Dupree Mutual Funds NPORTP Intermediate Government Bond Series (Sep 2024 report)


DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
24.37% of Net Assets
Athens AL		4.125	%		05/01/2044		Aa3	$	250,000	$	255,058
Athens AL		4.250			05/01/2049		Aa3		250,000		254,927
Athens AL Warrants		3.000			05/01/2041		Aa3		125,000		108,705
Cherokee County AL Board of Education Tax Warrants		4.000			12/01/2034		A1		310,000		315,230
Cherokee County AL Board of Education Tax Warrants		4.250			12/01/2042		A1		150,000		153,345
Enterprise AL Board of Education Special Tax School Warrants		4.000			03/01/2044		AA*		250,000		247,660
Florence AL City Board of Education Special Tax School Warrants		4.000			03/01/2046		Aa3		225,000		224,352
Guntersville AL Warrants		3.000			08/01/2040		AA-*		250,000		218,723
Houston County AL Board of Education Special Tax School Warrants		3.000			12/01/2037		AA*		250,000		228,688
Jackson County AL Board of Education School Tax Warrants		3.000			03/01/2038		AA*		350,000		316,981
Jefferson County AL Board of Education Public School Warrants		4.000			02/01/2042		Aa3		795,000		797,183
Lauderdale County AL Board of Education Special Tax School Warrants		5.000			02/01/2044		AA*		155,000		168,228
Lauderdale County AL Board of Education Special Tax School Warrants		4.125			02/01/2049		AA*		250,000		248,278
Mountain Brook AL City Board of Education		3.000			03/01/2042		Aa1		250,000		217,988
Pell City AL Warrants		4.500			02/01/2042		AA*		200,000		209,534
Pike Road AL Warrants		5.000			03/01/2043		AA+*		250,000		276,750
Saint Clair County AL Board of Education Special Tax Warrants		4.000			02/01/2044		A1		500,000		499,310
Saint Clair County AL Board of Education Special Tax Warrants		3.000			02/01/2038		A1		250,000		226,768
Saint Clair County AL Board of Education Special Tax Warrants		5.000			02/01/2040		A1		125,000		137,974
Troy AL Public Educational Building Authority		5.250			12/01/2036		A1		30,000		30,018

											5,135,700
PUBLIC FACILITIES REVENUE BONDS
21.12% of Net Assets
Adamsville AL Warrants		3.000			09/01/2045		AA*		250,000		207,278
AL State Corrections Institution Finance Authority		5.000			07/01/2042		Aa2		350,000		384,611
Anniston AL Public Building Authority DHR Project		5.250			05/01/2030		AA-*		50,000		50,073
Anniston AL Public Building Authority DHR Project		5.500			05/01/2033		AA-*		200,000		200,142
Bessemer AL Public Educational Building Authority Revenue		5.000			07/01/2030		AA*		140,000		140,105
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2037		Aa3		400,000		420,872
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2038		Aa3		250,000		263,303
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			12/01/2043		AA*		500,000		546,255
Boaz AL Warrants		4.000			02/01/2037		AA*		250,000		252,873
Bullock County AL Public Building Authority		4.000			10/01/2038		AA-*		500,000		506,535
Cherokee County AL Public Building Authority		4.125			07/01/2044		A2		350,000		351,238
Helena AL Warrants		4.000			01/01/2049		AA*		350,000		343,581
Irondale AL Public Building Authority		4.000			10/01/2049		AA-*		425,000		411,280
Montgomery County AL Public Building Authority		5.000			03/01/2036		Aa2		350,000		372,761

											4,450,907
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
15.55% of Net Assets
AL Community College System Gadsden State Community College		5.000			06/01/2038		A1		325,000		341,182
AL State Public School & College Authority		4.000			11/01/2040		Aa1		250,000		252,688
AL State Public School & College Authority		4.000			09/01/2043		Aa1		250,000		251,010
Auburn University AL General Fee Revenue		4.000			06/01/2036		Aa2		380,000		382,364
Auburn University AL General Fee Revenue		4.000			06/01/2041		Aa2		285,000		285,080
Troy University AL Facilities Revenue		5.000			11/01/2028		A1		250,000		252,790
Troy University AL Facilities Revenue		4.000			11/01/2032		A1		300,000		307,170
Troy University AL Facilities Revenue		5.000			11/01/2037		A1		200,000		209,414
University of AL Huntsville General Fee Revenue		5.000			09/01/2038		Aa3		435,000		461,316
University of AL Huntsville General Fee Revenue		5.000			09/01/2038		Aa3		500,000		534,415

											3,277,429
MUNICIPAL UTILITY REVENUE BONDS
11.40% of Net Assets
Berry AL Water & Sewer Revenue		4.000			09/01/2039		AA*		250,000		251,695
Birmingham AL Waterworks		4.000			01/01/2037		Aa2		250,000		252,080
Birmingham AL Waterworks		4.000			01/01/2041		Aa2		225,000		225,230
Limestone County AL Water & Sewer Authority		4.750			12/01/2035		AA*		400,000		400,752
Opelika AL Utilities Board		4.000			06/01/2039		Aa3		250,000		251,058
Prattville AL Sewer Warrants		4.000			11/01/2042		AA-*		375,000		375,636
Talladega AL Water & Sewer Revenue		3.000			09/01/2046		AA*		250,000		199,880
Tuskegee AL Utilities Board		3.000			08/01/2037		A1		260,000		245,352
Warrior River AL Water Authority		4.000			08/01/2043		AA*		200,000		200,078

											2,401,761
PREREFUNDED BONDS
7.92% of Net Assets
Auburn AL Waterworks Board Water Revenue		5.000			09/01/2036		NR		250,000		254,908
Decatur City AL Board of Education Special Tax		5.000			02/01/2040		Aa2		225,000		226,600
Limestone County AL Water & Sewer Authority		4.750			12/01/2033		AA*		290,000		303,747
Madison AL Warrants		5.000			04/01/2035		Aa3		350,000		353,906
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2036		Aa3		250,000		264,498
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2037		Aa3		250,000		264,498

											1,668,157


DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES
SCHEDULE OF PORTFOLIO INVESTMENTS		UNAUDITED

Alabama Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
STATE AND LOCAL MORTGAGE/HOUSING BONDS
7.06% of Net Assets
AL State Housing Finance Authority		4.500	%	10/01/2044	Aaa	$	965,000	$	979,774
AL State Housing Finance Authority		4.550		10/01/2044	Aaa		250,000		254,768
AL State Housing Finance Authority		4.700		10/01/2049	Aaa		250,000		254,030

									1,488,572
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.72% of Net Assets
Arab AL		3.000		12/01/2041	AA*		250,000		213,278
Birmingham AL Warrants		4.000		12/01/2035	Aa3		250,000		254,520
Birmingham AL Warrants		5.000		12/01/2037	Aa		250,000		265,720
Elmore County AL Warrants		5.000		05/01/2047	AA*		250,000		269,944
Rainsville AL Warrants		4.000		01/01/2044	AA*		200,000		201,532

									1,204,994
REFUNDING BONDS
3.74% of Net Assets
Jefferson County AL Warrants		5.000		09/15/2035	AA+*		250,000		259,353
Montgomery AL Warrants		5.000		06/15/2035	A1		500,000		529,560

									788,913
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.65% of Net Assets
Chilton County AL Health Care Authority Chilton County Hospital		5.000		11/01/2035	AA-@		550,000		558,113


Total Investments 99.53% of Net Assets								$	20,974,546

(cost $21,279,705 (See (a) below for further explanation)

Other assets in excess of liabilities .47%									99,095


Net Assets 100%								$	21,073,641

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $21,279,705 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	186,530
Unrealized depreciation		(491,689	)

Net unrealized depreciation	$	(305,159	)

Other Information

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


Level 1 -		Unadjusted quoted prices in active markets for identical securities.
Level 2 -		Prices determined using other significant observable inputs. Observable inputs, either directly or indirectly, are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 -		Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, where there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing a security, and would be based on the best information available.

The following is a summary of the inputs used, as of September 30, 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 September 30, 2024.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		20,974,546
Level 3	Significant Unobservable Inputs		—

		$	20,974,546

Securities held by the Fund are valued as determined in good faith by the Funds’ Valuation Designee, Dupree & Company, Inc. (the “Valuation Designee”). The Valuation Designee is responsible for, among other things, monitoring the value of the Fund’s securities. These procedures involve the use of matrix pricing models which take into consideration price quotations or appraisals for these securities, yield, stability, risk, quality, coupon rate, maturity, type of issue, trading characteristics, special circumstances of a security or trading market, and any other factors or market data considered relevant in determining the value. The procedures also include weekly verification of market quotation provided by two independent pricing services. A bond valuation that is not supported by a valuation source requires the Valuation Designee, to fair value the security in accordance with procedures approved by the Board of Trustees.

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
33.53% of Net Assets
KY Association of Counties		4.000	%	02/01/2029	AA-*	$	240,000	$	250,478
KY Association of Counties		5.000		02/01/2030	AA-*		385,000		419,839
KY Association of Counties		5.000		02/01/2031	AA-*		255,000		276,986
KY Association of Counties		4.000		02/01/2033	AA-*		420,000		425,481
KY Association of Counties		4.000		02/01/2034	AA-*		435,000		439,981
KY Association of Counties		4.000		02/01/2035	AA-*		690,000		702,275
KY Association of Counties		4.000		02/01/2035	AA-*		460,000		464,200
KY Association of Counties		4.500		02/01/2036	AA-*		445,000		473,849
KY Association of Counties		4.000		02/01/2037	AA-*		745,000		752,160
KY Association of Counties		4.500		02/01/2037	AA-*		460,000		487,986
KY Association of Counties		4.000		02/01/2038	AA-*		3,165,000		3,191,459
KY Association of Counties		4.500		02/01/2038	AA-*		490,000		518,837
KY Association of Counties		4.000		02/01/2039	AA-*		1,000,000		1,007,420
KY Association of Counties		4.500		02/01/2039	AA-*		515,000		542,589
KY Association of Counties		5.000		02/01/2039	AA-*		550,000		613,388
KY Association of Counties		4.500		02/01/2040	AA-*		535,000		560,851
KY Association of Counties		4.500		02/01/2041	AA-*		565,000		590,826
KY Association of Counties		3.500		02/01/2042	AA-*		1,215,000		1,140,970
KY Association of Counties		4.500		02/01/2042	AA-*		1,050,000		1,093,890
KY Association of Counties		4.500		02/01/2043	AA-*		1,455,000		1,516,547
KY Association of Counties		4.000		02/01/2043	AA-*		515,000		517,158
KY Association of Counties		4.000		02/01/2048	AA-*		920,000		890,091
KY Bond Corporation Finance Program		3.000		02/01/2032	AA-*		550,000		535,458
KY Bond Corporation Finance Program		3.000		02/01/2033	AA-*		1,010,000		969,479
KY Bond Corporation Finance Program		3.000		02/01/2034	AA-*		1,070,000		1,019,443
KY Bond Corporation Finance Program		3.000		02/01/2034	AA-*		925,000		881,294
KY Bond Corporation Finance Program		3.000		02/01/2035	AA-*		1,170,000		1,104,000
KY Bond Corporation Finance Program		3.000		02/01/2035	AA-*		930,000		877,539
KY Bond Corporation Finance Program		3.000		02/01/2036	AA-*		1,240,000		1,159,090
KY Bond Corporation Finance Program		3.000		02/01/2036	AA-*		965,000		902,034
KY Bond Corporation Finance Program		3.000		02/01/2037	AA-*		990,000		917,176
KY Bond Corporation Finance Program		3.000		02/01/2038	AA-*		980,000		900,473
KY Bond Corporation Finance Program		3.000		02/01/2038	AA-*		1,025,000		941,821
KY Bond Corporation Finance Program		3.000		02/01/2039	AA-*		1,050,000		951,258
KY Bond Corporation Finance Program		3.000		02/01/2040	AA-*		1,030,000		919,316
KY Bond Corporation Finance Program		3.000		02/01/2041	AA-*		1,000,000		876,470
KY Bond Corporation Finance Program		3.000		02/01/2041	AA-*		1,065,000		936,955
KY Bond Corporation Finance Program		3.000		02/01/2042	AA-*		420,000		362,586
KY Bond Corporation Finance Program		3.000		02/01/2043	AA-*		430,000		360,542
KY Bond Corporation Finance Program		3.000		02/01/2044	AA-*		450,000		376,322
KY Bond Corporation Finance Program		3.000		02/01/2047	AA-*		1,100,000		870,320
KY State Property & Building #108		5.000		08/01/2026	Aa3		955,000		972,362
KY State Property & Building #108		5.000		08/01/2028	Aa3		2,670,000		2,716,325
KY State Property & Building #108		5.000		08/01/2030	Aa3		5,000,000		5,081,350
KY State Property & Building #108		5.000		08/01/2032	Aa3		8,820,000		8,950,270
KY State Property & Building #108		5.000		08/01/2033	Aa3		5,270,000		5,343,464
KY State Property & Building #108		5.000		08/01/2034	Aa3		4,900,000		4,969,137
KY State Property & Building #110		5.000		08/01/2029	Aa3		4,200,000		4,270,056
KY State Property & Building #110		5.000		08/01/2032	Aa3		1,515,000		1,537,513
KY State Property & Building #110		5.000		08/01/2033	Aa3		1,000,000		1,014,110
KY State Property & Building #110		5.000		08/01/2034	Aa3		1,900,000		1,925,232
KY State Property & Building #110		5.000		08/01/2035	Aa3		3,680,000		3,729,165
KY State Property & Building #112		5.000		11/01/2028	Aa3		265,000		276,838
KY State Property & Building #112		5.000		02/01/2035	Aa3		8,325,000		8,520,221
KY State Property & Building #112		5.000		02/01/2036	Aa3		7,920,000		8,102,556
KY State Property & Building #115		5.000		04/01/2033	Aa3		4,565,000		4,781,290
KY State Property & Building #115		5.000		04/01/2034	Aa3		13,975,000		14,644,123
KY State Property & Building #115		5.000		04/01/2036	Aa3		14,460,000		15,141,644
KY State Property & Building #115		5.000		04/01/2037	Aa3		5,000,000		5,213,600
KY State Property & Building #117		5.000		05/01/2031	Aa3		5,055,000		5,321,399
KY State Property & Building #117		5.000		05/01/2032	Aa3		3,680,000		3,868,306
KY State Property & Building #117		5.000		05/01/2033	Aa3		3,550,000		3,733,464
KY State Property & Building #117		5.000		05/01/2034	Aa3		5,825,000		6,121,551
KY State Property & Building #117		5.000		05/01/2035	Aa3		5,065,000		5,321,593
KY State Property & Building #117		5.000		05/01/2036	Aa3		5,275,000		5,540,860
KY State Property & Building #119		5.000		05/01/2030	Aa3		3,685,000		3,968,819
KY State Property & Building #119		5.000		05/01/2034	Aa3		725,000		774,445
KY State Property & Building #119		5.000		05/01/2035	Aa3		10,000,000		10,660,900
KY State Property & Building #119		5.000		05/01/2036	Aa3		10,000,000		10,646,900
KY State Property & Building #122		4.000		11/01/2035	Aa3		500,000		509,620
KY State Property & Building #122		4.000		11/01/2036	Aa3		750,000		762,428
KY State Property & Building #122		4.000		11/01/2037	Aa3		675,000		687,218


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
KY State Property & Building #126		5.000	%	05/01/2040	Aa3	$	845,000	$	940,688
KY State Property & Building #126		4.000		05/01/2042	Aa3		1,980,000		2,003,225
KY State Property & Building #127		5.250		06/01/2040	Aa3		10,000,000		11,354,800
KY State Property & Building #127		5.250		06/01/2041	Aa3		8,745,000		9,904,412
KY State Property & Building #127		5.250		06/01/2042	Aa3		15,975,000		17,977,623
KY State Property & Building #130		4.000		11/01/2041	Aa3		1,500,000		1,531,215
KY State Property & Building #130		5.000		11/01/2042	Aa3		1,500,000		1,684,350
KY State Property & Building #130		4.000		11/01/2043	Aa3		7,000,000		7,046,060
KY State Property & Building #130		5.250		11/01/2044	Aa3		8,140,000		9,223,108
Louisville & Jefferson County Visitors & Convention Commission		4.000		06/01/2034	Aa3		1,450,000		1,460,426

									250,971,503

SCHOOL IMPROVEMENT BONDS

26.43% of Net Assets
Adair County KY School District Finance Corporation		4.250		09/01/2040	Aa3		1,840,000		1,896,690
Adair County KY School District Finance Corporation		4.250		09/01/2042	Aa3		1,270,000		1,295,921
Bardstown KY Independent School District Finance Corporation		4.000		02/01/2040	Aa3		1,495,000		1,512,477
Bardstown KY Independent School District Finance Corporation		4.000		02/01/2042	Aa3		1,525,000		1,526,632
Bowling Green KY School District Finance Corporation		4.000		08/01/2034	Aa3		1,890,000		1,914,665
Bowling Green KY School District Finance Corporation		4.000		08/01/2035	Aa3		2,215,000		2,239,963
Bowling Green KY School District Finance Corporation		4.000		08/01/2036	Aa3		2,305,000		2,321,158
Bowling Green KY School District Finance Corporation		4.000		08/01/2037	Aa3		2,395,000		2,407,550
Bowling Green KY School District Finance Corporation		4.000		04/01/2043	Aa3		3,085,000		3,077,010
Bowling Green KY School District Finance Corporation		4.000		04/01/2045	Aa3		2,500,000		2,489,600
Bullitt County KY School District Finance Corporation		4.000		10/01/2035	Aa3		1,820,000		1,842,732
Bullitt County KY School District Finance Corporation		4.000		10/01/2036	Aa3		2,985,000		3,010,164
Bullitt County KY School District Finance Corporation		4.000		10/01/2037	Aa3		3,075,000		3,094,434
Bullitt County KY School District Finance Corporation		4.000		03/01/2038	Aa3		575,000		589,467
Bullitt County KY School District Finance Corporation		4.000		02/01/2042	Aa3		1,485,000		1,522,006
Butler County KY School District Finance Corporation		4.000		03/01/2037	Aa3		360,000		371,664
Butler County KY School District Finance Corporation		4.250		03/01/2040	Aa3		755,000		777,257
Campbell County KY School District Finance Corporation		4.000		02/01/2045	Aa3		1,000,000		999,960
Christian County KY School District Finance Corporation		4.500		10/01/2042	Aa3		3,555,000		3,779,463
Christian County KY School District Finance Corporation		4.500		10/01/2043	Aa3		3,605,000		3,809,980
Christian County KY School District Finance Corporation		4.500		10/01/2048	Aa3		2,000,000		2,076,520
Clark County KY School District Finance Corporation		4.000		03/01/2039	Aa3		3,090,000		3,160,946
Clark County KY School District Finance Corporation		4.000		03/01/2040	Aa3		1,475,000		1,499,249
Clay County KY School DistrictFinance Corporation		4.250		09/01/2042	Aa3		1,500,000		1,529,700
Covington KY Independent School District Finance Corporation		4.000		06/01/2041	Aa3		490,000		493,406
Dayton KY Independent School District Finance Corporation		4.000		04/01/2044	Aa3		2,210,000		2,222,685
Fairview KY Independent School District Finance Corporation		4.000		10/01/2041	Aa3		530,000		534,341
Fairview KY Independent School District Finance Corporation		4.000		10/01/2042	Aa3		555,000		560,306
Fairview KY Independent School District Finance Corporation		4.000		10/01/2043	Aa3		580,000		585,945
Fairview KY Independent School District Finance Corporation		4.000		10/01/2044	Aa3		515,000		518,512
Fayette County KY Board of Education		4.000		04/01/2044	Aa3		4,585,000		4,591,878
Fayette County KY Board of Education		4.000		04/01/2042	Aa3		1,000,000		1,009,040
Fayette County KY Board of Education		4.000		04/01/2043	Aa3		4,020,000		4,041,145
Fayette County KY Board of Education		4.000		04/01/2048	Aa3		1,410,000		1,388,850
Fayette County KY School District Finance Corporation		5.000		08/01/2028	Aa3		1,330,000		1,353,847
Fayette County KY School District Finance Corporation		4.750		11/01/2031	Aa3		1,730,000		1,731,730
Fayette County KY School District Finance Corporation		5.000		08/01/2032	Aa3		10,600,000		10,768,010
Fayette County KY School District Finance Corporation		5.000		08/01/2034	Aa3		8,750,000		8,871,975
Fleming County KY School District Finance Corporation		4.250		06/01/2043	Aa3		965,000		980,112
Fleming County KY School District Finance Corporation		4.250		06/01/2044	Aa3		1,010,000		1,020,494
Franklin County KY School District Finance Corporation		4.000		02/01/2040	Aa3		1,000,000		1,013,940
Franklin County KY School District Finance Corporation		4.000		02/01/2041	Aa3		1,020,000		1,029,659
Glasgow KY School District Finance Corporation		3.000		02/01/2042	Aa3		1,820,000		1,558,976
Hardin County KY School District Finance Corporation		4.000		05/01/2030	Aa3		635,000		646,627
Hardin County KY School District Finance Corporation		4.000		02/01/2042	Aa3		6,035,000		6,124,620
Hardin County KY School District Finance Corporation		4.000		02/01/2044	Aa3		2,000,000		2,005,540
Hardin County KY School Distrit Finance Corporation		4.000		02/01/2041	Aa3		1,220,000		1,243,363
Harlan KY Independent School District Finance Corporation		4.250		09/01/2041	Aa3		560,000		571,088
Harlan KY Independent School District Finance Corporation		4.375		09/01/2042	Aa3		260,000		266,152
Hopkins County KY School District Finance Corporation		4.000		11/01/2047	Aa3		1,465,000		1,441,077
Jefferson County KY School District Finance Corporation		5.000		10/01/2026	Aa3		255,000		267,582
Jefferson County KY School District Finance Corporation		5.000		04/01/2030	Aa3		975,000		984,077
Jefferson County KY School District Finance Corporation		5.000		04/01/2031	Aa3		1,025,000		1,034,235
Jefferson County KY School District Finance Corporation		4.750		04/01/2034	Aa3		1,165,000		1,174,518
Jefferson County KY School District Finance Corporation		4.750		04/01/2035	Aa3		1,220,000		1,230,333
Jefferson County KY School District Finance Corporation		3.000		12/01/2035	Aa3		6,140,000		5,847,061
Jefferson County KY School District Finance Corporation		4.250		10/01/2037	Aa3		2,110,000		2,147,727
Jefferson County KY School District Finance Corporation		3.000		12/01/2038	Aa3		1,470,000		1,352,679
Jefferson County KY School District Finance Corporation		3.000		12/01/2039	Aa3		385,000		348,479
Jefferson County KY School District Finance Corporation		3.000		12/01/2040	Aa3		1,940,000		1,734,147
Kenton County KY School District Finance Corporation		4.000		04/01/2036	Aa3		1,210,000		1,223,008


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
Kenton County KY School District Finance Corporation		4.000	%	04/01/2037	Aa3	$	1,255,000	$	1,264,387
Kenton County KY School District Finance Corporation		4.000		04/01/2038	Aa3		1,300,000		1,307,605
Kenton County KY School District Finance Corporation		3.000		12/01/2040	Aa3		1,965,000		1,739,084
Kenton County KY School District Finance Corporation		3.000		12/01/2041	Aa3		2,025,000		1,763,673
Knox County KY School District Finance Corporation		4.000		10/01/2044	Aa3		390,000		388,935
KY State Interlocal School Transportation Association		4.000		03/01/2025	Aa3		1,325,000		1,329,611
Madison County KY School District Finance Corporation		4.000		02/01/2043	Aa3		1,585,000		1,600,010
Madison County KY School District Finance Corporation		4.000		02/01/2044	Aa3		1,000,000		1,005,020
Madison County KY School Distrtrict Finance Corporation		4.000		02/01/2042	Aa3		2,545,000		2,578,849
Marion County KY School District Finance Corporation		4.000		04/01/2038	Aa3		1,000,000		1,039,480
Marion County KY School District Finance Corporation		4.000		04/01/2040	Aa3		1,190,000		1,208,885
Mason County KY School District Finance Corporation		4.000		04/01/2043	Aa3		1,145,000		1,136,126
McLean County KY School District Finance Corporation		4.000		02/01/2044	Aa3		845,000		830,432
Meade County KY School District Finance Corporation		4.000		06/01/2036	Aa3		2,215,000		2,231,280
Meade County KY School District Finance Corporation		4.000		06/01/2037	Aa3		2,255,000		2,269,770
Meade County KY School District Finance Corporation		4.000		06/01/2038	Aa3		2,400,000		2,407,582
Mercer County KY School District Finance Corporation		4.000		05/01/2040	Aa3		1,555,000		1,579,398
Mercer County KY School District Finance Corporation		4.000		05/01/2041	Aa3		1,950,000		1,974,161
Mercer County KY School District Finance Corporation		4.000		05/01/2044	Aa3		450,000		450,864
Morgan County KY School District Finance Corporation		4.000		08/01/2029	Aa3		960,000		989,578
Nelson County KY School Distrit Finance Corporation		4.000		06/01/2041	Aa3		1,695,000		1,704,950
Nelson County KY School Distrit Finance Corporation		4.125		06/01/2042	Aa3		1,765,000		1,785,192
Owensboro KY Independent School District Finance Corporation		4.000		04/01/2041	Aa3		1,545,000		1,555,970
Paris KY Independent School District Finance Corporation		4.000		03/01/2042	Aa3		1,000,000		1,003,530
Paris KY School District Finance Corporation		4.000		06/01/2043	Aa3		335,000		331,506
Powell County KY School District Finance Corporation		4.000		02/01/2039	Aa3		1,235,000		1,244,337
Raceland-Worthington KY Independent School District FinanceCorporation		3.400		06/01/2037	Aa3		580,000		567,681
Robertson County KY School District Finance Corporation		4.000		02/01/2042	Aa3		300,000		300,366
Robertson County KY School District Finance Corporation		4.000		02/01/2043	Aa3		310,000		307,994
Russellville KY Independent School District Finance Corporation		4.000		03/01/2044	Aa3		545,000		535,588
Scott County KY School District Finance Corporation		4.000		06/01/2035	Aa3		1,440,000		1,456,430
Scott County KY School District Finance Corporation		4.000		10/01/2035	Aa3		2,235,000		2,262,915
Scott County KY School District Finance Corporation		4.000		06/01/2036	Aa3		1,500,000		1,515,405
Scott County KY School District Finance Corporation		4.000		10/01/2037	Aa3		2,415,000		2,428,403
Scott County KY School District Finance Corporation		5.000		09/01/2041	Aa3		7,120,000		7,878,850
Scott County KY School District Finance Corporation		4.125		04/01/2047	Aa3		2,025,000		2,031,480
Shelby County KY School District Finance Corporation		4.000		08/01/2037	Aa3		6,240,000		6,281,493
Shelby County KY School District Finance Corporation		4.000		08/01/2038	Aa3		3,000,000		3,010,410
Warren County KY School District Finance Corporation		4.000		02/01/2040	Aa3		2,000,000		2,039,460
Warren County KY School Distrit Finance Corporation		4.250		12/01/2041	Aa3		5,000,000		5,163,650
Williamstown KY Independent School District Finance Corporation		4.125		05/01/2044	Aa3		490,000		492,372
Woodford County KY School District Finance Corporation		5.000		08/01/2038	Aa3		1,650,000		1,829,009
Woodford County KY School District Finance Corporation		5.000		08/01/2039	Aa3		350,000		385,693

									197,869,786
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
13.14% of Net Assets
Boyle County KY Educational Facilities Revenue Centre College		5.000		06/01/2037	Baa1		2,865,000		2,954,273
Boyle County KY Educational Facilities Revenue Centre College		5.250		06/01/2043	Baa1		2,000,000		2,164,980
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2033	Baa1		1,345,000		1,420,011
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2034	Baa1		1,605,000		1,688,284
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2035	Baa1		2,165,000		2,275,047
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2036	Baa1		2,835,000		2,970,145
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2038	Baa1		1,340,000		1,400,126
KY Bond Development Corporation Educational Facilities Centre College		4.000		06/01/2038	Baa1		200,000		202,918
KY Bond Development Corporation Educational Facilities Centre College		3.000		06/01/2039	Baa1		860,000		759,948
KY Bond Development Corporation Educational Facilities Centre College		3.000		06/01/2041	Baa1		1,405,000		1,198,226
KY Bond Development Corporation Educational Facilities Centre College		4.000		06/01/2046	Baa1		2,545,000		2,424,138
KY Bond Development Corporation Educational Facilities Centre College		4.000		06/01/2051	Baa1		4,400,000		4,034,492
KY State Property & Building #114		5.000		10/01/2032	Aa3		2,795,000		2,902,328
KY State Property & Building #114		5.000		10/01/2033	Aa3		2,940,000		3,050,573
KY State Property & Building #114		5.000		10/01/2034	Aa3		3,090,000		3,204,361
KY State Property & Building #114		5.000		10/01/2035	Aa3		1,945,000		2,016,615
KY State Property & Building #116		5.000		10/01/2035	Aa3		4,165,000		4,401,281
KY State Property & Building #116		5.000		10/01/2036	Aa3		2,725,000		2,869,970
Murray KY State University General Receipts		4.000		03/01/2043	Aa3		1,410,000		1,416,980
Murray State University		5.000		03/01/2032	Aa3		2,220,000		2,236,894
Murray State University		3.000		09/01/2037	Aa3		1,310,000		1,213,912
Murray State University		3.000		09/01/2039	Aa3		1,390,000		1,252,404
Murray State University		3.000		09/01/2041	Aa3		1,470,000		1,282,252
University of Kentucky Certificate of Participation		4.000		05/01/2033	Aa3		885,000		914,577
University of Kentucky Certificate of Participation		4.000		05/01/2034	Aa3		1,020,000		1,051,885
University of Kentucky Certificate of Participation		4.000		05/01/2039	Aa3		4,660,000		4,738,055
University of Kentucky Certificate of Participation		4.000		05/01/2044	Aa3		3,755,000		3,781,510
University of Kentucky General Receipts		5.000		04/01/2030	Aa2		5,490,000		5,540,837


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
University of Kentucky General Receipts		4.000	%	10/01/2036	Aa2	$	16,160,000	$	16,286,691
University of Kentucky General Receipts		4.000		10/01/2038	Aa2		10,855,000		10,895,815
University of Louisville		3.000		09/01/2039	Aa3		1,450,000		1,314,164
University of Louisville		3.000		09/01/2040	Aa3		1,495,000		1,325,048
University of Louisville		3.000		09/01/2042	Aa3		1,575,000		1,356,595
Western KY University		4.000		09/01/2034	Aa3		575,000		582,412
Western KY University		4.000		09/01/2035	Aa3		595,000		600,462
Western KY University		4.000		09/01/2036	Aa3		620,000		624,545

									98,352,754
MUNICIPAL UTILITY REVENUE BONDS
6.30% of Net Assets
KY Rural Water Finance Corporation		3.000		02/01/2032	AA-*		240,000		232,591
KY Rural Water Finance Corporation		3.000		02/01/2033	AA-*		370,000		355,156
KY Rural Water Finance Corporation		5.125		02/01/2035	AA-*		295,000		295,009
KY Rural Water Finance Corporation		3.000		08/01/2036	AA-*		285,000		263,936
KY Rural Water Finance Corporation		3.000		08/01/2037	AA-*		280,000		255,797
KY State Association of Counties Finance Corporation		4.000		02/01/2031	AA-*		405,000		416,324
KY State Association of Counties Finance Corporation		4.000		02/01/2033	AA-*		415,000		424,620
Louisville & Jefferson County Metropolitan Sewer		4.000		05/15/2033	Aa3		1,000,000		1,000,990
Louisville & Jefferson County Metropolitan Sewer		4.750		05/15/2034	Aa3		2,230,000		2,233,813
Louisville & Jefferson County Metropolitan Sewer		5.000		05/15/2034	Aa3		4,595,000		4,697,285
Louisville & Jefferson County Metropolitan Sewer		4.750		05/15/2035	Aa3		2,245,000		2,249,288
Louisville & Jefferson County Metropolitan Sewer		5.000		05/15/2035	Aa3		4,825,000		4,929,172
Louisville & Jefferson County Metropolitan Sewer		4.750		05/15/2036	Aa3		2,795,000		2,801,121
Louisville & Jefferson County Metropolitan Sewer		4.000		05/15/2037	Aa3		10,000,000		10,110,700
Louisville & Jefferson County Metropolitan Sewer		3.000		05/15/2044	Aa3		4,015,000		3,389,543
Murray KY Electric Plant		3.000		12/01/2036	A1		370,000		343,760
Murray KY Electric Plant		3.000		12/01/2037	A1		380,000		348,718
Murray KY Electric Plant		3.000		12/01/2038	A1		395,000		357,775
Murray KY Electric Plant		3.000		12/01/2039	A1		405,000		360,968
Murray KY Electric Plant		3.000		12/01/2040	A1		420,000		368,495
Murray KY Electric Plant		3.000		12/01/2041	A1		430,000		372,092
Murray KY Electric Plant		3.000		12/01/2042	A1		445,000		380,649
Owensboro KY Electric Light & Power		4.000		01/01/2031	A3		245,000		248,790
Owensboro KY Electric Light & Power		4.000		01/01/2033	A3		275,000		278,300
Owensboro KY Electric Light & Power		4.000		01/01/2034	A3		305,000		308,196
Owensboro KY Electric Light & Power		4.000		01/01/2035	A3		200,000		201,794
Owensboro KY Electric Light & Power		4.000		01/01/2036	A3		325,000		327,285
Owensboro KY Electric Light & Power		4.000		01/01/2037	A3		410,000		412,353
Owensboro KY Water Revenue		4.000		09/15/2034	A1		2,075,000		2,122,663
Owensboro KY Water Revenue		4.000		09/15/2035	A1		2,155,000		2,190,471
Owensboro KY Water Revenue		4.000		09/15/2037	A1		1,950,000		1,974,414
Owensboro KY Water Revenue		4.000		09/15/2039	A1		2,125,000		2,138,536
Owensboro-Daviess County KY Water		4.000		12/01/2043	A+*		800,000		804,312

									47,194,916
PUBLIC FACILITIES REVENUE BONDS
5.22% of Net Assets
Bath County KY Public Properties		4.625		06/01/2045	Aa3		1,040,000		1,091,054
Bath County KY Public Properties		4.625		06/01/2046	Aa3		1,090,000		1,141,884
Elizabethtown KY		4.000		09/01/2041	Aa2		485,000		490,253
Elizabethtown KY		4.000		09/01/2042	Aa2		710,000		713,820
Elizabethtown KY		4.000		09/01/2044	Aa2		1,510,000		1,509,955
KY Bond Development		5.000		09/01/2035	A2		1,275,000		1,360,820
KY Bond Development		5.000		09/01/2036	A2		2,000,000		2,127,780
KY State Certificate of Participation		4.000		04/15/2030	Aa3		1,500,000		1,555,140
KY State Certificate of Participation		4.000		04/15/2031	Aa3		1,350,000		1,397,318
KY State Certificate of Participation		5.000		06/15/2034	Aa3		1,640,000		1,659,057
KY State Certificate of Participation		5.000		04/15/2038	Aa3		5,000,000		5,288,700
KY State Certificate of Participation		5.000		06/15/2038	Aa3		7,535,000		7,619,317
Laurel County KY General Obligation		4.000		05/01/2031	AA*		1,295,000		1,325,989
Laurel County KY General Obligation		4.000		05/01/2034	AA*		1,440,000		1,470,499
Laurel County KY General Obligation		4.000		05/01/2035	AA*		1,495,000		1,524,048
Laurel County KY General Obligation		4.000		05/01/2036	AA*		1,555,000		1,580,191
Laurel County KY General Obligation		4.000		05/01/2037	AA*		1,620,000		1,641,821
Laurel County KY General Obligation		4.000		05/01/2038	AA*		1,680,000		1,700,143
Madison County KY Public Properties Judicial Center		4.125		06/01/2041	Aa3		1,180,000		1,203,753
Marshall County Library		4.000		06/01/2038	Aa3		1,060,000		1,074,162
River City, Inc. Parking Authority		3.000		12/01/2036	Aa3		835,000		789,117
River City, Inc. Parking Authority		3.000		12/01/2037	Aa3		860,000		803,653

									39,068,474
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.08% of Net Assets
KY Development Corporation Hospital Facilities - St. Elizabeth		4.000		05/01/2032	AA*		1,810,000		1,836,661
KY Development Corporation Hospital Facilities - St. Elizabeth		4.000		05/01/2035	AA*		1,390,000		1,404,025


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
KY Development Corporation Hospital Facilities - St. Elizabeth		4.000	%	05/01/2036	AA*	$	1,200,000	$	1,211,556
KY Development Corporation Hospital Facilities - St. Elizabeth		5.000		05/01/2039	AA*		7,185,000		7,376,552
Louisville & Jefferson County Norton Healthcare		5.000		10/01/2033	A*		4,060,000		4,172,056
Louisville & Jefferson County Norton Healthcare		4.000		10/01/2035	A*		3,850,000		3,843,186
Louisville & Jefferson County Norton Healthcare		4.000		10/01/2036	A*		7,005,000		7,006,331
Louisville & Jefferson County Norton Healthcare		4.000		10/01/2040	A*		1,000,000		996,490
Louisville & Jefferson County Norton Healthcare		5.000		10/01/2042	A*		2,750,000		2,993,045
Louisville & Jefferson County Norton Healthcare		3.000		10/01/2043	A*		4,000,000		3,247,960
Warren County KY Hospital		5.000		04/01/2043	AA-*		875,000		965,440
Warren County KY Hospital		5.000		04/01/2044	AA-*		2,685,000		2,948,962

									38,002,264
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.50% of Net Assets
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2025	Aa2		4,000,000		4,064,920
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2029	Aa2		4,000,000		4,145,160
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2032	Aa2		1,315,000		1,333,975
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2032	Aa2		1,765,000		1,869,029
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2034	Aa2		1,120,000		1,157,923
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2036	Aa2		400,000		421,944
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2037	Aa2		500,000		526,345
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2038	Aa2		1,100,000		1,228,535
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2039	Aa2		3,255,000		3,595,636
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2040	Aa2		2,250,000		2,468,318
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2041	Aa2		3,555,000		3,879,749
KY State Turnpike Economic Development Road Revenue		5.000		07/01/2042	Aa2		1,400,000		1,531,418

									26,222,952
STATE AND LOCAL MORTGAGE/HOUSING BONDS
2.62% of Net Assets
KY State Housing Corporation		4.250		01/01/2034	Aaa		250,000		261,413
KY State Housing Corporation		4.300		07/01/2034	Aaa		325,000		341,380
KY State Housing Corporation		4.350		01/01/2035	Aaa		310,000		323,032
KY State Housing Corporation		4.350		07/01/2035	Aaa		605,000		631,681
KY State Housing Corporation		4.400		07/01/2038	Aaa		3,005,000		3,127,003
KY State Housing Corporation		4.700		07/01/2043	Aaa		3,500,000		3,616,900
KY State Housing Corporation		4.400		07/01/2044	Aaa		2,945,000		2,957,575
KY State Housing Corporation		4.800		07/01/2048	Aaa		5,200,000		5,331,612
KY State Housing Corporation		4.600		07/01/2049	Aaa		3,000,000		3,027,810

									19,618,406
AIRPORT REVENUE BONDS 0.69% of Net Assets
Kenton County Airport		5.000		01/01/2029	A1		240,000		245,878
Kenton County Airport		5.000		01/01/2034	A1		275,000		297,138
Kenton County Airport		5.000		01/01/2035	A1		300,000		323,403
Kenton County Airport		5.000		01/01/2036	A1		325,000		349,411
Kenton County Airport		5.000		01/01/2037	A1		250,000		267,645
Kenton County Airport		5.000		01/01/2038	A1		500,000		534,264
Kenton County Airport		5.000		01/01/2039	A1		500,000		532,830
Kenton County Airport		5.000		01/01/2044	A1		2,500,000		2,632,700

									5,183,269
REFUNDING BONDS
0.55% of Net Assets
KY Association of Counties		3.000		02/01/2034	AA-*		480,000		453,302
KY Association of Counties		3.000		02/01/2035	AA-*		505,000		474,852
KY Association of Counties		3.000		02/01/2036	AA-*		510,000		474,927
KY State Property & Building #108		5.000		08/01/2025	Aa3		2,690,000		2,739,146

									4,142,227
AD VALOREM PROPERTY BONDS
0.36% of Net Assets
Henderson KY		3.000		09/01/2042	Aa3		845,000		728,796
Henderson KY		3.000		09/01/2043	Aa3		870,000		739,735
Warren County KY General Obligation		4.000		06/01/2035	Aa1		1,175,000		1,201,848

									2,670,379
PREREFUNDED BONDS
0.34% of Net Assets
Frankfort KY Electric & Water		4.750		12/01/2034	NR		695,000		697,195
Frankfort KY Electric & Water		4.750		12/01/2035	NR		725,000		727,291
Frankfort KY Electric & Water		4.750		12/01/2036	NR		760,000		762,402
Lexington Fayette Urban County Government		5.000		01/01/2029	Aa2		345,000		346,867

									2,533,755

Total Investments 97.76% of Net Assets								$	731,830,685

(cost $736,178,919) (See (a) below for further explanation)

Other assets in excess of liabilities 2.24%									16,739,459


Net Assets 100%								$	748,570,144


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $736,178,919 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	8,538,459
Unrealized depreciation		(12,886,693	)

Net unrealized depreciation	$	(4,348,234	)

Other Information


Level 1 -		Unadjusted quoted prices in active markets for identical securities.
Level 2 -		Prices determined using other significant observable inputs. Observable inputs, either directly or indirectly, are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 -		Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, where there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing a security, and would be based on the best information available.

The following is a summary of the inputs used, as of September 30, 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 September 30, 2024.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		731,830,685
Level 3	Significant Unobservable Inputs		—

		$	731,830,685

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


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

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
21.91% of Net Assets
Anderson County KY School District Finance Corporation		3.000	%		02/01/2029		Aa3	$	500,000	$	498,175
Boone County KY School District Finance Corporation		4.000			06/01/2029		Aa3		450,000		477,522
Bourbon County KY School District Finance Corporation		5.000			08/01/2028		Aa3		215,000		232,409
Bourbon County KY School District Finance Corporation		5.000			08/01/2029		Aa3		225,000		247,343
Bourbon County KY School District Finance Corporation		5.000			08/01/2030		Aa3		185,000		205,924
Bowling Green KY Independent School District Finance Corporation		5.000			08/01/2027		Aa3		695,000		722,786
Floyd County KY School District Finance Corporation		3.500			08/01/2031		Aa3		800,000		794,680
Jefferson County KY School District Finance Corporation		4.000			06/01/2030		Aa3		1,245,000		1,268,341
Newport KY Independent School District Finance Corporation		3.500			11/01/2028		Aa3		425,000		425,026
Paris KY Independent School District Finance Corporation		5.000			06/01/2027		Aa3		205,000		216,462
Paris KY Independent School District Finance Corporation		5.000			06/01/2028		Aa3		215,000		230,912
Paris KY Independent School District Finance Corporation		5.000			06/01/2029		Aa3		170,000		185,169
Pike County KY School District Finance Corporation		5.000			02/01/2025		Aa3		960,000		966,509
Pike County KY School District Finance Corporation		5.000			08/01/2025		Aa3		200,000		203,470
Pike County KY School District Finance Corporation		4.000			02/01/2028		Aa3		295,000		299,679

											6,974,407
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
15.50% of Net Assets
Eastern KY University		5.000			10/01/2026		Aa3		655,000		684,829
Eastern KY University General Receipts		4.500			04/01/2032		Aa3		840,000		845,443
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2029		Baa1		320,000		333,411
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2030		Baa1		170,000		177,084
University of Kentucky General Receipts		3.000			04/01/2025		Aa2		240,000		240,036
University of Kentucky General Receipts		4.000			10/01/2030		Aa2		90,000		91,193
University of Kentucky General Receipts		4.000			10/01/2032		Aa2		750,000		758,625
University of Louisville		4.000			09/01/2030		Aa3		745,000		779,866
Western KY University		4.000			09/01/2026		Aa3		1,000,000		1,024,330

											4,934,817
PUBLIC FACILITIES REVENUE BONDS
13.88% of Net Assets
KY Bond Development		5.000			09/01/2026		A3		1,000,000		1,037,580
Lexington Fayette Urban County Government - Court Facilities		5.000			10/01/2024		Aa3		700,000		700,035
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2029		Aa3		1,000,000		1,017,110
Oldham County KY Public Facilities		5.000			02/01/2025		Aa3		325,000		327,135
River City Parking Authority		5.000			12/01/2024		Aa3		340,000		341,272
Taylor County KY Public Courthouse		4.000			09/01/2027		Aa3		700,000		716,107
Wolfe County KY Public Properties Corporation		4.000			04/01/2025		Aa3		280,000		281,344

											4,420,583
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
13.57% of Net Assets
KY Association of Counties		5.000			02/01/2028		AA-*		195,000		208,759
KY Association of Counties		4.000			02/01/2029		AA-*		630,000		663,018
KY Association of Counties		5.000			02/01/2029		AA-*		205,000		223,637
KY Association of Counties		5.000			02/01/2030		AA-*		250,000		277,208
KY State Property & Building #108		5.000			08/01/2028		Aa3		755,000		768,098
KY State Property & Building #127		5.000			06/01/2029		Aa3		1,000,000		1,103,470
Somerset KY		5.000			06/01/2028		A1		605,000		657,696
Somerset KY		5.000			06/01/2029		A1		380,000		420,375

											4,322,261
MUNICIPAL UTILITY REVENUE BONDS
11.01% of Net Assets
Campbell & Kenton Counties Sanitation District #1		4.000			08/01/2031		Aa2		1,000,000		1,020,040
Henderson KY		4.000			06/01/2028		Aa3		385,000		402,225
KY Rural Water Financing Corporation		5.000			08/01/2029		AA-*		595,000		659,766
Northern KY Water		5.000			02/01/2026		Aa2		815,000		815,155
Rural Water Financing Agency		5.000			08/01/2030		AA-*		545,000		608,814

											3,506,000
TURNPIKES/TOLLROAD/HIGHWAY BONDS
6.55% of Net Assets
KY Asset Liability Commission Federal Highway		5.000			09/01/2026		A2		330,000		336,415
KY State Turnpike Authority Economic Development		5.000			07/01/2025		Aa2		300,000		305,049
KY State Turnpike Authority Economic Development		5.000			07/01/2026		Aa2		1,385,000		1,444,943

											2,086,407
STATE AND LOCAL MORTGAGE/HOUSING BONDS
6.29% of Net Assets
KY State Housing Corporation		3.650			07/01/2027		Aaa		660,000		674,216
KY State Housing Corporation		3.750			07/01/2028		Aaa		345,000		354,974
KY State Housing Corporation		3.850			07/01/2029		Aaa		450,000		465,197
KY State Housing Corporation		3.350			07/01/2029		Aaa		305,000		308,471
KY State Housing Corporation		3.400			07/01/2030		Aaa		200,000		201,138

											2,003,996
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.31% of Net Assets
Warren County KY Hospital		5.000			04/01/2032		AA-*		1,200,000		1,372,296


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

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
AD VALOREM PROPERTY BONDS
2.09% of Net Assets
Henderson KY		5.000	%		09/01/2029		Aa3	$	600,000	$	666,084


REFUNDING BONDS
1.83% of Net Assets
KY State Property & Building #112		5.000			11/01/2026		Aa3		555,000		581,862


AIRPORT REVENUE BONDS
1.62% of Net Assets
Kenton County Airport		5.000			01/01/2026		A1		500,000		514,865


Total Investments 98.56% of Net Assets										$	31,383,578

(cost $31,423,206) (See (a) below for further explanation)

Other assets in excess of liabilities 1.44%											459,237

Net Assets 100%										$	31,842,815

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $31,423,206 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	248,066
Unrealized depreciation	(287,694	)

Net unrealized depreciation	(39,628	)

Other Information


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.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		31,383,578
Level 3	Significant Unobservable Inputs		—

		$	31,383,578

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
20.96% of Net Assets
Mississippi State		4.000	%	10/01/2039	Aa2	$	200,000	$	202,510
MS Development Bank Special Obligation Canton School District		5.000		12/01/2033	A1		100,000		102,895
MS Development Bank Special Obligation Meridian Schools		4.000		04/01/2039	A2		100,000		103,204
MS Development Bank Special Obligation Rankin School District		4.000		06/01/2033	AA*		190,000		193,316
MS Development Bank Special Obligation Rankin School District		5.000		06/01/2037	AA*		200,000		214,594
MS Development Bank Special Obligation Rankin School District		4.000		06/01/2038	AA*		100,000		100,904
MS Development Bank Special Obligation Rankin School District		5.000		06/01/2040	AA*		100,000		105,963
MS Development Bank Special Obligation Vicksburg Warren School District		5.500		03/01/2038	AA*		100,000		109,406

									1,132,792
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
17.90% of Net Assets
Jackson State University Educational Building		5.000		03/01/2034	Aa2		250,000		252,110
MS Development Bank Special Obligation Gulf Coast Community Project		4.000		12/01/2034	AA-*		300,000		304,350
University of Mississippi Educational Building Corporation		3.000		10/01/2034	Aa2		200,000		192,934
University of MS Educational Building Corporation		5.000		10/01/2036	Aa2		100,000		113,830
University of MS Educational Building Corporation		4.000		10/01/2037	Aa2		100,000		104,530

									967,754
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
15.77% of Net Assets
Mississippi State Gaming Tax Revenue		5.000		10/15/2035	A3		125,000		126,720
MS Development Bank Special Obligation Brandon Public Improvement		4.000		08/01/2034	AA*		200,000		202,468
MS Development Bank Special Obligation Olive Branch Public Improvement		4.000		06/01/2044	Aa2		225,000		226,427
MS Development Bank Special Obligation Tupelo Public Improvement		4.000		09/01/2044	Aa2		125,000		126,025
Pearl MS		4.750		09/01/2038	A3		155,000		170,853

									852,493
PUBLIC FACILITIES REVENUE BONDS
12.39% of Net Assets
MS Development Bank Special Obligation Dept of Corrections -Walnut Grove		5.000		08/01/2027	AA-*		200,000		212,134
MS Development Bank Special Obligation Lauderdale Correctional Facilities		4.000		03/01/2037	Aa3		100,000		101,402
MS Development Bank Special Obligation Tupelo		4.000		07/01/2037	Aa2		100,000		102,388
MS Development Bank Special Obligation Vicksburg Sports Complex		5.000		07/01/2048	A2		245,000		254,050

									669,974
STATE AND LOCAL MORTGAGE/HOUSING BONDS
12.03% of Net Assets
Mississippi State Home Corporation		4.400		12/01/2043	Aaa		350,000		354,276
Mississippi State Home Corporation		4.375		12/01/2044	Aaa		150,000		151,070
Mississippi State Home Corporation		4.050		12/01/2047	Aaa		150,000		144,740

									650,086
PREREFUNDED BONDS
5.76% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement		5.000		11/01/2033	Aa3		150,000		150,277
MS State General Obligation		5.000		10/01/2033	Aa2		150,000		161,234

									311,511
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
5.10% of Net Assets
MS Development Bank Special Obligation Marshall County		5.000		01/01/2030	Aa3		75,000		75,331
MS Development Bank Special Obligation Marshall County		3.750		01/01/2035	Aa3		200,000		200,504

									275,835
LEASE REVENUE BONDS
4.41% of Net Assets
Warren County MS Certificate of Participation		6.000		09/01/2042	Aa3		100,000		119,262
Warren County MS Certificate of Participation		6.000		09/01/2043	Aa3		100,000		119,178

									238,440
HOSPITAL AND HEALTHCARE REVENUE BONDS
3.15% of Net Assets
Medical Center Educational Building Corporation University of Mississippi		5.000		06/01/2042	Aa2		165,000		170,268


Total Investments 97.47% of Net Assets								$	5,269,153

(cost $5,198,926) (See (a) below for further explanation)

Other assets in excess of liabilities 2.53%									136,780


Net Assets 100%								$	5,405,933

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $5,198,926 and net unrealized appreciation of investments is as follows:


Unrealized appreciation	$	91,052
Unrealized depreciation		(20,825	)

Net unrealized depreciation	$	70,227


DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

September 30, 2024

Other Information


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.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		5,269,153
Level 3	Significant Unobservable Inputs		—

		$	5,269,153

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
20.69% of Net Assets
Alamance County NC		4.000	%	05/01/2041	Aa1	$	635,000	$	660,654
Alamance County NC		4.000		05/01/2042	Aa1		305,000		315,309
Brunswick County NC Limited Obligation		5.000		06/01/2030	Aa1		250,000		253,413
Brunswick County NC Limited Obligation		5.000		06/01/2031	Aa1		250,000		253,263
Buncombe County NC Limited Obligation		4.000		06/01/2036	Aa1		125,000		130,341
Buncombe County NC Limited Obligation		5.000		06/01/2044	Aa1		250,000		282,278
Burke County NC Limited Obligation		4.000		04/01/2034	Aa3		250,000		252,850
Cabarrus County NC Limited Obligation		4.000		06/01/2034	Aa1		795,000		809,080
Cabarrus County NC Limited Obligation		5.000		04/01/2035	Aa1		1,435,000		1,474,520
Cabarrus County NC Limited Obligation		4.000		06/01/2035	Aa1		1,650,000		1,677,951
Catawba County NC Limited Obligation		4.000		04/01/2042	Aa2		420,000		430,664
Catawba County NC Limited Obligation		4.000		04/01/2043	Aa2		320,000		326,947
Chatham County NC Limited Obligation		4.000		11/01/2036	Aa2		750,000		768,743
Chatham County NC Limited Obligation		4.000		11/01/2037	Aa2		2,000,000		2,043,837
Davidson County NC Limited Obligation		5.000		06/01/2032	Aa2		500,000		516,145
Duplin County NC Limited Obligation		5.000		04/01/2034	A1		865,000		887,663
Henderson County NC Limited Obligation		4.000		06/01/2034	Aa2		200,000		204,654
Henderson County NC Limited Obligation		4.000		06/01/2037	Aa2		750,000		777,308
Henderson County NC Limited Obligation		4.000		06/01/2038	Aa2		500,000		516,900
Macon County NC Limited Obligation		4.000		10/01/2043	Aa3		500,000		503,695
Macon County NC Limited Obligation		4.000		10/01/2044	Aa3		500,000		501,640
Onslow County NC Limited Obligation		5.000		06/01/2033	Aa2		500,000		505,990
Pitt County NC Limited Obligation		4.000		04/01/2031	Aa2		500,000		507,795
Pitt County NC Limited Obligation		4.000		04/01/2034	Aa2		550,000		557,508
Randolph County NC Limited Obligation		3.000		10/01/2036	Aa3		325,000		306,131
Randolph County NC Limited Obligation		4.000		10/01/2039	Aa3		250,000		254,770
Rutherford County NC Limited Obligation		4.000		03/01/2040	A1		325,000		329,742
Sampson County NC Limited Obligation		5.000		12/01/2033	A1		1,475,000		1,505,857
Sampson County NC Limited Obligation		5.000		09/01/2040	A1		1,750,000		1,817,270
Scotland County NC		4.500		12/01/2036	A*		1,170,000		1,199,436
Surry County NC Limited Obligation		4.000		06/01/2034	Aa3		350,000		361,736
Surry County NC Limited Obligation		4.000		06/01/2036	Aa3		590,000		605,912
Surry County NC Limited Obligation		4.000		06/01/2037	Aa3		730,000		748,104
Wayne County NC		4.000		06/01/2034	Aa3		1,500,000		1,516,995
Wilkes County NC Limited Obligation		5.000		06/01/2031	A1		350,000		353,983

									24,159,084
MUNICIPAL UTILITY REVENUE BONDS
15.37% of Net Assets
Brunswick County NC Enterprise System Revenue		5.000		04/01/2031	Aa2		500,000		505,005
Buncombe County NC Metropolitan Sewer District		5.000		07/01/2039	Aaa		550,000		550,275
Cary NC Combined Enterprise System Revenue		4.000		12/01/2042	Aaa		750,000		757,763
Clayton NC Water & Sewer Revenue		5.000		08/01/2040	Aa3		700,000		785,659
Durham NC Utility System Revenue		4.000		08/01/2044	Aa1		250,000		256,128
Fuquay-Varina NC Combined Utilities Revenue		5.000		04/01/2040	Aa2		1,000,000		1,022,660
Fuquay-Varina NC Combined Utilities Revenue		4.000		02/01/2044	Aa2		1,000,000		1,009,280
Gastonia NC Combined Utilities System Revenue		5.000		05/01/2034	Aa2		570,000		575,894
Gastonia NC Combined Utilities System Revenue		5.000		05/01/2035	Aa2		250,000		252,555
Greensboro NC Enterprise System Revenue		4.000		06/01/2047	Aa1		355,000		356,502
Holly Springs NC EnterpriseSystem Revenue		4.000		11/01/2044	Aa2		1,165,000		1,176,545
Johnson County NC Water & Sewer		4.000		04/01/2044	Aa2		500,000		509,030
Johnston County NC Water & Sewer Revenue		4.000		04/01/2043	Aa2		300,000		306,513
Lincoln County NC Enterprise System Revenue		3.000		08/01/2038	AA*		160,000		147,624
Lincoln County NC Enterprise System Revenue		3.000		08/01/2039	AA*		340,000		308,999
Lincoln County NC Enterprise System Revenue		3.000		08/01/2040	AA*		265,000		236,719
Lincoln County NC Enterprise System Revenue		3.000		08/01/2041	AA*		240,000		210,792
Martin County NC Limited Obligation Water and Sewer District		4.750		06/01/2034	A2		1,150,000		1,150,045
NC Municipal Power Agency #1 Catawba Electric Revenue		5.000		01/01/2032	A*		500,000		510,755
Onslow NC Water & Sewer Authority Combined Enterprises		4.000		12/01/2049	Aa3		375,000		372,626
Pender County NC Limited Obligation		3.000		06/01/2038	Aa3		490,000		451,457
Pender County NC Limited Obligation		3.000		06/01/2045	Aa3		500,000		415,190
Sampson County NC Water & Sewer District		5.000		06/01/2037	A1		920,000		928,768
Sanford NC Enterprise System Revenue		4.000		06/01/2044	Aa3		280,000		281,551
Union County NC Enterprise System Revenue		4.000		06/01/2038	Aa2		500,000		513,270
Union County NC Enterprise System Revenue		4.000		06/01/2044	Aa2		1,335,000		1,341,154
Union County NC Enterprise System Revenue		3.000		06/01/2046	Aa2		750,000		627,480
Union County NC Enterprise System Revenue		3.000		06/01/2051	Aa2		250,000		197,363
Wake County NC Industrial Facilities & Pollution Control Duke Energy		4.000		06/01/2041	Aa3		1,260,000		1,259,987
Wilmington NC Storm Water Revenue		5.000		06/01/2035	Aa2		500,000		506,060
Winston Salem NC Water & Sewer System Revenue		3.000		06/01/2046	Aa1		500,000		416,425

									17,940,074
PUBLIC FACILITIES REVENUE BONDS
14.98% of Net Assets
Charlotte NC Certificate of Participation		4.000		06/01/2036	Aa2		1,000,000		1,031,340
Charlotte NC Certificate of Participation		4.000		06/01/2037	Aa2		3,000,000		3,087,450


DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
Charlotte NC Certificate of Participation Convention Facility Project		4.000	%		06/01/2037		Aa2	$	500,000	$	514,575
Charlotte NC Certificate of Participation Convention Facility Project		4.000			06/01/2039		Aa2		1,000,000		1,022,630
Concord NC Limited Obligation		4.000			06/01/2044		Aa1		300,000		306,513
Durham NC Limited Obligation		4.000			04/01/2036		Aa1		1,000,000		1,022,640
Henderson County NC Limited Obligation		5.000			10/01/2030		Aa2		250,000		255,128
Henderson County NC Limited Obligation		5.000			10/01/2031		Aa2		500,000		509,955
Holly Springs NC Limited Obligation		4.125			10/01/2041		Aa2		500,000		523,165
Holly Springs NC Limited Obligation		4.250			10/01/2043		Aa2		365,000		382,246
Kannapolis NC Limited Obligation		5.000			04/01/2032		Aa3		500,000		500,035
Moore County NC		3.000			06/01/2039		Aa2		350,000		320,950
New Hanover County NC Limited Obligation		4.000			10/01/2044		Aa1		1,080,000		1,094,233
Onslow County NC Limited Obligation		5.000			06/01/2032		Aa2		500,000		506,260
Orange County NC		4.000			10/01/2036		Aa1		375,000		388,065
Orange County NC		4.000			10/01/2037		Aa1		375,000		386,318
Orange County NC		4.000			10/01/2038		Aa1		275,000		282,406
Orange County NC		4.000			10/01/2039		Aa1		200,000		204,460
Pender County NC Limited Obligation		4.000			04/01/2044		Aa3		1,000,000		1,003,140
Person County NC Limited Obligation		4.000			12/01/2044		Aa3		1,000,000		1,004,940
Raleigh NC Limited Obligation		5.000			10/01/2034		Aa1		750,000		750,030
Surry County NC Limited Obligation		3.000			10/01/2038		Aa3		395,000		363,361
Surry County NC Limited Obligation		3.000			10/01/2041		Aa3		1,135,000		995,951
Thomasville NC Revenue		4.000			05/01/2036		Aa3		500,000		508,345
Wilson City NC		4.000			10/01/2042		Aa2		500,000		509,860

											17,473,996
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
10.72% of Net Assets
Appalachian NC State University		4.000			05/01/2033		A1		500,000		514,810
Appalachian NC State University		5.000			05/01/2036		A1		1,000,000		1,072,070
Iredell County NC Community College		5.000			04/01/2026		Aaa		225,000		225,194
Iredell County NC Community College		5.000			04/01/2027		Aaa		325,000		325,328
NC State University at Raleigh		4.000			10/01/2045		Aa1		590,000		603,693
Scotland County NC		5.000			12/01/2033		A*		250,000		262,525
University of NC at Charlotte Board of Governors		4.000			10/01/2037		Aa3		750,000		761,888
University of NC at Charlotte Board of Governors		5.000			10/01/2042		Aa3		250,000		261,400
University of NC Charlotte		4.000			10/01/2035		Aa3		250,000		254,820
University of NC Charlotte		4.000			10/01/2036		Aa3		250,000		254,248
University of NC Greensboro		4.000			04/01/2035		Aa3		750,000		766,238
University of NC Greensboro		4.000			04/01/2036		Aa3		500,000		509,660
University of NC Greensboro		5.000			04/01/2038		Aa3		425,000		451,027
University of NC Wilmington		4.000			04/01/2037		Aa3		385,000		395,865
University of NC Wilmington		4.000			04/01/2038		Aa3		405,000		415,234
University of NC Wilmington		4.000			04/01/2039		Aa3		1,380,000		1,408,510
University of NC Wilmington Limited Obligation		5.000			06/01/2033		A1		550,000		555,747
University of NC Wilmington Limited Obligation		4.000			06/01/2034		A1		500,000		503,840
University of North Carolina		5.000			10/01/2033		A1		30,000		30,002
Western Carolina NC University		5.000			10/01/2035		Aa3		1,000,000		1,058,180
Western Carolina NC University		5.000			10/01/2043		Aa3		1,000,000		1,038,340
Western Carolina NC University		5.000			10/01/2045		Aa3		825,000		836,435

											12,505,054
REFUNDING BONDS
7.12% of Net Assets
Asheville NC Limited Obligation		3.000			04/01/2041		Aa1		250,000		224,505
Buncombe County NC Limited Obligation		5.000			06/01/2035		Aa1		1,000,000		1,011,580
Charlotte NC Certificate of Participation		5.000			06/01/2033		Aa1		840,000		840,487
Charlotte NC Certificate of Participation		5.000			06/01/2034		Aa1		750,000		759,240
Chatham County NC		5.000			11/01/2032		Aa2		825,000		841,946
Durham County NC		4.000			06/01/2036		Aaa		225,000		234,032
Monroe NC Limited Obligation		4.000			03/01/2033		Aa3		255,000		257,627
Monroe NC Limited Obligation		5.000			03/01/2039		Aa3		1,250,000		1,277,974
Raleigh NC		4.000			04/01/2043		Aaa		695,000		717,782
Rockingham County NC Limited Obligation		4.500			04/01/2032		Aa3		500,000		502,670
Sampson County NC Limited Obligation		4.000			09/01/2036		A1		1,000,000		1,010,140
Sampson County NC Limited Obligation		4.000			09/01/2037		A1		500,000		504,380
Union County NC Limited Obligation Refunding		5.000			12/01/2024		Aa1		125,000		125,506

											8,307,869
STATE AND LOCAL MORTGAGE/HOUSING BONDS
6.39% of Net Assets
NC State Housing Finance Agency		4.900			07/01/2043		Aa1		1,500,000		1,572,825
NC State Housing Finance Agency		5.000			07/01/2046		Aa1		2,395,000		2,515,660
NC State Housing Finance Agency Homeownership Revenue		4.375			07/01/2044		Aa1		2,460,000		2,491,340
NC State Housing Finance Agency		4.350			07/01/2043		Aa1		870,000		881,841

											7,461,666


DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
HOSPITAL AND HEALTHCARE REVENUE BONDS
6.30% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000	%		01/15/2036		Aa3	$	590,000	$	634,698
Charlotte Mecklenburg NC Hospital Healthcare System		5.000			01/15/2039		Aa3		1,500,000		1,500,060
NC State Medical Care Commission Health Care Facilities Rex Hospital		5.000			07/01/2033		A2		750,000		760,320
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000			07/01/2040		A2		1,000,000		1,010,820
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000			06/01/2040		A2		1,385,000		1,396,080
NC State Medical Care Commission Heath Care Facilities Duke University		4.000			06/01/2042		Aa3		1,060,000		1,060,806
NC State Medical Care Commission Rex Healthcare		4.000			07/01/2049		A2		1,000,000		982,960

											7,345,744
PREREFUNDED BONDS
5.49% of Net Assets
Charlotte NC Certificate of Participation		4.000			12/01/2034		Aa1		290,000		294,402
High Point NC Combined Enterprise		5.000			11/01/2039		Aa2		750,000		751,350
NC Eastern Municipal Power Agency		6.000			01/01/2025		Baa2		1,150,000		1,157,762
NC State Capital Facilities Duke University		5.000			10/01/2041		Aa1		1,000,000		1,022,600
New Hanover County NC Hospital Revenue New Hanover Regional Medical		5.000			10/01/2034		NR		1,500,000		1,609,185
University of NC Charlotte		5.000			04/01/2040		Aa3		1,550,000		1,567,841

											6,403,140
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.35% of Net Assets
Buncombe County NC Limited Obligation		5.000			06/01/2033		Aa1		600,000		607,710
Buncombe County NC Limited Obligation		5.000			06/01/2034		Aa1		365,000		369,497
Fuquay-Varina NC		4.000			08/01/2042		Aa1		500,000		519,225
Greensboro NC Limited Obligation		4.000			10/01/2044		Aa1		500,000		506,590
Rocky Mount NC Special Obligation		4.500			05/01/2032		Aa2		1,500,000		1,531,755
Wilmington NC Limited Obligation		3.000			06/01/2037		Aa1		370,000		333,836
Winston Salem NC		4.000			06/01/2043		Aaa		1,165,000		1,203,783

											5,072,396
AIRPORT REVENUE BONDS
3.65% of Net Assets
Charlotte NC Aiport Revenue		5.000			07/01/2044		Aa3		250,000		277,650
Charlotte NC Douglas International Airport		5.000			07/01/2030		Aa3		1,095,000		1,096,402
Charlotte NC Douglas International Airport		5.000			07/01/2036		Aa3		250,000		262,633
Charlotte NC Douglas International Airport		4.000			07/01/2036		Aa3		500,000		508,325
Charlotte NC Douglas International Airport		5.000			07/01/2037		Aa3		700,000		733,670
Charlotte NC Douglas International Airport		5.000			07/01/2042		Aa3		1,325,000		1,376,661

											4,255,341
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.28% of Net Assets
NC State Grant Anticipation Revenue Vehicle Garvee		5.000			03/01/2030		Aa3		200,000		201,564
NC State Turnpike Authority		5.000			01/01/2036		AA*		500,000		536,935
NC State Turnpike Authority		5.000			01/01/2038		AA*		2,415,000		2,580,500
NC State Turnpike Authority Triangle Expressway		4.000			01/01/2039		Aa1		500,000		507,910

											3,826,909

Total Investments 98.34% of Net Assets										$	114,751,273

(cost $115,956,523) (See (a) below for further explanation)

Other assets in excess of liabilities 1.66%											1,933,290


Net Assets 100%										$	116,684,563

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $115,956,523 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	599,685
Unrealized depreciation		(1,804,935	)

Net unrealized depreciation	$	(1,205,250)

Other Information


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.


DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2024


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		114,751,273
Level 3	Significant Unobservable Inputs		—

		$	114,751,273

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


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

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
35.62% of Net Assets
Appalachian NC State University		4.000	%		10/01/2030		Aa3	$	200,000	$	206,342
Pitt County NC Limited Obligation		5.000			04/01/2027		Aa2		495,000		518,136
University of NC Charlotte		5.000			04/01/2028		Aa3		250,000		252,990
University of NC Greensboro		5.000			04/01/2026		Aa3		400,000		414,540
University of NC Wilmington		4.000			06/01/2029		A1		750,000		762,960
University of NC Wilmington Limited Obligation		4.000			06/01/2030		A1		200,000		202,770
University of North Carolina at Wilmington		5.000			10/01/2026		Aa3		300,000		314,382
Western Carolina University		5.000			10/01/2025		Aa3		225,000		229,750
Western Carolina University		5.000			06/01/2027		AA*		250,000		258,320

											3,160,190
MUNICIPAL UTILITY REVENUE BONDS
15.06% of Net Assets
Brunswick County NC Enterprise System Revenue		5.000			04/01/2027		Aa2		250,000		252,677
Cary NC Combined Enterprise Systems		4.000			12/01/2028		Aaa		250,000		253,450
Monroe NC Limited Obligation		5.000			03/01/2028		Aa3		95,000		97,980
Monroe NC Limited Obligation		5.000			03/01/2029		Aa3		195,000		200,924
NC State Municipal Power Agency #1 Catawba Electric		5.000			01/01/2025		A*		100,000		100,541
NC State Municipal Power Agency #1 Catawba Electric		5.000			01/01/2025		A*		140,000		140,682
NC State Municipal Power Agency #1 Catawba Electric		5.000			01/01/2028		A*		125,000		128,358
Warren County NC Limited Obligation		5.000			06/01/2027		A1		160,000		162,120

											1,336,732
SCHOOL IMPROVEMENT BONDS
11.61% of Net Assets
Duplin County NC		5.000			04/01/2027		A1		100,000		103,230
Randolph County NC Limited Obligation		5.000			10/01/2025		Aa3		250,000		255,625
Rutherford County NC Limited Obligation		5.000			03/01/2029		A1		175,000		193,272
Scotland County NC		5.000			12/01/2025		A*		270,000		276,463
Scotland County NC		5.000			12/01/2026		A*		50,000		52,395
Scotland County NC		5.000			12/01/2027		A*		140,000		149,582

											1,030,567
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
10.29% of Net Assets
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029		Aa3		200,000		221,058
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029		Aa3		120,000		120,962
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029		Aa3		20,000		22,106
North Carolina State Limited Obligation		5.000			05/01/2029		Aa1		225,000		250,360
North Carolina Turnpike Authority		5.000			01/01/2029		A1		285,000		298,457

											912,943
PUBLIC FACILITIES REVENUE BONDS
8.82% of Net Assets
Buncombe County NC Limited Obligation		5.000			06/01/2028		Aa1		500,000		507,560
Monroe NC Limited Obligation		5.000			04/01/2026		AA*		265,000		274,911

											782,471
REFUNDING BONDS
5.12% of Net Assets
Charlotte NC Certificate of Participation		5.000			12/01/2025		Aa2		100,000		102,767
North Carolina State Limited Obligation		5.000			05/01/2028		Aa1		125,000		132,776
Sampson County NC Limited Obligation		5.000			09/01/2026		A1		210,000		218,852

											454,395
PREREFUNDED BONDS
3.87% of Net Assets
New Hanover NC Hospital Revenue		5.000			10/01/2028		NR		150,000		161,099
North Carolina State Medical Care Commission Vidant Health		5.000			06/01/2028		A2		180,000		182,770

											343,869

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
2.87% of Net Assets
Fuquay-Varina NC		5.000			08/01/2025		Aaa		250,000		255,130


HOSPITAL AND HEALTHCARE REVENUE BONDS
2.61% of Net Assets
Charlotte-Mecklenburg NC Hospital Authority Health Care System		5.000			01/15/2028		Aa3		225,000		231,516


LEASE REVENUE BONDS
1.25% of Net Assets
New Hanover County NC Limitied Obligation		5.000			06/01/2029		Aa1		100,000		111,230


Total Investments 97.12% of Net Assets										$	8,619,043

(cost $8,616,651 (See (a) below for further explanation)

Other assets in excess of liabilities 2.88%											255,914


Net Assets 100%										$	8,874,957


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

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

September 30, 2024

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $8,616,651 and net unrealized appreciation of investments is as follows:


Unrealized appreciation	17,058
Unrealized depreciation	(14,666	)

Net unrealized appreciation	2,392

Other Information


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.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		8,619,043
Level 3	Significant Unobservable Inputs		—

		$	8,619,043

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
42.40% of Net Assets
Chattanooga TN Electric Revenue		5.000	%		09/01/2035	AA-*	$	250,000	$	254,015
Chattanooga TN Electric Revenue		5.000			09/01/2040	AA-*		1,000,000		1,011,620
Clarksville TN Electric System Revenue		4.250			09/01/2040	Aa2		475,000		498,774
Clarksville TN Public Building Authority Revenue		4.500			02/01/2043	AA-*		630,000		654,293
Columbia TN		4.000			12/01/2043	AA+*		1,000,000		1,014,590
Columbia TN		4.000			12/01/2050	AA+*		750,000		742,755
Eastside TN Utility District Hamilton County Waterworks		4.000			05/01/2045	AA*		500,000		504,750
Franklin TN Water & Sewer System Revenue		4.000			02/01/2036	Aa2		250,000		253,445
Gallatin TN Gas System Revenue		4.000			01/01/2042	AA-*		1,155,000		1,169,218
Hallsdale Powell TN Utility District		4.000			04/01/2039	AA*		700,000		713,587
Hallsdale-Powell TN Utility District		3.000			04/01/2043	AA*		800,000		682,920
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2035	AA*		315,000		316,370
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2038	AA*		1,000,000		1,001,880
Harpeth Valley TN Utilities District Davidson & Williamson Counties		5.000			09/01/2034	AA+*		500,000		501,320
Harpeth Valley TN Utilities District Davidson & Williamson Counties		4.000			09/01/2039	AA+*		500,000		515,750
Knox County TN		4.000			06/01/2043	Aa1		500,000		505,800
Knoxville TN Electric		4.000			07/01/2041	Aa2		750,000		768,570
Knoxville TN Electric		4.000			07/01/2044	Aa2		670,000		674,308
Loudon TN Water & Sewer		5.000			03/01/2039	A+*		290,000		321,923
Loudon TN Water & Sewer		5.000			03/01/2040	A+*		355,000		391,899
Loudon TN Water & Sewer		5.000			03/01/2041	A+*		425,000		466,901
Loudon TN Water & Sewer		4.000			03/01/2044	AA*		1,000,000		993,290
Memphis TN Gas System Revenue		4.000			12/01/2034	Aa1		775,000		785,912
Memphis TN Gas System Revenue		4.000			12/01/2036	Aa1		800,000		812,832
Memphis TN Gas System Revenue		4.000			12/01/2037	Aa1		1,310,000		1,329,440
Portland TN Water & Sewer		4.000			04/01/2037	A*		900,000		902,736
Portland TN Water & Sewer		4.000			04/01/2040	AA*		750,000		758,498
Pulaski TN Electric Revenue		4.000			06/01/2042	Aa3		500,000		508,180
Watauga River Regional Water Authority TN Waterworks		4.000			07/01/2037	A*		1,270,000		1,283,805
West Knoxville TN Utility District Knox County Water & Sewer Revenue		4.000			06/01/2046	AA+*		1,000,000		997,080
West Wilson TN Utility District Waterworks		5.000			06/01/2042	AA*		500,000		553,945
West Wilson TN Utility District Waterworks		5.000			06/01/2045	AA*		500,000		503,970

										22,394,376
SCHOOL IMPROVEMENT BONDS
12.38% of Net Assets
Collierville TN		4.000			01/01/2046	Aaa		1,000,000		1,000,050
Decatur County TN		4.000			05/01/2042	A1		390,000		396,837
Johnson City TN		4.000			06/01/2036	Aa2		1,150,000		1,183,028
Montgomery County TN		4.000			04/01/2037	AA*		1,920,000		1,944,192
Montgomery County TN		4.000			06/01/2040	Aa2		500,000		511,700
Wilson County TN		4.000			04/01/2039	AA+*		1,495,000		1,499,978

										6,535,785
HOSPITAL AND HEALTHCARE REVENUE BONDS
7.91% of Net Assets
Metropolitan Government Nashville & Davidson County TN Health		5.000			07/01/2035	A*		1,595,000		1,634,428
Metropolitan Government Nashville & Davidson County TN Health		5.000			07/01/2040	A*		950,000		965,865
Shelby County TN Health Education & Housing Facilities		5.000			05/01/2036	A2		1,535,000		1,581,065

										4,181,358
PUBLIC FACILITIES REVENUE BONDS
6.90% of Net Assets
Hamblen County TN		4.000			05/01/2038	Aa3		880,000		918,016
Hamblen County TN		4.000			05/01/2039	Aa3		1,250,000		1,290,450
Hamblen County TN		4.000			05/01/2045	Aa3		420,000		421,079
Nolensville Town TN		4.000			06/01/2041	Aa1		400,000		407,096
Nolensville Town TN		4.000			06/01/2042	Aa1		600,000		607,266

										3,643,907
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
6.35% of Net Assets
Memphis TN		4.000			06/01/2041	Aa2		1,120,000		1,126,429
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2033	Aa2		750,000		764,070
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2034	Aa2		500,000		509,120
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2036	Aa2		500,000		511,530
Sevierville TN		4.000			06/01/2044	Aa3		440,000		442,869

										3,354,018
STATE AND LOCAL MORTGAGE/HOUSING BONDS
5.96% of Net Assets
TN Housing Development Agency		4.500			07/01/2043	Aa1		1,490,000		1,520,217
TN Housing Development Agency Residential Finance Program		4.150			07/01/2038	Aa1		100,000		102,326
TN Housing Development Agency Residential Finance Program		4.450			07/01/2043	Aa1		1,500,000		1,524,510

										3,147,053


DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
5.41% of Net Assets
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000	%		08/01/2036		A2	$	920,000	$	934,619
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2037		A2		1,030,000		1,042,483
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2040		A2		875,000		878,220

											2,855,322
REFUNDING BONDS
3.50% of Net Assets
Blount County TN		5.000			06/01/2037		Aa2		1,000,000		1,027,840
Memphis TN		5.000			10/01/2043		Aa2		750,000		821,288

											1,849,128
AIRPORT REVENUE BONDS
3.35% of Net Assets
Metropolitan Nashville Airport Authority		5.000			07/01/2034		A1		800,000		809,928
Metropolitan Nashville Airport Authority		5.000			07/01/2035		A1		250,000		252,843
Metropolitan Nashville Airport Authority		5.000			07/01/2040		A1		700,000		706,860

											1,769,631
PREREFUNDED BONDS
3.12% of Net Assets
Gallatin TN Water & Sewer Revenue		5.000			01/01/2032		AA*		235,000		236,271
Memphis TN Electric System Revenue		5.000			12/01/2034		Aa2		750,000		752,753
Shelby County TN Health Education & Housing Facilities Board Rhodes College		5.000			08/01/2040		A2		650,000		657,507

											1,646,531

Total Investments 97.28% of Net Assets										$	51,377,109

(cost $51,496,806) (See (a) below for further explanation)

Other assets in excess of liabilities 2.72%											1,435,850


Net Assets 100%										$	52,812,959

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $51,496,806 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	280,612
Unrealized depreciation		(400,309	)

Net unrealized depreciation	$	(119,697	)

Other Information


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.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		51,377,109
Level 3	Significant Unobservable Inputs		—

		$	51,377,109

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


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

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
39.87% of Net Assets
Hallsdale-Powell TN Utility District		4.000	%		04/01/2028		AA*	$	255,000	$	258,343
Jackson TN Energy Authority Gas System		5.000			06/01/2028		Aa2		150,000		152,178
Maryville TN		4.000			06/01/2029		Aa2		250,000		254,565
Metropolitan Government Nashville & Davidson County TN Water & Sewer		5.000			07/01/2025		Aa2		135,000		137,354
Springfield TN		5.000			06/01/2027		Aa2		245,000		261,697

											1,064,137
REFUNDING BONDS
36.09% of Net Assets
Loudon County TN		5.000			06/01/2025		Aa2		150,000		152,258
Maryville TN		5.000			06/01/2026		Aa2		350,000		364,794
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2027		Aa3		200,000		209,514
Putnam County TN		4.000			04/01/2025		Aa2		100,000		100,650
Sevierville TN		5.000			05/01/2028		Aa3		125,000		136,056

											963,272
SCHOOL IMPROVEMENT BONDS
12.67% of Net Assets
Bedford County TN		4.000			04/01/2027		AA*		75,000		76,415
White County TN		4.000			06/01/2027		AA-*		260,000		261,703

											338,118
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
8.52% of Net Assets
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2027		A2		225,000		227,302


Total Investments 97.15% of Net Assets										$	2,592,829

(cost $2,594,243) (See (a) below for further explanation)

Other assets in excess of liabilities 2.85%											76,126


Net Assets 100%										$	668,955

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $2,594,243 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	4,244
Unrealized depreciation		(5,658	)

Net unrealized depreciation	$	(1,414	)

Other Information


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.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		2,592,829
Level 3	Significant Unobservable Inputs		—

		$	2,592,829

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.


DUPREE MUTUAL FUNDS - INTERMEDIATE GOVERNMENT BOND SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Securities and Agencies

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
FEDERAL HOME LOAN BANK
62.55% of Net Assets
Federal Home Loan Bank		5.250	%		10/28/2024		Aaa	$	350,000	$	350,111
Federal Home Loan Bank		4.000			01/22/2025		Aaa		900,000		897,915
Federal Home Loan Bank		3.300			06/09/2025		Aaa		500,000		496,271
Federal Home Loan Bank		3.600			07/18/2025		Aaa		900,000		897,242
Federal Home Loan Bank		5.000			04/17/2026		Aaa		450,000		451,117
Federal Home Loan Bank		3.200			06/10/2027		Aaa		250,000		247,137
Federal Home Loan Bank		4.580			08/20/2027		Aaa		500,000		501,914
Federal Home Loan Bank		4.000			06/30/2028		Aaa		500,000		507,034
Federal Home Loan Bank		5.300			11/20/2028		Aaa		250,000		253,324
Federal Home Loan Bank		5.125			11/28/2028		Aaa		500,000		506,540
Federal Home Loan Bank		4.625			06/08/2029		Aaa		250,000		260,610
Federal Home Loan Bank		4.000			08/24/2029		Aaa		250,000		251,108

											5,620,323
FEDERAL FARM CREDIT
18.98% of Net Assets
Federal Farm Credit Bank		4.500			08/27/2026		Aaa		500,000		501,988
Federal Farm Credit Bank		4.740			09/10/2027		Aaa		500,000		500,190
Federal Farm Credit Bank		5.050			01/18/2028		Aaa		450,000		451,895
Federal Farm Credit Bank		5.050			07/28/2028		Aaa		250,000		251,446

											1,705,519
FREDDIE MAC
10.62% of Net Assets
Federal Home Loan Mortgage Corporation		5.100			11/26/2024		Aaa		500,000		500,083
Federal Home Loan Mortgage Corporation		5.020			01/27/2025		Aaa		250,000		249,713
Federal Home Loan Mortgage Corporation		1.400			07/28/2032		Aaa		250,000		204,303

											954,099
FANNIE MAE
5.58% of Net Assets
Federal National Mortgage Corporation		5.050			03/26/2026		Aaa		500,000		501,154


Total Investments 97.73% of Net Assets										$	8,781,095

(cost $8,816,690) (See (a) below for further explanation)

Other assets in excess of liabilities 2.27%											203,989


Net Assets 100%										$	8,985,084

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a) Cost for federal income tax purposes is $8,816,690 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	22,804
Unrealized depreciation		(58,399	)

Net unrealized depreciation	$	(35,595	)

Other Information


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.


DUPREE MUTUAL FUNDS - INTERMEDIATE GOVERNMENT BOND SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Securities and Agencies

September 30, 2024


	Valuation Inputs	Government Agencies
Level 1	Quoted Prices		—
Level 2	Other Significant Observable Inputs	$	8,781,095
Level 3	Significant Unobservable Inputs		—

		$	8,781,095

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


DUPREE MUTUAL FUNDS - TAXABLE MUNICIPAL BOND SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

September 30, 2024


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
22.59% of Net Assets
KY State Rural Water Finance Corporation		3.000	%		08/01/2050		AA-*	$	250,000	$	175,915
Metropolitan Government Nashville & Davidson County TN Recovery Zone		6.693			07/01/2041		Aa2		200,000		232,612
OK State Municipal Power Authority		6.310			01/01/2040		A2		95,000		106,215
Pigeon Forge TN Build America Recovery Zone		7.125			06/01/2040		AA*		300,000		304,950

											819,692
PUBLIC FACILITIES REVENUE BONDS
17.06% of Net Assets
Franklin County OH Convention Facilities Build America		6.540			12/01/2036		Aa2		155,000		174,587
Metropolitan Government Nashville & Davidson County TN		7.431			07/01/2043		Aa3		190,000		229,298
Montgomery AL Community Cooperative District		2.815			11/01/2049		Aa1		200,000		137,916
Rhode Island Convention Center		6.060			05/15/2035		A1		70,000		76,841

											618,642
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
13.11% of Net Assets
Mesa State College CO Auxiliary Facilities Build America		6.746			05/15/2042		Aa2		100,000		115,048
Michigan State University Revenues		4.496			08/15/2048		Aa2		375,000		360,431

											475,479
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
9.60% of Net Assets
Washoe County NV Highway Revenue		7.969			02/01/2040		Aa2		280,000		348,300

STATE AND LOCAL MORTGAGE/HOUSING BONDS
9.40% of Net Assets
MN State Housing Finance Authority		5.915			07/01/2044		Aa1		150,000		153,971
NC State Housing Finance Agency		6.128			07/01/2043		Aa1		175,000		186,847

											340,818
MARINA/PORT AUTHORITY REVENUE BONDS
6.79% of Net Assets
Miami Dade County FL Special Obligation		7.500			04/01/2040		Aa2		200,000		246,362

SCHOOL IMPROVEMENT BONDS
6.34% of Net Assets
Jefferson County TN Build America Bonds		6.625			06/01/2040		Aa2		230,000		229,989

HOSPITAL AND HEALTHCARE REVENUE BONDS
5.72% of Net Assets
Midland County TX Hospital District		6.440			05/15/2039		Aa3		185,000		207,468

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.58% of Net Assets
Waco TX		5.488			02/01/2044		Aa1		125,000		129,875

AIRPORT REVENUE BONDS
2.48% of Net Assets
Tri Cities TN Airport Authority Revenue		3.625			05/01/2038		Aa2		100,000		89,852

PREREFUNDED BONDS
.69% of Net Assets
Tri Cities TN Airport Authority Revenue		3.625			05/01/2038		NR		25,000		24,880


Total Investments 97.36% of Net Assets										$	3,531,357

(cost $3,666,399) (See (a) below for further explanation)

Other assets in excess of liabilities 2.64%											95,621


Net Assets 100%										$	3,626,978

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $3,675,866 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	69,752
Unrealized depreciation		(214,261	)

Net unrealized depreciation	$	(144,509)

Other Information


DUPREE MUTUAL FUNDS - TAXABLE MUNICIPAL BOND SERIES		UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

September 30, 2024


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.


	Valuation Inputs	Taxable Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		3,531,357
Level 3	Significant Unobservable Inputs		—

		$	3,531,357

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

#	Ratings by Moody’s Investors Services, Inc. unless noted otherwise.

All ratings are as of the date indicated and do not reflect subsequent changes.

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

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

Rated by Standard & Poor’s Corporation

Fitch’s Investors Service

Not Rated

Dupree Mutual Funds NPORT-PIntermediate Government Bond Series (Sep 2024 report)