Dupree Mutual Funds NPORTP/A Kentucky Tax-Free Income Series (Sep 2022 report)

DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
PREREFUNDED BONDS
32.08% of Net Assets
AL Federal Aid Highway Finance Authority				4.000	%		06/01/2037	AAA*	$	250,000	$	258,225
AL State Highway Finance Corporation				5.000			08/01/2040	Aa2		250,000		264,765
Alabaster AL Board of Education Special Tax Warrants	*	*		5.000			09/01/2039	A1		600,000		618,804
Auburn AL Waterworks Board Water Revenue				5.000			09/01/2036	Aa2		250,000		260,950
Birmingham AL Waterworks	*	*		5.000			01/01/2038	Aa2		250,000		251,180
Birmingham AL Waterworks				5.000			01/01/2040	Aa2		150,000		155,982
Decatur City AL Board of Education Special Tax				5.000			02/01/2040	Aa2		225,000		234,295
Jasper AL Warrants				5.000			03/01/2031	A2		250,000		256,435
Jasper AL Warrants				5.000			03/01/2032	A2		450,000		461,583
Limestone County AL Board of Education				5.000			07/01/2033	AA*		255,000		262,663
Limestone County AL Water & Sewer Authority				5.000			12/01/2033	AA-*		300,000		307,272
Limestone County AL Water & Sewer Authority				4.750			12/01/2033	AA*		290,000		306,939
Limestone County AL Water & Sewer Authority				5.000			12/01/2034	AA-*		250,000		255,318
Madison AL Warrants				5.000			04/01/2035	Aa2		350,000		365,208
Northport AL Warrants	*	*		5.000			08/01/2040	AA*		735,000		758,775
Trussville AL Warrants				5.000			10/01/2039	NR		445,000		453,152
Trussville AL Warrants	*	*		5.000			10/01/2039	Aa2		775,000		789,431
Tuscaloosa AL Warrants				5.000			01/01/2032	Aa1		350,000		357,658
Tuscaloosa AL Warrants				5.000			07/01/2034	Aa1		300,000		309,483
Tuscaloosa County AL Board of Education Special Tax School Warrants				5.000			02/01/2036	Aa3		250,000		267,865
Tuscaloosa County AL Board of Education Special Tax School Warrants				5.000			02/01/2037	Aa3		250,000		267,865
University of AL Birmingham				5.000			10/01/2037	Aa2		225,000		228,697

												7,692,545
SCHOOL IMPROVEMENT BONDS
19.40% of Net Assets
Athens AL Warrants				3.000			05/01/2041	Aa3		125,000		97,143
Bibb County AL Board of Education Special Tax				4.000			04/01/2032	AA*		380,000		373,802
Cherokee County AL Board of Education Special Tax Warrants				4.250			12/01/2042	A1		150,000		143,901
Cherokee County AL Board of Education Tax Warrants				4.000			12/01/2034	A1		310,000		294,187
Elmore County AL Board of Education				4.000			08/01/2038	Aa3		250,000		231,388
Florence AL City Board of Education Special Tax School Warrants				4.000			03/01/2046	Aa3		225,000		193,313
Guntersville AL Warrants				3.000			08/01/2040	AA-*		250,000		196,725
Houston County AL Board of Education Special Tax School Warrants				3.000			12/01/2037	AA*		250,000		205,453
Jackson County AL Board of Education School Tax Warrants				3.000			03/01/2038	AA*		350,000		285,579
Jefferson County AL Board of Education Public School Warrants				4.000			02/01/2042	A1		325,000		289,071
Jefferson County AL Public Schools				4.000			02/01/2038	A1		165,000		152,298
Madison AL Board of Education Special Tax School Warrants				4.000			02/01/2041	Aa3		370,000		332,482
Madison County AL Board of Education Capital Outlay	*	*		5.000			09/01/2031	Aa3		660,000		691,406
Marshall County AL Board of Education Special Tax School Warrants				4.000			03/01/2033	A1		250,000		243,338
Mountain Brook AL City Board of Education				3.000			03/01/2042	Aa1		250,000		195,983
Oxford AL Board of Education School Tax Warrants				4.000			05/01/2045	Aa3		350,000		301,655
Pell City AL Warrants				4.500			02/01/2042	AA*		200,000		189,346
Saint Clair County AL Board of Education Special Tax Warrants				3.000			02/01/2038	A1		250,000		204,873
Troy AL Public Educational Building Authority				5.250			12/01/2036	A1		30,000		30,029

												4,651,972
PUBLIC FACILITIES REVENUE BONDS
13.61% of Net Assets
Adamsville AL Warrants				3.000			09/01/2045	AA*		250,000		188,430
AL State Corrections Institution Finance Authority				5.000			07/01/2042	Aa2		350,000		357,014
Anniston AL Public Building Authority DHR Project				5.250			05/01/2030	AA-*		50,000		50,080
Anniston AL Public Building Authority DHR Project				5.500			05/01/2033	AA-*		200,000		200,182
Bessemer AL Public Educational Building Authority Revenue				5.000			07/01/2030	AA*		140,000		140,104
Birmingham Jefferson AL Civic Center Authority Revenue				5.000			05/01/2037	Aa3		500,000		525,045
Birmingham Jefferson AL Civic Center Authority Revenue				5.000			05/01/2038	Aa3		250,000		261,885
Boaz AL Warrants				4.000			02/01/2037	AA*		250,000		232,378
Bullock County AL Public Building Authority				4.000			10/01/2038	AA-*		500,000		506,835
Montgomery County AL Public Building Authority				5.000			03/01/2036	Aa2		350,000		371,492
Phenix City AL Public Building Authority				4.000			10/01/2035	AA-*		100,000		95,498
Phenix City AL Public Building Authority				4.000			10/01/2037	AA-*		120,000		111,642
Saint Clair County AL Public Building Authority				4.000			02/01/2041	AA-*		250,000		224,650

												3,265,235
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.04% of Net Assets
AL Community College System Gadsden State Community College				5.000			06/01/2038	A1		325,000		341,419
Auburn University AL General Fee Revenue				4.000			06/01/2036	Aa2		380,000		370,979
Troy University AL Facilities Revenue				5.000			11/01/2028	A1		250,000		259,438
Troy University AL Facilities Revenue				4.000			11/01/2032	A1		300,000		302,883
Troy University AL Facilities Revenue				5.000			11/01/2037	A1		200,000		210,620
University of AL General Fee Revenue				5.000			09/01/2037	Aa3		250,000		263,310
University of AL Huntsville General Fee Revenue				5.000			09/01/2038	Aa3		435,000		456,858
University of AL Huntsville General Fee Revenue				5.000			09/01/2038	Aa3		500,000		526,915
University of South AL				5.000			04/01/2044	A1		150,000		155,988

												2,888,410

DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
11.68% of Net Assets
Athens AL Water & Sewer				4.000	%		05/01/2039	A1	$	200,000	$	183,558
Athens AL Water & Sewer				4.000			05/01/2040	A1		100,000		91,011
Berry AL Water & Sewer Revenue				4.000			09/01/2039	AA*		250,000		246,665
Birmingham AL Waterworks				4.000			01/01/2037	Aa2		250,000		241,538
Birmingham AL Waterworks				4.000			01/01/2041	Aa2		225,000		209,225
Coosa Valley Water Supply				4.000			10/01/2036	AA-*		150,000		140,195
Limestone County AL Water & Sewer Authority				4.750			12/01/2035	AA*		400,000		405,820
Opelika AL Utilities Board				4.000			06/01/2039	Aa3		250,000		231,558
Prattville AL Sewer Warrants				4.000			11/01/2042	AA-*		375,000		347,087
Scottsboro AL Waterworks Sewer & Gas				4.000			08/01/2040	AA*		150,000		134,886
Talladega AL Water & Sewer Revenue				3.000			09/01/2046	AA*		250,000		177,370
Tuskegee AL Utilities Board				3.000			08/01/2037	A1		260,000		218,611
Warrior River AL Water Authority				4.000			08/01/2043	AA*		200,000		174,284

												2,801,808
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.10% of Net Assets
Arab AL				3.000			12/01/2041	AA*		250,000		193,210
Birmingham AL Warrants				4.000			12/01/2035	Aa3		250,000		241,285
Birmingham AL Warrants				5.000			12/01/2037	Aa3		250,000		263,593
Birmingham AL Warrants				4.000			06/01/2046	Aa3		600,000		524,802

												1,222,890
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.38% of Net Assets
Chilton County AL Health Care Authority Chilton County Hospital	*	*		5.000			11/01/2035	AA-@		550,000		570,818

REFUNDING BONDS
2.21% of Net Assets
Montgomery AL Warrants				5.000			06/15/2035	A1		500,000		529,780

Total Investments 98.50% of Net Assets (cost $25,609,439 (See (a) below for further explanation)											$	23,623,458

Other assets in excess of liabilities 1.50%												360,895

Net Assets 100%											$	23,984,353

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

(a)	Cost for federal income tax purposes is $25,609,439 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	34,600
Unrealized depreciation		(2,020,581	)

Net unrealized depreciation	$	(1,985,981	)

Other Information

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

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

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.

Level 3 -

Prices 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 Fund’s own assumptions about the factors market participants would use in pricing a security, and would be based on the best information available.

The following is a summary of the inputs used, as of September 30, 2022, involving the Fund’s investments in securities carried at fair value. As of that date, the Fund held no investments or other financial instruments whose fair value was determined using Level 3 inputs. The Fund recognizes transfers at the end of the reporting period. There were no transfers in and out of level 1, 2 or 3 during the quarter ended September 30, 2022.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		23,623,458
Level 3	Significant Unobservable Inputs		—

		$	23,623,458

Securities held by the Fund are valued as determmined in good faith in accordance with consistently applied procedures established by and under the supervision of the Board of Trustees. These procedures involve the use of matrix pricing models which take into consideration price quotations or appraisals for these securities, yield, stability, risk, quality, coupon rate, maturity, type of issue, trading characteristics, special circumstances of a security or trading market, and any other factors or market data considered relevant in determining the value. The procedures also include weekly verification of market quotations provided by two independent pricing services. A bond valuation that is not supported by a valuation source requires management to fair value the security in consultation with the Board of Trustees Valuation Committee. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2022


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
37.12% of Net Assets
KY Association of Counties		4.000	%		02/01/2028	AA-*	$	345,000	$	350,292
KY Association of Counties		4.000			02/01/2029	AA-*		240,000		243,617
KY Association of Counties		5.000			02/01/2030	AA-*		385,000		413,921
KY Association of Counties		5.000			02/01/2031	AA-*		255,000		273,261
KY Association of Counties		4.000			02/01/2033	AA-*		420,000		425,200
KY Association of Counties		4.000			02/01/2034	AA-*		435,000		422,607
KY Association of Counties		4.000			02/01/2035	AA-*		690,000		667,099
KY Association of Counties		4.000			02/01/2035	AA-*		460,000		444,733
KY Association of Counties		4.500			02/01/2036	AA-*		445,000		446,660
KY Association of Counties		4.000			02/01/2037	AA-*		745,000		715,059
KY Association of Counties		4.500			02/01/2037	AA-*		460,000		460,672
KY Association of Counties		4.000			02/01/2038	AA-*		3,165,000		2,977,505
KY Association of Counties		4.500			02/01/2038	AA-*		490,000		488,898
KY Association of Counties		4.000			02/01/2039	AA-*		1,000,000		921,820
KY Association of Counties		4.500			02/01/2039	AA-*		515,000		511,441
KY Association of Counties		4.500			02/01/2040	AA-*		535,000		528,628
KY Association of Counties		4.500			02/01/2041	AA-*		565,000		554,587
KY Association of Counties		4.500			02/01/2042	AA-*		1,050,000		1,029,998
KY Bond Corporation Finance Program		3.000			02/01/2032	AA-*		550,000		488,818
KY Bond Corporation Finance Program		3.000			02/01/2033	AA-*		1,010,000		881,245
KY Bond Corporation Finance Program		3.000			02/01/2033	AA-*		905,000		788,273
KY Bond Corporation Finance Program		3.000			02/01/2034	AA-*		1,070,000		914,058
KY Bond Corporation Finance Program		3.000			02/01/2034	AA-*		925,000		789,451
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		930,000		778,568
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		1,170,000		979,489
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		1,240,000		1,021,971
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		965,000		795,324
KY Bond Corporation Finance Program		3.000			02/01/2037	AA-*		990,000		801,415
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		1,025,000		816,679
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		980,000		780,825
KY Bond Corporation Finance Program		3.000			02/01/2039	AA-*		1,050,000		821,405
KY Bond Corporation Finance Program		3.000			02/01/2040	AA-*		1,030,000		786,961
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,000,000		754,700
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,065,000		803,756
KY Bond Corporation Finance Program		3.000			02/01/2042	AA-*		420,000		309,817
KY Bond Corporation Finance Program		3.000			02/01/2043	AA-*		430,000		312,541
KY Bond Corporation Finance Program		3.000			02/01/2044	AA-*		450,000		322,340
KY Bond Corporation Finance Program		3.000			02/01/2047	AA-*		1,100,000		757,416
KY State Property & Building #105		4.750			04/01/2031	A1		2,110,000		2,124,496
KY State Property & Building #105		4.750			04/01/2032	A1		2,205,000		2,221,141
KY State Property & Building #105		4.750			04/01/2033	A1		2,310,000		2,324,599
KY State Property & Building #106		5.000			10/01/2029	A1		4,130,000		4,207,314
KY State Property & Building #106		5.000			10/01/2030	A1		7,165,000		7,299,845
KY State Property & Building #106		5.000			10/01/2031	A1		4,910,000		5,000,442
KY State Property & Building #106		5.000			10/01/2032	A1		6,275,000		6,390,586
KY State Property & Building #108		5.000			08/01/2026	A1		955,000		992,522
KY State Property & Building #108		5.000			08/01/2028	A1		2,670,000		2,779,310
KY State Property & Building #108		5.000			08/01/2030	A1		5,000,000		5,196,450
KY State Property & Building #108		5.000			08/01/2032	A1		8,820,000		9,144,841
KY State Property & Building #108		5.000			08/01/2033	A1		5,270,000		5,454,028
KY State Property & Building #108		5.000			08/01/2034	A1		4,900,000		5,053,762
KY State Property & Building #110		5.000			08/01/2029	A1		4,200,000		4,369,638
KY State Property & Building #110		5.000			08/01/2032	A1		1,515,000		1,570,798
KY State Property & Building #110		5.000			08/01/2033	A1		1,000,000		1,034,920
KY State Property & Building #110		5.000			08/01/2034	A1		1,900,000		1,959,622
KY State Property & Building #110		5.000			08/01/2035	A1		3,680,000		3,793,491
KY State Property & Building #112		5.000			11/01/2028	A1		2,765,000		2,915,084
KY State Property & Building #112		5.000			02/01/2035	A1		8,325,000		8,616,375
KY State Property & Building #112		5.000			02/01/2036	A1		7,920,000		8,194,666
KY State Property & Building #115		5.000			04/01/2033	A1		4,565,000		4,789,735
KY State Property & Building #115		5.000			04/01/2034	A1		13,975,000		14,592,416
KY State Property & Building #115		5.000			04/01/2036	A1		14,460,000		15,056,473
KY State Property & Building #115		5.000			04/01/2037	A1		5,000,000		5,187,450
KY State Property & Building #117		5.000			05/01/2031	A1		5,055,000		5,336,260
KY State Property & Building #117		5.000			05/01/2032	A1		3,680,000		3,876,806
KY State Property & Building #117		5.000			05/01/2033	A1		3,550,000		3,727,642
KY State Property & Building #117		5.000			05/01/2034	A1		5,825,000		6,088,989
KY State Property & Building #117		5.000			05/01/2035	A1		5,065,000		5,290,241
KY State Property & Building #117		5.000			05/01/2036	A1		5,275,000		5,500,610
KY State Property & Building #119		5.000			05/01/2030	A1		3,920,000		4,185,110
KY State Property & Building #119		5.000			05/01/2034	A1		725,000		767,275
KY State Property & Building #119		5.000			05/01/2035	A1		10,000,000		10,465,300
KY State Property & Building #119		5.000			05/01/2036	A1		10,000,000		10,424,600
KY State Property & Building #119		5.000			05/01/2037	A1		770,000		799,583

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY State Property & Building #119				4.000	%		05/01/2038	A1	$	265,000	$	248,565
KY State Property & Building #122				5.000			11/01/2031	A1		790,000		844,155
KY State Property & Building #122				5.000			11/01/2033	A1		1,000,000		1,053,510
KY State Property & Building #122				4.000			11/01/2034	A1		750,000		728,940
KY State Property & Building #122				4.000			11/01/2035	A1		2,500,000		2,413,300
KY State Property & Building #122				4.000			11/01/2036	A1		1,750,000		1,684,148
KY State Property & Building #122				4.000			11/01/2037	A1		3,000,000		2,846,370
KY State Property & Building #122				4.000			11/01/2037	A1		675,000		646,880
KY State Property & Building #122				4.000			11/01/2038	A1		6,595,000		6,184,198
KY State Property & Building #122				4.000			11/01/2039	A1		9,655,000		8,952,695
KY State Property & Building #126				5.000			05/01/2039	A1		5,565,000		5,805,965
KY State Property & Building #126				5.000			05/01/2040	A1		5,845,000		6,084,177
KY State Property & Building #126				5.000			05/01/2041	A1		6,135,000		6,366,655
KY State Property & Building #126				5.000			05/01/2042	A1		2,000,000		2,067,640
KY State Property & Building #126				4.000			05/01/2042	A1		1,980,000		1,757,171
KY State Property & Building #127				5.250			06/01/2040	A1		10,000,000		10,598,300
KY State Property & Building #127	^			5.250			06/01/2041	A1		8,745,000		9,240,055
KY State Property & Building #127	^			5.250			06/01/2042	A1		15,975,000		16,828,062
Louisville & Jefferson County Visitors & Convention Commission				4.000			06/01/2034	Aa3		3,720,000		3,668,627

												301,332,883
SCHOOL IMPROVEMENT BONDS
17.99% of Net Assets
Bowling Green KY School District Finance Corporation				4.000			08/01/2034	A1		1,890,000		1,874,086
Bowling Green KY School District Finance Corporation				4.000			08/01/2035	A1		2,215,000		2,175,595
Bowling Green KY School District Finance Corporation				4.000			08/01/2036	A1		2,305,000		2,200,883
Bowling Green KY School District Finance Corporation				4.000			08/01/2037	A1		2,395,000		2,261,311
Bowling Green KY School District Finance Corporation				4.000			04/01/2045	A1		2,500,000		2,189,100
Bowling Green KY School District Finance Corporation				4.000			04/01/2043	A1		3,085,000		2,721,093
Bullitt County KY School District Finance Corporation				4.000			10/01/2035	A1		1,820,000		1,757,246
Bullitt County KY School District Finance Corporation				4.000			10/01/2036	A1		2,985,000		2,870,227
Bullitt County KY School District Finance Corporation				4.000			10/01/2037	A1		3,075,000		2,915,008
Covington KY Independent School District Finance Corporation				4.000			06/01/2041	A1		490,000		456,317
Fayette County KY School District Finance Corporation				5.000			08/01/2028	Aa3		1,330,000		1,389,212
Fayette County KY School District Finance Corporation				5.000			10/01/2028	Aa3		1,375,000		1,401,139
Fayette County KY School District Finance Corporation				4.750			11/01/2031	Aa3		1,730,000		1,776,606
Fayette County KY School District Finance Corporation	*	*		5.000			08/01/2032	Aa3		10,600,000		11,045,624
Fayette County KY School District Finance Corporation				5.000			08/01/2034	Aa3		8,750,000		9,125,113
Glasgow KY School District Finance Corporation				3.000			02/01/2042	A1		1,820,000		1,337,099
Hardin County KY School District Finance Corporation				4.000			05/01/2030	Aa3		635,000		647,960
Jefferson County KY School District Finance Corporation				5.000			10/01/2026	Aa3		255,000		271,720
Jefferson County KY School District Finance Corporation				5.000			04/01/2030	Aa3		975,000		1,014,029
Jefferson County KY School District Finance Corporation				5.000			04/01/2031	Aa3		1,025,000		1,065,529
Jefferson County KY School District Finance Corporation				5.000			12/01/2032	Aa3		895,000		989,127
Jefferson County KY School District Finance Corporation				5.000			05/01/2033	Aa3		5,145,000		5,275,735
Jefferson County KY School District Finance Corporation				4.000			06/01/2033	Aa3		4,310,000		4,347,928
Jefferson County KY School District Finance Corporation				4.750			04/01/2034	Aa3		1,165,000		1,192,587
Jefferson County KY School District Finance Corporation				5.000			05/01/2034	Aa3		5,405,000		5,549,908
Jefferson County KY School District Finance Corporation				4.000			06/01/2034	Aa3		3,500,000		3,515,260
Jefferson County KY School District Finance Corporation				4.750			04/01/2035	Aa3		1,220,000		1,243,619
Jefferson County KY School District Finance Corporation				3.000			12/01/2035	Aa3		11,140,000		9,542,858
Jefferson County KY School District Finance Corporation				4.250			10/01/2037	Aa3		2,110,000		2,098,416
Jefferson County KY School District Finance Corporation				3.000			12/01/2038	Aa3		6,470,000		5,189,199
Jefferson County KY School District Finance Corporation				3.000			12/01/2039	Aa3		4,385,000		3,446,829
Jefferson County KY School District Finance Corporation				3.000			12/01/2040	Aa3		1,940,000		1,491,957
Kenton County KY School District Finance Corporation				4.000			04/01/2036	A1		1,210,000		1,165,896
Kenton County KY School District Finance Corporation				4.000			04/01/2037	A1		1,255,000		1,191,259
Kenton County KY School District Finance Corporation				4.000			04/01/2038	A1		1,300,000		1,208,753
Kenton County KY School District Finance Corporation				3.000			12/01/2040	A1		1,965,000		1,501,319
Kenton County KY School District Finance Corporation				3.000			12/01/2041	A1		2,025,000		1,514,781
Meade County KY School District Finance Corporation				4.000			06/01/2036	A1		2,215,000		2,137,852
Meade County KY School District Finance Corporation				4.000			06/01/2037	A1		2,255,000		2,167,596
Meade County KY School District Finance Corporation				4.000			06/01/2038	A1		2,400,000		2,247,984
Morgan County KY School District Finance Corporation				4.000			08/01/2029	A1		960,000		975,590
Oldham County KY School District Finance Corporation				4.000			10/01/2034	A1		1,560,000		1,560,577
Raceland-Worthington KY Independent School District Finance Corporation				3.400			06/01/2037	A1		630,000		540,849
Scott County KY School District Finance Corporation				4.500			01/01/2025	A1		4,890,000		5,005,453
Scott County KY School District Finance Corporation				4.000			02/01/2029	Aa3		5,040,000		5,187,672
Scott County KY School District Finance Corporation				4.000			06/01/2035	Aa3		1,440,000		1,413,245
Scott County KY School District Finance Corporation				4.000			10/01/2035	Aa3		2,235,000		2,162,251
Scott County KY School District Finance Corporation				4.000			06/01/2036	Aa3		1,500,000		1,444,755
Scott County KY School District Finance Corporation				4.000			10/01/2037	Aa3		2,415,000		2,271,718
Scott County KY School District Finance Corporation				5.000			09/01/2041	Aa3		7,120,000		7,407,862
Shelby County KY School District Finance Corporation				4.000			08/01/2037	Aa3		6,240,000		5,982,974
Shelby County KY School District Finance Corporation				4.000			08/01/2038	Aa3		3,000,000		2,837,790
Woodford County KY School District Finance Corporation				5.000			08/01/2038	A1		1,650,000		1,734,992

												146,039,488

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2022


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
14.50% of Net Assets
Boyle County Centre College		5.000	%		06/01/2037	A3	$	2,865,000	$	2,916,083
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2033	A3		1,345,000		1,399,392
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2034	A3		1,605,000		1,659,265
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2035	A3		2,165,000		2,228,326
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2036	A3		2,835,000		2,907,916
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2038	A3		1,340,000		1,362,391
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2038	A3		200,000		175,068
KY Bond Development Corporation Educational Facilities Centre College		3.000			06/01/2039	A3		860,000		648,345
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2040	A3		640,000		554,573
KY Bond Development Corporation Educational Facilities Centre College		3.000			06/01/2041	A3		1,405,000		1,003,465
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2046	A3		4,045,000		3,269,978
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2051	A3		4,400,000		3,458,312
KY State Property & Building #114		5.000			10/01/2032	A1		2,795,000		2,921,614
KY State Property & Building #114		5.000			10/01/2033	A1		2,940,000		3,070,977
KY State Property & Building #114		5.000			10/01/2034	A1		3,090,000		3,225,311
KY State Property & Building #114		5.000			10/01/2035	A1		1,945,000		2,028,713
KY State Property & Building #116		5.000			10/01/2035	A1		4,165,000		4,377,207
KY State Property & Building #116		5.000			10/01/2036	A1		2,725,000		2,861,305
Murray State University		5.000			03/01/2032	A1		2,220,000		2,285,623
Murray State University		3.000			09/01/2037	A1		1,310,000		1,054,733
Murray State University		3.000			09/01/2039	A1		1,390,000		1,079,099
Murray State University		3.000			09/01/2041	A1		1,470,000		1,101,059
University of Kentucky Certificate of Participation		4.000			05/01/2033	Aa3		885,000		888,540
University of Kentucky Certificate of Participation		4.000			05/01/2034	Aa3		1,020,000		1,009,708
University of Kentucky Certificate of Participation		4.000			05/01/2039	Aa3		4,660,000		4,394,799
University of Kentucky Certificate of Participation		4.000			05/01/2044	Aa3		3,755,000		3,353,816
University of Kentucky General Receipts		5.000			04/01/2030	Aa2		5,490,000		5,727,223
University of Kentucky General Receipts		5.000			04/01/2036	Aa2		4,820,000		4,928,498
University of Kentucky General Receipts		4.000			10/01/2036	Aa2		16,160,000		15,753,576
University of Kentucky General Receipts		5.000			04/01/2037	Aa2		7,180,000		7,329,990
University of Kentucky General Receipts		5.000			04/01/2038	Aa2		7,395,000		7,528,850
University of Kentucky General Receipts		4.000			10/01/2038	Aa2		10,855,000		10,347,963
University of Kentucky Higher Educational		4.750			04/01/2034	Aa2		5,435,000		5,588,539
University of Louisville		3.000			09/01/2039	A1		1,450,000		1,144,152
University of Louisville		3.000			09/01/2040	A1		1,495,000		1,161,780
University of Louisville		3.000			09/01/2042	A1		1,575,000		1,190,432
Western KY University		4.000			09/01/2034	A1		575,000		568,537
Western KY University		4.000			09/01/2035	A1		595,000		584,373
Western KY University		4.000			09/01/2036	A1		620,000		603,824

										117,693,355
MUNICIPAL UTILITY REVENUE BONDS
8.39% of Net Assets
KY Bond Development Corporation		5.000			09/01/2032	A2		2,780,000		2,951,359
KY Rural Water Finance Corporation		4.500			02/01/2024	A+*		880,000		884,567
KY Rural Water Finance Corporation		4.000			08/01/2030	A+*		625,000		635,075
KY Rural Water Finance Corporation		3.000			02/01/2032	A+*		240,000		219,158
KY Rural Water Finance Corporation		3.000			02/01/2033	A+*		370,000		332,201
KY Rural Water Finance Corporation		5.125			02/01/2035	A+*		295,000		295,024
KY Rural Water Finance Corporation		3.000			08/01/2036	A+*		285,000		241,577
KY Rural Water Finance Corporation		3.000			08/01/2037	A+*		280,000		233,537
KY State Association of Counties Finance Corporation		4.000			02/01/2031	AA-*		405,000		405,563
KY State Association of Counties Finance Corporation		4.000			02/01/2033	AA-*		415,000		407,738
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2033	Aa3		1,000,000		1,006,040
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2034	Aa3		2,230,000		2,275,514
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2034	Aa3		4,595,000		4,805,497
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2035	Aa3		2,245,000		2,280,718
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2035	Aa3		4,825,000		5,028,567
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2036	Aa3		2,795,000		2,830,916
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2037	Aa3		10,000,000		9,592,400
Louisville & Jefferson County Metropolitan Sewer		3.000			05/15/2044	Aa3		21,515,000		15,959,397
Louisville & Jefferson County Metropolitan Sewer		3.250			05/15/2046	Aa3		2,450,000		1,884,932
Louisville & Jefferson County Metropolitan Sewer		3.000			05/15/2046	Aa3		5,000,000		3,633,750
Murray KY Electric Plant		3.000			12/01/2030	A1		315,000		289,693
Murray KY Electric Plant		3.000			12/01/2036	A1		370,000		305,787
Murray KY Electric Plant		3.000			12/01/2037	A1		380,000		308,670
Murray KY Electric Plant		3.000			12/01/2038	A1		395,000		314,503
Murray KY Electric Plant		3.000			12/01/2039	A1		405,000		316,342
Murray KY Electric Plant		3.000			12/01/2040	A1		420,000		320,893
Murray KY Electric Plant		3.000			12/01/2041	A1		430,000		322,092

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2022


Bond Description		Coupon			Maturity Date		Rating#	Par Value		Fair Value
Murray KY Electric Plant			3.000	%		12/01/2042	A1	$	445,000	$	326,274
Owensboro KY Electric Light & Power			4.000			01/01/2031	A3		245,000		246,896
Owensboro KY Electric Light & Power			4.000			01/01/2033	A3		275,000		274,986
Owensboro KY Electric Light & Power			4.000			01/01/2034	A3		305,000		299,559
Owensboro KY Electric Light & Power			4.000			01/01/2035	A3		200,000		195,252
Owensboro KY Electric Light & Power			4.000			01/01/2036	A3		325,000		313,934
Owensboro KY Electric Light & Power			4.000			01/01/2037	A3		410,000		393,588
Owensboro KY Water Revenue			4.000			09/15/2034	A1		2,075,000		2,038,190
Owensboro KY Water Revenue			4.000			09/15/2035	A1		2,155,000		2,108,020
Owensboro KY Water Revenue			4.000			09/15/2037	A1		1,950,000		1,844,661
Owensboro KY Water Revenue			4.000			09/15/2039	A1		2,125,000		1,973,591

										$	68,096,461
PUBLIC FACILITIES REVENUE BONDS
6.38% of Net Assets
KY Association of Counties			4.000			02/01/2038	AA-*		1,045,000		991,966
KY Association of Counties			3.500			02/01/2042	AA-*		1,215,000		999,945
KY Bond Development			5.000			09/01/2035	A2		1,275,000		1,338,151
KY Bond Development			5.000			09/01/2036	A2		2,000,000		2,094,760
KY Bond Development			5.000			09/01/2038	A2		1,125,000		1,170,506
KY State Certificate of Participation			4.000			04/15/2030	A1		1,500,000		1,515,585
KY State Certificate of Participation			4.000			04/15/2031	A1		1,350,000		1,360,665
KY State Certificate of Participation			5.000			06/15/2034	A1		1,640,000		1,700,368
KY State Certificate of Participation			5.000			04/15/2038	A1		10,000,000		10,457,100
KY State Certificate of Participation			5.000			06/15/2038	A1		7,535,000		7,796,615
KY State Certificate of Participation			4.000			04/15/2048	A1		1,000,000		860,510
Laurel County General Obligation			4.000			05/01/2031	A2		1,295,000		1,317,235
Laurel County General Obligation			4.000			05/01/2034	A2		1,440,000		1,448,366
Laurel County General Obligation			4.000			05/01/2035	A2		1,495,000		1,496,824
Laurel County General Obligation			4.000			05/01/2036	A2		1,555,000		1,521,428
Laurel County General Obligation			4.000			05/01/2037	A2		1,620,000		1,565,989
Laurel County General Obligation			4.000			05/01/2038	A2		1,680,000		1,588,373
Laurel County KY Judicial Center			5.000			03/01/2025	A1		500,000		515,365
Louisville & Jefferson County Visitors & Convention Commission			4.000			06/01/2032	Aa3		2,725,000		2,726,717
Marshall County Library			4.000			06/01/2038	Aa3		1,060,000		1,070,759
River City, Inc. Parking Authority			4.750			06/01/2028	Aa3		940,000		950,660
River City, Inc. Parking Authority			4.750			06/01/2029	Aa3		980,000		991,437
River City, Inc. Parking Authority			4.750			06/01/2031	Aa3		1,270,000		1,283,562
River City, Inc. Parking Authority			5.000			06/01/2031	Aa3		1,080,000		1,093,306
River City, Inc. Parking Authority			5.000			06/01/2032	Aa3		1,130,000		1,143,922
River City, Inc. Parking Authority			5.000			06/01/2033	Aa3		1,395,000		1,412,186
River City, Inc. Parking Authority			3.000			12/01/2036	Aa3		835,000		694,687
River City, Inc. Parking Authority			3.000			12/01/2037	Aa3		860,000		701,012

											51,807,999
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.93% of Net Assets
KY Development Corporation Hospital Facilities - St. Elizabeth			4.000			05/01/2032	AA*		1,810,000		1,808,516
KY Development Corporation Hospital Facilities - St. Elizabeth			4.000			05/01/2035	AA*		1,390,000		1,326,296
KY Development Corporation Hospital Facilities - St. Elizabeth			4.000			05/01/2036	AA*		1,200,000		1,130,136
KY Development Corporation Hospital Facilities - St. Elizabeth			5.000			05/01/2039	AA*		7,185,000		7,331,071
Louisville & Jefferson County Norton Healthcare			5.500			10/01/2033	A*		2,000,000		2,034,120
Louisville & Jefferson County Norton Healthcare			5.000			10/01/2033	A*		6,810,000		6,973,508
Louisville & Jefferson County Norton Healthcare			4.000			10/01/2035	A*		3,850,000		3,551,125
Louisville & Jefferson County Norton Healthcare			4.000			10/01/2036	A*		7,005,000		6,424,986
Louisville & Jefferson County Norton Healthcare			4.000			10/01/2039	A*		4,500,000		3,983,940
Louisville & Jefferson County Norton Healthcare			4.000			10/01/2040	A*		2,000,000		1,755,740
Louisville & Jefferson County Norton Healthcare			3.000			10/01/2043	A*		4,000,000		2,822,680
Warren County KY Hospital			5.000			04/01/2032	AA-*		800,000		861,416

											40,003,534
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.28% of Net Assets
KY State Turnpike Economic Development Road Revenue			5.000			07/01/2029	Aa3		4,000,000		4,194,720
KY State Turnpike Economic Development Road Revenue			5.000			07/01/2032	Aa3		1,315,000		1,363,471
KY State Turnpike Economic Development Road Revenue			5.000			07/01/2032	Aa3		1,765,000		1,862,481
KY State Turnpike Economic Development Road Revenue			5.000			07/01/2033	Aa3		5,000,000		5,067,650
KY State Turnpike Economic Development Road Revenue			5.000			07/01/2034	Aa3		1,120,000		1,172,114
KY State Turnpike Economic Development Road Revenue			5.000			07/01/2036	Aa3		400,000		418,544
KY State Turnpike Economic Development Road Revenue			5.000			07/01/2037	Aa3		500,000		522,520
KY State Turnpike Economic Development Road Revenue	^		5.000			07/01/2038	Aa3		1,100,000		1,154,978
KY State Turnpike Economic Development Road Revenue	^		5.000			07/01/2039	Aa3		3,255,000		3,397,797
KY State Turnpike Economic Development Road Revenue	^		5.000			07/01/2040	Aa3		2,250,000		2,342,070
KY State Turnpike Economic Development Road Revenue	^		5.000			07/01/2041	Aa3		3,555,000		3,687,388
KY State Turnpike Economic Development Road Revenue	^		5.000			07/01/2042	Aa3		1,400,000		1,450,092

											26,633,825

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2022


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PREREFUNDED BONDS
3.00% of Net Assets
Fayette County KY School District Finance Corporation		5.000	%		10/01/2029	Aa3	$	3,660,000	$	3,724,489
Fayette County KY School District Finance Corporation		5.000			10/01/2032	Aa3		3,615,000		3,678,696
Fayette County KY School District Finance Corporation		5.000			10/01/2033	Aa3		4,385,000		4,462,263
Frankfort KY Electric & Water		4.750			12/01/2034	NR		695,000		716,198
Frankfort KY Electric & Water		4.750			12/01/2035	NR		725,000		747,113
Frankfort KY Electric & Water		4.750			12/01/2036	NR		760,000		783,180
Frankfort KY Electric & Water		4.750			12/01/2037	NR		800,000		824,400
Frankfort KY Electric & Water		4.750			12/01/2038	NR		835,000		860,468
KY State Property & Building #106		5.000			10/01/2028	A1		2,030,000		2,065,769
Lexington Fayette Urban County Government		5.000			01/01/2028	Aa2		820,000		851,250
Lexington Fayette Urban County Government		5.000			01/01/2029	Aa2		345,000		358,072
Lexington Fayette Urban County Government		5.000			01/01/2033	Aa2		1,685,000		1,749,215
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2031	Aa3		2,465,000		2,493,988
Warren County KY Hospital		5.000			04/01/2035	AA-*		1,025,000		1,034,953

										24,350,054
REFUNDING BONDS
1.15% of Net Assets
KY Association of Counties		3.000			02/01/2034	AA-*		480,000		411,576
KY Association of Counties		3.000			02/01/2035	AA-*		505,000		428,275
KY Association of Counties		3.000			02/01/2036	AA-*		510,000		424,340
KY State Property & Building #102		5.000			05/01/2024	Aa3		405,000		405,713
KY State Property & Building #108		5.000			08/01/2025	A1		2,690,000		2,800,882
KY State Property & Building #121		5.000			02/01/2029	A1		4,535,000		4,880,975

										9,351,761
AIRPORT REVENUE BONDS
.76% of Net Assets
Kenton County Airport		5.000			01/01/2029	A1		240,000		251,340
Kenton County Airport		5.000			01/01/2034	A1		275,000		289,286
Kenton County Airport		5.000			01/01/2035	A1		300,000		313,731
Kenton County Airport		5.000			01/01/2036	A1		965,000		1,007,007
Kenton County Airport		5.000			01/01/2037	A1		670,000		696,177
Kenton County Airport		5.000			01/01/2038	A1		500,000		517,040
Kenton County Airport		5.000			01/01/2039	A1		500,000		516,210
Kenton County Airport		5.000			01/01/2044	A1		2,500,000		2,542,750

										6,133,541
AD VALOREM PROPERTY BONDS
.30% of Net Assets
Henderson KY		3.000			09/01/2042	Aa3		845,000		636,893
Henderson KY		3.000			09/01/2043	Aa3		870,000		642,147
Warren County General Obligation		4.000			06/01/2035	Aa1		1,175,000		1,175,940

										2,454,980
Total Investments 97.80% of Net Assets (cost $857,751,585) (See (a) below for further explanation)									$	793,897,881

Other assets in excess of liabilities 2.20%										17,899,213

Net Assets 100%									$	811,797,094

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

^	When-issued security or extended settlement

(a)	Cost for federal income tax purposes is $857,751,585 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	697,825
Unrealized depreciation		(64,551,529	)

Net unrealized depreciation	$	(63,853,704	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2022

The following is a summary of the inputs used, as of September 30, 2022 involving the Fund’s investments in securities carried at fair value. As of that date, the Fund held no investments or other financial instruments whose fair value was determined using Level 3 inputs. The Fund recognizes transfers at the end of the reporting period. There were no transfers in and out of level 1, 2 or 3 during the quarter ended September 30, 2022.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		793,897,881
Level 3	Significant Unobservable Inputs		—

			793,897,881


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value			Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
26.67% of Net Assets
KY Association of Counties				4.000	%		02/01/2029	AA-*	$	630,000		$	640,565
KY State Property & Building #106				5.000			10/01/2024	A1		750,000			763,702
KY State Property & Building #106				5.000			10/01/2025	A1		2,365,000			2,408,800
KY State Property & Building #106	*	*		5.000			10/01/2026	A1		1,000,000			1,018,620
KY State Property & Building #108				5.000			08/01/2023	A1		750,000			759,960
KY State Property & Building #108				5.000			08/01/2028	A1		755,000			785,910
KY State Property & Building #110				5.000			08/01/2023	A1		1,750,000			1,773,240
KY State Property & Building #126				5.000			05/01/2030	A1		750,000			813,443
KY State Property & Building #127	^			5.000			06/01/2029	A1		1,000,000			1,078,610
Somerset KY				5.000			06/01/2028	A1		605,000			653,533
Somerset KY				5.000			06/01/2029	A1		380,000			414,333
Somerset KY				4.000			06/01/2030	A1		415,000			420,565

													11,531,281
SCHOOL IMPROVEMENT BONDS
19.71% of Net Assets
Anderson County KY School District Finance Corporation				3.000			02/01/2029	A1		500,000			478,465
Barren County KY School District Finance Corporation				5.000			08/01/2023	A1		500,000			506,640
Bowling Green KY Independent School District Finance Corporation				5.000			08/01/2027	A1		695,000			731,835
Fayette County KY School District Finance Corporation				5.000			06/01/2023	Aa3		500,000			505,990
Fayette County KY School District Finance Corporation	*	*		5.000			08/01/2023	Aa3		1,000,000			1,014,360
Hardin County KY School District Finance Corporation				5.000			03/01/2023	A1		770,000			775,275
Jefferson County KY School District Finance Corporation				4.000			12/01/2023	Aa3		500,000			504,135
Jefferson County KY School District Finance Corporation				4.000			06/01/2030	Aa3		1,245,000			1,263,637
Jessamine County KY School District Finance Corporation				5.000			02/01/2023	A1		575,000			578,220
Laurel County KY School District Finance Corporation				4.000			06/01/2024	A1		465,000			469,473
Pike County KY School District Finance Corporation				5.000			08/01/2024	A1		250,000			257,140
Pike County KY School District Finance Corporation				5.000			02/01/2025	A1		900,000			931,212
Pike County KY School District Finance Corporation				5.000			08/01/2025	A1		200,000			208,518
Pike County KY School District Finance Corporation				4.000			02/01/2028	A1		295,000			298,853

													8,523,753
PUBLIC FACILITIES REVENUE BONDS
17.37% of Net Assets
KY Bond Development				5.000			09/01/2026	A3		1,000,000			1,045,140
KY State Certificate of Participation				4.000			06/15/2023	A1		940,000			943,806
KY State Certificate of Participation				4.000			06/15/2024	A1		300,000			302,751
KY State Property & Building #109	*	*		5.000			10/01/2022	A1		1,000,000			1,000,040
Laurel County KY Justice Center				5.000			03/01/2023	A1		600,000			603,588
Lexington Fayette Urban County Government - Court Facilities				5.000			10/01/2024	A1		700,000			719,180
Livingston County KY Public Properties				5.000			08/01/2024	A1		555,000			569,458
River City Parking Authority				5.000			12/01/2024	Aa3		340,000			351,992
Taylor County KY Public Courthouse				4.000			09/01/2027	A1		700,000			706,055
Warren County KY Justice Center Expansion Corporation	*	*		5.000			09/01/2023	A1		1,250,000			1,267,575

													7,509,585
TURNPIKES/TOLLROAD/HIGHWAY BONDS
10.54% of Net Assets
KY Asset Liability Commission Federal Highway				5.000			09/01/2024	A2		500,000			515,670
KY Asset Liability Commission Federal Highway				5.000			09/01/2026	A2		565,000			581,007
KY Asset Liability Project Notes				4.000			09/01/2023	A2		250,000			251,478
KY State Turnpike Authority Economic Development				5.000			07/01/2024	Aa3		1,175,000			1,206,865
KY State Turnpike Authority Economic Development				5.000			07/01/2026	Aa3		1,385,000			1,456,397
KY State Turnpike Authority Economic Development				5.000			07/01/2029	Aa3		500,000			544,730

													4,556,147
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.42% of Net Assets
KY Bond Development Corporation Educational Facilities Centre College				4.000			06/01/2030	A3		170,000			170,774
University of Kentucky General Receipts				4.000			04/01/2028	Aa2		750,000			758,408
University of Louisville				5.000			03/01/2024	A1		350,000			357,298
University of Louisville	*	*		5.000			03/01/2024	A1		2,000,000			2,041,700
University of Louisville				4.000			09/01/2030	A1		745,000			746,317

													4,074,497
MUNICIPAL UTILITY REVENUE BONDS
7.68% of Net Assets
Campbell & Kenton Counties Sanitation District #1				4.000			08/01/2031	Aa2		1,000,000			1,017,050
Frankfort Electric & Water				4.000			12/01/2023	NR		440,000			443,894
Henderson KY				4.000			06/01/2028	Aa3		385,000			393,216
KY Rural Water Financing Corporation				5.000			08/01/2029	A+*		595,000			641,315
Northern KY Water				5.000			02/01/2026	Aa2		815,000	��		826,565

													3,322,040
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.99% of Net Assets
Warren County KY Hospital				5.000			04/01/2032	AA-*		1,200,000			1,292,124

AD VALOREM PROPERTY BONDS
1.51% of Net Assets
Henderson KY				5.000			09/01/2029	Aa3		600,000			652,560

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2022


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
REFUNDING BONDS
1.35% of Net Assets
KY State Property & Building #112		5.000	%		11/01/2026	A1	$	555,000	$	584,476

AIRPORT REVENUE BONDS
1.21% of Net Assets
Kenton County Airport		5.000			01/01/2026	A1		500,000		524,570

ESCROWED TO MATURITY BONDS
.41% of Net Assets
Warren County Hospital		5.000			04/01/2023	AA-*		175,000		176,507

Total Investments 98.86% of Net Assets (cost $44,221,333) (See (a) below for further explanation)									$	42,747,540

Other assets in excess of liabilities 1.14%										493,356

Net Assets 100%									$	43,240,896

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

^	When-issued security or extended settlement

(a)	Cost for federal income tax purposes is $44,221,333 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	40
Unrealized depreciation	(1,473,833	)

Net unrealized depreciation	(1,473,793	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		42,747,540
Level 3	Significant Unobservable Inputs		—

			42,747,540

DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date	Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
30.48% of Net Assets
Jackson State University Educational Building				5.000	%	03/01/2034	Aa2	$	440,000	$	458,080
Mississippi State University Educational Building				5.000		11/01/2032	Aa2		125,000		129,990
MS Development Bank Special Obligation Gulf Coast Community Project	*	*		4.000		12/01/2034	AA-*		300,000		296,286
MS Development Bank Special Obligation Itawamba Community College				4.000		10/01/2040	AA-*		350,000		320,858
MS Development Bank Special Obligation Northwest MS Community College				4.000		03/01/2039	AA-*		225,000		206,867
MS Development Bank Special Obligation Pearl River Community College				5.000		10/01/2033	AA-*		125,000		133,745
MS State University Educational Building Corporation Revenue				5.000		08/01/2033	Aa2		225,000		239,472
MS State University Educational Building Corporation Revenue				4.000		08/01/2036	Aa2		250,000		235,738
University of Mississippi Educational Building Corporation				5.000		10/01/2031	Aa2		205,000		215,375
University of Mississippi Educational Building Corporation				3.000		10/01/2034	Aa2		200,000		175,132
University of Mississippi Educational Building Corporation	^			5.000		10/01/2036	Aa2		100,000		107,579
University of Mississippi Educational Building Corporation	^			4.000		10/01/2037	Aa2		100,000		95,218
University Southern MS Educational Building Corporation				5.000		09/01/2033	Aa2		360,000		378,396

											2,992,736
PREREFUNDED BONDS
21.06% of Net Assets
MS Development Bank Desoto County Highway				5.000		01/01/2030	Aa3		100,000		100,439
MS Development Bank Special Obligation Brandon Public Improvement				5.000		11/01/2033	Aa3		150,000		155,342
MS Development Bank Special Obligation Hattiesburg Water & Sewer				4.750		12/01/2038	AA*		700,000		712,892
MS Development Bank Special Obligation Jackson Schools				5.000		04/01/2028	NR		125,000		126,183
MS Development Bank Special Obligation West Jackson County Utility District				5.000		12/01/2033	A*		50,000		51,052
MS State Refunding				5.000		10/01/2033	Aa2		150,000		162,174
MS State University Educational Building Corporation Revenue	*	*		5.250		08/01/2038	Aa2		300,000		305,220
Southern Mississippi Educational Building Corporation				5.000		03/01/2038	Aa2		450,000		453,632

											2,066,934
MUNICIPAL UTILITY REVENUE BONDS
8.20% of Net Assets
MS Development Bank Special Obligation Diamondhead Water & Sewer				4.000		07/01/2046	A+*		175,000		150,819
MS Development Bank Special Obligation Jackson Water & Sewer				6.875		12/01/2040	Ba2		150,000		155,147
MS Development Bank Special Obligation Meridian Water & Sewer				4.000		07/01/2038	AA*		150,000		138,555
MS Development Bank Special Obligation Meridian Water & Sewer				4.000		07/01/2036	AA*		215,000		202,576
MS Development Bank Special Obligation Tupelo				5.000		05/01/2033	Aa2		150,000		157,775

											804,872
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
8.06% of Net Assets
Mississippi State				3.000		06/01/2038	Aa2		100,000		83,360
Mississippi State				4.000		10/01/2041	Aa2		250,000		234,148
Mississippi State Gaming Tax Revenue				5.000		10/15/2035	A3		125,000		128,400
Mississippi State Gaming Tax Revenue				5.000		10/15/2037	A-*		125,000		129,946
MS Development Bank Special Obligation Hattiesburg				4.000		02/01/2045	Aa3		250,000		215,670

											791,524
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
7.94% of Net Assets
MS Development Bank Special Obligation Highway Construction				5.000		01/01/2025	Aa3		200,000		206,786
MS Development Bank Special Obligation Highway Construction				5.000		01/01/2029	Aa3		300,000		318,353
MS Development Bank Special Obligation Highway Construction				4.000		01/01/2030	Aa3		175,000		176,766
MS Development Bank Special Obligation Marshall County				5.000		01/01/2030	Aa3		75,000		77,479

											779,384
AD VALOREM PROPERTY BONDS
5.99% of Net Assets
MS Development Bank Special Obligation Hattiesburg Project				4.000		02/01/2040	Aa3		250,000		228,283
MS Development Bank Special Obligation Hinds County Schools				5.000		03/01/2043	Aa3		350,000		359,673

											587,956
PUBLIC FACILITIES REVENUE BONDS
5.38% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement	*	*		4.000		08/01/2033	AA*		300,000		292,254
MS Development Bank Special Obligation Brandon Public Improvement				4.000		08/01/2035	AA*		150,000		141,898
MS Development Bank Special Obligation Hinds County				4.000		11/01/2035	NR		100,000		94,053

											528,205
SCHOOL IMPROVEMENT BONDS
3.67% of Net Assets
MS Development Bank Special Obligation Canton School District				5.000		12/01/2033	A1		100,000		105,318
MS Development Bank Special Obligation Jackson Schools				5.000		04/01/2028	A+*		55,000		55,419
MS Development Bank Special Obligation Rankin School District				4.000		06/01/2038	AA*		100,000		94,632
MS Development Bank Special Obligation Vicksburg Warren School District				5.500		03/01/2038	AA*		100,000		105,290

											360,659
REFUNDING BONDS
2.89% of Net Assets
MS State Refunding	*	*		4.000		10/01/2036	Aa2		290,000		283,307

DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

September 30, 2022


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
STATE AND LOCAL MORTGAGE/HOUSING BONDS
2.27% of Net Assets
Mississippi State Home Corporation		3.950	%		12/01/2042	Aaa	$	100,000	$	90,532
Mississippi State Home Corporation		4.050			12/01/2047	Aaa		150,000		132,258

									$	222,790
HOSPITAL AND HEALTHCARE REVENUE BONDS
1.48% of Net Assets
Medical Center Educational Building Corporation MS Revenue		5.500			12/01/2023	Aa2		40,000		40,588
Medical Center Educational Building Corporation MS Revenue		5.000			06/01/2035	Aa2		100,000		104,310

										144,898
Total Investments 97.42% of Net Assets (cost $10,306,020) (See (a) below for further explanation)									$	9,563,265

Other assets in excess of liabilities 2.58%										252,997

Net Assets 100%									$	9,816,262

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

^	When-issued security or extended settlement

(a)	Cost for federal income tax purposes is $10,306,020 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	12,840
Unrealized depreciation		(755,595	)

Net unrealized depreciation	$	(742,755	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		9,563,265
Level 3	Significant Unobservable Inputs		—

		$	9,563,265

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
18.88% of Net Assets
Brunswick County NC Limited Obligation				5.000	%		06/01/2030	Aa1	$	250,000	$	261,220
Brunswick County NC Limited Obligation				5.000			06/01/2031	Aa1		250,000		260,763
Buncombe County NC Limited Obligation				4.000			06/01/2036	Aa1		125,000		121,526
Burke County NC Limited Obligation				4.000			04/01/2034	Aa3		250,000		244,360
Cabarrus County NC				4.000			06/01/2034	Aa1		795,000		796,646
Cabarrus County NC Limited Obligation				5.000			04/01/2035	Aa1		1,435,000		1,504,896
Cabarrus County NC Limited Obligation				4.000			06/01/2035	Aa1		1,650,000		1,630,530
Chatham County NC Limited Obligation				4.000			11/01/2036	Aa2		750,000		724,080
Chatham County NC Limited Obligation				4.000			11/01/2037	Aa2		2,000,000		1,901,800
Davidson County NC Limited Obligation				5.000			06/01/2032	Aa2		500,000		528,420
Duplin County NC Limited Obligation				5.000			04/01/2032	A1		750,000		785,520
Duplin County NC Limited Obligation				5.000			04/01/2034	A1		865,000		901,045
Henderson County NC Limited Obligation				4.000			06/01/2034	Aa2		200,000		197,238
Henderson County NC Limited Obligation				4.000			06/01/2037	Aa2		1,275,000		1,214,935
Henderson County NC Limited Obligation				4.000			06/01/2038	Aa2		1,060,000		1,000,810
Onslow County NC Limited Obligation				5.000			06/01/2033	Aa2		500,000		521,265
Pitt County NC Limited Obligation				4.000			04/01/2031	Aa2		500,000		507,205
Pitt County NC Limited Obligation				4.000			04/01/2034	Aa2		550,000		550,204
Randolph County NC Limited Obligation				3.000			10/01/2036	Aa3		325,000		270,559
Randolph County NC Limited Obligation				4.000			10/01/2037	Aa3		250,000		233,100
Randolph County NC Limited Obligation				4.000			10/01/2039	Aa3		350,000		320,380
Rutherford County NC Limited Obligation				4.000			03/01/2037	A1		410,000		379,767
Rutherford County NC Limited Obligation				4.000			03/01/2039	A1		500,000		457,025
Rutherford County NC Limited Obligation				4.000			03/01/2040	A1		325,000		296,325
Sampson County NC Limited Obligation				5.000			12/01/2033	A1		1,975,000		2,039,681
Sampson County NC Limited Obligation				5.000			09/01/2040	A1		750,000		773,363
Scotland County NC				4.500			12/01/2036	A*		1,170,000		1,136,491
Surry County NC Limited Obligation				4.000			06/01/2034	Aa3		350,000		341,369
Surry County NC Limited Obligation				4.000			06/01/2036	Aa3		590,000		560,677
Surry County NC Limited Obligation				4.000			06/01/2037	Aa3		730,000		684,353
Wake County NC Limited Obligation				4.000			09/01/2037	Aa1		750,000		726,195
Wayne County NC				4.000			06/01/2034	Aa3		1,500,000		1,449,615
Wilkes County NC Limited Obligation				5.000			06/01/2031	A1		350,000		362,800

												23,684,163
PUBLIC FACILITIES REVENUE BONDS
16.41% of Net Assets
Charlotte NC Certificate of Participation				4.000			06/01/2036	Aa2		1,000,000		968,180
Charlotte NC Certificate of Participation				4.000			06/01/2037	Aa2		3,000,000		2,861,790
Charlotte NC Certificate of Participation Convention Facility Project				4.000			06/01/2037	Aa2		500,000		476,965
Charlotte NC Certificate of Participation Convention Facility Project				4.000			06/01/2039	Aa2		1,000,000		935,060
Davidson County NC Limited Obligation				4.000			06/01/2037	Aa2		200,000		190,786
Davidson County NC Limited Obligation				4.000			06/01/2038	Aa2		240,000		226,598
Davidson County NC Limited Obligation				4.000			06/01/2040	Aa2		635,000		589,223
Durham Capital Financing Corporation				4.000			06/01/2036	Aa1		300,000		291,663
Durham Capital Financing Corporation				4.000			06/01/2037	Aa1		270,000		259,535
Durham Capital Financing Corporation				4.000			06/01/2038	Aa1		250,000		237,663
Durham NC Limited Obligation				4.000			04/01/2036	Aa1		1,000,000		977,530
Harnett County NC Limited Obligation				4.000			10/01/2038	Aa3		1,055,000		972,583
Henderson County NC Limited Obligation				5.000			10/01/2030	Aa2		250,000		263,225
Henderson County NC Limited Obligation				5.000			10/01/2031	Aa2		500,000		525,425
Hoke County NC Limited Obligation				3.000			06/01/2039	Aa3		1,065,000		833,160
Hoke County NC Limited Obligation				3.000			06/01/2040	Aa3		750,000		578,295
Johnston County NC Limited Obligation				4.000			04/01/2035	Aa2		360,000		354,427
Kannapolis NC Limited Obligation				5.000			04/01/2032	A1		500,000		511,920
Moore County NC				3.000			06/01/2039	Aa2		350,000		282,804
Onslow County NC Limited Obligation				5.000			06/01/2032	Aa2		500,000		523,090
Orange County NC				4.000			10/01/2036	Aa1		375,000		363,255
Orange County NC				4.000			10/01/2037	Aa1		375,000		358,256
Orange County NC				4.000			10/01/2038	Aa1		275,000		261,245
Orange County NC				4.000			10/01/2038	Aa1		765,000		726,735
Orange County NC				4.000			10/01/2039	Aa1		200,000		187,526
Raleigh NC Limited Obligation				5.000			10/01/2034	Aa1		1,420,000		1,464,743
Randolph County NC Limited Obligation				4.000			10/01/2036	Aa3		250,000		235,628
Randolph County NC Limited Obligation				4.000			10/01/2037	Aa3		250,000		233,100
Randolph County NC Limited Obligation				4.000			10/01/2038	Aa3		670,000		622,658
Randolph County NC Limited Obligation				4.000			10/01/2039	Aa3		500,000		457,685
Surry County NC Limited Obligation	*	*		3.000			10/01/2038	Aa3		395,000		315,830
Surry County NC Limited Obligation				3.000			10/01/2039	Aa3		1,000,000		783,480
Surry County NC Limited Obligation				3.000			10/01/2041	Aa3		1,135,000		858,616
Thomasville NC Revenue				4.000			05/01/2036	Aa3		500,000		471,860
Wilmington NC Limited Obligation				4.000			06/01/2036	Aa1		230,000		223,608
Wilmington NC Limited Obligation				4.000			06/01/2037	Aa1		170,000		163,411

												20,587,558

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
PREREFUNDED BONDS
14.48% of Net Assets
Buncombe County NC Limited Obligation				5.000	%		06/01/2032	Aa1	$	1,500,000	$	1,543,243
Buncombe County NC Limited Obligation				5.000			06/01/2034	Aa1		500,000		514,415
Charlotte NC Certificate of Participation				4.000			12/01/2034	Aa1		290,000		297,105
High Point NC Combined Enterprise				5.000			11/01/2039	Aa2		750,000		777,323
Johnston County NC Limited Obligation				4.750			06/01/2033	Aa2		500,000		505,240
NC Eastern Municipal Power Agency				6.000			01/01/2025	Baa2		1,150,000		1,215,780
NC Municipal Power Agency #1 Catawba Electric Revenue				5.000			01/01/2030	A*		500,000		523,445
NC State Capital Facilities Duke University				5.000			10/01/2041	Aa1		1,000,000		1,052,320
New Hanover County NC Hospital Revenue New Hanover Regional Medical	*	*		5.000			10/01/2034	NR		1,500,000		1,623,180
Raleigh NC Limited Obligation				5.000			10/01/2038	Aa1		500,000		509,160
University of NC Charlotte				5.000			04/01/2035	Aa3		595,000		610,768
University of NC Charlotte				5.000			04/01/2038	Aa3		1,000,000		1,026,500
University of NC Charlotte				5.000			04/01/2040	Aa3		2,650,000		2,765,143
University of NC Greensboro				5.000			04/01/2033	Aa3		900,000		922,383
University of NC Greensboro				5.000			04/01/2039	Aa3		2,870,000		2,944,362
Winston Salem NC Limited Obligation				5.000			06/01/2031	Aa1		800,000		809,480
Winston Salem NC Limited Obligation				4.500			06/01/2034	Aa1		500,000		510,465

												18,150,312
MUNICIPAL UTILITY REVENUE BONDS
14.04% of Net Assets
Brunswick County NC Enterprise System Revenue				5.000			04/01/2031	Aa2		500,000		520,745
Brunswick County NC Enterprise System Revenue				4.000			04/01/2039	Aa2		1,000,000		939,970
Brunswick County NC Enterprise System Revenue				3.000			04/01/2046	Aa2		500,000		358,245
Buncombe County NC Metropolitan Sewer District				5.000			07/01/2039	Aaa		550,000		566,720
Cary NC Combined Enterprise System Revenue				4.000			12/01/2042	Aaa		750,000		711,083
Concord NC Utilities System Revenue				4.500			12/01/2034	Aa2		1,000,000		1,020,280
Durham NC Utility System Revenue				3.000			08/01/2042	Aa1		1,250,000		980,475
Fuquay-Varina NC Combined Utilities Revenue				5.000			04/01/2040	Aa2		1,000,000		1,033,040
Gastonia NC Combined Utilities System Revenue				5.000			05/01/2034	Aa2		570,000		593,530
Gastonia NC Combined Utilities System Revenue				5.000			05/01/2035	Aa2		250,000		259,313
Lincoln County NC Enterprise System Revenue				3.000			08/01/2038	AA*		160,000		129,541
Lincoln County NC Enterprise System Revenue				3.000			08/01/2039	AA*		340,000		271,211
Lincoln County NC Enterprise System Revenue				3.000			08/01/2040	AA*		265,000		208,258
Lincoln County NC Enterprise System Revenue				3.000			08/01/2041	AA*		240,000		187,582
Martin County NC Limited Obligation Water and Sewer District				4.750			06/01/2034	A2		1,150,000		1,160,592
NC Municipal Power Agency #1 Catawba Electric Revenue				5.000			01/01/2032	A*		500,000		518,635
Pender County NC Limited Obligation				3.000			06/01/2038	Aa3		490,000		393,147
Pender County NC Limited Obligation				3.000			06/01/2045	Aa3		500,000		359,835
Sampson County NC Water & Sewer District				5.000			06/01/2037	A1		920,000		949,854
Union County NC Enterprise System Revenue				4.000			06/01/2038	Aa2		500,000		480,795
Union County NC Enterprise System Revenue				4.000			06/01/2044	Aa2		1,750,000		1,595,631
Union County NC Enterprise System Revenue				3.000			06/01/2046	Aa2		2,250,000		1,642,140
Union County NC Enterprise System Revenue				3.000			06/01/2051	Aa2		1,000,000		711,410
Wake County NC Industrial Facilities & Pollution Control Duke Energy				4.000			06/01/2041	Aa3		1,260,000		1,122,244
Wilmington NC Storm Water Revenue				5.000			06/01/2035	Aa2		500,000		518,805
Winston Salem NC Water & Sewer System Revenue				3.000			06/01/2046	Aa1		500,000		368,885

												17,601,966
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.30% of Net Assets
Appalachian NC State University				4.000			05/01/2033	A1		500,000		500,980
Appalachian NC State University	*	*		5.000			05/01/2036	A1		1,000,000		1,051,630
Iredell County NC Community College				5.000			04/01/2026	Aaa		225,000		225,095
Iredell County NC Community College				5.000			04/01/2027	Aaa		325,000		325,146
NC State Capital Facilities Wake Forest				5.000			01/01/2048	Aa3		315,000		326,148
Scotland County NC				5.000			12/01/2033	A*		250,000		260,728
University of NC at Asheville				4.000			06/01/2036	A2		1,350,000		1,315,211
University of NC at Charlotte Board of Governors				4.000			10/01/2037	Aa3		750,000		707,063
University of NC at Charlotte Board of Governors				4.000			10/01/2040	Aa3		305,000		280,652
University of NC at Charlotte Board of Governors				5.000			10/01/2042	Aa3		250,000		257,915
University of NC at Wilmington				4.000			10/01/2037	Aa3		750,000		703,943
University of NC Chapel Hill Hospitals				4.000			02/01/2037	Aa3		1,000,000		924,570
University of NC Chapel Hill Hospitals				4.000			02/01/2038	Aa3		400,000		366,748
University of NC Charlotte				4.000			10/01/2035	Aa3		250,000		241,138
University of NC Charlotte				4.000			10/01/2036	Aa3		250,000		238,620
University of NC Greensboro				4.000			04/01/2035	Aa3		750,000		737,678
University of NC Greensboro				4.000			04/01/2036	Aa3		500,000		486,755
University of NC Greensboro				5.000			04/01/2038	Aa3		425,000		446,233
University of NC Wilmington				4.000			04/01/2037	Aa3		385,000		363,871
University of NC Wilmington				4.000			04/01/2038	Aa3		405,000		378,699
University of NC Wilmington				4.000			04/01/2039	Aa3		1,380,000		1,280,444
University of NC Wilmington Limited Obligation				5.000			06/01/2033	A1		550,000		569,547

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
University of NC Wilmington Limited Obligation				4.000	%		06/01/2034	A1	$	500,000	$	479,665
University of North Carolina				5.000			10/01/2033	A2		30,000		29,038
Western Carolina NC University				5.000			10/01/2035	Aa3		1,000,000		1,046,440
Western Carolina NC University				5.000			10/01/2043	Aa3		1,000,000		1,031,010
Western Carolina NC University				5.000			10/01/2045	Aa3		825,000		842,969

												15,417,936
REFUNDING BONDS
6.22% of Net Assets
Asheville NC Limited Obligation				3.000			04/01/2041	Aa1		250,000		196,273
Buncombe County NC Limited Obligation	*	*		5.000			06/01/2035	Aa1		1,000,000		1,037,350
Charlotte NC Certificate of Participation				5.000			06/01/2033	Aa1		840,000		849,450
Charlotte NC Certificate of Participation				5.000			06/01/2034	Aa1		750,000		780,533
Chatham County NC				5.000			11/01/2032	Aa2		825,000		867,298
Durham County NC				4.000			06/01/2036	Aaa		225,000		225,252
Monroe NC Limited Obligation				4.000			03/01/2033	Aa3		255,000		253,062
Monroe NC Limited Obligation	*	*		5.000			03/01/2039	Aa3		1,250,000		1,291,560
Rockingham County NC Limited Obligation				5.000			04/01/2027	Aa3		250,000		260,313
Rockingham County NC Limited Obligation				4.500			04/01/2032	Aa3		500,000		508,040
Sampson County NC Limited Obligation				4.000			09/01/2036	A1		1,000,000		934,880
Sampson County NC Limited Obligation				4.000			09/01/2037	A1		500,000		461,740
Union County NC Limited Obligation Refunding				5.000			12/01/2024	Aa1		125,000		129,808

												7,795,559
HOSPITAL AND HEALTHCARE REVENUE BONDS
6.19% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health				5.000			01/15/2033	Aa3		210,000		221,567
Charlotte Mecklenburg NC Hospital Authority Atrium Health				5.000			01/15/2036	Aa3		590,000		613,506
Charlotte Mecklenburg NC Hospital Authority Atrium Health				4.000			01/15/2043	Aa3		250,000		218,050
Charlotte Mecklenburg NC Hospital Healthcare System				5.000			01/15/2039	Aa3		1,500,000		1,507,260
NC State Medical Care Commission Health Care Facilities Rex Hospital				5.000			07/01/2033	A2		750,000		769,718
NC State Medical Care Commission Health Care Facilities Rex Hospital				4.000			07/01/2039	A2		550,000		493,262
NC State Medical Care Commission Health Care Facilities Rex Hospital				4.000			07/01/2040	A2		1,750,000		1,562,645
NC State Medical Care Commission Health Care Facilities Vidant Health				5.000			06/01/2040	A2		1,385,000		1,367,312
NC State Medical Care Commission Wake Forest Baptist Hospital				5.000			12/01/2033	A2		1,000,000		1,003,010

												7,756,330
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.77% of Net Assets
NC State Grant Anticipation Revenue Vehicle Garvee				5.000			03/01/2030	A2		200,000		206,802
NC State Limited Obligation				4.000			05/01/2035	Aa1		100,000		96,821
NC State Limited Obligation Build NC Bonds				4.000			05/01/2034	Aa1		670,000		671,139
NC State Turnpike Authority				5.000			01/01/2036	AA*		500,000		521,205
NC State Turnpike Authority				5.000			01/01/2038	AA*		2,415,000		2,502,640
NC State Turnpike Authority Triangle Expressway				4.000			01/01/2036	Aa1		250,000		246,195
NC State Turnpike Authority Triangle Expressway				4.000			01/01/2039	Aa1		500,000		476,925

												4,721,727
AIRPORT REVENUE BONDS
3.49% of Net Assets
Charlotte NC Douglas International Airport				5.000			07/01/2030	Aa3		1,095,000		1,123,755
Charlotte NC Douglas International Airport				5.000			07/01/2036	Aa3		250,000		259,503
Charlotte NC Douglas International Airport				4.000			07/01/2036	Aa3		500,000		477,015
Charlotte NC Douglas International Airport				5.000			07/01/2037	Aa3		700,000		724,773
Charlotte NC Douglas International Airport				5.000			07/01/2042	Aa3		1,325,000		1,363,252
Charlotte NC Douglas International Airport				4.000			07/01/2044	Aa3		480,000		431,482

												4,379,780
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
2.53% of Net Assets
Buncombe County NC Limited Obligation				5.000			06/01/2033	Aa1		600,000		625,050
Buncombe County NC Limited Obligation				5.000			06/01/2034	Aa1		365,000		379,673
Charlotte NC Certificate of Participation				5.000			12/01/2029	Aa1		340,000		340,469
Rocky Mount NC Special Obligation				4.500			05/01/2032	Aa3		1,500,000		1,526,790
Wilmington NC Limited Obligation				3.000			06/01/2037	Aa1		370,000		294,701

												3,166,683
Total Investments 98.31% of Net Assets (cost $135,105,586) (See (a) below for further explanation)											$	123,262,014

Other assets in excess of liabilities 1.69%												2,115,145

Net Assets 100%											$	125,377,159

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2022

(a)	Cost for federal income tax purposes is $135,105,586 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	102,181
Unrealized depreciation		(11,945,753	)

Net unrealized depreciation	$	(11,843,572	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		123,262,014
Level 3	Significant Unobservable Inputs		—

		$	123,262,014

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
24.35% of Net Assets
East Carolina University				5.000	%		10/01/2027	Aa3	$	250,000	$	263,273
Pitt County NC Limited Obligation				5.000			04/01/2027	Aa2		495,000		528,417
University of NC Charlotte				5.000			10/01/2025	Aa3		110,000		115,272
University of NC Charlotte				5.000			04/01/2028	Aa3		250,000		260,618
University of NC Greensboro				5.000			04/01/2026	Aa3		400,000		422,184
University of NC Wilmington				4.000			06/01/2029	A1		750,000		756,336
University of NC Wilmington Limited Obligation				4.000			06/01/2030	A1		200,000		200,736
University of North Carolina at Wilmington				5.000			10/01/2026	Aa3		300,000		317,592
Western Carolina University				5.000			10/01/2025	Aa3		225,000		235,130
Western Carolina University				5.000			06/01/2027	AA*		250,000		262,798

												3,362,356
MUNICIPAL UTILITY REVENUE BONDS
15.03% of Net Assets
Brunswick County NC Enterprise System Revenue	*	*		5.000			04/01/2027	Aa2		250,000		261,048
Cary NC Combined Enterprise Systems				4.000			12/01/2028	Aaa		250,000		256,278
Columbus County NC Limited Obligation				5.000			06/01/2023	A1		355,000		359,040
Monroe NC Limited Obligation				5.000			03/01/2028	Aa3		95,000		100,022
Monroe NC Limited Obligation				5.000			03/01/2029	Aa3		195,000		205,306
NC State Municipal Power Agency #1 Catawba				5.000			01/01/2025	A*		100,000		103,349
NC State Municipal Power Agency #1 Catawba				5.000			01/01/2025	A*		140,000		144,812
NC State Municipal Power Agency #1 Catawba				5.000			01/01/2028	A*		125,000		133,671
NC State Municipal Power Agency #1 Catawba				5.000			01/01/2028	A*		125,000		130,711
Pender County NC Limited Obligation				5.000			06/01/2027	Aa3		100,000		107,118
Pender County NC Limited Obligation				5.000			06/01/2028	Aa3		100,000		108,451
Warren County NC Limited Obligation				5.000			06/01/2027	A1		160,000		166,058

												2,075,864
REFUNDING BONDS
12.91% of Net Assets
Charlotte NC Certificate of Participation				5.000			06/01/2023	Aa1		25,000		25,315
Charlotte NC Certificate of Participation				4.000			06/01/2025	Aa1		100,000		100,469
Charlotte NC Certificate of Participation				5.000			12/01/2025	Aa2		100,000		105,318
North Carolina State Limited Obligation				5.000			05/01/2028	Aa1		295,000		316,824
Raleigh NC Limited Obligation Refunding				5.000			10/01/2023	Aa2		250,000		254,505
Rockingham County NC Limited Obligation	*	*		5.000			04/01/2023	Aa3		250,000		252,203
Rockingham County NC Limited Obligation				4.000			04/01/2024	Aa3		105,000		106,254
Sampson County NC Limited Obligation				5.000			12/01/2023	A1		165,000		167,955
Sampson County NC Limited Obligation				5.000			09/01/2025	A1		125,000		130,475
Sampson County NC Limited Obligation				5.000			09/01/2026	A1		210,000		221,594
Warren County NC Limited Obligation	*	*		5.000			06/01/2023	A1		100,000		101,138

												1,782,050
SCHOOL IMPROVEMENT BONDS
12.72% of Net Assets
Brunswick County NC				5.000			08/01/2028	Aaa		250,000		274,890
Onslow County NC Limted Obligation				5.000			06/01/2023	Aa2		250,000		253,013
Randolph County NC Limited Obligation				5.000			10/01/2025	Aa3		250,000		262,275
Rutherford County NC Limited Obligation				5.000			03/01/2028	A1		75,000		80,892
Rutherford County NC Limited Obligation				5.000			03/01/2029	A1		175,000		190,600
Scotland County NC				5.000			12/01/2025	A*		270,000		281,871
Scotland County NC				5.000			12/01/2026	A*		250,000		263,525
Scotland County NC				5.000			12/01/2027	A*		140,000		148,891

												1,755,957
PUBLIC FACILITIES REVENUE BONDS
10.44% of Net Assets
Buncombe County NC Limited Obligation	*	*		5.000			06/01/2028	Aa1		500,000		523,485
Charlotte NC Certificate of Participation				4.000			12/01/2022	Aa1		170,000		170,056
Greenville NC Limited Obligation				5.000			06/01/2029	AA-*		150,000		163,553
Harnett County NC Limited Obligation				5.000			10/01/2027	Aa3		155,000		165,805
Monroe NC Limited Obligation				5.000			04/01/2026	AA*		265,000		280,868
Surry County NC Limited Obligation				5.000			10/01/2030	Aa3		125,000		137,805

												1,441,572
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
6.59% of Net Assets
North Carolina State Grant Anticipation Revenue				5.000			03/01/2029	A2		200,000		218,190
North Carolina State Grant Anticipation Revenue				5.000			03/01/2029	A2		120,000		124,788
North Carolina State Grant Anticpation Revenue				5.000			03/01/2029	A2		20,000		21,831
North Carolina State Limited Obligation				5.000			05/01/2029	Aa1		225,000		246,355
North Carolina Turnpike Authority				5.000			01/01/2029	A1		285,000		299,096

												910,260
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.00% of Net Assets
Charlotte-Mecklenburg NC Hospital Authority Atrium Health				5.000			01/15/2030	Aa3		250,000		272,257
Charlotte-Mecklenburg NC Hospital Authority Health Care System				5.000			01/15/2028	Aa3		225,000		235,825
NC State Medical Care Commission Health Care Facilities				4.000			06/01/2024	A2		180,000		181,820

												689,902

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.34% of Net Assets
Davidson County NC Limited Obligation				5.000	%		06/01/2028	Aa2	$	315,000	$	334,470
Winston Salem NC Limited Obligation				5.000			06/01/2023	Aa1		125,000		126,640

												461,110
PREREFUNDED BONDS
2.54% of Net Assets
New Hanover NC Hospital Revenue				5.000			10/01/2028	NR		150,000		161,958
North Carolina State Medical Care Commission Vidant Health				5.000			06/01/2028	A2		180,000		188,172

												350,130
AD VALOREM PROPERTY BONDS
1.85% of Net Assets
Smithville Township NC	*	*		5.000			06/01/2024	Aa2		250,000		255,732

LEASE REVENUE BONDS
.80% of Net Assets
New Hanover County NC Limitied Obligation				5.000			06/01/2029	Aa1		100,000		110,224

AIRPORT REVENUE BONDS
.59% of Net Assets
Charlotte NC Airport				5.000			07/01/2030	Aa3		75,000		81,938

Total Investments 96.16% of Net Assets (cost $13,743,487) (See (a) below for further explanation)											$	13,277,095

Other assets in excess of liabilities 3.84%												530,313

Net Assets 100%											$	13,807,408

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

(a)	Cost for federal income tax purposes is $13,743,487 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	56
Unrealized depreciation	(466,448	)

Net unrealized depreciation	(466,392	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		13,277,095
Level 3	Significant Unobservable Inputs		—

			13,277,095

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
26.56% of Net Assets
Chattanooga TN Electric Revenue				5.000	%		09/01/2035	AA*	$	250,000	$	260,173
Chattanooga TN Electric Revenue				5.000			09/01/2040	AA*		2,325,000		2,408,491
Clarksville TN Electric System Revenue				4.000			09/01/2034	Aa2		500,000		496,240
Clarksville TN Water Sewer & Gas Revenue				4.000			02/01/2036	Aa2		1,475,000		1,439,155
Clarksville TN Water Sewer & Gas Revenue				4.000			02/01/2038	Aa2		820,000		778,385
Franklin TN Water & Sewer Revenue and Tax Authority				5.000			04/01/2024	Aaa		750,000		770,430
Franklin TN Water & Sewer System Revenue				4.000			02/01/2036	Aa2		250,000		246,178
Hallsdale-Powell TN Utility District				3.000			04/01/2043	AA*		800,000		603,056
Hallsdale-Powell TN Utility District Knox County Water & Sewer				4.000			04/01/2035	AA*		315,000		312,855
Hallsdale-Powell TN Utility District Knox County Water & Sewer				4.000			04/01/2038	AA*		1,000,000		947,840
Harpeth Valley TN Utilities District				5.000			09/01/2034	AA+*		500,000		515,765
Harpeth Valley TN Utilities District				4.000			09/01/2045	AA+*		150,000		133,425
Harpeth Valley TN Utilities District Davidson & Williamson Counties				4.000			09/01/2039	AA+*		500,000		466,095
Knox Chapman TN Utility District				5.000			01/01/2031	AA-*		250,000		259,253
Knox Chapman TN Utility District				5.000			01/01/2033	AA-*		250,000		258,703
Knoxville TN Electric				4.000			07/01/2041	Aa2		750,000		687,630
Memphis TN Gas System Revenue				4.000			12/01/2034	Aa1		775,000		758,144
Memphis TN Gas System Revenue				4.000			12/01/2036	Aa1		800,000		761,616
Memphis TN Gas System Revenue	*	*		4.000			12/01/2037	Aa1		1,310,000		1,242,640
Memphis TN Storm Water System Revenue				5.000			10/01/2038	Aa3		500,000		529,670
Metropolitan Government Nashville & Davidson County Electric				5.000			05/15/2036	AA*		500,000		512,605
Metropolitan Government Nashville & Davidson County Electric				5.000			05/15/2039	AA*		500,000		510,535
Metropolitan Government Nashville & Davidson County Water & Sewer				5.000			07/01/2037	Aa2		250,000		262,585
Portland TN Water & Sewer				4.000			04/01/2040	AA*		750,000		686,993
Watauga River Regional Water Authority TN Waterworks				4.000			07/01/2037	A*		270,000		261,203
West Wilson TN Utility District Waterworks				5.000			06/01/2042	AA*		500,000		531,490
Williamson County Utilities				4.000			09/01/2041	AA*		500,000		461,755

												17,102,910
PREREFUNDED BONDS
23.36% of Net Assets
Bristol TN Electric Revenue				5.000			09/01/2038	AA-*		1,525,000		1,551,032
Gallatin TN Water & Sewer Revenue				5.000			01/01/2032	AA*		235,000		244,424
Memphis TN Electric System Revenue				5.000			12/01/2031	Aa2		225,000		233,413
Memphis TN Electric System Revenue				5.000			12/01/2034	Aa2		1,250,000		1,296,738
Memphis TN General Improvement				5.000			04/01/2034	Aa2		500,000		513,250
Memphis TN General Improvement				5.000			04/01/2039	Aa2		250,000		256,625
Memphis TN Refunding General Improvement				5.000			04/01/2031	Aa2		800,000		821,200
Metropolitan Government Nashville & Davidson County Sports Authority				5.000			08/01/2031	Aa2		1,500,000		1,522,035
Metropolitan Government Nashville & Davidson County Sports Authority				5.000			08/01/2038	Aa2		755,000		766,091
Metropolitan Government Nashville & Davidson County Water & Sewer	*	*		5.000			07/01/2030	Aa2		3,250,000		3,294,231
Metropolitan Government Nashville & Davidson County Water & Sewer	*	*		5.000			07/01/2040	Aa2		1,765,000		1,789,022
Shelby County TN Health Education & Housing Facilities Board Rhodes College				5.000			08/01/2040	A2		650,000		663,559
TN State School Bond Authority Higher Educational Facilities				5.000			11/01/2040	Aa1		2,000,000		2,104,940

												15,056,560
SCHOOL IMPROVEMENT BONDS
12.15% of Net Assets
Coffee County TN				4.000			06/01/2037	AA-*		500,000		476,965
Coffee County TN				4.000			06/01/2041	AA-*		620,000		572,229
Franklin TN Special School District				5.000			06/01/2039	Aa1		250,000		265,548
Johnson City TN				4.000			06/01/2036	Aa2		1,150,000		1,122,699
Montgomery County TN				4.000			04/01/2036	AA*		260,000		253,373
Montgomery County TN				4.000			04/01/2037	AA*		1,920,000		1,846,270
Shelby County TN				5.000			04/01/2037	Aa1		500,000		528,645
Wilson County TN				4.000			04/01/2039	AA+*		1,495,000		1,406,930
Wilson County TN 10th Special School District				4.000			04/01/2033	AA-*		655,000		656,284
Wilson County TN 10th Special School District				4.000			04/01/2037	AA-*		200,000		191,698
Wilson County TN 10th Special School District				4.000			04/01/2039	AA-*		550,000		512,732

												7,833,373
HOSPITAL AND HEALTHCARE REVENUE BONDS
9.82% of Net Assets
Knox County TN Health East Tennessee Children’s Hospital				4.000			11/15/2048	A*		900,000		741,006
Metropolitan Government Nashville & Davidson County TN Health				5.000			07/01/2035	A3		2,500,000		2,545,150
Metropolitan Government Nashville & Davidson County TN Health				5.000			07/01/2040	A3		950,000		955,738
Shelby County TN Health Education & Housing Facilities				5.000			05/01/2036	A1		1,535,000		1,574,741
Shelby County TN Health Education & Housing Facilities - LeBonheur				5.000			05/01/2035	A1		500,000		514,200

												6,330,835
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
8.40% of Net Assets
Germantown TN				3.000			12/01/2050	Aaa		415,000		297,725
Memphis TN				4.000			06/01/2041	Aa2		1,120,000		1,043,011
Metropolitan Government Nashville & Davidson County TN				4.000			07/01/2033	Aa2		1,470,000		1,478,791
Metropolitan Government Nashville & Davidson County TN				4.000			07/01/2034	Aa2		500,000		497,655
Metropolitan Government Nashville & Davidson County TN				4.000			07/01/2036	Aa2		500,000		486,550
TN State Series A				5.000			02/01/2036	Aaa		1,500,000		1,610,850

												5,414,582

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2022


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
PUBLIC FACILITIES REVENUE BONDS
4.84% of Net Assets
Hamblen County TN		4.000	%		05/01/2039		Aa3	$	1,250,000	$	1,164,974
Memphis Shelby County TN Industrial Development Board		5.000			11/01/2030		Aa3		1,250,000		1,323,700
Metropolitan Government Nashville & Davidson County Convention Center		5.000			07/01/2026		A1		630,000		630,410

											3,119,084
AIRPORT REVENUE BONDS
4.20% of Net Assets
Memphis Shelby County TN Airport Authority		4.000			07/01/2038		A2		500,000		461,850
Metropolitan Nashville Airport Authority		5.000			07/01/2034		A1		800,000		817,888
Metropolitan Nashville Airport Authority		5.000			07/01/2035		A1		250,000		255,328
Metropolitan Nashville Airport Authority		5.000			07/01/2040		A1		1,160,000		1,172,980

											2,708,046
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
4.19% of Net Assets
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2036		A2		920,000		895,142
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2037		A2		1,030,000		990,838
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2040		A2		875,000		814,573

											2,700,553
REFUNDING BONDS
3.82% of Net Assets
Blount County TN		5.000			06/01/2037		Aa2		1,000,000		1,048,370
Jackson TN Refunding		4.000			06/01/2037		AA*		405,000		388,451
Memphis TN Refunding		5.000			04/01/2033		Aa2		250,000		256,478
Memphis TN Refunding		5.000			04/01/2035		Aa2		250,000		256,478
Memphis TN Refunding		5.000			04/01/2040		Aa2		500,000		512,955

											2,462,732
Total Investments 97.34% of Net Assets (cost $66,394,548) (See (a) below for further explanation)										$	62,728,675

Other assets in excess of liabilities 2.66%											1,717,276

Net Assets 100%										$	64,445,951

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

(a)	Cost for federal income tax purposes is $66,394,548 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	91,454
Unrealized depreciation		(3,757,327	)

Net unrealized depreciation	$	(3,665,873	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		62,728,675
Level 3	Significant Unobservable Inputs		—

		$	62,728,675

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
REFUNDING BONDS
23.80% of Net Assets
Maryville TN				5.000	%		06/01/2026	Aa2	$	350,000	$	371,760
Memphis TN General Improvement	*	*		5.000			11/01/2023	Aa2		350,000		356,926
Memphis-Shelby County TN Industrial Development Board				5.000			11/01/2027	Aa3		200,000		212,892
Putnam County TN				4.000			04/01/2025	Aa2		100,000		101,837

												1,043,415
MUNICIPAL UTILITY REVENUE BONDS
23.58% of Net Assets
Chattanooga TN Electric Revenue	*	*		5.000			09/01/2023	AA*		250,000		254,175
Hallsdale-Powell TN Utility District				4.000			04/01/2028	AA*		255,000		261,199
Maryville TN				4.000			06/01/2029	Aa2		250,000		256,080
Springfield TN				5.000			06/01/2027	Aa3		245,000		263,206

												1,034,660
PUBLIC FACILITIES REVENUE BONDS
20.02% of Net Assets
Memphis-Shelby County TN Industrial Development Board				5.000			11/01/2024	Aa3		250,000		258,340
Metropolitan Government Nashville & Davidson County TN Sports Authority				5.000			07/01/2023	Aa3		125,000		126,589
Metropolitan Government Nashville & Davidson County TN Sports Authority				5.250			08/01/2024	Aa3		190,000		193,291
Metropolitan Government Nashville & Davidson County TN Sports Authority				5.250			08/01/2025	Aa3		195,000		198,344
Metropolitan Government Nashville & Davidson County TN Sports Authority				5.250			08/01/2026	Aa3		100,000		101,715

												878,279
SCHOOL IMPROVEMENT BONDS
16.04% of Net Assets
Bedford County TN				4.000			04/01/2027	AA*		250,000		255,413
Milan TN Special School District				5.000			03/01/2028	AA*		170,000		183,442
White County TN				4.000			06/01/2027	AA-*		260,000		264,937

												703,792
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
7.50% of Net Assets
Shelby County TN Health Educational & Housing Facilities Rhodes College				4.000			08/01/2025	A2		100,000		101,605
Shelby County TN Health Educational & Housing Facilities Rhodes College				4.000			08/01/2027	A2		225,000		227,639

												329,244
AIRPORT REVENUE BONDS
2.29% of Net Assets
Metropolitan Nashville Airport Authority				4.000			07/01/2023	A1		100,000		100,557

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
.81% of Net Assets
Selmer TN				4.000			06/01/2025	AA*		35,000		35,584

Total Investments 94.04% of Net Assets (cost $4,230,569) (See (a) below for further explanation)											$	4,125,531

Other assets in excess of liabilities 5.96%												261,534

Net Assets 100%											$	4,387,065

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

(a)	Cost for federal income tax purposes is $4,230,569 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	—
Unrealized depreciation		(105,038	)

Net unrealized depreciation	$	(105,038	)

Other Information

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2022

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		4,125,531
Level 3	Significant Unobservable Inputs		—

		$	4,125,531

DUPREE MUTUAL FUNDS - INTERMEDIATE GOVERNMENT BOND SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Securities and Agencies

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
FEDERAL HOME LOAN BANK
62.42% of Net Assets
Federal Home Loan Bank				3.400	%		07/19/2024	Aaa	$	900,000	$	880,744
Federal Home Loan Bank				5.365			09/09/2024	Aaa		1,750,000		1,779,798
Federal Home Loan Bank				4.000			01/22/2025	Aaa		900,000		883,894
Federal Home Loan Bank				3.300			06/09/2025	Aaa		500,000		482,270
Federal Home Loan Bank				3.600			07/18/2025	Aaa		900,000		874,566
Federal Home Loan Bank	^			5.250			10/24/2025	Aaa		650,000		651,099
Federal Home Loan Bank				3.200			06/10/2027	Aaa		250,000		235,401

												5,787,772
FEDERAL FARM CREDIT
30.58% of Net Assets
Federal Farm Credit Bank	*	*		5.250			10/25/2022	Aaa		1,150,000		1,151,531
Federal Farm Credit Bank				5.125			11/28/2022	Aaa		2,000,000		2,006,208
Federal Farm Credit Bank				2.375			08/01/2029	Aaa		1,000,000		890,362

												4,048,101
FREDDIE MAC
4.00% of Net Assets
Federal Home Loan Mortgage Corporation				1.400			07/28/2032	Aaa		500,000		377,335
Federal Home Loan Mortgage Corporation				3.000			06/13/2024	Aaa		500,000		488,759

												866,094
Total Investments 103.61% of Net Assets (cost $11,097,593) (See (a) below for further explanation)											$	10,701,967

Liabilities in excess of assets (3.61)%												(373,083	)

Net Assets 100%											$	10,328,884

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

^	When-issued security or extended settlement

(a)	Cost for federal income tax purposes is $11,097,593 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	1,553
Unrealized depreciation		(397,179	)

Net unrealized depreciation	$	(395,626	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Government Agencies
Level 1	Quoted Prices		—
Level 2	Other Significant Observable Inputs	$	10,701,967
Level 3	Significant Unobservable Inputs		—

		$	10,701,967

Securities held by the Intermediate Government Bond Series are valued using market quotations provided by an independent pricing service. If market quotations are not readily available, the pricing service may provide an evaluated price determined by a matrix pricing method, which considers information regarding securities with similar characteristics to determine the evaluation for a security.

DUPREE MUTUAL FUNDS - TAXABLE MUNICIPAL BOND SERIES

UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

September 30, 2022


Bond Description			Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
26.46% of Net Assets
Cleveland OH Water				3.205	%		01/01/2042	Aa2	$	250,000	$	183,578
Franklin County WA Public Utility District				2.974			09/01/2041	A1		150,000		105,227
Grant County WA Public Utility District				3.336			01/01/2041	Aa3		125,000		93,486
KY State Rural Water Finance Corporation				3.000			08/01/2050	A+*		250,000		163,823
Metropolitan Government Nashville & Davidson County TN Recovery Zone				6.693			07/01/2041	Aa2		200,000		233,885
OK State Municipal Power Authority				6.310			01/01/2040	A2		95,000		104,502
Pigeon Forge TN Build America Recovery Zone				7.125			06/01/2040	AA*		300,000		312,675

												1,197,176
PUBLIC FACILITIES REVENUE BONDS
18.00% of Net Assets
Evanston IL Taxable Corporate Purpose Bonds				4.250			12/01/2038	Aa2		275,000		235,565
Franklin County OH Convention Facilities Build America				6.540			12/01/2036	Aa2		155,000		162,443
Metropolitan Government Nashville & Davidson County TN				7.431			07/01/2043	A1		190,000		216,106
Montgomery AL Community Cooperative District				2.815			11/01/2049	Aa1		200,000		125,222
Rhode Island Convention Center				6.060			05/15/2035	A1		70,000		74,514

												813,850
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
13.85% of Net Assets
Mesa CO State College Auxiliary				5.800			05/15/2040	Aa2		170,000		173,381
Mesa State College CO Auxiliary Facilities Build America				6.746			05/15/2042	Aa2		100,000		113,146
Michigan State University Revenues	*	*		4.496			08/15/2048	Aa2		375,000		339,638

												626,165
STATE AND LOCAL MORTGAGE/HOUSING BONDS
9.17% of Net Assets
TN Housing Development Agency				3.254			01/01/2045	Aa1		130,000		94,520
Uptown Development Authority Texas				3.464			09/01/2040	A1		200,000		148,722
VA State Housing Development Authority				3.230			11/01/2050	Aa1		250,000		171,473

												414,715
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
7.46% of Net Assets
Washoe County NV Highway Revenue				7.969			02/01/2040	Aa3		280,000		337,173

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.70% of Net Assets
KY State Property & Buildings Build America	*	*		5.921			11/01/2030	A1		250,000		257,933

SCHOOL IMPROVEMENT BONDS
5.58% of Net Assets
Jefferson County TN Build America Bonds				6.625			06/01/2040	Aa3		250,000		252,405

MARINA/PORT AUTHORITY REVENUE BONDS
5.23% of Net Assets
Miami Dade County FL Special Obligation				7.500			04/01/2040	Aa3		200,000		236,580

HOSPITAL AND HEALTHCARE REVENUE BONDS
4.50% of Net Assets
Midland County TX Hospital District				6.440			05/15/2039	Aa3		185,000		203,348

AIRPORT REVENUE BONDS
1.84% of Net Assets
Tri Cities TN Airport Authority Revenue				3.625			05/01/2038	Aa2		100,000		83,222

PREREFUNDED BONDS
.54% of Net Assets
Tri Cities TN Airport Authority Revenue				3.625			05/01/2038	NR		25,000		24,373

Total Investments 98.33% of Net Assets (cost $5,105,776) (See (a) below for further explanation)											$	4,446,940

Other assets in excess of liabilities 1.67%												75,427

Net Assets 100%											$	4,522,367

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise. All ratings are as of the date indicated and do not reflect susequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

**	Security is segregated

(a)	Cost for federal income tax purposes is $5,113,972 and net unrealized depreciation of investments is as follows:


Unrealized appreciation		54,302
Unrealized depreciation		(721,334	)

Net unrealized depreciation	$	(667,032	)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -

The following is a summary of the inputs used, as of September 30 2022, involving the Fund’s investments in securities carried at fair value. As of that date, the Fund held no investments or other financial instruments whose fair value was determined using Level 3 inputs. The Fund recognizes transfers at the end of the reporting period. There were no transfers in and out of level 1, 2 or 3 during the quarter ended September 30, 2022.


	Valuation Inputs	Taxable Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		4,446,940
Level 3	Significant Unobservable Inputs		—

		$	4,446,940


KTF	Misc Public Improvmt	49151EU9	266845784
KTF	Misc Public Improvmt	49151E2M	266845784
KTF	Misc Public Improvmt	49151EG8	266845784
KTF	Misc Public Improvmt	49151EQ2	266845784
KTF	Misc Public Improvmt	49151E2K	266845784
KTF	Misc Public Improvmt	49151E7X	266845784
KTF	Misc Public Improvmt	49151E2E	266845784
KTF	Misc Public Improvmt	49151FER	266845784
KTF	Misc Public Improvmt	49151FGL	266845784
KTF	Misc Public Improvmt	49151FET	266845784
KTF	Misc Public Improvmt	491189DS	266845784
KTF	Misc Public Improvmt	49151EK9	266845784
KTF	Misc Public Improvmt	49151FGM	266845784
KTF	Misc Public Improvmt	49151FGN	266845784
KTF	Misc Public Improvmt	49151E8S	266845784
KTF	Misc Public Improvmt	49151E4B	266845784
KTF	Misc Public Improvmt	49151EP8	266845784
KTF	Misc Public Improvmt	49151EXA	266845784
KTF	Misc Public Improvmt	49151FGW	266845784
KTF	Misc Public Improvmt	49151FES	266845784
KTF	Misc Public Improvmt	49151EQ4	266845784
KTF	Misc Public Improvmt	49151FGP	266845784
KTF	Misc Public Improvmt	49151FEU	266845784
KTF	Misc Public Improvmt	49151FEQ	266845784
KTF	Misc Public Improvmt	49151E7V	266845784
KTF	Misc Public Improvmt	706751AR	266845784
KTF	Misc Public Improvmt	49151FGH	266845784
KTF	Misc Public Improvmt	49151E5P	266845784
KTF	Misc Public Improvmt	49151E7W	266845784
KTF	Misc Public Improvmt	49151FDY	266845784
KTF	Misc Public Improvmt	49151FDX	266845784
KTF	Misc Public Improvmt	49151FDW	266845784
KTF	Misc Public Improvmt	491189DM	266845784
KTF	Misc Public Improvmt	49151E7T	266845784
KTF	Misc Public Improvmt	49151E7U	266845784
KTF	Misc Public Improvmt	52908EYS	266845784
KTF	Misc Public Improvmt	49151EMT	266845784
KTF	Misc Public Improvmt	49151EK6	266845784
KTF	Misc Public Improvmt	49151EU7	266845784
KTF	Misc Public Improvmt	491207CX	266845784
KTF	Misc Public Improvmt	491189DU	266845784
KTF	Misc Public Improvmt	491196AX	266845784
KTF	Misc Public Improvmt	491196BA	266845784
KTF	Misc Public Improvmt	49151FGF	266845784
KTF	Misc Public Improvmt	52908EYM	266845784
KTF	Misc Public Improvmt	491196AV	266845784
KTF	Misc Public Improvmt	49151E2J	266845784
KTF	Misc Public Improvmt	49151E2L	266845784
KTF	Misc Public Improvmt	52908EYN	266845784
KTF	Misc Public Improvmt	49151EW4	266845784
KTF	Misc Public Improvmt	49151FJD	266845784
KTF	Misc Public Improvmt	49151FJE	266845784
KTF	Misc Public Improvmt	49151FJA	266845784
KTF	Misc Public Improvmt	49151FHW	266845784
KTF	Misc Public Improvmt	49151FHZ	266845784
KTF	Municipal Utilities	546589RX	137445356
KTF	Municipal Utilities	134041DB	137445356
KTF	Municipal Utilities	546589MY	137445356
KTF	Municipal Utilities	546589PE	137445356
KTF	Municipal Utilities	546589TQ	137445356
KTF	Municipal Utilities	546589LX	137445356
KTF	Municipal Utilities	134041CR	137445356
KTF	Municipal Utilities	665306KV	137445356
KTF	Municipal Utilities	134041CQ	137445356
KTF	Municipal Utilities	665306KB	137445356
KTF	Municipal Utilities	546589LT	137445356
KTF	Municipal Utilities	546589LU	137445356
KTF	Municipal Utilities	546589QS	137445356
KTF	Municipal Utilities	546589VU	137445356
KTF	Municipal Utilities	4913134N	137445356
KTF	Municipal Utilities	546589QU	137445356
KTF	Municipal Utilities	546589UH	137445356
KTF	Municipal Utilities	134041CP	137445356
KTF	Municipal Utilities	546589VT	137445356
KTF	Municipal Utilities	546589VS	137445356
KTF	Municipal Utilities	4913134P	137445356
KTF	Municipal Utilities	546589LY	137445356
KTF	Municipal Utilities	665306JC	137445356
KTF	Municipal Utilities	546589TP	137445356
KTF	Municipal Utilities	49140MN8	137445356
KTF	Municipal Utilities	546589TN	137445356
KTF	Municipal Utilities	546589TM	137445356
KTF	Municipal Utilities	665306HX	137445356
KTF	Municipal Utilities	665306JA	137445356
KTF	Municipal Utilities	665306KU	137445356
KTF	Municipal Utilities	546589TL	137445356
KTF	Municipal Utilities	49140MN9	137445356
KTF	Municipal Utilities	352280EG	137445356
KTF	Municipal Utilities	352280EK	137445356
KTF	Municipal Utilities	352280EJ	137445356
KTF	Municipal Utilities	352280EF	137445356
KTF	Municipal Utilities	352280EE	137445356
KTF	Municipal Utilities	691106FV	137445356
KTF	Municipal Utilities	49140MWW	137445356
KTF	Municipal Utilities	49140MAE	137445356
KTF	Prerefunded	54659RAZ	113410483
KTF	Prerefunded	49151FHU	113410483
KTF	Prerefunded	49151EZU	113410483
KTF	Prerefunded	49119GAW	113410483
KTF	Prerefunded	49151FHT	113410483
KTF	Prerefunded	472904ZA	113410483
KTF	Prerefunded	49119GAY	113410483
KTF	Prerefunded	49151EZP	113410483
KTF	Prerefunded	49151EZR	113410483
KTF	Prerefunded	49151FHQ	113410483
KTF	Prerefunded	472904ZB	113410483
KTF	Prerefunded	49119GBA	113410483
KTF	Prerefunded	49151FHL	113410483
KTF	Prerefunded	472904YY	113410483


KTF	Prerefunded	49151EZW	113410483
KTF	Prerefunded	499422BN	113410483
KTF	Prerefunded	546589TC	113410483
KTF	Prerefunded	54659RAW	113410483
KTF	Prerefunded	49151FHP	113410483
KTF	Prerefunded	491552PR	113410483
KTF	Prerefunded	546593AE	113410483
KTF	Prerefunded	411873NA	113410483
KTF	Prerefunded	134290JV	113410483
KTF	Prerefunded	546589TD	113410483
KTF	Prerefunded	491552PT	113410483
KTF	Prerefunded	546589TB	113410483
KTF	Turnpikes/Toll/Hgwy	491552UX	111281325
KTF	Turnpikes/Toll/Hgwy	491552TH	111281325
KTF	Turnpikes/Toll/Hgwy	491552XU	111281325
KTF	Turnpikes/Toll/Hgwy	491552YE	111281325
KTF	Turnpikes/Toll/Hgwy	491552YD	111281325
KTF	Turnpikes/Toll/Hgwy	491552XA	111281325
KTF	Turnpikes/Toll/Hgwy	491552ZM	111281325
KTF	Turnpikes/Toll/Hgwy	491552XR	111281325
KTF	Turnpikes/Toll/Hgwy	491552RY	111281325
KTF	Turnpikes/Toll/Hgwy	491552UU	111281325
KTF	Turnpikes/Toll/Hgwy	491552WX	111281325
KTF	Turnpikes/Toll/Hgwy	49118NDP	111281325
KTF	Turnpikes/Toll/Hgwy	49118NEH	111281325
KTF	Turnpikes/Toll/Hgwy	491552TF	111281325
KTF	Turnpikes/Toll/Hgwy	491552UW	111281325
KTF	Turnpikes/Toll/Hgwy	491552TK	111281325
KTF	Turnpikes/Toll/Hgwy	491552XB	111281325
KTF	Turnpikes/Toll/Hgwy	49118NCU	111281325
KTF	Turnpikes/Toll/Hgwy	49118NDL	111281325
KTF	Turnpikes/Toll/Hgwy	491552XM	111281325
KTF	Turnpikes/Toll/Hgwy	491552XT	111281325
KTF	Refunding	49151EXF	91399327
KTF	Refunding	49151EYF	91399327
KTF	Refunding	49151EXB	91399327
KTF	Refunding	49151EYA	91399327
KTF	Refunding	49151ESE	91399327
KTF	Refunding	49151FCA	91399327
KTF	Refunding	49151FCB	91399327
KTF	Refunding	49151ESJ	91399327
KTF	Refunding	49151FCP	91399327
KTF	Refunding	49151EYE	91399327
KTF	Univ Con Ed	914378EW	66868147
KTF	Univ Con Ed	914378EV	66868147
KTF	Univ Con Ed	49119GBT	66868147
KTF	Univ Con Ed	914378HF	66868147
KTF	Univ Con Ed	49119GBR	66868147
KTF	Univ Con Ed	103462AY	66868147
KTF	Univ Con Ed	914378EU	66868147
KTF	Univ Con Ed	54675PBN	66868147
KTF	Univ Con Ed	914391C9	66868147
KTF	Univ Con Ed	9585192V	66868147
KTF	Univ Con Ed	914391C7	66868147
KTF	Univ Con Ed	546605AV	66868147
KTF	Univ Con Ed	616640GY	66868147
KTF	Univ Con Ed	958519Y6	66868147
KTF	Univ Con Ed	616640GZ	66868147
KTF	Univ Con Ed	914391C8	66868147
KTF	School Improvements	4729043X	66681064
KTF	School Improvements	4729043W	66681064
KTF	School Improvements	809545VG	66681064
KTF	School Improvements	312432XL	66681064
KTF	School Improvements	472904B6	66681064
KTF	School Improvements	312432UT	66681064
KTF	School Improvements	312432XG	66681064
KTF	School Improvements	312432XK	66681064
KTF	School Improvements	352840QH	66681064
KTF	School Improvements	491089NX	66681064
KTF	School Improvements	518651LX	66681064
KTF	School Improvements	472904E2	66681064
KTF	School Improvements	312432XF	66681064
KTF	School Improvements	312432YV	66681064
KTF	School Improvements	4729045P	66681064
KTF	School Improvements	4729045N	66681064
KTF	School Improvements	4729045K	66681064
KTF	School Improvements	518651MQ	66681064
KTF	School Improvements	4729045J	66681064
KTF	School Improvements	821622JZ	66681064
KTF	School Improvements	411873RP	66681064
KTF	School Improvements	411873RN	66681064
KTF	Hosp and Healthcare	54675QAV	61024803
KTF	Hosp and Healthcare	528921DC	61024803
KTF	Hosp and Healthcare	49126KFM	61024803
KTF	Hosp and Healthcare	54659LAC	61024803
KTF	Hosp and Healthcare	934864AV	61024803
KTF	Hosp and Healthcare	49126KGF	61024803
KTF	Hosp and Healthcare	54675QAX	61024803
KTF	Hosp and Healthcare	49126KGG	61024803
KTF	Hosp and Healthcare	49126PDE	61024803
KTF	Hosp and Healthcare	721164AB	61024803
KTF	Hosp and Healthcare	54659LAU	61024803
KTF	Hosp and Healthcare	54659LAB	61024803
KTF	Hosp and Healthcare	54675QAS	61024803
KTF	Hosp and Healthcare	528921DB	61024803
KTF	Hosp and Healthcare	49126KFL	61024803
KTF	Hosp and Healthcare	528921CX	61024803
KTF	Hosp and Healthcare	49126KGH	61024803
KTF	Hosp and Healthcare	54659LAA	61024803
KTF	Public Facility	977764AV	29737176
KTF	Public Facility	54675TAT	29737176
KTF	Public Facility	352832AX	29737176
KTF	Public Facility	934856BA	29737176
KTF	Public Facility	877015BL	29737176
KTF	Public Facility	76804AAS	29737176
KTF	Public Facility	76804AAR	29737176
KTF	Public Facility	690887HL	29737176
KTF	Public Facility	76804AAQ	29737176
KTF	Public Facility	76804ABP	29737176


KTF	Public Facility	10376CAW	29737176
KTF	Public Facility	76804ABN	29737176
KTF	Public Facility	76804ABM	29737176
KTF	Public Facility	76804ABL	29737176
KTF	Public Facility	76804ABK	29737176
KTF	Public Facility	10376CAV	29737176
KTF	Public Facility	76804ABJ	29737176
KTF	Public Facility	54675TAN	29737176
KTF	Escrow Maturity	472907AR	24167008
KTF	Escrow Maturity	472902HS	24167008
KTF	State/Local Mtg/Hsg	49130TLK	15643916
KTF	State/Local Mtg/Hsg	49130THE	15643916
KTF	State/Local Mtg/Hsg	49127DAF	15643916
KTF	State/Local Mtg/Hsg	49130TDE	15643916
KTF	State/Local Mtg/Hsg	49130TFA	15643916
KTF	State/Local Mtg/Hsg	49130P6Q	15643916
KTF	State/Local Mtg/Hsg	49130MAF	15643916
KTF	State/Local Mtg/Hsg	49130TDF	15643916
KTF	State/Local Mtg/Hsg	392056FS	15643916
KTF	Airport	52908WBD	8011593
KTF	Airport	52908WBC	8011593
KTF	Airport	52908WBB	8011593
KTF	Airport	52908WAZ	8011593
KTF	Airport	52908WAX	8011593
KTF	Miscellaneous Rev	49151FEP	2367406

Dupree Mutual Funds NPORT-P/AKentucky Tax-Free Income Series (Sep 2022 report)