Dupree Mutual Funds NPORTP/A Taxable Municipal Bond Series (Sep 2023 report)

DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Alabama Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
PREREFUNDED BONDS
22.44% of Net Assets
Alabaster AL Board of Education Special Tax Warrants	5.000	%	09/01/2039	A1	$	600,000	$	606,120
Auburn AL Waterworks Board Water Revenue	5.000		09/01/2036	Aa2		250,000		255,178
Decatur City AL Board of Education Special Tax	5.000		02/01/2040	Aa2		225,000		228,335
Jasper AL Warrants	5.000		03/01/2031	A2		250,000		251,180
Jasper AL Warrants	5.000		03/01/2032	A2		450,000		452,123
Limestone County AL Water & Sewer Authority	4.750		12/01/2033	AA*		290,000		299,901
Limestone County AL Water & Sewer Authority	5.000		12/01/2034	AA-*		250,000		250,435
Madison AL Warrants	5.000		04/01/2035	Aa3		350,000		356,139
Northport AL Warrants	5.000		08/01/2040	AA*		735,000		742,297
Trussville AL Warrants	5.000		10/01/2039	NR		300,000		300,015
Tuscaloosa AL Warrants	5.000		07/01/2034	Aa1		300,000		302,751
Tuscaloosa County AL Board of Education Special Tax School Warrants	5.000		02/01/2036	Aa3		250,000		260,988
Tuscaloosa County AL Board of Education Special Tax School Warrants	5.000		02/01/2037	Aa3		250,000		260,988
SCHOOL IMPROVEMENT BONDS								4,566,450
SCHOOL IMPROVEMENT BONDS
21.12% of Net Assets
Athens AL Warrants	3.000		05/01/2041	Aa3		125,000		95,116
Bibb County AL Board of Education Special Tax	4.000		04/01/2032	AA*		380,000		369,835
Cherokee County AL Board of Education Tax Warrants	4.000		12/01/2034	A1		310,000		298,601
Cherokee County AL Board of Education Tax Warrants	4.250		12/01/2042	A1		150,000		137,609
Elmore County AL Board of Education	4.000		08/01/2038	Aa3		250,000		230,183
Florence AL City Board of Education Special Tax School Warrants	4.000		03/01/2046	Aa3		225,000		192,152
Guntersville AL Warrants	3.000		08/01/2040	AA-*		250,000		193,045
Houston County AL Board of Education Special Tax School Warrants	3.000		12/01/2037	AA*		250,000		197,038
Jackson County AL Board of Education School Tax Warrants	3.000		03/01/2038	AA*		350,000		273,448
Jefferson County AL Board of Education Public School Warrants	4.000		02/01/2042	A1		325,000		283,423
Jefferson County AL Public Schools	4.000		02/01/2038	A1		165,000		149,982
Madison AL Board of Education Special Tax School Warrants	4.000		02/01/2041	Aa3		370,000		334,191
Marshall County AL Board of Education Special Tax School Warrants	4.000		03/01/2033	A1		250,000		241,785
Mountain Brook AL City Board of Education	3.000		03/01/2042	Aa1		250,000		187,265
Oxford AL Board of Education School Tax Warrants	4.000		05/01/2045	Aa3		350,000		303,254
Pell City AL Warrants	4.500		02/01/2042	AA*		200,000		193,436
Pike Road AL Warrants	5.000		03/01/2043	AA+*		250,000		260,675
Saint Clair AL Board of Education Special Tax School Warrants	5.000		02/01/2040	A1		125,000		127,706
Saint Clair County AL Board of Education Special Tax Warrants	3.000		02/01/2038	A1		250,000		195,745
Troy AL Public Educational Building Authority	5.250		12/01/2036	A1		30,000		30,015
PUBLIC FACILITIES REVENUE BONDS								4,294,504
PUBLIC FACILITIES REVENUE BONDS
18.26% of Net Assets
Adamsville AL Warrants	3.000		09/01/2045	AA*		250,000		183,323
AL State Corrections Institution Finance Authority	5.000		07/01/2042	Aa2		350,000		362,012
Anniston AL Public Building Authority DHR Project	5.250		05/01/2030	AA-*		50,000		50,039
Anniston AL Public Building Authority DHR Project	5.500		05/01/2033	AA-*		200,000		200,062
Bessemer AL Public Educational Building Authority Revenue	5.000		07/01/2030	AA*		140,000		139,751
Birmingham Jefferson AL Civic Center	5.000		12/01/2043	AA*		500,000		506,475
Birmingham Jefferson AL Civic Center Authority Revenue	5.000		05/01/2037	Aa3		500,000		513,790
Birmingham Jefferson AL Civic Center Authority Revenue	5.000		05/01/2038	Aa3		250,000		255,640
Boaz AL Warrants	4.000		02/01/2037	AA*		250,000		233,970
Bullock County AL Public Building Authority	4.000		10/01/2038	AA-*		500,000		475,560
Montgomery County AL Public Building Authority	5.000		03/01/2036	Aa2		350,000		362,322
Phenix City AL Public Building Authority	4.000		10/01/2035	AA-*		100,000		96,753
Phenix City AL Public Building Authority	4.000		10/01/2037	AA-*		120,000		111,569
Saint Clair County AL Public Building Authority	4.000		02/01/2041	AA-*		250,000		220,958
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								3,712,224

15.04% of Net Assets
AL Community College System Gadsden State Community College	5.000		06/01/2038	A1		325,000		334,838
AL State Public School & College Authority	4.000		11/01/2040	Aa1		250,000		229,040
Auburn University AL General Fee Revenue	4.000		06/01/2036	Aa2		380,000		364,263
Troy University AL Facilities Revenue	5.000		11/01/2028	A1		250,000		252,958
Troy University AL Facilities Revenue	4.000		11/01/2032	A1		300,000		298,635
Troy University AL Facilities Revenue	5.000		11/01/2037	A1		200,000		203,614
University of AL General Fee Revenue	5.000		09/01/2037	Aa3		250,000		258,395
University of AL Huntsville General Fee Revenue	5.000		09/01/2038	Aa3		435,000		448,189
University of AL Huntsville General Fee Revenue	5.000		09/01/2038	Aa3		500,000		516,705
University of South AL	5.000		04/01/2044	A1		150,000		150,788
MUNICIPAL UTILITY REVENUE BONDS								3,057,425
MUNICIPAL UTILITY REVENUE BONDS
12.79% of Net Assets
Athens AL Water & Sewer	4.000		05/01/2039	A1		200,000		181,140
Athens AL Water & Sewer	4.000		05/01/2040	A1		100,000		89,542
Berry AL Water & Sewer Revenue	4.000		09/01/2039	AA*		250,000		230,000
Birmingham AL Waterworks	4.000		01/01/2037	Aa2		250,000		237,608

DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES
SCHEDULE OF PORTFOLIO INVESTMENTS								UNAUDITED
Alabama Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
Birmingham AL Waterworks	4.000	%	01/01/2041	Aa2	$	225,000	$	204,768
Limestone County AL Water & Sewer Authority	4.750		12/01/2035	AA*		400,000		402,287
Opelika AL Utilities Board	4.000		06/01/2039	Aa3		250,000		224,810
Prattville AL Sewer Warrants	4.000		11/01/2042	AA-*		375,000		336,026
Scottsboro AL Waterworks Sewer & Gas	4.000		08/01/2040	AA*		150,000		134,954
Talladega AL Water & Sewer Revenue	3.000		09/01/2046	AA*		250,000		169,120
Tuskegee AL Utilities Board	3.000		08/01/2037	A1		260,000		214,456
Warrior River AL Water Authority	4.000		08/01/2043	AA*		200,000		175,924
REFUNDING BONDS								2,600,635
REFUNDING BONDS
3.80% of Net Assets
Jefferson County AL Warrants	5.000		09/15/2035	AA+*		250,000		254,280
Montgomery AL Warrants	5.000		06/15/2035	A1		500,000		518,190
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								772,470
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.37% of Net Assets
Arab AL	3.000		12/01/2041	AA*		250,000		183,433
Birmingham AL Warrants	4.000		12/01/2035	Aa3		250,000		242,937
Birmingham AL Warrants	5.000		12/01/2037	Aa3		250,000		258,070
HOSPITAL AND HEALTHCARE REVENUE BONDS								684,440
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.74% of Net Assets
Chilton County AL Health Care Authority Chilton County Hospital	5.000		11/01/2035	AA-@		550,000		557,480
Total Investments 99.56% of Net Assets							$	20,245,628
(cost $22,175,091 (See (a) below for further explanation)
(cost $22,175,091 (See (a) below for further explanation)
Other assets in excess of liabilities .44%								89,669
Net Assets 100%							$	20,335,297

# 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
NR	Not Rated
(a)	Cost for federal income tax purposes is $22,175,091 and net unrealized depreciation of investments is as follows:
	Unrealized appreciation	$	826
	Unrealized depreciation		(1,930,289)
	Net unrealized depreciation	$	(1,929,463)

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, 2023, 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, 2023.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		20,245,628
Level 3	Significant Unobservable Inputs		---
		$	20,245,628

Securities held by the Fund are valued as determined in good faith by the Funds' Valuation Designee, Dupree & Company, Inc. (the "Valuation Designee"). The Valuation Designee is responsible for, among other things, monitoring the value of the Fund's securities. 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 quotation provided by two independent pricing services. A bond valuation that is not supported by a valuation source requires the Valuation Designee, to fair value the security in accordance with procedures approved by the Board of Trustees.

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, 2023		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value	Fair Value

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS 36.17% of Net Assets

KY Association of Counties	4.000	%	02/01/2029	AA-*	$	240,000	$	239,760
KY Association of Counties	5.000		02/01/2030	AA-*		385,000		405,213
KY Association of Counties	5.000		02/01/2031	AA-*		255,000		267,763
KY Association of Counties	4.000		02/01/2033	AA-*		420,000		413,864
KY Association of Counties	4.000		02/01/2034	AA-*		435,000		429,902
KY Association of Counties	4.000		02/01/2035	AA-*		690,000		668,534
KY Association of Counties	4.000		02/01/2035	AA-*		460,000		447,695
KY Association of Counties	4.500		02/01/2036	AA-*		445,000		448,053
KY Association of Counties	4.000		02/01/2037	AA-*		745,000		693,014
KY Association of Counties	4.500		02/01/2037	AA-*		460,000		455,878
KY Association of Counties	4.000		02/01/2038	AA-*		3,165,000		2,886,100
KY Association of Counties	4.000		02/01/2038	AA-*		1,045,000		967,200
KY Association of Counties	4.500		02/01/2038	AA-*		490,000		482,846
KY Association of Counties	4.000		02/01/2039	AA-*		1,000,000		900,680
KY Association of Counties	4.500		02/01/2039	AA-*		515,000		506,013
KY Association of Counties	5.000		02/01/2039	AA-*		550,000		566,517
KY Association of Counties	4.500		02/01/2040	AA-*		535,000		523,460
KY Association of Counties	4.500		02/01/2041	AA-*		565,000		549,056
KY Association of Counties	3.500		02/01/2042	AA-*		1,215,000		982,619
KY Association of Counties	4.500		02/01/2042	AA-*		1,050,000		1,011,812
KY Association of Counties	4.500		02/01/2043	AA-*		1,455,000		1,379,224
KY Association of Counties	4.000		02/01/2043	AA-*		515,000		454,529
KY Association of Counties	4.000		02/01/2048	AA-*		920,000		779,764
KY Bond Corporation Finance Program	3.000		02/01/2032	AA-*		550,000		490,661
KY Bond Corporation Finance Program	3.000		02/01/2033	AA-*		1,010,000		889,810
KY Bond Corporation Finance Program	3.000		02/01/2034	AA-*		1,070,000		927,134
KY Bond Corporation Finance Program	3.000		02/01/2034	AA-*		925,000		801,494
KY Bond Corporation Finance Program	3.000		02/01/2035	AA-*		1,170,000		996,665
KY Bond Corporation Finance Program	3.000		02/01/2035	AA-*		930,000		791,486
KY Bond Corporation Finance Program	3.000		02/01/2036	AA-*		1,240,000		1,030,862
KY Bond Corporation Finance Program	3.000		02/01/2036	AA-*		965,000		802,243
KY Bond Corporation Finance Program	3.000		02/01/2037	AA-*		990,000		802,256
KY Bond Corporation Finance Program	3.000		02/01/2038	AA-*		980,000		775,866
KY Bond Corporation Finance Program	3.000		02/01/2038	AA-*		1,025,000		811,493
KY Bond Corporation Finance Program	3.000		02/01/2039	AA-*		1,050,000		815,399
KY Bond Corporation Finance Program	3.000		02/01/2040	AA-*		1,030,000		785,396
KY Bond Corporation Finance Program	3.000		02/01/2041	AA-*		1,000,000		749,660
KY Bond Corporation Finance Program	3.000		02/01/2041	AA-*		1,065,000		798,388
KY Bond Corporation Finance Program	3.000		02/01/2042	AA-*		420,000		309,166
KY Bond Corporation Finance Program	3.000		02/01/2043	AA-*		430,000		310,396
KY Bond Corporation Finance Program	3.000		02/01/2044	AA-*		450,000		319,415
KY Bond Corporation Finance Program	3.000		02/01/2047	AA-*		1,100,000		736,494
KY State Property & Building #105	4.750		04/01/2031	A1		2,110,000		2,111,414
KY State Property & Building #105	4.750		04/01/2032	A1		2,205,000		2,205,066
KY State Property & Building #105	4.750		04/01/2033	A1		2,310,000		2,310,162
KY State Property & Building #108	5.000		08/01/2026	A1		955,000		972,056
KY State Property & Building #108	5.000		08/01/2028	A1		2,670,000		2,715,310
KY State Property & Building #108	5.000		08/01/2030	A1		5,000,000		5,085,750
KY State Property & Building #108	5.000		08/01/2032	A1		8,820,000		8,955,652
KY State Property & Building #108	5.000		08/01/2033	A1		5,270,000		5,358,536
KY State Property & Building #108	5.000		08/01/2034	A1		4,900,000		4,938,171
KY State Property & Building #110	5.000		08/01/2029	A1		4,200,000		4,273,542
KY State Property & Building #110	5.000		08/01/2032	A1		1,515,000		1,538,301
KY State Property & Building #110	5.000		08/01/2033	A1		1,000,000		1,016,800
KY State Property & Building #110	5.000		08/01/2034	A1		1,900,000		1,918,468
KY State Property & Building #110	5.000		08/01/2035	A1		3,680,000		3,733,323
KY State Property & Building #112	5.000		11/01/2028	A1		2,765,000		2,851,793
KY State Property & Building #112	5.000		02/01/2035	A1		8,325,000		8,490,002
KY State Property & Building #112	5.000		02/01/2036	A1		7,920,000		8,052,264
KY State Property & Building #115	5.000		04/01/2033	A1		4,565,000		4,693,368
KY State Property & Building #115	5.000		04/01/2034	A1		13,975,000		14,345,055
KY State Property & Building #115	5.000		04/01/2036	A1		14,460,000		14,819,186
KY State Property & Building #115	5.000		04/01/2037	A1		5,000,000		5,104,600
KY State Property & Building #117	5.000		05/01/2031	A1		5,055,000		5,222,270
KY State Property & Building #117	5.000		05/01/2032	A1		3,680,000		3,798,054
KY State Property & Building #117	5.000		05/01/2033	A1		3,550,000		3,667,470
KY State Property & Building #117	5.000		05/01/2034	A1		5,825,000		6,007,905
KY State Property & Building #117	5.000		05/01/2035	A1		5,065,000		5,208,694
KY State Property & Building #117	5.000		05/01/2036	A1		5,275,000		5,406,981
KY State Property & Building #119	5.000		05/01/2030	A1		3,685,000		3,853,699
KY State Property & Building #119	5.000		05/01/2034	A1		725,000		756,639
KY State Property & Building #119	5.000		05/01/2035	A1		10,000,000		10,372,600

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#	Par Value		Fair Value
KY State Property & Building #119	5.000	%	05/01/2036	A1	$ 10,000,000	$	10,330,400
KY State Property & Building #119	5.000		05/01/2037	A1	500,000		513,370
KY State Property & Building #122	5.000		11/01/2031	A1	790,000		830,108
KY State Property & Building #122	5.000		11/01/2033	A1	1,000,000		1,048,410
KY State Property & Building #122	4.000		11/01/2035	A1	500,000		475,075
KY State Property & Building #122	4.000		11/01/2036	A1	750,000		701,880
KY State Property & Building #122	4.000		11/01/2037	A1	675,000		622,755
KY State Property & Building #122	4.000		11/01/2038	A1	5,345,000		4,878,702
KY State Property & Building #122	4.000		11/01/2039	A1	9,655,000		8,745,209
KY State Property & Building #126	5.000		05/01/2039	A1	5,565,000		5,741,188
KY State Property & Building #126	5.000		05/01/2040	A1	5,845,000		6,004,919
KY State Property & Building #126	5.000		05/01/2041	A1	6,135,000		6,289,725
KY State Property & Building #126	5.000		05/01/2042	A1	2,000,000		2,044,760
KY State Property & Building #126	4.000		05/01/2042	A1	1,980,000		1,733,332
KY State Property & Building #127	5.250		06/01/2040	A1	10,000,000		10,445,300
KY State Property & Building #127	5.250		06/01/2041	A1	8,745,000		9,109,054
KY State Property & Building #127	5.250		06/01/2042	A1	15,975,000		16,674,701
Louisville & Jefferson County Visitors & Convention Commission	4.000		06/01/2034	Aa3	3,720,000		3,659,513
SCHOOL IMPROVEMENT BONDS							270,035,312
SCHOOL IMPROVEMENT BONDS
22.79% of Net Assets
Adair County KY School District Finance Corporation	4.250		09/01/2040	A1	1,840,000		1,719,535
Adair County KY School District Finance Corporation	4.250		09/01/2042	A1	1,270,000		1,165,949
Bardstown KY Independent School District Finance Corporation	4.000		02/01/2040	A1	1,495,000		1,327,814
Bardstown KY Independent School District Finance Corporation	4.000		02/01/2042	A1	1,525,000		1,333,216
Bowling Green KY School District Finance Corporation	4.000		08/01/2034	A1	1,890,000		1,870,250
Bowling Green KY School District Finance Corporation	4.000		08/01/2035	A1	2,215,000		2,153,755
Bowling Green KY School District Finance Corporation	4.000		08/01/2036	A1	2,305,000		2,186,938
Bowling Green KY School District Finance Corporation	4.000		08/01/2037	A1	2,395,000		2,198,203
Bowling Green KY School District Finance Corporation	4.000		04/01/2043	A1	3,085,000		2,631,227
Bowling Green KY School District Finance Corporation	4.000		04/01/2045	A1	2,500,000		2,172,875
Bullitt County KY School District Finance Corporation	4.000		10/01/2035	A1	1,820,000		1,744,452
Bullitt County KY School District Finance Corporation	4.000		10/01/2036	A1	2,985,000		2,813,960
Bullitt County KY School District Finance Corporation	4.000		10/01/2037	A1	3,075,000		2,820,329
Bullitt County KY School District Finance Corporation	4.000		03/01/2038	A1	575,000		519,697
Butler County KY School District Finance Corporation	4.000		03/01/2037	A1	360,000		334,771
Butler County KY School District Finance Corporation	4.250		03/01/2040	A1	755,000		698,443
Christian County KY School District Finance Corporation	4.500		10/01/2042	A1	3,555,000		3,401,637
Christian County KY School District Finance Corporation	4.500		10/01/2043	A1	3,605,000		3,422,443
Christian County KY School District Finance Corporation	4.500		10/01/2048	A1	2,000,000		1,852,780
Clark County KY School District Finance Corporation	4.000		03/01/2039	A1	3,090,000		2,766,601
Clark County KY School District Finance Corporation	4.000		03/01/2040	A1	1,475,000		1,308,015
Clay County KY School District Finance Corporation	4.250		09/01/2042	A1	1,500,000		1,339,635
Covington KY Independent School District Finance Corporation	4.000		06/01/2041	A1	490,000		432,915
Fayette County KY School District Finance Corporation	5.000		08/01/2028	Aa3	1,330,000		1,356,600
Fayette County KY School District Finance Corporation	4.750		11/01/2031	Aa3	1,730,000		1,742,162
Fayette County KY School District Finance Corporation	5.000		08/01/2032	Aa3	10,600,000		10,800,658
Fayette County KY School District Finance Corporation	5.000		08/01/2034	Aa3	8,750,000		8,906,275
Glasgow KY School District Finance Corporation	3.000		02/01/2042	A1	1,820,000		1,329,255
Hardin County KY School District Finance Corporation	4.000		05/01/2030	Aa3	635,000		634,251
Harlan KY Independent School District Finance Corporation	4.250		09/01/2041	A1	560,000		511,263
Harlan KY Independent School District Finance Corporation	4.375		09/01/2042	A1	260,000		239,359
Jefferson County KY School District Finance Corporation	5.000		10/01/2026	Aa3	255,000		264,200
Jefferson County KY School District Finance Corporation	5.000		04/01/2030	Aa3	975,000		989,108
Jefferson County KY School District Finance Corporation	5.000		04/01/2031	Aa3	1,025,000		1,039,535
Jefferson County KY School District Finance Corporation	5.000		05/01/2033	Aa3	5,145,000		5,173,555
Jefferson County KY School District Finance Corporation	4.000		06/01/2033	Aa3	4,310,000		4,318,491
Jefferson County KY School District Finance Corporation	4.750		04/01/2034	Aa3	1,165,000		1,180,530
Jefferson County KY School District Finance Corporation	5.000		05/01/2034	Aa3	5,405,000		5,434,998
Jefferson County KY School District Finance Corporation	4.000		06/01/2034	Aa3	3,500,000		3,490,795
Jefferson County KY School District Finance Corporation	4.750		04/01/2035	Aa3	1,220,000		1,235,905
Jefferson County KY School District Finance Corporation	3.000		12/01/2035	Aa3	11,140,000		9,445,606
Jefferson County KY School District Finance Corporation	4.250		10/01/2037	Aa3	2,110,000		2,038,598
Jefferson County KY School District Finance Corporation	3.000		12/01/2038	Aa3	6,470,000		5,105,089
Jefferson County KY School District Finance Corporation	3.000		12/01/2039	Aa3	4,385,000		3,399,384
Jefferson County KY School District Finance Corporation	3.000		12/01/2040	Aa3	1,940,000		1,473,799
Kenton County KY School District Finance Corporation	4.000		04/01/2036	A1	1,210,000		1,128,410
Kenton County KY School District Finance Corporation	4.000		04/01/2037	A1	1,255,000		1,151,362
Kenton County KY School District Finance Corporation	4.000		04/01/2038	A1	1,300,000		1,177,020
Kenton County KY School District Finance Corporation	3.000		12/01/2040	A1	1,965,000		1,468,641
Kenton County KY School District Finance Corporation	3.000		12/01/2041	A1	2,025,000		1,483,859
Marion County KY School District Finance Corporation	4.000		04/01/2038	A1	1,000,000		900,580
Marion County KY School District Finance Corporation	4.000		04/01/2040	A1	1,190,000		1,052,424
Meade County KY School District Finance Corporation	4.000		06/01/2036	A1	2,215,000		2,106,753

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
Meade County KY School District Finance Corporation	4.000	%	06/01/2037	A1	$	2,255,000	$	2,105,629
Meade County KY School District Finance Corporation	4.000		06/01/2038	A1		2,400,000		2,164,032
Morgan County KY School District Finance Corporation	4.000		08/01/2029	A1		960,000		960,298
Oldham County KY School District Finance Corporation	4.000		10/01/2034	A1		1,560,000		1,491,563
Paris KY Independent School District Finance Corporation	4.000		03/01/2042	A1		1,000,000		867,410
Raceland-Worthington KY Independent School District Finance Corporation	3.400		06/01/2037	A1		605,000		522,424
Scott County KY School District Finance Corporation	4.500		01/01/2025	A1		4,890,000		4,914,010
Scott County KY School District Finance Corporation	4.000		02/01/2029	Aa3		5,040,000		5,078,405
Scott County KY School District Finance Corporation	4.000		06/01/2035	Aa3		1,440,000		1,392,898
Scott County KY School District Finance Corporation	4.000		10/01/2035	Aa3		2,235,000		2,152,305
Scott County KY School District Finance Corporation	4.000		06/01/2036	Aa3		1,500,000		1,439,295
Scott County KY School District Finance Corporation	4.000		10/01/2037	Aa3		2,415,000		2,245,322
Scott County KY School District Finance Corporation	5.000		09/01/2041	Aa3		7,120,000		7,394,902
Scott County KY School District Finance Corporation	4.125		04/01/2047	Aa3		2,025,000		1,763,897
Shelby County KY School District Finance Corporation	4.000		08/01/2037	Aa3		6,240,000		5,817,050
Shelby County KY School District Finance Corporation	4.000		08/01/2038	Aa3		3,000,000		2,756,160
Warren County KY School District Finance Corporation	4.000		02/01/2040	Aa3		2,000,000		1,815,900
Williamstown KY Independent School District Finance Corporation	4.125		05/01/2044	A1		490,000		430,088
Woodford County KY School District Finance Corporation	5.000		08/01/2038	A1		1,650,000		1,697,388
Woodford County KY School District Finance Corporation	5.000		08/01/2039	A1		350,000		360,308
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								170,163,189

13.00% of Net Assets
Boyle County KY Centre College	5.000		06/01/2037	A3		2,865,000		2,897,346
Boyle County KY Educational Facilities Revenue Centre College	5.250		06/01/2043	A3		2,000,000		2,055,940
KY Bond Development Corporation Educational Facilities Centre College	5.000		06/01/2033	A3		1,345,000		1,391,873
KY Bond Development Corporation Educational Facilities Centre College	5.000		06/01/2034	A3		1,605,000		1,664,385
KY Bond Development Corporation Educational Facilities Centre College	5.000		06/01/2035	A3		2,165,000		2,253,505
KY Bond Development Corporation Educational Facilities Centre College	5.000		06/01/2036	A3		2,835,000		2,899,950
KY Bond Development Corporation Educational Facilities Centre College	5.000		06/01/2038	A3		1,340,000		1,353,239
KY Bond Development Corporation Educational Facilities Centre College	4.000		06/01/2038	A3		200,000		184,468
KY Bond Development Corporation Educational Facilities Centre College	3.000		06/01/2039	A3		860,000		645,069
KY Bond Development Corporation Educational Facilities Centre College	3.000		06/01/2041	A3		1,405,000		1,016,251
KY Bond Development Corporation Educational Facilities Centre College	4.000		06/01/2046	A3		2,545,000		2,165,082
KY Bond Development Corporation Educational Facilities Centre College	4.000		06/01/2051	A3		4,400,000		3,504,072
KY State Property & Building #114	5.000		10/01/2032	A1		2,795,000		2,865,434
KY State Property & Building #114	5.000		10/01/2033	A1		2,940,000		3,013,265
KY State Property & Building #114	5.000		10/01/2034	A1		3,090,000		3,157,362
KY State Property & Building #114	5.000		10/01/2035	A1		1,945,000		1,980,808
KY State Property & Building #116	5.000		10/01/2035	A1		4,165,000		4,294,407
KY State Property & Building #116	5.000		10/01/2036	A1		2,725,000		2,803,589
Murray State University	5.000		03/01/2032	A1		2,220,000		2,241,134
Murray State University	3.000		09/01/2037	A1		1,310,000		1,041,502
Murray State University	3.000		09/01/2039	A1		1,390,000		1,060,320
Murray State University	3.000		09/01/2041	A1		1,470,000		1,095,870
University of Kentucky Certificate of Participation	4.000		05/01/2033	Aa3		885,000		869,752
University of Kentucky Certificate of Participation	4.000		05/01/2034	Aa3		1,020,000		997,550
University of Kentucky Certificate of Participation	4.000		05/01/2039	Aa3		4,660,000		4,292,512
University of Kentucky Certificate of Participation	4.000		05/01/2044	Aa3		3,755,000		3,310,821
University of Kentucky General Receipts	5.000		04/01/2030	Aa2		5,490,000		5,579,048
University of Kentucky General Receipts	4.000		10/01/2036	Aa2		16,160,000		15,571,614
University of Kentucky General Receipts	4.000		10/01/2038	Aa2		10,855,000		10,143,455
University of Kentucky Higher Educational	4.750		04/01/2034	Aa2		5,435,000		5,511,416
University of Louisville	3.000		09/01/2039	A1		1,450,000		1,136,887
University of Louisville	3.000		09/01/2040	A1		1,495,000		1,153,348
University of Louisville	3.000		09/01/2042	A1		1,575,000		1,173,359
Western KY University	4.000		09/01/2034	A1		575,000		565,984
Western KY University	4.000		09/01/2035	A1		595,000		579,012
Western KY University	4.000		09/01/2036	A1		620,000		591,027
MUNICIPAL UTILITY REVENUE BONDS								97,060,656
MUNICIPAL UTILITY REVENUE BONDS
8.05% of Net Assets
KY Rural Water Finance Corporation	4.500		02/01/2024	AA-*		880,000		880,106
KY Rural Water Finance Corporation	3.000		02/01/2032	AA-*		240,000		216,125
KY Rural Water Finance Corporation	3.000		02/01/2033	AA-*		370,000		329,356
KY Rural Water Finance Corporation	5.125		02/01/2035	AA-*		295,000		293,351
KY Rural Water Finance Corporation	3.000		08/01/2036	AA-*		285,000		238,434
KY Rural Water Finance Corporation	3.000		08/01/2037	AA-*		280,000		228,211
KY State Association of Counties Finance Corporation	4.000		02/01/2031	AA-*		405,000		400,667
KY State Association of Counties Finance Corporation	4.000		02/01/2033	AA-*		415,000		408,310
Louisville & Jefferson County Metropolitan Sewer	4.000		05/15/2033	Aa3		1,000,000		992,070
Louisville & Jefferson County Metropolitan Sewer	4.750		05/15/2034	Aa3		2,230,000		2,253,816
Louisville & Jefferson County Metropolitan Sewer	5.000		05/15/2034	Aa3		4,595,000		4,718,789
Louisville & Jefferson County Metropolitan Sewer	4.750		05/15/2035	Aa3		2,245,000		2,268,730

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
Louisville & Jefferson County Metropolitan Sewer	5.000	%	05/15/2035	Aa3	$	4,825,000	$	4,957,977
Louisville & Jefferson County Metropolitan Sewer	4.750		05/15/2036	Aa3		2,795,000		2,819,931
Louisville & Jefferson County Metropolitan Sewer	4.000		05/15/2037	Aa3		10,000,000		9,504,100
Louisville & Jefferson County Metropolitan Sewer	3.000		05/15/2044	Aa3		21,515,000		15,437,655
Louisville & Jefferson County Metropolitan Sewer	3.250		05/15/2046	Aa3		2,450,000		1,748,786
Murray KY Electric Plant	3.000		12/01/2036	A1		370,000		303,607
Murray KY Electric Plant	3.000		12/01/2037	A1		380,000		303,806
Murray KY Electric Plant	3.000		12/01/2038	A1		395,000		308,448
Murray KY Electric Plant	3.000		12/01/2039	A1		405,000		313,968
Murray KY Electric Plant	3.000		12/01/2040	A1		420,000		318,667
Murray KY Electric Plant	3.000		12/01/2041	A1		430,000		321,300
Murray KY Electric Plant	3.000		12/01/2042	A1		445,000		324,881
Owensboro KY Electric Light & Power	4.000		01/01/2031	A3		245,000		240,448
Owensboro KY Electric Light & Power	4.000		01/01/2033	A3		275,000		268,331
Owensboro KY Electric Light & Power	4.000		01/01/2034	A3		305,000		296,228
Owensboro KY Electric Light & Power	4.000		01/01/2035	A3		200,000		192,776
Owensboro KY Electric Light & Power	4.000		01/01/2036	A3		325,000		303,105
Owensboro KY Electric Light & Power	4.000		01/01/2037	A3		410,000		376,569
Owensboro KY Water Revenue	4.000		09/15/2034	A1		2,075,000		2,045,992
Owensboro KY Water Revenue	4.000		09/15/2035	A1		2,155,000		2,093,044
Owensboro KY Water Revenue	4.000		09/15/2037	A1		1,950,000		1,788,833
Owensboro KY Water Revenue	4.000		09/15/2039	A1		2,125,000		1,891,038
Owensboro-Daviess County KY Water	4.000		12/01/2043	A+*		800,000		676,440
PUBLIC FACILITIES REVENUE BONDS								60,063,895
PUBLIC FACILITIES REVENUE BONDS
5.23% of Net Assets
Bath County KY Public Properties	4.625		06/01/2045	A1		1,040,000		986,045
Bath County KY Public Properties	4.625		06/01/2046	A1		1,090,000		1,026,409
KY Bond Development	5.000		09/01/2035	A2		1,275,000		1,328,525
KY Bond Development	5.000		09/01/2036	A2		2,000,000		2,069,520
KY Bond Development	5.000		09/01/2038	A2		1,125,000		1,149,548
KY State Certificate of Participation	4.000		04/15/2030	A1		1,500,000		1,491,435
KY State Certificate of Participation	4.000		04/15/2031	A1		1,350,000		1,339,565
KY State Certificate of Participation	5.000		06/15/2034	A1		1,640,000		1,662,419
KY State Certificate of Participation	5.000		04/15/2038	A1		5,000,000		5,105,750
KY State Certificate of Participation	5.000		06/15/2038	A1		7,535,000		7,607,035
KY State Certificate of Participation	4.000		04/15/2048	A1		1,000,000		820,250
Laurel County KY General Obligation	4.000		05/01/2031	A2		1,295,000		1,285,754
Laurel County KY General Obligation	4.000		05/01/2034	A2		1,440,000		1,420,387
Laurel County KY General Obligation	4.000		05/01/2035	A2		1,495,000		1,463,710
Laurel County KY General Obligation	4.000		05/01/2036	A2		1,555,000		1,485,165
Laurel County KY General Obligation	4.000		05/01/2037	A2		1,620,000		1,524,096
Laurel County KY General Obligation	4.000		05/01/2038	A2		1,680,000		1,550,086
Louisville & Jefferson County Visitors & Convention Commission	4.000		06/01/2032	Aa3		2,325,000		2,309,746
Madison County KY Public Properties Judicial Center	4.125		06/01/2041	A1		1,180,000		1,050,778
Marshall County Library	4.000		06/01/2038	Aa3		1,060,000		992,626
River City, Inc. Parking Authority	3.000		12/01/2036	Aa3		835,000		694,545
River City, Inc. Parking Authority	3.000		12/01/2037	Aa3		860,000		699,799
HOSPITAL AND HEALTHCARE REVENUE BONDS								39,063,193
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.54% of Net Assets
KY Development Corporation Hospital Facilities - St. Elizabeth	4.000		05/01/2032	AA*		1,810,000		1,781,511
KY Development Corporation Hospital Facilities - St. Elizabeth	4.000		05/01/2035	AA*		1,390,000		1,349,732
KY Development Corporation Hospital Facilities - St. Elizabeth	4.000		05/01/2036	AA*		1,200,000		1,141,668
KY Development Corporation Hospital Facilities - St. Elizabeth	5.000		05/01/2039	AA*		7,185,000		7,226,242
Louisville & Jefferson County Norton Healthcare	5.500		10/01/2033	A*		2,000,000		2,000,100
Louisville & Jefferson County Norton Healthcare	5.000		10/01/2033	A*		4,060,000		4,153,096
Louisville & Jefferson County Norton Healthcare	4.000		10/01/2035	A*		3,850,000		3,564,754
Louisville & Jefferson County Norton Healthcare	4.000		10/01/2036	A*		7,005,000		6,309,892
Louisville & Jefferson County Norton Healthcare	4.000		10/01/2040	A*		1,000,000		872,810
Louisville & Jefferson County Norton Healthcare	5.000		10/01/2042	A*		2,750,000		2,762,898
Louisville & Jefferson County Norton Healthcare	3.000		10/01/2043	A*		4,000,000		2,743,040
PREREFUNDED BONDS								33,905,743
PREREFUNDED BONDS
3.88% of Net Assets
Fayette County KY School District Finance Corporation	5.000		10/01/2032	Aa3		3,615,000		3,615,217
Fayette County KY School District Finance Corporation	5.000		10/01/2033	Aa3		4,385,000		4,385,263
Frankfort KY Electric & Water	4.750		12/01/2034	NR		695,000		702,388
Frankfort KY Electric & Water	4.750		12/01/2035	NR		725,000		732,707
Frankfort KY Electric & Water	4.750		12/01/2036	NR		760,000		768,079
KY State Property & Building #106	5.000		10/01/2030	A1		7,165,000		7,165,430
Lexington Fayette Urban County Government	5.000		01/01/2029	Aa2		345,000		350,051
University of Kentucky General Receipts	5.000		04/01/2037	Aa2		3,815,000		3,832,358
University of Kentucky General Receipts	5.000		04/01/2038	Aa2		7,395,000		7,428,647
								28,980,140

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES					UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2023		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value	Fair Value

TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS 2.85% of Net Assets

KY State Turnpike Economic Development Road Revenue	5.000	%	07/01/2029	Aa3	$	4,000,000	$	4,110,520
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2032	Aa3		1,315,000		1,334,094
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2032	Aa3		1,765,000		1,845,290
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2034	Aa3		1,120,000		1,146,824
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2036	Aa3		400,000		413,372
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2037	Aa3		500,000		514,255
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2038	Aa3		1,100,000		1,142,900
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2039	Aa3		3,255,000		3,373,286
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2040	Aa3		2,250,000		2,325,780
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2041	Aa3		3,555,000		3,660,655
KY State Turnpike Economic Development Road Revenue	5.000		07/01/2042	Aa3		1,400,000		1,437,002
STATE AND LOCAL MORTGAGE/HOUSING BONDS								21,303,978
STATE AND LOCAL MORTGAGE/HOUSING BONDS
1.68% of Net Assets
KY Housing	4.250		01/01/2034	Aaa		250,000		239,145
KY Housing	4.300		07/01/2034	Aaa		325,000		310,398
KY Housing	4.350		01/01/2035	Aaa		310,000		296,137
KY Housing	4.350		07/01/2035	Aaa		605,000		581,242
KY Housing	4.400		07/01/2038	Aaa		3,005,000		2,884,890
KY Housing	4.700		07/01/2043	Aaa		3,500,000		3,330,915
KY Housing	4.800		07/01/2048	Aaa		5,200,000		4,904,951
REFUNDING BONDS								12,547,678
REFUNDING BONDS
1.23% of Net Assets
KY Association of Counties	3.000		02/01/2034	AA-*		480,000		415,910
KY Association of Counties	3.000		02/01/2035	AA-*		505,000		429,785
KY Association of Counties	3.000		02/01/2036	AA-*		510,000		424,402
KY State Property & Building #102	5.000		05/01/2024	Aa3		405,000		404,773
KY State Property & Building #108	5.000		08/01/2025	A1		2,690,000		2,737,102
KY State Property & Building #121	5.000		02/01/2029	A1		4,535,000		4,775,355
AIRPORT REVENUE BONDS								9,187,327
AIRPORT REVENUE BONDS
0.67% of Net Assets
Kenton County Airport	5.000		01/01/2029	A1		240,000		245,998
Kenton County Airport	5.000		01/01/2034	A1		275,000		289,234
Kenton County Airport	5.000		01/01/2035	A1		300,000		314,511
Kenton County Airport	5.000		01/01/2036	A1		325,000		338,527
Kenton County Airport	5.000		01/01/2037	A1		250,000		258,495
Kenton County Airport	5.000		01/01/2038	A1		500,000		512,964
Kenton County Airport	5.000		01/01/2039	A1		500,000		512,020
Kenton County Airport	5.000		01/01/2044	A1		2,500,000		2,535,550
AD VALOREM PROPERTY BONDS								5,007,299
AD VALOREM PROPERTY BONDS
0.33% of Net Assets
Henderson KY	3.000		09/01/2042	Aa3		845,000		628,671
Henderson KY	3.000		09/01/2043	Aa3		870,000		635,144
Warren County General Obligation	4.000		06/01/2035	Aa1		1,175,000		1,176,140
								2,439,955
Total Investments 100.42% of Net Assets							$	749,758,365
(cost $813,592,736) (See (a) below for further explanation)
(cost $813,592,736) (See (a) below for further explanation)
Liabilities in excess of assets (0.42)%								(3,160,616)
Net Assets 100%							$	746,597,749

# 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

NR Not Rated

(a)Cost for federal income tax purposes is $813,592,736 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	49,298
Unrealized depreciation		(63,883,669)
Net unrealized depreciation	$	(63,834,371)

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2023

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

The following is a summary of the inputs used, as of September 30, 2023 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, 2023.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		749,758,365
Level 3	Significant Unobservable Inputs		---
			749,758,365

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 SHORT-TO-MEDIUM SERIES					UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds					,
September 30, 2023		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value	Fair Value

SCHOOL IMPROVEMENT BONDS 16.25% of Net Assets

Anderson County KY School District Finance Corporation	3.000	%	02/01/2029	A1	$	500,000	$	475,465
Bowling Green KY Independent School District Finance Corporation	5.000		08/01/2027	A1		695,000		715,134
Fayette County KY School District Finance Corporation	5.000		03/01/2024	Aa3		250,000		251,128
Jefferson County KY School District Finance Corporation	4.000		12/01/2023	Aa3		500,000		499,930
Jefferson County KY School District Finance Corporation	4.000		06/01/2030	Aa3		1,245,000		1,248,697
Laurel County KY School District Finance Corporation	4.000		06/01/2024	A1		465,000		464,856
Newport KY Independent School District Finance Corporation	3.500		11/01/2028	A1		425,000		408,655
Pike County KY School District Finance Corporation	5.000		08/01/2024	A1		250,000		252,090
Pike County KY School District Finance Corporation	5.000		02/01/2025	A1		900,000		910,755
Pike County KY School District Finance Corporation	5.000		08/01/2025	A1		200,000		203,324
Pike County KY School District Finance Corporation	4.000		02/01/2028	A1		295,000		294,870
PUBLIC FACILITIES REVENUE BONDS								5,724,904
PUBLIC FACILITIES REVENUE BONDS
16.01% of Net Assets
Hardin County KY Library	5.000		02/01/2024	Aa2		395,000		396,185
KY Bond Development	5.000		09/01/2026	A3		1,000,000		1,021,200
KY State Certificate of Participation	4.000		06/15/2024	A1		300,000		300,006
Lexington Fayette Urban County Government - Court Facilities	5.000		10/01/2024	A1		700,000		706,278
Livingston County KY Public Properties	5.000		08/01/2024	A1		555,000		559,368
Mercer County KY Public Property	4.000		08/01/2024	A1		720,000		719,323
Oldham County KY Public Facilities	5.000		02/01/2024	A1		285,000		285,912
Oldham County KY Public Facilities	5.000		02/01/2025	A1		325,000		328,754
River City Parking Authority	5.000		12/01/2024	Aa3		340,000		344,461
Taylor County KY Public Courthouse	4.000		09/01/2027	A1		700,000		699,475
Wolfe County KY Public Properties Corporation	4.000		04/01/2025	A1		280,000		278,547
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								5,639,509

14.23% of Net Assets
Eastern KY University	5.000		10/01/2026	A1		655,000		673,936
KY Bond Development Corporation Educational Facilities Centre College	4.000		06/01/2029	A3		320,000		318,221
KY Bond Development Corporation Educational Facilities Centre College	4.000		06/01/2030	A3		170,000		168,715
University of Kentucky General Receipts	4.000		04/01/2028	Aa2		750,000		746,025
University of Louisville	5.000		03/01/2024	A1		350,000		351,197
University of Louisville	5.000		03/01/2024	A1		2,000,000		2,006,840
University of Louisville	4.000		09/01/2030	A1		745,000		747,324
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								5,012,258
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
12.94% of Net Assets
KY Association of Counties	4.000		02/01/2029	AA-*		630,000		629,074
KY Association of Counties	5.000		02/01/2030	AA-*		250,000		263,720
KY State Property & Building #108	5.000		08/01/2028	A1		755,000		767,812
KY State Property & Building #126	5.000		05/01/2030	A1		750,000		796,162
KY State Property & Building #127	5.000		06/01/2029	A1		1,000,000		1,055,440
Somerset KY	5.000		06/01/2028	A1		605,000		639,497
Somerset KY	5.000		06/01/2029	A1		380,000		405,050
TURNPIKES/TOLLROAD/HIGHWAY BONDS								4,556,755
TURNPIKES/TOLLROAD/HIGHWAY BONDS
11.40% of Net Assets
KY Asset Liability Commission Federal Highway	5.000		09/01/2024	A2		500,000		505,280
KY Asset Liability Commission Federal Highway	5.000		09/01/2026	A2		565,000		569,181
KY Asset Liability Commission Federal Highway	5.000		09/01/2026	A2		330,000		335,792
KY State Turnpike Authority Economic Development	5.000		07/01/2024	Aa3		1,175,000		1,183,236
KY State Turnpike Authority Economic Development	5.000		07/01/2026	Aa3		1,385,000		1,422,894
MUNICIPAL UTILITY REVENUE BONDS								4,016,383
MUNICIPAL UTILITY REVENUE BONDS
9.30% of Net Assets
Campbell & Kenton Counties Sanitation District #1	4.000		08/01/2031	Aa2		1,000,000		1,000,220
Frankfort Electric & Water	4.000		12/01/2023	NR		440,000		439,802
Henderson KY	4.000		06/01/2028	Aa3		385,000		387,761
KY Rural Water Financing Corporation	5.000		08/01/2029	AA-*		595,000		633,967
Northern KY Water	5.000		02/01/2026	Aa2		815,000		815,424
HOSPITAL AND HEALTHCARE REVENUE BONDS								3,277,174
HOSPITAL AND HEALTHCARE REVENUE BONDS
7.80% of Net Assets
KY Bond Development Corporation St Elizabeth Medical Center	5.000		05/01/2024	AA*		1,440,000		1,447,416
Warren County KY Hospital	5.000		04/01/2032	AA-*		1,200,000		1,298,388
STATE AND LOCAL MORTGAGE/HOUSING BONDS								2,745,804
STATE AND LOCAL MORTGAGE/HOUSING BONDS
4.04% of Net Assets
KY Housing	3.650		07/01/2027	Aaa		660,000		648,377
KY Housing	3.750		07/01/2028	Aaa		345,000		337,189
KY Housing	3.850		07/01/2029	Aaa		450,000		437,958
								1,423,524

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES					UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2023		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value	Fair Value

PREREFUNDED BONDS 3.88% of Net Assets

KY State Property & Building #106	5.000	%	10/01/2024	A1	750,000	750,045
KY State Property & Building #106	5.000		10/01/2025	A1	615,000	615,037
AD VALOREM PROPERTY BONDS						1,365,082
AD VALOREM PROPERTY BONDS
1.82% of Net Assets
Henderson KY	5.000		09/01/2029	Aa3	600,000	640,140
REFUNDING BONDS
1.62% of Net Assets
KY State Property & Building #112	5.000		11/01/2026	A1	555,000	571,445
AIRPORT REVENUE BONDS
1.46% of Net Assets
Kenton County Airport	5.000		01/01/2026	A1	500,000	512,825
Total Investments 100.75% of Net Assets					$	35,485,803
(cost $36,740,799) (See (a) below for further explanation)
(cost $36,740,799) (See (a) below for further explanation)
Liabilities in excess of assets (0.75) %						(263,147)
Net Assets 100%					$	35,222,656

# 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

NR Not Rated

(a)Cost for federal income tax purposes is $36,740,799 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	462
Unrealized depreciation	(1,255,458)
Net unrealized depreciation	(1,254,996)

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

	Valuation Inputs		Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		35,485,803
Level 3	Significant Unobservable Inputs		---
			35,485,803

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 - MISSISSIPPI TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Mississippi Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
28.35% of Net Assets
Alcorn MS University Educational Building Corporation	5.000	%	09/01/2025	Aa2	$	100,000	$	101,811
Jackson State University Educational Building	5.000		03/01/2034	Aa2		440,000		447,228
Mississippi State University Educational Building	5.000		11/01/2032	Aa2		125,000		127,553
MS Development Bank Special Obligation Gulf Coast Community Project	4.000		12/01/2034	AA-*		300,000		291,030
MS Development Bank Special Obligation Pearl River Community College	5.000		10/01/2033	AA-*		125,000		131,663
MS State University Educational Building Corporation Revenue	5.000		08/01/2033	Aa2		225,000		235,368
MS State University Educational Building Corporation Revenue	4.000		08/01/2036	Aa2		250,000		238,603
University of Mississippi Educational Building Corporation	5.000		10/01/2031	Aa2		205,000		211,103
University of Mississippi Educational Building Corporation	3.000		10/01/2034	Aa2		200,000		176,262
University of MS Educational Building Corporation	5.000		10/01/2036	Aa2		100,000		106,953
University of MS Educational Building Corporation	4.000		10/01/2037	Aa2		100,000		94,647
University Southern MS Educational Building Corporation	5.000		09/01/2033	Aa2		360,000		370,526
PREREFUNDED BONDS								2,532,747
PREREFUNDED BONDS
11.88% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement	5.000		11/01/2033	Aa3		150,000		151,946
MS Development Bank Special Obligation Hattiesburg Water & Sewer	4.750		12/01/2038	AA*		700,000		700,922
MS Development Bank Special Obligation West Jackson County Utility District	5.000		12/01/2033	A*		50,000		50,082
MS State General Obligation	5.000		10/01/2033	Aa2		150,000		158,342
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS								1,061,292
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
10.66% of Net Assets
MS Development Bank Special Obligation Highway Construction	5.000		01/01/2025	Aa3		200,000		202,462
MS Development Bank Special Obligation Highway Construction	5.000		01/01/2029	Aa3		300,000		310,074
MS Development Bank Special Obligation Highway Construction	4.000		01/01/2030	Aa3		175,000		174,704
MS Development Bank Special Obligation Marshall County	5.000		01/01/2030	Aa3		75,000		75,869
MS Development Bank Special Obligation Marshall Highway	3.750		01/01/2035	Aa3		200,000		189,228
SCHOOL IMPROVEMENT BONDS								952,337
SCHOOL IMPROVEMENT BONDS
9.66% of Net Assets
Mississippi State	4.000		10/01/2039	Aa2		200,000		184,374
MS Development Bank Special Obligation Canton School District	5.000		12/01/2033	A1		100,000		102,621
MS Development Bank Special Obligation Lafayette County School District	4.000		04/01/2033	AA*		100,000		97,679
MS Development Bank Special Obligation Meridian Schools	4.000		04/01/2039	A2		100,000		91,526
MS Development Bank Special Obligation Rankin School District	4.000		06/01/2033	AA*		190,000		188,786
MS Development Bank Special Obligation Rankin School District	4.000		06/01/2038	AA*		100,000		92,334
MS Development Bank Special Obligation Vicksburg Warren School District	5.500		03/01/2038	AA*		100,000		105,646
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								862,966
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
9.26% of Net Assets
Mississippi State	3.000		06/01/2038	Aa2		100,000		79,917
Mississippi State Gaming Tax Revenue	5.000		10/15/2035	A3		125,000		126,084
Mississippi State Gaming Tax Revenue	5.000		10/15/2037	A-*		125,000		126,496
MS Development Bank Special Obligation Brandon Public Improvement	4.000		08/01/2034	AA*		200,000		195,006
MS Development Bank Special Obligation Pascagoula	4.000		07/01/2024	AA*		300,000		299,853
REFUNDING BONDS								827,356
REFUNDING BONDS
8.96% of Net Assets
Flowood MS	3.500		10/01/2026	AA+*		300,000		293,880
MS State Refunding	4.000		10/01/2036	Aa2		290,000		277,771
Starkville MS	4.000		06/01/2032	A1		230,000		228,491
HOSPITAL AND HEALTHCARE REVENUE BONDS								800,142
HOSPITAL AND HEALTHCARE REVENUE BONDS
6.20% of Net Assets
Jones County MS Hospital	4.000		04/01/2026	AA*		305,000		305,576
Medical Center Educational Building Corporation MS Revenue	5.500		12/01/2023	Aa2		20,000		20,050
Medical Center Educational Building Corporation MS Revenue	5.000		06/01/2025	Aa2		120,000		121,936
Medical Center Educational Building Corporation MS Revenue	5.000		06/01/2035	Aa2		100,000		105,857
STATE AND LOCAL MORTGAGE/HOUSING BONDS								553,419
STATE AND LOCAL MORTGAGE/HOUSING BONDS
5.93% of Net Assets
Mississippi State Home Corporation	3.950		12/01/2042	Aaa		100,000		85,812
Mississippi State Home Corporation	4.400		12/01/2043	Aaa		350,000		321,402
Mississippi State Home Corporation	4.050		12/01/2047	Aaa		150,000		122,310
MUNICIPAL UTILITY REVENUE BONDS								529,524
MUNICIPAL UTILITY REVENUE BONDS
5.03% of Net Assets
MS Development Bank Special Obligation Diamondhead Water & Sewer	4.000		07/01/2046	A+*		175,000		144,513
MS Development Bank Special Obligation Jackson Water & Sewer	6.875		12/01/2040	Ba2		150,000		150,487
MS Development Bank Special Obligation Tupelo	5.000		05/01/2033	Aa2		150,000		154,655
PUBLIC FACILITIES REVENUE BONDS								449,655
PUBLIC FACILITIES REVENUE BONDS
1.05% of Net Assets
MS Development Bank Special Obligation Tupelo	4.000		07/01/2037	Aa2		100,000		93,443

DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Mississippi Municipal Bonds
September 30, 2023
Total Investments 96.98% of Net Assets	$	8,662,881
(cost $9,080,894) (See (a) below for further explanation)
(cost $9,080,894) (See (a) below for further explanation)
Other assets in excess of liabilities 3.02%		269,847
Net Assets 100%	$	8,932,728

# 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

NR Not Rated

(a)Cost for federal income tax purposes is $9,080,894 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	94
Unrealized depreciation		(418,107)
Net unrealized depreciation	$	(418,013)

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		8,662,881
Level 3	Significant Unobservable Inputs		---
		$	8,662,881

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 - NORTH CAROLINA TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
19.77% of Net Assets
Brunswick County NC Limited Obligation	5.000	%	06/01/2030	Aa1	$	250,000	$	254,640
Brunswick County NC Limited Obligation	5.000		06/01/2031	Aa1		250,000		254,438
Buncombe County NC Limited Obligation	4.000		06/01/2036	Aa1		125,000		122,556
Burke County NC Limited Obligation	4.000		04/01/2034	Aa3		250,000		245,788
Cabarrus County NC Limited Obligation	4.000		06/01/2034	Aa1		795,000		791,550
Cabarrus County NC Limited Obligation	5.000		04/01/2035	Aa1		1,435,000		1,478,208
Cabarrus County NC Limited Obligation	4.000		06/01/2035	Aa1		1,650,000		1,619,721
Catawba County NC Limited Obligation	4.000		04/01/2042	Aa2		420,000		381,020
Catawba County NC Limited Obligation	4.000		04/01/2043	Aa2		320,000		287,811
Chatham County NC Limited Obligation	4.000		11/01/2036	Aa2		750,000		723,990
Chatham County NC Limited Obligation	4.000		11/01/2037	Aa2		2,000,000		1,902,440
Davidson County NC Limited Obligation	5.000		06/01/2032	Aa2		500,000		515,210
Duplin County NC Limited Obligation	5.000		04/01/2032	A1		750,000		767,355
Duplin County NC Limited Obligation	5.000		04/01/2034	A1		865,000		884,186
Henderson County NC Limited Obligation	4.000		06/01/2034	Aa2		200,000		198,446
Henderson County NC Limited Obligation	4.000		06/01/2037	Aa2		750,000		717,900
Henderson County NC Limited Obligation	4.000		06/01/2038	Aa2		500,000		471,795
Onslow County NC Limited Obligation	5.000		06/01/2033	Aa2		500,000		509,120
Pitt County NC Limited Obligation	4.000		04/01/2031	Aa2		500,000		501,825
Pitt County NC Limited Obligation	4.000		04/01/2034	Aa2		550,000		546,733
Randolph County NC Limited Obligation	3.000		10/01/2036	Aa3		325,000		269,727
Randolph County NC Limited Obligation	4.000		10/01/2037	Aa3		250,000		234,393
Randolph County NC Limited Obligation	4.000		10/01/2039	Aa3		250,000		229,938
Rutherford County NC Limited Obligation	4.000		03/01/2037	A1		410,000		383,990
Rutherford County NC Limited Obligation	4.000		03/01/2039	A1		500,000		454,205
Rutherford County NC Limited Obligation	4.000		03/01/2040	A1		325,000		293,618
Sampson County NC Limited Obligation	5.000		12/01/2033	A1		1,975,000		2,011,870
Sampson County NC Limited Obligation	5.000		09/01/2040	A1		750,000		758,753
Scotland County NC	4.500		12/01/2036	A*		1,170,000		1,160,757
Surry County NC Limited Obligation	4.000		06/01/2034	Aa3		350,000		346,686
Surry County NC Limited Obligation	4.000		06/01/2036	Aa3		590,000		570,017
Surry County NC Limited Obligation	4.000		06/01/2037	Aa3		730,000		688,003
Wake County NC Limited Obligation	4.000		09/01/2037	Aa1		750,000		721,260
Wayne County NC	4.000		06/01/2034	Aa3		1,500,000		1,475,610
Wilkes County NC Limited Obligation	5.000		06/01/2031	A1		350,000		356,269
PUBLIC FACILITIES REVENUE BONDS								23,129,828
PUBLIC FACILITIES REVENUE BONDS
16.47% of Net Assets
Charlotte NC Certificate of Participation	4.000		06/01/2036	Aa2		1,000,000		972,780
Charlotte NC Certificate of Participation	4.000		06/01/2037	Aa2		3,000,000		2,868,630
Charlotte NC Certificate of Participation Convention Facility Project	4.000		06/01/2037	Aa2		500,000		478,105
Charlotte NC Certificate of Participation Convention Facility Project	4.000		06/01/2039	Aa2		1,000,000		935,590
Davidson County NC Limited Obligation	4.000		06/01/2037	Aa2		200,000		191,440
Davidson County NC Limited Obligation	4.000		06/01/2040	Aa2		635,000		588,150
Durham NC Limited Obligation	4.000		04/01/2036	Aa1		1,000,000		974,990
Harnett County NC Limited Obligation	4.000		10/01/2038	Aa3		1,055,000		983,672
Henderson County NC Limited Obligation	5.000		10/01/2030	Aa2		250,000		255,838
Henderson County NC Limited Obligation	5.000		10/01/2031	Aa2		500,000		510,510
Hoke County NC Limited Obligation	3.000		06/01/2039	Aa3		1,065,000		833,435
Hoke County NC Limited Obligation	3.000		06/01/2040	Aa3		750,000		575,933
Holly Springs NC Limited Obligation	4.125		10/01/2041	Aa2		500,000		465,330
Holly Springs NC Limited Obligation	4.250		10/01/2043	Aa2		365,000		341,151
Kannapolis NC Limited Obligation	5.000		04/01/2032	A1		500,000		501,905
Moore County NC	3.000		06/01/2039	Aa2		350,000		277,823
Onslow County NC Limited Obligation	5.000		06/01/2032	Aa2		500,000		508,875
Orange County NC	4.000		10/01/2036	Aa1		375,000		364,976
Orange County NC	4.000		10/01/2037	Aa1		375,000		360,199
Orange County NC	4.000		10/01/2038	Aa1		275,000		261,269
Orange County NC	4.000		10/01/2038	Aa1		765,000		726,804
Orange County NC	4.000		10/01/2039	Aa1		200,000		188,024
Raleigh NC Limited Obligation	5.000		10/01/2034	Aa1		1,420,000		1,437,210
Randolph County NC Limited Obligation	4.000		10/01/2036	Aa3		250,000		239,458
Randolph County NC Limited Obligation	4.000		10/01/2038	Aa3		670,000		619,227
Surry County NC Limited Obligation	3.000		10/01/2038	Aa3		395,000		312,662
Surry County NC Limited Obligation	3.000		10/01/2039	Aa3		1,000,000		776,780
Surry County NC Limited Obligation	3.000		10/01/2041	Aa3		1,135,000		850,841
Thomasville NC Revenue	4.000		05/01/2036	Aa3		500,000		479,875
Wilmington NC Limited Obligation	4.000		06/01/2036	Aa1		230,000		225,504
Wilmington NC Limited Obligation	4.000		06/01/2037	Aa1		170,000		163,909
								19,270,895

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
14.75% of Net Assets
Brunswick County NC Enterprise System Revenue	5.000	%	04/01/2031	Aa2	$	500,000	$	508,330
Brunswick County NC Enterprise System Revenue	4.000		04/01/2039	Aa3		1,000,000		941,420
Brunswick County NC Enterprise System Revenue	3.000		04/01/2046	Aa4		500,000		355,085
Buncombe County NC Metropolitan Sewer District	5.000		07/01/2039	Aaa		550,000		553,735
Cary NC Combined Enterprise System Revenue	4.000		12/01/2042	Aaa		750,000		692,138
Clayton NC Water & Sewer Revenue	5.000		08/01/2040	Aa3		700,000		732,004
Concord NC Utilities System Revenue	4.500		12/01/2034	Aa1		1,000,000		1,014,780
Durham NC Utility System Revenue	3.000		08/01/2042	Aa1		1,250,000		940,825
Fuquay-Varina NC Combined Utilities Revenue	5.000		04/01/2040	Aa2		1,000,000		1,014,800
Gastonia NC Combined Utilities System Revenue	5.000		05/01/2034	Aa2		570,000		580,078
Gastonia NC Combined Utilities System Revenue	5.000		05/01/2035	Aa2		250,000		254,730
Johnston County NC Water & Sewer Revenue	4.000		04/01/2043	Aa2		300,000		271,590
Lincoln County NC Enterprise System Revenue	3.000		08/01/2038	AA*		160,000		129,378
Lincoln County NC Enterprise System Revenue	3.000		08/01/2039	AA*		340,000		269,392
Lincoln County NC Enterprise System Revenue	3.000		08/01/2040	AA*		265,000		206,162
Lincoln County NC Enterprise System Revenue	3.000		08/01/2041	AA*		240,000		183,058
Martin County NC Limited Obligation Water and Sewer District	4.750		06/01/2034	A2		1,150,000		1,153,485
NC Municipal Power Agency #1 Catawba Electric Revenue	5.000		01/01/2032	A*		500,000		509,785
Pender County NC Limited Obligation	3.000		06/01/2038	Aa3		490,000		390,706
Pender County NC Limited Obligation	3.000		06/01/2045	Aa3		500,000		354,880
Sampson County NC Water & Sewer District	5.000		06/01/2037	A1/A*		920,000		931,712
Union County NC Enterprise System Revenue	4.000		06/01/2038	Aa2		500,000		474,885
Union County NC Enterprise System Revenue	4.000		06/01/2044	Aa2		1,750,000		1,584,730
Union County NC Enterprise System Revenue	3.000		06/01/2046	Aa2		1,500,000		1,057,185
Union County NC Enterprise System Revenue	3.000		06/01/2051	Aa2		250,000		167,283
Wake County NC Industrial Facilities & Pollution Control Duke Energy	4.000		06/01/2041	Aa3		1,260,000		1,128,252
Wilmington NC Storm Water Revenue	5.000		06/01/2035	Aa2		500,000		510,175
Winston Salem NC Water & Sewer System Revenue	3.000		06/01/2046	Aa1		500,000		355,025
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								17,265,608

11.47% of Net Assets
Appalachian NC State University	4.000		05/01/2033	A1		500,000		490,610
Appalachian NC State University	5.000		05/01/2036	A1		1,000,000		1,037,690
Iredell County NC Community College	5.000		04/01/2026	Aaa		225,000		224,993
Iredell County NC Community College	5.000		04/01/2027	Aaa		325,000		324,379
Scotland County NC	5.000		12/01/2033	A*		250,000		257,085
University of NC at Asheville	4.000		06/01/2036	A2		1,350,000		1,286,535
University of NC at Charlotte Board of Governors	4.000		10/01/2037	Aa3		750,000		718,125
University of NC at Charlotte Board of Governors	5.000		10/01/2042	Aa3		250,000		255,178
University of NC at Wilmington	4.000		10/01/2037	Aa3		750,000		712,845
University of NC Charlotte	4.000		10/01/2035	Aa3		250,000		242,795
University of NC Charlotte	4.000		10/01/2036	Aa3		250,000		240,898
University of NC Greensboro	4.000		04/01/2035	Aa3		750,000		732,405
University of NC Greensboro	4.000		04/01/2036	Aa3		500,000		480,455
University of NC Greensboro	5.000		04/01/2038	Aa3		425,000		437,593
University of NC Wilmington	4.000		04/01/2037	Aa3		385,000		369,065
University of NC Wilmington	4.000		04/01/2038	Aa3		405,000		381,943
University of NC Wilmington	4.000		04/01/2039	Aa3		1,380,000		1,277,342
University of NC Wilmington Limited Obligation	5.000		06/01/2033	A1		550,000		557,893
University of NC Wilmington Limited Obligation	4.000		06/01/2034	A1		500,000		478,560
University of North Carolina	5.000		10/01/2033	A2		30,000		29,468
Western Carolina NC University	5.000		10/01/2035	Aa3		1,000,000		1,040,020
Western Carolina NC University	5.000		10/01/2043	Aa3		1,000,000		1,017,330
Western Carolina NC University	5.000		10/01/2045	Aa3		825,000		829,059
PREREFUNDED BONDS								13,422,266
PREREFUNDED BONDS
10.73% of Net Assets
Buncombe County NC Limited Obligation	5.000		06/01/2034	Aa1		500,000		504,085
Charlotte NC Certificate of Participation	4.000		12/01/2034	Aa1		290,000		291,366
High Point NC Combined Enterprise	5.000		11/01/2039	Aa2		750,000		759,645
NC Eastern Municipal Power Agency	6.000		01/01/2025	Baa2		1,150,000		1,175,817
NC State Capital Facilities Duke University	5.000		10/01/2041	Aa1		1,000,000		1,023,350
New Hanover County NC Hospital Revenue New Hanover Regional Medical	5.000		10/01/2034	NR		1,500,000		1,581,690
Raleigh NC Limited Obligation	5.000		10/01/2038	Aa1		500,000		500,030
University of NC Charlotte	5.000		04/01/2035	Aa3		595,000		598,600
University of NC Charlotte	5.000		04/01/2038	Aa3		1,000,000		1,006,050
University of NC Charlotte	5.000		04/01/2040	Aa3		1,550,000		1,576,738
University of NC Greensboro	5.000		04/01/2033	Aa3		900,000		904,500
University of NC Greensboro	5.000		04/01/2039	Aa3		2,120,000		2,130,600
Winston Salem NC Limited Obligation	4.500		06/01/2034	Aa1		500,000		502,445
								12,554,916

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES									UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2023				Maturity
				Maturity
Bond Description		Coupon		Date	Rating#		Par Value		Fair Value
REFUNDING BONDS
6.88% of Net Assets
Asheville NC Limited Obligation		3.000	%	04/01/2041	Aa1	$	250,000	$	191,880
Buncombe County NC Limited Obligation		5.000		06/01/2035	Aa1		1,000,000		1,019,700
Charlotte NC Certificate of Participation		5.000		06/01/2033	Aa1		840,000		840,151
Charlotte NC Certificate of Participation		5.000		06/01/2034	Aa1		750,000		764,408
Chatham County NC		5.000		11/01/2032	Aa2		825,000		843,843
Durham County NC		4.000		06/01/2036	Aaa		225,000		221,690
Monroe NC Limited Obligation		4.000		03/01/2033	Aa3		255,000		252,231
Monroe NC Limited Obligation		5.000		03/01/2039	Aa3		1,250,000		1,265,575
Raleigh NC		4.000		04/01/2043	Aaa		695,000		640,838
Rockingham County NC Limited Obligation		4.500		04/01/2032	Aa3		500,000		503,910
Sampson County NC Limited Obligation		4.000		09/01/2036	A1		1,000,000		926,330
Sampson County NC Limited Obligation		4.000		09/01/2037	A1		500,000		454,010
Union County NC Limited Obligation Refunding		5.000		12/01/2024	Aa1		125,000		126,855
HOSPITAL AND HEALTHCARE REVENUE BONDS									8,051,421
HOSPITAL AND HEALTHCARE REVENUE BONDS
6.87% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000		01/15/2033	Aa3		210,000		220,634
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000		01/15/2036	Aa3		590,000		610,177
Charlotte Mecklenburg NC Hospital Authority Atrium Health		4.000		01/15/2043	Aa3		250,000		225,588
Charlotte Mecklenburg NC Hospital Healthcare System		5.000		01/15/2039	Aa3		1,500,000		1,499,970
NC State Medical Care Commission Health Care Facilities Rex Hospital		5.000		07/01/2033	A2		750,000		761,783
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000		07/01/2039	A2		550,000		496,062
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000		07/01/2040	A2		1,750,000		1,543,797
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000		06/01/2040	A2		1,385,000		1,386,884
University of NC Chapel Hill Hospitals		4.000		02/01/2037	Aa3		1,000,000		932,100
University of NC Chapel Hill Hospitals		4.000		02/01/2038	Aa3		400,000		366,304
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS									8,043,299
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.99% of Net Assets
Buncombe County NC Limited Obligation		5.000		06/01/2033	Aa1		600,000		611,820
Buncombe County NC Limited Obligation		5.000		06/01/2034	Aa1		365,000		373,264
Charlotte NC Certificate of Participation		5.000		12/01/2029	Aa1		340,000		340,177
Fuquay-Varina NC		4.000		08/01/2042	Aa1		500,000		464,235
Rocky Mount NC Special Obligation		4.500		05/01/2032	Aa3		1,500,000		1,522,275
Wilmington NC Limited Obligation		3.000		06/01/2037	Aa1		370,000		289,181
Winston Salem NC		4.000		06/01/2043	Aaa		1,165,000		1,073,675
AIRPORT REVENUE BONDS									4,674,627
AIRPORT REVENUE BONDS
3.92% of Net Assets
Charlotte NC Aiport Revenue		5.000		07/01/2044	Aa3		250,000		257,773
Charlotte NC Douglas International Airport		5.000		07/01/2030	Aa3		1,095,000		1,102,675
Charlotte NC Douglas International Airport		5.000		07/01/2036	Aa3		250,000		258,183
Charlotte NC Douglas International Airport		4.000		07/01/2036	Aa3		500,000		480,135
Charlotte NC Douglas International Airport		5.000		07/01/2037	Aa3		700,000		719,712
Charlotte NC Douglas International Airport		5.000		07/01/2042	Aa3		1,325,000		1,345,736
Charlotte NC Douglas International Airport		4.000		07/01/2044	Aa3		480,000		428,698
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS									4,592,912
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.33% of Net Assets
NC State Grant Anticipation Revenue Vehicle Garvee		5.000		03/01/2030	A2		200,000		202,816
NC State Turnpike Authority		5.000		01/01/2036	AA*		500,000		516,750
NC State Turnpike Authority		5.000		01/01/2038	AA*		2,415,000		2,458,349
NC State Turnpike Authority Triangle Expressway		4.000		01/01/2036	Aa1		250,000		245,000
NC State Turnpike Authority Triangle Expressway		4.000		01/01/2039	Aa1		500,000		473,650
STATE AND LOCAL MORTGAGE/HOUSING BONDS									3,896,565
STATE AND LOCAL MORTGAGE/HOUSING BONDS
.29% of Net Assets
NC State Housing Finance Authority		4.350		07/01/2043	Aa1		375,000		341,524
Total Investments 98.47% of Net Assets								$	115,243,861
(cost $125,766,896) (See (a) below for further explanation)
(cost $125,766,896) (See (a) below for further explanation)
Other assets in excess of liabilities 1.53%									1,788,828
Net Assets 100%								$	117,032,689

#	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

NR Not Rated

(a)Cost for federal income tax purposes is $125,766,896 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	3,955
Unrealized depreciation		(10,526,990)
Net unrealized depreciation	$	(10,523,035)

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2023

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		115,243,861
Level 3	Significant Unobservable Inputs		---
		$	115,243,861

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 - NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
29.90% of Net Assets
Appalachian NC State University	4.000	%	10/01/2030	Aa3	$	200,000	$	200,146
Pitt County NC Limited Obligation	5.000		04/01/2027	Aa2		495,000		514,003
University of NC Charlotte	5.000		10/01/2025	Aa3		110,000		112,483
University of NC Charlotte	5.000		04/01/2028	Aa3		250,000		254,203
University of NC Greensboro	5.000		04/01/2026	Aa3		400,000		411,462
University of NC Wilmington	4.000		06/01/2029	A1		750,000		750,533
University of NC Wilmington Limited Obligation	4.000		06/01/2030	A1		200,000		198,718
University of North Carolina at Wilmington	5.000		10/01/2026	Aa3		300,000		310,737
Western Carolina University	5.000		10/01/2025	Aa3		225,000		230,036
Western Carolina University	5.000		06/01/2027	AA*		250,000		255,880
SCHOOL IMPROVEMENT BONDS								3,238,201
SCHOOL IMPROVEMENT BONDS
13.53% of Net Assets
Brunswick County NC	5.000		08/01/2028	Aaa		250,000		267,352
Randolph County NC Limited Obligation	5.000		10/01/2025	Aa3		250,000		255,450
Rutherford County NC Limited Obligation	5.000		03/01/2028	A1		75,000		79,004
Rutherford County NC Limited Obligation	5.000		03/01/2029	A1		175,000		185,992
Scotland County NC	5.000		12/01/2025	A*		270,000		275,098
Scotland County NC	5.000		12/01/2026	A*		250,000		257,365
Scotland County NC	5.000		12/01/2027	A*		140,000		146,034
MUNICIPAL UTILITY REVENUE BONDS								1,466,295
MUNICIPAL UTILITY REVENUE BONDS
12.35% of Net Assets
Brunswick County NC Enterprise System Revenue	5.000		04/01/2027	Aa2		250,000		254,385
Cary NC Combined Enterprise Systems	4.000		12/01/2028	Aaa		250,000		251,438
Monroe NC Limited Obligation	5.000		03/01/2028	Aa3		95,000		97,633
Monroe NC Limited Obligation	5.000		03/01/2029	Aa3		195,000		200,268
NC State Municipal Power Agency #1 Catawba Electric	5.000		01/01/2025	A*		100,000		101,305
NC State Municipal Power Agency #1 Catawba Electric	5.000		01/01/2025	A*		140,000		141,603
NC State Municipal Power Agency #1 Catawba Electric	5.000		01/01/2028	A*		125,000		128,098
Warren County NC Limited Obligation	5.000		06/01/2027	A1		160,000		162,477
REFUNDING BONDS								1,337,207
REFUNDING BONDS
8.75% of Net Assets
Charlotte NC Certificate of Participation	4.000		06/01/2025	Aa1		100,000		99,997
Charlotte NC Certificate of Participation	5.000		12/01/2025	Aa2		100,000		102,600
North Carolina State Limited Obligation	5.000		05/01/2028	Aa1		125,000		130,796
Rockingham County NC Limited Obligation	4.000		04/01/2024	Aa3		105,000		105,125
Sampson County NC Limited Obligation	5.000		12/01/2023	A1		165,000		165,276
Sampson County NC Limited Obligation	5.000		09/01/2025	A1		125,000		127,264
Sampson County NC Limited Obligation	5.000		09/01/2026	A1		210,000		216,315
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS								947,373
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
8.24% of Net Assets
North Carolina State Grant Anticipation Revenue	5.000		03/01/2029	A2		200,000		213,980
North Carolina State Grant Anticipation Revenue	5.000		03/01/2029	A2		120,000		121,690
North Carolina State Grant Anticipation Revenue	5.000		03/01/2029	A2		20,000		21,398
North Carolina State Limited Obligation	5.000		05/01/2029	Aa1		225,000		241,283
North Carolina Turnpike Authority	5.000		01/01/2029	A1		285,000		293,866
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								892,217
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
7.70% of Net Assets
Davidson County NC Limited Obligation	5.000		06/01/2028	Aa2		315,000		325,556
Fuquay-Varina NC	5.000		08/01/2024	Aa1		250,000		252,710
Fuquay-Varina NC	5.000		08/01/2025	Aa1		250,000		255,535
PUBLIC FACILITIES REVENUE BONDS								833,801
PUBLIC FACILITIES REVENUE BONDS
7.23% of Net Assets
Buncombe County NC Limited Obligation	5.000		06/01/2028	Aa1		500,000		509,360
Monroe NC Limited Obligation	5.000		04/01/2026	AA*		265,000		273,106
HOSPITAL AND HEALTHCARE REVENUE BONDS								782,466
HOSPITAL AND HEALTHCARE REVENUE BONDS
3.80% of Net Assets
Charlotte-Mecklenburg NC Hospital Authority Health Care System	5.000		01/15/2028	Aa3		225,000		231,215
NC State Medical Care Commission Health Care Facilities	4.000		06/01/2024	A2		180,000		180,099
PREREFUNDED BONDS								411,314
PREREFUNDED BONDS
3.15% of Net Assets
New Hanover NC Hospital Revenue	5.000		10/01/2028	NR		150,000		158,169
North Carolina State Medical Care Commission Vidant Health	5.000		06/01/2028	A2		180,000		183,546
								341,715

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2023		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#		Par Value		Fair Value
AD VALOREM PROPERTY BONDS
1.21% of Net Assets
Smithville Township NC	5.000 %	06/01/2024	Aa2	$	130,000	$	130,984
LEASE REVENUE BONDS
.99% of Net Assets
New Hanover County NC Limitied Obligation	5.000	06/01/2029	Aa1		100,000		107,332
AIRPORT REVENUE BONDS
.75% of Net Assets
Charlotte NC Airport	5.000	07/01/2030	Aa3		75,000		81,243
Total Investments 97.60% of Net Assets						$	10,570,148
(cost $10,887,850) (See (a) below for further explanation)
(cost $10,887,850) (See (a) below for further explanation)
Other assets in excess of liabilities 2.40%							259,728
Net Assets 100%						$	10,829,876

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

*Rated by Standard & Poor's Corporation @ Fitch's Investors Service

NR Not Rated

(a)Cost for federal income tax purposes is $10,887,850 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	-
Unrealized depreciation	(317,702)
Net unrealized appreciation	(317,702)

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		10,570,148
Level 3	Significant Unobservable Inputs		---
			10,570,148

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 - TENNESSEE TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
32.98% of Net Assets
Chattanooga TN Electric Revenue	5.000	%	09/01/2035	AA-*	$	250,000	$	254,480
Chattanooga TN Electric Revenue	5.000		09/01/2040	AA-*		2,325,000		2,349,504
Clarksville TN Electric System Revenue	4.000		09/01/2034	Aa2		500,000		497,800
Clarksville TN Electric System Revenue	4.250		09/01/2040	Aa2		475,000		452,894
Clarksville TN Water Sewer & Gas Revenue	4.000		02/01/2036	Aa2		1,475,000		1,437,034
Clarksville TN Water Sewer & Gas Revenue	4.000		02/01/2038	Aa2		820,000		771,185
Franklin TN Water & Sewer Revenue and Tax Authority	5.000		04/01/2024	Aaa		750,000		754,613
Franklin TN Water & Sewer System Revenue	4.000		02/01/2036	Aa2		250,000		243,333
Hallsdale Powell TN Utility District	4.000		04/01/2039	AA*		700,000		650,860
Hallsdale-Powell TN Utility District	3.000		04/01/2043	AA*		800,000		590,696
Hallsdale-Powell TN Utility District Knox County Water & Sewer	4.000		04/01/2035	AA*		315,000		308,171
Hallsdale-Powell TN Utility District Knox County Water & Sewer	4.000		04/01/2038	AA*		1,000,000		929,970
Harpeth Valley TN Utilities District	5.000		09/01/2034	AA+*		500,000		505,280
Harpeth Valley TN Utilities District Davidson & Williamson Counties	4.000		09/01/2039	AA+*		500,000		467,995
Knox Chapman TN Utility District	5.000		01/01/2031	AA-*		250,000		252,528
Knox Chapman TN Utility District	5.000		01/01/2033	AA-*		250,000		252,740
Knox County TN	4.000		06/01/2043	Aa1		500,000		455,365
Knoxville TN Electric	4.000		07/01/2041	Aa2		750,000		691,470
Knoxville TN Electric Revenue	4.000		07/01/2044	Aa2		670,000		599,201
Loudon TN Water & Sewer	5.000		03/01/2039	A+*		290,000		300,350
Loudon TN Water & Sewer	5.000		03/01/2040	A+*		355,000		366,019
Loudon TN Water & Sewer	5.000		03/01/2041	A+*		425,000		436,556
Memphis TN Gas System Revenue	4.000		12/01/2034	Aa1		775,000		768,760
Memphis TN Gas System Revenue	4.000		12/01/2036	Aa1		800,000		759,008
Memphis TN Gas System Revenue	4.000		12/01/2037	Aa1		1,310,000		1,235,278
Metropolitan Government Nashville & Davidson County Electric	5.000		05/15/2036	AA*		500,000		503,480
Metropolitan Government Nashville & Davidson County Electric	5.000		05/15/2039	AA*		500,000		502,890
Metropolitan Government Nashville & Davidson County TN Water & Sewer	5.000		07/01/2037	Aa2		250,000		257,393
Portland TN Water & Sewer	4.000		04/01/2037	A*		900,000		819,828
Portland TN Water & Sewer	4.000		04/01/2040	AA*		750,000		678,945
Watauga River Regional Water Authority TN Waterworks	4.000		07/01/2037	A*		270,000		248,419
West Wilson TN Utility District Waterworks	5.000		06/01/2042	AA*		500,000		521,040
SCHOOL IMPROVEMENT BONDS								19,863,085
SCHOOL IMPROVEMENT BONDS
12.64% of Net Assets
Coffee County TN	4.000		06/01/2037	AA-*		500,000		477,115
Coffee County TN	4.000		06/01/2041	AA-*		620,000		570,357
Franklin TN Special School District	5.000		06/01/2039	Aa1		250,000		260,115
Johnson City TN	4.000		06/01/2036	Aa2		1,150,000		1,119,801
Montgomery County TN	4.000		04/01/2036	AA*		260,000		253,991
Montgomery County TN	4.000		04/01/2037	AA*		1,920,000		1,846,214
Montgomery County TN	4.000		06/01/2040	Aa2		500,000		464,760
Shelby County TN	5.000		04/01/2037	Aa1		500,000		515,540
Wilson County TN	4.000		04/01/2039	AA+*		1,495,000		1,402,654
Wilson County TN 10th Special School District	4.000		04/01/2037	AA-*		200,000		190,740
Wilson County TN 10th Special School District	4.000		04/01/2039	AA-*		550,000		511,390
HOSPITAL AND HEALTHCARE REVENUE BONDS								7,612,677
HOSPITAL AND HEALTHCARE REVENUE BONDS
10.43% of Net Assets
Knox County TN Health East Tennessee Children's Hospital	4.000		11/15/2048	A*		900,000		723,564
Metropolitan Government Nashville & Davidson County TN Health	5.000		07/01/2035	A*		2,500,000		2,537,050
Metropolitan Government Nashville & Davidson County TN Health	5.000		07/01/2040	A*		950,000		948,860
Shelby County TN Health Education & Housing Facilities	5.000		05/01/2036	A1		1,535,000		1,558,086
Shelby County TN Health Education & Housing Facilities - LeBonheur	5.000		05/01/2035	A1		500,000		510,175
PREREFUNDED BONDS								6,277,735
PREREFUNDED BONDS
9.96% of Net Assets
Gallatin TN Water & Sewer Revenue	5.000		01/01/2032	AA*		235,000		238,440
Memphis TN Electric System Revenue	5.000		12/01/2031	Aa2		225,000		228,107
Memphis TN Electric System Revenue	5.000		12/01/2034	Aa2		1,250,000		1,266,687
Memphis TN General Improvement	5.000		04/01/2034	Aa2		500,000		502,725
Memphis TN General Improvement	5.000		04/01/2039	Aa2		250,000		251,363
Memphis TN Refunding General Improvement	5.000		04/01/2031	Aa2		800,000		804,360
Shelby County TN Health Education & Housing Facilities Board Rhodes College	5.000		08/01/2040	A2		650,000		653,582
TN State School Bond Authority Higher Educational Facilities	5.000		11/01/2040	Aa1		2,000,000		2,049,300
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								5,994,564
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
8.86% of Net Assets
Germantown TN	3.000		12/01/2050	Aaa		415,000		278,810
Memphis TN	4.000		06/01/2041	Aa2		1,120,000		1,032,864
Metropolitan Government Nashville & Davidson County TN	4.000		07/01/2033	Aa2		1,470,000		1,471,455
Metropolitan Government Nashville & Davidson County TN	4.000		07/01/2034	Aa2		500,000		498,245
Metropolitan Government Nashville & Davidson County TN	4.000		07/01/2036	Aa2		500,000		482,030
TN State Series A	5.000		02/01/2036	Aaa		1,500,000		1,572,525
								5,335,929

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
PUBLIC FACILITIES REVENUE BONDS
6.62% of Net Assets
Hamblen County TN	4.000	%	05/01/2039	Aa3	$	1,250,000	$	1,164,512
Memphis Shelby County TN Industrial Development Board	5.000		11/01/2030	Aa3		1,250,000		1,283,750
Metropolitan Government Nashville & Davidson County Convention Center	5.000		07/01/2026	A1		630,000		630,284
Nolensville Town TN	4.000		06/01/2041	Aa1		400,000		366,616
Nolensville Town TN	4.000		06/01/2042	Aa1		600,000		543,972
STATE AND LOCAL MORTGAGE/HOUSING BONDS								3,989,134
STATE AND LOCAL MORTGAGE/HOUSING BONDS
4.73% of Net Assets
TN Housing Development Agency	4.500		07/01/2043	Aa1		1,500,000		1,388,670
TN Housing Development Agency Residential Finance Program	4.150		07/01/2038	Aa1		100,000		90,904
TN Housing Development Agency Residential Finance Program	4.450		07/01/2043	Aa1		1,500,000		1,370,670
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								2,850,244

4.30% of Net Assets
Shelby County TN Health Educational & Housing Facilities Board Rhodes College	4.000		08/01/2036	A2		920,000		864,322
Shelby County TN Health Educational & Housing Facilities Board Rhodes College	4.000		08/01/2037	A2		1,030,000		949,289
Shelby County TN Health Educational & Housing Facilities Board Rhodes College	4.000		08/01/2040	A2		875,000		773,395
AIRPORT REVENUE BONDS								2,587,006
AIRPORT REVENUE BONDS
3.72% of Net Assets
Metropolitan Nashville Airport Authority	5.000		07/01/2034	A1		800,000		814,336
Metropolitan Nashville Airport Authority	5.000		07/01/2035	A1		250,000		254,778
Metropolitan Nashville Airport Authority	5.000		07/01/2040	A1		1,160,000		1,169,407
REFUNDING BONDS								2,238,521
REFUNDING BONDS
3.37% of Net Assets
Blount County TN	5.000		06/01/2037	Aa2		1,000,000		1,021,490
Memphis TN Refunding	5.000		04/01/2033	Aa2		250,000		251,200
Memphis TN Refunding	5.000		04/01/2035	Aa2		250,000		251,225
Memphis TN Refunding	5.000		04/01/2040	Aa2		500,000		502,825
								2,026,740
Total Investments 97.61% of Net Assets							$	58,775,635
(cost $62,939,998) (See (a) below for further explanation)
Other assets in excess of liabilities 2.39%								1,438,880
Net Assets 100%							$	60,214,515

# 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

NR Not Rated

(a)Cost for federal income tax purposes is $62,939,998 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	2,980
Unrealized depreciation		(4,167,343)
Net unrealized depreciation	$	(4,164,363)

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		58,775,635
Level 3	Significant Unobservable Inputs		---
		$	58,775,635

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
September 30, 2023

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 -TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
REFUNDING BONDS
36.00% of Net Assets
Loudon County TN	5.000	%	06/01/2025	Aa2	$	150,000	$	153,005
Maryville TN	5.000		06/01/2026	Aa2		350,000		361,638
Memphis TN	4.125		04/01/2024	Aa2		100,000		100,141
Memphis TN General Improvement	5.000		11/01/2023	Aa2		200,000		200,200
Memphis-Shelby County TN Industrial Development Board	5.000		11/01/2027	Aa3		200,000		207,340
Putnam County TN	4.000		04/01/2025	Aa2		100,000		100,115
Sevierville TN	5.000		05/01/2028	Aa3		125,000		132,337
MUNICIPAL UTILITY REVENUE BONDS								1,254,776
MUNICIPAL UTILITY REVENUE BONDS
30.28% of Net Assets
Hallsdale-Powell TN Utility District	4.000		04/01/2028	AA*		255,000		256,148
Jackson TN Energy Authority Gas System	5.000		06/01/2028	Aa2		150,000		152,760
Maryville TN	4.000		06/01/2029	Aa2		250,000		251,438
Metropolitan Government Nashville & Davidson County TN Water & Sewer	5.000		07/01/2025	Aa2		135,000		137,625
Springfield TN	5.000		06/01/2027	Aa2		245,000		257,463
SCHOOL IMPROVEMENT BONDS								1,055,434
SCHOOL IMPROVEMENT BONDS
14.70% of Net Assets
Bedford County TN	4.000		04/01/2027	AA*		250,000		251,660
White County TN	4.000		06/01/2027	AA-*		260,000		260,741
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								512,401

9.34% of Net Assets
Shelby County TN Health Educational & Housing Facilities Rhodes College	4.000		08/01/2025	A2		100,000		100,119
Shelby County TN Health Educational & Housing Facilities Rhodes College	4.000		08/01/2027	A2		225,000		225,268
PUBLIC FACILITIES REVENUE BONDS								325,387
PUBLIC FACILITIES REVENUE BONDS
2.91% of Net Assets
Memphis-Shelby County TN Industrial Development Board	5.000		11/01/2024	Aa3		100,000		101,318
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
1.00% of Net Assets
Selmer TN	4.000		06/01/2025	AA*		35,000		34,948
Total Investments 94.23% of Net Assets							$	3,284,264
(cost $3,366,612) (See (a) below for further explanation)
(cost $3,366,612) (See (a) below for further explanation)
Other assets in excess of liabilities 5.77%								201,202
Net Assets 100%							$	3,485,466

# 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

NR Not Rated

(a)Cost for federal income tax purposes is $3,366,612 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	-
Unrealized depreciation		(82,348)
Net unrealized depreciation	$	(82,348)

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

DUPREE MUTUAL FUNDS -TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
September 30, 2023

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		3,284,264
Level 3	Significant Unobservable Inputs		---
		$	3,284,264

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 - INTERMEDIATE GOVERNMENT BOND SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. Government Securities and Agencies
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
FEDERAL HOME LOAN BANK
61.14% of Net Assets
Federal Home Loan Bank	4.900	%	11/28/2023	Aaa	$	500,000	$	499,375
Federal Home Loan Bank	3.400		07/19/2024	Aaa		900,000		884,368
Federal Home Loan Bank	5.365		09/09/2024	Aaa		1,500,000		1,496,795
Federal Home Loan Bank	5.250		10/28/2024	Aaa		350,000		348,043
Federal Home Loan Bank	4.000		01/22/2025	Aaa		900,000		881,476
Federal Home Loan Bank	3.300		06/09/2025	Aaa		500,000		482,959
Federal Home Loan Bank	3.600		07/18/2025	Aaa		900,000		874,589
Federal Home Loan Bank	5.000		04/24/2026	Aaa		300,000		296,284
Federal Home Loan Bank	3.200		06/10/2027	Aaa		250,000		233,956
FREDDIE MAC								5,997,845
FREDDIE MAC
26.43% of Net Assets
Federal Home Loan Mortgage Corporation	3.000		06/13/2024	Aaa		250,000		245,539
Federal Home Loan Mortgage Corporation	5.100		11/26/2024	Aaa		500,000		496,400
Federal Home Loan Mortgage Corporation	5.020		01/27/2025	Aaa		250,000		247,554
Federal Home Loan Mortgage Corporation	4.950		11/28/2025	Aaa		1,000,000		991,433
Federal Home Loan Mortgage Corporation	5.500		08/28/2026	Aaa		250,000		248,132
Federal Home Loan Mortgage Corporation	1.400		07/28/2032	Aaa		500,000		364,196
FEDERAL FARM CREDIT								2,593,254
FEDERAL FARM CREDIT
9.14% of Net Assets
Federal Farm Credit Bank	5.050		07/28/2028	Aaa		250,000		243,550
Federal Farm Credit Bank	2.375		08/01/2029	Aaa		750,000		652,880
								896,430
Total Investments 96.71% of Net Assets							$	9,487,529
(cost $9,892,819) (See (a) below for further explanation)
(cost $9,892,819) (See (a) below for further explanation)
Other assets in excess of liabilities 3.29%								322,906
Net Assets 100%							$	9,810,435

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

*Rated by Standard & Poor's Corporation @ Fitch's Investors Service

NR Not Rated

(a)Cost for federal income tax purposes is $9,892,819 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	-
Unrealized depreciation		(405,290)
Net unrealized depreciation	$	(405,290)

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

	Valuation Inputs	Government Agencies
Level 1	Quoted Prices			---
Level 2	Other Significant Observable Inputs	$		9,487,529
Level 3	Significant Unobservable Inputs			---
			$	9,487,529

the value. The procedures also include weekly verification of market quotation provided by two independent pricing services. A bond valuation that is not supporte by a valuation source requires the Valuation Designee, to fair value the security in accordance with procedures approved by the Board of Trustees.

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 - TAXABLE MUNICIPAL BOND SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Taxable Municipal Bonds
September 30, 2023			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
23.00% of Net Assets
Grant County WA Public Utility District	3.336	%	01/01/2041	Aa3	$	125,000	$	91,911
KY State Rural Water Finance Corporation	3.000		08/01/2050	AA-*		250,000		152,203
Metropolitan Government Nashville & Davidson County TN Recovery Zone	6.693		07/01/2041	Aa2		200,000		215,446
OK State Municipal Power Authority	6.310		01/01/2040	A2		95,000		96,831
Pigeon Forge TN Build America Recovery Zone	7.125		06/01/2040	AA*		300,000		307,125
PUBLIC FACILITIES REVENUE BONDS								863,516
PUBLIC FACILITIES REVENUE BONDS
16.68% of Net Assets
Evanston IL Taxable Corporate Purpose Bonds	4.250		12/01/2038	Aa2		75,000		61,844
Franklin County OH Convention Facilities Build America	6.540		12/01/2036	Aa2		155,000		162,674
Metropolitan Government Nashville & Davidson County TN	7.431		07/01/2043	A1		190,000		211,991
Montgomery AL Community Cooperative District	2.815		11/01/2049	Aa1		200,000		118,544
Rhode Island Convention Center	6.060		05/15/2035	A1/		70,000		71,281
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								626,334

11.61% of Net Assets
Mesa State College CO Auxiliary Facilities Build America	6.746		05/15/2042	Aa2		100,000		103,503
Michigan State University Revenues	4.496		08/15/2048	Aa2		375,000		332,629
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS								436,132
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
8.68% of Net Assets
Washoe County NV Highway Revenue	7.969		02/01/2040	Aa3		280,000		325,959
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
6.67% of Net Assets
KY State Property & Buildings Build America	5.921		11/01/2030	A1		250,000		250,285
SCHOOL IMPROVEMENT BONDS
6.66% of Net Assets
Jefferson County TN Build America Bonds	6.625		06/01/2040	Aa2		250,000		250,057
MARINA/PORT AUTHORITY REVENUE BONDS
6.06% of Net Assets
Miami Dade County FL Special Obligation	7.500		04/01/2040	Aa2		200,000		227,522
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.13% of Net Assets
Midland County TX Hospital District	6.440		05/15/2039	Aa3		185,000		192,781
STATE AND LOCAL MORTGAGE/HOUSING BONDS
4.12% of Net Assets
VA State Housing Development Authority	3.230		11/01/2050	Aa1		250,000		154,763
AIRPORT REVENUE BONDS
2.12% of Net Assets
Tri Cities TN Airport Authority Revenue	3.625		05/01/2038	Aa2		100,000		79,712
PREREFUNDED BONDS
.64% of Net Assets
Tri Cities TN Airport Authority Revenue	3.625		05/01/2038	NR		25,000		23,917
Total Investments 91.37% of Net Assets							$	3,430,978
(cost $3,954,038) (See (a) below for further explanation)
(cost $3,954,038) (See (a) below for further explanation)
Other assets in excess of liabilities 8.63%								324,223
Net Assets 100%							$	3,755,201

# 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

NR Not Rated

(a)Cost for federal income tax purposes is $3,963,940 and net unrealized depreciation of investments is as follows:

Unrealized appreciation		16,246
Unrealized depreciation		(549,208)
Net unrealized depreciation	$	(532,962)

DUPREE MUTUAL FUNDS - TAXABLE MUNICIPAL BOND SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Taxable Municipal Bonds
September 30, 2023

Other Information

Level 1 - Unadjusted quoted prices in active markets for identical securities.

The following is a summary of the inputs used, as of September 30, 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, 2023.

	Valuation Inputs	Taxable Municipal Bonds
Level 1	Quoted Prices	$		---
Level 2	Other Significant Observable Inputs			3,430,978
Level 3	Significant Unobservable Inputs			---
			$	3,430,978

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 NPORT-P/ATaxable Municipal Bond Series (Sep 2023 report)