Dupree Mutual Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-2918

DUPREE MUTUAL FUNDS

(Exact Name of Registrant as Specified in Charter)

125 South Mill Street, Vine Center, Suite 100

Lexington, Kentucky 40507

(Address of Principal Executive Offices) (Zip Code)

Allen E. Grimes, III

125 South Mill Street, Vine Center, Suite 100

Lexington, Kentucky 40507

(Name and address of agent for service)

Registrant’s Telephone Number, including Area Code (859)254-7741

Date of fiscal year end: June 30

Date of reporting period: December 31, 2019

Item 1. Report to Stockholders

December 31, 2019

SEMI ANNUAL REPORT

TO SHAREHOLDERS

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless a request is made specifically to Dupree Mutual Funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Dupree Mutual Funds website (www.dupree-funds.com); you will be notified by mail and provided with a website link to access the report each time a report is posted. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. If you prefer to receive shareholder reports and other communications electronically, you may update your mailing preferences with your financial intermediary, or enroll ine-delivery at www.dupree-funds.com (for accounts held directly with Dupree).

You may elect to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with Dupree, you may inform Dupree Mutual Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at (800)866-0614. Your election to receive reports in paper will apply to all funds held with Dupree Mutual Funds or through your financial intermediary.

ABOUT DUPREE MUTUAL FUNDS

In 1941, Dupree & Company, Inc. (the “Adviser”) began business in Harlan, Kentucky as a small securities brokerage firm specializing intax-exempt municipal bonds.

Over the years the firm, which in 1963 moved its offices to Lexington, Kentucky, grew to become a regional leader in public finance, helping to structure complex and innovative municipal bond financing for some of the largest public projects in the Commonwealth of Kentucky.

In 1979, the Adviser began what is now Dupree Mutual Funds (the “Trust”) with the KentuckyTax-Free Income Series and became the Fund’s investment adviser. The Fund was one of the first single-state municipal bond funds in the country, and the first mutual fund to invest solely in Kentucky municipal bonds. Since then, several new offerings have been added to the Dupree Mutual Funds family:

KentuckyTax-FreeShort-to-Medium Series in 1987;

Intermediate Government Bond Series in 1992;

TennesseeTax-Free Income Series in 1993;

TennesseeTax-FreeShort-to-Medium Series in 1994;

North CarolinaTax-Free Income Series in 1995;

North CarolinaTax-FreeShort-to-Medium Series in 1995;

AlabamaTax-Free Income Series in 2000;

MississippiTax-Free Income Series in 2000; and

Taxable Municipal Bond Series in 2010.

Today, after more than 60 years in business, Dupree continues to be a pioneer in the industry. Our Kentucky, Tennessee, and Mississippi Series are currently the ONLY 100%“no-load” municipal bond funds available in those states.No-load means simply that shares of the funds are offered directly to investors with no front orback-end sales charges, as opposed to load funds, which are sold through brokerage firms or other institutions that typically carry sales charges.

At Dupree Mutual Funds, our goal is a simple one: to offer investors a high-quality,low-cost way to invest in municipal and government bonds while providing superior service to our shareholders. We encourage you to let us know how we’re doing.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance	i
Sector Allocation of Funds	iv
Financial Statements
AlabamaTax-Free Income Series	1
KentuckyTax-Free Income Series	6
KentuckyTax-FreeShort-to-Medium Series	14
MississippiTax-Free Income Series	18
North CarolinaTax-Free Income Series	22
North CarolinaTax-FreeShort-to-Medium Series	29
TennesseeTax-Free Income Series	34
TennesseeTax-FreeShort-to-Medium Series	39
Intermediate Government Bond Series	43
Taxable Municipal Bond Series	46
Notes to Financial Statements	50
Other Unaudited Information	59
Schedule of Shareholder Expenses	63

Management’s Discussion of Fund Performance: (Unaudited)

Six Months Ended December 31, 2019

The investment objective for ourtax-exempt municipal bond funds is to provide a high level oftax-free income derived from state-specific municipal securities without incurring undue risk to principal. Similarly, the investment objectives for our government bond fund and taxable municipal bond fund are to provide a high level of taxable income derived from securities of the U.S. Government and its agencies and taxable municipal bonds, respectively, without incurring undue risk to principal. We do not try to anticipate market direction; instead, we attempt to buy high quality investment grade bonds at the best possible prices and yields and hold them in down markets as well as up markets.

Factors that may influence the performance of a state-specifictax-exempt municipal bond fund or a taxable municipal bond fund include, but are not limited to, movements in interest rates, a downgrade or upgrade of credit ratings assigned to bonds issued by state or local governments, changes in the credit ratings assigned to bond insurers, downturns or upturns in the specific economies of a given state, the rate at which bonds are called, and the rate at which revenues used to pay debt service on issued bonds are received by state and local governments. Similarly, the performance of a government bond fund may be influenced by a number of factors including, but not limited to, movements in interest rates, prevailing conditions in the U.S. Government securities markets, changes in an issuer’s financial strength, changes in the credit rating assigned to an obligation, and the rate at which bonds are called.

During the six month period ended December 31, 2019 (the “Reporting Period”), the economy continued to grow at a moderate pace. Real gross domestic product (“GDP”) increased at an annual rate of 2.1 percent in the third quarter which was up slightly from the 2.0 percent growth rate recorded in the second quarter. Real GDP increased at an annual rate of 2.1 percent (advance estimate) during the fourth quarter of 2019.

Labor market conditions remained strong during the Reporting Period. The seasonally adjusted national unemployment rate was 3.5 percent in December, which was close to a50-year low. Wage growth picked up some, but then declined towards the end of the Reporting Period with average hourly earnings increasing at a 2.9 percent annual rate in December. December marked the first reading below 3.0 percent for wage growth since July 2018. The labor participation rate, a measure of the proportion of theworking-age population that is employed or looking for a job, has remained relatively stable and stood at 63.2 percent in December.

Key measures of inflation continued to run at or below the Federal Reserve’s (the “Fed”) 2.0 percent inflation target during the Reporting Period. The Consumer Price Index (“CPI”) increased at an annual rate of 2.3 percent in December. The core CPI, which excludes food and energy costs also increased at an annual rate of 2.3 percent in December. The Fed’s preferred inflation gauge, the core PCE, increased at an annual rate of 1.6 percent in December. Near-term and long-term inflation expectations have continued to be well anchored.

The Fed surprised the market and cut the fed funds target rate range by 0.25 percent at the end of July. The July interest rate cut was followed by two additionalone-quarter point cuts to the fed funds rate in September and October leaving the fed funds target rate range at1.50-1.75 percent at the end of the Reporting Period. Minutes from the Fed’s December meeting made clear that the Fed intends to keep the fed funds rate on hold for the foreseeable future.

Demand for safe-haven assets andtax-exempt income pushed bond yields lower and bond prices higher during the Reporting Period. Yields on benchmark10-yearAAA-rated municipal securities declined by approximately 0.19 percent during the Reporting Period, whereas yields on30-year benchmarkAAA-rated municipal securities declined by approximately 0.23 percent. Credit conditions in the municipal bond market remained relatively stable, and default rates of investment grade municipal bonds remained at very low levels.

The $10,000 cap on the State and Local Tax (“SALT”) deduction that was enacted as part of the Tax Cuts and Jobs Act of 2017 (“TCJA”) increased the tax burden for individuals that itemize deductions and has led to a surge in demand for municipal bonds. The increased demand has been reflected in large municipal bond mutual fund inflows which set records in 2019. At the same time that demand for municipal bonds increased, the net supply oftax-exempt bonds has continued to decline from peak levels seen in 2016 and 2017. Issuers have continued to be very efficient at calling higher-coupontax-exempt bonds. That, combined with the elimination oftax-exempt advance refundings under the TCJA, has significantly reduced the net supply oftax-exempt bonds. Tax reform, favorablesupply-and-demand technical factors, benign inflation, declining default rates, improving credit quality, and a favorable interest rate environment all contributed to the strong performance of the municipal bond market during the second half of 2019.

i

State and local government revenues have continued to show signs of improvement. According to data compiled by the National Association of State Budget Officer (“NASBO”), for a second consecutive year most states saw general fund revenue collections exceed original budget projections in fiscal 2019, ending the year with budget surpluses. State general fund spending grew 5.8 percent in fiscal 2019, the fastest annual growth rate since fiscal 2007. General fund spending is forecasted to grow 4.8 percent in fiscal 2020, totaling $913.2 billion according to enacted budgets.

State budgets are benefiting from a healthy economy and increased revenues generated by a number of new taxes imposed onout-of-state online retailers, sports betting, and marijuana. States collected $276.3 billion in total taxes in the first five months of FY 2020, which was up 6 percent over the same period last year according to data from the Urban-Brookings Tax Policy Center. Increased state general fund revenues have allowed many states to strengthen their rainy day reserve funds.

Unfunded pension and healthcare obligations and rising Medicaid expenditures still present significant budgetary challenges for a number of states. The Commonwealth of Kentucky’s unfunded pension obligations are among the worst in the country.

A discussion of the performance of each of our funds for the six month period ended December 31, 2019 follows:

During the Reporting Period, municipal bonds provided positive total returns with the Bloomberg Barclays Municipal Bond Index (“Muni Index”) returning 2.32 percent. Taxable municipal bonds also provided positive total returns with the Bloomberg Barclays Taxable Municipal Bond Index (“Taxable Muni Index”) returning 2.40 percent. The Bloomberg Barclays U.S. Intermediate Government Bond Index (“Intermediate Government Bond Index”) provided a positive total return of 1.19 percent.

Longer-dated bonds outperformed shorter-dated bonds during the Reporting Period. Additionally, lower-rated bonds generally outperformed higher-rated bonds.Pre-refunded bonds, which typically carryAAA-ratings and have short average durations, provided some of the lowest returns during the Reporting Period. The AlabamaTax-Free Income Series and the MississippiTax-Free Income Series held substantially morepre-refunded bonds than the Muni Index.

TheKentuckyTax-Free Income Series provided a total return of 2.00 percent during the Reporting Period and slightly underperformed the Muni Index. TheKentuckyTax-FreeShort-to-Medium Series provided a total return of 1.23 percent. The KentuckyTax-Free Income Series and the KentuckyTax-FreeShort-to-Medium Series both had shorter durations (4.58 years and 3.40 years, respectively) than the Muni Index (5.34 years), which led to their underperformance during the Reporting Period.

TheTennesseeTax-Free Income Series provided a total return of 1.76 percent during the Reporting Period. TheTennesseeTax-FreeShort-to-Medium Series provided a total return of 1.18 percent. Both the TennesseeTax-Free Income Series and the TennesseeTax-FreeShort-to-Medium Series had shorter durations (4.28 years and 3.82 years, respectively) than the Muni Index (5.34 years), which led to their underperformance during the Reporting Period.

TheNorth CarolinaTax-Free Income Series provided a total return of 1.78 percent during the Reporting Period. TheNorth CarolinaTax-FreeShort-to-Medium Series provided a total return of 1.32 percent. Both the North CarolinaTax-Free Income Series and the North CarolinaTax-FreeShort-to-Medium Series had shorter durations (5.01 years and 4.26 years, respectively) than the Muni Index (5.34 years), which led to their underperformance during the Reporting Period.

TheAlabamaTax-Free Income Series provided a total a total return of 2.23 percent during the Reporting Period. The AlabamaTax-Free Income Series had a shorter duration (4.39 years) than the Muni Index (5.34 years) and held substantially morepre-refunded bonds than the Muni Index (16.41 percent v. 5.59 percent, respectively), which led to its underperformance during the Reporting Period.

TheMississippiTax-Free Income Seriesprovided a total return of 1.59 percent during the Reporting Period. The MississippiTax-Free Income Series had a shorter duration (4.29 years) than the Muni Index (5.34 years) and held substantially morepre-refunded bonds than the Muni Index (31.56 percent v. 5.59 percent, respectively), which led to its underperformance during the Reporting Period.

TheIntermediate Government Bond Series provided a total return of 0.99 percent during the Reporting Period compared to 1.19 percent for the Intermediate Government Bond Index. The Intermediate Government Bond Series had a shorter duration (3.04 years) than the Intermediate Government Bond Index (3.77 years), which led to its slight underperformance during the Reporting Period.

TheTaxable Municipal Bond Series provided a total return of 1.65 percent during the Reporting Period compared with the Taxable Muni Index which provided a total return of 2.40%. The Taxable Municipal Bond Series had a significantly shorter duration (4.96 years) than the Taxable Municipal Bond Index (9.48 years), which led to its underperformance during the Reporting Period.

ii

It should be noted that none of the Bloomberg Barclays indices take into account any operating expenses or transaction costs. An investment cannot be made directly in an index.

Thank you for investing with Dupree Mutual Funds.

Total returns include changes in share price, reinvestment of dividends, and reinvestment of capital gains, if any. Performance data quoted represents past performance which is not a guarantee of future results. The opinions expressed herein are those of the funds’ portfolio management and are current as of December 31, 2019. Management’s opinions are not guarantees of performance or investment results and should not be taken as investment advice. You may lose money investing in the funds.

iii

The illustrations below provide each Fund’s sector allocation and
summarize key information about each Fund’s investments as of December 31, 2019. Unaudited

AlabamaTax-Free Income Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aaa/AAA		1.08%
Aa/AA		90.33%
A		3.93%
Not Rated		4.66%
		100.00%
COMPOSITION
	% of Net Assets
School Improvement		22.05%
Public Facilities		16.97%
Prerefunded		16.41%
Municipal Utility Revenue		16.10%
University Consolidated Education and Building Revenue		12.72%
Refunding		5.85%
Miscellaneous Public Improvement		4.79%
Hospital and Healthcare Revenue		2.35%
Turnpikes/Toll Road/Highway Revenue		1.06%
Other Assets Less Liabilities		1.70%
		100.00%

KentuckyTax-Free Income Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aaa/AAA		0.47%
Aa/AA		45.83%
A		52.17%
Baa/BBB		0.02%
Not Rated		1.51%
		100.00%
COMPOSITION
	% of Net Assets
Miscellaneous Public Improvement		27.42%
School Improvement		15.09%
University Consolidated Education and Building Revenue		12.99%
Municipal Utility Revenue		10.51%
Turnpikes/Toll Road/Highway Revenue		7.64%
Public Facilities		6.40%
Prerefunded		5.99%
Refunding		5.78%
Hospital and Healthcare Revenue		5.25%
Airport Revenue		1.26%
Ad Valorem Property		0.13%
State and Local Mortgage/Housing Revenue		0.12%
Other liabilities in excess of assets		1.42%
		100.00%

KentuckyTax-FreeShort-to-Medium Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aaa/AAA		0.38%
Aa/AA		25.69%
A		73.93%
		100.00%
COMPOSITION
	% of Net Assets
Miscellaneous Public Improvement		23.01%
School Improvement		21.03%
Public Facilities		16.21%
Turnpikes/Toll Road/Highway Revenue		9.89%
Hospital and Healthcare Revenue		6.91%
University Consolidated Education and Building Revenue		6.88%
Municipal Utility Revenue		5.16%
Prerefunded		3.91%
Refunding		3.82%
Airport Revenue		1.18%
Other Assets Less Liabilities		2.00%
		100.00%

MississippiTax-Free Income Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aa/AA		86.33%
A		13.67%
		100.00%
COMPOSITION
	% of Net Assets
Prerefunded		31.56%
University Consolidated Education and Building Revenue		21.84%
Municipal Utility Revenue		11.93%
Public Facilities		8.86%
Turnpikes/Toll Road/Highway Revenue		8.14%
School Improvements		5.76%
Refunding		4.73%
Miscellaneous Public Improvement		3.91%
Hospital and Healthcare Revenue		1.91%
Other Assets Less Liabilities		1.36%
		100.00%

iv

The illustrations below provide each Fund’s sector allocation and
summarize key information about each Fund’s investments as of December 31, 2019. Unaudited

North Carolina Tax-Free Income Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aaa/AAA		2.97%
Aa/AA		78.27%
A		18.56%
Not Rated		0.20%
		100.00%
COMPOSITION
	% of Net Assets
University Consolidated Education and Building Revenue		20.96%
School Improvement		15.61%
Public Facilities		12.31%
Refunding		9.75%
Municipal Utility Revenue		8.92%
Prerefunded		7.98%
Hospital and Healthcare Revenue		7.89%
Turnpikes/Toll Road/Highway Revenue		4.74%
Airport Revenue		4.67%
Miscellaneous Public Improvement		3.92%
Lease Revenue		1.10%
Escrowed to Maturity		0.64%
Other Assets Less Liabilities		1.51%
		100.00%

North CarolinaTax-FreeShort-to-Medium Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aaa/AAA		4.29%
Aa/AA		65.43%
A		29.69%
Not Rated		0.59%
		100.00%
COMPOSITION
	% of Net Assets
Refunding		22.66%
University Consolidated Education and Building Revenue		22.09%
Municipal Utility Revenue		13.31%
School Improvement		11.70%
Public Facilities		8.54%
Hospital and Healthcare Revenue		5.27%
Turnpikes/Toll Road/Highway Revenue		5.04%
Escrowed to Maturity		3.10%
Prerefunded		2.47%
Ad Valorem Property		1.75%
Lease Revenue		1.63%
Miscellaneous Public Improvement		0.86%
Other Assets Less Liabilities		1.58%
		100.00%

TennesseeTax-Free Income Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aaa/AAA		2.74%
Aa/AA		80.54%
A		15.43%
Not Rated		1.29%
		100.00%
COMPOSITION
	% of Net Assets
Municipal Utility Revenue		33.53%
School Improvement		10.83%
Public Facilities		10.70%
University Consolidated Education and Building Revenue		9.82%
Hospital and Healthcare Revenue		8.34%
Miscellaneous Public Improvement		7.99%
Prerefunded		7.53%
Refunding		6.34%
Airport Revenue		2.55%
Industrial Revenue		0.88%
State and Local Mortgage/Housing Revenue		0.41%
Other Assets Less Liabilities		1.08%
		100.00%

TennesseeTax-FreeShort-to-Medium Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aa/AA		79.72%
A		17.83%
Not Rated		2.45%
		100.00%
COMPOSITION
	% of Net Assets
Refunding		26.37%
Public Facilities		22.15%
Municipal Utility Revenue		19.72%
School Improvement		12.42%
University Consolidated Education and Building Revenue		9.44%
Prerefunded		3.98%
Miscellaneous Public Improvement		2.21%
Airport Revenue		1.61%
Other Assets Less Liabilities		2.10%
		100.00%

v

The illustrations below provide each Fund’s sector allocation and
summarize key information about each Fund’s investments as of December 31, 2019. Unaudited

Intermediate Government Bond Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aaa/AAA		100.00%
COMPOSITION
	% of Net Assets
Federal Farm Credit Bank		67.65%
Federal Home Loan Bank		31.09%
Other Assets Less Liabilities		1.26%
		100.00%

Taxable Municipal Bond Series
CREDIT QUALITY*	% of Net Assets at Fair Value
Aa/AA		93.60%
A		6.40%
		100.00%
COMPOSITION
	% of Net Assets
Prerefunded		31.11%
Public Facilities		17.44%
Municipal Utility Revenue		12.86%
School Improvement		12.10%
University Consolidated Education and Building Revenue		6.30%
Miscellaneous Public Improvements		6.08%
Hospital and Healthcare Revenue		4.18%
Turnpikes/Toll Road/Highway Revenue		3.50%
Marina/Port Authority Revenue		2.39%
Airport Revenue		1.03%
Other Assets Less Liabilities		3.01%
		100.00%

* Ratings by Moody’s Investors Service unless noted otherwise. See Schedules of Portfolio Investments for individual bond ratings.

vi

DUPREE MUTUAL FUNDS — ALABAMATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
22.05% of Net Assets
Alabaster AL Board of Education Special Tax Warrants**		5.000	%		09/01/2039	A1	$	600,000	$	682,672
Cherokee County AL Board of Education Tax Warrants		4.000			12/01/2034	A1		310,000		348,009
Decatur City AL Board of Education Special Tax		5.000			02/01/2040	Aa2		225,000		258,406
Etowah County AL Board of Education Capital Outlay Tax		5.000			09/01/2037	A+*		200,000		216,204
Jasper AL Warrants		5.000			03/01/2032	A2		450,000		506,390
Jefferson County AL Board of Education Public School Warrants		4.000			02/01/2042	A1		325,000		351,566
Limestone County AL Board of Education		5.000			07/01/2033	AA*		255,000		291,427
Madison AL Board of Education Special Tax School Warrants		4.000			02/01/2040	Aa3		400,000		451,208
Madison County AL Board of Education Capital Outlay**		5.000			09/01/2031	Aa3		660,000		775,150
Marshall County AL Board of Education Special Tax School Warrants		4.000			03/01/2033	A2		250,000		275,963
Morgan County AL Board of Education Capital Outlay Warrants		5.000			03/01/2035	AA-*		405,000		438,846
Shelby County AL Board of Education Capital Outlay Warrants**		5.000			02/01/2031	Aa2		615,000		639,391
Troy AL Public Educational Building Authority		5.250			12/01/2036	A2		30,000		30,903
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2036	Aa3		250,000		296,940
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2037	Aa3		250,000		296,038
										5,859,113
PUBLIC FACILITIES REVENUE BONDS
16.97% of Net Assets
Anniston AL Public Building Authority		5.000			03/01/2032	A2		400,000		415,600
Anniston AL Public Building Authority DHR Project		5.250			05/01/2030	AA-*		50,000		50,647
Anniston AL Public Building Authority DHR Project		5.500			05/01/2033	AA-*		200,000		202,717
Bessemer AL Public Educational Building Authority Revenue		5.000			07/01/2030	AA*		250,000		254,368
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2037	Aa3		400,000		480,790
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2038	Aa3		250,000		299,658
Boaz AL Warrants		4.000			02/01/2037	AA*		250,000		278,063
Bullock County AL Public Building Authority		4.000			10/01/2038	AA-*		500,000		543,065
Lowndes County AL Warrants		5.250			02/01/2037	A2		250,000		258,388
Montgomery AL Warrants		5.000			02/01/2030	A1		300,000		300,864
Montgomery County AL Public Building Authority		5.000			03/01/2036	Aa2		350,000		427,242
Phenix City AL Public Building Authority		4.000			10/01/2037	AA-*		120,000		133,726
Trussville AL Warrants**		5.000			10/01/2039	Aa2		775,000		861,839
										4,506,967
PREREFUNDED BONDS
16.41% of Net Assets
Auburn University AL General Fee Revenue		5.000			06/01/2036	Aa2		150,000		158,199
Birmingham AL Waterworks		5.000			01/01/2026	Aa2		80,000		83,127
Birmingham AL Waterworks**		5.000			01/01/2038	Aa2		550,000		613,993
Birmingham AL Waterworks		5.000			01/01/2040	Aa2		150,000		177,662
Birmingham AL Waterworks Board Water Revenue		4.750			01/01/2036	Aa2		215,000		222,871
Limestone County AL Water & Sewer Authority		5.000			12/01/2033	AA-*		300,000		345,810
Limestone County AL Water & Sewer Authority		5.000			12/01/2034	AA-*		250,000		287,275
Morgan County AL Board of Education Capital Outlay Warrants		5.000			03/01/2035	NR		155,000		170,145
Morgan County AL Board of Education Capital Outlay Warrants		5.000			03/01/2035	NR		490,000		538,402
Opelika AL Warrants		5.000			11/01/2031	Aa2		150,000		160,559
Opelika AL Water Board Revenue		5.250			06/01/2036	Aa3		70,000		71,207
Tallassee AL Water Gas & Sewer Warrants		5.125			05/01/2036	A2		65,000		65,869
Troy AL Public Educational Building Authority		5.250			12/01/2036	A2		195,000		202,377
Trussville AL Warrants		5.000			10/01/2039	NR		445,000		507,521
Tuscaloosa AL Warrants		5.000			01/01/2032	Aa1		350,000		402,829
Tuscaloosa AL Warrants		5.000			07/01/2034	Aa1		300,000		350,511
										4,358,357
MUNICIPAL UTILITY REVENUE BONDS
16.10% of Net Assets
Auburn AL Waterworks Board Water Revenue		5.000			09/01/2036	Aa2		250,000		292,615
Berry AL Water & Sewer Revenue		4.000			09/01/2039	AA*		250,000		265,153
Birmingham AL Waterworks		4.000			01/01/2037	Aa2		250,000		277,505

The accompanying notes are an integral part of the financial statements.

1

DUPREE MUTUAL FUNDS — ALABAMATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Birmingham AL Waterworks		4.000	%		01/01/2038	Aa2	$	205,000	$	226,158
Birmingham AL Waterworks Board		4.000			01/01/2041	Aa2		225,000		246,247
Chatom AL Industrial Board Gulf Opportunity Zone		5.000			08/01/2037	A3		150,000		152,912
Cullman AL Utility Board Water Revenue		4.750			09/01/2037	A1		400,000		407,964
Gadsden AL Waterworks & Sewer Board		4.000			06/01/2034	A1		120,000		133,675
Jasper AL Waterworks & Sewer Board Utility Revenue		5.000			06/01/2030	A+*		455,000		461,291
Limestone County AL Water & Sewer Authority		4.750			12/01/2033	AA*		290,000		340,248
Limestone County AL Water & Sewer Authority		4.750			12/01/2035	AA*		400,000		447,476
Opelika AL Utilities Board		4.000			06/01/2039	Aa3		250,000		273,998
Prattville AL Sewer Warrants		4.000			11/01/2042	AA-*		375,000		409,478
Tallassee AL Water Gas & Sewer Warrants		5.125			05/01/2036	A2		10,000		10,114
West Morgan East Lawrence AL Water & Sewer		4.750			08/15/2030	AA*		75,000		76,456
West Morgan East Lawrence AL Water & Sewer		4.850			08/15/2035	AA*		250,000		254,943
										4,276,233
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.72% of Net Assets
AL Community College System Gadsden State Community College		5.000			06/01/2038	A1		325,000		390,256
Auburn University AL General Fee Revenue		4.000			06/01/2036	Aa2		380,000		423,609
Troy University AL Facilities Revenue		5.000			11/01/2028	A1		250,000		291,750
Troy University AL Facilities Revenue		4.000			11/01/2032	A1		300,000		337,506
Troy University AL Facilities Revenue		5.000			11/01/2037	A1		200,000		239,928
University of AL Birmingham		5.000			10/01/2037	Aa2		225,000		251,858
University of AL General Fee Revenue University of AL Huntsville		5.000			09/01/2037	Aa3		250,000		303,723
University of AL Huntsville		5.000			09/01/2038	Aa3		500,000		613,000
University of AL Huntsville General Fee Revenue		5.000			09/01/2038	Aa3		435,000		527,390
										3,379,020
REFUNDING BONDS
5.85% of Net Assets
Enterprise AL Warrants		4.500			11/01/2032	Aa3		115,000		123,570
Montgomery AL Warrants		5.000			06/15/2035	A1		500,000		602,470
Northport AL Warrants**		5.000			08/01/2040	AA-*		735,000		828,352
										1,554,392
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.79% of Net Assets
Birmingham AL Warrants		4.000			12/01/2035	Aa3		250,000		279,105
Birmingham AL Warrants		5.000			12/01/2037	Aa3		250,000		304,154
Jasper AL Warrants		5.000			03/01/2031	A2		250,000		282,078
Madison AL Warrants		5.000			04/01/2035	Aa2		350,000		406,238
										1,271,575
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.35% of Net Assets
Chilton County AL Health Care Authority Chilton County Hospital**		5.000			11/01/2035	AA-@		550,000		624,822
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
1.06% of Net Assets
AL Federal Aid Highway Finance Authority		4.000			06/01/2037	Aa1		250,000		281,020
Total Investments 98.30% of Net Assets (cost $24,671,959) (See (a) below for further explanation)									$	26,111,499
Other assets in excess of liabilities 1.70%										450,866
Net Assets 100%									$	26,562,365

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

The accompanying notes are an integral part of the financial statements.

2

DUPREE MUTUAL FUNDS — ALABAMATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

December 31, 2019

(a) Cost for federal income tax purposes is $24,671,959 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,440,466
Unrealized depreciation		(926	)
Net unrealized appreciation	$	1,439,540

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		26,111,499
Level 3	Significant Unobservable Inputs		—
		$	26,111,499

The accompanying notes are an integral part of the financial statements.

3

ALABAMATAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $24,671,959)		$	26,111,499
Cash			267,647
Interest receivable			317,798
Total assets			26,696,944
LIABILITIES:
Payable for:
Distributions to shareholders	99,415
Fund shares redeemed	7,591
Investment advisory fee	5,706
Transfer agent fee	7,114
Professional fees	7,092
Custodian expense	3,487
Accrued expenses	4,174
Total liabilities			134,579
NET ASSETS:
Capital			25,210,698
Total distributable earnings			1,351,667
Net assets at value		$	26,562,365
NET ASSET VALUE, offering price and redemption price per share (2,118,466 shares outstanding; unlimited number of shares authorized no par value)		$	12.54

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	437,626
Expenses:
Investment advisory fee		65,665
Transfer agent fee		18,776
Professional fees		7,258
Custodian expense		5,195
Pricing fees		3,025
Registration fees		2,544
Trustees fees		1,519
Other expenses		3,281
Total expenses		107,263
Fees waived by Adviser (Note 2)		(14,851	)
Custodian expense reduction		(321	)
Net expenses		92,091
Net investment income		345,535
Realized and unrealized gain on investments:
Net realized gain		1,777
Net change in unrealized appreciation/depreciation		221,276
Net realized and unrealized gain on investments		223,053
Net increase in net assets resulting from operations	$	568,588

The accompanying notes are an integral part of the financial statements.

4

ALABAMATAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	345,535		$	707,873
Net realized gain/(loss) on investments		1,777			(25,778	)
Net change in unrealized appreciation/depreciation		221,276			759,933
Net increase in net assets resulting from operations		568,588			1,442,028
Total distributions		(345,535	)		(707,873	)
Net fund share transactions (Note 4)		185,551			164,601
Total increase		408,604			898,756
Net assets:
Beginning of year		26,153,761			25,255,005
End of period	$	26,562,365		$	26,153,761

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$12.43			$12.08			$12.29			$12.77			$12.36			$12.32
Income from investment operations:
Net investment income		0.17			0.34			0.36			0.37			0.39			0.41
Net gains/(losses) on investments		0.11			0.35			(0.21	)		(0.48	)		0.41			0.04
Total from investment operations		0.28			0.69			0.15			(0.11	)		0.80			0.45
Less distributions:
Distributions from net investment income		(0.17	)		(0.34	)		(0.36	)		(0.37	)		(0.39	)		(0.41	)
Net asset value, end of period		$12.54			$12.43			$12.08			$12.29			$12.77			$12.36
Total return		2.23%	(b)		5.80%			1.24%			(0.82	)%		6.61%			3.64%
Net assets, end of period (in thousands)		$26,562			$26,154			$25,255			$26,555			$29,378			$25,511
Ratio of net expenses to average net assets (a)		0.71%	(c)		0.70%			0.70%			0.70%			0.71%			0.71%
Ratio of gross expenses to average net assets		0.82%	(c)		0.84%			0.82%			0.78%			0.78%			0.79%
Ratio of net investment income to average net assets		2.65%	(c)		2.79%			2.96%			3.00%			3.14%			3.26%
Portfolio turnover		2.13%	(b)		16.54%			13.83%			6.95%			5.37%			9.65%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

5

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
27.42% of Net Assets
KY Association of Counties		5.000	%		02/01/2030	AA-*	$	100,000	$	102,053
KY Association of Counties		5.000			02/01/2032	AA-*		165,000		168,379
KY Association of Counties		4.000			02/01/2033	AA-*		420,000		465,549
KY Association of Counties		4.000			02/01/2034	AA-*		435,000		481,332
KY Association of Counties		4.000			02/01/2035	AA-*		690,000		769,060
KY Association of Counties		4.000			02/01/2035	AA-*		460,000		507,808
KY Association of Counties		5.000			02/01/2035	AA-*		120,000		122,450
KY Association of Counties		4.000			02/01/2037	AA-*		745,000		825,743
KY Association of Counties		4.000			02/01/2038	AA-*		3,165,000		3,498,275
KY Association of Counties		4.000			02/01/2039	AA-*		1,000,000		1,103,760
KY Association of Counties		4.000			02/01/2029	AA-*		240,000		278,388
KY Bond Corporation Finance Program		5.500			02/01/2031	AA-*		1,115,000		1,165,075
KY Association of Counties		4.000			02/01/2028	AA-*		345,000		397,651
KY State Property & Building #76		5.500			08/01/2021	A1		1,400,000		1,492,750
KY State Property & Building #98		5.000			08/01/2021	A1		2,505,000		2,561,037
KY State Property & Building #105		4.750			04/01/2031	A2		2,110,000		2,304,183
KY State Property & Building #105		4.750			04/01/2032	A2		2,205,000		2,402,083
KY State Property & Building #105		4.750			04/01/2033	A2		2,310,000		2,514,181
KY State Property & Building #106		5.000			10/01/2028	A1		2,030,000		2,275,468
KY State Property & Building #106		5.000			10/01/2029	A1		4,130,000		4,624,609
KY State Property & Building #106		5.000			10/01/2030	A1		7,165,000		8,014,769
KY State Property & Building #106		5.000			10/01/2031	A1		4,910,000		5,492,326
KY State Property & Building #106		5.000			10/01/2032	A1		6,275,000		6,987,777
KY State Property & Building #106		5.000			10/01/2033	A1		4,870,000		5,421,284
KY State Property & Building #108		5.000			08/01/2026	A1		955,000		1,121,065
KY State Property & Building #108		5.000			08/01/2028	A1		2,670,000		3,112,606
KY State Property & Building #108		5.000			08/01/2030	A1		5,000,000		5,811,600
KY State Property & Building #108		5.000			08/01/2031	A1		8,290,000		9,597,499
KY State Property & Building #108		5.000			08/01/2032	A1		8,820,000		10,175,810
KY State Property & Building #108		5.000			08/01/2033	A1		5,270,000		6,059,130
KY State Property & Building #108		5.000			08/01/2034	A1		4,900,000		5,622,603
KY State Property & Building #110		5.000			08/01/2029	A1		4,200,000		4,888,968
KY State Property & Building #110		5.000			08/01/2032	A1		1,515,000		1,747,886
KY State Property & Building #110		5.000			08/01/2033	A1		1,000,000		1,149,740
KY State Property & Building #110		5.000			08/01/2034	A1		1,900,000		2,180,193
KY State Property & Building #110		5.000			08/01/2035	A1		3,030,000		3,481,985
KY State Property & Building #112		5.000			11/01/2028	A1		2,500,000		2,989,075
KY State Property & Building #112		5.000			02/01/2035	A1		8,325,000		9,619,621
KY State Property & Building #112		5.000			02/01/2036	A1		7,920,000		9,132,235
KY State Property & Building #115		5.000			04/01/2030	A1		2,500,000		2,992,575
KY State Property & Building #115		5.000			04/01/2033	A1		4,565,000		5,403,682
KY State Property & Building #115		5.000			04/01/2034	A1		13,975,000		16,511,602
KY State Property & Building #115		5.000			04/01/2036	A1		14,460,000		17,010,744
KY State Property & Building #115		5.000			04/01/2037	A1		5,000,000		5,867,400
KY State Property & Building #117		5.000			05/01/2031	A1		5,055,000		6,038,804
KY State Property & Building #117		5.000			05/01/2032	A1		3,680,000		4,387,922
KY State Property & Building #117		5.000			05/01/2033	A1		3,550,000		4,219,672
KY State Property & Building #117		5.000			05/01/2034	A1		5,825,000		6,893,538
KY State Property & Building #117		5.000			05/01/2035	A1		5,065,000		5,979,131
KY State Property & Building #117		5.000			05/01/2036	A1		5,275,000		6,215,322
KY State Property & Building #119		5.000			05/01/2030	A1		3,685,000		4,504,286
KY State Property & Building #119		5.000			05/01/2034	A1		725,000		876,931
KY State Property & Building #119		5.000			05/01/2035	A1		10,000,000		12,011,400
KY State Property & Building #119		5.000			05/01/2036	A1		10,000,000		11,977,900
KY State Property & Building #122		5.000			11/01/2033	A1		1,000,000		1,219,160
KY State Property & Building #122		4.000			11/01/2035	A1		1,000,000		1,105,670

The accompanying notes are an integral part of the financial statements.

6

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY State Property & Building #122		4.000	%		11/01/2037	A1	$	675,000	$	751,390
KY State Property & Building #122		4.000			11/01/2038	A1		5,345,000		5,848,071
KY State Property & Building #122		4.000			11/01/2039	A1		9,655,000		10,547,894
Lexington Fayette Urban County Government		5.000			01/01/2028	Aa2		820,000		962,508
Lexington Fayette Urban County Government		5.000			01/01/2029	Aa2		345,000		404,409
Lexington Fayette Urban County Government		5.000			01/01/2033	Aa2		1,685,000		1,958,358
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2034	A2		3,720,000		4,062,685
										268,417,060
SCHOOL IMPROVEMENT BONDS
15.09% of Net Assets
Bowling Green KY School District Finance Corporation		4.000			08/01/2034	A1		1,890,000		2,084,009
Bowling Green KY School District Finance Corporation		4.000			08/01/2035	A1		2,215,000		2,432,424
Bowling Green KY School District Finance Corporation		4.000			08/01/2036	A1		2,305,000		2,525,358
Bowling Green KY School District Finance Corporation		4.000			08/01/2037	A1		2,395,000		2,622,453
Bullitt County KY School District Finance Corporation		4.000			10/01/2035	A1		1,820,000		2,002,801
Bullitt County KY School District Finance Corporation		4.000			10/01/2036	A1		2,985,000		3,276,993
Bullitt County KY School District Finance Corporation		4.000			10/01/2037	A1		3,075,000		3,353,780
Fayette County KY School District Finance Corporation		5.000			08/01/2028	Aa3		1,330,000		1,573,709
Fayette County KY School District Finance Corporation		5.000			10/01/2028	Aa3		1,375,000		1,544,469
Fayette County KY School District Finance Corporation		5.000			10/01/2029	Aa3		3,660,000		4,115,341
Fayette County KY School District Finance Corporation		5.000			06/01/2031	Aa3		3,705,000		3,886,063
Fayette County KY School District Finance Corporation		4.750			11/01/2031	Aa3		1,730,000		1,965,194
Fayette County KY School District Finance Corporation		5.000			08/01/2032	Aa3		10,600,000		12,400,092
Fayette County KY School District Finance Corporation		5.000			10/01/2032	Aa3		3,615,000		4,059,139
Fayette County KY School District Finance Corporation		5.000			10/01/2033	Aa3		4,385,000		4,918,611
Fayette County KY School District Finance Corporation		5.000			08/01/2034	Aa3		8,750,000		10,195,500
Hardin County KY School District Finance Corporation		4.000			05/01/2030	Aa3		635,000		709,378
Jefferson County KY School District Finance Corporation		5.000			04/01/2030	Aa3		975,000		1,132,726
Jefferson County KY School District Finance Corporation		4.000			05/01/2030	Aa3		2,000,000		2,183,460
Jefferson County KY School District Finance Corporation		5.000			04/01/2031	Aa3		1,025,000		1,186,909
Jefferson County KY School District Finance Corporation		5.000			05/01/2032	Aa3		4,230,000		4,825,880
Jefferson County KY School District Finance Corporation		4.000			06/01/2032	Aa3		4,120,000		4,603,317
Jefferson County KY School District Finance Corporation		5.000			05/01/2033	Aa3		5,145,000		5,855,885
Jefferson County KY School District Finance Corporation		4.000			06/01/2033	Aa3		4,310,000		4,804,616
Jefferson County KY School District Finance Corporation		4.750			04/01/2034	Aa3		1,165,000		1,327,622
Jefferson County KY School District Finance Corporation		5.000			05/01/2034	Aa3		5,405,000		6,101,110
Jefferson County KY School District Finance Corporation		4.000			06/01/2034	Aa3		3,500,000		3,890,530
Jefferson County KY School District Finance Corporation		4.750			04/01/2035	Aa3		1,220,000		1,388,336
Jefferson County KY School District Finance Corporation		4.250			10/01/2037	Aa3		2,110,000		2,370,036
Kenton County KY School District Finance Corporation		4.000			04/01/2036	A1		1,210,000		1,356,011
Kenton County KY School District Finance Corporation		4.000			04/01/2037	A1		1,255,000		1,401,459
Kenton County KY School District Finance Corporation		4.000			04/01/2038	A1		1,300,000		1,447,589
Meade County KY School District Finance Corporation		4.000			06/01/2036	A1		2,215,000		2,425,935
Meade County KY School District Finance Corporation		4.000			06/01/2037	A1		2,255,000		2,462,731
Meade County KY School District Finance Corporation		4.000			06/01/2038	A1		2,400,000		2,615,136
Morgan County KY School District Finance Corporation		4.000			08/01/2029	A1		960,000		1,091,568
Oldham County KY School District Finance Corporation		4.000			10/01/2034	A1		1,560,000		1,717,700
Scott County KY School District Finance Corporation		4.500			01/01/2025	A1		4,890,000		5,548,683
Scott County KY School District Finance Corporation		4.000			02/01/2029	Aa3		5,040,000		5,900,782
Scott County KY School District Finance Corporation		4.000			06/01/2035	Aa3		1,440,000		1,585,238
Scott County KY School District Finance Corporation		4.000			10/01/2035	Aa3		2,235,000		2,469,764
Scott County KY School District Finance Corporation		4.000			06/01/2036	Aa3		1,500,000		1,647,540
Scott County KY School District Finance Corporation		4.000			10/01/2037	Aa3		2,415,000		2,655,969
Shelby County KY School District Finance Corporation		4.000			08/01/2037	Aa3		6,240,000		6,852,514
Shelby County KY School District Finance Corporation		4.000			08/01/2038	Aa3		3,000,000		3,284,910
										147,799,270

The accompanying notes are an integral part of the financial statements.

7

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.99% of Net Assets
Boyle County Centre College		5.000	%		06/01/2037	A3	$	2,865,000	$	3,368,266
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2035	A3		2,165,000		2,577,108
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2036	A3		2,835,000		3,365,173
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2038	A3		1,340,000		1,581,682
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2033	A3		1,345,000		1,613,449
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2034	A3		1,605,000		1,917,237
KY State Property & Building #114		5.000			10/01/2032	Aa3		2,795,000		3,304,473
KY State Property & Building #114		5.000			10/01/2033	Aa3		2,940,000		3,465,760
KY State Property & Building #114		5.000			10/01/2034	Aa3		3,090,000		3,640,484
KY State Property & Building #114		5.000			10/01/2035	Aa3		1,945,000		2,286,153
KY State Property & Building #116		5.000			10/01/2035	Aa3		4,165,000		5,017,992
KY State Property & Building #116		5.000			10/01/2036	Aa3		2,725,000		3,274,442
Murray State University		5.000			03/01/2032	A1		2,220,000		2,565,388
University of Kentucky Certificate of Participation		4.000			05/01/2033	Aa3		885,000		1,009,104
University of Kentucky Certificate of Participation		4.000			05/01/2034	Aa3		1,020,000		1,159,373
University of Kentucky Certificate of Participation		4.000			05/01/2039	Aa3		4,660,000		5,213,841
University of Kentucky Certificate of Participation		4.000			05/01/2044	Aa3		3,755,000		4,151,979
University of Kentucky General Receipts		5.000			04/01/2030	Aa2		5,490,000		6,459,534
University of Kentucky General Receipts		5.000			04/01/2036	Aa2		4,820,000		5,475,761
University of Kentucky General Receipts		4.000			10/01/2036	Aa2		16,160,000		17,909,158
University of Kentucky General Receipts		5.000			04/01/2037	Aa2		7,180,000		8,163,157
University of Kentucky General Receipts		5.000			04/01/2038	Aa2		7,395,000		8,394,582
University of Kentucky General Receipts		4.000			10/01/2038	Aa2		10,855,000		11,976,539
University of Kentucky Higher Educational		4.750			04/01/2034	Aa2		5,435,000		6,208,237
University of Louisville		4.500			03/01/2035	A1		5,600,000		6,360,984
University of Louisville General Receipts		5.000			09/01/2030	Baa1		440,000		464,574
University of Louisville General Receipts		5.000			09/01/2031	Baa1		2,580,000		2,724,091
Western KY University		5.000			05/01/2032	A1		1,500,000		1,613,445
Western KY University		4.000			09/01/2034	A1		575,000		634,708
Western KY University		4.000			09/01/2035	A1		595,000		655,238
Western KY University		4.000			09/01/2036	A1		620,000		681,163
										127,233,075
MUNICIPAL UTILITY REVENUE BONDS
10.51% of Net Assets
Campbell & Kenton County Sanitation District #1		4.000			08/01/2032	Aa2		6,100,000		6,865,001
Frankfort KY Electric & Water		4.750			12/01/2034	AA*		695,000		779,908
Frankfort KY Electric & Water		4.750			12/01/2035	AA*		725,000		812,131
Frankfort KY Electric & Water		4.750			12/01/2036	AA*		760,000		855,494
Frankfort KY Electric & Water		4.750			12/01/2037	AA*		800,000		892,976
Frankfort KY Electric & Water		4.750			12/01/2038	AA*		835,000		934,524
KY Rural Water Financing Corporation		5.375			02/01/2020	A+*		65,000		65,146
KY Rural Water Financing Corporation		4.500			02/01/2023	A+*		1,085,000		1,184,766
KY Rural Water Financing Corporation		4.500			02/01/2024	A+*		880,000		960,362
KY Rural Water Financing Corporation		5.125			02/01/2035	A+*		525,000		526,554
KY State Association of Counties Finance Corporation		4.000			02/01/2031	AA-*		405,000		458,387
KY State Association of Counties Finance Corporation		4.000			02/01/2033	AA-*		415,000		466,111
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2030	Aa3		3,120,000		3,546,660
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2031	Aa3		2,465,000		2,746,774
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2033	Aa3		1,000,000		1,092,390
Louisville & Jefferson County Metropolitan Sewer**		5.000			05/15/2034	Aa3		27,730,000		29,493,350
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2034	Aa3		2,230,000		2,532,165

The accompanying notes are an integral part of the financial statements.

8

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Louisville & Jefferson County Metropolitan Sewer		5.000	%		05/15/2034	Aa3	$	4,595,000	$	5,416,402
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2035	Aa3		2,245,000		2,545,830
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2035	Aa3		4,825,000		5,678,685
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2036	Aa3		2,795,000		3,165,338
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2037	Aa3		10,000,000		11,312,100
Northern KY Water District		5.000			02/01/2026	Aa2		1,000,000		1,078,590
Northern KY Water District		5.000			02/01/2027	Aa2		4,315,000		4,648,550
Northern KY Water District		5.000			02/01/2033	Aa2		3,580,000		3,723,164
Owensboro KY Electric Light & Power		4.000			01/01/2031	A3		245,000		272,291
Owensboro KY Electric Light & Power		4.000			01/01/2033	A3		275,000		303,383
Owensboro KY Electric Light & Power		4.000			01/01/2034	A3		305,000		335,653
Owensboro KY Electric Light & Power		4.000			01/01/2035	A3		200,000		218,752
Owensboro KY Electric Light & Power		4.000			01/01/2036	A3		325,000		354,601
Owensboro KY Electric Light & Power		4.000			01/01/2037	A3		410,000		446,244
Owensboro KY Water Revenue		4.000			09/15/2034	A1		2,075,000		2,308,790
Owensboro KY Water Revenue		4.000			09/15/2035	A1		2,155,000		2,391,382
Owensboro KY Water Revenue		4.000			09/15/2037	A1		1,950,000		2,152,352
Owensboro KY Water Revenue		4.000			09/15/2039	A1		2,125,000		2,334,568
										102,899,374
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
7.64% of Net Assets
KY Asset Liability Commission Federal Highway		5.000			09/01/2021	A2		1,570,000		1,609,046
KY Asset Liability Commission Federal Highway		5.000			09/01/2022	A2		3,500,000		3,585,610
KY Asset Liability Commission Federal Highway		5.250			09/01/2025	A2		3,400,000		3,858,354
KY Asset Liability Commission Federal Highway		5.000			09/01/2027	A2		9,760,000		11,527,438
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2029	Aa3		5,165,000		5,435,285
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2029	Aa3		7,235,000		7,842,885
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2029	Aa3		4,000,000		4,773,720
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2030	Aa3		1,845,000		1,940,719
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2030	Aa3		1,465,000		1,586,961
KY State Turnpike Economic Development Road Revenue**		5.000			07/01/2031	Aa3		9,350,000		10,111,651
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2032	Aa3		1,315,000		1,527,688
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2032	Aa3		1,765,000		2,129,349
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2032	Aa3		8,755,000		9,468,182
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2033	Aa3		5,000,000		5,556,550
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2034	Aa3		2,370,000		2,798,188
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2036	Aa3		400,000		478,880
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2037	Aa3		500,000		596,690
										74,827,196
PUBLIC FACILITIES REVENUE BONDS
6.40% of Net Assets
Bracken County KY Public Property		5.000			08/01/2030	A1		1,110,000		1,177,577
Franklin County KY Public Properties Justice Center		5.000			04/01/2029	A1		2,630,000		2,756,266
KY Bond Development		5.000			09/01/2035	A2		1,275,000		1,549,648
KY Bond Development		5.000			09/01/2036	A2		2,000,000		2,423,800
KY Bond Development		5.000			09/01/2037	A2		3,725,000		4,494,809
KY Bond Development		5.000			09/01/2038	A2		1,125,000		1,352,610
KY State Certificate of Participation		4.000			04/15/2030	A1		1,500,000		1,720,665
KY State Certificate of Participation		4.000			04/15/2031	A1		1,350,000		1,541,957
KY State Certificate of Participation		5.000			06/15/2034	A1		1,640,000		1,886,672
KY State Certificate of Participation		5.000			04/15/2038	A1		5,000,000		5,963,400
KY State Certificate of Participation		5.000			06/15/2038	A1		7,535,000		8,568,275
Laurel County General Obligation		4.000			05/01/2031	A2		1,295,000		1,461,395
Laurel County General Obligation		4.000			05/01/2034	A2		1,440,000		1,603,267
Laurel County General Obligation		4.000			05/01/2035	A2		1,495,000		1,661,304
Laurel County General Obligation		4.000			05/01/2036	A2		1,555,000		1,726,874
Laurel County General Obligation		4.000			05/01/2037	A2		1,620,000		1,792,157
Laurel County General Obligation		4.000			05/01/2038	A2		1,680,000		1,850,218

The accompanying notes are an integral part of the financial statements.

9

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Laurel County KY Judicial Center		5.000	%		03/01/2025	A1	$	500,000	$	578,055
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2032	A2		2,325,000		2,552,222
Marshall County Library		4.000			06/01/2038	Aa3		1,060,000		1,173,060
Nicholasville KY General Obligation		3.500			05/01/2030	AA*		1,480,000		1,628,577
River City, Inc. Parking Authority		4.750			06/01/2027	Aa3		750,000		828,240
River City, Inc. Parking Authority		4.750			06/01/2028	Aa3		940,000		1,035,090
River City, Inc. Parking Authority		4.750			06/01/2029	Aa3		1,160,000		1,275,316
River City, Inc. Parking Authority		4.750			06/01/2029	Aa3		980,000		1,077,422
River City, Inc. Parking Authority		4.750			06/01/2030	Aa3		1,025,000		1,125,819
River City, Inc. Parking Authority		4.750			06/01/2031	Aa3		1,270,000		1,392,707
River City, Inc. Parking Authority		5.000			06/01/2031	Aa3		1,080,000		1,198,940
River City, Inc. Parking Authority		5.000			06/01/2032	Aa3		1,130,000		1,253,249
River City, Inc. Parking Authority		5.000			06/01/2033	Aa3		1,395,000		1,545,688
Warren County KY Downtown Economic Development Authority		5.000			06/01/2038	AA-*		2,345,000		2,494,423
										62,689,702
PREREFUNDED BONDS
5.99% of Net Assets
Bracken County KY Public Property		5.000			08/01/2029	A1		840,000		890,593
Hardin County KY School District Finance Corporation		5.000			05/01/2030	A1		450,000		473,036
Hardin County KY School District Finance Corporation		5.000			05/01/2031	A1		470,000		494,059
KY Infrastructure Authority Wastewater and Drinking Water		5.000			02/01/2027	Aaa		2,500,000		2,507,975
KY Infrastructure Authority Wastewater and Drinking Water		5.000			02/01/2028	Aaa		2,000,000		2,006,380
KY State Association of Counties Finance Corporation		5.000			02/01/2030	NR		525,000		536,744
KY State Association of Counties Finance Corporation		5.000			02/01/2032	NR		835,000		853,679
KY State Association of Counties Finance Corporation		5.000			02/01/2035	NR		875,000		894,574
KY State Property & Building #100		5.000			08/01/2026	A1		2,000,000		2,120,120
KY State Property & Building #100		5.000			08/01/2027	A1		1,710,000		1,812,703
KY State Property & Building #100		5.000			08/01/2028	A1		4,000,000		4,240,240
KY State Property & Building #100		5.000			08/01/2029	A1		2,500,000		2,650,150
KY State Property & Building #100		5.000			08/01/2030	A1		9,980,000		10,579,398
KY State Property & Building #100		5.000			08/01/2031	A1		5,100,000		5,406,306
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2028	Aa3		4,930,000		5,402,836
Lexington Fayette Urban County Airport Board		5.000			07/01/2030	Aa2		1,250,000		1,369,238
Louisville & Jefferson County Catholic Health Initiatives**		5.000			12/01/2035	NR		11,290,000		12,320,100
Owensboro KY Public Property		4.500			04/01/2034	A1		1,165,000		1,214,022
Wolfe County KY Public Property		5.000			04/01/2030	A1		2,855,000		2,882,380
										58,654,533
REFUNDING BONDS
5.78% of Net Assets
KY State Property & Building #80		5.250			05/01/2020	A1		1,000,000		1,013,240
KY State Property & Building #83		5.250			10/01/2020	A1		24,220,000		24,940,545
KY State Property & Building #84		5.000			08/01/2021	A1		310,000		328,014
KY State Property & Building #84		5.000			08/01/2022	A1		18,000,000		19,676,700
KY State Property & Building #102		5.000			05/01/2024	Aa3		405,000		445,950
KY State Property & Building #104		5.000			11/01/2022	A2		1,290,000		1,414,382
KY State Property & Building #108		5.000			08/01/2025	A1		2,690,000		3,168,739
KY State Property & Building #121		5.000			02/01/2029	A1		4,535,000		5,647,027
										56,634,597
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.25% of Net Assets
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2032	AA*		1,810,000		2,003,851
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2035	AA*		1,390,000		1,518,200
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2036	AA*		1,200,000		1,307,004
KY Development Corporation Hospital Facilities — St. Elizabeth		5.000			05/01/2039	AA*		7,185,000		8,368,082
Lexington Fayette Urban County Government		5.250			06/01/2032	A1		1,500,000		1,572,615
Lexington Fayette Urban County Government Healthcare		5.250			06/01/2028	A1		1,000,000		1,050,040
Lexington Fayette Urban County Government Public Facilities		5.000			06/01/2033	A1		5,260,000		5,495,069
Louisville & Jefferson County Norton Healthcare		5.500			10/01/2033	A*		2,000,000		2,264,780

The accompanying notes are an integral part of the financial statements.

10

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Louisville & Jefferson County Norton Healthcare		5.000	%		10/01/2033	A*	$	6,810,000	$	8,032,531
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2035	A*		3,850,000		4,196,539
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2036	A*		7,005,000		7,617,377
Warren County KY Hospital		5.000			04/01/2028	A+*		6,225,000		6,875,824
Warren County KY Hospital		5.000			04/01/2035	A+*		1,025,000		1,119,228
										51,421,140
AIRPORT REVENUE BONDS
1.26% of Net Assets
Kenton County Airport		5.000			01/01/2029	A1		240,000		286,507
Kenton County Airport		5.000			01/01/2034	A1		275,000		343,156
Kenton County Airport		5.000			01/01/2035	A1		300,000		372,954
Kenton County Airport		5.000			01/01/2036	A1		325,000		403,127
Kenton County Airport		5.000			01/01/2037	A1		250,000		309,173
Kenton County Airport		5.000			01/01/2038	A1		500,000		616,960
Kenton County Airport		5.000			01/01/2039	A1		500,000		614,660
Kenton County Airport		5.000			01/01/2044	A1		2,500,000		3,039,125
Lexington Fayette Urban County Airport Board		5.000			07/01/2028	Aa2		1,170,000		1,281,606
Lexington Fayette Urban County Airport Board		5.000			07/01/2032	Aa2		1,430,000		1,565,664
Lexington Fayette Urban County Airport Board		5.000			07/01/2033	Aa2		1,520,000		1,664,202
Lexington Fayette Urban County Airport Board		5.000			07/01/2038	Aa2		1,720,000		1,882,729
										12,379,863
AD VALOREM PROPERTY BONDS
.13% of Net Assets
Warren County General Obligation		4.000			06/01/2035	Aa1		1,175,000		1,319,842
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
.12% of Net Assets
Greater KY Housing Assistance Corporation — Chenowith Woods		6.100			01/01/2024	Baa2		200,000		200,348
KY Housing Corporation Country Place Apartments		4.750			04/20/2031	AA+*		935,000		942,882
										1,143,230
Total Investments 98.58% of Net Assets (cost $912,613,369) (See (a) below for further explanation)									$	965,418,882
Other assets in excess of liabilities 1.42%										13,924,340
Net Assets 100%									$	979,343,222

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $912,613,369 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	53,002,398
Unrealized depreciation		(196,885	)
Net unrealized appreciation	$	52,805,513

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		965,418,882
Level 3	Significant Unobservable Inputs		—
		$	965,418,882

The accompanying notes are an integral part of the financial statements.

11

KENTUCKYTAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $912,613,369)		$	965,418,882
Cash			7,085,001
Receivable for fund shares sold			95,194
Interest receivable			11,383,626
Total assets			983,982,703
LIABILITIES:
Payable for:
Distributions to shareholders	2,860,373
Fund shares redeemed	1,109,001
Investment advisory fee	311,410
Transfer agent fee	99,614
Professional fees	125,414
Trustees fees	46,973
Custodian expense	5,572
Accrued expenses	81,124
Total liabilities			4,639,481
NET ASSETS:
Capital			926,725,338
Total distributable earnings			52,617,884
Net assets at value		$	979,343,222
NET ASSET VALUE, offering price and redemption price per share (124,304,978 shares outstanding; unlimited number of shares authorized no par value)		$	7.88

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	15,862,583
Expenses:
Investment advisory fee		1,849,077
Transfer agent fee		591,828
Professional fees		117,004
Trustees fees		42,790
Custodian expense		39,368
Pricing fees		11,663
Registration fees		6,811
Other expenses		74,232
Total expenses		2,732,773
Custodian expense reduction		(2,427	)
Net expenses		2,730,346
Net investment income		13,132,237
Realized and unrealized gain on investments:
Net realized gain		17,714
Net change in unrealized appreciation/depreciation		5,989,955
Net realized and unrealized gain on investments		6,007,669
Net increase in net assets resulting from operations	$	19,139,906

The accompanying notes are an integral part of the financial statements.

12

KENTUCKYTAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	13,132,237		$	27,074,947
Net realized gain/(loss) on investments		17,714			(207,093	)
Net change in unrealized appreciation/depreciation		5,989,955			29,286,989
Net increase in net assets resulting from operations		19,139,906			56,154,843
Total distributions		(13,132,237	)		(28,683,622	)
Net fund share transactions (Note 4)		4,071,496			(12,540,506	)
Total increase		10,079,165			14,930,715
Net assets:
Beginning of year		969,264,057			954,333,342
End of period	$	979,343,222		$	969,264,057

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$7.83			$7.60			$7.76			$8.06			$7.83			$7.89
Income from investment operations:
Net investment income		0.11			0.22			0.23			0.24			0.25			0.26
Net gains/(losses) on securities		0.05			0.24			(0.16	)		(0.30	)		0.23			(0.06	)
Total from investment operations		0.16			0.46			0.07			(0.06	)		0.48			0.20
Less distributions:
Distributions from net investment income		(0.11	)		(0.22	)		(0.23	)		(0.24	)		(0.25	)		(0.26	)
Distributions from capital gains		0.00			(0.01	)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
Total distributions		(0.11	)		(0.23	)		(0.23	)		(0.24	)		(0.25	)		(0.26	)
Net asset value, end of period		$7.88			$7.83			$7.60			$7.76			$8.06			$7.83
Total return		2.00%	(c)		6.22%			0.93%			(0.70	)%		6.25%			2.60%
Net assets, end of period (in thousands)		$979,343			$969,264			$954,333			$990,213			$1,023,745			$989,630
Ratio of net expenses to average net assets (a)		0.56%	(d)		0.57%			0.56%			0.55%			0.55%			0.55%
Ratio of gross expenses to average net assets		0.56%	(d)		0.57%			0.56%			0.55%			0.55%			0.55%
Ratio of net investment income to average net assets		2.69%	(d)		2.88%			2.98%			3.05%			3.15%			3.29%
Portfolio turnover		2.87%	(c)		10.23%			16.81%			10.44%			11.53%			7.80%

(a) Percentages are after custodian reduction for which no recovery will be sought.

(b) Rounds to less than $0.01.

(c) Not annualized

(d) Annualized

The accompanying notes are an integral part of the financial statements.

13

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREESHORT-TO-MEDIUM SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
23.01% of Net Assets
KY State Property & Building #100		5.000	%		08/01/2024	A1	$	650,000	$	689,358
KY State Property & Building #100		5.000			08/01/2025	A1		500,000		530,195
KY State Property & Building #106		5.000			10/01/2021	A1		750,000		798,383
KY State Property & Building #106		5.000			10/01/2024	A1		750,000		846,593
KY State Property & Building #106		5.000			10/01/2025	A1		2,365,000		2,666,607
KY State Property & Building #106**		5.000			10/01/2026	A1		1,000,000		1,126,360
KY State Property & Building #108		5.000			08/01/2023	A1		1,125,000		1,266,052
KY State Property & Building #108		5.000			08/01/2023	A1		875,000		984,708
KY State Property & Building #108		5.000			08/01/2028	A1		755,000		880,156
KY State Property & Building #110		5.000			08/01/2023	A1		1,750,000		1,969,415
										11,757,827
SCHOOL IMPROVEMENT BONDS
21.03% of Net Assets
Barren County KY School District Finance Corporation**		5.000			08/01/2022	A1		1,055,000		1,153,272
Barren County KY School District Finance Corporation		5.000			08/01/2023	A1		500,000		564,185
Bowling Green KY Independent School District Finance Corporation		5.000			08/01/2027	A1		695,000		833,430
Bullitt County KY School District Finance Corporation		5.000			09/01/2022	A1		300,000		328,416
Fayette County KY School District Finance Corporation		5.000			06/01/2023	Aa3		500,000		561,625
Fayette County KY School District Finance Corporation**		5.000			08/01/2023	Aa3		1,000,000		1,129,870
Hardin County KY School District Finance Corporation		5.000			03/01/2023	A1		770,000		855,047
Jefferson County KY School District Finance Corporation		4.000			12/01/2023	Aa3		500,000		551,990
Jessamine County KY School District Finance Corporation		5.000			02/01/2023	A1		575,000		637,434
Laurel County KY School District Finance Corporation		4.000			06/01/2022	A1		890,000		943,916
Laurel County KY School District Finance Corporation		4.000			06/01/2024	A1		465,000		511,356
Pike County School District Finance Corporation		5.000			08/01/2024	A1		250,000		288,613
Pike County School District Finance Corporation		5.000			02/01/2025	A1		900,000		1,053,603
Pike County School District Finance Corporation		5.000			08/01/2025	A1		200,000		236,648
Pike County School District Finance Corporation		4.000			02/01/2028	A1		295,000		331,872
Warren County KY School District Finance Corporation		4.000			06/01/2022	A1		725,000		766,434
										10,747,711
PUBLIC FACILITIES REVENUE BONDS
16.21% of Net Assets
KY State Certificate of Participation		4.000			06/15/2023	A1		940,000		1,023,491
KY State Certificate of Participation		4.000			06/15/2024	A1		300,000		333,576
KY State Property & Building #109**		5.000			10/01/2022	A1		1,000,000		1,096,760
Laurel County KY Justice Center		5.000			03/01/2023	A1		600,000		663,126
Lexington-Fayette Urban County Government Court Facilities		5.000			10/01/2024	A1		700,000		811,902
Livingston County KY Public Properties		5.000			08/01/2022	A1		500,000		543,110
Livingston County KY Public Properties		5.000			08/01/2023	A1		525,000		587,113
Livingston County KY Public Properties		5.000			08/01/2024	A1		555,000		637,007
River City Parking Authority		5.000			12/01/2024	Aa3		340,000		398,133
Taylor County KY Public Courthouse		4.000			09/01/2027	A1		700,000		782,320
Warren County KY Justice Center Expansion Corporation**		5.000			09/01/2023	A1		1,250,000		1,407,875
										8,284,413
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
9.89% of Net Assets
KY Asset Liability Commission Federal Highway		5.000			09/01/2024	A2		500,000		581,030
KY Asset Liability Commission Federal Highway		5.000			09/01/2026	A2		1,015,000		1,171,544
KY Asset Liability Project Notes		4.000			09/01/2023	A2		250,000		273,150
KY State Turnpike Authority Economic Development		5.000			07/01/2024	Aa3		1,175,000		1,356,079
KY State Turnpike Authority Economic Development		5.000			07/01/2026	Aa3		1,385,000		1,671,764
										5,053,567
HOSPITAL AND HEALTHCARE REVENUE BONDS
6.91% of Net Assets
Lexington-Fayette Urban County Government		5.000			06/01/2024	A1		2,800,000		2,940,476
Warren County Hospital		4.000			04/01/2020	A+*		55,000		55,370
Warren County Hospital		5.000			04/01/2023	A+*		500,000		537,955
										3,533,801

The accompanying notes are an integral part of the financial statements.

14

DUPREE MUTUAL FUNDS — KENTUCKYTAX-FREESHORT-TO-MEDIUM SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
6.88% of Net Assets
University of Kentucky General Receipts		4.000	%		04/01/2028	Aa2	$	750,000	$	826,260
University of Louisville		5.000			03/01/2024	A1		350,000		400,361
University of Louisville**		5.000			03/01/2024	A1		2,000,000		2,287,780
										3,514,401
MUNICIPAL UTILITY REVENUE BONDS
5.16% of Net Assets
Campbell & Kenton Counties Sanitation District #1		4.000			08/01/2031	Aa2		1,000,000		1,128,700
Frankfort Electric & Water		4.000			12/01/2023	AA*		440,000		483,626
KY Rural Water Finance Corporation		4.500			08/01/2021	A+*		100,000		100,132
Northern KY Water		5.000			02/01/2026	Aa2		815,000		922,376
										2,634,834
PREREFUNDED BONDS
3.91% of Net Assets
KY Infrastructure Authority Wastewater & Drinking Water		5.000			02/01/2025	Aaa		175,000		189,093
KY Turnpike Economic Development Road Revenue		5.000			07/01/2023	Aa3		600,000		657,546
KY Turnpike Ecomonic Development Road Revenue**		5.000			07/01/2024	Aa3		1,000,000		1,057,710
KY Turnpike Economic Development Road Revenue		5.000			07/01/2024	Aa3		85,000		93,152
										1,997,501
REFUNDING BONDS
3.82% of Net Assets
KY State Property & Building #104**		5.000			11/01/2021	A2		1,000,000		1,065,290
KY State Property & Building #108		5.000			08/01/2022	A1		200,000		218,256
KY State Property & Building #112		5.000			11/01/2026	A1		555,000		670,285
										1,953,831
AIRPORT REVENUE BONDS
1.18% of Net Assets
Kenton County Airport		5.000			01/01/2026	A1		500,000		604,845
Total Investments 98.00% of Net Assets (cost $48,360,223) (See (a) below for further explanation)									$	50,082,731
Other assets in excess of liabilities 2.00%										1,023,687
Net Assets 100%									$	51,106,418

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $48,360,223 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	1,722,508
Unrealized depreciation		—
Net unrealized appreciation	$	1,722,508

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		50,082,731
Level 3	Significant Unobservable Inputs		—
		$	50,082,731

The accompanying notes are an integral part of the financial statements.

15

KENTUCKYTAX-FREESHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $48,360,223)		$	50,082,731
Cash			439,320
Interest receivable			689,060
Total assets			51,211,111
LIABILITIES:
Payable for:
Distributions to shareholders	32,100
Fund shares redeemed	9,424
Investment advisory fee	18,709
Transfer agent fee	6,764
Professional fees	12,631
Custodian expense	2,776
Trustees fees	2,661
Accrued expenses	19,628
Total liabilities			104,693
NET ASSETS:
Capital			49,589,317
Total distributable earnings			1,517,101
Net assets at value		$	51,106,418
NET ASSET VALUE,offering price and redemption price per share (9,498,046 shares outstanding; unlimited number of shares authorized no par value)		$	5.38

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	644,724
Expenses:
Investment advisory fee		135,287
Transfer agent fee		35,485
Professional fees		11,264
Custodian expense		8,178
Registration fees		5,319
Pricing fees		3,660
Trustees fees		3,185
Other expenses		8,019
Total expenses		210,397
Fees waived by Adviser (Note 2)		(20,078	)
Custodian expense reduction		(504	)
Net expenses		189,815
Net investment income		454,909
Realized and unrealized gain on investments:
Net realized gain		55,731
Net change in unrealized appreciation/depreciation		179,388
Net realized and unrealized gain on investments		235,119
Net increase in net assets resulting from operations	$	690,028

The accompanying notes are an integral part of the financial statements.

16

KENTUCKYTAX-FREESHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	454,909		$	1,071,104
Net realized gain/(loss) on investments		55,731			(50,591	)
Net change in unrealized appreciation/depreciation		179,388			1,547,024
Net increase in net assets resulting from operations		690,028			2,567,537
Total distributions		(454,909	)		(1,071,104	)
Net fund share transactions (Note 4)		(4,547,215	)		(8,723,711	)
Total decrease		(4,312,096	)		(7,227,278	)
Net assets:
Beginning of year		55,418,514			62,645,792
End of period	$	51,106,418		$	55,418,514

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$5.36			$5.22			$5.33			$5.45			$5.35			$5.44
Income from investment operations:
Net investment income		0.05			0.09			0.09			0.10			0.11			0.12
Net gains/(losses) on securities		0.02			0.14			(0.11	)		(0.12	)		0.10			(0.09	)
Total from investment operations		0.07			0.23			(0.02	)		(0.02	)		0.21			0.03
Less distributions:
Distributions from net investment income		(0.05	)		(0.09	)		(0.09	)		(0.10	)		(0.11	)		(0.12	)
Net asset value, end of period		$5.38			$5.36			$5.22			$5.33			$5.45			$5.35
Total return		1.23%	(b)		4.56%			(0.32	)%		(0.44	)%		3.88%			0.50%
Net assets, end of period (in thousands)		$51,106			$55,419			$62,646			$72,172			$85,169			$80,055
Ratio of net expenses to average net assets (a)		0.71%	(c)		0.70%			0.70%			0.71%			0.72%			0.73%
Ratio of gross expenses to average net assets		0.78%	(c)		0.77%			0.75%			0.73%			0.72%			0.73%
Ratio of net investment income to average net assets		1.69%	(c)		1.81%			1.76%			1.79%			1.96%			2.17%
Portfolio turnover		2.60%	(b)		4.88%			4.69%			14.84%			26.49%			20.19%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

17

DUPREE MUTUAL FUNDS — MISSISSIPPITAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PREREFUNDED BONDS
31.56% of Net Assets
MS Development Bank Desoto County Highway		5.000	%		01/01/2030	Aa3	$	100,000	$	111,478
MS Development Bank Special Obligation Canton		5.750			10/01/2031	A2		370,000		399,463
MS Development Bank Special Obligation Department of Corrections		5.250			08/01/2027	AA-*		50,000		51,206
MS Development Bank Special Obligation Department of Corrections		5.250			08/01/2027	AA-*		240,000		245,786
MS Development Bank Special Obligation Hinds College		5.000			04/01/2036	A2		250,000		262,228
MS Development Bank Special Obligation Jones County Rest Home		5.250			04/01/2028	A2		120,000		126,163
MS Development Bank Special Obligation Lowndes County		5.125			12/01/2027	AA*		135,000		139,953
MS Development Bank Special Obligation Marshall County		5.000			01/01/2028	Aa3		200,000		215,430
MS State Capital Improvement Projects		5.000			10/01/2029	Aa2		145,000		154,851
MS State Capital Improvement Projects		5.000			10/01/2036	Aa2		280,000		299,023
MS State University Educational Building Corporation Revenue		5.000			08/01/2036	Aa2		175,000		185,710
MS State University Educational Building Corporation Revenue **		5.250			08/01/2038	Aa2		300,000		344,079
Southern Mississippi Educational Building Corporation		5.000			03/01/2038	Aa2		600,000		673,620
University of Mississippi Educational Building Corporation		5.000			10/01/2028	Aa2		200,000		213,334
										3,422,324
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
21.84% of Net Assets
Jackson State University Educational Building		5.000			03/01/2034	Aa2		440,000		507,280
Mississippi State University Educational Building		5.000			11/01/2032	Aa2		125,000		146,978
MS Development Bank Special Obligation Gulf Coast Community Project**		4.000			12/01/2034	AA-*		300,000		331,830
MS Development Bank Special Obligation Pearl River Community College		5.000			10/01/2033	AA-*		125,000		152,271
MS State University Educational Building Corporation Revenue		5.000			08/01/2033	Aa2		225,000		274,750
MS State University Educational Building Corporation Revenue		4.000			08/01/2036	Aa2		250,000		279,785
University of Mississippi Educational Building Corporation		5.000			10/01/2031	Aa2		205,000		247,384
University Southern MS Educational Building Corporation		5.000			09/01/2033	Aa2		360,000		429,314
										2,369,592
MUNICIPAL UTILITY REVENUE BONDS
11.93% of Net Assets
MS Development Bank Special Obligation Hattiesburg Water & Sewer		4.750			12/01/2038	AA*		700,000		766,898
MS Development Bank Special Obligation Jackson Water & Sewer		6.875			12/01/2040	A3		250,000		295,480
MS Development Bank Special Obligation Tupelo		5.000			05/01/2033	Aa2		150,000		176,348
MS Development Bank Special Obligation West Jackson County Utility District		5.000			12/01/2033	A*		50,000		55,583
										1,294,309
PUBLIC FACILITIES REVENUE BONDS
8.86% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement**		4.000			08/01/2033	AA*		300,000		334,481
MS Development Bank Special Obligation Brandon Public Improvement		5.000			11/01/2033	Aa3		150,000		172,872
MS Development Bank Special Obligation Brandon Public Improvement		4.000			08/01/2035	AA*		150,000		165,590
MS Development Bank Special Obligation Hinds County		4.000			11/01/2035	Aa3		100,000		111,135
MS Development Bank Special Obligation Meridian Arts Center		5.000			03/01/2034	A2		150,000		176,615
										960,693
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
8.14% of Net Assets
MS Development Bank Special Obligation Highway Construction		5.000			01/01/2025	Aa3		200,000		234,970
MS Development Bank Special Obligation Highway Construction		5.000			01/01/2029	Aa3		300,000		363,311
MS Development Bank Special Obligation Highway Construction		4.000			01/01/2030	Aa3		175,000		197,878
MS Development Bank Special Obligation Marshall County		5.000			01/01/2030	Aa3		75,000		86,699
										882,858
SCHOOL IMPROVEMENT BONDS
5.76% of Net Assets
MS Development Bank Special Obligation Canton School District		5.000			12/01/2033	A1		100,000		117,269

The accompanying notes are an integral part of the financial statements.

18

DUPREE MUTUAL FUNDS — MISSISSIPPITAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MS Development Bank Special Obligation Jackson Schools		5.000	%		04/01/2028	A+*	$	245,000	$	269,961
MS Development Bank Special Obligation Rankin School District		4.000			06/01/2038	AA*		100,000		110,666
MS Development Bank Special Obligation Vicksburg Warren School District		5.500			03/01/2038	AA*		100,000		126,971
										624,867
REFUNDING BONDS
4.73% of Net Assets
MS State Refunding		5.000			10/01/2033	Aa2		150,000		184,574
MS State Refunding		4.000			10/01/2036	Aa2		290,000		328,767
										513,341
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.91% of Net Assets
Mississippi State Gaming Tax Revenue		5.000			10/15/2035	A3		125,000		145,696
Mississippi State Gaming Tax Revenue		5.000			10/15/2037	A+*		125,000		153,388
MS Development Bank Special Obligation Rankin County		5.000			08/01/2034	Aa1		100,000		125,448
										424,532
HOSPITAL AND HEALTHCARE REVENUE BONDS
1.91% of Net Assets
Medical Center Educational Building Corporation MS Revenue		5.500			12/01/2023	Aa2		75,000		82,781
Medical Center Educational Building Corporation MS Revenue		5.000			06/01/2035	Aa2		100,000		124,853
										207,634
Total Investments 98.64% of Net Assets (cost $10,079,071) (See (a) below for further explanation)									$	10,700,150
Other assets in excess of liabilities 1.36%										147,458
Net Assets 100%									$	10,847,608

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $10,079,071 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	624,534
Unrealized depreciation		(3,455	)
Net unrealized appreciation	$	621,079

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		10,700,150
Level 3	Significant Unobservable Inputs		—
		$	10,700,150

The accompanying notes are an integral part of the financial statements.

19

MISSISSIPPITAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $10,079,071)		$	10,700,150
Cash			88,711
Interest receivable			132,121
Total assets			10,920,982
LIABILITIES:
Payable for:
Distributions to shareholders	55,467
Fund shares redeemed	818
Investment advisory fee	2,030
Transfer agent fee	3,059
Professional fees	4,488
Custodian expense	2,009
Trustees fees	821
Accrued expenses	4,682
Total liabilities			73,374
NET ASSETS:
Capital			10,225,321
Total distributable earnings			622,287
Net assets at value		$	10,847,608
NET ASSET VALUE, offering price and redemption price per share (887,140 shares outstanding; unlimited number of shares authorized; no par value)		$	12.23

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	184,108
Expenses:
Investment advisory fee		28,208
Transfer agent fee		8,462
Registration expense		5,232
Custodian expense		4,080
Compliance fees		3,529
Pricing fees		2,017
Professional fees		1,575
Trustees fees		660
Other expenses		1,727
Total expenses		55,490
Fees waived by Adviser (Note 2)		(15,673	)
Custodian expense reduction		(252	)
Net expenses		39,565
Net investment income		144,543
Realized and unrealized gain on investments:
Net realized gain		14,712
Net change in unrealized appreciation/depreciation		18,043
Net realized and unrealized gain on investments		32,755
Net increase in net assets resulting from operations	$	177,298

The accompanying notes are an integral part of the financial statements.

20

MISSISSIPPITAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	144,543		$	306,958
Net realized gain on investments		14,712			4,783
Net change in unrealized appreciation/depreciation		18,043			260,698
Net increase in net assets resulting from operations		177,298			572,439
Total distributions		(158,752	)		(307,238	)
Net fund share transactions (Note 4)		(495,439	)		(555,782	)
Total decrease		(476,893	)		(290,581	)
Net assets:
Beginning of year		11,324,501			11,615,082
End of period	$	10,847,608		$	11,324,501

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$12.21			$11.92			$12.14			$12.55			$12.03			$11.95
Income from investment operations:
Net investment income		0.16			0.33			0.33			0.34			0.36			0.37
Net gains/(losses) on securities		0.04			0.29			(0.22	)		(0.41	)		0.52			0.08
Total from investment operations		0.20			0.62			0.11			(0.07	)		0.88			0.45
Less distributions:
Distributions from net investment income		(0.16	)		(0.33	)		(0.33	)		(0.34	)		(0.36	)		(0.37	)
Distributions from capital gains		(0.02	)		0.00	(b)		0.00	(b)		0.00	(b)		0.00			0.00
Total distributions		(0.18	)		(0.33	)		(0.33	)		(0.34	)		(0.36	)		(0.37	)
Net asset value, end of period		$12.23			$12.21			$11.92			$12.14			$12.55			$12.03
Total return		1.59%	(c)		5.29%			0.99%			(0.48	)%		7.49%			3.80%
Net assets, end of period (in thousands)		$10,848			$11,325			$11,615			$12,448			$11,505			$10,916
Ratio of net expenses to average net assets (a)		0.71%	(d)		0.70%			0.70%			0.70%			0.70%			0.69%
Ratio of gross expenses to average net assets		0.99%	(d)		0.97%			0.92%			0.85%			0.88%			0.86%
Ratio of net investment income to average net assets		2.58%	(d)		2.75%			2.75%			2.80%			2.97%			3.07%
Portfolio turnover		2.31%	(c)		4.65%			7.26%			14.06%			3.26%			6.47%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Rounds to less than $0.01.

(c) Not annualized

(d) Annualized

The accompanying notes are an integral part of the financial statements.

21

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
20.96% of Net Assets
Appalachian NC State University		4.000	%		05/01/2033	A1	$	500,000	$	565,735
Appalachian NC State University		5.000			05/01/2036	A1		1,000,000		1,218,910
Iredell County NC Community College		5.000			04/01/2026	Aa1		225,000		225,437
Iredell County NC Community College		5.000			04/01/2027	Aa1		325,000		325,627
NC State Capital Facilities Davidson College		5.000			03/01/2032	AA+*		310,000		333,591
NC State Capital Facilities Duke University		5.000			10/01/2041	Aa1		2,000,000		2,346,860
NC State Capital Facilities Finance Agency Davidson College		4.750			03/01/2035	AA+*		1,000,000		1,065,030
NC State University at Raleigh		5.000			10/01/2042	Aa1		750,000		840,690
Scotland County NC		5.000			12/01/2033	A*		250,000		305,680
University of NC at Asheville		4.000			06/01/2036	A1		1,350,000		1,523,786
University of NC at Charlotte Board of Governors		4.000			10/01/2037	Aa3		750,000		838,320
University of NC at Charlotte Board of Governors		5.000			10/01/2042	Aa3		250,000		302,193
University of NC at Wilmington		4.000			10/01/2037	Aa3		750,000		856,545
University of NC Chapel Hill Hospitals		4.000			02/01/2037	Aa3		1,000,000		1,128,130
University of NC Chapel Hill Hospitals		4.000			02/01/2038	Aa3		400,000		449,172
University of NC Charlotte		5.000			04/01/2035	Aa3		595,000		676,212
University of NC Charlotte		4.000			10/01/2035	Aa3		250,000		281,518
University of NC Charlotte		4.000			10/01/2036	Aa3		250,000		280,005
University of NC Charlotte		5.000			04/01/2038	Aa3		1,000,000		1,131,210
University of NC Charlotte		5.000			04/01/2040	Aa3		2,650,000		3,059,982
University of NC Charlotte		5.000			04/01/2043	Aa3		1,500,000		1,692,885
University of NC Greensboro		5.000			04/01/2033	Aa3		900,000		1,025,622
University of NC Greensboro		4.000			04/01/2035	Aa3		750,000		848,903
University of NC Greensboro		4.000			04/01/2036	Aa3		500,000		563,530
University of NC Greensboro		5.000			04/01/2038	Aa3		425,000		519,703
University of NC Greensboro		5.000			04/01/2039	Aa3		2,870,000		3,252,883
University of NC Wilmington		4.000			04/01/2037	Aa3		385,000		440,278
University of NC Wilmington		4.000			04/01/2038	Aa3		405,000		461,700
University of NC Wilmington		4.000			04/01/2039	Aa3		1,380,000		1,568,273
University of NC Wilmington Limited Obligation		5.000			06/01/2033	A1		550,000		639,205
University of NC Wilmington Limited Obligation		4.000			06/01/2034	A1		500,000		554,525
University of North Carolina		5.000			10/01/2033	A1		30,000		30,039
Western Carolina University		5.000			10/01/2035	Aa3		1,000,000		1,233,930
Western Carolina University		5.000			10/01/2043	Aa3		1,000,000		1,202,640
Western Carolina University		5.000			10/01/2045	Aa3		825,000		955,375
										32,744,124
SCHOOL IMPROVEMENT BONDS
15.61% of Net Assets
Brunswick County NC Limited Obligation		5.000			06/01/2030	Aa2		250,000		295,355
Brunswick County NC Limited Obligation		5.000			06/01/2031	Aa2		250,000		293,223
Burke County NC Limited Obligation		4.000			04/01/2034	Aa3		250,000		280,175
Cabarrus County NC		4.000			06/01/2034	Aa2		795,000		898,231
Cabarrus County NC Limited Obligation		5.000			04/01/2035	Aa2		1,435,000		1,701,523
Cabarrus County NC Limited Obligation		4.000			06/01/2035	Aa2		1,650,000		1,855,805
Chatham County NC Limited Obligation		4.000			11/01/2036	Aa2		750,000		853,950
Chatham County NC Limited Obligation		4.000			11/01/2037	Aa2		2,000,000		2,263,500
Davidson County NC Limited Obligation		5.000			06/01/2032	Aa3		500,000		599,560
Duplin County NC Limited Obligation		5.000			04/01/2032	A2		750,000		885,413
Duplin County NC Limited Obligation		5.000			04/01/2034	A2		865,000		1,017,275
Henderson County NC Limited Obligation		4.000			06/01/2034	Aa3		200,000		228,014
Onslow County NC Limited Obligation		5.000			06/01/2033	Aa3		500,000		584,465
Pitt County NC Limited Obligation		4.000			04/01/2031	Aa2		500,000		563,845
Pitt County NC Limited Obligation		4.000			04/01/2034	Aa2		550,000		612,865
Randolph County NC Limited Obligation		4.000			10/01/2037	Aa3		250,000		288,103
Randolph County NC Limited Obligation		4.000			10/01/2039	Aa3		250,000		286,453
Rutherford County NC Limited Obligation		4.000			03/01/2037	A1		410,000		467,667

The accompanying notes are an integral part of the financial statements.

22

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Rutherford County NC Limited Obligation		4.000	%		03/01/2039	A1	$	500,000	$	566,950
Rutherford County NC Limited Obligation		4.000			03/01/2040	A1		325,000		367,582
Sampson County NC Limited Obligation		5.000			12/01/2033	A1		1,975,000		2,329,390
Sampson County NC Limited Obligation		5.000			09/01/2040	A1		750,000		894,473
Scotland County NC		4.500			12/01/2036	A*		1,170,000		1,378,481
Surry County NC Limited Obligation		4.000			06/01/2034	Aa3		350,000		403,960
Surry County NC Limited Obligation		4.000			06/01/2036	Aa3		590,000		677,167
Surry County NC Limited Obligation		4.000			06/01/2037	Aa3		730,000		835,186
Wake County NC Limited Obligation		4.000			09/01/2037	Aa1		750,000		864,143
Wayne County NC		4.000			06/01/2034	Aa3		1,500,000		1,690,380
Wilkes County NC Limited Obligation		5.000			06/01/2031	A1		350,000		409,126
										24,392,260
PUBLIC FACILITIES REVENUE BONDS
12.31% of Net Assets
Charlotte NC Certificate of Participation		4.000			12/01/2034	Aa1		290,000		321,697
Charlotte NC Certificate of Participation		4.000			06/01/2036	Aa2		1,000,000		1,150,490
Charlotte NC Certificate of Participation		4.000			06/01/2037	Aa2		3,000,000		3,440,490
Charlotte NC Certificate of Participation Convention Facility Project		4.000			06/01/2037	Aa2		500,000		573,415
Charlotte NC Certificate of Participation Convention Facility Project		4.000			06/01/2039	Aa2		1,000,000		1,135,020
Durham NC Limited Obligation		4.000			04/01/2036	Aa1		1,000,000		1,137,530
Forsyth County NC Limited Tax		5.000			04/01/2031	Aa1		335,000		361,535
Harnett County NC Limited Obligation		4.000			10/01/2038	Aa3		1,055,000		1,198,965
Henderson County NC Limited Obligation		5.000			10/01/2030	Aa3		250,000		296,965
Henderson County NC Limited Obligation		5.000			10/01/2031	Aa3		500,000		591,815
Kannapolis NC Limited Obligation		5.000			04/01/2032	A1		500,000		570,010
Onslow County NC Limited Obligation		5.000			06/01/2032	Aa3		500,000		587,295
Orange County NC		4.000			10/01/2036	Aa1		375,000		434,648
Orange County NC		4.000			10/01/2037	Aa1		375,000		432,866
Orange County NC		4.000			10/01/2038	Aa1		765,000		880,148
Orange County NC		4.000			10/01/2038	Aa1		275,000		316,393
Orange County NC		4.000			10/01/2039	Aa1		200,000		229,540
Raleigh NC Limited Obligation		5.000			10/01/2034	Aa1		1,420,000		1,638,538
Raleigh NC Limited Obligation		5.000			10/01/2038	Aa1		500,000		561,235
Randolph County NC Limited Obligation		4.000			10/01/2036	Aa3		250,000		289,050
Randolph County NC Limited Obligation		4.000			10/01/2037	Aa3		250,000		288,103
Randolph County NC Limited Obligation		4.000			10/01/2038	Aa3		670,000		769,589
Randolph County NC Limited Obligation		4.000			10/01/2039	Aa3		500,000		572,440
Thomasville NC Revenue		4.000			05/01/2036	Aa3		500,000		568,990
Winston Salem NC Limited Obligation		5.000			06/01/2031	Aa1		800,000		895,744
										19,242,511
REFUNDING BONDS
9.75% of Net Assets
Buncombe County NC Limited Obligation**		5.000			06/01/2035	Aa1		1,000,000		1,167,240
Charlotte NC Certificate of Participation		5.000			06/01/2026	Aa1		1,455,000		1,457,808
Charlotte NC Certificate of Participation		5.000			06/01/2027	Aa1		775,000		776,488
Charlotte NC Certificate of Participation		5.000			06/01/2033	Aa1		840,000		938,146
Charlotte NC Certificate of Participation		5.000			06/01/2034	Aa1		750,000		878,393
Chatham County NC		5.000			11/01/2032	Aa2		825,000		977,072
Dare County NC Limited Obligation Refunding		5.000			06/01/2029	Aa3		100,000		108,674
Durham Capital Financing Corporation		4.000			06/01/2043	Aa1		2,000,000		2,118,520
Durham Capital Financing Corporation Limited Obligation		5.000			06/01/2034	Aa1		500,000		557,535
Durham County NC		4.000			06/01/2036	Aaa		225,000		261,142
Monroe NC Limited Obligation		4.000			03/01/2033	Aa3		255,000		281,948
Monroe NC Limited Obligation**		5.000			03/01/2039	Aa3		1,250,000		1,468,888
New Hanover County NC Limited Obligation		5.000			12/01/2027	Aa1		505,000		559,530
Pitt County NC Certificate of Participation		5.000			04/01/2027	Aa2		500,000		540,765
Rockingham County NC Limited Obligation		5.000			04/01/2027	Aa3		250,000		294,980
Rockingham County NC Limited Obligation		4.500			04/01/2032	Aa3		500,000		567,060

The accompanying notes are an integral part of the financial statements.

23

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Sampson County NC Limited Obligation		4.000	%		09/01/2036	A1	$	1,000,000	$	1,109,190
Sampson County NC Limited Obligation		4.000			09/01/2037	A1		500,000		559,045
Thomasville NC Combined Enterprise System Revenue		4.750			05/01/2028	A1		435,000		467,080
Union County NC Limited Obligation Refunding		5.000			12/01/2024	Aa1		125,000		147,678
										15,237,182
MUNICIPAL UTILITY REVENUE BONDS
8.92% of Net Assets
Brunswick County NC Enterprise System Revenue		5.000			04/01/2031	Aa3		500,000		583,895
Brunswick County NC Enterprise System Revenue		4.000			04/01/2039	Aa3		1,000,000		1,133,760
Buncombe County NC Metropolitan Sewer District		5.000			07/01/2039	Aaa		550,000		630,108
Cary NC Combined Enterprise System Revenue		4.000			12/01/2042	Aaa		750,000		837,758
Concord NC Utilities System Revenue		4.500			12/01/2034	Aa2		1,000,000		1,155,050
Fuquay-Varina NC Combined Utilities Revenue		5.000			04/01/2040	Aa2		1,000,000		1,175,400
Gastonia NC Combined Utilities System Revenue		5.000			05/01/2034	Aa2		570,000		664,557
Gastonia NC Combined Utilities System Revenue		5.000			05/01/2035	Aa2		250,000		291,058
High Point NC Combined Enterprise		5.000			11/01/2039	Aa2		750,000		866,243
Martin County NC Limited Obligation Water and Sewer District		4.750			06/01/2034	A2		1,150,000		1,281,997
NC Municipal Power Agency #1 Catawba Electric Revenue		5.000			01/01/2030	A*		500,000		603,180
NC Municipal Power Agency #1 Catawba Electric Revenue		5.000			01/01/2032	A*		500,000		591,860
Sampson County NC Water & Sewer District		5.000			06/01/2037	A1		920,000		1,062,536
Union County NC Enterprise System Revenue		4.000			06/01/2038	Aa1		500,000		576,625
Union County NC Enterprise System Revenue		4.000			06/01/2044	Aa1		415,000		469,913
Wake County NC Industrial Facilities & Pollution Control Duke Energy		4.000			06/01/2041	Aa3		1,260,000		1,318,136
Wilmington NC Storm Water Revenue		5.000			06/01/2028	AA+*		115,000		115,221
Wilmington NC Storm Water Revenue		5.000			06/01/2035	Aa2		500,000		585,593
										13,942,890
PREREFUNDED BONDS
7.98% of Net Assets
Jacksonville Public Facilities Corporation Limited Obligation		5.000			04/01/2031	Aa3		265,000		287,961
Jacksonville Public Facilities Corporation Limited Obligation		5.000			04/01/2032	Aa3		100,000		108,665
Johnston County NC Installment Financing Contract		5.000			10/15/2027	Aa2		570,000		587,448
Moore County NC**		5.000			06/01/2031	Aa2		2,750,000		2,794,550
Nash County NC Limited Obligation**		5.000			10/01/2030	Aa3		1,640,000		1,687,740
NC Eastern Municipal Power Agency		6.000			01/01/2025	AAA@		1,150,000		1,420,250
NC Eastern Municipal Power Agency		6.000			01/01/2026	AAA@		275,000		301,870
NC Municipal Power Agency #1 Catawba Electric Revenue		5.000			01/01/2031	A2		500,000		538,780
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000			06/01/2036	A1		1,000,000		1,092,750
Orange County NC Public Facilities Company Limited Obligation		4.750			10/01/2032	Aa1		750,000		824,798
Pitt County NC Limited Obligation		5.000			04/01/2035	Aa2		105,000		106,020
University of NC Charlotte		5.000			04/01/2031	Aa3		750,000		814,988
University of NC Greensboro		5.000			04/01/2031	Aa3		500,000		543,560
University of NC Greensboro		5.000			04/01/2036	Aa3		500,000		543,560
Watauga NC Public Facilities Corporation Limited Obligation		5.000			06/01/2027	Aa3		750,000		819,563
										12,472,503
HOSPITAL AND HEALTHCARE REVENUE BONDS
7.89% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000			01/15/2036	Aa3		590,000		726,367
Charlotte Mecklenburg NC Hospital Healthcare System		5.000			01/15/2039	Aa3		1,500,000		1,634,340
NC State Medical Care Commission Duke University Health		5.000			06/01/2035	Aa2		500,000		541,375
NC State Medical Care Commission Health Care Facilities Rex Hospital		5.000			07/01/2030	A2		500,000		508,280
NC State Medical Care Commission Health Care Facilities Rex Hospital		5.000			07/01/2033	A2		750,000		878,145
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000			06/01/2040	A1		1,385,000		1,582,735
NC State Medical Care Commission Health Care Facilities Wake Medical		5.000			10/01/2031	A2		1,000,000		1,089,680
NC State Medical Care Commission Health Care Facilities Wake Medical		5.000			10/01/2038	A2		200,000		216,306
NC State Medical Care Commission Hospital Revenue NC Baptist Hospital		5.250			06/01/2029	A2		645,000		655,514

The accompanying notes are an integral part of the financial statements.

24

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
NC State Medical Care Commission Hospital Revenue NC Baptist Hospital		4.750	%		06/01/2030	A2	$	405,000	$	410,370
NC State Medical Care Commission Hospital Revenue NC Baptist Hospital		5.000			06/01/2034	A2		1,225,000		1,243,498
NC State Medical Care Commission Wake Forest Baptist Hospital		5.000			12/01/2033	A2		1,000,000		1,094,700
New Hanover County NC Hospital Revenue New Hanover Regional Medical		5.000			10/01/2034	A1		1,500,000		1,744,290
										12,325,600
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
4.74% of Net Assets
NC State Grant Anticipation Revenue Vehicle Garvee		5.000			03/01/2030	A2		200,000		233,372
NC State Limited Obligation Build NC Bonds		4.000			05/01/2034	Aa1		670,000		776,751
NC State Turnpike Authority		5.000			01/01/2036	AA*		500,000		613,290
NC State Turnpike Authority		5.000			01/01/2038	AA*		2,415,000		2,940,166
NC State Turnpike Authority Monroe Connector System		5.000			07/01/2029	Aa1		500,000		528,390
NC State Turnpike Authority Monroe Connector System		5.000			07/01/2031	Aa1		1,385,000		1,461,937
NC State Turnpike Authority Triangle Expressway		4.000			01/01/2039	Aa1		500,000		562,955
NC Turnpike Authority Triangle Expressway		4.000			01/01/2036	Aa1		250,000		284,615
										7,401,476
AIRPORT REVENUE BONDS
4.67% of Net Assets
Charlotte NC Aiport Revenue Charlotte Douglas International		4.000			07/01/2044	Aa3		480,000		541,848
Charlotte NC Airport Revenue		5.000			07/01/2036	Aa3		250,000		304,325
Charlotte NC Airport Revenue		4.000			07/01/2036	Aa3		500,000		564,495
Charlotte NC Airport Revenue		5.000			07/01/2037	Aa3		700,000		849,925
Charlotte NC Airport Revenue		5.000			07/01/2042	Aa3		1,325,000		1,593,405
Charlotte NC Douglas International Airport		5.000			07/01/2030	Aa3		1,095,000		1,265,305
Raleigh Durham NC Airport		5.000			05/01/2029	Aa3		235,000		237,942
Raleigh Durham NC Airport		5.000			05/01/2032	Aa3		440,000		445,223
Raleigh Durham NC Airport		5.000			05/01/2036	Aa3		1,480,000		1,498,322
										7,300,790
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.92% of Net Assets
Buncombe County NC Limited Obligation		5.000			06/01/2030	Aa1		250,000		272,373
Buncombe County NC Limited Obligation		5.000			06/01/2032	Aa1		250,000		271,685
Buncombe County NC Limited Obligation		5.000			06/01/2033	Aa1		600,000		703,734
Buncombe County NC Limited Obligation		5.000			06/01/2034	Aa1		1,100,000		1,261,381
Buncombe County NC Limited Obligation		5.000			06/01/2034	Aa1		365,000		427,484
Charlotte NC Certificate of Participation		5.000			12/01/2029	Aa1		340,000		364,337
Johnston County NC Limited Obligation		4.750			06/01/2033	Aa2		500,000		550,230
Rocky Mount NC Special Obligation		4.500			05/01/2032	Aa3		1,500,000		1,725,855
Winston Salem NC Limited Obligation		4.500			06/01/2034	Aa1		500,000		556,390
										6,133,469
LEASE REVENUE BONDS
1.10% of Net Assets
Buncombe County NC Limited Obligation		5.000			06/01/2032	Aa1		1,500,000		1,724,925
ESCROWED TO MATURITY BONDS
.64% of Net Assets
NC Eastern Municipal Power Agency		6.000			01/01/2022	A3		915,000		1,003,837
Total Investments 98.49% of Net Assets (cost $146,680,609) (See (a) below for further explanation)									$	153,921,567
Other assets in excess of liabilities 1.51%										2,365,232
Net Assets 100%									$	156,286,799

The accompanying notes are an integral part of the financial statements.

25

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $146,680,609 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	7,328,985
Unrealized depreciation		(88,027	)
Net unrealized appreciation	$	7,240,958

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or

methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		153,921,567
Level 3	Significant Unobservable Inputs		—
		$	153,921,567

The accompanying notes are an integral part of the financial statements.

26

NORTH CAROLINATAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $146,680,609)		$	153,921,567
Cash			1,463,945
Receivable for fund shares sold			154,476
Interest receivable			1,369,784
Total assets			156,909,772
LIABILITIES:
Payable for:
Distributions to shareholders	362,456
Fund shares redeemed	129,285
Investment advisory fee	65,133
Transfer agent fee	27,065
Professional fees	12,876
Custodian expense	4,106
Trustees fees	3,651
Accrued expenses	18,401
Total liabilities			622,973
NET ASSETS:
Capital			150,668,006
Total distributable earnings			5,618,793
Net assets at value		$	156,286,799
NET ASSET VALUE, offering price and redemption price per share (13,297,248 shares outstanding; unlimited number of shares authorized; no par value)		$	11.75

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	2,306,444
Expenses:
Investment advisory fee		368,554
Transfer agent fee		94,780
Professional fees		13,855
Custodian expense		12,733
Trustees fees		8,645
Pricing fees		6,806
Registration fees		5,232
Other expenses		22,109
Total expenses		532,714
Fees waived by Adviser (Note 2)		(520	)
Custodian expense reduction		(785	)
Net expenses		531,409
Net investment income		1,775,035
Realized and unrealized gain on investments:
Net realized gain		132,063
Net change in unrealized appreciation/depreciation		768,713
Net realized and unrealized gain on investments		900,776
Net increase in net assets resulting from operations	$	2,675,811

The accompanying notes are an integral part of the financial statements.

27

NORTH CAROLINATAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	1,775,035		$	3,413,609
Net realized gain/(loss) on investments		132,063			(409,045	)
Net change in unrealized appreciation/depreciation		768,713			4,464,408
Net increase in net assets resulting from operations		2,675,811			7,468,972
Total distributions		(1,775,035	)		(3,413,609	)
Net fund share transactions (Note 4)		9,308,096			10,844,319
Total increase		10,208,872			14,899,682
Net assets:
Beginning of year		146,077,927			131,178,245
End of period	$	156,286,799		$	146,077,927

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$11.68			$11.34			$11.50			$12.02			$11.53			$11.54
Income from investment operations:
Net investment income		0.14			0.29			0.31			0.32			0.34			0.36
Net gains/(losses) on investments		0.07			0.34			(0.16	)		(0.52	)		0.49			(0.01	)
Total from investment operations		0.21			0.63			0.15			(0.20	)		0.83			0.35
Less distributions:
Distributions from net investment income		(0.14	)		(0.29	)		(0.31	)		(0.32	)		(0.34	)		(0.36	)
Net asset value, end of period		$11.75			$11.68			$11.34			$11.50			$12.02			$11.53
Total return		1.78	(b)		5.69%			1.27%			(1.68	)%		7.28%			3.00%
Net assets, end of period (in thousands)		$156,287			$146,078			$131,178			$139,272			$150,347			$123,717
Ratio of net expenses to average net assets (a)		0.70%	(c)		0.70%			0.70%			0.69%			0.70%			0.71%
Ratio of gross expenses to average net assets		0.70%	(c)		0.71%			0.71%			0.69%			0.70%			0.71%
Ratio of net investment income to average net assets		2.33%	(c)		2.58%			2.66%			2.73%			2.87%			3.04%
Portfolio turnover		4.01%	(b)		13.02%			11.76%			11.50%			6.09%			4.56%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

28

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREESHORT-TO-MEDIUM SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
REFUNDING BONDS
22.66% of Net Assets
Bertie County Limited Obligation**		4.000	%		06/01/2022	A1	$	200,000	$	213,298
Cabarrus County NC Certificateof Participation		5.000			04/01/2021	AA*		150,000		151,466
Charlotte NC Certificate of Participation		4.000			06/01/2022	Aa1		125,000		133,590
Charlotte NC Certificate of Participation		5.000			06/01/2023	Aa1		625,000		705,163
Charlotte NC Certificate of Participation		5.000			12/01/2024	Aa2		100,000		118,194
Charlotte NC Certificate of Participation		4.000			06/01/2025	Aa1		100,000		109,380
Charlotte NC Certificate of Participation		5.000			12/01/2025	Aa2		100,000		121,322
Dare County NC Limited Obligation		5.000			06/01/2024	Aa3		335,000		365,230
Durham NC Refunding		5.000			09/01/2022	Aaa		125,000		137,914
Jacksonville Public Facilities Corp Limited Obligation		5.000			04/01/2025	Aa3		100,000		118,940
Raleigh NC Limited Obligation Refunding		5.000			10/01/2023	Aa2		250,000		285,022
Rockingham County NC Limited Obligation**		5.000			04/01/2023	Aa3		250,000		280,188
Rockingham County NC Limited Obligation		4.000			04/01/2024	Aa3		105,000		116,591
Sampson County NC Limited Obligation		5.000			12/01/2023	A1		165,000		188,782
Sampson County NC Limited Obligation		5.000			09/01/2024	A1		125,000		145,935
Sampson County NC Limited Obligation		5.000			09/01/2025	A1		125,000		149,808
Sampson County NC Limited Obligation		5.000			09/01/2026	A1		210,000		256,908
Warren County NC Limited Obligation**		5.000			06/01/2023	A1		100,000		112,325
										3,710,056
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
22.09% of Net Assets
East Carolina University		5.000			10/01/2027	Aa2		250,000		304,510
Pitt County NC Limited Obligation		5.000			04/01/2027	Aa2		495,000		609,028
University of NC Charlotte		5.000			10/01/2025	Aa3		110,000		132,612
University of NC Charlotte		5.000			04/01/2028	Aa3		250,000		294,425
University of NC Greensboro		5.000			04/01/2025	A+*		10,000		10,469
University of NC Greensboro		5.000			04/01/2026	Aa3		250,000		306,358
University of NC Greensboro		5.000			04/01/2026	Aa3		400,000		490,172
University of NC Wilmington		5.000			06/01/2025	A1		100,000		118,715
University of NC Wilmington		4.000			06/01/2029	A1		750,000		852,480
University of NC Wilmington Limited Obligation		4.000			06/01/2030	A1		200,000		226,548
Western Carolina University		5.000			10/01/2025	Aa3		225,000		271,806
										3,617,123
MUNICIPAL UTILITY REVENUE BONDS
13.31% of Net Assets
Brunswick County NC Enterprise System Revenue**		5.000			04/01/2027	Aa3		350,000		413,557
Cary NC Combined Enterprise System		4.000			12/01/2028	Aaa		250,000		287,243
Columbus County NC Limited Obligation		5.000			06/01/2023	A1		355,000		399,386
Gastonia NC Combined Utilities System		4.000			05/01/2023	Aa2		150,000		163,887
Monroe NC Limited Obligation		5.000			03/01/2028	Aa3		195,000		235,435
Monroe NC Limited Obligation		5.000			03/01/2029	Aa3		195,000		234,798
NC Municipal Power Agency #1 Catawba Electric		5.000			01/01/2028	A*		125,000		150,094
Union County NC Enterprise System Revenue		4.000			12/01/2022	Aa1		100,000		105,541
Warren County NC Limited Obligation		5.000			06/01/2027	A1		160,000		189,027
										2,178,968
SCHOOL IMPROVEMENT BONDS
11.70% of Net Assets
Cabarrus County NC Limited Obligation		5.000			04/01/2029	Aa2		200,000		241,210
Onslow County NC Limted Obligation		5.000			06/01/2023	Aa3		250,000		281,618
Randolph County NC Limited Obligation		5.000			10/01/2025	Aa3		250,000		301,700
Rutherford County NC Limited Obligation		5.000			03/01/2028	A1		75,000		94,448
Scotland County NC		5.000			12/01/2025	A*		270,000		324,494
Scotland County NC		5.000			12/01/2026	A*		250,000		306,727
Scotland County NC		5.000			12/01/2027	A*		140,000		175,024
Wilkes County NC Limited Obligation		5.000			06/01/2024	A1		165,000		190,890
										1,916,111

The accompanying notes are an integral part of the financial statements.

29

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREESHORT-TO-MEDIUM SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PUBLIC FACILITIES REVENUE BONDS
8.54% of Net Assets
Buncombe County NC Limited Obligation**		5.000	%		06/01/2028	Aa1	$	500,000	$	594,150
Charlotte NC Certificate of Participation		4.000			12/01/2022	Aa1		170,000		179,323
Monroe NC Limited Obligation		5.000			04/01/2026	AA*		265,000		323,491
Watauga NC Public Facillities Corporation Limited Obligation		5.000			06/01/2023	Aa3		275,000		300,366
										1,397,330
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.27% of Net Assets
Charlotte-Mecklenburg NC Hospital Authority Health Care System		5.000			01/15/2028	Aa3		225,000		269,440
NC Medical Care Duke University		5.000			06/01/2026	Aa2		165,000		179,930
NC State Medical Care Commission Health Care Facilities		4.000			06/01/2024	A1		180,000		200,794
North Carolina State Medical Care Commission Vidant Health		5.000			06/01/2028	A1		180,000		212,040
										862,204
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
5.04% of Net Assets
NC State Grant Anticipation Revenue Vehicle		5.000			03/01/2025	A2		265,000		314,420
NC State Grant Anticipation Revenue Vehicle		5.000			03/01/2029	A2		120,000		140,347
North Carolina State Anticipation Revenue Garvee		5.000			03/01/2029	A2		20,000		25,717
North Carolina Turnpike Authority		5.000			01/01/2029	A2		285,000		344,938
										825,422
ESCROWED TO MATURITY BONDS
3.10% of Net Assets
NC Eastern Municipal Power Agency		5.000			01/01/2021	AAA@		125,000		129,835
NC Eastern Municipal Power Agency		6.000			01/01/2022	AAA@		125,000		136,979
NC Eastern Municipal Power Agency		6.000			01/01/2022	A3		220,000		241,360
										508,174
PREREFUNDED BONDS
2.47% of Net Assets
Moore County NC		5.000			06/01/2021	Aa2		200,000		203,240
NC State Capital Improvement Obligation		4.000			05/01/2025	Aa1		105,000		106,012
University of NC Greensboro		5.000			04/01/2025	NR		90,000		94,356
										403,608
AD VALOREM PROPERTY BONDS
1.75% of Net Assets
Smithville Township NC**		5.000			06/01/2024	Aa3		250,000		287,025
LEASE REVENUE BONDS
1.63% of Net Assets
Edgecombe County NC Limited Obligation**		4.000			06/01/2022	A2		250,000		266,375
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
0.86% of Net Assets
Winston Salem NC Limited Obligation		5.000			06/01/2023	Aa1		125,000		141,167
Total Investments 98.42% of Net Assets (cost $15,412,549) (See (a) below for further explanation)									$	16,113,563
Other assets in excess of liabilities 1.58%										258,097
Net Assets 100%									$	16,371,660

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

The accompanying notes are an integral part of the financial statements.

30

DUPREE MUTUAL FUNDS — NORTH CAROLINATAX-FREESHORT-TO-MEDIUM SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2019

(a) Cost for federal income tax purposes is $15,412,549 and net unrealized depreciation of investments is as follows:

Unrealized appreciation	$	701,454
Unrealized depreciation		(440	)
Net unrealized appreciation	$	701,014

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		16,113,563
Level 3	Significant Unobservable Inputs		—
		$	16,113,563

The accompanying notes are an integral part of the financial statements.

31

NORTH CAROLINATAX-FREESHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $15,412,549)		$	16,113,563
Cash			277,381
Interest receivable			132,157
Total assets			16,523,101
LIABILITIES:
Payable for:
Distributions to shareholders	6,120
Fund shares redeemed	118,678
Investment advisory fee	4,588
Transfer agent fee	2,223
Professional fees	6,831
Custodian fees	2,687
Trustees fees	1,613
Accrued expenses	8,701
Total liabilities			151,441
NET ASSETS:
Capital			15,765,111
Total distributable earnings			606,549
Net assets at value		$	16,371,660
NET ASSET VALUE, offering price and redemption price per share (1,477,519 shares outstanding; unlimited number of shares authorized; no par value)		$	11.08

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	220,371
Expenses:
Investment advisory fee		49,553
Transfer agent fee		14,840
Professional fees		6,326
Registration expense		4,906
Custodian expense		4,683
Pricing fees		2,874
Trustees fees		1,171
Other expenses		3,944
Total expenses		88,297
Fees waived by Adviser (Note 2)		(18,326	)
Custodian expense reduction		(289	)
Net expenses		69,682
Net investment income		150,689
Realized and unrealized gain on investments:
Net realized gain		55,073
Net change in unrealized appreciation/depreciation		45,372
Net realized and unrealized gain on investments		100,445
Net increase in net assets resulting from operations	$	251,134

The accompanying notes are an integral part of the financial statements.

32

NORTH CAROLINATAX-FREESHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	150,689		$	322,451
Net realized gain/(loss) on investments		55,073			(130,283	)
Net change in unrealized appreciation/depreciation		45,372			821,421
Net increase in net assets resulting from operations		251,134			1,013,589
Total distributions		(150,689	)		(322,451	)
Net fund share transactions (Note 4)		(3,232,561	)		(3,454,289	)
Total decrease		(3,132,116	)		(2,763,151	)
Net assets:
Beginning of year		19,503,776			22,266,927
End of period	$	16,371,660		$	19,503,776

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$11.02			$10.64			$10.85			$11.05			$10.94			$11.06
Income from investment operations:
Net investment income		0.08			0.17			0.16			0.16			0.17			0.19
Net gains/(losses) on investments		0.06			0.38			(0.21	)		(0.20	)		0.11			(0.12	)
Total from investment operations		0.14			0.55			(0.05	)		(0.04	)		0.28			0.07
Less distributions:
Distributions from net investment income		(0.08	)		(0.17	)		(0.16	)		(0.16	)		(0.17	)		(0.19	)
Net asset value, end of period		$11.08			$11.02			$10.64			$10.85			$11.05			$10.94
Total return		1.32%	(b)		5.19%			(0.45	)%		(0.33	)%		2.59%			0.60%
Net assets, end of period (in thousands)		$16,372			$19,504			$22,267			$21,930			$25,134			$24,463
Ratio of net expenses to average net assets (a)		0.71%	(c)		0.70%			0.70%			0.73%			0.83%			0.83%
Ratio of gross expenses to average net assets		0.90%	(c)		0.88%			0.86%			0.82%			0.83%			0.83%
Ratio of net investment income to average net assets		1.53%	(c)		1.55%			1.50%			1.49%			1.56%			1.69%
Portfolio turnover		7.52%	(b)		13.59%			21.80%			11.15%			24.05%			9.79%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

33

DUPREE MUTUAL FUNDS — TENNESSEETAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
33.53% of Net Assets
Bristol TN Electric Revenue		5.000	%		09/01/2038	AA-*	$	1,525,000	$	1,703,120
Chattanooga TN Electric Revenue		5.000			09/01/2035	AA*		250,000		295,718
Chattanooga TN Electric Revenue		5.000			09/01/2040	AA*		2,325,000		2,722,691
Clarksville TN Electric System Revenue		4.000			09/01/2034	Aa2		500,000		568,835
Clarksville TN Water Sewer & Gas Revenue		5.000			02/01/2036	Aa2		500,000		590,215
Clarksville TN Water Sewer & Gas Revenue		4.000			02/01/2036	Aa2		1,475,000		1,674,110
Clarksville TN Water Sewer & Gas Revenue		4.000			02/01/2038	Aa2		820,000		922,279
Columbia TN Waterworks Revenue		5.000			12/01/2032	Aa3		885,000		945,906
Franklin TN Water & Sewer Revenue and Tax Authority		5.000			04/01/2024	Aaa		750,000		871,110
Franklin TN Water & Sewer System Revenue		4.000			02/01/2036	Aa3		250,000		278,668
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2035	AA*		315,000		349,682
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2038	AA*		1,000,000		1,100,860
Harpeth Valley TN Utilities District		5.000			09/01/2034	AA+*		500,000		578,090
Harpeth Valley TN Utilities District		5.000			09/01/2040	AA+*		1,000,000		1,087,840
Knox Chapman TN Utility District		4.500			01/01/2027	AA-*		1,000,000		1,092,310
Knox Chapman TN Utility District		5.000			01/01/2031	AA-*		250,000		291,213
Knox Chapman TN Utility District		5.000			01/01/2033	AA-*		250,000		288,865
Memphis TN Electric System Revenue		5.000			12/01/2031	Aa2		225,000		261,608
Memphis TN Electric System Revenue		5.000			12/01/2034	Aa2		1,250,000		1,444,400
Memphis TN Gas System Revenue		4.000			12/01/2034	Aa1		775,000		869,325
Memphis TN Gas System Revenue		4.000			12/01/2036	Aa1		800,000		904,712
Memphis TN Gas System Revenue**		4.000			12/01/2037	Aa1		1,310,000		1,476,383
Memphis TN Storm Water System Revenue		5.000			10/01/2038	Aa3		500,000		607,980
Metropolitan Government Nashville & Davidson County Electric		5.000			05/15/2033	AA*		500,000		585,765
Metropolitan Government Nashville & Davidson County Electric		5.000			05/15/2036	AA*		500,000		569,685
Metropolitan Government Nashville & Davidson County Electric**		5.000			05/15/2036	AA*		3,085,000		3,237,954
Metropolitan Government Nashville & Davidson County Electric		5.000			05/15/2039	AA*		500,000		567,875
Metropolitan Government Nashville & Davidson County Water & Sewer**		5.000			07/01/2030	Aa3		3,250,000		3,657,778
Metropolitan Government Nashville & Davidson County Water & Sewer		5.000			07/01/2031	Aa3		500,000		562,550
Metropolitan Government Nashville & Davidson County Water & Sewer		5.000			07/01/2033	Aa3		575,000		645,673
Metropolitan Government Nashville & Davidson County Water & Sewer		5.000			07/01/2037	Aa3		250,000		303,935
Metropolitan Government Nashville & Davidson County Water & Sewer**		5.000			07/01/2040	Aa3		2,265,000		2,521,192
Watauga River Regional Water Authority TN Waterworks		4.000			07/01/2037	A*		270,000		304,228
										33,882,555
SCHOOL IMPROVEMENT BONDS
10.83% of Net Assets
Coffee County TN		4.000			06/01/2037	AA-*		500,000		572,500
Coffee County TN		4.000			06/01/2041	AA-*		620,000		698,145
Franklin TN Special School District		5.000			06/01/2039	Aa1		250,000		312,860
Johnson City TN		4.000			06/01/2036	Aa2		1,150,000		1,329,412
Montgomery County TN		4.000			04/01/2036	AA+*		260,000		291,938
Montgomery County TN		4.000			04/01/2037	AA+*		1,920,000		2,143,565
Rhea County TN**		5.000			04/01/2029	A1		1,385,000		1,492,462
Shelby County TN		5.000			04/01/2037	Aa1		500,000		603,375
Wilson County TN		4.000			04/01/2039	AA+*		1,495,000		1,638,475
Wilson County TN 10th Special School District		4.000			04/01/2033	AA-*		655,000		743,490
Wilson County TN 10th Special School District		4.000			04/01/2037	AA-*		200,000		225,512
Wilson County TN 10th Special School District		4.000			04/01/2038	AA-*		250,000		280,790
Wilson County TN 10th Special School District		4.000			04/01/2039	AA-*		550,000		615,808
										10,948,332
PUBLIC FACILITIES REVENUE BONDS
10.70% of Net Assets
Memphis Shelby County TN Industrial Development Board		5.000			11/01/2030	Aa3		1,250,000		1,508,762
Memphis TN Refunding General Improvement		5.000			04/01/2031	Aa2		800,000		915,208

The accompanying notes are an integral part of the financial statements.

34

DUPREE MUTUAL FUNDS — TENNESSEETAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Metropolitan Government Nashville & Davidson County Convention Center		5.000	%		07/01/2026	A1	$	630,000	$	641,227
Metropolitan Government Nashville & Davidson County Sports Authority		5.000			08/01/2031	Aa3		1,500,000		1,682,475
Metropolitan Government Nashville & Davidson County Sports Authority		5.000			08/01/2038	Aa3		755,000		840,972
Pigeon Forge Industrial Development Board		5.000			06/01/2024	AA*		600,000		632,190
Pigeon Forge Industrial Development Board		5.000			06/01/2027	AA*		1,400,000		1,473,472
Pigeon Forge Industrial Development Board**		5.000			06/01/2029	AA*		2,120,000		2,231,576
Pigeon Forge Industrial Development Board		5.000			06/01/2034	AA*		850,000		892,024
										10,817,906
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.82% of Net Assets
Franklin County TN Health & Education Facilities Board Revenue		5.000			09/01/2030	A+*		200,000		218,118
Metropolitan Government Nashville & Davidson County Vanderbilt University		5.000			10/01/2028	Aa1		650,000		718,283
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2036	A1		920,000		1,040,548
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2037	A1		1,030,000		1,157,668
Shelby County TN Health Education & Housing Facilities Board Rhodes College		5.000			08/01/2040	A1		650,000		757,003
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2040	A1		875,000		972,536
TN State School Bond Authority Higher Educational Facilities		5.000			11/01/2037	Aa1		1,400,000		1,612,772
TN State School Bond Authority Higher Educational Facilities		5.000			11/01/2040	Aa1		2,000,000		2,349,220
TN State School Bond Authority Higher Educational Facilities		5.000			11/01/2043	Aa1		1,000,000		1,095,250
										9,921,398
HOSPITAL AND HEALTHCARE REVENUE BONDS
8.34% of Net Assets
Jackson TN Hospital Jackson Madison County Hospital		5.000			04/01/2036	A2		995,000		1,135,035
Metropolitan Government Nashville & Davidson County TN Health		5.000			07/01/2035	A3		2,500,000		2,946,675
Metropolitan Government Nashville & Davidson County TN Health		5.000			07/01/2040	A3		950,000		1,109,040
Shelby County TN Health Education & Housing Facilities		5.000			05/01/2027	A1		750,000		809,595
Shelby County TN Health Education & Housing Facilities		5.000			05/01/2036	A1		1,535,000		1,832,591
Shelby County TN Health Education & Housing Facilities LeBonheur		5.000			05/01/2035	A1		500,000		598,060
										8,430,996
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
7.99% of Net Assets
Memphis Shelby County TN Port Authority Community Development		5.000			04/01/2035	Aa3		625,000		653,012
Memphis TN		4.000			06/01/2041	Aa2		1,120,000		1,228,058
Memphis TN Refunding and General Impact General Obligation		5.000			05/01/2036	Aa2		850,000		890,154
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2033	Aa2		1,470,000		1,680,416
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2034	Aa2		500,000		568,950
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2036	Aa2		500,000		569,425
Springfield TN Public Improvement		4.500			03/01/2024	Aa3		565,000		622,754
TN State Series A		5.000			02/01/2036	Aaa		1,500,000		1,864,665
										8,077,434
PREREFUNDED BONDS
7.53% of Net Assets
Clarksville TN Electric Systems Revenue		5.000			09/01/2032	Aa2		480,000		492,427
Clarksville TN Electric Systems Revenue		5.000			09/01/2033	Aa2		2,000,000		2,051,780
Clarksville TN Water Sewer & Gas Revenue		5.000			02/01/2033	Aa2		500,000		558,790
Clarksville TN Water Sewer & Gas Revenue		5.000			02/01/2038	Aa2		1,000,000		1,117,580
Gallatin TN Water & Sewer Revenue		5.000			01/01/2032	AA*		235,000		273,371
Johnson City TN Health & Educational Facilities Escrowed		5.125			07/01/2025	NR		55,000		55,935
Knox Chapman TN Utility District		5.250			01/01/2036	AA-*		700,000		729,029
Manchester TN		5.000			06/01/2038	A2		20,000		20,324

The accompanying notes are an integral part of the financial statements.

35

DUPREE MUTUAL FUNDS — TENNESSEETAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Shelby County TN Health Education & Housing Facilities Board Rhodes College		5.000	%		08/01/2030	A1	$	500,000	$	530,030
Watauga River TN Regional Water Authority Waterworks		5.000			07/01/2034	A*		500,000		546,395
West Wilson Utility District TN Waterworks		5.000			06/01/2033	NR		1,170,000		1,233,274
										7,608,935
REFUNDING BONDS
6.34% of Net Assets
Blount County TN		5.000			06/01/2037	Aa2		1,200,000		1,427,700
Jackson TN Refunding		4.000			06/01/2037	AA*		405,000		464,835
Manchester TN		5.000			06/01/2038	A2		80,000		81,167
Memphis TN General Improvement		5.000			04/01/2034	Aa2		500,000		569,790
Memphis TN General Improvement		5.000			04/01/2039	Aa2		250,000		283,023
Memphis TN Refunding		5.000			04/01/2030	Aa2		1,000,000		1,146,680
Memphis TN Refunding		5.000			04/01/2033	Aa2		250,000		285,225
Memphis TN Refunding		5.000			04/01/2035	Aa2		250,000		284,783
Memphis TN Refunding		5.000			04/01/2040	Aa2		500,000		565,170
Shelby County TN Refunding Series A		5.000			03/01/2026	Aa1		1,200,000		1,299,647
										6,408,020
AIRPORT REVENUE BONDS
2.55% of Net Assets
Metropolitan Nashville Airport Authority		5.000			07/01/2034	A1		800,000		936,688
Metropolitan Nashville Airport Authority		5.000			07/01/2035	A1		250,000		292,285
Metropolitan Nashville Airport Authority		5.000			07/01/2040	A1		1,160,000		1,346,296
										2,575,269
INDUSTRIAL REVENUE BONDS
.88% of Net Assets
Industrial Development Board TN Blount County		5.000			06/01/2027	Aa3		850,000		892,644
STATE AND LOCAL MORTGAGE/HOUSING BONDS
.41% of Net Assets
TN Housing Development Agency Housing Finance Program		4.85			01/01/2025	Aa2		410,000		416,773
Total Investments 98.92% of Net Assets (cost $94,830,612) (See (a) below for further explanation)									$	99,980,262
Other assets in excess of liabilities 1.08%										1,091,245
Net Assets 100%									$	101,071,507

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $94,830,612 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	5,149,650
Unrealized depreciation		—
Net unrealized appreciation	$	5,149,650

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		99,980,262
Level 3	Significant Unobservable Inputs		—
		$	99,980,262

The accompanying notes are an integral part of the financial statements.

36

TENNESSEETAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $94,830,612)		$	99,980,262
Cash			260,539
Interest receivable			1,227,614
Total assets			101,468,415
LIABILITIES:
Payable for:
Distributions to shareholders	236,781
Fund shares redeemed	65,756
Investment advisory fee	43,734
Transfer agent fee	11,032
Professional fees	23,772
Custodian expense	9,451
Accrued expenses	6,382
Total liabilities			396,908
NET ASSETS:
Capital			96,290,879
Total distributable earnings			4,780,628
Net assets at value		$	101,071,507
NET ASSET VALUE, offering price and redemption price per share (8,734,101 shares outstanding; unlimited number of shares authorized; no par value)		$	11.57

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	1,632,792
Expenses:
Investment advisory fee		258,521
Transfer agent fee		65,252
Professional fees		17,763
Custodian expense		9,202
Trustees fees		6,064
Pricing fees		2,521
Registration fees		2,070
Other expenses		5,699
Total expenses		367,092
Fees waived by Adviser (Note 2)		(2,633	)
Custodian expense reduction		(567	)
Net expenses		363,892
Net investment income		1,268,900
Realized and unrealized gain on investments:
Net realized gain		59,244
Net change in unrealized appreciation/depreciation		465,495
Net realized and unrealized gain on investments		524,739
Net increase in net assets resulting from operations	$	1,793,639

The accompanying notes are an integral part of the financial statements.

37

TENNESSEETAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	1,268,900		$	2,711,761
Net realized gain/(loss) on investments		59,244			(146,789	)
Net change in unrealized appreciation/depreciation		465,495			2,532,500
Net increase in net assets resulting from operations		1,793,639			5,097,472
Total distributions		(1,268,900	)		(2,711,761	)
Net fund share transactions (Note 4)		(3,660,185	)		(6,300,251	)
Total decrease		(3,135,446	)		(3,914,540	)
Net assets:
Beginning of year		104,206,953			108,121,493
End of period	$	101,071,507		$	104,206,953

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$11.51			$11.24			$11.44			$11.89			$11.51			$11.55
Income from investment operations:
Net investment income		0.14			0.30			0.31			0.33			0.34			0.36
Net gains/(losses) on securities		0.06			0.27			(0.20	)		(0.45	)		0.38			(0.04	)
Total from investment operations		0.20			0.57			0.11			(0.12	)		0.72			0.32
Less distributions:
Distributions from net investment income		(0.14	)		(0.30	)		(0.31	)		(0.33	)		(0.34	)		(0.36	)
Net asset value, end of period		$11.57			$11.51			$11.24			$11.44			$11.89			$11.51
Total return		1.76%	(b)		5.12%			0.94%			(1.03	)%		6.40%			2.77%
Net assets, end of period (in thousands)		$101,072			$104,207			$108,121			$108,260			$116,831			$109,672
Ratio of net expenses to average net assets (a)		0.71%	(c)		0.70%			0.70%			0.70%			0.71%			0.70%
Ratio of gross expenses to average net assets		0.71%	(c)		0.71%			0.71%			0.71%			0.71%			0.70%
Ratio of net investment income to average net assets		2.46%	(c)		2.63%			2.70%			2.82%			2.96%			3.08%
Portfolio turnover		2.91%	(b)		6.46%			15.77%			9.27%			9.67%			7.01%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

38

DUPREE MUTUAL FUNDS — TENNESSEETAX-FREESHORT-TO-MEDIUM SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
REFUNDING BONDS
26.37% of Net Assets
Maryville TN		5.000	%		06/01/2026	Aa3	$	350,000	$	429,716
Memphis TN General Improvement**		5.000			11/01/2023	Aa2		350,000		400,243
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2027	Aa3		200,000		245,298
Metropolitan Government Nashville & Davidson County TN		5.000			07/01/2021	Aa2		175,000		178,358
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2023	Aa2		110,000		111,597
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2024	Aa2		80,000		85,623
Putnam County TN		4.000			04/01/2025	Aa2		300,000		342,120
										1,792,955
PUBLIC FACILITIES REVENUE BONDS
22.15% of Net Assets
Memphis TN Center City Revenue Finance Corporation Sports Facility		4.000			02/01/2021	Aa3		100,000		103,114
Memphis TN Center City Revenue Finance Corporation Sports Facility		4.000			02/01/2022	Aa3		220,000		232,635
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2024	Aa3		250,000		293,963
Metropolitan Government Nashville & Davidson County TN Sports Authority		5.000			07/01/2023	Aa3		125,000		141,233
Metropolitan Government Nashville & Davidson County TN Sports Authority		5.250			08/01/2024	Aa3		190,000		216,118
Metropolitan Government Nashville & Davidson County TN Sports Authority		5.250			08/01/2025	Aa3		195,000		221,807
Metropolitan Government Nashville & Davidson County TN Sports Authority		5.250			08/01/2026	Aa3		100,000		113,596
Pigeon Forge Industrial Development Board		5.000			06/01/2024	AA*		175,000		184,389
										1,506,855
MUNICIPAL UTILITY REVENUE BONDS
19.72% of Net Assets
Chattanooga TN Electric Revenue**		5.000			09/01/2023	AA*		250,000		284,458
Erwin TN Utilities Authority Electric System		5.000			09/01/2026	A*		50,000		60,427
Hallsdale-Powell TN Utility District		4.000			04/01/2028	AA*		255,000		291,581
Maryville TN		4.000			06/01/2029	Aa3		250,000		286,285
Metropolitan Government Nashville & Davidson County TN Water & Sewer		5.000			07/01/2026	Aa3		100,000		113,170
Springfield TN		5.000			06/01/2027	Aa3		245,000		305,557
										1,341,478
SCHOOL IMPROVEMENT BONDS
12.42% of Net Assets
Bedford County TN		4.000			04/01/2027	AA*		250,000		287,955
Rhea County TN		4.000			04/01/2025	A1		250,000		264,230
White County TN		4.000			06/01/2027	AA-*		260,000		292,971
										845,156
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.44% of Net Assets
Franklin County TN Health & Educational Facilities Board		4.000			09/01/2024	A+*		135,000		144,118
Shelby County TN Health Educational & Housing Facilities Rhodes College		5.000			08/01/2022	A1		120,000		131,564
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2025	A1		100,000		113,858
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2027	A1		225,000		252,835
										642,375
PREREFUNDED BONDS
3.98% of Net Assets
Memphis TN Center City Revenue Finance Corporation		5.250			11/01/2025	Aa3		100,000		107,510
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2023	NR		140,000		142,047
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2024	NR		20,000		21,421
										270,978

The accompanying notes are an integral part of the financial statements.

39

DUPREE MUTUAL FUNDS — TENNESSEETAX-FREESHORT-TO-MEDIUM SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
2.21% of Net Assets
Claiborne County TN		4.125	%		04/01/2030	A+*	$	110,000	$	110,517
Selmer TN		4.000			06/01/2025	AA*		35,000		39,672
										150,189
AIRPORT REVENUE BONDS
1.61% of Net Assets
Metropolitan Nashville Airport Authority		4.000			07/01/2023	A1		100,000		109,713
Total Investments 97.90% of Net Assets (cost $6,399,285) (See (a) below for further explanation)									$	6,659,699
Other assets in excess of liabilities 2.10%										142,681
Net Assets 100%									$	6,802,380

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $6,399,285 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	261,079
Unrealized depreciation		(665	)
Net unrealized appreciation	$	260,414

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		6,659,699
Level 3	Significant Unobservable Inputs		—
		$	6,659,699

The accompanying notes are an integral part of the financial statements.

40

TENNESSEETAX-FREESHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $6,399,285)		$	6,659,699
Cash			87,725
Interest receivable			74,084
Total assets			6,821,508
LIABILITIES:
Payable for:
Distributions to shareholders	2,338
Fund shares redeemed	1,818
Investment advisory fee	670
Professional fees	3,818
Custodian expense	2,519
Pricing fees	1,942
Transfer agent fee	1,000
Trustees fees	829
Accrued expenses	4,194
Total liabilities			19,128
NET ASSETS:
Capital			6,812,007
Total distributable losses			(9,627	)
Net assets at value		$	6,802,380
NET ASSET VALUE, offering price and redemption price per share (626,629 shares outstanding; unlimited number of shares authorized; no par value)		$	10.86

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	83,557
Expenses:
Investment advisory fee		18,144
Transfer agent fee		5,443
Registration fees		5,236
Custodian expense		4,108
Compliance fees		3,529
Pricing fees		2,208
Professional fees		1,029
Trustees fees		431
Other expenses		1,853
Total expenses		41,981
Fees waived by Adviser (Note 2)		(16,161	)
Custodian expense reduction		(253	)
Net expenses		25,567
Net investment income		57,990
Realized and unrealized gain on investments:
Net realized gain		1,336
Net change in unrealized appreciation/depreciation		25,212
Net realized and unrealized gain on investments		26,548
Net increase in net assets resulting from operations	$	84,538

The accompanying notes are an integral part of the financial statements.

41

TENNESSEETAX-FREESHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	57,990		$	129,383
Net realized gain/(loss) on investments		1,336			(40,709	)
Net change in unrealized appreciation/depreciation		25,212			242,431
Net increase in net assets resulting from operations		84,538			331,105
Total distributions		(57,990	)		(129,383	)
Net fund share transactions (Note 4)		(463,184	)		(2,965,492	)
Total decrease		(436,636	)		(2,763,770	)
Net assets:
Beginning of year		7,239,016			10,002,786
End of period	$	6,802,380		$	7,239,016

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$10.82			$10.52			$10.70			$10.93			$10.74			$10.81
Income from investment operations:
Net investment income		0.09			0.17			0.16			0.17			0.16			0.18
Net gains/(losses) on securities both realized and unrealized		0.04			0.30			(0.18	)		(0.23	)		0.19			(0.07	)
Total from investment operations		0.13			0.47			(0.02	)		(0.06	)		0.35			0.11
Less distributions:
Distributions from net investment income		(0.09	)		(0.17	)		(0.16	)		(0.17	)		(0.16	)		(0.18	)
Net asset value, end of period		$10.86			$10.82			$10.52			$10.70			$10.93			$10.74
Total return		1.18%	(b)		4.48%			(0.17	)%		(0.54	)%		3.28%			0.99%
Net assets, end of period (in thousands)		$6,802			$7,239			$10,003			$10,499			$11,340			$11,033
Ratio of net expenses to average net assets (a)		0.71%	(c)		0.71%			0.70%			0.75%			0.86%			0.85%
Ratio of gross expenses to average net assets		1.16%	(c)		1.08%			0.98%			0.88%			0.86%			0.85%
Ratio of net investment income to average net assets		1.61%	(c)		1.57%			1.53%			1.59%			1.47%			1.64%
Portfolio turnover		4.39%	(b)		10.64%			22.75%			10.95%			7.37%			14.32%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

42

DUPREE MUTUAL FUNDS — INTERMEDIATE GOVERNMENT BOND SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Securities and Agencies

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
FEDERAL FARM CREDIT
67.65% of Net Assets
Federal Farm Credit Bank		5.050	%		12/21/2021	Aaa	$	370,000	$	394,854
Federal Farm Credit Bank**		5.250			05/10/2022	Aaa		2,000,000		2,168,084
Federal Farm Credit Bank**		5.840			07/20/2022	Aaa		2,650,000		2,929,347
Federal Farm Credit Bank**		5.250			10/25/2022	Aaa		1,500,000		1,649,570
Federal Farm Credit Bank		5.125			11/28/2022	Aaa		2,000,000		2,198,590
Federal Farm Credit Bank		2.375			08/01/2029	Aaa		1,000,000		1,020,994
										10,361,439
FEDERAL HOME LOAN BANK
31.09% of Net Assets
Federal Home Loan Bank		5.000			12/10/2021	Aaa		500,000		532,073
Federal Home Loan Bank		5.750			06/10/2022	Aaa		2,000,000		2,196,354
Federal Home Loan Bank		5.365			09/09/2024	Aaa		1,750,000		2,033,401
										4,761,828
Total Investments 98.74% of Net Assets (cost $14,529,875) (See (a) below for further explanation)									$	15,123,267
Other assets in excess of liabilities 1.26%										192,666
Net Assets 100%									$	15,315,933

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $14,529,875 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	612,839
Unrealized depreciation		(19,447	)
Net unrealized appreciation	$	593,392

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Government Agencies
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		15,123,267
Level 3	Significant Unobservable Inputs		—
		$	15,123,267

The accompanying notes are an integral part of the financial statements.

43

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $14,529,875)		$	15,123,267
Cash			64,698
Interest receivable			156,856
Total assets			15,344,821
LIABILITIES:
Payable for:
Distributions to shareholders	5,438
Fund shares redeemed	5,839
Investment advisory fee	2,596
Transfer agent fee	1,947
Professional fees	3,594
Custodian expense	1,773
Trustees fees	814
Accrued expenses	6,887
Total liabilities			28,888
NET ASSETS:
Capital			14,874,536
Total distributable earnings			441,397
Net assets at value		$	15,315,933
NET ASSET VALUE, offering price and redemption price per share (1,516,662 shares outstanding; unlimited number of shares authorized; no par value)		$	10.10

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	235,305
Expenses:
Investment advisory fee		15,466
Transfer agent fee		11,599
Registration expense		5,696
Custodian expense		5,089
Compliance fees		3,680
Pricing fees		3,496
Printing expense		2,760
Professional fees		2,133
Trustees fees		893
Other expenses		2,231
Total expenses		53,043
Fees waived by Adviser (Note 2)		(32	)
Custodian expense reduction		(314	)
Net expenses		52,697
Net investment income		182,608
Realized and unrealized gain/(loss) on investments:
Net realized gain		722
Net change in unrealized appreciation/depreciation		(34,753	)
Net realized and unrealized loss on investments		(34,031	)
Net increase in net assets resulting from operations	$	148,577

The accompanying notes are an integral part of the financial statements.

44

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	182,608		$	372,107
Net realized gain on investments		722			291
Net change in unrealized appreciation/depreciation		(34,753	)		366,469
Net increase in net assets resulting from operations		148,577			738,867
Total distributions		(182,608	)		(372,107	)
Net fund share transactions (Note 4)		222,089			(272,043	)
Total increase		188,058			94,717
Net assets:
Beginning of year		15,127,875			15,033,158
End of period	$	15,315,933		$	15,127,875

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of year		$10.12			$9.87			$10.23			$10.70			$10.29			$10.25
Income from investment operations:
Net investment income		0.12			0.25			0.25			0.26			0.26			0.26
Net gains/(losses) on securities		(0.02	)		0.25			(0.36	)		(0.47	)		0.41			0.04
Total from investment operations		0.10			0.50			(0.11	)		(0.21	)		0.67			0.30
Less distributions:
Distributions from net investment income		(0.12	)		(0.25	)		(0.25	)		(0.26	)		(0.26	)		(0.26	)
Net asset value, end of period		$10.10			$10.12			$9.87			$10.23			$10.70			$10.29
Total return		0.99%	(b)		5.12%			(1.05	)%		(1.99	)%		6.57%			2.96%
Net assets, end of period (in thousands)		$15,316			$15,128			$15,033			$15,606			$17,476			$18,728
Ratio of net expenses to average net assets (a)		0.69%	(c)		0.69%			0.61%			0.58%			0.53%			0.51%
Ratio of gross expenses to average net assets		0.69%	(c)		0.69%			0.61%			0.58%			0.53%			0.51%
Ratio of net investment income to average net assets		2.37%	(c)		2.50%			2.53%			2.49%			2.47%			2.54%
Portfolio turnover		3.32%	(b)		0.00%			1.99%			0.00%			0.00%			2.44%

(a) Percentages are after expenses waived by Adviser and Custodian reduction. No recovery of these waivers and reductions will be sought.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

45

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PREREFUNDED BONDS
31.11% of Net Assets
Altoona PA Water Authority Sewer Revenue Build America		7.064	%		12/01/2040	AA*	$	425,000	$	445,519
Davie FL Water & Sewer Revenue Build America		6.849			10/01/2040	A1		40,000		41,518
FL State Utility Revenue		6.548			10/01/2040	A1		60,000		62,161
Grand Junction CO Certificateof Participation Build America		7.500			12/01/2030	AA-*		425,000		447,198
Heber UT Light & Power Build America		7.000			12/15/2030	A2		375,000		393,570
Lincoln AL Build America Recovery Zone		6.800			06/01/2040	AA*		425,000		433,860
Pennington County SD Certificate of Participation Build America		7.200			06/01/2037	Aa1		750,000		786,638
Sarasota County FL Capital Improvement Revenue Build America		7.016			10/01/2040	AA+*		710,000		737,818
Sedalia MO Certificate of Participation Build America**		7.300			06/01/2035	AA*		500,000		511,500
										3,859,782
PUBLIC FACILITIES REVENUE BONDS
17.44% of Net Assets
Buncombe County NC Limited Obligation Build America		6.800			06/01/2030	Aa1		250,000		253,975
Decatur GA Urban Redevelopment Agency Revenue Build America		6.920			01/01/2038	Aa1		150,000		156,264
Evanston IL Taxable Corporate Purpose Bonds		4.250			12/01/2038	Aa2		275,000		291,151
Franklin County OH Convention Facilities Authority		6.640			12/01/2042	Aa2		440,000		645,735
Franklin County OH Convention Facilities Build America		6.540			12/01/2036	Aa2		155,000		209,507
Metropolitan Government Nashville & Davidson County TN		7.431			07/01/2043	A1		190,000		277,075
Pompano Beach FL Certificate of Participation		5.579			01/01/2040	A1		225,000		242,330
Rhode Island Convention Center		6.060			05/15/2035	Aa3		70,000		85,798
										2,161,835
MUNICIPAL UTILITY REVENUE BONDS
12.86% of Net Assets
Benton WA Public Water Authority		3.200			10/01/2044	AA*		200,000		192,686
Metropolitan Government Nashville & Davidson County TN Recovery Zone		6.693			07/01/2041	Aa3		200,000		301,476
OK State Municipal Power Authority		6.310			01/01/2040	A2/A*		95,000		127,230
Pigeon Forge TN Build America Recovery Zone		7.125			06/01/2040	AA*		300,000		369,189
West Knox Utilities District Knox County TN Water and Sewer**		6.900			06/01/2040	AA+*		400,000		441,112
Williamsport PA Municipal Water Authority Build America		6.100			01/01/2040	A2		60,000		61,514
York County VA Sewer Revenue Build America		6.607			06/01/2040	Aa3		100,000		101,608
										1,594,815
SCHOOL IMPROVEMENT BONDS
12.10% of Net Assets
Armstrong School District PA Build America**		7.000			03/15/2041	AA*		750,000		795,623
CO State Building Excellent Schools Today Certificate of Participation**		7.017			03/15/2031	Aa2		400,000		424,411
Jefferson County TN Build America Bonds		6.625			06/01/2040	Aa3		250,000		280,078
										1,500,112
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
6.30% of Net Assets
Mesa CO State College Auxiliary		5.800			05/15/2040	Aa2		170,000		221,624
Mesa State College CO Auxiliary Facilities Build America		6.746			05/15/2042	Aa2		100,000		144,703
Michigan State University Revenues		4.496			08/15/2048	Aa2		375,000		414,311
										780,638
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
6.08% of Net Assets
KY State Property & Buildings Build America**		5.921			11/01/2030	A1		250,000		302,910
Leeds AL Taxable Warrants		4.125			05/01/2039	AA*		125,000		127,354
Scottsboro AL Build America Bonds		6.400			11/01/2040	A2		250,000		258,297
Utah County UT Excise Tax Revenue		7.130			12/01/2039	AA+*		65,000		65,157
										753,718
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.18% of Net Assets
Midland County TX Hospital District		6.440			05/15/2039	Aa3		185,000		256,863
University NC Chapel Hill Hospital Revenue Build America		6.329			02/01/2031	Aa3		250,000		261,068
										517,931

The accompanying notes are an integral part of the financial statements.

46

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

December 31, 2019

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.50% of Net Assets
Washoe County NV Highway Revenue		7.969	%		02/01/2040	Aa3	$	280,000	$	433,440
MARINA/PORT AUTHORITY REVENUE BONDS
2.39% of Net Assets
Miami Dade County FL Special Obligation		7.500			04/01/2040	Aa3		200,000		296,506
AIRPORT REVENUE BONDS
1.03% of Net Assets
Tri-Cities TN Airport Authority Revenue		3.625			05/01/2038	Aa2		125,000		127,301
Total Investments 96.99% of Net Assets (cost $11,052,076) (See (a) below for further explanation)									$	12,026,078
Other assets in excess of liabilities 3.01%										372,983
Net Assets 100%									$	12,399,061

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated — see footnote 1(D)

(a) Cost for federal income tax purposes is $11,094,160 and net unrealized appreciation of investments is as follows:

Unrealized appreciation	$	944,885
Unrealized depreciation		(12,967	)
Net unrealized appreciation	$	931,918

Other Information

The following is a summary of the inputs used, as of December 31, 2019, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Taxable Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		12,026,078
Level 3	Significant Unobservable Inputs		—
		$	12,026,078

The accompanying notes are an integral part of the financial statements.

47

TAXABLE MUNICIPAL BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2019 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $11,052,076)		$	12,026,078
Cash			291,112
Receivable for fund shares sold			10,000
Interest receivable			135,080
Total assets			12,462,270
LIABILITIES:
Payable for:
Distributions to shareholders	19,568
Fund shares redeemed	26,481
Investment advisory fee	1,913
Transfer agent fee	1,530
Professional fees	2,139
Custodian expense	1,996
Compliance fees	1,653
Trustees fees	861
Accrued expenses	7,068
Total liabilities			63,209
NET ASSETS:
Capital			11,503,807
Total distributable earnings			895,254
Net assets at value		$	12,399,061
NET ASSET VALUE,offering price and redemption price per share (1,206,305 shares outstanding; unlimited number of shares authorized; no par value)		$	10.28

STATEMENT OF OPERATIONS

For the six months ended December 31, 2019

Net investment income:
Interest income	$	337,948
Expenses:
Investment advisory fee		31,182
Transfer agent fee		9,355
Registration expense		8,923
Professional fees		5,344
Custodian expense		4,723
Pricing fees		2,329
Trustees fees		717
Other expenses		1,618
Total expenses		64,191
Fees waived by Adviser (Note 2)		(20,226	)
Custodian expense reduction		(291	)
Net expenses		43,674
Net investment income		294,274
Realized and unrealized gain/(loss) on investments:
Net realized loss		(1	)
Net change in unrealized appreciation/depreciation		(93,457	)
Net realized and unrealized loss on investments		(93,458	)
Net increase in net assets resulting from operations	$	200,816

The accompanying notes are an integral part of the financial statements.

48

TAXABLE MUNICIPAL BOND SERIES

STATEMENT OF CHANGES IN NET ASSETS

For the six months ended December 31, 2019 and the year ended June 30, 2019 UNAUDITED

	Six Months Ended 12/31/2019			Year Ended 06/30/2019
Operations:
Net investment income	$	294,274		$	571,063
Net realized loss on investments		(1	)		(1,251	)
Net change in unrealized appreciation/depreciation		(93,457	)		195,916
Net increase in net assets resulting from operations		200,816			765,728
Total distributions		(336,358	)		(571,063	)
Net fund share transactions (Note 4)		295,820			1,086,952
Total increase		160,278			1,281,617
Net assets:
Beginning of year		12,238,783			10,957,166
End of period	$	12,399,061		$	12,238,783

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2019			For the years ended June 30,
				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.39			$10.24			$10.48			$10.98			$10.53			$10.57
Income from investment operations:
Net investment income		0.23			0.51			0.51			0.47			0.50			0.52
Net gains/(losses) on securities		(0.14	)		0.15			(0.24	)		(0.43	)		0.45			(0.04	)
Total from investment operations		0.09			0.66			0.27			0.04			0.95			0.48
Less distributions:
Distributions from net investment income		(0.23	)		(0.51	)		(0.51	)		(0.47	)		(0.50	)		(0.52	)
Distributions from capital gains		0.00			0.00			0.00			(0.07	)		0.00			0.00
Total distributions		(0.23	)		(0.51	)		(0.51	)		(0.54	)		(0.50	)		(0.52	)
Net asset value, end of period		$10.28			$10.39			$10.24			$10.48			$10.98			$10.53
Total return		1.65%	(b)		6.64%			2.66%			0.78%			9.29%			4.49%
Net assets, end of period (in thousands)		$12,399			$12,239			$10,957			$11,037			$12,180			$11,303
Ratio of net expenses to average net assets (a)		0.70%	(c)		0.70%			0.70%			0.62%			0.86%			0.83%
Ratio of gross expenses to average net assets		1.04%	(c)		1.00%			0.92%			0.74%			0.86%			0.83%
Ratio of net investment income to average net assets		5.42%	(c)		4.99%			4.95%			4.79%			4.71%			4.80%
Portfolio turnover		0.83%	(b)		3.58%			4.31%			11.04%			10.55%			8.45%

(a) Percentages are after expense waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions.

(b) Not annualized

(c) Annualized

The accompanying notes are an integral part of the financial statements.

49

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

1. Organization and Significant Accounting Policies

Dupree Mutual Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as ano-load,open-end investment company. The Declaration of Trust of the Trust permits the Trustees to create an unlimited number of series of investment portfolios (each a “Fund” and collectively, the “Funds”) and with respect to each series to issue an unlimited number of full or fractional shares of a single class. The Trust currently offers ten series:

AlabamaTax-Free Income Series

KentuckyTax-Free Income Series

KentuckyTax-FreeShort-to-Medium Series

MississippiTax-Free Income Series

North CarolinaTax-Free Income Series

North CarolinaTax-FreeShort-to-Medium Series

TennesseeTax-Free Income Series

TennesseeTax-FreeShort-to-Medium Series

Intermediate Government Bond Series

Taxable Municipal Bond Series

The investment strategy of the eight statetax-free funds is to maintain 100% of their investments in their respective states of Alabama, Kentucky, Mississippi, North Carolina, or Tennessee municipal securities.

The Intermediate Government Bond Series’ investment strategy is to invest only in obligations of the U.S. Treasury and Agencies of the U.S. Government. The Intermediate Government Bond Series will buy bonds and notes that will maintain an average maturity of no more than ten years.

The Taxable Municipal Bond Series’ investment strategy is to invest in taxable municipal bonds of investment grade quality.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The Trust operates as an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services — Investment Companies.

A. Security Valuation

Securities held by the Intermediate Government Bond Series are valued using market quotations as provided by an independent pricing service. Securities held by the nine municipal bond funds are valued as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees (the “Board”). These procedures involve the use of matrix pricing models which take into consideration price quotations or appraisals for these securities, yield, stability, risk, quality, coupon rate, maturity, type of issue, trading characteristics, special circumstances of a security or trading market, and any other factors or market data considered relevant in determining the value. The procedures also include weekly verification of market quotations provided by two independent pricing services. A bond valuation that is not supported by a valuation source requires management to fair value the security in consultation with the Board’s Valuation Committee. The Board has adopted policies and procedures for the valuation of the Trust’s investments (the “Valuation Procedures”).

Pursuant to the Valuation Procedures, the Valuation Committee, consisting of all of the Trustees, has theday-to-day responsibility for implementing the Valuation Procedure including, under most circumstances, the responsibility for determining the fair value of the Trust’s securities or other assets. The Valuation Committee convenes as needed and reviews the valuation of all assets which have been fair valued for reasonableness. Shares ofopen-end mutual funds in which the Funds invest, if any, are valued at their respective net asset values as reported by the underlying funds.

50

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

1. Organization and Significant Accounting Policies, continued

The Funds have 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 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:	Price 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 Funds’ own assumptions about the factors market participants would use in pricing a security, and would be based on the best information available.

The aggregate value by input level, as of December 31, 2019, for the Funds’ investments is included at the end of the Funds’ Schedules of Portfolio Investments.

B. Investment Transactions

Security transactions are accounted for on a trade date basis. Realized gains and losses on securities sold are determined on an identified cost basis.

C. Investment Income

Interest income, which includes the amortization of premiums and the accretion of discounts, is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums on certain callable securities held at a premium are amortized to the earliest call date.

D. When-Issued and Extended Settlement Securities

The Funds may purchase securities with delivery or payment to occur at a later date. At the time the Funds enter into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the net asset value. The value of the security may vary with market fluctuations. No interest accrues to the Funds until the security is delivered and payment takes place. At the time the Funds enter this type of transaction, they are required to segregate cash or other liquid assets equal to the value of the securities purchased. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

E. Federal Income Taxes

It is each Fund’s policy to qualify as a regulated investment company by complying with the requirements of the Internal Revenue Code (the “code”) applicable to regulated investment companies, including the distribution of all or substantially all taxable andtax-exempt income to their shareholders. The Funds have met the requirements of the code applicable to regulated investment companies for the six months ended December 31, 2019. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions for all open tax years and all major jurisdictions, and has concluded that as of December 31, 2019, no provision for income taxes is required in the financial statements. Therefore, no additional tax expense, including any interest and penalties, was recorded in the current year and no adjustments were made to prior periods. To the extent the Funds recognize interest and penalties, they are included in interest expense and other expenses, respectively, in the Statement of Operations. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last three tax year ends and the interim tax period since then).

F. Distributions

Substantially all of the net investment income of the Funds is declared as a dividend to shareholders of record as of the close of business each day. Any net realized long term capital gains are distributed annually to shareholders. Distributions

51

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

1. Organization and Significant Accounting Policies, continued

are payable in cash or in additional shares at the net asset value on the payable date. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

Distributions are payable:

Monthly for:	KentuckyTax-FreeShort-to-Medium Series North CarolinaTax-FreeShort-to-Medium Series TennesseeTax-FreeShort-to-Medium Series Intermediate Government Bond Series Taxable Municipal Bond Series
Quarterly for:	AlabamaTax-Free Income Series KentuckyTax-Free Income Series MississippiTax-Free Income Series North CarolinaTax-Free Income Series TennesseeTax-Free Income Series

G. Estimates

The preparation of these financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual amounts could differ from those estimates.

H. Subsequent Events

Subsequent events occurring after December 31, 2019 have been evaluated by the Funds’ adviser for potential impact to this report through the date the financial statements were issued. The Funds’ adviser has determined that there were no material subsequent events that require recognition or disclosure in the Funds’ financial statements.

2. Investment Advisory Fee and Other Transactions with Affiliates

Subject to the direction of the Trustees, the Adviser is responsible for the management of the Funds’ portfolios. Under the terms of the Investment Advisory Agreements, the Funds (except the Intermediate Government Bond Series) have agreed to pay to the Adviser as compensation for all services rendered, facilities furnished and expenses paid or assumed by it under the Agreements, a fee at the annual rate of .50 of 1% of the first $100,000,000 average daily net assets of each Fund determined separately; .45 of 1% of the average daily net assets between $100,000,001 and $150,000,000 of each Fund determined separately; .40 of 1% of the average daily net assets between $150,000,001 and $500,000,000 of each Fund determined separately; .35 of 1% of the average daily net assets between $500,000,001 and $750,000,000; and .30 of 1% of the average daily net assets between $750,000,001 and $1,000,000,000; and .25 of 1% of the average daily net assets in excess of $1,000,000,000. The Intermediate Government Bond Series has agreed to pay to the Adviser, as compensation for all services rendered, facilities furnished and expenses paid or assumed by it under the Agreement, a fee at the annual rate of .20 of 1% of average daily net assets.

The Adviser may voluntarily waive investment advisory fees payable to it under the Investment Advisory Agreement with each Fund, and assume and pay other operating expenses. The Adviser will not seek to recoup any waived fees or other operating expenses it has assumed.

52

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

2. Investment Advisory Fee and Other Transactions with Affiliates, continued

For the six months ended December 31, 2019, fees voluntarily waived by the Adviser were as follows:

	Fees waived by Adviser
AlabamaTax-Free Income Series	$	14,851
KentuckyTax-FreeShort-to-Medium Series		20,078
MississippiTax-Free Income Series		15,673
North CarolinaTax-Free Income Series		520
North CarolinaTax-FreeShort-to-Medium Series		18,326
TennesseeTax-Free Income Series		2,633
TennesseeTax-FreeShort-to-Medium Series		16,161
Intermediate Government Bond Series		32
Taxable Municipal Bond Series		20,226

In addition, each Fund has entered into a Shareholder Service Agreement with the Adviser, the Funds’ transfer agent. The agreement provides for a fee computed on the average daily net asset value at the annual rate of 0.15% of 1% on the first $20,000,000 of average net assets and 0.12% of 1% of all amounts in excess of $20,000,000 of average net assets for each Fund.

For the six months ended December 31, 2019, each member of the Board of Trustees received a fee of $28,000 per year plus $2,000 for each Audit Committee meeting attended. In addition, all Trustees are reimbursed by the Funds for all reasonableout-of-pocket expenses incurred by them in performing their duties. The fees are allocated on an average monthly net asset basis for each Fund. The Trustees fees for each Fund are disclosed on the Funds’ Statement of Operations.

3. Purchases and Sales of Securities

During the six months ended December 31, 2019, the cost of purchases and the proceeds from sales/calls and maturities of securities (excluding short-term securities and U.S. government obligations, except for the Intermediate Government Bond Series which are all U.S. government obligations) for each Fund were as follows:

	Purchases		Sales/Calls
AlabamaTax-Free Income Series	$	845,879	$	550,116
KentuckyTax-Free Income Series		27,688,844		33,967,079
KentuckyTax-FreeShort-to-Medium Series		1,388,764		5,652,733
MississippiTax-Free Income Series		255,376		778,988
North CarolinaTax-Free Income Series		16,073,260		6,005,263
North CarolinaTax-FreeShort-to-Medium Series		1,446,159		4,494,759
TennesseeTax-Free Income Series		2,976,434		6,243,560
TennesseeTax-FreeShort-to-Medium Series		308,495		704,814
Intermediate Government Bond Series		1,041,840		500,000
Taxable Municipal Bond Series		412,460		100,000

53

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

4. Capital Shares

As of December 31, 2019 and June 30, 2019, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

ALABAMATAX-FREE INCOME SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		98,528		$	1,233,667			198,144		$	2,392,626
Shares reinvested		11,883			149,070			26,432			321,298
Shares redeemed		(95,344	)		(1,197,186	)		(211,547	)		(2,549,323	)
Net increase		15,067		$	185,551			13,029		$	164,601
KENTUCKYTAX-FREE INCOME SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		4,909,078		$	38,800,959			9,626,237		$	73,522,264
Shares reinvested		930,534			7,341,918			2,147,924			16,452,862
Shares redeemed		(5,324,982	)		(42,071,381	)		(13,513,478	)		(102,515,632	)
Net increase/(decrease)		514,630		$	4,071,496			(1,739,317	)	$	(12,540,506	)
KENTUCKYTAX-FREE SHORT-TO-MEDIUM SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		751,606		$	4,039,309			1,250,168		$	6,540,916
Shares reinvested		47,393			255,155			119,398			626,810
Shares redeemed		(1,642,264	)		(8,841,679	)		(3,037,015	)		(15,891,437	)
Net decrease		(843,265	)	$	(4,547,215	)		(1,667,449	)	$	(8,723,711	)
MISSISSIPPITAX-FREE INCOME SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		17,914		$	219,400			42,708		$	508,317
Shares reinvested		4,449			54,509			9,135			109,491
Shares redeemed		(62,842	)		(769,348	)		(98,379	)		(1,173,590	)
Net decrease		(40,479	)	$	(495,439	)		(46,536	)	$	(555,782	)
NORTH CAROLINATAX-FREE INCOME SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		1,386,644		$	16,325,044			2,306,009		$	26,223,159
Shares reinvested		88,200			1,038,136			179,406			2,052,481
Shares redeemed		(684,772	)		(8,055,084	)		(1,541,976	)		(17,431,321	)
Net increase		790,072		$	9,308,096			943,439		$	10,844,319

54

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

4. Capital Shares, continued

NORTH CAROLINATAX-FREE SHORT-TO-MEDIUM SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		184,591		$	2,053,700			371,253		$	3,968,085
Shares reinvested		10,215			113,309			22,220			239,095
Shares redeemed		(487,120	)		(5,399,570	)		(716,299	)		(7,661,469	)
Net decrease		(292,314	)	$	(3,232,561	)		(322,826	)	$	(3,454,289	)
TENNESSEETAX-FREE INCOME SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		250,573		$	2,901,895			700,809		$	7,887,110
Shares reinvested		68,415			792,625			153,456			1,734,873
Shares redeemed		(634,784	)		(7,354,705	)		(1,420,050	)		(15,922,234	)
Net decrease		(315,796	)	$	(3,660,185	)		(565,785	)	$	(6,300,251	)
TENNESSEETAX-FREE SHORT-TO-MEDIUM SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		23,472		$	256,592			28,273		$	300,410
Shares reinvested		3,963			43,102			9,019			95,560
Shares redeemed		(70,150	)		(762,878	)		(318,609	)		(3,361,462	)
Net decrease		(42,715	)	$	(463,184	)		(281,317	)	$	(2,965,492	)
INTERMEDIATE GOVERNMENT BOND SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		68,397		$	694,133			71,594		$	708,045
Shares reinvested		14,713			149,114			30,032			297,623
Shares redeemed		(61,324	)		(621,158	)		(129,280	)		(1,277,711	)
Net increase/(decrease)		21,786		$	222,089			(27,654	)	$	(272,043	)
TAXABLE MUNICIPAL BOND SERIES	Six months Ended December 31, 2019						Year Ended June 30, 2019
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		44,068		$	457,888			204,809		$	2,075,065
Shares reinvested		21,722			226,091			38,811			394,767
Shares redeemed		(37,215	)		(388,159	)		(136,412	)		(1,382,880	)
Net increase		28,575		$	295,820			107,208		$	1,086,952

5. Concentration of Credit Risk

The AlabamaTax-Free Income Series, KentuckyTax-Free Income Series, KentuckyTax-FreeShort-to-Medium Series, MississippiTax-Free Income Series, North CarolinaTax-Free Income Series, North CarolinaTax-FreeShort-to-Medium Series, TennesseeTax-Free Income Series, and TennesseeTax-FreeShort-to-Medium Series each invest solely in debt obligations

55

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

5. Concentration of Credit Risk, continued

issued by the states of Alabama, Kentucky, Mississippi, North Carolina, and Tennessee, respectively, and their respective political subdivisions, agencies and public authorities to obtain funds for various public purposes. Each of these state-specific Funds is more susceptible to economic and political factors adversely affecting issuers of their states’ respective municipal securities than a fund that is not concentrated in these issuers to the same extent.

6. Federal Income Taxes

At June 30, 2019, the Funds’ capital loss carry-forwards available to offset future capital gains, as follows:

	Short-term		Long-term		Total
Alabama Tax Free Income Series	$	35,043	$	54,607	$	89,650
KentuckyTax-Free Income Series		205,343				205,343
KentuckyTax-FreeShort-to-Medium Series		210,547		50,591		261,138
North CarolinaTax-Free Income Series		1,232,968		521,260		1,754,228
North CarolinaTax-FreeShort-to-Medium Series		19,255		130,283		149,538
TennesseeTax-Free Income Series		278,197		150,069		428,266
TennesseeTax-FreeShort-to-Medium Series		—		271,377		271,377
Intermediate Government Bond Series		120,261		32,456		152,717
Taxable Municipal Bond Series		36,663				36,663

During the year ended June 30, 2019, the Intermediate Government Bond Series utilized capital loss carry-forwards of $291.

The distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are caused primarily by differences due to the sales of market discount bonds or the timing of the recognition of certain components of realized capital gains for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds. For the fiscal year ended June 30, 2019, the Funds did not have any reclassifications of net assets.

The tax character of distributions paid for the six month ended December 31, 2019 and the year ended June 30, 2019 were as follows:

	Six months ended December 31, 2019						Year ended June 30, 2019
	Tax Exempt Income		Ordinary Income		Long-Term Capital Gain		Tax Exempt Income		Ordinary Income		Long-Term Capital Gain
AlabamaTax-Free Income Series	$	345,535	$	—	$	—	$	707,873	$	—	$	—
KentuckyTax-Free Income Series		13,132,237		—		—		27,074,827		—		1,608,795
KentuckyTax-Free Short-to-Medium Series		454,909		—		—		1,071,104		—		—
MississippiTax-Free Income Series		144,543		—		14,209		306,967		—		271
North CarolinaTax-Free Income Series		1,775,035		—		—		3,413,609		—		—
North CarolinaTax-Free Short-to-Medium Series		150,689		—		—		322,451		—		—
TennesseeTax-Free Income Series		1,268,900		—		—		2,711,761		—		—
TennesseeTax-Free Short-to-Medium Series		57,990		—		—		129,383		—		—
Intermediate Government Bond Series		—		182,608		—		—		372,107		—
Taxable Municipal Bond Series		—		336,358		—		—		571,063		—

56

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

6. Federal Income Taxes, continued

At June 30, 2019, the Funds’ components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Net Long-term Capital Gain		Net Unrealized Appreciation/ Depreciation on Investments
AlabamaTax-Free Income	$	—	$	93,648	$	—	$	1,218,264
KentuckyTax-Free Income		—		2,871,651		—		46,815,558
KentuckyTax-FreeShort-to-Medium		—		34,927		—		1,543,120
MississippiTax-Free Income		—		48,520		—		603,036
North CarolinaTax-Free Income		—		335,629		—		6,472,245
North CarolinaTax-FreeShort-to-Medium		—		5,281		—		655,642
TennesseeTax-Free Income		—		230,934		—		4,684,155
TennesseeTax-FreeShort-to-Medium		—		2,812		—		235,202
Intermediate Government Bond		5,649		—		—		628,145
Taxable Municipal Bond Series		15,961		—		—		1,067,459

	Accumulated Capital and Other Losses			Other Temporary Differences			Total Accumulated Earnings/(Losses)
AlabamaTax-Free Income	$	(89,650	)	$	(93,648	)	$1,128,614
KentuckyTax-Free Income		(205,343	)		(2,871,651	)	46,610,215
KentuckyTax-FreeShort-to-Medium		(261,138	)		(34,927	)	1,281,982
MississippiTax-Free Income		705			(48,520	)	603,741
North CarolinaTax-Free Income		(1,754,228	)		(335,629	)	4,718,017
North CarolinaTax-FreeShort-to-Medium		(149,538	)		(5,281	)	506,104
TennesseeTax-Free Income		(428,266	)		(230,934	)	4,255,889
TennesseeTax-FreeShort-to-Medium		(271,377	)		(2,812	)	(36,175)
Intermediate Government Bond		(152,717	)		(5,649	)	475,428
Taxable Municipal Bond Series		(36,663	)		(15,961	)	1,030,796

7.    Contingencies and Commitments

The distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are caused primarily by differences due to the sales of market discount bonds or the timing of the recognition of certain components of realized capital gains for federal income tax purposes.

The Funds may record reclassifications in their capital accounts resulted due to permanent differences between accumulated earnings and aggregate paid in capital. Any such reclassifications will have no effect on net assets. For the six months ended December 31, 2019, the Funds did not have any reclassifications of net assets.

8.    Line of Credit Agreement and Custodian Agreement

Under the terms of an agreement with the Funds’ custodian, principal amounts up to 5% of a Fund’s net assets are available on a committed line of credit. The principal amounts borrowed are due on demand. The agreement expires on August 31, 2020, but may be renewed annually. Interest is payable based on the published prime rate of the bank. Securities with a minimum value of three times the loan proceeds will be assigned as collateral until the balance of the note and unpaid interest is paid in full and terminated.

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NOTES TO FINANCIAL STATEMENTS

December 31, 2019

8. Line of Credit Agreement and Custodian Agreement, continued

At December 31, 2019, the Funds had an aggregate unused line of credit amount of $25,000,000. During the six months ended December 31, 2019, the average interest rate on borrowings was 5.14% and the daily weighted average borrowings for each Fund with borrowings were as follows:

	Weighted average borrowings
AlabamaTax-Free Income Series	$	27
Kentucky Tax Free Income Series		2,027
KentuckyTax-FreeShort-to-Medium Series		7,815
MississippiTax-Free Income Series		929
North CarolinaTax-Free Income Series		11,478
North CarolinaTax-FreeShort-to-Medium Series		3,250
TennesseeTax-Free Income Series		34,049
TennesseeShort-to-MediumTax-Free Series		3,005
Intermediate Government Bond Series		-0-
Taxable Municipal Bond Series		-0-

The Funds have a contractual agreement with the custodian whereby the Funds compensate the custodian for custodial services incurred exceeding the credits realized as a result of uninvested cash balances. Credits realized as a result of uninvested cash balances are used to reduce each Fund’s expenses. During the six months ended December 31, 2019, these credits reduced each Fund’s expenses by the amount shown on the Statement of Operations as “Custodian expense reduction.”

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OTHER UNAUDITED INFORMATION

December 31, 2019

Trustee and officer information

The following table sets forth information as to the Trustees and officers:

	Position(s) held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee or Nominee	Other Directorships Held by Trustee or Nominee During Past Five Years
Independent and Trustees:
James C. Baughman, Jr. 125 South Mill Street Lexington, KY 40507 Age: 57	Trustee Chair of Nominating Committee	Indefinite Term/ Since October 2007	President, H&S Parent, Inc. (2017 – present; holding company for massage and facial spas); President, Blue Horse Entries, LLC (2014 – present; online business support services for equestrian events); President, CJN Advisors, LLC (2013 – present; business consulting)	10	Advisory Board, Community Trust Bank
Ann Rosenstein Giles 125 South Mill Street Lexington, KY 40507 Age: 67	Trustee Chair of Valuation Committee	Indefinite Term/ Since October 2011	AJ Marketing Partners (self-employed marketing consultant; 1987-present)	10	N/A
Marc A. Mathews, 125 South Mill Street Lexington, KY 40507 Age: 61	Chairman, Trustee Chair of Audit Committee	Indefinite Term/ October 2011	Vice President for Finance and Business, Transylvania University (2009-present)	10	Director, Bank of the Bluegrass
Knox van Nagell Pfister 125 South Mill Street Lexington, KY 40507 Age: 41	Trustee	Indefinite Term Since October 2019	General Counsel Mt. Brilliant Farm and Boone Creek LLC (2017 – present); Sr. Director or Philanthropy UK Health Care (2016 – 2017); Executive Director, Fayette Alliance (2006 – 2016)	10	N/A
Interested Trustees and Officers of the Trust
William A. Combs, Jr. 125 South Mill Street Lexington, KY 40507 Age: 79	Trustee	Indefinite Term/ October 1988	Officer, Director:Mercedes-Benz of Cincinnati, Ohio;Mercedes-Benz of West Chester, Ohio (until 2016)	10	N/A
Allen E. Grimes, III 125 South Mill Street Lexington, KY 40507 Age: 57	President Trustee	Annual Term/President, May 2018 to present; Executive Vice President, October 2005 to May 2018 First term as Trustee; Indefinite Term	President, Dupree & Company, Inc. (2005 – present)	10	N/A
Michelle M. Dragoo 125 South Mill Street Lexington, KY 40507 Age: 58	Vice President, Secretary, Treasurer	Annual Term/ Vice President, October 1999 to present; Secretary and Treasurer, October 1999 to present	Vice President, Secretary, Treasurer of Dupree & Company, Inc. (1999 – present)	N/A	N/A
Huston B. Combs 125 South Mill Street Lexington, KY 40507 Age: 43	Vice President	Annual Term/ May 2018 to present	Attorney/Registered Representative Dupree & Company, Inc. (2017 to present); Gess Mattingly & Atchison, P.S.C. (law firm) (2003 – 2017)	N/A	N/A

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OTHER UNAUDITED INFORMATION

December 31, 2019

Trustee and officer information, continued

	Position(s) held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee or Nominee	Other Directorships Held by Trustee or Nominee During Past Five Years
Vincent Harrison 125 South Mill Street Lexington, KY 40507 Age: 48	Assistant Secretary & Assistant Treasurer	Annual Term/ October 2015 to present	Vice President of Dupree & Company, Inc. (2015 – present)	N/A	N/A
Martin Dean Ultimus Fund Solutions, LLC 225 Pictoria Drive Suite 450 Cincinnati, OH 45246 Age: 56	Compliance Officer	Annual Term/ August 2017 to present	Vice President, Director of Fund Compliance Ultimus Fund Solutions, LLC (January 2016 – present); Senior Vice President and Compliance Group Manager, Hunnington Asset Services, Inc. (2013 – 2015)	N/A	N/A

William A. Combs, Jr. is considered an affiliated person of the Adviser, the Trust’s investment advisers, and an “interested person” of the Trust because his son is a Vice President of the Adviser Allen E. Grimes, III is considered an “interested person” of the Trust because he is the President and Chief Compliance Officer of the Adviser.

As of December 31, 2019, Mr. Grimes and certain members of his immediate family, either directly or as beneficiaries of a trust, held beneficial interests in the Adviser. As of that same date, no other Trustee or member of their immediate families had any beneficial interest in the Adviser. Further, the Trust does not have an underwriter.

The Statement of Additional Information (“SAI”) includes additional information about Trustees and officers and is available upon request without charge. Please call (800)866-0614 to request the SAI.

Proxy Voting Information

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent year ended June 30, 2019, is available without charge upon request by calling (800)866-0614, or on the Securities and Exchange Commission’s website athttp://www.sec.gov.

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OTHER UNAUDITED INFORMATION

December 31, 2019

Trustee and officer information, continued

Quarterly Portfolio Disclosure

The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on FormN-PORT. The information will be publicly available 60 days after the end of the period.

The complete listing of each Fund’s portfolio holdings is available on the Commission’s website at http://www.sec.gov and will be made available to shareholders upon request by calling (800)866-0614.

Renewal of Advisory Agreements

In connection with a meeting held on October 22, 2019, the Board, including a majority of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreements (the “Advisory Agreements”) between the Adviser and the Trust with respect to each of the Funds. In considering the renewal of the Advisory Agreements, the Board received materials specifically relating to each Fund and its respective Advisory Agreement.

The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements and the weight to be given to each such factor. The Board’s conclusions were based on an evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreements.

Nature, Quality and Extent of Services. The Board reviewed the Adviser’s experience and the capabilities of its personnel. The Board discussed the Adviser’s compliance program and its business continuity and disaster recovery plans. After considering the personnel involved in servicing each of the Funds, as well as the materials and services described above, the Board expressed satisfaction with the quality of the services received from the Adviser.

Performance. The Board reviewed the performance of each Fund for the last 10 years, or since inception in the case of the Taxable Municipal Bond Series, comparing the performance to various indices, peer groups and Morningstar categories. The Board discussed the Adviser’s methodology to select the peer groups. The Board noted the Adviser’s explanation that performance of theshort-to-medium Funds tended to underperform the indexes and peer groups due to differences in credit quality and duration. The Board reviewed performance for each of the Funds overthe 1-Year, 5-Year and 10-Year and Since Inception (if applicable) periods, relative to applicable benchmarks and peer groups. The Board concluded that Fund performance was satisfactory.

Fees and Expenses. The Board reviewed the range of advisory fees paid by the Funds to the Adviser and the total operating expenses of each Fund. The Board turned its attention to materials previously provided by the Adviser that compared the investment advisory fees assessed to the Funds with each Fund’s peer group and the appropriate Morningstar category averages. The Board noted that the advisory fees for theKentucky Tax-Free Income Series and the Intermediate Government Bond Series were below the peer group and Morningstar category averages. The Board also noted that the advisory fee for the other Funds were equal to or higher than the peer group and Morningstar category averages, but were within the range of fees charged by the peer groups and Morningstar category. The Board noted the Adviser’s explanation that the slightly higher fees were due to the smaller size of the Funds as compared to the size of the funds comprising the peer group and Morningstar categories. The Board turned its attention to total operating expenses and observed that the average expense ratios for all Funds, after voluntary fee waivers and reimbursements, were lower than the average expense ratios of the peer groups and Morningstar categories. The Board observed that the voluntary fee waivers and expenses reimbursements would remain in place for an additionalone-year period. The Board reviewed the advisory fee breakpoints currently in place for all Funds. After considering the comparative data as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

Economies of Scale and Profitability. In reviewing the costs of the services to be provided and the profits to be realized by the Adviser, the Board reviewed the Adviser’s unaudited income statement and balance sheet for thesix-months ended June 30, 2019, a statement of income and expenses for thesix-months ending June 30, 2019 and a quarterly statement of income as of June 30, 2019. The Board reviewed the net profit margins realized on each Fund. The Board noted the Adviser’s explanation regarding the allocation of revenues and expenses, specifically noting that 100% of marketing expenses are allocated to the Adviser. The Board considered the methodology used by the Adviser in determining profitability.

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OTHER UNAUDITED INFORMATION

December 31, 2019

Renewal of Advisory Agreements, continued

The Board discussed the transfer agency fees earned by the Adviser for services provided to the Funds pursuant to the Transfer Agent and Dividend Disbursing Agent Services Agreement. The Board noted the Adviser’s explanation that the transfer agency fees earned by the Adviser reflected its service to the Funds’ direct shareholders and the coordination of trading and settlement issues for all shareholders. The Board discussed the level and quality of services provided to shareholders by the Adviser. The Board also discussed the net profit margins realized by the Adviser on each Fund under the Transfer Agent and Dividend Disbursing Agent Services Agreement. After further discussion, the Board concluded the level of profit realized by the Adviser in connection with its advisory services provided to the Funds was not excessive.

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of independent counsel, the Board determined that the Investment Advisory Agreement was fair and reasonable, that the Adviser’s fees were reasonable in light of the services provided to the Funds and the benefits received by the Adviser, and that renewal of the Investment Advisory Agreement would be in the best interests of the Funds.

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OTHER UNAUDITED INFORMATION

December 31, 2019

Schedule of Shareholder Expenses

As a shareholder of the Funds, you incur ongoing costs including investment advisory fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses which is not the Funds’ actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Net Expense Ratio Annualized December 31, 2019			Beginning Account Value July 1, 2019*		Ending Account Value December 31, 2019**		Expenses Paid During the Six Months Ended December 31, 2019
AlabamaTax-Free Income Series
Actual		.71	%	$	1,000.00	$	1,011.24	$	3.57
Hypothetical		.71			1,000.00		1,025.21		3.61
KentuckyTax-Free Income Series
Actual		.56			1,000.00		1,010.08		2.83
Hypothetical		.56			1,000.00		1,025.21		2.86
KentuckyTax-FreeShort-to-Medium Series
Actual		.71			1,000.00		1,006.20		3.57
Hypothetical		.71			1,000.00		1,025.21		3.61
MississippiTax-Free Income Series
Actual		.71			1,000.00		1,008.02		3.57
Hypothetical		.71			1,000.00		1,025.21		3.61
North CarolinaTax-Free Income Series
Actual		.70			1,000.00		1,008.97		3.54
Hypothetical		.70			1,000.00		1,025.21		3.57
North CarolinaTax-FreeShort-to-Medium Series
Actual		.71			1,000.00		1,006.65		3.58
Hypothetical		.71			1,000.00		1,025.21		3.61
TennesseeTax-Free Income Series
Actual		.71			1,000.00		1,008.87		3.57
Hypothetical		.71			1,000.00		1,025.21		3.61
TennesseeTax-FreeShort-to-Medium Series
Actual		.71			1,000.00		1,005.95		3.58
Hypothetical		.71			1,000.00		1,025.21		3.61

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OTHER UNAUDITED INFORMATION

December 31, 2019

Schedule of Shareholder Expenses, continued

	Net Expense Ratio Annualized December 31, 2019			Beginning Account Value July 1, 2019*		Ending Account Value December 31, 2019**		Expenses Paid During the Six Months Ended December 31, 2019
Intermediate Government Bond Series
Actual		.69	%	$	1,000.00	$	1,004.99	$	3.46
Hypothetical		.69			1,000.00		1,025.21		3.50
Taxable Municipal Bond Series
Actual		.70			1,000.00		1,008.32		3.56
Hypothetical		.70			1,000.00		1,025.21		3.59

* The example is based on an investment of $1,000 invested at the beginning of the period.

** Expenses are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period multiplied by [181/365] (to reflectone-half year period).

64

Item 2. Not applicable.

Item 3. Not applicable.

Item 4. Not applicable.

Item 5. Not applicable.

Item 6.

(a) Included as part of Item 1.

(b) Not applicable.

Item 7. Not applicable.

Item 8. Not applicable.

Item 9. Not applicable.

Item 10. There have been no changes to the procedures by which shareholders may recommend nominees to the board of trustees nominating committee.

Item 11. Controls and Procedures:

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that information required to be disclosed by the registrant on FormN-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Not applicable.

Item 13. Exhibits

(a)

(1) Not applicable.

(2) Certifications

(3) Not applicable.

(4) Not applicable.

(b) Certification

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dupree Mutual Funds
By:	/s/    Michelle M. Dragoo
	Michelle M. Dragoo, Vice President, Secretary, Treasurer
Date: February 27, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Allen E. Grimes, III
	Allen E. Grimes, III,
	President
Date: February 27, 2020
By:	/s/    Michelle M. Dragoo
	Michelle M. Dragoo, Vice President, Secretary, Treasurer
Date: February 27, 2020