last year, although there were changes in the composition of some of the peer groups. The Trustees considered The Adviser's representation that the Taxable Municipal Bond Series has a unique investment style and the peer group for that Series consists of mutual funds from three different Morningstar categories that have investment objectives and holdings similar to those of the Taxable Municipal Bond Series. The Trustees also noted that the benchmarks do not reflect fund fees and expenses.

The Board reviewed the 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. The Trustees noted that the Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series, Mississippi Tax-Free income Series, North Carolina Tax-Free Income Series, and Tennessee Tax-Free Income Series (collectively, the "Income Series") underperformed their respective benchmarks for all periods, which the Adviser attributed to the longer average nominal maturity and longer modified adjusted duration of each of the Income Series relative to their benchmarks. The Income Series generally underperformed their respective peer groups and Morningstar categories for the most recent 1-year period, which the Adviser attributed to the longer average nominal maturity, longer modified adjusted duration, and higher credit quality of each of the Income Series relative to their peers. The Board observed that each of the Income Series generally underperformed or performed in line with their respective peer groups and Morningstar categories for the 5-year and 10-year periods. The Trustees noted that the Intermediate Government Bond Series underperformed its benchmark for the 1-year period due to its shorter modified adjusted duration, but outperformed its benchmark, peer group and Morningstar category for the 5-year and 10-year periods. The Taxable Municipal Bond Series underperformed its benchmark, peer group and Morningstar category for all periods. The Adviser attributed the underperformance to the longer modified adjusted duration and longer average nominal maturity of the Taxable Municipal Bond Series as compared to its benchmark and peer group. The Board also noted the Taxable Municipal Bond Series' Morningstar category contains the entire universe of taxable bonds, including corporates bonds, treasuries, agencies, mortgage-backed securities, and collateralized mortgage obligations. Finally, the Board noted that the Adviser does not manage the Funds to maximize total return or outperform an index, but rather to maximize dividend yield (income) to shareholders without taking undue risk to principal. The Board concluded that performance of the Income Series, the Intermediate Government Bond Series, and the Taxable Municipal Bond Series was satisfactory.

------

---

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

---

#### OTHER UNAUDITED INFORMATION

#### December 31, 2025

---

| | |
|:---|:---|
| **Renewal** | **of Advisory Agreements, continued** |

---

*Fees and Expenses*. 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 average, and the Kentucky Tax-Free Income Series and the Intermediate Government Bond Series were equal to or below the Morningstar category averages. The Board also noted that the advisory fees 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. Turning to total operating expenses, the Board observed that the average expense ratios for all the Series, after voluntary fee waivers and reimbursements, were lower than the average expense ratios of the peer groups and Morningstar categories, except for the Tennessee Tax-Free Income Series whose average expense ratio is higher than the peer group average. The Trustees noted that the higher expenses were due to the smaller size of the Funds as compared to the size of the funds comprising the peer groups and Morningstar categories. The Trustees noted that the Adviser has agreed to voluntarily waive fees and reimburse expenses to the extent necessary to keep total fund operating expenses at or below 1.00% for the Taxable Municipal Bond Fund and 0.70% for the other Funds, and that the voluntary fee waivers and expenses reimbursements would remain in place for an additional one-year period. Finally, Trustees reviewed the advisory fee breakpoints currently in place for all the Funds. After considering the comparative data as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

*Economies of Scale and Profitability*. 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 and a Statement of Income and Expenses, each as of June 30, 2025. The Board also reviewed the net profit margins realized by the Adviser on each Fund. The Board considered the allocation of revenues and expenses, specifically noting that 100% of marketing expenses are allocated to the Adviser. The Board also considered the methodology used by the Adviser in determining profitability, noting that it was the same methodology as used in previous years. After considering all of the data as described above, the Board concluded that the services provided and the profits to be realized by the Adviser were reasonable.

The Board considered the benefit shareholders receive from an in-house transfer agent and The Adviser's assertion that the transfer agency fees earned by the Adviser reflect its service to the Series' direct shareholders and the coordination of trading and settlement issues for all shareholders. The Board also noted that unlike many other service providers, the Adviser does not charge separately for fund accounting and fund administration services. Rather, such services are included in the investment advisory fee. The Trustees discussed the level and quality of services provided to shareholders by the Adviser. The Trustees reviewed transfer agency, fund administration and fund accounting fees ("Administrative Fees") paid by a peer group of funds and compared those fees to the fees paid by the Trust. The Trustees noted the difficulty of comparing Administrative Fees due to different methods used to calculate and assess fees and the size of companies providing the services. The Trustees also discussed the net profit margins realized by the Adviser on each Series under the Transfer Agent and Dividend Disbursing Agent Services Agreement. After considering data described above, the Board concluded that the transfer agency fees paid to the Adviser were reasonable.

*Conclusion*. 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 Advisory Agreements were fair and reasonable, that the Adviser's fees were reasonable in light of the services provided to the Series and the benefits received by the Adviser, and that renewal of the Advisory Agreements would be in the best interests of the Series.

------

Item 8. Not applicable.

Item 9. Not applicable

Item 10. Included under Item 7

Item 11. Included under Item 7

Item 12. Not applicable.

Item 13. Not applicable

Item 14: Not applicable

Item 15: Not applicable

Item 16:

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 17: Not applicable

Item 18: Not applicable.

Item 19. Exhibits

(a)(1) Not applicable

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.](d21619dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and required by Rule 30a-2(b) under the Investment Company Act of 1940, are filed herewith.](d21619dex99906cert.htm)

------

#### 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 |
| By: <u>/s/ Michelle M. Dragoo</u> |
| Michelle M. Dragoo, Principal Financial Officer |
| Date: February 27, 2026 |

---

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.

---

| |
|:---|
| Dupree Mutual Funds |
| By: <u>/s/ Allen E. Grimes, III</u> |
| Allen E. Grimes, III, Principal Executive Officer |
| Date: February 27, 2026 |

---

## Ex-99.Cert

Exhibit 19 (a)(3)

I, Allen E. Grimes, III certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, changes in net assets of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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;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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (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 27, 2026

---

| |
|:---|
| /s/ Allen E. Grimes, III |
| Allen E. Grimes, III |
| Principal Executive Officer |

---

------

I, Michelle M. Dragoo certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, changes in net assets of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (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 27, 2026

---

| |
|:---|
| <u>/s/ Michelle M. Dragoo</u> |
| Michelle M Dragoo |
| Principal Financial Officer |

---

## Exhibit 99.906

Exhibit 99.906 Certification

Section 906 Certifications

This certification is provided pursuant to section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. (s) 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of Dupree Mutual Funds (the Registrant).

I, Allen E. Grimes, III, Principal Executive Officer 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 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.

February 27, 2026

---

| |
|:---|
| /s/ Allen E. Grimes, III |
| Principal Executive Officer, |
| Dupree Mutual Funds |

---

This certification is provided pursuant to section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. (s) 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of Dupree Mutual Funds (the Registrant).

I, Michelle M. Dragoo, Principal Financial Officer 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 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

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

February 27, 2026

---

| |
|:---|
| /s/ Michelle M. Dragoo |
| Principal Financial Officer,<br> Dupree Mutual Funds |

---