Dupree Mutual Funds NPORTP Tennessee Tax-Free Income Series (Mar 2024 report)

DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Alabama Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
23.22% of Net Assets
Athens AL Warrants	3.000	%	05/01/2041	Aa3	$	125,000	$	105,335
Bibb County AL Board of Education Special Tax	4.000		04/01/2032	AA*		380,000		396,074
Cherokee County AL Board of Education Tax Warrants	4.000		12/01/2034	A1		310,000		315,949
Cherokee County AL Board of Education Tax Warrants	4.250		12/01/2042	A1		150,000		151,751
Elmore County AL Board of Education	4.000		08/01/2038	Aa3		250,000		253,595
Florence AL City Board of Education Special Tax School Warrants	4.000		03/01/2046	Aa3		225,000		219,533
Guntersville AL Warrants	3.000		08/01/2040	AA-*		250,000		212,650
Houston County AL Board of Education Special Tax School Warrants	3.000		12/01/2037	AA*		250,000		225,083
Jackson County AL Board of Education School Tax Warrants	3.000		03/01/2038	AA*		350,000		308,770
Jefferson County AL Board of Education Public School Warrants	4.000		02/01/2042	Aa3		795,000		787,953
Jefferson County AL Public Schools	4.000		02/01/2038	Aa3		165,000		165,927
Marshall County AL Board of Education Special Tax School Warrants	4.000		03/01/2033	A1		250,000		252,303
Mountain Brook AL City Board of Education	3.000		03/01/2042	Aa1		250,000		212,475
Oxford AL Board of Education School Tax Warrants	4.000		05/01/2045	Aa3		350,000		343,623
Pell City AL Warrants	4.500		02/01/2042	AA*		200,000		208,306
Pike Road AL Warrants	5.000		03/01/2043	AA+*		250,000		276,308
Saint Clair AL Board of Education Special Tax School Warrants	5.000		02/01/2040	A1		125,000		137,253
Saint Clair County AL Board of Education Special Tax Warrants	3.000		02/01/2038	A1		250,000		221,895
Troy AL Public Educational Building Authority	5.250		12/01/2036	A1		30,000		30,029
PUBLIC FACILITIES REVENUE BONDS								4,824,812
PUBLIC FACILITIES REVENUE BONDS
18.87% of Net Assets
Adamsville AL Warrants	3.000		09/01/2045	AA*		250,000		200,560
AL State Corrections Institution Finance Authority	5.000		07/01/2042	Aa2		350,000		383,148
Anniston AL Public Building Authority DHR Project	5.250		05/01/2030	AA-*		50,000		50,056
Anniston AL Public Building Authority DHR Project	5.500		05/01/2033	AA-*		200,000		200,306
Bessemer AL Public Educational Building Authority Revenue	5.000		07/01/2030	AA*		140,000		140,010
Birmingham Jefferson AL Civic Center	5.000		12/01/2043	AA*		500,000		543,260
Birmingham Jefferson AL Civic Center	5.000		05/01/2037	Aa3		500,000		529,125
Birmingham Jefferson AL Civic Center	5.000		05/01/2038	Aa3		250,000		264,173
Boaz AL Warrants	4.000		02/01/2037	AA*		250,000		253,010
Bullock County AL Public Building Authority	4.000		10/01/2038	AA-*		500,000		504,875
Montgomery County AL Public Building Authority	5.000		03/01/2036	Aa2		350,000		376,394
Phenix City AL Public Building Authority	4.000		10/01/2035	AA-*		100,000		103,041
Phenix City AL Public Building Authority	4.000		10/01/2037	AA-*		120,000		122,258
Saint Clair County AL Public Building Authority	4.000		02/01/2041	AA-*		250,000		250,780
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								3,920,996

16.65% of Net Assets
AL Community College System Gadsden State Community College	5.000		06/01/2038	A1		325,000		342,921
AL State Public School & College Authority	4.000		11/01/2040	Aa1		250,000		255,815
Auburn University AL General Fee Revenue	4.000		06/01/2041	Aa2		285,000		283,584
Auburn University AL General Fee Revenue	4.000		06/01/2036	Aa2		380,000		383,215
Troy University AL Facilities Revenue	5.000		11/01/2028	A1		250,000		253,920
Troy University AL Facilities Revenue	4.000		11/01/2032	A1		300,000		308,076
Troy University AL Facilities Revenue	5.000		11/01/2037	A1		200,000		209,830
University of AL General Fee Revenue	5.000		09/01/2037	Aa3		250,000		266,468
University of AL Huntsville General Fee Revenue	5.000		09/01/2038	Aa3		435,000		463,155
University of AL Huntsville General Fee Revenue	5.000		09/01/2038	Aa3		500,000		535,570
University of South AL	5.000		04/01/2044	A1		150,000		156,539
PREREFUNDED BONDS								3,459,093
PREREFUNDED BONDS
15.96% of Net Assets
Alabaster AL Board of Education Special Tax Warrants	5.000		09/01/2039	A1		600,000		604090
Auburn AL Waterworks Board Water Revenue	5.000		09/01/2036	Aa2		250,000		255793
Decatur City AL Board of Education Special Tax	5.000		02/01/2040	Aa2		225,000		227858
Limestone County AL Water & Sewer Authority	4.750		12/01/2033	AA*		290,000		303320
Madison AL Warrants	5.000		04/01/2035	Aa3		350,000		355642
Northport AL Warrants	5.000		08/01/2040	AA*		735,000		739006
Tuscaloosa AL Warrants	5.000		07/01/2034	Aa1		300,000		301212
Tuscaloosa County AL Board of Education Special Tax School Warrants	5.000		02/01/2036	Aa3		250,000		264073
Tuscaloosa County AL Board of Education Special Tax School Warrants	5.000		02/01/2037	Aa3		250,000		264073
MUNICIPAL UTILITY REVENUE BONDS								3,315,067
MUNICIPAL UTILITY REVENUE BONDS
12.96% of Net Assets
Athens AL Water & Sewer	4.000		05/01/2039	A1		200,000		202,694
Athens AL Water & Sewer	4.000		05/01/2040	A1		100,000		100,859
Berry AL Water & Sewer Revenue	4.000		09/01/2039	AA*		250,000		251,315
Birmingham AL Waterworks	4.000		01/01/2037	Aa2		250,000		252,593
Birmingham AL Waterworks	4.000		01/01/2041	Aa2		225,000		225,396
Limestone County AL Water & Sewer Authority	4.750		12/01/2035	AA*		400,000		403,904
Opelika AL Utilities Board	4.000		06/01/2039	Aa3		250,000		251,175
Prattville AL Sewer Warrants	4.000		11/01/2042	AA-*		375,000		368,704
Talladega AL Water & Sewer Revenue	3.000		09/01/2046	AA*		250,000		195,585
Tuskegee AL Utilities Board	3.000		08/01/2037	A1		260,000		241,485
Warrior River AL Water Authority	4.000		08/01/2043	AA*		200,000		198,394
								2,692,104

DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES
SCHEDULE OF PORTFOLIO INVESTMENTS								UNAUDITED
Alabama Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
REFUNDING BONDS
3.84% of Net Assets
Jefferson County AL Warrants	5.000	%	09/15/2035	AA+*	$	250,000	$	262,987
Montgomery AL Warrants	5.000		06/15/2035	A1		500,000		533,970
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								796,957
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.52% of Net Assets
Arab AL	3.000		12/01/2041	AA*		250,000		210,043
Birmingham AL Warrants	4.000		12/01/2035	Aa3		250,000		255,197
Birmingham AL Warrants	5.000		12/01/2037	Aa3		250,000		266,640
HOSPITAL AND HEALTHCARE REVENUE BONDS								731,880
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.71% of Net Assets
Chilton County AL Health Care Authority Chilton County Hospital	5.000		11/01/2035	AA-@		550,000		564,020
Total Investments 97.73% of Net Assets							$	20,304,929
(cost $20,991,534 (See (a) below for further explanation)
(cost $20,991,534 (See (a) below for further explanation)
Other assets in excess of liabilities 2.27%								470,737
Net Assets 100%							$	20,775,666

# 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 $20,991,534 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	90,299
Unrealized depreciation		(776,905)
Net unrealized depreciation	$	(686,606)

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 March 31, 2024, 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 March 31, 2024.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		20,304,929
Level 3	Significant Unobservable Inputs		---
		$	20,304,929

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
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value	Fair Value

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS 34.38% of Net Assets

KY Association of Counties	4.000	%	02/01/2029	AA-*	$	240,000	$	249,086
KY Association of Counties	5.000		02/01/2030	AA-*		385,000		420,536
KY Association of Counties	5.000		02/01/2031	AA-*		255,000		277,935
KY Association of Counties	4.000		02/01/2033	AA-*		420,000		426,367
KY Association of Counties	4.000		02/01/2034	AA-*		435,000		441,203
KY Association of Counties	4.000		02/01/2035	AA-*		690,000		705,518
KY Association of Counties	4.000		02/01/2035	AA-*		460,000		466,247
KY Association of Counties	4.500		02/01/2036	AA-*		445,000		474,953
KY Association of Counties	4.000		02/01/2037	AA-*		745,000		751,578
KY Association of Counties	4.500		02/01/2037	AA-*		460,000		484,509
KY Association of Counties	4.000		02/01/2038	AA-*		3,165,000		3,174,938
KY Association of Counties	4.500		02/01/2038	AA-*		490,000		513,050
KY Association of Counties	4.000		02/01/2039	AA-*		1,000,000		1,000,310
KY Association of Counties	4.500		02/01/2039	AA-*		515,000		536,033
KY Association of Counties	5.000		02/01/2039	AA-*		550,000		610,038
KY Association of Counties	4.500		02/01/2040	AA-*		535,000		554,651
KY Association of Counties	4.500		02/01/2041	AA-*		565,000		584,210
KY Association of Counties	3.500		02/01/2042	AA-*		1,215,000		1,116,099
KY Association of Counties	4.500		02/01/2042	AA-*		1,050,000		1,081,427
KY Association of Counties	4.500		02/01/2043	AA-*		1,455,000		1,497,733
KY Association of Counties	4.000		02/01/2043	AA-*		515,000		503,629
KY Association of Counties	4.000		02/01/2048	AA-*		920,000		872,464
KY Bond Corporation Finance Program	3.000		02/01/2032	AA-*		550,000		529,073
KY Bond Corporation Finance Program	3.000		02/01/2033	AA-*		1,010,000		959,268
KY Bond Corporation Finance Program	3.000		02/01/2034	AA-*		1,070,000		1,014,595
KY Bond Corporation Finance Program	3.000		02/01/2034	AA-*		925,000		877,104
KY Bond Corporation Finance Program	3.000		02/01/2035	AA-*		1,170,000		1,103,380
KY Bond Corporation Finance Program	3.000		02/01/2035	AA-*		930,000		877,046
KY Bond Corporation Finance Program	3.000		02/01/2036	AA-*		1,240,000		1,151,687
KY Bond Corporation Finance Program	3.000		02/01/2036	AA-*		965,000		896,273
KY Bond Corporation Finance Program	3.000		02/01/2037	AA-*		990,000		900,633
KY Bond Corporation Finance Program	3.000		02/01/2038	AA-*		980,000		879,481
KY Bond Corporation Finance Program	3.000		02/01/2038	AA-*		1,025,000		919,866
KY Bond Corporation Finance Program	3.000		02/01/2039	AA-*		1,050,000		928,956
KY Bond Corporation Finance Program	3.000		02/01/2040	AA-*		1,030,000		895,626
KY Bond Corporation Finance Program	3.000		02/01/2041	AA-*		1,000,000		846,390
KY Bond Corporation Finance Program	3.000		02/01/2041	AA-*		1,065,000		903,695
KY Bond Corporation Finance Program	3.000		02/01/2042	AA-*		420,000		350,125
KY Bond Corporation Finance Program	3.000		02/01/2043	AA-*		430,000		353,421
KY Bond Corporation Finance Program	3.000		02/01/2044	AA-*		450,000		369,266
KY Bond Corporation Finance Program	3.000		02/01/2047	AA-*		1,100,000		855,371
KY State Property & Building #105	4.750		04/01/2031	A1		2,110,000		2,112,047
KY State Property & Building #105	4.750		04/01/2032	A1		2,205,000		2,204,890
KY State Property & Building #105	4.750		04/01/2033	A1		2,310,000		2,309,885
KY State Property & Building #108	5.000		08/01/2026	A1		955,000		974,702
KY State Property & Building #108	5.000		08/01/2028	A1		2,670,000		2,732,158
KY State Property & Building #108	5.000		08/01/2030	A1		5,000,000		5,120,400
KY State Property & Building #108	5.000		08/01/2032	A1		8,820,000		9,033,532
KY State Property & Building #108	5.000		08/01/2033	A1		5,270,000		5,403,173
KY State Property & Building #108	5.000		08/01/2034	A1		4,900,000		4,982,369
KY State Property & Building #110	5.000		08/01/2029	A1		4,200,000		4,298,322
KY State Property & Building #110	5.000		08/01/2032	A1		1,515,000		1,551,678
KY State Property & Building #110	5.000		08/01/2033	A1		1,000,000		1,015,370
KY State Property & Building #110	5.000		08/01/2034	A1		1,900,000		1,938,456
KY State Property & Building #110	5.000		08/01/2035	A1		3,680,000		3,766,149
KY State Property & Building #112	5.000		11/01/2028	A1		265,000		277,911
KY State Property & Building #112	5.000		02/01/2035	A1		8,325,000		8,601,140
KY State Property & Building #112	5.000		02/01/2036	A1		7,920,000		8,171,222
KY State Property & Building #115	5.000		04/01/2033	A1		4,565,000		4,810,962
KY State Property & Building #115	5.000		04/01/2034	A1		13,975,000		14,699,182
KY State Property & Building #115	5.000		04/01/2036	A1		14,460,000		15,230,573
KY State Property & Building #115	5.000		04/01/2037	A1		5,000,000		5,243,000
KY State Property & Building #117	5.000		05/01/2031	A1		5,055,000		5,349,707
KY State Property & Building #117	5.000		05/01/2032	A1		3,680,000		3,890,091
KY State Property & Building #117	5.000		05/01/2033	A1		3,550,000		3,759,131
KY State Property & Building #117	5.000		05/01/2034	A1		5,825,000		6,155,802
KY State Property & Building #117	5.000		05/01/2035	A1		5,065,000		5,341,904
KY State Property & Building #117	5.000		05/01/2036	A1		5,275,000		5,593,768
KY State Property & Building #119	5.000		05/01/2030	A1		3,685,000		3,976,999
KY State Property & Building #119	5.000		05/01/2034	A1		725,000		779,556
KY State Property & Building #119	5.000		05/01/2035	A1		10,000,000		10,712,700
KY State Property & Building #119	5.000		05/01/2036	A1		10,000,000		10,684,900

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
KY State Property & Building #119	5.000	%	05/01/2037	A1	$	500,000	$	531,680
KY State Property & Building #122	4.000		11/01/2035	A1		500,000		512,640
KY State Property & Building #122	4.000		11/01/2036	A1		750,000		766,403
KY State Property & Building #122	4.000		11/01/2037	A1		675,000		685,456
KY State Property & Building #122	4.000		11/01/2038	A1		5,345,000		5,369,373
KY State Property & Building #122	4.000		11/01/2039	A1		9,655,000		9,690,917
KY State Property & Building #126	5.000		05/01/2039	A1		2,500,000		2,777,075
KY State Property & Building #126	5.000		05/01/2040	A1		845,000		932,998
KY State Property & Building #126	5.000		05/01/2042	A1		2,000,000		2,186,160
KY State Property & Building #126	4.000		05/01/2042	A1		1,980,000		1,964,813
KY State Property & Building #127	5.250		06/01/2040	A1		10,000,000		11,279,800
KY State Property & Building #127	5.250		06/01/2041	A1		8,745,000		9,804,632
KY State Property & Building #127	5.250		06/01/2042	A1		15,975,000		17,826,500
Louisville & Jefferson County Visitors & Convention Commission	4.000		06/01/2034	Aa3		3,720,000		3,767,839
								261,171,735

SCHOOL IMPROVEMENT BONDS 23.89% of Net Assets

Adair County KY School District Finance Corporation	4.250	09/01/2040	A1	1,840,000	1,891,888
Adair County KY School District Finance Corporation	4.250	09/01/2042	A1	1,270,000	1,293,457
Bardstown KY Independent School District Finance Corporation	4.000	02/01/2040	A1	1,495,000	1,504,733
Bardstown KY Independent School District Finance Corporation	4.000	02/01/2042	A1	1,525,000	1,515,316
Bowling Green KY School District Finance Corporation	4.000	08/01/2034	A1	1,890,000	1,926,364
Bowling Green KY School District Finance Corporation	4.000	08/01/2035	A1	2,215,000	2,247,583
Bowling Green KY School District Finance Corporation	4.000	08/01/2036	A1	2,305,000	2,328,027
Bowling Green KY School District Finance Corporation	4.000	08/01/2037	A1	2,395,000	2,408,197
Bowling Green KY School District Finance Corporation	4.000	04/01/2043	A1	3,085,000	3,044,525
Bowling Green KY School District Finance Corporation	4.000	04/01/2045	A1	2,500,000	2,447,750
Bullitt County KY School District Finance Corporation	4.000	10/01/2035	A1	1,820,000	1,846,481
Bullitt County KY School District Finance Corporation	4.000	10/01/2036	A1	2,985,000	3,020,521
Bullitt County KY School District Finance Corporation	4.000	10/01/2037	A1	3,075,000	3,095,418
Bullitt County KY School District Finance Corporation	4.000	03/01/2038	A1	575,000	586,742
Bullitt County KY School District Finance Corporation	4.000	02/01/2042	A1	1,485,000	1,451,558
Butler County KY School District Finance Corporation	4.000	03/01/2037	A1	360,000	368,096
Butler County KY School District Finance Corporation	4.250	03/01/2040	A1	755,000	773,362
Campbell County KY School District Finance Corporation	4.000	02/01/2045	Aa3	1,000,000	973,720
Christian County KY School District Finance Corporation	4.500	10/01/2042	A1	3,555,000	3,749,103
Christian County KY School District Finance Corporation	4.500	10/01/2043	A1	3,605,000	3,781,321
Christian County KY School District Finance Corporation	4.500	10/01/2048	A1	2,000,000	2,065,640
Clark County KY School District Finance Corporation	4.000	03/01/2039	A1	3,090,000	3,101,464
Clark County KY School District Finance Corporation	4.000	03/01/2040	A1	1,475,000	1,487,095
Clay County KY School District Finance Corporation	4.250	09/01/2042	A1	1,500,000	1,519,035
Covington KY Independent School District Finance Corporation	4.000	06/01/2041	A1	490,000	490,279
Dayton KY Independent School District Finance Corporation	4.000	04/01/2044	A1	2,210,000	2,174,088
Fayette County KY School District Finance Corporation	5.000	08/01/2028	Aa3	1,330,000	1,356,746
Fayette County KY School District Finance Corporation	4.750	11/01/2031	Aa3	1,730,000	1,744,740
Fayette County KY School District Finance Corporation	5.000	08/01/2032	Aa3	10,600,000	10,859,382
Fayette County KY School District Finance Corporation	5.000	08/01/2034	Aa3	8,750,000	8,980,388
Glasgow KY School District Finance Corporation	3.000	02/01/2042	A1	1,820,000	1,527,271
Hardin County KY School District Finance Corporation	4.000	05/01/2030	Aa3	635,000	646,087
Hardin County KY School District Finance Corporation	4.000	02/01/2042	Aa3	6,035,000	6,043,690
Harlan KY Independent School District Finance Corporation	4.250	09/01/2041	A1	560,000	569,621
Harlan KY Independent School District Finance Corporation	4.375	09/01/2042	A1	260,000	265,197
Jefferson County KY School District Finance Corporation	5.000	10/01/2026	Aa3	255,000	266,416
Jefferson County KY School District Finance Corporation	5.000	04/01/2030	Aa3	975,000	990,522
Jefferson County KY School District Finance Corporation	5.000	04/01/2031	Aa3	1,025,000	1,041,318
Jefferson County KY School District Finance Corporation	5.000	05/01/2033	Aa3	5,145,000	5,154,004
Jefferson County KY School District Finance Corporation	4.750	04/01/2034	Aa3	1,165,000	1,185,329
Jefferson County KY School District Finance Corporation	5.000	05/01/2034	Aa3	5,405,000	5,414,567
Jefferson County KY School District Finance Corporation	4.750	04/01/2035	Aa3	1,220,000	1,241,655
Jefferson County KY School District Finance Corporation	3.000	12/01/2035	Aa3	11,140,000	10,589,012
Jefferson County KY School District Finance Corporation	4.250	10/01/2037	Aa3	2,110,000	2,144,625
Jefferson County KY School District Finance Corporation	3.000	12/01/2038	Aa3	6,470,000	5,763,476
Jefferson County KY School District Finance Corporation	3.000	12/01/2039	Aa3	4,385,000	3,887,259
Jefferson County KY School District Finance Corporation	3.000	12/01/2040	Aa3	1,940,000	1,686,132
Kenton County KY School District Finance Corporation	4.000	04/01/2036	A1	1,210,000	1,230,171
Kenton County KY School District Finance Corporation	4.000	04/01/2037	A1	1,255,000	1,268,905
Kenton County KY School District Finance Corporation	4.000	04/01/2038	A1	1,300,000	1,310,543
Kenton County KY School District Finance Corporation	3.000	12/01/2040	A1	1,965,000	1,688,505
Kenton County KY School District Finance Corporation	3.000	12/01/2041	A1	2,025,000	1,712,563
Madison County KY School District Finance Corporation	4.000	02/01/2043	Aa3	1,585,000	1,562,224
Madison County KY School District Finance Corporation	4.000	02/01/2044	Aa3	1,000,000	982,470
Madison County KY School Distrtrict Finance Corporation	4.000	02/01/2042	Aa3	2,545,000	2,519,270
Marion County KY School District Finance Corporation	4.000	04/01/2038	A1	1,000,000	1,022,800
Marion County KY School District Finance Corporation	4.000	04/01/2040	A1	1,190,000	1,199,865

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
McLean County KY School District Finance Corporation	4.000	%	02/01/2044	A1	$	845,000	$	831,311
Meade County KY School District Finance Corporation	4.000		06/01/2036	A1		2,215,000		2,238,833
Meade County KY School District Finance Corporation	4.000		06/01/2037	A1		2,255,000		2,273,626
Meade County KY School District Finance Corporation	4.000		06/01/2038	A1		2,400,000		2,409,816
Morgan County KY School District Finance Corporation	4.000		08/01/2029	A1		960,000		988,426
Owensboro KY Independent School District Finance Corporation	4.000		04/01/2041	A1		1,545,000		1,545,000
Paris KY Independent School District Finance Corporation	4.000		03/01/2042	A1		1,000,000		993,650
Raceland-Worthington KY Independent School District Finance Corporation	3.400		06/01/2037	A1		605,000		597,377
Robertson County KY School District Finance Corporation	4.000		02/01/2042	A1		300,000		295,470
Robertson County KY School District Finance Corporation	4.000		02/01/2043	A1		310,000		305,545
Russellville KY Independent School District Finance Corporation	4.000		03/01/2044	A1		545,000		535,430
Scott County KY School District Finance Corporation	4.000		06/01/2035	Aa3		1,440,000		1,460,030
Scott County KY School District Finance Corporation	4.000		10/01/2035	Aa3		2,235,000		2,265,374
Scott County KY School District Finance Corporation	4.000		06/01/2036	Aa3		1,500,000		1,516,455
Scott County KY School District Finance Corporation	4.000		10/01/2037	Aa3		2,415,000		2,429,321
Scott County KY School District Finance Corporation	5.000		09/01/2041	Aa3		7,120,000		7,909,750
Scott County KY School District Finance Corporation	4.125		04/01/2047	Aa3		2,025,000		1,947,767
Shelby County KY School District Finance Corporation	4.000		08/01/2037	Aa3		6,240,000		6,278,563
Shelby County KY School District Finance Corporation	4.000		08/01/2038	Aa3		3,000,000		3,011,850
Warren County KY School District Finance Corporation	4.000		02/01/2040	Aa3		2,000,000		2,013,320
Williamstown KY Independent School District Finance Corporation	4.125		05/01/2044	A1		490,000		482,415
Woodford County KY School District Finance Corporation	5.000		08/01/2038	A1		1,650,000		1,827,639
Woodford County KY School District Finance Corporation	5.000		08/01/2039	A1		350,000		385,287
								181,488,771

UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS 13.48% of Net Assets

Boyle County KY Centre College	5.000	06/01/2037	A3	2,865,000	2,979,829
Boyle County KY Educational Facilities Revenue Centre College	5.250	06/01/2043	A3	2,000,000	2,166,940
KY Bond Development Corporation Educational Facilities Centre College	5.000	06/01/2033	A3	1,345,000	1,436,137
KY Bond Development Corporation Educational Facilities Centre College	5.000	06/01/2034	A3	1,605,000	1,718,939
KY Bond Development Corporation Educational Facilities Centre College	5.000	06/01/2035	A3	2,165,000	2,308,215
KY Bond Development Corporation Educational Facilities Centre College	5.000	06/01/2036	A3	2,835,000	3,006,631
KY Bond Development Corporation Educational Facilities Centre College	5.000	06/01/2038	A3	1,340,000	1,406,223
KY Bond Development Corporation Educational Facilities Centre College	4.000	06/01/2038	A3	200,000	200,860
KY Bond Development Corporation Educational Facilities Centre College	3.000	06/01/2039	A3	860,000	743,264
KY Bond Development Corporation Educational Facilities Centre College	3.000	06/01/2041	A3	1,405,000	1,171,096
KY Bond Development Corporation Educational Facilities Centre College	4.000	06/01/2046	A3	2,545,000	2,408,563
KY Bond Development Corporation Educational Facilities Centre College	4.000	06/01/2051	A3	4,400,000	3,986,268
KY State Property & Building #114	5.000	10/01/2032	A1	2,795,000	2,919,461
KY State Property & Building #114	5.000	10/01/2033	A1	2,940,000	3,070,183
KY State Property & Building #114	5.000	10/01/2034	A1	3,090,000	3,222,283
KY State Property & Building #114	5.000	10/01/2035	A1	1,945,000	2,020,641
KY State Property & Building #116	5.000	10/01/2035	A1	4,165,000	4,437,558
KY State Property & Building #116	5.000	10/01/2036	A1	2,725,000	2,890,271
Murray State University	5.000	03/01/2032	A1	2,220,000	2,253,633
Murray State University	3.000	09/01/2037	A1	1,310,000	1,192,807
Murray State University	3.000	09/01/2039	A1	1,390,000	1,219,364
Murray State University	3.000	09/01/2041	A1	1,470,000	1,256,806
University of Kentucky Certificate of Participation	4.000	05/01/2033	Aa3	885,000	914,639
University of Kentucky Certificate of Participation	4.000	05/01/2034	Aa3	1,020,000	1,047,887
University of Kentucky Certificate of Participation	4.000	05/01/2039	Aa3	4,660,000	4,691,921
University of Kentucky Certificate of Participation	4.000	05/01/2044	Aa3	3,755,000	3,688,687
University of Kentucky General Receipts	5.000	04/01/2030	Aa2	5,490,000	5,574,711
University of Kentucky General Receipts	4.000	10/01/2036	Aa2	16,160,000	16,321,600
University of Kentucky General Receipts	4.000	10/01/2038	Aa2	10,855,000	10,917,413
University of Kentucky Higher Educational	4.750	04/01/2034	Aa2	5,435,000	5,510,873
University of Louisville	3.000	09/01/2039	A1	1,450,000	1,287,339
University of Louisville	3.000	09/01/2040	A1	1,495,000	1,301,442
University of Louisville	3.000	09/01/2042	A1	1,575,000	1,325,174
Western KY University	4.000	09/01/2034	A1	575,000	585,103
Western KY University	4.000	09/01/2035	A1	595,000	604,199
Western KY University	4.000	09/01/2036	A1	620,000	627,279
MUNICIPAL UTILITY REVENUE BONDS					102,414,239
MUNICIPAL UTILITY REVENUE BONDS
7.83% of Net Assets
KY Rural Water Finance Corporation	3.000	02/01/2032	AA-*	240,000	231,986
KY Rural Water Finance Corporation	3.000	02/01/2033	AA-*	370,000	355,481
KY Rural Water Finance Corporation	5.125	02/01/2035	AA-*	295,000	294,985
KY Rural Water Finance Corporation	3.000	08/01/2036	AA-*	285,000	265,908
KY Rural Water Finance Corporation	3.000	08/01/2037	AA-*	280,000	255,615
KY State Association of Counties Finance Corporation	4.000	02/01/2031	AA-*	405,000	414,696
KY State Association of Counties Finance Corporation	4.000	02/01/2033	AA-*	415,000	425,388
Louisville & Jefferson County Metropolitan Sewer	4.000	05/15/2033	Aa3	1,000,000	1,005,670
Louisville & Jefferson County Metropolitan Sewer	4.750	05/15/2034	Aa3	2,230,000	2,254,129

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#	Par Value		Fair Value
Louisville & Jefferson County Metropolitan Sewer	5.000	%	05/15/2034	Aa3	$ 4,595,000	$	4,751,919
Louisville & Jefferson County Metropolitan Sewer	4.750		05/15/2035	Aa3	2,245,000		2,267,877
Louisville & Jefferson County Metropolitan Sewer	5.000		05/15/2035	Aa3	4,825,000		4,990,546
Louisville & Jefferson County Metropolitan Sewer	4.750		05/15/2036	Aa3	2,795,000		2,823,817
Louisville & Jefferson County Metropolitan Sewer	4.000		05/15/2037	Aa3	10,000,000		10,094,500
Louisville & Jefferson County Metropolitan Sewer	3.000		05/15/2044	Aa3	16,515,000		13,524,955
Louisville & Jefferson County Metropolitan Sewer	3.250		05/15/2046	Aa3	2,450,000		2,032,618
Murray KY Electric Plant	3.000		12/01/2036	A1	370,000		342,550
Murray KY Electric Plant	3.000		12/01/2037	A1	380,000		344,383
Murray KY Electric Plant	3.000		12/01/2038	A1	395,000		351,459
Murray KY Electric Plant	3.000		12/01/2039	A1	405,000		356,858
Murray KY Electric Plant	3.000		12/01/2040	A1	420,000		361,355
Murray KY Electric Plant	3.000		12/01/2041	A1	430,000		367,027
Murray KY Electric Plant	3.000		12/01/2042	A1	445,000		371,232
Owensboro KY Electric Light & Power	4.000		01/01/2031	A3	245,000		249,542
Owensboro KY Electric Light & Power	4.000		01/01/2033	A3	275,000		279,587
Owensboro KY Electric Light & Power	4.000		01/01/2034	A3	305,000		309,847
Owensboro KY Electric Light & Power	4.000		01/01/2035	A3	200,000		202,652
Owensboro KY Electric Light & Power	4.000		01/01/2036	A3	325,000		328,881
Owensboro KY Electric Light & Power	4.000		01/01/2037	A3	410,000		413,284
Owensboro KY Water Revenue	4.000		09/15/2034	A1	2,075,000		2,131,067
Owensboro KY Water Revenue	4.000		09/15/2035	A1	2,155,000		2,201,850
Owensboro KY Water Revenue	4.000		09/15/2037	A1	1,950,000		1,970,729
Owensboro KY Water Revenue	4.000		09/15/2039	A1	2,125,000		2,131,120
Owensboro-Daviess County KY Water	4.000		12/01/2043	A+*	800,000		788,168
							59,491,681

PUBLIC FACILITIES REVENUE BONDS 5.22% of Net Assets

Bath County KY Public Properties	4.625	06/01/2045	A1	1,040,000	1,084,585
Bath County KY Public Properties	4.625	06/01/2046	A1	1,090,000	1,132,488
KY Bond Development	5.000	09/01/2035	A2	1,275,000	1,377,153
KY Bond Development	5.000	09/01/2036	A2	2,000,000	2,148,240
KY State Certificate of Participation	4.000	04/15/2030	A1	1,500,000	1,549,230
KY State Certificate of Participation	4.000	04/15/2031	A1	1,350,000	1,393,781
KY State Certificate of Participation	5.000	06/15/2034	A1	1,640,000	1,675,588
KY State Certificate of Participation	5.000	04/15/2038	A1	5,000,000	5,286,450
KY State Certificate of Participation	5.000	06/15/2038	A1	7,535,000	7,677,713
KY State Certificate of Participation	4.000	04/15/2048	A1	1,000,000	950,970
Laurel County KY General Obligation	4.000	05/01/2031	A2	1,295,000	1,325,238
Laurel County KY General Obligation	4.000	05/01/2034	A2	1,440,000	1,471,493
Laurel County KY General Obligation	4.000	05/01/2035	A2	1,495,000	1,522,837
Laurel County KY General Obligation	4.000	05/01/2036	A2	1,555,000	1,582,119
Laurel County KY General Obligation	4.000	05/01/2037	A2	1,620,000	1,639,229
Laurel County KY General Obligation	4.000	05/01/2038	A2	1,680,000	1,696,514
Louisville & Jefferson County Visitors & Convention Commission	4.000	06/01/2032	Aa3	2,325,000	2,354,411
Madison County KY Public Properties Judicial Center	4.125	06/01/2041	A1	1,180,000	1,179,221
Marshall County Library	4.000	06/01/2038	Aa3	1,060,000	1,071,936
River City, Inc. Parking Authority	3.000	12/01/2036	Aa3	835,000	780,291
River City, Inc. Parking Authority	3.000	12/01/2037	Aa3	860,000	787,124
					39,686,611

HOSPITAL AND HEALTHCARE REVENUE BONDS 4.73% of Net Assets

KY Development Corporation Hospital Facilities - St. Elizabeth	4.000	05/01/2032	AA*	1,810,000	1,840,498
KY Development Corporation Hospital Facilities - St. Elizabeth	4.000	05/01/2035	AA*	1,390,000	1,408,070
KY Development Corporation Hospital Facilities - St. Elizabeth	4.000	05/01/2036	AA*	1,200,000	1,214,628
KY Development Corporation Hospital Facilities - St. Elizabeth	5.000	05/01/2039	AA*	7,185,000	7,369,655
Louisville & Jefferson County Norton Healthcare	5.000	10/01/2033	A*	4,060,000	4,211,925
Louisville & Jefferson County Norton Healthcare	4.000	10/01/2035	A*	3,850,000	3,821,934
Louisville & Jefferson County Norton Healthcare	4.000	10/01/2036	A*	7,005,000	7,024,894
Louisville & Jefferson County Norton Healthcare	4.000	10/01/2040	A*	1,000,000	978,690
Louisville & Jefferson County Norton Healthcare	5.000	10/01/2042	A*	2,750,000	2,965,710
Louisville & Jefferson County Norton Healthcare	3.000	10/01/2043	A*	4,000,000	3,181,640
Warren County KY Hospital	5.000	04/01/2043	AA-*	875,000	964,031
Warren County KY Hospital	5.000	04/01/2044	AA-*	875,000	960,208
					35,941,883

TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS 2.92% of Net Assets

KY State Turnpike Economic Development Road Revenue	5.000	07/01/2029	Aa3	4,000,000	4,162,560
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2032	Aa3	1,315,000	1,344,718
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2032	Aa3	1,765,000	1,890,174
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2034	Aa3	1,120,000	1,167,264
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2036	Aa3	400,000	424,896
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2037	Aa3	500,000	527,455
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2038	Aa3	1,100,000	1,224,278

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES						UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value		Fair Value
KY State Turnpike Economic Development Road Revenue	5.000 %	07/01/2039	Aa3	$ 3,255,000	$	3,591,730
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2040	Aa3	2,250,000		2,466,068
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2041	Aa3	3,555,000		3,874,986
KY State Turnpike Economic Development Road Revenue	5.000	07/01/2042	Aa3	1,400,000		1,519,490
						22,193,619

STATE AND LOCAL MORTGAGE/HOUSING BONDS 1.77% of Net Assets

KY Housing	4.250	01/01/2034	Aaa	250,000	261,145
KY Housing	4.300	07/01/2034	Aaa	325,000	343,015
KY Housing	4.350	01/01/2035	Aaa	310,000	320,196
KY Housing	4.350	07/01/2035	Aaa	605,000	627,064
KY Housing	4.400	07/01/2038	Aaa	3,005,000	3,082,289
KY Housing	4.700	07/01/2043	Aaa	3,500,000	3,554,845
KY Housing	4.800	07/01/2048	Aaa	5,200,000	5,295,472
					13,484,026

PREREFUNDED BONDS 1.31% of Net Assets

Frankfort KY Electric & Water	4.750	12/01/2034	NR	695,000	700,991
Frankfort KY Electric & Water	4.750	12/01/2035	NR	725,000	731,250
Frankfort KY Electric & Water	4.750	12/01/2036	NR	760,000	766,551
Lexington Fayette Urban County Government	5.000	01/01/2029	Aa2	345,000	349,030
University of Kentucky General Receipts	5.000	04/01/2038	Aa2	7,395,000	7,395,812
					9,943,634

REFUNDING BONDS 1.25% of Net Assets

KY Association of Counties	3.000	02/01/2034	AA-*	480,000	456,682
KY Association of Counties	3.000	02/01/2035	AA-*	505,000	478,422
KY Association of Counties	3.000	02/01/2036	AA-*	510,000	476,937
KY State Property & Building #102	5.000	05/01/2024	Aa3	405,000	404,988
KY State Property & Building #108	5.000	08/01/2025	A1	2,690,000	2,744,795
KY State Property & Building #121	5.000	02/01/2029	A1	4,535,000	4,957,842
					9,519,666

AIRPORT REVENUE BONDS 0.69% of Net Assets

Kenton County Airport	5.000	01/01/2029	A1	240,000	247,358
Kenton County Airport	5.000	01/01/2034	A1	275,000	300,996
Kenton County Airport	5.000	01/01/2035	A1	300,000	327,939
Kenton County Airport	5.000	01/01/2036	A1	325,000	354,513
Kenton County Airport	5.000	01/01/2037	A1	250,000	271,198
Kenton County Airport	5.000	01/01/2038	A1	500,000	539,635
Kenton County Airport	5.000	01/01/2039	A1	500,000	536,895
Kenton County Airport	5.000	01/01/2044	A1	2,500,000	2,649,425
AD VALOREM PROPERTY BONDS					5,227,959
AD VALOREM PROPERTY BONDS
0.35% of Net Assets
Henderson KY	3.000	09/01/2042	Aa3	845,000	710,003
Henderson KY	3.000	09/01/2043	Aa3	870,000	721,047
Warren County General Obligation	4.000	06/01/2035	Aa1	1,175,000	1,208,135
					2,639,185
Total Investments 97.82% of Net Assets				$	743,203,009
(cost $759,838,002) (See (a) below for further explanation)
(cost $759,838,002) (See (a) below for further explanation)
Other assets in excess of liabilities 2.18%					16,559,991
Net Assets 100%				$	759,763,000

# 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 $759,838,002 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	5,931,246
Unrealized depreciation		(22,566,239)
Net unrealized depreciation	$	(16,634,993)

Other Information

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
March 31, 2024

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

The following is a summary of the inputs used, as of March 31, 2024 involving the Fund's investments in securities carried at fair value. As of that date,

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		743,203,009
Level 3	Significant Unobservable Inputs		---
		$	743,203,009

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					,
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value	Fair Value

SCHOOL IMPROVEMENT BONDS 17.98% of Net Assets

Anderson County KY School District Finance Corporation	3.000	%	02/01/2029	A1	$	500,000	$	492,445
Bowling Green KY Independent School District Finance Corporation	5.000		08/01/2027	A1		695,000		722,821
Floyd County KY School District Finance Corporation	3.500		08/01/2031	A1		800,000		801,120
Jefferson County KY School District Finance Corporation	4.000		06/01/2030	Aa3		1,245,000		1,268,878
Laurel County KY School District Finance Corporation	4.000		06/01/2024	A1		465,000		465,409
Newport KY Independent School District Finance Corporation	3.500		11/01/2028	A1		425,000		422,140
Pike County KY School District Finance Corporation	5.000		08/01/2024	A1		250,000		251,073
Pike County KY School District Finance Corporation	5.000		02/01/2025	A1		960,000		971,002
Pike County KY School District Finance Corporation	5.000		08/01/2025	A1		200,000		204,022
Pike County KY School District Finance Corporation	4.000		02/01/2028	A1		295,000		299,921
								5,898,831

PUBLIC FACILITIES REVENUE BONDS 15.66% of Net Assets

KY Bond Development	5.000	09/01/2026	A3	1,000,000	1,032,440
Lexington Fayette Urban County Government - Court Facilities	5.000	10/01/2024	A1	700,000	704,676
Louisville & Jefferson County Visitors & Convention Commission	4.000	06/01/2029	Aa3	1,000,000	1,015,800
Mercer County KY Public Property	4.000	08/01/2024	A1	720,000	720,403
Oldham County KY Public Facilities	5.000	02/01/2025	A1	325,000	329,020
River City Parking Authority	5.000	12/01/2024	Aa3	340,000	343,584
Taylor County KY Public Courthouse	4.000	09/01/2027	A1	700,000	711,151
Wolfe County KY Public Properties Corporation	4.000	04/01/2025	A1	280,000	280,137
					5,137,211

TURNPIKES/TOLLROAD/HIGHWAY BONDS 14.21% of Net Assets

KY Asset Liability Commission	5.000	09/01/2024	AA*	330,000	331,762
KY Asset Liability Commission Federal Highway	5.000	09/01/2024	A2	500,000	503,325
KY Asset Liability Commission Federal Highway	5.000	09/01/2026	A2	565,000	567,825
KY Asset Liability Commission Federal Highway	5.000	09/01/2026	A2	330,000	336,999
KY State Turnpike Authority Economic Development	5.000	07/01/2024	Aa3	1,175,000	1,179,536
KY State Turnpike Authority Economic Development	5.000	07/01/2025	Aa3	300,000	305,922
KY State Turnpike Authority Economic Development	5.000	07/01/2026	Aa3	1,385,000	1,438,530
					4,663,899

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS 11.80% of Net Assets

KY Association of Counties	4.000	02/01/2029	AA-*	630,000	651,559
KY Association of Counties	5.000	02/01/2030	AA-*	250,000	274,633
KY State Property & Building #108	5.000	08/01/2028	A1	755,000	772,576
KY State Property & Building #127	5.000	06/01/2029	A1	1,000,000	1,099,700
Somerset KY	5.000	06/01/2028	A1	605,000	655,336
Somerset KY	5.000	06/01/2029	A1	380,000	419,227
					3,873,031

UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS 9.32% of Net Assets

Eastern KY University	5.000	10/01/2026	A1	655,000	681,757
KY Bond Development Corporation Educational Facilities Centre College	4.000	06/01/2029	A3	320,000	331,334
KY Bond Development Corporation Educational Facilities Centre College	4.000	06/01/2030	A3	170,000	176,882
University of Kentucky General Receipts	4.000	10/01/2030	Aa2	90,000	91,355
University of Kentucky General Receipts	4.000	10/01/2032	Aa2	750,000	761,580
University of KY General Receipts	3.000	04/01/2025	Aa2	240,000	238,891
University of Louisville	4.000	09/01/2030	A1	745,000	777,094
					3,058,893

MUNICIPAL UTILITY REVENUE BONDS 8.82% of Net Assets

Campbell & Kenton Counties Sanitation District #1	4.000	08/01/2031	Aa2	1,000,000	1,021,740
Henderson KY	4.000	06/01/2028	Aa3	385,000	398,918
KY Rural Water Financing Corporation	5.000	08/01/2029	AA-*	595,000	658,879
Northern KY Water	5.000	02/01/2026	Aa2	815,000	815,595
					2,895,132

HOSPITAL AND HEALTHCARE REVENUE BONDS 8.60% of Net Assets

KY Bond Development Corporation St Elizabeth Medical Center	5.000	05/01/2024	AA*	1,440,000	1,441,915
Warren County KY Hospital	5.000	04/01/2032	AA-*	1,200,000	1,381,716
					2,823,631

STATE AND LOCAL MORTGAGE/HOUSING BONDS 6.00% of Net Assets

KY Housing	3.650	07/01/2027	Aaa	660,000	663,808
KY Housing	3.750	07/01/2028	Aaa	345,000	347,826
KY Housing	3.850	07/01/2029	Aaa	450,000	456,836
KY Housing	3.350	07/01/2029	Aaa	305,000	302,520
KY Housing	3.400	07/01/2030	Aaa	200,000	197,658
					1,968,648

DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES					UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#	Par Value	Fair Value

AD VALOREM PROPERTY BONDS 2.03% of Net Assets

Henderson KY5.000 % 09/01/2029 Aa3 $ 600,000 $ 666,636

REFUNDING BONDS 1.77% of Net Assets

KY State Property & Building #112

5.000

11/01/2026

555,000

581,335

AIRPORT REVENUE BONDS 1.57% of Net Assets

Kenton County Airport	5.000	01/01/2026	A1	500,000	515,420
Total Investments 97.76% of Net Assets				$	32,082,667
(cost $32,456,663) (See (a) below for further explanation)
(cost $32,456,663) (See (a) below for further explanation)
Other assets in excess of liabilities 2.24%					735,480
Net Assets 100%				$	32,818,147

# 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 $32,456,663 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	104,864
Unrealized depreciation	(478,860)
Net unrealized depreciation	(373,996)

Other Information

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

The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's investments in securities carried at fair value. As of that date,

	Valuation Inputs		Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		32,082,667
Level 3	Significant Unobservable Inputs		---
			32,082,667

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 - MISSISSIPPI TAX-FREE INCOME SERIES								UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Mississippi Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
27.30% of Net Assets
Alcorn MS University Educational Building Corporation	5.000	%	09/01/2025	Aa2	$	100,000	$	102,149
Jackson State University Educational Building	5.000		03/01/2034	Aa2		440,000		446,626
Mississippi State University Educational Building	5.000		11/01/2032	Aa2		125,000		128,834
MS Development Bank Special Obligation Gulf Coast Community Project	4.000		12/01/2034	AA-*		300,000		304,170
MS Development Bank Special Obligation Pearl River Community College	5.000		10/01/2033	AA-*		125,000		136,405
MS State University Educational Building Corporation Revenue	5.000		08/01/2033	Aa2		225,000		238,610
MS State University Educational Building Corporation Revenue	4.000		08/01/2036	Aa2		250,000		253,428
University of Mississippi Educational Building Corporation	5.000		10/01/2031	Aa2		205,000		214,936
University of Mississippi Educational Building Corporation	3.000		10/01/2034	Aa2		200,000		192,808
University of MS Educational Building Corporation	5.000		10/01/2036	Aa2		100,000		114,114
University of MS Educational Building Corporation	4.000		10/01/2037	Aa2		100,000		104,626
University Southern MS Educational Building Corporation	5.000		09/01/2033	Aa2		360,000		375,595
SCHOOL IMPROVEMENT BONDS								2,612,301
SCHOOL IMPROVEMENT BONDS
12.95% of Net Assets
Mississippi State	4.000		10/01/2039	Aa2		200,000		202,056
MS Development Bank Special Obligation Canton School District	5.000		12/01/2033	A1		100,000		102,958
MS Development Bank Special Obligation Lafayette County School District	4.000		04/01/2033	AA*		100,000		103,160
MS Development Bank Special Obligation Meridian Schools	4.000		04/01/2039	A2		100,000		101,590
MS Development Bank Special Obligation Rankin School District	4.000		06/01/2033	AA*		190,000		195,185
MS Development Bank Special Obligation Rankin School District	5.000		06/01/2037	AA*		200,000		215,846
MS Development Bank Special Obligation Rankin School District	4.000		06/01/2038	AA*		100,000		101,186
MS Development Bank Special Obligation Rankin School District	5.000		06/01/2040	AA*		100,000		106,552
MS Development Bank Special Obligation Vicksburg Warren School District	5.500		03/01/2038	AA*		100,000		110,257
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								1,238,790
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
11.93% of Net Assets
Mississippi State	3.000		06/01/2038	Aa2		100,000		90,573
Mississippi State Gaming Tax Revenue	5.000		10/15/2035	A3		125,000		126,911
Mississippi State Gaming Tax Revenue	5.000		10/15/2037	A-*		125,000		130,200
MS Development Bank Special Obligation Brandon Public Improvement	4.000		08/01/2034	AA*		200,000		201,684
MS Development Bank Special Obligation Pascagoula	4.000		07/01/2024	AA*		300,000		300,303
MS Development Bank Special Obligation Tupelo Public Improvement	4.000		09/01/2044	Aa2		125,000		123,620
Pearl MS	4.750		09/01/2038	A3		155,000		168,618
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS								1,141,909
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
10.17% of Net Assets
MS Development Bank Special Obligation Highway Construction	5.000		01/01/2025	Aa3		200,000		202,366
MS Development Bank Special Obligation Highway Construction	5.000		01/01/2029	Aa3		300,000		315,270
MS Development Bank Special Obligation Highway Construction	4.000		01/01/2030	Aa3		175,000		178,987
MS Development Bank Special Obligation Marshall County	5.000		01/01/2030	Aa3		75,000		75,960
MS Development Bank Special Obligation Marshall Highway	3.750		01/01/2035	Aa3		200,000		200,392
REFUNDING BONDS								972,975
REFUNDING BONDS
8.70% of Net Assets
Flowood MS	3.500		10/01/2026	AA+*		300,000		299,358
MS State Refunding	4.000		10/01/2036	Aa2		290,000		295,420
Starkville MS	4.000		06/01/2032	A1		230,000		237,857
STATE AND LOCAL MORTGAGE/HOUSING BONDS								832,635
STATE AND LOCAL MORTGAGE/HOUSING BONDS
7.71% of Net Assets
Mississippi State Home Corporation	3.950		12/01/2042	Aaa		100,000		97,541
Mississippi State Home Corporation	4.400		12/01/2043	Aaa		350,000		347,704
Mississippi State Home Corporation	4.375		12/01/2044	Aaa		150,000		150,153
Mississippi State Home Corporation	4.050		12/01/2047	Aaa		150,000		142,530
HOSPITAL AND HEALTHCARE REVENUE BONDS								737,928
HOSPITAL AND HEALTHCARE REVENUE BONDS
7.45% of Net Assets
Jones County MS Hospital	4.000		04/01/2026	AA*		305,000		309,529
Medical Center Educational Building Corporation MS Revenue	5.000		06/01/2025	Aa2		120,000		122,160
Medical Center Educational Building Corporation MS Revenue	5.000		06/01/2035	Aa2		100,000		110,273
Medical Center Educational Building Corporation University of Mississippi	5.000		06/01/2042	Aa2		165,000		170,562
PUBLIC FACILITIES REVENUE BONDS								712,524
PUBLIC FACILITIES REVENUE BONDS
3.27% of Net Assets
MS Development Bank Special Obligation Dept of Corrections-Walnut Grove	5.000		08/01/2027	AA-*		200,000		211,184
MS Development Bank Special Obligation Tupelo	4.000		07/01/2037	Aa2		100,000		101,944
PREREFUNDED BONDS								313,128
PREREFUNDED BONDS
3.26% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement	5.000		11/01/2033	Aa3		150,000		151,389
MS State General Obligation	5.000		10/01/2033	Aa2		150,000		160,799
								312,188

DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Mississippi Municipal Bonds
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#		Par Value		Fair Value
LEASE REVENUE BONDS
2.43% of Net Assets
Warren County MS Certificate of Participation	6.000 %	09/01/2042	Aa3	$	100,000	$	116,427
Warren County MS Certificate of Participation	6.000	09/01/2043	Aa3		100,000		115,743
MUNICIPAL UTILITY REVENUE BONDS							232,170
MUNICIPAL UTILITY REVENUE BONDS
2.38% of Net Assets
MS Development Bank Special Obligation Diamondhead Water & Sewer	4.000	07/01/2046	A+*		75,000		71,174
MS Development Bank Special Obligation Tupelo	5.000	05/01/2033	Aa2		150,000		156,251
							227,425
Total Investments 97.55% of Net Assets						$	9,333,973
(cost $9,345,216) (See (a) below for further explanation)
(cost $9,345,216) (See (a) below for further explanation)
Other assets in excess of liabilities 2.45%							234,819
Net Assets 100%						$	9,568,792

# 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 $9,345,216 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	67,869
Unrealized depreciation		(79,112)
Net unrealized depreciation	$	(11,243)

Other Information

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

The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's investments in securities carried at fair value. As of that date,

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		9,333,973
Level 3	Significant Unobservable Inputs		---
		$	9,333,973

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
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#		Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
20.96% of Net Assets
Brunswick County NC Limited Obligation	5.000 %	06/01/2030	Aa1	$	250,000	$	255,633
Brunswick County NC Limited Obligation	5.000	06/01/2031	Aa1		250,000		255,633
Buncombe County NC Limited Obligation	4.000	06/01/2036	Aa1		125,000		131,490
Burke County NC Limited Obligation	4.000	04/01/2034	Aa3		250,000		255,475
Cabarrus County NC Limited Obligation	4.000	06/01/2034	Aa1		795,000		815,964
Cabarrus County NC Limited Obligation	5.000	04/01/2035	Aa1		1,435,000		1,495,658
Cabarrus County NC Limited Obligation	4.000	06/01/2035	Aa1		1,650,000		1,692,009
Catawba County NC Limited Obligation	4.000	04/01/2042	Aa2		420,000		422,848
Catawba County NC Limited Obligation	4.000	04/01/2043	Aa2		320,000		320,480
Chatham County NC Limited Obligation	4.000	11/01/2036	Aa2		750,000		775,088
Chatham County NC Limited Obligation	4.000	11/01/2037	Aa2		2,000,000		2,051,420
Davidson County NC Limited Obligation	5.000	06/01/2032	Aa2		500,000		521,850
Duplin County NC Limited Obligation	5.000	04/01/2032	A1		750,000		777,090
Duplin County NC Limited Obligation	5.000	04/01/2034	A1		865,000		896,244
Henderson County NC Limited Obligation	4.000	06/01/2034	Aa2		200,000		206,992
Henderson County NC Limited Obligation	4.000	06/01/2037	Aa2		750,000		779,513
Henderson County NC Limited Obligation	4.000	06/01/2038	Aa2		500,000		513,195
Onslow County NC Limited Obligation	5.000	06/01/2033	Aa2		500,000		511,615
Pitt County NC Limited Obligation	4.000	04/01/2031	Aa2		500,000		512,480
Pitt County NC Limited Obligation	4.000	04/01/2034	Aa2		550,000		562,392
Randolph County NC Limited Obligation	3.000	10/01/2036	Aa3		325,000		300,225
Randolph County NC Limited Obligation	4.000	10/01/2037	Aa3		250,000		254,705
Randolph County NC Limited Obligation	4.000	10/01/2039	Aa3		250,000		252,960
Rutherford County NC Limited Obligation	4.000	03/01/2037	A1		410,000		419,992
Rutherford County NC Limited Obligation	4.000	03/01/2039	A1		500,000		507,370
Rutherford County NC Limited Obligation	4.000	03/01/2040	A1		325,000		328,585
Sampson County NC Limited Obligation	5.000	12/01/2033	A1		1,975,000		2,033,753
Sampson County NC Limited Obligation	5.000	09/01/2040	A1		750,000		778,628
Scotland County NC	4.500	12/01/2036	A*		1,170,000		1,203,708
Surry County NC Limited Obligation	4.000	06/01/2034	Aa3		350,000		363,244
Surry County NC Limited Obligation	4.000	06/01/2036	Aa3		590,000		605,517
Surry County NC Limited Obligation	4.000	06/01/2037	Aa3		730,000		744,680
Wake County NC Limited Obligation	4.000	09/01/2037	Aa1		750,000		773,610
Wayne County NC	4.000	06/01/2034	Aa3		1,500,000		1,535,445
Wilkes County NC Limited Obligation	5.000	06/01/2031	A1		350,000		356,909
MUNICIPAL UTILITY REVENUE BONDS							24,212,400
MUNICIPAL UTILITY REVENUE BONDS
15.13% of Net Assets
Brunswick County NC Enterprise System Revenue	5.000	04/01/2031	Aa2		500,000		509,660
Brunswick County NC Enterprise System Revenue	4.000	04/01/2039	Aa2		1,000,000		1,018,640
Brunswick County NC Enterprise System Revenue	3.000	04/01/2046	Aa2		500,000		403,175
Buncombe County NC Metropolitan Sewer District	5.000	07/01/2039	Aaa		550,000		552,827
Cary NC Combined Enterprise System Revenue	4.000	12/01/2042	Aaa		750,000		756,353
Clayton NC Water & Sewer Revenue	5.000	08/01/2040	Aa3		700,000		782,341
Concord NC Utilities System Revenue	4.500	12/01/2034	Aa1		1,000,000		1,032,170
Fuquay-Varina NC Combined Utilities Revenue	5.000	04/01/2040	Aa2		1,000,000		1,031,980
Gastonia NC Combined Utilities System Revenue	5.000	05/01/2034	Aa2		570,000		582,078
Gastonia NC Combined Utilities System Revenue	5.000	05/01/2035	Aa2		250,000		255,323
Johnson County NC Water & Sewer	4.000	04/01/2044	Aa2		500,000		502,255
Johnston County NC Water & Sewer Revenue	4.000	04/01/2043	Aa2		300,000		302,487
Lincoln County NC Enterprise System Revenue	3.000	08/01/2038	AA*		160,000		145,280
Lincoln County NC Enterprise System Revenue	3.000	08/01/2039	AA*		340,000		304,181
Lincoln County NC Enterprise System Revenue	3.000	08/01/2040	AA*		265,000		232,840
Lincoln County NC Enterprise System Revenue	3.000	08/01/2041	AA*		240,000		205,838
Martin County NC Limited Obligation Water and Sewer District	4.750	06/01/2034	A2		1,150,000		1,152,841
NC Municipal Power Agency #1 Catawba Electric Revenue	5.000	01/01/2032	A*		500,000		514,725
Pender County NC Limited Obligation	3.000	06/01/2038	Aa3		490,000		438,344
Pender County NC Limited Obligation	3.000	06/01/2045	Aa3		500,000		401,810
Sampson County NC Water & Sewer District	5.000	06/01/2037	A1		920,000		938,262
Union County NC Enterprise System Revenue	4.000	06/01/2038	Aa2		500,000		512,195
Union County NC Enterprise System Revenue	4.000	06/01/2044	Aa2		1,335,000		1,336,802
Union County NC Enterprise System Revenue	3.000	06/01/2046	Aa2		1,500,000		1,211,850
Union County NC Enterprise System Revenue	3.000	06/01/2051	Aa2		250,000		191,525
Wake County NC Industrial Facilities & Pollution Control Duke Energy	4.000	06/01/2041	Aa3		1,260,000		1,247,576
Wilmington NC Storm Water Revenue	5.000	06/01/2035	Aa2		500,000		511,555
Winston Salem NC Water & Sewer System Revenue	3.000	06/01/2046	Aa1		500,000		409,540
PUBLIC FACILITIES REVENUE BONDS							17,484,453
PUBLIC FACILITIES REVENUE BONDS
14.79% of Net Assets
Charlotte NC Certificate of Participation	4.000	06/01/2036	Aa2		1,000,000		1,040,260
Charlotte NC Certificate of Participation	4.000	06/01/2037	Aa2		3,000,000		3,093,270
Charlotte NC Certificate of Participation Convention Facility Project	4.000	06/01/2037	Aa2		500,000		515,545
Charlotte NC Certificate of Participation Convention Facility Project	4.000	06/01/2039	Aa2		1,000,000		1,019,170

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#		Par Value		Fair Value
Davidson County NC Limited Obligation	4.000 %	06/01/2037	Aa2	$	200,000	$	207,870
Durham NC Limited Obligation	4.000	04/01/2036	Aa1		1,000,000		1,034,440
Harnett County NC Limited Obligation	4.000	10/01/2038	Aa3		1,055,000		1,069,591
Henderson County NC Limited Obligation	5.000	10/01/2030	Aa2		250,000		257,320
Henderson County NC Limited Obligation	5.000	10/01/2031	Aa2		500,000		514,565
Holly Springs NC Limited Obligation	4.125	10/01/2041	Aa2		500,000		515,685
Holly Springs NC Limited Obligation	4.250	10/01/2043	Aa2		365,000		377,414
Kannapolis NC Limited Obligation	5.000	04/01/2032	A1		500,000		500,260
Moore County NC	3.000	06/01/2039	Aa2		350,000		313,793
Onslow County NC Limited Obligation	5.000	06/01/2032	Aa2		500,000		511,965
Orange County NC	4.000	10/01/2036	Aa1		375,000		391,001
Orange County NC	4.000	10/01/2037	Aa1		375,000		386,786
Orange County NC	4.000	10/01/2038	Aa1		275,000		281,834
Orange County NC	4.000	10/01/2039	Aa1		200,000		204,166
Raleigh NC Limited Obligation	5.000	10/01/2034	Aa1		1,420,000		1,435,080
Randolph County NC Limited Obligation	4.000	10/01/2038	Aa3		670,000		679,264
Surry County NC Limited Obligation	3.000	10/01/2038	Aa3		395,000		351,033
Surry County NC Limited Obligation	3.000	10/01/2041	Aa3		1,135,000		961,039
Thomasville NC Revenue	4.000	05/01/2036	Aa3		500,000		510,780
Wilmington NC Limited Obligation	4.000	06/01/2036	Aa1		230,000		241,942
Wilmington NC Limited Obligation	4.000	06/01/2037	Aa1		170,000		177,269
Wilson City NC	4.000	10/01/2042	Aa3		500,000		501,570
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS							17,092,912

10.63% of Net Assets
Appalachian NC State University	4.000	05/01/2033	A1		500,000		512,895
Appalachian NC State University	5.000	05/01/2036	A1		1,000,000		1,074,050
Iredell County NC Community College	5.000	04/01/2026	Aaa		225,000		225,011
Iredell County NC Community College	5.000	04/01/2027	Aaa		325,000		325,137
Scotland County NC	5.000	12/01/2033	A*		250,000		265,118
University of NC at Asheville	4.000	06/01/2036	A2		350,000		358,873
University of NC at Charlotte Board of Governors	4.000	10/01/2037	Aa3		750,000		763,020
University of NC at Charlotte Board of Governors	5.000	10/01/2042	Aa3		250,000		262,195
University of NC Charlotte	4.000	10/01/2035	Aa3		250,000		254,920
University of NC Charlotte	4.000	10/01/2036	Aa3		250,000		254,755
University of NC Greensboro	4.000	04/01/2035	Aa3		750,000		767,010
University of NC Greensboro	4.000	04/01/2036	Aa3		500,000		510,775
University of NC Greensboro	5.000	04/01/2038	Aa3		425,000		453,564
University of NC Wilmington	4.000	04/01/2037	Aa3		385,000		395,199
University of NC Wilmington	4.000	04/01/2038	Aa3		405,000		413,108
University of NC Wilmington	4.000	04/01/2039	Aa3		1,380,000		1,401,292
University of NC Wilmington Limited Obligation	5.000	06/01/2033	A1		550,000		560,538
University of NC Wilmington Limited Obligation	4.000	06/01/2034	A1		500,000		506,220
University of North Carolina	5.000	10/01/2033	A2		30,000		29,999
Western Carolina NC University	5.000	10/01/2035	Aa3		1,000,000		1,066,050
Western Carolina NC University	5.000	10/01/2043	Aa3		1,000,000		1,039,700
Western Carolina NC University	5.000	10/01/2045	Aa3		825,000		839,495
REFUNDING BONDS							12,278,924
REFUNDING BONDS
7.22% of Net Assets
Asheville NC Limited Obligation	3.000	04/01/2041	Aa1		250,000		218,800
Buncombe County NC Limited Obligation	5.000	06/01/2035	Aa1		1,000,000		1,023,110
Charlotte NC Certificate of Participation	5.000	06/01/2033	Aa1		840,000		840,294
Charlotte NC Certificate of Participation	5.000	06/01/2034	Aa1		750,000		767,160
Chatham County NC	5.000	11/01/2032	Aa2		825,000		851,219
Durham County NC	4.000	06/01/2036	Aaa		225,000		235,154
Monroe NC Limited Obligation	4.000	03/01/2033	Aa3		255,000		258,680
Monroe NC Limited Obligation	5.000	03/01/2039	Aa3		1,250,000		1,288,112
Raleigh NC	4.000	04/01/2043	Aaa		695,000		705,515
Rockingham County NC Limited Obligation	4.500	04/01/2032	Aa3		500,000		506,350
Sampson County NC Limited Obligation	4.000	09/01/2036	A1		1,000,000		1,013,400
Sampson County NC Limited Obligation	4.000	09/01/2037	A1		500,000		504,130
Union County NC Limited Obligation Refunding	5.000	12/01/2024	Aa1		125,000		126,469
PREREFUNDED BONDS							8,338,393
PREREFUNDED BONDS
6.43% of Net Assets
Buncombe County NC Limited Obligation	5.000	06/01/2034	Aa1		500,000		501,360
Charlotte NC Certificate of Participation	4.000	12/01/2034	Aa1		290,000		293,367
High Point NC Combined Enterprise	5.000	11/01/2039	Aa2		750,000		756,683
NC Eastern Municipal Power Agency	6.000	01/01/2025	Baa2		1,150,000		1,170,561
NC State Capital Facilities Duke University	5.000	10/01/2041	Aa1		1,000,000		1,024,660
New Hanover County NC Hospital Revenue New Hanover Regional Medical	5.000	10/01/2034	NR		1,500,000		1,607,985
University of NC Charlotte	5.000	04/01/2040	Aa3		1,550,000		1,576,071
Winston Salem NC Limited Obligation	4.500	06/01/2034	Aa1		500,000		500,930
							7,431,617

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#		Par Value		Fair Value
HOSPITAL AND HEALTHCARE REVENUE BONDS
6.24% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health	5.000 %	01/15/2033	Aa3	$	210,000	$	228,627
Charlotte Mecklenburg NC Hospital Authority Atrium Health	5.000	01/15/2036	Aa3		590,000		637,129
Charlotte Mecklenburg NC Hospital Authority Atrium Health	4.000	01/15/2043	Aa3		250,000		248,030
Charlotte Mecklenburg NC Hospital Healthcare System	5.000	01/15/2039	Aa3		1,500,000		1,499,954
NC State Medical Care Commission Health Care Facilities Rex Hospital	5.000	07/01/2033	A2		750,000		767,888
NC State Medical Care Commission Health Care Facilities Rex Hospital	4.000	07/01/2040	A2		1,000,000		1,007,120
NC State Medical Care Commission Health Care Facilities Vidant Health	5.000	06/01/2040	A2		1,385,000		1,402,410
University of NC Chapel Hill Hospitals	4.000	02/01/2037	Aa3		1,000,000		1,016,700
University of NC Chapel Hill Hospitals	4.000	02/01/2038	Aa3		400,000		404,904
STATE AND LOCAL MORTGAGE/HOUSING BONDS							7,212,762
STATE AND LOCAL MORTGAGE/HOUSING BONDS
5.07% of Net Assets
NC State Housing Finance Agency	4.900	07/01/2043	Aa1		1,500,000		1,555,575
NC State Housing Finance Agency	5.000	07/01/2046	Aa1		1,400,000		1,462,482
NC State Housing Finance Agency Homeownership Revenue	4.375	07/01/2044	Aa1		2,460,000		2,469,176
NC State Housing Finance Authority	4.350	07/01/2043	Aa1		375,000		371,119
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS							5,858,352
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.23% of Net Assets
Buncombe County NC Limited Obligation	5.000	06/01/2033	Aa1		600,000		614,430
Buncombe County NC Limited Obligation	5.000	06/01/2034	Aa1		365,000		373,778
Charlotte NC Certificate of Participation	5.000	12/01/2029	Aa1		340,000		340,109
Fuquay-Varina NC	4.000	08/01/2042	Aa1		500,000		508,570
Rocky Mount NC Special Obligation	4.500	05/01/2032	Aa3		1,500,000		1,546,784
Wilmington NC Limited Obligation	3.000	06/01/2037	Aa1		370,000		319,621
Winston Salem NC	4.000	06/01/2043	Aaa		1,165,000		1,182,860
AIRPORT REVENUE BONDS							4,886,152
AIRPORT REVENUE BONDS
3.70% of Net Assets
Charlotte NC Aiport Revenue	5.000	07/01/2044	Aa3		250,000		278,588
Charlotte NC Douglas International Airport	5.000	07/01/2030	Aa3		1,095,000		1,100,288
Charlotte NC Douglas International Airport	5.000	07/01/2036	Aa3		250,000		265,800
Charlotte NC Douglas International Airport	4.000	07/01/2036	Aa3		500,000		510,400
Charlotte NC Douglas International Airport	5.000	07/01/2037	Aa3		700,000		740,887
Charlotte NC Douglas International Airport	5.000	07/01/2042	Aa3		1,325,000		1,383,141
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS							4,279,104
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.53% of Net Assets
NC State Grant Anticipation Revenue Vehicle Garvee	5.000	03/01/2030	A2		200,000		203,306
NC State Turnpike Authority	5.000	01/01/2036	AA*		500,000		539,410
NC State Turnpike Authority	5.000	01/01/2038	AA*		2,415,000		2,569,125
NC State Turnpike Authority Triangle Expressway	4.000	01/01/2036	Aa1		250,000		258,275
NC State Turnpike Authority Triangle Expressway	4.000	01/01/2039	Aa1		500,000		506,775
							4,076,891
Total Investments 97.93% of Net Assets						$	113,151,960
(cost $115,803,627) (See (a) below for further explanation)
(cost $115,803,627) (See (a) below for further explanation)
Other assets in excess of liabilities 2.07%							2,396,875
Net Assets 100%						$	115,548,835

# 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 $115,803,627 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	331,048
Unrealized depreciation		(2,982,715)
Net unrealized depreciation	$	(2,651,667)

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
March 31, 2024

Other Information

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

The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's investments in securities carried at fair value. As of that date,

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		113,151,960
Level 3	Significant Unobservable Inputs		---
		$	113,151,960

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
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#		Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
33.68% of Net Assets
Appalachian NC State University	4.000 %	10/01/2030	Aa3	$	200,000	$	205,806
Pitt County NC Limited Obligation	5.000	04/01/2027	Aa2		495,000		517,284
University of NC Charlotte	5.000	04/01/2028	Aa3		250,000		254,130
University of NC Greensboro	5.000	04/01/2026	Aa		400,000		414,212
University of NC Wilmington	4.000	06/01/2029	A1		750,000		763,590
University of NC Wilmington Limited Obligation	4.000	06/01/2030	A1		200,000		203,286
University of North Carolina at Wilmington	5.000	10/01/2026	Aa3		300,000		313,137
Western Carolina University	5.000	10/01/2025	Aa3		225,000		230,515
Western Carolina University	5.000	06/01/2027	AA*		250,000		258,678
MUNICIPAL UTILITY REVENUE BONDS							3,160,638
MUNICIPAL UTILITY REVENUE BONDS
14.31% of Net Assets
Brunswick County NC Enterprise System Revenue	5.000	04/01/2027	Aa2		250,000		254,505
Cary NC Combined Enterprise Systems	4.000	12/01/2028	Aaa		250,000		253,638
Monroe NC Limited Obligation	5.000	03/01/2028	Aa3		95,000		98,508
Monroe NC Limited Obligation	5.000	03/01/2029	Aa3		195,000		201,868
NC State Municipal Power Agency #1 Catawba Electric	5.000	01/01/2025	A*		100,000		101,153
NC State Municipal Power Agency #1 Catawba Electric	5.000	01/01/2025	A*		140,000		141,362
NC State Municipal Power Agency #1 Catawba Electric	5.000	01/01/2028	A*		125,000		128,725
Warren County NC Limited Obligation	5.000	06/01/2027	A1		160,000		162,843
SCHOOL IMPROVEMENT BONDS							1,342,602
SCHOOL IMPROVEMENT BONDS
12.10% of Net Assets
Randolph County NC Limited Obligation	5.000	10/01/2025	Aa3		250,000		256,277
Rutherford County NC Limited Obligation	5.000	03/01/2029	A1		175,000		192,679
Scotland County NC	5.000	12/01/2025	A*		270,000		276,253
Scotland County NC	5.000	12/01/2026	A*		250,000		260,590
Scotland County NC	5.000	12/01/2027	A*		140,000		148,915
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS							1,134,714
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
9.76% of Net Assets
North Carolina State Grant Anticipation Revenue	5.000	03/01/2029	A2		200,000		221,174
North Carolina State Grant Anticipation Revenue	5.000	03/01/2029	A2		120,000		121,895
North Carolina State Grant Anticipation Revenue	5.000	03/01/2029	A2		20,000		22,117
North Carolina State Limited Obligation	5.000	05/01/2029	Aa1		225,000		250,479
North Carolina Turnpike Authority	5.000	01/01/2029	A1		285,000		299,814
PUBLIC FACILITIES REVENUE BONDS							915,479
PUBLIC FACILITIES REVENUE BONDS
8.38% of Net Assets
Buncombe County NC Limited Obligation	5.000	06/01/2028	Aa1		500,000		510,800
Monroe NC Limited Obligation	5.000	04/01/2026	AA*		265,000		274,781
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS							785,581
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.41% of Net Assets
Fuquay-Varina NC	5.000	08/01/2024	Aa1		250,000		251,483
Fuquay-Varina NC	5.000	08/01/2025	Aa1		250,000		255,888
REFUNDING BONDS							507,371
REFUNDING BONDS
4.84% of Net Assets
Charlotte NC Certificate of Participation	5.000	12/01/2025	Aa2		100,000		102,892
North Carolina State Limited Obligation	5.000	05/01/2028	Aa1		125,000		133,201
Sampson County NC Limited Obligation	5.000	09/01/2026	A1		210,000		217,902
PREREFUNDED BONDS							453,995
PREREFUNDED BONDS
3.67% of Net Assets
New Hanover NC Hospital Revenue	5.000	10/01/2028	NR		150,000		160,799
North Carolina State Medical Care Commission Vidant Health	5.000	06/01/2028	A2		180,000		183,303
HOSPITAL AND HEALTHCARE REVENUE BONDS							344,102
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.49% of Net Assets
Charlotte-Mecklenburg NC Hospital Authority Health Care System	5.000	01/15/2028	Aa3		225,000		233,206
LEASE REVENUE BONDS
1.19% of Net Assets
New Hanover County NC Limitied Obligation	5.000	06/01/2029	Aa1		100,000		111,598
AIRPORT REVENUE BONDS
.91% of Net Assets
Charlotte NC Airport	5.000	07/01/2030	Aa3		75,000		85,193
Total Investments 96.74% of Net Assets						$	9,074,479
(cost $9,156,584) (See (a) below for further explanation)
(cost $9,156,584) (See (a) below for further explanation)
Other assets in excess of liabilities 3.26%							305,558
Net Assets 100%						$	9,380,037

DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
March 31, 2024

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

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

NR Not Rated

(a) Cost for federal income tax purposes is $9,156,584 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	7,795
Unrealized depreciation		(89,900)
Net unrealized depreciation	$	(82,105)

Other Information

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

The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's investments in securities carried at fair value. As of that date,

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		9,074,479
Level 3	Significant Unobservable Inputs		---
		$	9,074,479

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 sup 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 - TENNESSEE TAX-FREE INCOME SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
37.61% of Net Assets
Chattanooga TN Electric Revenue	5.000	%	09/01/2035	AA-*	$	250,000	$	255,968
Chattanooga TN Electric Revenue	5.000		09/01/2040	AA-*		2,325,000		2,376,590
Clarksville TN Electric System Revenue	4.000		09/01/2034	Aa2		500,000		514,180
Clarksville TN Electric System Revenue	4.250		09/01/2040	Aa2		475,000		497,605
Clarksville TN Water Sewer & Gas Revenue	4.000		02/01/2038	Aa2		820,000		836,367
Franklin TN Water & Sewer System Revenue	4.000		02/01/2036	Aa2		250,000		255,043
Hallsdale Powell TN Utility District	4.000		04/01/2039	AA*		700,000		710,157
Hallsdale-Powell TN Utility District	3.000		04/01/2043	AA*		800,000		665,872
Hallsdale-Powell TN Utility District Knox County Water & Sewer	4.000		04/01/2035	AA*		315,000		316,934
Hallsdale-Powell TN Utility District Knox County Water & Sewer	4.000		04/01/2038	AA*		1,000,000		1,000,760
Harpeth Valley TN Utilities District	5.000		09/01/2034	AA+*		500,000		503,050
Harpeth Valley TN Utilities District Davidson & Williamson Counties	4.000		09/01/2039	AA+*		500,000		516,250
Knox Chapman TN Utility District	5.000		01/01/2031	AA-*		250,000		253,353
Knox Chapman TN Utility District	5.000		01/01/2033	AA-*		250,000		253,540
Knox County TN	4.000		06/01/2043	Aa1		500,000		503,245
Knoxville TN Electric	4.000		07/01/2041	Aa2		750,000		764,783
Knoxville TN Electric Revenue	4.000		07/01/2044	Aa2		670,000		672,486
Loudon TN Water & Sewer	5.000		03/01/2039	A+*		290,000		321,451
Loudon TN Water & Sewer	5.000		03/01/2040	A+*		355,000		390,081
Loudon TN Water & Sewer	5.000		03/01/2041	A+*		425,000		465,307
Memphis TN Gas System Revenue	4.000		12/01/2034	Aa1		775,000		791,949
Memphis TN Gas System Revenue	4.000		12/01/2036	Aa1		800,000		817,536
Memphis TN Gas System Revenue	4.000		12/01/2037	Aa1		1,310,000		1,330,998
Metropolitan Government Nashville & Davidson County Electric	5.000		05/15/2036	AA*		500,000		501,395
Metropolitan Government Nashville & Davidson County Electric	5.000		05/15/2039	AA*		500,000		501,310
Metropolitan Government Nashville & Davidson County TN Water & Sewer	5.000		07/01/2037	Aa2		250,000		263,648
Portland TN Water & Sewer	4.000		04/01/2037	A*		900,000		901,890
Portland TN Water & Sewer	4.000		04/01/2040	AA*		750,000		755,978
Watauga River Regional Water Authority TN Waterworks	4.000		07/01/2037	A*		1,270,000		1,274,559
West Wilson TN Utility District Waterworks	5.000		06/01/2042	AA*		500,000		551,030
West Wilson TN Utility District Waterworks	5.000		06/01/2045	AA*		500,000		506,345
SCHOOL IMPROVEMENT BONDS								20,269,660
SCHOOL IMPROVEMENT BONDS
12.10% of Net Assets
Coffee County TN	4.000		06/01/2041	AA-*		620,000		622,275
Franklin TN Special School District	5.000		06/01/2039	Aa1		250,000		271,418
Johnson City TN	4.000		06/01/2036	Aa2		1,150,000		1,190,181
Montgomery County TN	4.000		04/01/2036	AA*		260,000		265,694
Montgomery County TN	4.000		04/01/2037	AA*		1,920,000		1,953,216
Montgomery County TN	4.000		06/01/2040	Aa2		500,000		506,260
Wilson County TN	4.000		04/01/2039	AA+*		1,495,000		1,506,482
Wilson County TN 10th Special School District	4.000		04/01/2037	AA-*		200,000		204,650
HOSPITAL AND HEALTHCARE REVENUE BONDS								6,520,176
HOSPITAL AND HEALTHCARE REVENUE BONDS
10.47% of Net Assets
Metropolitan Government Nashville & Davidson County TN Health	5.000		07/01/2035	A*		2,500,000		2,562,550
Metropolitan Government Nashville & Davidson County TN Health	5.000		07/01/2040	A*		950,000		962,882
Shelby County TN Health Education & Housing Facilities	5.000		05/01/2036	A2		1,535,000		1,597,290
Shelby County TN Health Education & Housing Facilities - LeBonheur	5.000		05/01/2035	A2		500,000		521,480
PUBLIC FACILITIES REVENUE BONDS								5,644,202
PUBLIC FACILITIES REVENUE BONDS
9.12% of Net Assets
Hamblen County TN	4.000		05/01/2038	Aa3		880,000		905,740
Hamblen County TN	4.000		05/01/2039	Aa3		1,250,000		1,279,500
Hamblen County TN	4.000		05/01/2045	Aa3		420,000		412,348
Memphis Shelby County TN Industrial Development Board	5.000		11/01/2030	Aa3		1,250,000		1,308,675
Nolensville Town TN	4.000		06/01/2041	Aa1		400,000		405,228
Nolensville Town TN	4.000		06/01/2042	Aa1		600,000		605,538
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS								4,917,029
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
7.61% of Net Assets
Memphis TN	4.000		06/01/2041	Aa2		1,120,000		1,123,886
Metropolitan Government Nashville & Davidson County TN	4.000		07/01/2033	Aa2		1,470,000		1,514,791
Metropolitan Government Nashville & Davidson County TN	4.000		07/01/2034	Aa2		500,000		513,825
Metropolitan Government Nashville & Davidson County TN	4.000		07/01/2036	Aa2		500,000		514,180
Sevierville TN	4.000		06/01/2044	Aa3		440,000		435,173
STATE AND LOCAL MORTGAGE/HOUSING BONDS								4,101,855
STATE AND LOCAL MORTGAGE/HOUSING BONDS
5.74% of Net Assets
TN Housing Development Agency	4.500		07/01/2043	Aa1		1,490,000		1,495,006
TN Housing Development Agency Residential Finance Program	4.150		07/01/2038	Aa1		100,000		100,831
TN Housing Development Agency Residential Finance Program	4.450		07/01/2043	Aa1		1,500,000		1,499,910
								3,095,747

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
5.30% of Net Assets
Shelby County TN Health Education & Housing Facilities Board Rhodes College	4.000	%	08/01/2036	A2	$	920,000	$	936,036
Shelby County TN Health Education & Housing Facilities Board Rhodes College	4.000		08/01/2037	A2		1,030,000		1,044,616
Shelby County TN Health Education & Housing Facilities Board Rhodes College	4.000		08/01/2040	A2		875,000		878,369
AIRPORT REVENUE BONDS								2,859,021
AIRPORT REVENUE BONDS
4.17% of Net Assets
Metropolitan Nashville Airport Authority	5.000		07/01/2034	A1		800,000		817,384
Metropolitan Nashville Airport Authority	5.000		07/01/2035	A1		250,000		255,525
Metropolitan Nashville Airport Authority	5.000		07/01/2040	A1		1,160,000		1,177,168
PREREFUNDED BONDS								2,250,077
PREREFUNDED BONDS
3.53% of Net Assets
Gallatin TN Water & Sewer Revenue	5.000		01/01/2032	AA*		235,000		237,745
Memphis TN Electric System Revenue	5.000		12/01/2034	Aa2		750,000		757,958
Memphis TN General Improvement	5.000		04/01/2039	Aa2		250,000		250,035
Shelby County TN Health Education & Housing Facilities Board Rhodes College	5.000		08/01/2040	A2		650,000		659,905
REFUNDING BONDS								1,905,643
REFUNDING BONDS
1.93% of Net Assets
Blount County TN	5.000		06/01/2037	Aa2		1,000,000		1,038,770
Total Investments 97.58% of Net Assets							$	52,602,180
(cost $53,160,183) (See (a) below for further explanation)
(cost $53,160,183) (See (a) below for further explanation)
Other assets in excess of liabilities 2.42%								1,307,190
Net Assets 100%							$	53,909,370

# 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 $53,160,183 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	91,459
Unrealized depreciation		(649,462)
Net unrealized depreciation	$	(558,003)

Other Information

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

The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's investments in securities carried at fair value. As of that date,

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inputs		52,602,180
Level 3	Significant Unobservable Inputs		---
		$	52,602,180

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
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
35.18% of Net Assets
Hallsdale-Powell TN Utility District	4.000	%	04/01/2028	AA*	$	255,000	$	258,045
Jackson TN Energy Authority Gas System	5.000		06/01/2028	Aa2		150,000		153,030
Maryville TN	4.000		06/01/2029	Aa2		250,000		255,482
Metropolitan Government Nashville & Davidson County TN Water & Sewer	5.000		07/01/2025	Aa2		135,000		137,800
Springfield TN	5.000		06/01/2027	Aa2		245,000		260,950
REFUNDING BONDS								1,065,307
REFUNDING BONDS
31.81% of Net Assets
Loudon County TN	5.000		06/01/2025	Aa2		150,000		152,996
Maryville TN	5.000		06/01/2026	Aa2/		350,000		364,318
Memphis-Shelby County TN Industrial Development Board	5.000		11/01/2027	Aa3		200,000		209,948
Putnam County TN	4.000		04/01/2025	Aa2		100,000		100,639
Sevierville TN	5.000		05/01/2028	Aa3		125,000		135,609
SCHOOL IMPROVEMENT BONDS								963,510
SCHOOL IMPROVEMENT BONDS
13.69% of Net Assets
Bedford County TN	4.000		04/01/2027	AA*		150,000		152,580
White County TN	4.000		06/01/2027	AA-*		260,000		262,101
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								414,681

10.83% of Net Assets
Shelby County TN Health Educational & Housing Facilities Rhodes College	4.000		08/01/2025	A2		100,000		100,790
Shelby County TN Health Educational & Housing Facilities Rhodes College	4.000		08/01/2027	A2		225,000		227,308
PUBLIC FACILITIES REVENUE BONDS								328,098
PUBLIC FACILITIES REVENUE BONDS
3.33% of Net Assets
Memphis-Shelby County TN Industrial Development Board	5.000		11/01/2024	Aa3		100,000		100,827
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
1.16% of Net Assets
Selmer TN	4.000		06/01/2025	AA*		35,000		35,162
Total Investments 96.00% of Net Assets							$	2,907,585
(cost $2,935,003) (See (a) below for further explanation)
(cost $2,935,003) (See (a) below for further explanation)
Other assets in excess of liabilities 4.00%								121,052
Net Assets 100%							$	3,028,637

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

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

NR Not Rated

(a) Cost for federal income tax purposes is $2,935,003 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	212
Unrealized depreciation		(27,630)
Net unrealized depreciation	$	(27,418)

Other Information

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

The following is a summary of the inputs used, as of March 31, 2024 involving the Fund's investments in securities carried at fair value. As of that date,

DUPREE MUTUAL FUNDS -TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES				UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
March 31, 2024	Valuation Inputs		Municipal Bonds
	Valuation Inputs		Municipal Bonds
Level 1	Quoted Prices	$	---
Level 2	Other Significant Observable Inpu		2,907,585
Level 3	Significant Unobservable Inputs		---
			$ 2,907,585

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 suppor 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 - INTERMEDIATE GOVERNMENT BOND SERIES							UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. Government Securities and Agencies
March 31, 2024		Maturity
		Maturity
Bond Description	Coupon	Date	Rating#		Par Value		Fair Value
FEDERAL HOME LOAN BANK
68.92% of Net Assets
Federal Home Loan Bank	3.400 %	07/19/2024	Aaa	$	900,000	$	895,004
Federal Home Loan Bank	5.365	09/09/2024	Aaa		1,500,000		1,500,260
Federal Home Loan Bank	5.250	10/28/2024	Aaa		350,000		349,409
Federal Home Loan Bank	4.000	01/22/2025	Aaa		900,000		890,797
Federal Home Loan Bank	3.300	06/09/2025	Aaa		500,000		490,090
Federal Home Loan Bank	3.600	07/18/2025	Aaa		900,000		885,592
Federal Home Loan Bank	5.000	04/24/2026	Aaa		300,000		299,459
Federal Home Loan Bank	3.200	06/10/2027	Aaa		250,000		239,510
Federal Home Loan Bank	5.300	11/20/2028	Aaa		250,000		252,541
Federal Home Loan Bank	6.000	11/28/2028	Aaa		500,000		500,261
Federal Home Loan Bank	5.125	11/28/2028	Aaa		500,000		499,484
FREDDIE MAC							6,802,407
FREDDIE MAC
14.59% of Net Assets
Federal Home Loan Mortgage Corporation	5.500	08/28/2026	Aaa		250,000		249,508
Federal Home Loan Mortgage Corporation	3.000	06/13/2024	Aaa		250,000		248,758
Federal Home Loan Mortgage Corporation	5.100	11/26/2024	Aaa		500,000		498,584
Federal Home Loan Mortgage Corporation	5.020	01/27/2025	Aaa		250,000		249,071
Federal Home Loan Mortgage Corporation	1.400	07/28/2032	Aaa		250,000		194,314
FEDERAL FARM CREDIT							1,440,235
FEDERAL FARM CREDIT
9.44% of Net Assets
Federal Farm Credit Bank	5.050	07/28/2028	Aaa		250,000		249,387
Federal Farm Credit Bank	2.375	08/01/2029	Aaa		750,000		682,569
FANNIE MAE							931,956
FANNIE MAE
5.06% of Net Assets
Federal National Mortgage Corporation	5.050	03/26/2026	Aaa		500,000		499,720
Total Investments 98.01% of Net Assets						$	9,674,318
(cost $9,878,659) (See (a) below for further explanation)
(cost $9,878,659) (See (a) below for further explanation)
Other assets in excess of liabilities 1.99%							196,134
Net Assets 100%						$	9,870,452

# 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 $9,878,659 and net unrealized depreciation of investments is as follows:
Unrealized appreciation	$	2,802
Unrealized depreciation		(207,143)
Net unrealized depreciation	$	(204,341)

Other Information

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

The following is a summary of the inputs used, as of March 31, 2024, 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 March 31, 2024.

	Valuation Inputs	Government Agencies
Level 1	Quoted Prices			---
Level 2	Other Significant Observable Inputs	$		9,674,318
Level 3	Significant Unobservable Inputs			---
			$	9,674,318

DUPREE MUTUAL FUNDS - INTERMEDIATE GOVERNMENT BOND SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. Government Securities and Agencies
March 31, 2024

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 su 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
March 31, 2024			Maturity
			Maturity
Bond Description	Coupon		Date	Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
24.33% of Net Assets
Grant County WA Public Utility District	3.336	%	01/01/2041	Aa3	$	125,000	$	100,350
KY State Rural Water Finance Corporation	3.000		08/01/2050	AA-*		250,000		167,508
Metropolitan Government Nashville & Davidson County TN Recovery Zone	6.693		07/01/2041	Aa2		200,000		229,998
OK State Municipal Power Authority	6.310		01/01/2040	A2		95,000		102,926
Pigeon Forge TN Build America Recovery Zone	7.125		06/01/2040	AA*		300,000		307,433
PUBLIC FACILITIES REVENUE BONDS								908,215
PUBLIC FACILITIES REVENUE BONDS
16.26% of Net Assets
Franklin County OH Convention Facilities Build America	6.540		12/01/2036	Aa2		155,000		170,154
Metropolitan Government Nashville & Davidson County TN	7.431		07/01/2043	A1		190,000		230,654
Montgomery AL Community Cooperative District	2.815		11/01/2049	Aa1		200,000		131,648
Rhode Island Convention Center	6.060		05/15/2035	A1		70,000		74,365
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS								606,821

12.35% of Net Assets
Mesa State College CO Auxiliary Facilities Build America	6.746		05/15/2042	Aa2		100,000		114,050
Michigan State University Revenues	4.496		08/15/2048	Aa2		375,000		347,029
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS								461,079
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
9.29% of Net Assets
Washoe County NV Highway Revenue	7.969		02/01/2040	Aa3		280,000		346,676
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
6.94% of Net Assets
KY State Property & Buildings Build America	5.921		11/01/2030	A1		250,000		258,950
SCHOOL IMPROVEMENT BONDS
6.70% of Net Assets
Jefferson County TN Build America Bonds	6.625		06/01/2040	Aa2		250,000		250,013
MARINA/PORT AUTHORITY REVENUE BONDS
6.37% of Net Assets
Miami Dade County FL Special Obligation	7.500		04/01/2040	Aa2		200,000		237,704
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.44% of Net Assets
Midland County TX Hospital District	6.440		05/15/2039	Aa3		185,000		203,091
STATE AND LOCAL MORTGAGE/HOUSING BONDS
4.84% of Net Assets
NC State Housing Finance Agency	6.128		07/01/2043	Aa1		175,000		180,558
AIRPORT REVENUE BONDS
2.30% of Net Assets
Tri Cities TN Airport Authority Revenue	3.625		05/01/2038	Aa2		100,000		85,934
PREREFUNDED BONDS
.65% of Net Assets
Tri Cities TN Airport Authority Revenue	3.625		05/01/2038	NR		25,000		24,392
Total Investments 95.47% of Net Assets							$	3,563,433
(cost $3,801,771) (See (a) below for further explanation)
(cost $3,801,771) (See (a) below for further explanation)
Other assets in excess of liabilities 4.53%								169,108
Net Assets 100%							$	3,732,541

# 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 $3,792,893 and net unrealized depreciation of investments is as follows:
Unrealized appreciation		-
Unrealized depreciation		(229,460)
Net unrealized depreciation	$	(229,460)

Other Information

DUPREE MUTUAL FUNDS - TAXABLE MUNICIPAL BOND SERIES	UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Taxable Municipal Bonds
March 31, 2024

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

The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's investments in securities carried at fair value. As of that date,

	Valuation Inputs	Taxable Municipal Bonds
Level 1	Quoted Prices	$		---
Level 2	Other Significant Observable Inputs			3,563,433
Level 3	Significant Unobservable Inputs			---
			$	3,563,433

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-PTennessee Tax-Free Income Series (Mar 2024 report)