# EDGAR Filing Document

**Accession Number:** 0000311101
**File Stem:** 0001193125-26-019061
**Filing Date:** 2026-1
**Character Count:** 35124
**Document Hash:** aebc9900501406d923033be873f779ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-019061.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-019061

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02918
- **FILM NUMBER:** 26550360

**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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Lexington

  - **State:** KY

  - **Foreign country:** US

  - **Zip / Postal Code:** 40507

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

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

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

- **b. EDGAR series identifier (if any):** S000012004

- **c. LEI of Series:** 549300OJ7QYEHSBVZ852

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $49989151.67

**Total Liabilities:** $411928.03

**Net Assets:** $49577223.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 465.031231640441 | **1-Year:** 2943.673105168471 | **5-Year:** 9545.676423935304 | **10-Year:** 15946.025608937897 | **30-Year:** 6790.175404851931

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032732 | 1.60%                | 0.25%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8631.91                | $686573.36                                 |
| Month 2  | $0.00                    | $15703.24                                  |
| Month 3  | $58.50                   | $-118939.15                                |

### Schedule of Portfolio Investments

| Name                                                                               | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD                             | TN METHGR 5 07/01/2040    | CUSIP: 592041WG8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    950000 | PA      | $954332.00    | 1.92%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD                                         | TN SHEMED 5 05/01/2036    | CUSIP: 821697S83<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1556244.40   | 3.14%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TENN                                                                   | TN CLAPWR 4.25 09/01/2040 | CUSIP: 182494JQ8<br>LEI: 5493000GGEJLABLR8E68 | Long             | DBT              | MUN               | US        |    475000 | PA      | $488589.75    | 0.99%             | 2040-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CLARKSVILLE TENN PUB BLDG AUTH                                                     | TN CLAFAC 4.5 02/01/2043  | CUSIP: 182564BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $636659.10    | 1.28%             | 2043-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOUDON TENN                                                                        | TN LOUWTR 5 03/01/2040    | CUSIP: 545845DW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $383105.35    | 0.77%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUDON TENN                                                                        | TN LOUWTR 5 03/01/2041    | CUSIP: 545845DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $454512.00    | 0.92%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUDON TENN                                                                        | TN LOUWTR 4 03/01/2044    | CUSIP: 545845EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958740.00    | 1.93%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARSHALL CNTY TENN                                                                 | TN MRLWTR 5 06/01/2040    | CUSIP: 572258AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $298160.50    | 0.60%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD                                         | TN SHEMED 4 08/01/2037    | CUSIP: 821697V55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280380.80    | 0.57%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD                                         | TN SHEMED 4 08/01/2040    | CUSIP: 821697V63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $844908.75    | 1.70%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                                                       | TN MEM 4 06/01/2041       | CUSIP: 586145T87<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1117412.80   | 2.25%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN                                   | TN MET 4 07/01/2033       | CUSIP: 592112SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761032.50    | 1.54%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN                                   | TN MET 4 07/01/2034       | CUSIP: 592112SS6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505010.00    | 1.02%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEVIERVILLE TENN                                                                   | TN SVV 4 06/01/2044       | CUSIP: 818274ZF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $420609.20    | 0.85%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA TENN                                                                      | TN COL 4 12/01/2043       | CUSIP: 198558SE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984870.00    | 1.99%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA TENN                                                                      | TN COL 4 12/01/2050       | CUSIP: 198558SM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $687817.50    | 1.39%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIMAN TENN                                                                      | TN HAR 5 06/01/2028       | CUSIP: 413720LN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105104.00    | 0.21%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYVILLE TENN                                                                     | TN MAR 4 06/01/2029       | CUSIP: 574531VR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251080.00    | 0.51%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD TENN                                                                   | TN SPR 5 06/01/2027       | CUSIP: 851392SR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $253641.15    | 0.51%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMBLEN CNTY TENN                                                                  | TN HMB 4 05/01/2038       | CUSIP: 406540TP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $899738.40    | 1.81%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMBLEN CNTY TENN                                                                  | TN HMB 4 05/01/2039       | CUSIP: 406540TQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1268125.00   | 2.56%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMBLEN CNTY TENN                                                                  | TN HMB 4 05/01/2045       | CUSIP: 406540TW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $396685.80    | 0.80%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NOLENSVILLE TOWN TENN                                                              | TN NOL 4 06/01/2041       | CUSIP: 655309AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402404.00    | 0.81%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NOLENSVILLE TOWN TENN                                                              | TN NOL 4 06/01/2042       | CUSIP: 655309AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600468.00    | 1.21%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SULLIVAN CNTY TENN                                                                 | TN SUL 4 02/01/2043       | CUSIP: 865287XU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $984315.70    | 1.99%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYVILLE TENN                                                                     | TN MAR 5 06/01/2026       | CUSIP: 574531UU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50511.00     | 0.10%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                                                       | TN MEM 5 10/01/2043       | CUSIP: 5861454L5<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791295.00    | 1.60%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEVIERVILLE TENN                                                                   | TN SVV 5 05/01/2028       | CUSIP: 818274XW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131920.00    | 0.27%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEDFORD CNTY TENN                                                                  | TN BED 4 04/01/2027       | CUSIP: 076077QK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75216.00     | 0.15%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLLIERVILLE TENN                                                                  | TN CLV 4 01/01/2046       | CUSIP: 194702ZD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962630.00    | 1.94%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DECATUR CNTY TENN                                                                  | TN DCT 4 05/01/2042       | CUSIP: 243091KX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $387207.60    | 0.78%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY TENN                                                               | TN MON 4 04/01/2037       | CUSIP: 61366ABY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1427682.20   | 2.88%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY TENN                                                               | TN MON 4 06/01/2040       | CUSIP: 61366AKZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504425.00    | 1.02%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WHITE CNTY TENN                                                                    | TN WHI 4 06/01/2027       | CUSIP: 963694HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260005.20    | 0.52%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILSON CNTY TENN                                                                   | TN WIL 4 04/01/2039       | CUSIP: 97217PNS4<br>LEI: 549300N6BIU7YJ1ESV95 | Long             | DBT              | MUN               | US        |    245000 | PA      | $245129.85    | 0.49%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE ARPT AUTH TENN                                              | TN MNVAPT 5 07/01/2035    | CUSIP: 592190LU4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250430.00    | 0.51%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE ARPT AUTH TENN                                              | TN MNVAPT 5 07/01/2040    | CUSIP: 592190LV2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700826.00    | 1.41%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD                             | TN METHGR 5 07/01/2035    | CUSIP: 592041WF0<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1606515.90   | 3.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DICKSON TENN                                                                       | TN DICPWR 5 07/01/2043    | CUSIP: 253507QS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074440.00   | 2.17%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EASTSIDE UTIL DIST HAMILTON CNTY TENN                                              | TN EASWTR 4 05/01/2045    | CUSIP: 277807FP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474115.00    | 0.96%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DICKSON TENN                                                                       | TN DICPWR 5 07/01/2043    | CUSIP: 253507QS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251602.50    | 0.51%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALLATIN TENN                                                                      | TN GALPWR 4 07/01/2043    | CUSIP: 363753BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $757179.60    | 1.53%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GALLATIN TENN                                                                      | TN GLTUTL 4 01/01/2042    | CUSIP: 363754BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1142884.05   | 2.31%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN                                          | TN HLPUTL 4 04/01/2028    | CUSIP: 406313NC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255619.65    | 0.52%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN                                          | TN HLPUTL 4 04/01/2035    | CUSIP: 406313NF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315607.95    | 0.64%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN                                          | TN HLPUTL 4 04/01/2038    | CUSIP: 406313NG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000850.00   | 2.02%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HALLSDALE-POWELL UTIL DIST KNOX CNTY TENN                                          | TN HLPUTL 4 04/01/2039    | CUSIP: 406313NY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $708057.00    | 1.43%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARPETH VY UTILS DIST TENN                                                         | TN HPVUTL 4 09/01/2039    | CUSIP: 413581QG7<br>LEI: 549300J843AGEC2L3Y44 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511740.00    | 1.03%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARPETH VY UTILS DIST TENN                                                         | TN HPVUTL 4 09/01/2043    | CUSIP: 413581SA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1084336.50   | 2.19%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSON TENN ENERGY AUTH                                                           | TN JACUTL 5 06/01/2028    | CUSIP: 46873MBF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150172.50    | 0.30%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CHAPMAN TENN UTIL DIST                                                        | TN KNOWTR 4 01/01/2043    | CUSIP: 499291GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $520822.50    | 1.05%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TENN                                                                     | TN KNO 4 06/01/2043       | CUSIP: 499513HR3<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493805.00    | 1.00%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN                                                                     | TN KXVPWR 4 07/01/2041    | CUSIP: 499746P82<br>LEI: 5493002KM0TCCHHCDT47 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754267.50    | 1.52%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN                                                                     | TN KXVPWR 4 07/01/2044    | CUSIP: 499746Z40<br>LEI: 5493002KM0TCCHHCDT47 | Long             | DBT              | MUN               | US        |    670000 | PA      | $646194.90    | 1.30%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA FOLLETTE TENN                                                                   | TN LAFPWR 5 06/01/2045    | CUSIP: 506837CM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $247062.55    | 0.50%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON TENN                                                                     | TN LEXPWR 4 08/01/2044    | CUSIP: 529658EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479070.00    | 0.97%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA FOLLETTE TENN                                                                   | TN LAFPWR 5 06/01/2045    | CUSIP: 506837CM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $316195.70    | 0.64%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                                                       | TN MEMUTL 4 12/01/2034    | CUSIP: 58616PAT5<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |    775000 | PA      | $779425.25    | 1.57%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                                                       | TN MEMUTL 4 12/01/2037    | CUSIP: 58616PBR8<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1317899.30   | 2.66%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN                                   | TN METPWR 5 05/15/2031    | CUSIP: 592030K58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102938.00    | 0.21%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN                                   | TN METUTL 4 07/01/2046    | CUSIP: 5920982R7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942470.00    | 1.90%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND TENN                                                                      | TN PORUTL 4 04/01/2037    | CUSIP: 736806BG4<br>LEI: 549300BJVHTFMLXPSJ79 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900477.00    | 1.82%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND TENN                                                                      | TN PORUTL 4 04/01/2040    | CUSIP: 736806BW9<br>LEI: 549300BJVHTFMLXPSJ79 | Long             | DBT              | MUN               | US        |    750000 | PA      | $747540.00    | 1.51%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PULASKI TENN                                                                       | TN PULPWR 4 06/01/2042    | CUSIP: 745621FF4<br>LEI: 549300F5JLO4ZT59W364 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494055.00    | 1.00%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WATAUGA RIV REGL WTR AUTH                                                          | TN WTAWTR 4 07/01/2037    | CUSIP: 94109RAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1274038.60   | 2.57%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WATTS BAR UTIL DIST TENN                                                           | TN WTSUTL 5 09/01/2045    | CUSIP: 94274MCS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207280.00    | 0.42%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST KNOX UTIL DIST KNOX CNTY TENN                                                 | TN WESUTL 4 06/01/2046    | CUSIP: 953564GW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941300.00    | 1.90%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST WILSON UTIL DIST TENN                                                         | TN WWNWTR 5 06/01/2042    | CUSIP: 956876LG9<br>LEI: 549300WPXZ57G71KKH88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534455.00    | 1.08%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST WILSON UTIL DIST TENN                                                         | TN WWNWTR 5 06/01/2040    | CUSIP: 956876LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223884.00    | 0.45%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY CNTY TENN INDL DEV BRD                                              | TN MEMDEV 5 11/01/2027    | CUSIP: 586108AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203542.00    | 0.41%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD MULTIFAMILY | TN METHSG 4.6 12/01/2044  | CUSIP: 592113CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502500.00    | 1.01%             | 2044-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY                                                              | TN TNSHSG 4.5 07/01/2043  | CUSIP: 88046KCM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1494857.70   | 3.02%             | 2043-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY                                                              | TN TNSHSG 4.15 07/01/2038 | CUSIP: 88046KEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101768.00    | 0.21%             | 2038-07-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY                                                              | TN TNSHSG 4.45 07/01/2043 | CUSIP: 88046KEQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1784984.00   | 3.60%             | 2043-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD                                         | TN SHEMED 4 08/01/2027    | CUSIP: 821697M89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100004.00    | 0.20%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD                                         | TN SHEMED 4 08/01/2036    | CUSIP: 821697V48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $925096.80    | 1.87%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Dupree Mutual Funds

**Signature:** Michelle Dragoo

**Name of Signer:** Michelle Dragoo

**Title:** Treasurer