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

0000311101 ck0000311101:C000032728Member 2015-10-31

U. S.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-2918

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, 2024

Date of reporting period: July 1, 2023 through June 30, 2024

Item 1. Report to Stockholders

(a) Tailored Shareholder Reports

(b) Not applicable.

Alabama Tax-Free Income Series
TICKER: DUALX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Alabama

Tax-Free

Income Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at

www.dupree-funds.com/documents.

You can also request this information by contacting us at (800)

866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Alabama Tax-Free Income Series	$	70		0.70%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-dated, higher-rated bonds. The Fund provided a total return of 3.17% during the reporting period which was roughly in line with the Bloomberg Municipal Bond Index (the “Muni Index”) which returned 3.21%. The Fund’s slight underperformance was primarily due to the fact that it held fewer “BBB” rated bonds and had a shorter duration than the Muni Index. Additionally, unlike the Fund, the Muni Index does not reflect any expenses and/or transaction costs.

During the reporting period, the Fund’s use of its current investment strategies did not cause the Fund’s performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade,

tax-exempt

municipal bonds with a maturity of at least one year. The

index

is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Alabama Tax-Free Income Series		3.17	%		0.82	%		2.03	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a

shareholder

would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	20,654,451
Total number of portfolio holdings		70
Net advisory fees paid	$	61,315
Portfolio turnover rate as of the end of the reporting period		20.02%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Kentucky Tax-Free Income Series
TICKER: KYTFX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Kentucky

Tax-Free

Income Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at

www.dupree-funds.com/documents.

You can also request this information by contacting us at (800)

866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Kentucky Tax-Free Income Series	$	62		0.62%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-dated, higher-rated bonds. The Fund provided a total return of 3.03% during the reporting period which was roughly in line with the Bloomberg Municipal Bond Index (“Muni Index”) which returned 3.21%. The Fund’s slight underperformance was primarily due to the fact that it held fewer “BBB” rated bonds and had a shorter duration than the Muni Index. Additionally, unlike the Fund, the Muni Index does not reflect any expenses and/or transaction costs.

During the reporting period, the Fund’s use of its current investment strategies did not cause the Fund’s performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an

appropriate

broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for in

vestme

nt grade,

tax-exempt

municipal bonds with a maturity of at least one year. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Kentucky Tax-Free Income Series		3.03	%		0.88	%		1.95	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	736,956,373
Total number of portfolio holdings		322
Total advisory fees paid	$	3,032,606
Portfolio turnover rate as of the end of the reporting period		14.50%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the

percentage

of total

net

assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Kentucky Tax-Free Short-to-Medium Series
TICKER: KYSMX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Kentucky

Tax-Free

Short-to-Medium

Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at

(800) 866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Ke ntucky Tax-Free Short-to-Medum Series	$	70		0.70%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-dated, higher-rated bonds, The Fund provided a total return of 1.83% during the reporting period which was lower than the Bloomberg Municipal Bond Index (the “Muni Index”) which returned 3.21%. The Fund’s underperformance was due primarily to the fact that it held fewer “BBB” rated bonds and had a substantially shorter duration than the Muni Index.

During the reporting period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the

beginning

of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade,

tax-exempt

municipal bonds with a maturity of at least one year. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Kentucky Tax-Free Short-to-Medium Series		1.83	%		0.70	%		1.16	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	31,676,562
Total number of portfolio holdings		54
Net advisory fees paid	$	134,414
Portfolio turnover rate as of the end of the reporting period		24.89%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Mississippi Tax-Free Income Series
TICKER: DUMSX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Mississippi

Tax-Free

Income Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at

www.dupree-funds.com/documents.

You can also request this information by contacting us at

(800) 866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Mississippi Tax-Free Income Series	$	70		0.70%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-dated, higher-quality bonds. The Fund provided a total return of 2.60% during the Review Period which was lower than the Bloomberg Municipal Bond Index (the “Muni Index”) which returned 3.21%. The underperformance of the Fund was due primarily to the fact that the Fund held fewer “BBB” rated bonds and had a shorter duration than the Muni Index. Additionally, unlike the Fund, the Muni Index does not reflect any expenses and/or transaction costs.

During the reporting period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first

fiscal

year in an appropriate broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade,

tax-exempt

municipal bonds with a maturity of at least one year. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Mississippi Tax-Free Income Series		2.60	%		0.51	%		1.93	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	9,606,748
Total number of portfolio holdings		54
Net advisory fees paid	$	22,647
Portfolio turnover rate as of the end of the reporting period		17.87%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

North Carolina Tax-Free Income Series
TICKER: NTFIX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the North Carolina

Tax-Free

Income Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at

www.dupree-funds.com/documents.

You can also request this information by contacting us at

(800) 866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
North Carolina Tax-Free Income Series	$	70		0.70%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-dated, higher-rated bonds. The Fund provided a total return of 2.89% during the reporting period which was lower than the Bloomberg Municipal Bond Index (the “Muni Index”) which returned 3.21%. The underperformance of the Fund was due primarily to the fact that it held fewer “BBB” rated bonds and had a shorter duration than the Muni Index. Additionally, unlike the Fund, the Muni Index does not reflect any expenses and/or transaction costs.

During the reporting period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade,

tax-exempt

municipal bonds with a maturity of at least one year. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
North Carolina Tax-Free Income Series		2.89	%		0.57	%		1.81	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	115,374,466
Total number of portfolio holdings		161
Net advisory fees paid	$	513,458
Portfolio turnover rate as of the end of the reporting period		11.99%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

North Carolina Tax-Free Short-to-Medium Series
TICKER: NTSMX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the North Carolina

Tax-Free

Short-to-Medium

Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800)

866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
North Carolina Tax-Free Short-to-Medium Series	$	70		0.70%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-dated, higher-rated bonds. The Fund provided a total return of 1.71% during the reporting period which was lower than the Bloomberg Municipal Bond Index (the “Muni Index”) which returned 3.21%. The Fund’s underperformance was due primarily to the fact that it held fewer “BBB” rated bonds and had a substantially shorter duration than the Muni Index.

During the reporting period, the Fund’s use of its current management strategy did not cause the performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade,

tax-exempt

municipal bonds with a maturity of at least one year. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
North Carolina Tax-Free Short-to-Medium Series		1.71	%		0.37	%		0.93	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	9,016,977
Total number of portfolio holdings		38
Net advisory fees paid	$	23,315
Portfolio turnover rate as of the end of the reporting period		0.00%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Tennessee Tax-Free Income Series
TICKER: TNTIX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Tennessee

Tax-Free

Income Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at

www.dupree-funds.com/documents.

You can also request this information by contacting us at (800)

866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Tennessee Tax-Free Income Series	$	70		0.70%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-dated, higher-quality bonds. The Fund provided a total return of 2.82% during the reporting period which was lower than the Bloomberg Municipal Bond Index (the “Muni Index”) which returned 3.21%. The underperformance of the Fund was primarily due to the fact that the Fund held fewer “BBB” rated bonds and had a shorter duration than the Muni Index. Additionally, unlike the Fund, the Muni Index does not reflect any expenses and/or transaction costs

During the reporting period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade,

tax-exempt

municipal bonds with a maturity of at least one year. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Tennessee Tax-Free Income Series		2.82	%		0.78	%		1.79	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	53,592,111
Total number of portfolio holdings		69
Net advisory fees paid	$	227,110
Portfolio turnover rate as of the end of the reporting period		21.15%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Tennessee Tax-Free Short-to-Medium Series
TICKER: TTSMX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Tennessee

Tax-Free

Short-to-Medium

Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at

(800) 866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Tennessee Tax-Free Short-to-Medium Series	$	70		0.70%

How did the Fund perform last year?

During the reporting period, longer-dated, lower-rated municipal bonds generally outperformed shorter-date, higher-quality bonds. The Fund provided a total return of 1.81% during the reporting period which was lower than the Bloomberg Municipal Bond Index (the “Muni Index”) which returned 3.21%. The Fund’s underperformance was due primarily to the fact that it held fewer “BBB” rated bonds and had a substantially shorter duration than the Muni Index.

During the reporting period, the Fund’s use of its current management strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Municipal Bond Index is considered representative of the broad market for investment grade,

tax-exempt

municipal bonds with a maturity of at least one year. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Tennessee Tax-Free Short-to-Medium Series		1.81	%		0.48	%		1.04	%
Bloomberg Municipal Bond Index		3.21	%		1.16	%		2.39	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	2,832,241
Total number of portfolio holdings		15
Net advisory fees paid	$	-0-
Portfolio turnover rate as of the end of the reporting period		12.62%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Intermediate Government Bond Series
TICKER: DPIGX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Intermediate Government Bond Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at

www.dupree-funds.com/documents.

You can also request this information by contacting us at

(800) 866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Intermediate Government Bond Series	$	70		0.70%

How did the Fund perform last year?

Yields increased across the taxable yield curve during the reporting period. Shorter-dated taxable bonds generally outperformed longer-dated bonds during the reporting period. The Fund provided a total return of 4.58% during the reporting period which was higher than the Bloomberg Intermediate Government Bond Index (“Gov Bond Index”) which returned 3.40%. The Fund’s outperformance was due primarily to the fact that it had a shorter duration than the Gov Bond Index.

During the reporting period, the Fund’s use of its current management strategy did not cause the performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year. 

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Intermediate U.S. Government Bond Index tracks U.S. Treasury and U.S. Agency obligations with nominal maturities between one and ten years. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Intermediate Government Bond Series		4.58	%		1.18	%		1.72	%
Bloomberg Intermediate U.S. Government Bond Index		3.40	%		0.29	%		1.11	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	9,698,809
Total number of portfolio holdings		18
Net advisory fees paid	$	900
Portfolio turnover rate as of the end of the reporting period		26.47%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Taxable Municipal Bond Series
TICKER: DUTMX

Annual Shareholder Report: June 30, 2024

This annual shareholder report contains important information about the Taxable Municipal Bond Series (the “Fund”) for the period of July 1, 2023 to June 30, 2024 (the “reporting period”). You can find additional information about the Fund at

www.dupree-funds.com/documents

.

You can also request this information by contacting us at (800)

866-0614

or info@dupree-funds.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

Fund (Class)	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment
Taxable Municipal Bond Series	$	70		0.70%

How did the Fund perform last year?

Yields increased across the taxable municipal yield curve during the reporting period. Shorter-dated, lower-rated taxable municipal bonds generally outperformed longer-dated, higher-rated bonds during the reporting period. The Fund provided a total return of 2.25% during the reporting period which was lower than the Bloomberg Taxable Municipal Bond Index (“Taxable Muni Index”) which returned 3.81%. The Fund’s underperformance was due primarily to the fact that it held fewer lower-rated credits and had a longer duration than the Taxable Muni Index.

During the reporting period, the Fund’s use of its current investment strategy did not cause the performance to deviate materially from the manager’s expectations. We do not plan to change the investment strategy of the Fund substantially in the upcoming year.

1

How has the Fund historically performed?

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

The Bloomberg Taxable Municipal Index tracks performance of investment-grade fixed income securities issued by state and local governments whose income is not exempt from tax, issued generally to finance a project or activity that does not meet certain “public purpose/use” requirements. The index is unmanaged and reflects no expenses. It is not possible to invest directly in an index.

Average annual total return values (as of June 30, 2024):

	1 Year			5 Years			10 Years
Taxable Municipal Bond Series		2.25	%		(2.63)	%		0.98	%
Bloomberg Taxable Municipal Bond Index		3.81	%		0.34	%		2.88	%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

What are the Key Fund statistics you should know?

The following table outlines key Fund statistics that you should pay attention to:

Fund’s net assets	$	3,505,759
Total number of portfolio holdings		19
Net advisory fees paid	$	-0-
Portfolio turnover rate as of the end of the reporting period		12.53%

2

What is the Fund invested in?

The tables and charts below show the investment makeup of the Fund, representing the percentage of total net assets of the Fund.

Composition

Credit Quality*

Ratings have been assigned by a Nationally Recognized Statistical Rating Organizations (“NRSRO”). All ratings are by Moody’s Ratings, an NRSRO, unless noted otherwise. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents.

How can you get additional information about the Fund?

Additional information is available on the Fund’s website (www.dupree-funds.com/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800)

866-0614,

and we will begin sending you separate copies of these materials within 30 days after we receive your request.

3

  P.O. Box 1149 • Lexington, Kentucky • 40588-1149      PRSRT STD U.S. POSTAGE PAID LEXINGTON, KY PERMIT NO. 113  

Item 2.  Code of Ethics:

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) Not applicable.

(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not applicable.

(f) See Item 19 (a)(1)

Item 3.  Audit Committee Financial Expert:

(a)(1) The registrant’s board has determined that there is at least one audit committee financial expert servings on its audit committee.

(a)(2) Marc A. Mathews possesses the attributes identified in Item 3(b) of Form N-CSR. Mr. Mathews is the “audit committee financial expert’ and is considered to be “independent” as each term is defined in Item 3(a)(2)(ii) of Form N-CSR.

(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services:

(a) Audit Fees.

Year ended June 30, 2023:	$	128,000
Year ended June 30, 2024	$	131,500

(b) Audit-Related Fees.

Year ended June 30, 2023:	None
Year ended June 30, 2024	None

(c) Tax Fees (consisting of income and excise tax compliance services)

Year ended June 30, 2023:	$	40,000
Year ended June 30, 2024	$	40,000

(d) All Other Fees (Fees for all other services)

Year ended June 30, 2023 $ 17,000

  (consisted of examination of transfer agent ($5,000); Anti-Money Laundering advisory services ($7,000) and Review of Semi-Annual report ($5,000))

Year ended June 30, 2024 $ 17,000

  (consisted of examination of transfer agent ($5,000); Anti-Money Laundering advisory services ($7,000) and Review of Semi-Annual report ($5,000))

(e) (1) The Registrant’s Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant’s investment adviser, or any affiliate of the adviser that provides ongoing services to

the Registrant, if such non-audit services directly impact the Registrant’s operations and financial reporting. All services (b) through (d) were pre-approved by the Audit Committee.

(f) The Registrant has been advised by the Principal Accountant that no persons other than full time permanent employees have been engaged to audit the Registrant’s financial statements for the fiscal year ended June 30, 2024.

(g) The aggregate non audit fees billed by the Registrant’s Accountant to the Registrant were:

Year ended June 30, 2023:	$	57,000
Year ended June 30, 2024:	$	57,000

(h) Non audit services provided to the Registrant’s investment adviser were pre-approved by the Registrant’s Audit Committee.

(i) Not applicable.

(j) Not applicable.

Item 5. Not applicable.

Item 6.

(a) The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

(b) Not Applicable

Item 7.

June 30, 2024

ANNUAL REPORT

TO SHAREHOLDERS

ABOUT DUPREE MUTUAL FUNDS

In 1941, Dupree & Company, Inc. began business in Harlan, Kentucky as a small securities brokerage firm specializing in tax-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, Dupree & Company began what is now Dupree Mutual Funds with the Kentucky Tax-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:

Kentucky Tax-Free Short-to-Medium Series in 1987;

Intermediate Government Bond Series in 1992;

Tennessee Tax-Free Income Series in 1993;

Tennessee Tax-Free Short-to-Medium Series in 1994;

North Carolina Tax-Free Income Series in 1995;

North Carolina Tax-Free Short-to-Medium Series in 1995;

Alabama Tax-Free Income Series in 2000;

Mississippi Tax-Free Income Series in 2000;

and Taxable Municipal Bond Series in 2010.

Today, after more than 45 years in business, Dupree Mutual Funds continues to be a leader in the no-load single-state municipal bond space. No-load means simply that shares of the funds are offered directly to investors with no front or back-end sales charges, as opposed to load funds, which are sold through brokerage firms or other institutions and 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

Alabama Tax-Free Income Series	1
Kentucky Tax-Free Income Series	6
Kentucky Tax-Free Short-to-Medium Series	15
Mississippi Tax-Free Income Series	19
North Carolina Tax-Free Income Series	24
North Carolina Tax-Free Short-to-Medium Series	30
Tennessee Tax-Free Income Series	34
Tennessee Tax-Free Short-to-Medium Series	39
Intermediate Government Bond Series	42
Taxable Municipal Bond Series	45
Notes to Financial Statements	49
Other Unaudited Information	61

DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
20.85% of Net Assets
Athens AL		4.125	%		05/01/2044	Aa3	$	250,000	$	247,813
Athens AL		4.250			05/01/2049	Aa3		250,000		248,470
Athens AL Warrants		3.000			05/01/2041	Aa3		125,000		103,936
Cherokee County AL Board of Education Tax Warrants		4.000			12/01/2034	A1		310,000		311,992
Cherokee County AL Board of Education Tax Warrants		4.250			12/01/2042	A1		150,000		150,900
Florence AL City Board of Education Special Tax School Warrants		4.000			03/01/2046	Aa3		225,000		220,826
Guntersville AL Warrants		3.000			08/01/2040	AA-*		250,000		209,935
Houston County AL Board of Education Special Tax School Warrants		3.000			12/01/2037	AA*		250,000		222,298
Jackson County AL Board of Education School Tax Warrants		3.000			03/01/2038	AA*		350,000		308,640
Jefferson County AL Board of Education Public School Warrants		4.000			02/01/2042	Aa3		795,000		787,050
Jefferson County AL Public Schools		4.000			02/01/2038	Aa3		165,000		166,148
Marshall County AL Board of Education Special Tax School Warrants		4.000			03/01/2033	A1		250,000		250,030
Mountain Brook AL City Board of Education		3.000			03/01/2042	Aa1		250,000		211,428
Pell City AL Warrants		4.500			02/01/2042	AA*		200,000		206,618
Pike Road AL Warrants		5.000			03/01/2043	AA+*		250,000		272,753
Saint Clair County AL Board of Education Special Tax Warrants		5.000			02/01/2040	A1		125,000		135,808
Saint Clair County AL Board of Education Special Tax Warrants		3.000			02/01/2038	A1		250,000		220,595
Troy AL Public Educational Building Authority		5.250			12/01/2036	A1		30,000		30,009
										4,305,249
PUBLIC FACILITIES REVENUE BONDS
19.29% of Net Assets
Adamsville AL Warrants		3.000			09/01/2045	AA*		250,000		199,723
AL State Corrections Institution Finance Authority		5.000			07/01/2042	Aa2		350,000		379,518
Anniston AL Public Building Authority DHR Project		5.250			05/01/2030	AA-*		50,000		50,058
Anniston AL Public Building Authority DHR Project		5.500			05/01/2033	AA-*		200,000		200,152
Bessemer AL Public Educational Building Authority Revenue		5.000			07/01/2030	AA*		140,000		140,004
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			12/01/2043	AA*		500,000		537,980
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2037	Aa3		500,000		523,970
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2038	Aa3		250,000		261,985
Boaz AL Warrants		4.000			02/01/2037	AA*		250,000		251,323
Bullock County AL Public Building Authority		4.000			10/01/2038	AA-*		500,000		503,305
Cherokee County AL Public Building Authority^		4.125			07/01/2044	A2		350,000		340,918
Montgomery County AL Public Building Authority		5.000			03/01/2036	Aa2		350,000		371,329
Phenix City AL Public Building Authority		4.000			10/01/2035	AA-*		100,000		101,656
Phenix City AL Public Building Authority		4.000			10/01/2037	AA-*		120,000		121,357
										3,983,278
PREREFUNDED BONDS
15.97% of Net Assets
Alabaster AL Board of Education Special Tax Warrants		5.000			09/01/2039	A1		600,000		601,725
Auburn AL Waterworks Board Water Revenue		5.000			09/01/2036	NR		250,000		254,993
Decatur City AL Board of Education Special Tax		5.000			02/01/2040	Aa2		225,000		227,111
Limestone County AL Water & Sewer Authority		4.750			12/01/2033	AA*		290,000		301,020
Madison AL Warrants		5.000			04/01/2035	Aa3		350,000		354,428
Northport AL Warrants		5.000			08/01/2040	AA*		735,000		736,103
Tuscaloosa AL Warrants		5.000			07/01/2034	Aa1		300,000		300,039
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2036	Aa3		250,000		262,053
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2037	Aa3		250,000		262,053
										3,299,525
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
15.85% of Net Assets
AL Community College System Gadsden State Community College		5.000			06/01/2038	Aa1		325,000		339,531
AL State Public School & College Authority		4.000			11/01/2040	Aa1		250,000		253,488
Auburn University AL General Fee Revenue		4.000			06/01/2041	Aa2		285,000		281,195
Auburn University AL General Fee Revenue		4.000			06/01/2036	Aa2		380,000		380,760
Troy University AL Facilities Revenue		5.000			11/01/2028	A1		250,000		252,285

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

1

DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Troy University AL Facilities Revenue		4.000	%		11/01/2032	A1	$	300,000	$	304,302
Troy University AL Facilities Revenue		5.000			11/01/2037	A1		200,000		208,476
University of AL General Fee Revenue		5.000			09/01/2037	Aa3		250,000		264,495
University of AL Huntsville General Fee Revenue		5.000			09/01/2038	Aa3		435,000		458,681
University of AL Huntsville General Fee Revenue		5.000			09/01/2038	Aa3		500,000		530,870
										3,274,083
MUNICIPAL UTILITY REVENUE BONDS
11.44% of Net Assets
Berry AL Water & Sewer Revenue		4.000			09/01/2039	AA*		250,000		250,455
Birmingham AL Waterworks		4.000			01/01/2037	Aa2		250,000		251,125
Birmingham AL Waterworks		4.000			01/01/2041	Aa2		225,000		222,320
Limestone County AL Water & Sewer Authority		4.750			12/01/2035	AA*		400,000		401,600
Opelika AL Utilities Board		4.000			06/01/2039	Aa3		250,000		250,063
Prattville AL Sewer Warrants		4.000			11/01/2042	AA-*		375,000		361,733
Talladega AL Water & Sewer Revenue		3.000			09/01/2046	AA*		250,000		192,420
Tuskegee AL Utilities Board		3.000			08/01/2037	A1		260,000		238,443
Warrior River AL Water Authority		4.000			08/01/2043	AA*		200,000		195,034
										2,363,193
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
7.10% of Net Assets
AL State Housing Finance Authority		4.500			10/01/2044	Aaa		965,000		964,942
AL State Housing Finance Authority^		4.550			10/01/2044	Aaa		250,000		250,880
AL State Housing Finance Authority^		4.700			10/01/2049	Aaa		250,000		250,518
										1,466,340
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.79% of Net Assets
Arab AL		3.000			12/01/2041	AA*		250,000		206,368
Birmingham AL Warrants		4.000			12/01/2035	Aa3		250,000		252,437
Birmingham AL Warrants		5.000			12/01/2037	Aa3		250,000		263,635
Elmore County AL Warrants		5.000			05/01/2047	AA*		250,000		267,020
										989,460
REFUNDING BONDS
3.80% of Net Assets
Jefferson County AL Warrants		5.000			09/15/2035	AA+*		250,000		258,240
Montgomery AL Warrants		5.000			06/15/2035	A1		500,000		526,095
										784,335
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.70% of Net Assets
Chilton County AL Health Care Authority Chilton County Hospital		5.000			11/01/2035	AA-@		550,000		558,525
Total Investments 101.79% of Net Assets (cost $21,640,255) (See footnote 6 for further explanation)									$	21,023,988
Liabilites in excess of assets (1.79)%										(369,537	)
Net Assets 100%									$	20,654,451

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

^ When-issued security or extended settlement — see footnote 1(D)

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

2

DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

June 30, 2024

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		21,023,988
Level 3	Significant Unobservable Inputs		—
		$	21,023,988

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

3

ALABAMA TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $21,640,255)		$	21,023,988
Cash			373,685
Interest receivable			226,278
Total assets			21,623,951
LIABILITIES:
Payable for:
Investments purchased	840,932
Distributions to shareholders	76,954
Fund shares redeemed	4,048
Net investment advisory fee	1,780
Transfer agent fee	6,432
Printing expense	16,738
Audit fees	3,810
Compliance fees	3,734
Trustees fees	2,082
Legal fees	1,407
Custodian fee	421
Accrued expenses	11,162
Total liabilities			969,500
NET ASSETS:
Paid-in capital			21,849,935
Total accumulated loss			(1,195,484	)
Total Net Assets		$	20,654,451
NET ASSET VALUE, offering price and redemption price per share (1,802,743 shares outstanding; unlimited number of shares authorized; no par value)		$	11.46

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	684,583
Expenses:
Investment advisory fee		103,780
Transfer agent fee		30,907
Custodian fee		8,806
Professional fees		14,118
Printing expense		10,329
Pricing fees		7,686
Trustees fees		3,226
Registration fees		1,830
Other expenses		7,428
Total expenses		188,110
Fees waived by Adviser (Note 2)		(42,465	)
Custodian fee reduction (Note 7)		(26	)
Net expenses		145,619
Net investment income		538,964
Realized and unrealized gain/(loss) on investments:
Net realized loss		(270,863	)
Net change in unrealized appreciation/depreciation		334,422
Net realized and unrealized gain on investments		63,559
Net increase in net assets resulting from operations	$	602,523

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

4

ALABAMA TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	538,964		$	581,380
Net realized loss on investments		(270,863	)		(308,354	)
Net change in unrealized appreciation/depreciation		334,422			(66,438	)
Net increase in net assets resulting from operations		602,523			206,588
Total distributions (Note 6)		(538,964	)		(594,975	)
Net Fund share transactions (Note 4)		(1,189,001	)		(3,592,740	)
Total decrease		(1,125,442	)		(3,981,127	)
Net assets:
Beginning of year		21,779,893			25,761,020
End of year	$	20,654,451		$	21,779,893

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$11.40			$11.57			$12.86			$12.78			$12.43
Income from investment operations:
Net investment income		0.29			0.28			0.27			0.29			0.33
Net gains/(losses) on investments (c)		0.06			(0.16	)		(1.29	)		0.08			0.35
Total from investment operations		0.35			0.12			(1.02	)		0.37			0.68
Less distributions:
Distributions from net investment income		(0.29	)		(0.28	)		(0.27	)		(0.29	)		(0.33	)
Distributions from capital gains		0.00			(0.01	)		0.00	(b)		0.00			0.00
Total distributions		(0.29	)		(0.29	)		(0.27	)		(0.29	)		(0.33	)
Net asset value, end of year		$11.46			$11.40			$11.57			$12.86			$12.78
Total return		3.17%			1.08%			(8.03	)%		2.93%			5.49%
Net assets, end of year (in thousands)		$20,654			$21,780			$25,761			$28,209			$27,354
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.91%			0.93%			0.87%			0.80%			0.82%
Ratio of net investment income to average net assets		2.60%			2.49%			2.19%			2.26%			2.58%
Portfolio turnover		20.02%			4.46%			2.55%			13.38%			6.98%

(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) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

5

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
35.01% of Net Assets
KY Association of Counties		4.000	%		02/01/2029	AA-*	$	240,000	$	245,042
KY Association of Counties		5.000			02/01/2030	AA-*		385,000		411,815
KY Association of Counties		5.000			02/01/2031	AA-*		255,000		272,649
KY Association of Counties		4.000			02/01/2033	AA-*		420,000		422,671
KY Association of Counties		4.000			02/01/2034	AA-*		435,000		437,419
KY Association of Counties		4.000			02/01/2035	AA-*		690,000		698,508
KY Association of Counties		4.000			02/01/2035	AA-*		460,000		462,926
KY Association of Counties		4.500			02/01/2036	AA-*		445,000		468,665
KY Association of Counties		4.000			02/01/2037	AA-*		745,000		748,695
KY Association of Counties		4.500			02/01/2037	AA-*		460,000		477,972
KY Association of Counties		4.000			02/01/2038	AA-*		3,165,000		3,171,203
KY Association of Counties		4.500			02/01/2038	AA-*		490,000		507,513
KY Association of Counties		4.000			02/01/2039	AA-*		1,000,000		1,000,300
KY Association of Counties		4.500			02/01/2039	AA-*		515,000		531,017
KY Association of Counties		5.000			02/01/2039	AA-*		550,000		606,452
KY Association of Counties		4.500			02/01/2040	AA-*		535,000		549,878
KY Association of Counties		4.500			02/01/2041	AA-*		565,000		579,227
KY Association of Counties		3.500			02/01/2042	AA-*		1,215,000		1,105,687
KY Association of Counties		4.500			02/01/2042	AA-*		1,050,000		1,072,995
KY Association of Counties		4.500			02/01/2043	AA-*		1,455,000		1,492,495
KY Association of Counties		4.000			02/01/2043	AA-*		515,000		501,136
KY Association of Counties		4.000			02/01/2048	AA-*		920,000		863,714
KY Bond Corporation Finance Program		3.000			02/01/2032	AA-*		550,000		513,596
KY Bond Corporation Finance Program		3.000			02/01/2033	AA-*		1,010,000		935,755
KY Bond Corporation Finance Program		3.000			02/01/2034	AA-*		1,070,000		984,625
KY Bond Corporation Finance Program		3.000			02/01/2034	AA-*		925,000		852,591
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		1,170,000		1,069,754
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		930,000		851,834
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		1,240,000		1,124,767
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		965,000		877,841
KY Bond Corporation Finance Program		3.000			02/01/2037	AA-*		990,000		888,228
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		980,000		867,555
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		1,025,000		909,370
KY Bond Corporation Finance Program		3.000			02/01/2039	AA-*		1,050,000		917,742
KY Bond Corporation Finance Program		3.000			02/01/2040	AA-*		1,030,000		883,225
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,000,000		841,600
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,065,000		898,562
KY Bond Corporation Finance Program		3.000			02/01/2042	AA-*		420,000		348,499
KY Bond Corporation Finance Program		3.000			02/01/2043	AA-*		430,000		350,269
KY Bond Corporation Finance Program		3.000			02/01/2044	AA-*		450,000		364,757
KY Bond Corporation Finance Program		3.000			02/01/2047	AA-*		1,100,000		849,112
KY State Property & Building #108		5.000			08/01/2026	A1		955,000		969,363
KY State Property & Building #108		5.000			08/01/2028	A1		2,670,000		2,711,866
KY State Property & Building #108		5.000			08/01/2030	A1		5,000,000		5,066,600
KY State Property & Building #108		5.000			08/01/2032	A1		8,820,000		8,929,015
KY State Property & Building #108		5.000			08/01/2033	A1		5,270,000		5,329,498
KY State Property & Building #108		5.000			08/01/2034	A1		4,900,000		4,948,510
KY State Property & Building #110		5.000			08/01/2029	A1		4,200,000		4,258,212
KY State Property & Building #110		5.000			08/01/2032	A1		1,515,000		1,533,725
KY State Property & Building #110		5.000			08/01/2033	A1		1,000,000		1,012,460
KY State Property & Building #110		5.000			08/01/2034	A1		1,900,000		1,921,451
KY State Property & Building #110		5.000			08/01/2035	A1		3,680,000		3,722,725
KY State Property & Building #112		5.000			11/01/2028	A1		265,000		273,970
KY State Property & Building #112		5.000			02/01/2035	A1		8,325,000		8,498,243
KY State Property & Building #112		5.000			02/01/2036	A1		7,920,000		8,070,082
KY State Property & Building #115		5.000			04/01/2033	A1		4,565,000		4,728,701

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

6

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY State Property & Building #115		5.000	%		04/01/2034	A1	$	13,975,000	$	14,505,910
KY State Property & Building #115		5.000			04/01/2036	A1		14,460,000		15,028,712
KY State Property & Building #115		5.000			04/01/2037	A1		5,000,000		5,188,650
KY State Property & Building #117		5.000			05/01/2031	A1		5,055,000		5,248,455
KY State Property & Building #117		5.000			05/01/2032	A1		3,680,000		3,817,816
KY State Property & Building #117		5.000			05/01/2033	A1		3,550,000		3,686,853
KY State Property & Building #117		5.000			05/01/2034	A1		5,825,000		6,065,514
KY State Property & Building #117		5.000			05/01/2035	A1		5,065,000		5,278,338
KY State Property & Building #117		5.000			05/01/2036	A1		5,275,000		5,488,479
KY State Property & Building #119		5.000			05/01/2030	A1		3,685,000		3,894,124
KY State Property & Building #119		5.000			05/01/2034	A1		725,000		768,290
KY State Property & Building #119		5.000			05/01/2035	A1		10,000,000		10,527,000
KY State Property & Building #119		5.000			05/01/2036	A1		10,000,000		10,523,300
KY State Property & Building #119		5.000			05/01/2037	A1		500,000		525,985
KY State Property & Building #122		4.000			11/01/2035	A1		500,000		504,145
KY State Property & Building #122		4.000			11/01/2036	A1		750,000		754,133
KY State Property & Building #122		4.000			11/01/2037	A1		675,000		681,136
KY State Property & Building #122		4.000			11/01/2039	A1		4,655,000		4,665,846
KY State Property & Building #126		5.000			05/01/2039	A1		2,500,000		2,749,700
KY State Property & Building #126		5.000			05/01/2040	A1		845,000		920,940
KY State Property & Building #126		5.000			05/01/2042	A1		2,000,000		2,164,160
KY State Property & Building #126		4.000			05/01/2042	A1		1,980,000		1,959,982
KY State Property & Building #127		5.250			06/01/2040	A1		10,000,000		11,157,800
KY State Property & Building #127		5.250			06/01/2041	A1		8,745,000		9,700,129
KY State Property & Building #127		5.250			06/01/2042	A1		15,975,000		17,685,124
KY State Property & Building #130		4.000			11/01/2041	A1		1,500,000		1,501,200
KY State Property & Building #130		5.000			11/01/2042	A1		1,500,000		1,651,320
KY State Property & Building #130		4.000			11/01/2043	A1		7,000,000		6,870,150
KY State Property & Building #130		5.250			11/01/2044	A1		8,140,000		9,104,183
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2034	Aa3		1,450,000		1,455,568
										258,005,024
SCHOOL IMPROVEMENT BONDS
24.31% of Net Assets
Adair County KY School District Finance Corporation		4.250			09/01/2040	A1		1,840,000		1,874,114
Adair County KY School District Finance Corporation		4.250			09/01/2042	A1		1,270,000		1,283,246
Bardstown KY Independent School District Finance Corporation		4.000			02/01/2040	A1		1,495,000		1,493,236
Bardstown KY Independent School District Finance Corporation		4.000			02/01/2042	A1		1,525,000		1,500,341
Bowling Green KY School District Finance Corporation		4.000			08/01/2034	A1		1,890,000		1,908,843
Bowling Green KY School District Finance Corporation		4.000			08/01/2035	A1		2,215,000		2,234,426
Bowling Green KY School District Finance Corporation		4.000			08/01/2036	A1		2,305,000		2,319,660
Bowling Green KY School District Finance Corporation		4.000			08/01/2037	A1		2,395,000		2,402,089
Bowling Green KY School District Finance Corporation		4.000			04/01/2043	A1		3,085,000		3,017,068
Bowling Green KY School District Finance Corporation		4.000			04/01/2045	A1		2,500,000		2,420,950
Bullitt County KY School District Finance Corporation		4.000			10/01/2035	A1		1,820,000		1,833,996
Bullitt County KY School District Finance Corporation		4.000			10/01/2036	A1		2,985,000		3,000,224
Bullitt County KY School District Finance Corporation		4.000			10/01/2037	A1		3,075,000		3,084,748
Bullitt County KY School District Finance Corporation		4.000			03/01/2038	A1		575,000		580,658
Bullitt County KY School District Finance Corporation		4.000			02/01/2042	A1		1,485,000		1,455,523
Butler County KY School District Finance Corporation		4.000			03/01/2037	A1		360,000		366,660
Butler County KY School District Finance Corporation		4.250			03/01/2040	A1		755,000		766,831
Campbell County KY School District Finance Corporation		4.000			02/01/2045	Aa3		1,000,000		965,890
Christian County KY School District Finance Corporation		4.500			10/01/2042	A1		3,555,000		3,713,624
Christian County KY School District Finance Corporation		4.500			10/01/2043	A1		3,605,000		3,745,956
Christian County KY School District Finance Corporation		4.500			10/01/2048	A1		2,000,000		2,056,340
Clark County KY School District Finance Corporation		4.000			03/01/2039	A1		3,090,000		3,110,147
Clark County KY School District Finance Corporation		4.000			03/01/2040	A1		1,475,000		1,474,926
Clay County KY School DistrictFinance Corporation		4.250			09/01/2042	A1		1,500,000		1,515,645
Covington KY Independent School District Finance Corporation		4.000			06/01/2041	A1		490,000		485,820

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

7

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Dayton KY Independent School District Finance Corporation		4.000	%		04/01/2044	A1	$	2,210,000	$	2,153,844
Fayette County KY School District Finance Corporation		5.000			08/01/2028	Aa3		1,330,000		1,349,431
Fayette County KY School District Finance Corporation		4.750			11/01/2031	Aa3		1,730,000		1,734,602
Fayette County KY School District Finance Corporation		5.000			08/01/2032	Aa3		10,600,000		10,742,356
Fayette County KY School District Finance Corporation		5.000			08/01/2034	Aa3		8,750,000		8,860,950
Fleming County KY School District Finance Corporation		4.250			06/01/2043	A1		965,000		972,730
Fleming County KY School District Finance Corporation		4.250			06/01/2044	A1		1,010,000		1,014,020
Franklin County KY School District Finance Corporation		4.000			02/01/2040	A1		1,000,000		1,001,270
Franklin County KY School District Finance Corporation		4.000			02/01/2041	A1		1,020,000		1,012,636
Glasgow KY School District Finance Corporation		3.000			02/01/2042	A1		1,820,000		1,518,080
Hardin County KY School District Finance Corporation		4.000			05/01/2030	Aa3		635,000		640,817
Hardin County KY School District Finance Corporation		4.000			02/01/2042	Aa3		6,035,000		5,974,650
Hardin County KY School District Finance Corporation		4.000			02/01/2044	Aa3		2,000,000		1,946,880
Hardin County KY School Distrit Finance Corporation		4.000			02/01/2041	Aa3		1,220,000		1,218,499
Harlan KY Independent School District Finance Corporation		4.250			09/01/2041	A1		560,000		566,188
Harlan KY Independent School District Finance Corporation		4.375			09/01/2042	A1		260,000		264,716
Jefferson County KY School District Finance Corporation		5.000			10/01/2026	Aa3		255,000		264,573
Jefferson County KY School District Finance Corporation		5.000			04/01/2030	Aa3		975,000		983,678
Jefferson County KY School District Finance Corporation		5.000			04/01/2031	Aa3		1,025,000		1,034,205
Jefferson County KY School District Finance Corporation		4.750			04/01/2034	Aa3		1,165,000		1,177,139
Jefferson County KY School District Finance Corporation		4.750			04/01/2035	Aa3		1,220,000		1,233,627
Jefferson County KY School District Finance Corporation		3.000			12/01/2035	Aa3		6,140,000		5,677,290
Jefferson County KY School District Finance Corporation		4.250			10/01/2037	Aa3		2,110,000		2,129,813
Jefferson County KY School District Finance Corporation		3.000			12/01/2038	Aa3		1,470,000		1,314,518
Jefferson County KY School District Finance Corporation		3.000			12/01/2039	Aa3		385,000		338,550
Jefferson County KY School District Finance Corporation		3.000			12/01/2040	Aa3		1,940,000		1,671,989
Kenton County KY School District Finance Corporation		4.000			04/01/2036	A1		1,210,000		1,214,138
Kenton County KY School District Finance Corporation		4.000			04/01/2037	A1		1,255,000		1,257,548
Kenton County KY School District Finance Corporation		4.000			04/01/2038	A1		1,300,000		1,300,832
Kenton County KY School District Finance Corporation		3.000			12/01/2040	A1		1,965,000		1,662,095
Kenton County KY School District Finance Corporation		3.000			12/01/2041	A1		2,025,000		1,689,012
KY State Interlocal School Transportation Association		4.000			03/01/2025	A1		1,325,000		1,327,133
Madison County KY School District Finance Corporation		4.000			02/01/2043	Aa3		1,585,000		1,556,375
Madison County KY School District Finance Corporation		4.000			02/01/2044	Aa3		1,000,000		973,440
Madison County KY School Distrtrict Finance Corporation		4.000			02/01/2042	Aa3		2,545,000		2,519,550
Marion County KY School District Finance Corporation		4.000			04/01/2038	A1		1,000,000		1,013,990
Marion County KY School District Finance Corporation		4.000			04/01/2040	A1		1,190,000		1,189,941
Mason County KY School District Finance Corporation		4.000			04/01/2043	A1		1,145,000		1,122,707
McLean County KY School District Finance Corporation		4.000			02/01/2044	A1		845,000		822,557
Meade County KY School District Finance Corporation		4.000			06/01/2036	A1		2,215,000		2,225,542
Meade County KY School District Finance Corporation		4.000			06/01/2037	A1		2,255,000		2,266,162
Meade County KY School District Finance Corporation		4.000			06/01/2038	A1		2,400,000		2,392,320
Mercer County KY School District Finance Corporation		4.000			05/01/2040	A1		1,555,000		1,553,119
Mercer County KY School District Finance Corporation		4.000			05/01/2041	A1		1,950,000		1,938,105
Mercer County KY School District Finance Corporation		4.000			05/01/2044	A1		450,000		436,176
Morgan County KY School District Finance Corporation		4.000			08/01/2029	A1		960,000		975,619
Nelson County KY School Distrit Finance Corporation		4.000			06/01/2041	A1		1,695,000		1,672,372
Nelson County KY School Distrit Finance Corporation		4.125			06/01/2042	A1		1,765,000		1,763,835
Owensboro KY Independent School District Finance Corporation		4.000			04/01/2041	A1		1,545,000		1,522,644
Paris KY Independent School District Finance Corporation		4.000			03/01/2042	A1		1,000,000		983,760
Paris KY School District Finance Corporation		4.000			06/01/2043	A1		335,000		327,158
Raceland-Worthington KY Independent School District Finance Corporation		3.400			06/01/2037	A1		580,000		555,321
Robertson County KY School District Finance Corporation		4.000			02/01/2042	A1		300,000		294,780
Robertson County KY School District Finance Corporation		4.000			02/01/2043	A1		310,000		302,827
Russellville KY Independent School District Finance Corporation		4.000			03/01/2044	A1		545,000		527,636
Scott County KY School District Finance Corporation		4.000			06/01/2035	Aa3		1,440,000		1,446,854
Scott County KY School District Finance Corporation		4.000			10/01/2035	Aa3		2,235,000		2,244,476

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

8

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Scott County KY School District Finance Corporation		4.000	%		06/01/2036	Aa3	$	1,500,000	$	1,505,760
Scott County KY School District Finance Corporation		4.000			10/01/2037	Aa3		2,415,000		2,421,617
Scott County KY School District Finance Corporation		5.000			09/01/2041	Aa3		7,120,000		7,814,840
Scott County KY School District Finance Corporation		4.125			04/01/2047	Aa3		2,025,000		1,962,326
Shelby County KY School District Finance Corporation		4.000			08/01/2037	Aa3		6,240,000		6,250,982
Shelby County KY School District Finance Corporation		4.000			08/01/2038	Aa3		3,000,000		2,971,200
Warren County KY School District Finance Corporation		4.000			02/01/2040	Aa3		2,000,000		1,995,340
Warren County KY School Distrit Finance Corporation		4.250			12/01/2041	Aa3		5,000,000		5,081,350
Williamstown KY Independent School District Finance Corporation		4.125			05/01/2044	A1		490,000		482,469
Woodford County KY School District Finance Corporation		5.000			08/01/2038	A1		1,650,000		1,804,803
Woodford County KY School District Finance Corporation		5.000			08/01/2039	A1		350,000		381,045
										179,157,768
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
13.82% of Net Assets
Boyle County KY Educational Facilities Revenue Centre College		5.000			06/01/2037	A3		2,865,000		2,958,456
Boyle County KY Educational Facilities Revenue Centre College		5.250			06/01/2043	A3		2,000,000		2,173,960
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2033	A3		1,345,000		1,413,313
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2034	A3		1,605,000		1,690,723
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2035	A3		2,165,000		2,275,783
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2036	A3		2,835,000		2,972,639
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2038	A3		1,340,000		1,399,081
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2038	A3		200,000		200,716
KY Bond Development Corporation Educational Facilities Centre College		3.000			06/01/2039	A3		860,000		746,403
KY Bond Development Corporation Educational Facilities Centre College		3.000			06/01/2041	A3		1,405,000		1,173,428
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2046	A3		2,545,000		2,416,427
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2051	A3		4,400,000		4,110,612
KY State Property & Building #114		5.000			10/01/2032	A1		2,795,000		2,880,835
KY State Property & Building #114		5.000			10/01/2033	A1		2,940,000		3,030,934
KY State Property & Building #114		5.000			10/01/2034	A1		3,090,000		3,178,127
KY State Property & Building #114		5.000			10/01/2035	A1		1,945,000		1,995,376
KY State Property & Building #116		5.000			10/01/2035	A1		4,165,000		4,371,293
KY State Property & Building #116		5.000			10/01/2036	A1		2,725,000		2,855,691
Murray State University		5.000			03/01/2032	A1		2,220,000		2,236,295
Murray State University		3.000			09/01/2037	A1		1,310,000		1,171,821
Murray State University		3.000			09/01/2039	A1		1,390,000		1,214,151
Murray State University		3.000			09/01/2041	A1		1,470,000		1,242,753
University of Kentucky Certificate of Participation		4.000			05/01/2033	Aa3		885,000		902,939
University of Kentucky Certificate of Participation		4.000			05/01/2034	Aa3		1,020,000		1,034,770
University of Kentucky Certificate of Participation		4.000			05/01/2039	Aa3		4,660,000		4,682,228
University of Kentucky Certificate of Participation		4.000			05/01/2044	Aa3		3,755,000		3,729,391
University of Kentucky General Receipts		5.000			04/01/2030	Aa2		5,490,000		5,546,273
University of Kentucky General Receipts		4.000			10/01/2036	Aa2		16,160,000		16,230,130
University of Kentucky General Receipts		4.000			10/01/2038	Aa2		10,855,000		10,870,957
University of Kentucky Higher Educational		4.750			04/01/2034	Aa2		5,435,000		5,472,121
University of Louisville		3.000			09/01/2039	A1		1,450,000		1,274,072
University of Louisville		3.000			09/01/2040	A1		1,495,000		1,289,049
University of Louisville		3.000			09/01/2042	A1		1,575,000		1,316,763
Western KY University		4.000			09/01/2034	A1		575,000		579,508
Western KY University		4.000			09/01/2035	A1		595,000		598,671
Western KY University		4.000			09/01/2036	A1		620,000		622,536
										101,858,225

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

9

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
7.18% of Net Assets
KY Rural Water Finance Corporation		3.000	%		02/01/2032	AA-*	$	240,000	$	224,114
KY Rural Water Finance Corporation		3.000			02/01/2033	AA-*		370,000		342,546
KY Rural Water Finance Corporation		5.125			02/01/2035	AA-*		295,000		295,024
KY Rural Water Finance Corporation		3.000			08/01/2036	AA-*		285,000		257,626
KY Rural Water Finance Corporation		3.000			08/01/2037	AA-*		280,000		249,819
KY State Association of Counties Finance Corporation		4.000			02/01/2031	AA-*		405,000		409,856
KY State Association of Counties Finance Corporation		4.000			02/01/2033	AA-*		415,000		419,698
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2033	Aa3		1,000,000		1,002,040
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2034	Aa3		2,230,000		2,239,790
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2034	Aa3		4,595,000		4,679,455
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2035	Aa3		2,245,000		2,252,049
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2035	Aa3		4,825,000		4,917,592
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2036	Aa3		2,795,000		2,805,901
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2037	Aa3		10,000,000		10,021,000
Louisville & Jefferson County Metropolitan Sewer		3.000			05/15/2044	Aa3		9,015,000		7,353,716
Louisville & Jefferson County Metropolitan Sewer		3.250			05/15/2046	Aa3		2,450,000		2,014,464
Murray KY Electric Plant		3.000			12/01/2036	A1		370,000		336,082
Murray KY Electric Plant		3.000			12/01/2037	A1		380,000		340,814
Murray KY Electric Plant		3.000			12/01/2038	A1		395,000		350,017
Murray KY Electric Plant		3.000			12/01/2039	A1		405,000		353,164
Murray KY Electric Plant		3.000			12/01/2040	A1		420,000		361,523
Murray KY Electric Plant		3.000			12/01/2041	A1		430,000		363,350
Murray KY Electric Plant		3.000			12/01/2042	A1		445,000		370,382
Owensboro KY Electric Light & Power		4.000			01/01/2031	A3		245,000		246,803
Owensboro KY Electric Light & Power		4.000			01/01/2033	A3		275,000		276,826
Owensboro KY Electric Light & Power		4.000			01/01/2034	A3		305,000		306,809
Owensboro KY Electric Light & Power		4.000			01/01/2035	A3		200,000		201,042
Owensboro KY Electric Light & Power		4.000			01/01/2036	A3		325,000		326,541
Owensboro KY Electric Light & Power		4.000			01/01/2037	A3		410,000		411,164
Owensboro KY Water Revenue		4.000			09/15/2034	A1		2,075,000		2,106,831
Owensboro KY Water Revenue		4.000			09/15/2035	A1		2,155,000		2,180,192
Owensboro KY Water Revenue		4.000			09/15/2037	A1		1,950,000		1,961,603
Owensboro KY Water Revenue		4.000			09/15/2039	A1		2,125,000		2,125,531
Owensboro-Daviess County KY Water		4.000			12/01/2043	A+*		800,000		785,128
										52,888,492
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.08% of Net Assets
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2032	AA*		1,810,000		1,824,643
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2035	AA*		1,390,000		1,398,785
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2036	AA*		1,200,000		1,207,368
KY Development Corporation Hospital Facilities — St. Elizabeth		5.000			05/01/2039	AA*		7,185,000		7,331,502
Louisville & Jefferson County Norton Healthcare		5.000			10/01/2033	A*		4,060,000		4,142,174
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2035	A*		3,850,000		3,747,552
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2036	A*		7,005,000		6,878,069
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2040	A*		1,000,000		976,560
Louisville & Jefferson County Norton Healthcare		5.000			10/01/2042	A*		2,750,000		2,943,298
Louisville & Jefferson County Norton Healthcare		3.000			10/01/2043	A*		4,000,000		3,157,400
Warren County KY Hospital		5.000			04/01/2043	AA-*		875,000		953,934
Warren County KY Hospital		5.000			04/01/2044	AA-*		2,685,000		2,897,759
										37,459,044
PUBLIC FACILITIES REVENUE BONDS
5.02% of Net Assets
Bath County KY Public Properties		4.625			06/01/2045	A1		1,040,000		1,078,074
Bath County KY Public Properties		4.625			06/01/2046	A1		1,090,000		1,127,431
KY Bond Development		5.000			09/01/2035	A2		1,275,000		1,349,141
KY Bond Development		5.000			09/01/2036	A2		2,000,000		2,112,300

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

10

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY State Certificate of Participation		4.000	%		04/15/2030	A1	$	1,500,000	$	1,527,465
KY State Certificate of Participation		4.000			04/15/2031	A1		1,350,000		1,371,830
KY State Certificate of Participation		5.000			06/15/2034	A1		1,640,000		1,658,434
KY State Certificate of Participation		5.000			04/15/2038	A1		5,000,000		5,264,250
KY State Certificate of Participation		5.000			06/15/2038	A1		7,535,000		7,607,562
KY State Certificate of Participation		4.000			04/15/2048	A1		1,000,000		955,530
Laurel County KY General Obligation		4.000			05/01/2031	AA*		1,295,000		1,309,167
Laurel County KY General Obligation		4.000			05/01/2034	AA*		1,440,000		1,457,309
Laurel County KY General Obligation		4.000			05/01/2035	AA*		1,495,000		1,510,563
Laurel County KY General Obligation		4.000			05/01/2036	AA*		1,555,000		1,571,590
Laurel County KY General Obligation		4.000			05/01/2037	AA*		1,620,000		1,632,928
Laurel County KY General Obligation		4.000			05/01/2038	AA*		1,680,000		1,688,904
Madison County KY Public Properties Judicial Center		4.125			06/01/2041	A1		1,180,000		1,181,735
Marshall County Library		4.000			06/01/2038	Aa3		1,060,000		1,065,501
River City, Inc. Parking Authority		3.000			12/01/2036	Aa3		835,000		760,769
River City, Inc. Parking Authority		3.000			12/01/2037	Aa3		860,000		772,151
										37,002,634
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.53% of Net Assets
KY State Turnpike Economic Development Road Revenue^		5.000			07/01/2025	Aa3		4,000,000		4,062,920
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2029	Aa3		4,000,000		4,102,880
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2032	Aa3		1,315,000		1,329,675
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2032	Aa3		1,765,000		1,861,140
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2034	Aa3		1,120,000		1,148,582
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2036	Aa3		400,000		420,024
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2037	Aa3		500,000		522,690
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2038	Aa3		1,100,000		1,209,648
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2039	Aa3		3,255,000		3,554,004
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2040	Aa3		2,250,000		2,443,590
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2041	Aa3		3,555,000		3,831,188
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2042	Aa3		1,400,000		1,507,870
										25,994,211
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
2.64% of Net Assets
KY State Housing Corporation		4.250			01/01/2034	Aaa		250,000		255,105
KY State Housing Corporation		4.300			07/01/2034	Aaa		325,000		334,318
KY State Housing Corporation		4.350			01/01/2035	Aaa		310,000		313,767
KY State Housing Corporation		4.350			07/01/2035	Aaa		605,000		621,057
KY State Housing Corporation		4.400			07/01/2038	Aaa		3,005,000		3,080,455
KY State Housing Corporation		4.700			07/01/2043	Aaa		3,500,000		3,593,975
KY State Housing Corporation		4.800			07/01/2048	Aaa		5,200,000		5,289,908
KY State Housing Corporation		4.400			07/01/2044	Aaa		2,945,000		2,955,867
KY State Housing Corporation		4.600			07/01/2049	Aaa		3,000,000		3,017,580
										19,462,032
REFUNDING BONDS
1.22% of Net Assets
KY Association of Counties		3.000			02/01/2034	AA-*		480,000		442,426
KY Association of Counties		3.000			02/01/2035	AA-*		505,000		462,969
KY Association of Counties		3.000			02/01/2036	AA-*		510,000		465,273
KY State Property & Building #108		5.000			08/01/2025	A1		2,690,000		2,736,537
KY State Property & Building #121		5.000			02/01/2029	A1		4,535,000		4,866,871
										8,974,076
AIRPORT REVENUE BONDS
0.70% of Net Assets
Kenton County Airport		5.000			01/01/2029	A1		240,000		244,994
Kenton County Airport		5.000			01/01/2034	A1		275,000		294,910

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

11

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Kenton County Airport		5.000	%		01/01/2035	A1	$	300,000	$	322,242
Kenton County Airport		5.000			01/01/2036	A1		325,000		348,108
Kenton County Airport		5.000			01/01/2037	A1		250,000		267,668
Kenton County Airport		5.000			01/01/2038	A1		500,000		533,604
Kenton County Airport		5.000			01/01/2039	A1		500,000		531,240
Kenton County Airport		5.000			01/01/2044	A1		2,500,000		2,627,450
										5,170,216
AD VALOREM PROPERTY BONDS
0.35% of Net Assets
Henderson KY		3.000			09/01/2042	Aa3		845,000		704,570
Henderson KY		3.000			09/01/2043	Aa3		870,000		710,346
Warren County KY General Obligation		4.000			06/01/2035	Aa1		1,175,000		1,196,091
										2,611,007
PREREFUNDED BONDS
0.35% of Net Assets
Frankfort KY Electric & Water		4.750			12/01/2034	NR		695,000		698,982
Frankfort KY Electric & Water		4.750			12/01/2035	NR		725,000		729,154
Frankfort KY Electric & Water		4.750			12/01/2036	NR		760,000		764,355
Lexington Fayette Urban County Government		5.000			01/01/2029	Aa2		345,000		347,843
										2,540,334
Total Investments 99.21% of Net Assets (cost $747,515,795) (See footnote 6 for further explanation)									$	731,123,063
Other assets in excess of liabilities .79%										5,833,310
Net Assets 100%									$	736,956,373

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

^ When-issued security or extended settlement — see footnote 1(D)

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		731,123,063
Level 3	Significant Unobservable Inputs		—
		$	731,123,063

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

12

KENTUCKY TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $747,515,795)		$	731,123,063
Cash			5,245,265
Receivable for fund shares sold			32,218
Interest receivable			8,112,247
Total assets			744,512,793
LIABILITIES:
Payable for:
Investments purchased	4,061,760
Distributions to shareholders	2,218,657
Fund shares redeemed	649,435
Investment advisory fee	242,625
Transfer agent fee	73,091
Audit fees	133,746
Professional fees	32,445
Trustees fees	28,298
Custodian fee	27,434
Accrued expenses	88,929
Total liabilities			7,556,420
NET ASSETS:
Paid-in capital			772,104,223
Total accumulated loss			(35,147,850	)
Total Net Assets		$	736,956,373
NET ASSET VALUE, offering price and redemption price per share (102,347,947 shares outstanding; unlimited number of shares authorized; no par value)		$	7.20

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	25,257,567
Expenses:
Investment advisory fee		3,032,606
Transfer agent fee		919,589
Professional fees		311,003
Trustees fees		118,795
Custodian fee		97,514
Registration fees		37,256
Pricing fees		32,940
Other expenses		133,761
Total expenses		4,683,464
Custodian fee reduction (Note 7)		(292	)
Net expenses		4,683,172
Net investment income		20,574,395
Realized and unrealized gain/(loss) on investments:
Net realized loss		(9,083,428	)
Net change in unrealized appreciation/depreciation		10,760,471
Net realized and unrealized gain on investments		1,677,043
Net increase in net assets resulting from operations	$	22,251,438

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

13

KENTUCKY TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	20,574,395		$	21,219,726
Net realized loss on investments		(9,083,428	)		(8,560,616	)
Net change in unrealized appreciation/depreciation		10,760,471			6,101,692
Net increase in net assets resulting from operations		22,251,438			18,760,802
Total distributions (Note 6)		(20,574,395	)		(21,219,726	)
Net Fund share transactions (Note 4)		(63,541,409	)		(59,002,733	)
Total decrease		(61,864,366	)		(61,461,657	)
Net assets:
Beginning of year		798,820,739			860,282,396
End of year	$	736,956,373		$	798,820,739

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$7.18			$7.20			$8.02			$7.86			$7.83
Income from investment operations:
Net investment income		0.19			0.19			0.18			0.20			0.21
Net gains/(losses) on investments (c)		0.02			(0.02	)		(0.82	)		0.16			0.03
Total from investment operations		0.21			0.17			(0.64	)		0.36			0.24
Less distributions:
Distributions from net investment income		(0.19	)		(0.19	)		(0.18	)		(0.20	)		(0.21	)
Distributions from capital gains		0.00			0.00			0.00	(b)		0.00	(b)		0.00
Total distributions		(0.19	)		(0.19	)		(0.18	)		(0.20	)		(0.21	)
Net asset value, end of year		$7.20			$7.18			$7.20			$8.02			$7.86
Total return		3.03%			2.35%			(8.11	)%		4.63%			3.08%
Net assets, end of year (in thousands)		$736,956			$798,821			$860,282			$1,008,379			$973,889
Ratio of net expenses to average net assets (a)		0.62%			0.60%			0.56%			0.56%			0.56%
Ratio of gross expenses to average net assets		0.62%			0.60%			0.56%			0.56%			0.56%
Ratio of net investment income to average net assets		2.70%			2.59%			2.31%			2.46%			2.66%
Portfolio turnover		14.50%			10.67%			14.39%			5.92%			4.59%

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

(b) Rounds to less than $0.01.

(c) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

14

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

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
20.34% of Net Assets
Anderson County KY School District Finance Corporation		3.000	%		02/01/2029	A1	$	500,000	$	484,920
Boone County KY School District Finance Corporation		4.000			06/01/2029	Aa3		450,000		459,680
Bowling Green KY Independent School District Finance Corporation		5.000			08/01/2027	A1		695,000		716,677
Floyd County KY School District Finance Corporation		3.500			08/01/2031	A1		800,000		770,224
Jefferson County KY School District Finance Corporation		4.000			06/01/2030	Aa3		1,245,000		1,255,544
Newport KY Independent School District Finance Corporation		3.500			11/01/2028	A1		425,000		416,258
Paris KY Independent School District Finance Corporation		5.000			06/01/2027	A1		205,000		213,241
Paris KY Independent School District Finance Corporation		5.000			06/01/2028	A1		215,000		226,404
Paris KY Independent School District Finance Corporation		5.000			06/01/2029	A1		170,000		181,123
Pike County KY School District Finance Corporation		5.000			08/01/2024	A1		250,000		250,293
Pike County KY School District Finance Corporation		5.000			02/01/2025	A1		960,000		968,102
Pike County KY School District Finance Corporation		5.000			08/01/2025	A1		200,000		203,222
Pike County KY School District Finance Corporation		4.000			02/01/2028	A1		295,000		297,623
										6,443,311
PUBLIC FACILITIES REVENUE BONDS
16.14% of Net Assets
KY Bond Development		5.000			09/01/2026	A3		1,000,000		1,026,670
Lexington Fayette Urban County Government — Court Facilities		5.000			10/01/2024	A1		700,000		702,429
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2029	Aa3		1,000,000		1,006,980
Mercer County KY Public Property		4.000			08/01/2024	A1		720,000		720,122
Oldham County KY Public Facilities		5.000			02/01/2025	A1		325,000		327,629
River City Parking Authority		5.000			12/01/2024	Aa3		340,000		342,346
Taylor County KY Public Courthouse		4.000			09/01/2027	A1		700,000		706,657
Wolfe County KY Public Properties Corporation		4.000			04/01/2025	A1		280,000		280,216
										5,113,049
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
14.66% of Net Assets
KY Asset Liability Commission		5.000			09/01/2024	AA*		330,000		330,739
KY Asset Liability Commission Federal Highway		5.000			09/01/2024	A2		500,000		500,990
KY Asset Liability Commission Federal Highway		5.000			09/01/2026	A2		565,000		565,961
KY Asset Liability Commission Federal Highway		5.000			09/01/2026	A2		330,000		335,062
KY State Turnpike Authority Economic Development		5.000			07/01/2024	Aa3		1,175,000		1,175,153
KY State Turnpike Authority Economic Development		5.000			07/01/2025	Aa3		300,000		304,956
KY State Turnpike Authority Economic Development		5.000			07/01/2026	Aa3		1,385,000		1,429,569
										4,642,430
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
12.06% of Net Assets
KY Association of Counties		4.000			02/01/2029	AA-*		630,000		648,906
KY Association of Counties		5.000			02/01/2030	AA-*		250,000		270,338
KY State Property & Building #108		5.000			08/01/2028	A1		755,000		766,838
KY State Property & Building #127		5.000			06/01/2029	A1		1,000,000		1,077,610
Somerset KY		5.000			06/01/2028	A1		605,000		644,621
Somerset KY		5.000			06/01/2029	A1		380,000		411,111
										3,819,424
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.55% of Net Assets
Eastern KY University		5.000			10/01/2026	A1		655,000		676,700
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2029	A3		320,000		326,156
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2030	A3		170,000		172,868
University of Kentucky General Receipts		3.000			04/01/2025	Aa2		240,000		238,978
University of Kentucky General Receipts		4.000			10/01/2030	Aa2		90,000		90,650
University of Kentucky General Receipts		4.000			10/01/2032	Aa2		750,000		754,395
University of Louisville		4.000			09/01/2030	A1		745,000		764,236
										3,023,983

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

15

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

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
9.04% of Net Assets
Campbell & Kenton Counties Sanitation District #1		4.000	%		08/01/2031	Aa2	$	1,000,000	$	1,010,980
Henderson KY		4.000			06/01/2028	Aa3		385,000		394,125
KY Rural Water Financing Corporation		5.000			08/01/2029	AA-*		595,000		644,938
Northern KY Water		5.000			02/01/2026	Aa2		815,000		814,992
										2,865,035
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
6.18% of Net Assets
KY State Housing Corporation		3.650			07/01/2027	Aaa		660,000		663,366
KY State Housing Corporation		3.750			07/01/2028	Aaa		345,000		347,298
KY State Housing Corporation		3.850			07/01/2029	Aaa		450,000		453,878
KY State Housing Corporation		3.350			07/01/2029	Aaa		305,000		299,477
KY State Housing Corporation		3.400			07/01/2030	Aaa		200,000		195,108
										1,959,127
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.22% of Net Assets
Warren County KY Hospital		5.000			04/01/2032	AA-*		1,200,000		1,337,700
AD VALOREM PROPERTY BONDS
2.06% of Net Assets
Henderson KY		5.000			09/01/2029	Aa3		600,000		652,296
REFUNDING BONDS
1.82% of Net Assets
KY State Property & Building #112		5.000			11/01/2026	A1		555,000		575,690
AIRPORT REVENUE BONDS
1.62% of Net Assets
Kenton County Airport		5.000			01/01/2026	A1		500,000		512,705
Total Investments 97.69% of Net Assets (cost $31,510,385) (See footnote 6 for further explanation)									$	30,944,750
Other assets in excess of liabilities 2.31%										731,812
Net Assets 100%									$	31,676,562

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		30,944,750
Level 3	Significant Unobservable Inputs		—
		$	30,944,750

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

16

KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $31,510,385)		$	30,944,750
Cash			347,203
Receivable for fund shares sold			29,528
Interest receivable			427,241
Total assets			31,748,722
LIABILITIES:
Payable for:
Distributions to shareholders	19,688
Fund shares redeemed	1,077
Net investment advisory fee	9,931
Transfer agent fee	3,593
Audit fees	10,002
Registration fees	6,685
Custodian fee	4,444
Compliance fees	3,273
Legal fees	3,136
Trustee fees	1,981
Accrued expenses	8,350
Total liabilities			72,160
NET ASSETS:
Paid-in capital			32,527,671
Total accumulated loss			(851,109	)
Total Net Assets		$	31,676,562
NET ASSET VALUE, offering price and redemption price per share (6,219,285 shares outstanding; unlimited number of shares authorized; no par value)		$	5.09

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	920,895
Expenses:
Investment advisory fee		170,503
Transfer agent fee		46,921
Professional fees		14,434
Registration fees		11,400
Custodian fee		11,239
Trustees fees		5,441
Pricing fees		3,816
Other expenses		11,572
Total expenses		275,326
Fees waived by Adviser (Note 2)		(36,089	)
Custodian fee reduction (Note 7)		(34	)
Net expenses		239,203
Net investment income		681,692
Realized and unrealized gain/(loss) on investments:
Net realized loss		(68,948	)
Net change in unrealized appreciation/depreciation		62,739
Net realized and unrealized loss on investments		(6,209	)
Net increase in net assets resulting from operations	$	675,483

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

17

KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	681,692		$	715,912
Net realized loss on investments		(68,948	)		(131,616	)
Net change in unrealized appreciation/depreciation		62,739			(154,214	)
Net increase in net assets resulting from operations		675,483			430,082
Total distributions (Note 6)		(681,692	)		(715,912	)
Net Fund share transactions (Note 4)		(5,415,636	)		(5,581,701	)
Total decrease		(5,421,845	)		(5,867,531	)
Net assets:
Beginning of year		37,098,407			42,965,938
End of year	$	31,676,562		$	37,098,407

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$5.10			$5.13			$5.42			$5.41			$5.36
Income from investment operations:
Net investment income		0.10			0.09			0.08			0.09			0.09
Net gains/(losses) on investments (b)		(0.01	)		(0.03	)		(0.29	)		0.01			0.05
Total from investment operations		0.09			0.06			(0.21	)		0.10			0.14
Less distributions:
Distributions from net investment income		(0.10	)		(0.09	)		(0.08	)		(0.09	)		(0.09	)
Net asset value, end of year		$5.09			$5.10			$5.13			$5.42			$5.41
Total return		1.83%			1.14%			(3.85	)%		1.86%			2.66%
Net assets, end of year (in thousands)		$31,677			$37,098			$42,966			$45,089			$47,389
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.81%			0.79%			0.78%			0.78%			0.78%
Ratio of net investment income to average net assets		2.00%			1.72%			1.57%			1.66%			1.70%
Portfolio turnover		24.89%			16.52%			13.09%			10.00%			2.75%

(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) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

18

DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
26.89% of Net Assets
Alcorn MS University Educational Building Corporation		5.000	%		09/01/2025	Aa2	$	100,000	$	101,846
Jackson State University Educational Building		5.000			03/01/2034	Aa2		440,000		444,492
Mississippi State University Educational Building		5.000			11/01/2032	Aa2		125,000		127,036
MS Development Bank Special Obligation Gulf Coast Community Project		4.000			12/01/2034	AA-*		300,000		300,819
MS Development Bank Special Obligation Pearl River Community College		5.000			10/01/2033	AA-*		125,000		133,730
MS State University Educational Building Corporation Revenue		5.000			08/01/2033	Aa2		225,000		235,406
MS State University Educational Building Corporation Revenue		4.000			08/01/2036	Aa2		250,000		251,293
University of Mississippi Educational Building Corporation		5.000			10/01/2031	Aa2		205,000		211,566
University of Mississippi Educational Building Corporation		3.000			10/01/2034	Aa2		200,000		186,992
University of MS Educational Building Corporation		5.000			10/01/2036	Aa2		100,000		113,356
University of MS Educational Building Corporation		4.000			10/01/2037	Aa2		100,000		103,120
University Southern MS Educational Building Corporation		5.000			09/01/2033	Aa2		360,000		372,265
										2,581,921
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
14.11% of Net Assets
Mississippi State		3.000			06/01/2038	Aa2		100,000		88,122
Mississippi State Gaming Tax Revenue		5.000			10/15/2035	A3		125,000		126,148
Mississippi State Gaming Tax Revenue		5.000			10/15/2037	A-*		125,000		128,986
MS Development Bank Special Obligation Brandon Public Improvement		4.000			08/01/2034	AA*		200,000		200,352
MS Development Bank Special Obligation Olive Branch Public Improvement^		4.000			06/01/2044	Aa2		225,000		220,748
MS Development Bank Special Obligation Pascagoula		4.000			07/01/2024	AA*		300,000		300,012
MS Development Bank Special Obligation Tupelo Public Improvement		4.000			09/01/2044	Aa2		125,000		124,480
Pearl MS		4.750			09/01/2038	A3		155,000		166,433
										1,355,281
SCHOOL IMPROVEMENT BONDS
12.76% of Net Assets
Mississippi State		4.000			10/01/2039	Aa2		200,000		200,924
MS Development Bank Special Obligation Canton School District		5.000			12/01/2033	A1		100,000		102,542
MS Development Bank Special Obligation Lafayette County School District		4.000			04/01/2033	AA*		100,000		101,424
MS Development Bank Special Obligation Meridian Schools		4.000			04/01/2039	A2		100,000		100,879
MS Development Bank Special Obligation Rankin School District		4.000			06/01/2033	AA*		190,000		192,141
MS Development Bank Special Obligation Rankin School District		5.000			06/01/2037	AA*		200,000		213,366
MS Development Bank Special Obligation Rankin School District		4.000			06/01/2038	AA*		100,000		100,409
MS Development Bank Special Obligation Rankin School District		5.000			06/01/2040	AA*		100,000		105,709
MS Development Bank Special Obligation Vicksburg Warren School District		5.500			03/01/2038	AA*		100,000		108,821
										1,226,215
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
10.03% of Net Assets
MS Development Bank Special Obligation Highway Construction		5.000			01/01/2025	Aa3		200,000		201,660
MS Development Bank Special Obligation Highway Construction		5.000			01/01/2029	Aa3		300,000		310,059
MS Development Bank Special Obligation Highway Construction		4.000			01/01/2030	Aa3		175,000		176,748
MS Development Bank Special Obligation Marshall County		5.000			01/01/2030	Aa3		75,000		75,494
MS Development Bank Special Obligation Marshall Highway		3.750			01/01/2035	Aa3		200,000		199,656
										963,617
REFUNDING BONDS
8.59% of Net Assets
Flowood MS		3.500			10/01/2026	AA+*		300,000		298,314
MS State Refunding		4.000			10/01/2036	Aa2		290,000		292,723
Starkville MS		4.000			06/01/2032	A1		230,000		234,602
										825,639

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

19

DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
7.68% of Net Assets
Mississippi State Home Corporation		3.950	%		12/01/2042	Aaa	$	100,000	$	95,575
Mississippi State Home Corporation		4.400			12/01/2043	Aaa		350,000		350,647
Mississippi State Home Corporation		4.375			12/01/2044	Aaa		150,000		149,895
Mississippi State Home Corporation		4.050			12/01/2047	Aaa		150,000		141,740
										737,857
HOSPITAL AND HEALTHCARE REVENUE BONDS
7.37% of Net Assets
Jones County MS Hospital		4.000			04/01/2026	AA*		305,000		308,087
Medical Center Educational Building Corporation MS Revenue		5.000			06/01/2025	Aa2		120,000		121,775
Medical Center Educational Building Corporation MS Revenue		5.000			06/01/2035	Aa2		100,000		108,471
Medical Center Educational Building Corporation University of Mississippi		5.000			06/01/2042	Aa2		165,000		169,645
										707,978
PUBLIC FACILITIES REVENUE BONDS
6.90% of Net Assets
MS Development Bank Special Obligation Dept of Corrections — Walnut Grove		5.000			08/01/2027	AA-*		200,000		209,010
MS Development Bank Special Obligation Lauderdale Correctional Facilities		4.000			03/01/2037	Aa3		100,000		99,504
MS Development Bank Special Obligation Tupelo		4.000			07/01/2037	Aa2		100,000		101,543
MS Development Bank Special Obligation Vicksburg Sports Complex		5.000			07/01/2048	A2		245,000		253,073
										663,130
PREREFUNDED BONDS
3.23% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement		5.000			11/01/2033	Aa3		150,000		150,832
MS State General Obligation		5.000			10/01/2033	Aa2		150,000		159,144
										309,976
LEASE REVENUE BONDS
2.44% of Net Assets
Warren County MS Certificate of Participation		6.000			09/01/2042	Aa3		100,000		117,665
Warren County MS Certificate of Participation		6.000			09/01/2043	Aa3		100,000		117,155
										234,820
MUNICIPAL UTILITY REVENUE BONDS
1.60% of Net Assets
MS Development Bank Special Obligation Tupelo		5.000			05/01/2033	Aa2		150,000		154,026
Total Investments 101.60% of Net Assets (cost $9,813,153) (See footnote 6 for further explanation)									$	9,760,460
Liabilites in excess of assets (1.60)%										(153,712	)
Net Assets 100%									$	9,606,748

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

^ When-issued security or extended settlement — see footnote 1(D)

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

20

DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

June 30, 2024

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		9,760,460
Level 3	Significant Unobservable Inputs		—
		$	9,760,460

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

21

MISSISSIPPI TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $9,813,153)		$	9,760,460
Cash			9,139
Interest receivable			119,359
Total assets			9,888,958
LIABILITIES:
Payable for:
Investments purchased	221,288
Distributions to shareholders	38,583
Fund shares redeemed	2,422
Net investment advisory fee	1,972
Transfer agent fee	2,836
Printing expense	2,876
Compliance fees	2,275
Postage expense	2,210
Audit fees	1,916
Legal fees	1,571
Trustees fees	665
Custodian fee	184
Accrued expenses	3,412
Total liabilities			282,210
NET ASSETS:
Paid-in capital			10,148,966
Total accumulated loss			(542,218	)
Total Net Assets		$	9,606,748
NET ASSET VALUE, offering price and redemption price per share (867,646 shares outstanding; unlimited number of shares authorized; no par value)		$	11.07

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	311,243
Expenses:
Investment advisory fee		46,351
Transfer agent fee		13,905
Registration fees		9,150
Custodian fee		6,413
Pricing fees		5,014
Professional fees		3,615
Trustees fees		1,402
Other expenses		2,948
Total expenses		88,798
Fees waived by Adviser (Note 2)		(23,704	)
Custodian fee reduction (Note 7)		(19	)
Net expenses		65,075
Net investment income		246,168
Realized and unrealized gain/(loss) on investments:
Net realized loss		(55,121	)
Net change in unrealized appreciation/depreciation		62,058
Net realized and unrealized gain on investments		6,937
Net increase in net assets resulting from operations	$	253,105

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

22

MISSISSIPPI TAX-FREE INCOME SERIES 

STATEMENTS OF CHANGES IN NET ASSETS 

For the years ended June 30, 2024 and 2023 

	2024			2023
Operations:
Net investment income	$	246,168		$	210,947
Net realized loss on investments		(55,121	)		(434,469	)
Net change in unrealized appreciation/depreciation		62,058			232,834
Net increase in net assets resulting from operations		253,105			9,312
Total distributions (Note 6)		(246,168	)		(212,273	)
Net Fund share transactions (Note 4)		1,177,746			(1,404,653	)
Total increase/(decrease)		1,184,683			(1,607,614	)
Net assets:
Beginning of year		8,422,065			10,029,679
End of year	$	9,606,748		$	8,422,065

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$11.08			$11.22			$12.40			$12.37			$12.21
Income from investment operations:
Net investment income		0.29			0.26			0.25			0.27			0.31
Net gains/(losses) on investments (c)		(0.01	)		(0.14	)		(1.16	)		0.05			0.18
Total from investment operations		0.28			0.12			(0.91	)		0.32			0.49
Less distributions:
Distributions from net investment income		(0.29	)		(0.26	)		(0.25	)		(0.27	)		(0.31	)
Distributions from capital gains		0.00			0.00	(b)		(0.02	)		(0.02	)		(0.02	)
Total distributions		(0.29	)		(0.26	)		(0.27	)		(0.29	)		(0.33	)
Net asset value, end of year		$11.07			$11.08			$11.22			$12.40			$12.37
Total return		2.60%			1.16%			(7.46	)%		2.68%			4.01%
Net assets, end of year (in thousands)		$9,607			$8,422			$10,030			$11,412			$11,111
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.96%			1.06%			0.96%			0.96%			0.99%
Ratio of net investment income to average net assets		2.65%			2.38%			2.06%			2.21%			2.51%
Portfolio turnover		17.87%			22.86%			9.15%			8.85%			10.26%

(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) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

23

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
21.69% of Net Assets
Alamance County NC		4.000	%		05/01/2041	Aa1	$	635,000	$	646,894
Alamance County NC		4.000			05/01/2042	Aa1		305,000		309,456
Brunswick County NC Limited Obligation		5.000			06/01/2030	Aa1		250,000		253,285
Brunswick County NC Limited Obligation		5.000			06/01/2031	Aa1		250,000		253,263
Buncombe County NC Limited Obligation		4.000			06/01/2036	Aa1		125,000		129,331
Buncombe County NC Limited Obligation		5.000			06/01/2044	Aa1		250,000		278,323
Burke County NC Limited Obligation		4.000			04/01/2034	Aa3		250,000		251,548
Cabarrus County NC Limited Obligation		4.000			06/01/2034	Aa1		795,000		805,057
Cabarrus County NC Limited Obligation		5.000			04/01/2035	Aa1		1,435,000		1,469,842
Cabarrus County NC Limited Obligation		4.000			06/01/2035	Aa1		1,650,000		1,671,335
Catawba County NC Limited Obligation		4.000			04/01/2042	Aa2		420,000		422,449
Catawba County NC Limited Obligation		4.000			04/01/2043	Aa2		320,000		320,925
Chatham County NC Limited Obligation		4.000			11/01/2036	Aa2		750,000		763,740
Chatham County NC Limited Obligation		4.000			11/01/2037	Aa2		2,000,000		2,033,420
Davidson County NC Limited Obligation		5.000			06/01/2032	Aa2		500,000		514,205
Duplin County NC Limited Obligation		5.000			04/01/2032	A1		750,000		768,855
Duplin County NC Limited Obligation		5.000			04/01/2034	A1		865,000		885,708
Henderson County NC Limited Obligation		4.000			06/01/2034	Aa2		200,000		203,634
Henderson County NC Limited Obligation		4.000			06/01/2037	Aa2		750,000		771,915
Henderson County NC Limited Obligation		4.000			06/01/2038	Aa2		500,000		511,380
Onslow County NC Limited Obligation		5.000			06/01/2033	Aa2		500,000		505,980
Pitt County NC Limited Obligation		4.000			04/01/2031	Aa2		500,000		504,280
Pitt County NC Limited Obligation		4.000			04/01/2034	Aa2		550,000		553,872
Randolph County NC Limited Obligation		3.000			10/01/2036	Aa3		325,000		295,809
Randolph County NC Limited Obligation		4.000			10/01/2037	Aa3		250,000		252,828
Randolph County NC Limited Obligation		4.000			10/01/2039	Aa3		250,000		251,878
Rutherford County NC Limited Obligation		4.000			03/01/2039	A1		500,000		503,770
Rutherford County NC Limited Obligation		4.000			03/01/2040	A1		325,000		326,297
Sampson County NC Limited Obligation		5.000			12/01/2033	A1		1,975,000		2,011,080
Sampson County NC Limited Obligation		5.000			09/01/2040	A1		1,750,000		1,807,925
Scotland County NC		4.500			12/01/2036	A*		1,170,000		1,189,677
Surry County NC Limited Obligation		4.000			06/01/2034	Aa3		350,000		356,577
Surry County NC Limited Obligation		4.000			06/01/2036	Aa3		590,000		597,888
Surry County NC Limited Obligation		4.000			06/01/2037	Aa3		730,000		738,775
Wayne County NC		4.000			06/01/2034	Aa3		1,500,000		1,512,330
Wilkes County NC Limited Obligation		5.000			06/01/2031	A1		350,000		354,186
										25,027,717
MUNICIPAL UTILITY REVENUE BONDS
15.56% of Net Assets
Brunswick County NC Enterprise System Revenue		5.000			04/01/2031	Aa2		500,000		505,165
Brunswick County NC Enterprise System Revenue		4.000			04/01/2039	Aa2		1,000,000		1,013,370
Brunswick County NC Enterprise System Revenue		3.000			04/01/2046	Aa2		500,000		398,390
Buncombe County NC Metropolitan Sewer District		5.000			07/01/2039	Aaa		550,000		550,336
Cary NC Combined Enterprise System Revenue		4.000			12/01/2042	Aaa		750,000		752,603
Clayton NC Water & Sewer Revenue		5.000			08/01/2040	Aa3		700,000		772,373
Concord NC Utilities System Revenue		4.500			12/01/2034	Aa1		1,000,000		1,020,680
Durham NC Utility System Revenue		4.000			08/01/2044	Aa1		250,000		251,440
Fuquay-Varina NC Combined Utilities Revenue		5.000			04/01/2040	Aa2		1,000,000		1,020,510
Gastonia NC Combined Utilities System Revenue		5.000			05/01/2034	Aa2		570,000		576,435
Gastonia NC Combined Utilities System Revenue		5.000			05/01/2035	Aa2		250,000		252,740
Greensboro NC Enterprise System Revenue		4.000			06/01/2047	Aa1		355,000		354,460
Johnson County NC Water & Sewer		4.000			04/01/2044	Aa2		500,000		501,075
Johnston County NC Water & Sewer Revenue		4.000			04/01/2043	Aa2		300,000		300,867
Lincoln County NC Enterprise System Revenue		3.000			08/01/2038	AA*		160,000		143,530
Lincoln County NC Enterprise System Revenue		3.000			08/01/2039	AA*		340,000		300,329
Lincoln County NC Enterprise System Revenue		3.000			08/01/2040	AA*		265,000		229,196

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

24

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Lincoln County NC Enterprise System Revenue		3.000	%		08/01/2041	AA*	$	240,000	$	204,331
Martin County NC Limited Obligation Water and Sewer District		4.750			06/01/2034	A2		1,150,000		1,150,124
NC Municipal Power Agency #1 Catawba Electric Revenue		5.000			01/01/2032	A*		500,000		509,890
Pender County NC Limited Obligation		3.000			06/01/2038	Aa3		490,000		436,605
Pender County NC Limited Obligation		3.000			06/01/2045	Aa3		500,000		400,760
Sampson County NC Water & Sewer District		5.000			06/01/2037	A1		920,000		930,332
Union County NC Enterprise System Revenue		4.000			06/01/2038	Aa2		500,000		508,490
Union County NC Enterprise System Revenue		4.000			06/01/2044	Aa2		1,335,000		1,320,502
Union County NC Enterprise System Revenue		3.000			06/01/2046	Aa2		1,500,000		1,202,850
Union County NC Enterprise System Revenue		3.000			06/01/2051	Aa2		250,000		190,513
Wake County NC Industrial Facilities & Pollution Control Duke Energy		4.000			06/01/2041	Aa3		1,260,000		1,240,168
Wilmington NC Storm Water Revenue		5.000			06/01/2035	Aa2		500,000		506,755
Winston Salem NC Water & Sewer System Revenue		3.000			06/01/2046	Aa1		500,000		402,775
										17,947,594
PUBLIC FACILITIES REVENUE BONDS
13.84% of Net Assets
Charlotte NC Certificate of Participation		4.000			06/01/2036	Aa2		1,000,000		1,024,690
Charlotte NC Certificate of Participation		4.000			06/01/2037	Aa2		3,000,000		3,067,260
Charlotte NC Certificate of Participation Convention Facility Project		4.000			06/01/2037	Aa2		500,000		511,210
Charlotte NC Certificate of Participation Convention Facility Project		4.000			06/01/2039	Aa2		1,000,000		1,012,470
Concord NC Limited Obligation^		4.000			06/01/2044	Aa1		300,000		301,215
Durham NC Limited Obligation		4.000			04/01/2036	Aa1		1,000,000		1,020,610
Harnett County NC Limited Obligation		4.000			10/01/2038	Aa3		1,055,000		1,063,419
Henderson County NC Limited Obligation		5.000			10/01/2030	Aa2		250,000		254,595
Henderson County NC Limited Obligation		5.000			10/01/2031	Aa2		500,000		509,005
Holly Springs NC Limited Obligation		4.125			10/01/2041	Aa2		500,000		513,345
Holly Springs NC Limited Obligation		4.250			10/01/2043	Aa2		365,000		374,830
Kannapolis NC Limited Obligation		5.000			04/01/2032	Aa3		500,000		500,110
Moore County NC		3.000			06/01/2039	Aa2		350,000		312,403
Onslow County NC Limited Obligation		5.000			06/01/2032	Aa2		500,000		506,255
Orange County NC		4.000			10/01/2036	Aa1		375,000		385,553
Orange County NC		4.000			10/01/2037	Aa1		375,000		385,009
Orange County NC		4.000			10/01/2038	Aa1		275,000		281,141
Orange County NC		4.000			10/01/2039	Aa1		200,000		202,738
Raleigh NC Limited Obligation		5.000			10/01/2034	Aa1		1,420,000		1,424,925
Surry County NC Limited Obligation		3.000			10/01/2038	Aa3		395,000		350,393
Surry County NC Limited Obligation		3.000			10/01/2041	Aa3		1,135,000		961,436
Thomasville NC Revenue		4.000			05/01/2036	Aa3		500,000		505,485
Wilson City NC		4.000			10/01/2042	Aa3		500,000		501,130
										15,969,227
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
10.76% of Net Assets
Appalachian NC State University		4.000			05/01/2033	A1		500,000		506,560
Appalachian NC State University		5.000			05/01/2036	A1		1,000,000		1,060,078
Iredell County NC Community College		5.000			04/01/2026	Aaa		225,000		225,011
Iredell County NC Community College		5.000			04/01/2027	Aaa		325,000		325,367
NC State University at Raleigh		4.000			10/01/2045	Aa1		590,000		593,428
Scotland County NC		5.000			12/01/2033	A*		250,000		261,178
University of NC at Charlotte Board of Governors		4.000			10/01/2037	Aa3		750,000		758,655
University of NC at Charlotte Board of Governors		5.000			10/01/2042	Aa3		250,000		260,110
University of NC Charlotte		4.000			10/01/2035	Aa3		250,000		252,655
University of NC Charlotte		4.000			10/01/2036	Aa3		250,000		252,655
University of NC Greensboro		4.000			04/01/2035	Aa3		750,000		759,368
University of NC Greensboro		4.000			04/01/2036	Aa3		500,000		505,545
University of NC Greensboro		5.000			04/01/2038	Aa3		425,000		448,626
University of NC Wilmington		4.000			04/01/2037	Aa3		385,000		391,830
University of NC Wilmington		4.000			04/01/2038	Aa3		405,000		410,063
University of NC Wilmington		4.000			04/01/2039	Aa3		1,380,000		1,394,848

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

25

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
University of NC Wilmington Limited Obligation		5.000	%		06/01/2033	A1	$	550,000	$	556,529
University of NC Wilmington Limited Obligation		4.000			06/01/2034	A1		500,000		502,195
University of North Carolina		5.000			10/01/2033	A1		30,000		30,015
Western Carolina NC University		5.000			10/01/2035	Aa3		1,000,000		1,051,260
Western Carolina NC University		5.000			10/01/2043	Aa3		1,000,000		1,033,460
Western Carolina NC University		5.000			10/01/2045	Aa3		825,000		833,564
										12,413,000
REFUNDING BONDS
7.17% of Net Assets
Asheville NC Limited Obligation		3.000			04/01/2041	Aa1		250,000		216,343
Buncombe County NC Limited Obligation		5.000			06/01/2035	Aa1		1,000,000		1,012,870
Charlotte NC Certificate of Participation		5.000			06/01/2033	Aa1		840,000		840,042
Charlotte NC Certificate of Participation		5.000			06/01/2034	Aa1		750,000		760,065
Chatham County NC		5.000			11/01/2032	Aa2		825,000		840,172
Durham County NC		4.000			06/01/2036	Aaa		225,000		232,101
Monroe NC Limited Obligation		4.000			03/01/2033	Aa3		255,000		255,933
Monroe NC Limited Obligation		5.000			03/01/2039	Aa3		1,250,000		1,274,875
Raleigh NC		4.000			04/01/2043	Aaa		695,000		705,237
Rockingham County NC Limited Obligation		4.500			04/01/2032	Aa3		500,000		502,750
Sampson County NC Limited Obligation		4.000			09/01/2036	A1		1,000,000		1,004,700
Sampson County NC Limited Obligation		4.000			09/01/2037	A1		500,000		501,755
Union County NC Limited Obligation Refunding		5.000			12/01/2024	Aa1		125,000		125,959
										8,272,802
HOSPITAL AND HEALTHCARE REVENUE BONDS
7.13% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000			01/15/2033	Aa3		210,000		224,681
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000			01/15/2036	Aa3		590,000		628,426
Charlotte Mecklenburg NC Hospital Authority Atrium Health		4.000			01/15/2043	Aa3		250,000		249,023
Charlotte Mecklenburg NC Hospital Healthcare System		5.000			01/15/2039	Aa3		1,500,000		1,500,135
NC State Medical Care Commission Health Care Facilities Rex Hospital		5.000			07/01/2033	A2		750,000		761,723
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000			07/01/2040	A2		1,000,000		1,003,930
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000			06/01/2040	A2		1,385,000		1,397,285
NC State Medical Care Commission Heath Care Facilities Duke University		4.000			06/01/2042	Aa3		1,060,000		1,051,933
University of NC Chapel Hill Hospitals		4.000			02/01/2037	Aa3		1,000,000		1,010,850
University of NC Chapel Hill Hospitals		4.000			02/01/2038	Aa3		400,000		402,156
										8,230,142
PREREFUNDED BONDS
5.54% of Net Assets
Charlotte NC Certificate of Participation		4.000			12/01/2034	Aa1		290,000		293,161
High Point NC Combined Enterprise		5.000			11/01/2039	Aa2		750,000		754,013
NC Eastern Municipal Power Agency		6.000			01/01/2025	Baa2		1,150,000		1,164,410
NC State Capital Facilities Duke University		5.000			10/01/2041	Aa1		1,000,000		1,021,480
New Hanover County NC Hospital Revenue New Hanover Regional Medical		5.000			10/01/2034	NR		1,500,000		1,591,440
University of NC Charlotte		5.000			04/01/2040	Aa3		1,550,000		1,570,428
										6,394,932
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
5.50% of Net Assets
NC State Housing Finance Agency		4.900			07/01/2043	Aa1		1,500,000		1,548,105
NC State Housing Finance Agency		5.000			07/01/2046	Aa1		1,400,000		1,452,345
NC State Housing Finance Agency Homeownership Revenue		4.375			07/01/2044	Aa1		2,460,000		2,467,405
NC State Housing Finance Authority		4.350			07/01/2043	Aa1		875,000		880,574
										6,348,429

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

26

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.91% of Net Assets
Buncombe County NC Limited Obligation		5.000	%		06/01/2033	Aa1	$	600,000	$	608,052
Buncombe County NC Limited Obligation		5.000			06/01/2034	Aa1		365,000		369,931
Fuquay-Varina NC		4.000			08/01/2042	Aa1		500,000		509,155
Rocky Mount NC Special Obligation		4.500			05/01/2032	Aa3		1,500,000		1,526,204
Wilmington NC Limited Obligation		3.000			06/01/2037	Aa1		370,000		319,673
Winston Salem NC		4.000			06/01/2043	Aaa		1,165,000		1,181,590
										4,514,605
AIRPORT REVENUE BONDS
3.68% of Net Assets
Charlotte NC Aiport Revenue		5.000			07/01/2044	Aa3		250,000		274,905
Charlotte NC Douglas International Airport		5.000			07/01/2030	Aa3		1,095,000		1,095,515
Charlotte NC Douglas International Airport		5.000			07/01/2036	Aa3		250,000		261,638
Charlotte NC Douglas International Airport		4.000			07/01/2036	Aa3		500,000		505,370
Charlotte NC Douglas International Airport		5.000			07/01/2037	Aa3		700,000		732,382
Charlotte NC Douglas International Airport		5.000			07/01/2042	Aa3		1,325,000		1,372,461
										4,242,271
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.52% of Net Assets
NC State Grant Anticipation Revenue Vehicle Garvee		5.000			03/01/2030	A2		200,000		201,868
NC State Turnpike Authority		5.000			01/01/2036	AA*		500,000		532,315
NC State Turnpike Authority		5.000			01/01/2038	AA*		2,415,000		2,561,760
NC State Turnpike Authority Triangle Expressway		4.000			01/01/2036	Aa1		250,000		255,335
NC State Turnpike Authority Triangle Expressway		4.000			01/01/2039	Aa1		500,000		506,700
										4,057,978
Total Investments 98.30% of Net Assets (cost $116,425,809) (See footnote 6 for further explanation)									$	113,418,697
Other assets in excess of liabilities 1.70%										1,955,769
Net Assets 100%									$	115,374,466

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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 

^ When-issued security or extended settlement — see footnote 1(D)

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		113,418,697
Level 3	Significant Unobservable Inputs		—
		$	113,418,697

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

27

NORTH CAROLINA TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES 

June 30, 2024 

ASSETS:
Investments in securities, at fair value (Cost: $116,425,809)		$	113,418,697
Cash			1,499,627
Interest receivable			1,208,148
Total assets			116,126,472
LIABILITIES:
Payable for:
Investments purchased	301,206
Distributions to shareholders	176,320
Fund shares redeemed	145,192
Net investment advisory fee	43,686
Transfer agent fee	22,445
Audit fees	15,850
Registration fees	14,144
Trustees fees	9,450
Legal fees	5,587
Custodian fee	3,508
Accrued expenses	14,618
Total liabilities			752,006
NET ASSETS:
Paid-in capital			123,685,243
Total accumulated loss			(8,310,777	)
Total Net Assets		$	115,374,466
NET ASSET VALUE, offering price and redemption price per share (10,746,565 shares outstanding; unlimited number of shares authorized; no par value)		$	10.74

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	3,708,188
Expenses:
Investment advisory fee		575,582
Transfer agent fee		146,155
Professional fees		45,948
Registration fees		27,516
Trustees fees		22,117
Custodian fee		21,324
Pricing fees		17,490
Other expenses		25,906
Total expenses		882,038
Fees waived by Adviser (Note 2)		(62,124	)
Custodian fee reduction (Note 7)		(64	)
Net expenses		819,850
Net investment income		2,888,338
Realized and unrealized gain/(loss) on investments:
Net realized loss		(1,932,293	)
Net change in unrealized appreciation/depreciation		2,228,140
Net realized and unrealized gain on investments		295,847
Net increase in net assets resulting from operations	$	3,184,185

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

28

NORTH CAROLINA TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	2,888,338		$	2,943,057
Net realized loss on investments		(1,932,293	)		(1,640,682	)
Net change in unrealized appreciation/depreciation		2,228,140			891,266
Net increase in net assets resulting from operations		3,184,185			2,193,641
Total distributions (Note 6)		(2,888,338	)		(2,943,057	)
Net Fund share transactions (Note 4)		(4,983,747	)		(13,617,496	)
Total decrease		(4,687,900	)		(14,366,912	)
Net assets:
Beginning of year		120,062,366			134,429,278
End of year	$	115,374,466		$	120,062,366

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$10.70			$10.74			$12.05			$11.93			$11.68
Income from investment operations:
Net investment income		0.26			0.25			0.24			0.25			0.27
Net gains/(losses) on investments (b)		0.04			(0.04	)		(1.31	)		0.12			0.25
Total from investment operations		0.30			0.21			(1.07	)		0.37			0.52
Less distributions:
Distributions from net investment income		(0.26	)		(0.25	)		(0.24	)		(0.25	)		(0.27	)
Net asset value, end of year		$10.74			$10.70			$10.74			$12.05			$11.93
Total return		2.89%			2.00%			(9.01	)%		3.12%			4.48%
Net assets, end of year (in thousands)		$115,374			$120,062			$134,429			$163,069			$161,366
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.68%			0.68%			0.69%
Ratio of gross expenses to average net assets		0.76%			0.75%			0.68%			0.68%			0.69%
Ratio of net investment income to average net assets		2.47%			2.34%			2.05%			2.07%			2.27%
Portfolio turnover		11.99%			3.74%			6.57%			7.79%			9.88%

(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) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

29

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

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
34.77% of Net Assets
Appalachian NC State University		4.000	%		10/01/2030	Aa3	$	200,000	$	202,860
Pitt County NC Limited Obligation		5.000			04/01/2027	Aa2		495,000		512,597
University of NC Charlotte		5.000			04/01/2028	Aa3		250,000		252,900
University of NC Greensboro		5.000			04/01/2026	Aa3		400,000		411,296
University of NC Wilmington		4.000			06/01/2029	A1		750,000		756,765
University of NC Wilmington Limited Obligation		4.000			06/01/2030	A1		200,000		201,396
University of North Carolina at Wilmington		5.000			10/01/2026	Aa3		300,000		310,731
Western Carolina University		5.000			10/01/2025	Aa3		225,000		229,554
Western Carolina University		5.000			06/01/2027	AA*		250,000		256,635
										3,134,734
MUNICIPAL UTILITY REVENUE BONDS
14.79% of Net Assets
Brunswick County NC Enterprise System Revenue		5.000			04/01/2027	Aa2		250,000		252,713
Cary NC Combined Enterprise Systems		4.000			12/01/2028	Aaa		250,000		251,960
Monroe NC Limited Obligation		5.000			03/01/2028	Aa3		95,000		97,497
Monroe NC Limited Obligation		5.000			03/01/2029	Aa3		195,000		199,774
NC State Municipal Power Agency #1 Catawba Electric		5.000			01/01/2025	A*		100,000		100,809
NC State Municipal Power Agency #1 Catawba Electric		5.000			01/01/2025	A*		140,000		140,965
NC State Municipal Power Agency #1 Catawba Electric		5.000			01/01/2028	A*		125,000		127,786
Warren County NC Limited Obligation		5.000			06/01/2027	A1		160,000		161,912
										1,333,416
SCHOOL IMPROVEMENT BONDS
10.18% of Net Assets
Randolph County NC Limited Obligation		5.000			10/01/2025	Aa3		250,000		255,153
Rutherford County NC Limited Obligation		5.000			03/01/2029	A1		175,000		188,806
Scotland County NC		5.000			12/01/2025	A*		270,000		275,574
Scotland County NC		5.000			12/01/2026	A*		50,000		51,705
Scotland County NC		5.000			12/01/2027	A*		140,000		147,088
										918,326
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
9.98% of Net Assets
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029	A2		200,000		216,502
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029	A2		120,000		121,080
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029	A2		20,000		21,650
North Carolina State Limited Obligation		5.000			05/01/2029	Aa1		225,000		245,025
North Carolina Turnpike Authority		5.000			01/01/2029	A1		285,000		295,876
										900,133
PUBLIC FACILITIES REVENUE BONDS
8.64% of Net Assets
Buncombe County NC Limited Obligation		5.000			06/01/2028	Aa1		500,000		506,300
Monroe NC Limited Obligation		5.000			04/01/2026	AA*		265,000		273,173
										779,473
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.61% of Net Assets
Fuquay-Varina NC		5.000			08/01/2024	Aa1		250,000		250,413
Fuquay-Varina NC		5.000			08/01/2025	Aa1		250,000		255,052
										505,465
REFUNDING BONDS
4.99% of Net Assets
Charlotte NC Certificate of Participation		5.000			12/01/2025	Aa2		100,000		102,514
North Carolina State Limited Obligation		5.000			05/01/2028	Aa1		125,000		130,991
Sampson County NC Limited Obligation		5.000			09/01/2026	A1		210,000		216,355
										449,860

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

30

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

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PREREFUNDED BONDS
3.79% of Net Assets
New Hanover NC Hospital Revenue		5.000	%		10/01/2028	NR	$	150,000	$	159,144
North Carolina State Medical Care Commission Vidant Health		5.000			06/01/2028	A2		180,000		182,925
										342,069
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.56% of Net Assets
Charlotte-Mecklenburg NC Hospital Authority Health Care System		5.000			01/15/2028	Aa3		225,000		230,857
LEASE REVENUE BONDS
1.21% of Net Assets
New Hanover County NC Limitied Obligation		5.000			06/01/2029	Aa1		100,000		109,139
Total Investments 96.52% of Net Assets (cost $8,807,032) (See footnote 6 for further explanation)									$	8,703,472
Other assets in excess of liabilities 3.48%										313,505
Net Assets 100%									$	9,016,977

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		8,703,472
Level 3	Significant Unobservable Inputs		—
		$	8,703,472

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

31

NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $8,807,032)		$	8,703,472
Cash			235,420
Interest receivable			96,770
Total assets			9,035,662
LIABILITIES:
Payable for:
Distributions to shareholders	3,036
Fund shares redeemed	534
Net investment advisory fee	1,435
Transfer agent fee	1,080
Audit fees	2,178
Legal fees	1,647
Pricing fees	1,617
Compliance fees	1,568
Trustees fees	1,071
Custodian fee	310
Accrued expenses	4,209
Total liabilities			18,685
NET ASSETS:
Paid-in capital			9,335,646
Total accumulated loss			(318,669	)
Total Net Assets		$	9,016,977
NET ASSET VALUE, offering price and redemption price per share (872,646 shares outstanding; unlimited number of shares authorized; no par value)		$	10.33

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	257,247
Expenses:
Investment advisory fee		49,685
Transfer agent fee		14,905
Registration fees		9,150
Custodian fee		6,723
Pricing fees		5,362
Professional fees		4,239
Trustees fees		1,583
Other expenses		4,491
Total expenses		96,138
Fees waived by Adviser (Note 2)		(26,370	)
Custodian fee reduction (Note 7)		(20	)
Net expenses		69,748
Net investment income		187,499
Realized and unrealized gain/(loss) on investments:
Net realized loss		(50,910	)
Net change in unrealized appreciation/depreciation		19,395
Net realized and unrealized loss on investments		(31,515	)
Net increase in net assets resulting from operations	$	155,984

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

32

NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	187,499		$	211,629
Net realized loss on investments		(50,910	)		(156,205	)
Net change in unrealized appreciation/depreciation		19,395			5,844
Net increase in net assets resulting from operations		155,984			61,268
Total distributions (Note 6)		(187,499	)		(211,629	)
Net Fund share transactions (Note 4)		(2,149,817	)		(2,160,490	)
Total decrease		(2,181,332	)		(2,310,851	)
Net assets:
Beginning of year		11,198,309			13,509,160
End of year	$	9,016,977		$	11,198,309

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$10.35			$10.48			$11.17			$11.20			$11.02
Income from investment operations:
Net investment income		0.20			0.18			0.17			0.18			0.17
Net gains/(losses) on investments (c)		(0.02	)		(0.13	)		(0.69	)		(0.03	)		0.18
Total from investment operations		0.18			0.05			(0.52	)		0.15			0.35
Less distributions:
Distributions from net investment income		(0.20	)		(0.18	)		(0.17	)		(0.18	)		(0.17	)
Distributions from capital gains		0.00			0.00			0.00	(b)		0.00	(b)		0.00
Net asset value, end of year		$10.33			$10.35			$10.48			$11.17			$11.20
Total return		1.71%			0.48%			(4.72	)%		1.32%			3.24%
Net assets, end of year (in thousands)		$9,017			$11,198			$13,509			$13,240			$12,977
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.97%			0.97%			0.92%			0.95%			0.91%
Ratio of net investment income to average net assets		1.89%			1.72%			1.54%			1.56%			1.56%
Portfolio turnover		0.00%			17.46%			13.13%			1.94%			9.59%

(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) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

33

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
38.74% of Net Assets
Chattanooga TN Electric Revenue		5.000	%		09/01/2035	AA-*	$	250,000	$	253,778
Chattanooga TN Electric Revenue		5.000			09/01/2040	AA-*		2,325,000		2,358,527
Clarksville TN Electric System Revenue		4.000			09/01/2034	Aa2		500,000		505,480
Clarksville TN Electric System Revenue		4.250			09/01/2040	Aa2		475,000		491,231
Clarksville TN Public Building Authority Revenue		4.500			02/01/2043	AA-*		630,000		645,038
Clarksville TN Water Sewer & Gas Revenue		4.000			02/01/2038	Aa2		820,000		827,634
Eastside TN Utility District Hamilton County Waterworks		4.000			05/01/2045	AA*		500,000		495,785
Franklin TN Water & Sewer System Revenue		4.000			02/01/2036	Aa2		250,000		252,570
Hallsdale Powell TN Utility District		4.000			04/01/2039	AA*		700,000		709,051
Hallsdale-Powell TN Utility District		3.000			04/01/2043	AA*		800,000		660,632
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2035	AA*		315,000		315,038
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2038	AA*		1,000,000		987,440
Harpeth Valley TN Utilities District Davidson & Williamson Counties		5.000			09/01/2034	AA+*		500,000		500,910
Harpeth Valley TN Utilities District Davidson & Williamson Counties		4.000			09/01/2039	AA+*		500,000		513,320
Knox Chapman TN Utility District		5.000			01/01/2031	AA-*		250,000		251,760
Knox Chapman TN Utility District		5.000			01/01/2033	AA-*		250,000		251,735
Knox County TN		4.000			06/01/2043	Aa1		500,000		499,330
Knoxville TN Electric		4.000			07/01/2041	Aa2		750,000		756,660
Knoxville TN Electric		4.000			07/01/2044	Aa2		670,000		666,342
Loudon TN Water & Sewer		5.000			03/01/2039	A+*		290,000		320,691
Loudon TN Water & Sewer		5.000			03/01/2040	A+*		355,000		389,790
Loudon TN Water & Sewer		5.000			03/01/2041	A+*		425,000		464,011
Memphis TN Gas System Revenue		4.000			12/01/2034	Aa1		775,000		780,689
Memphis TN Gas System Revenue		4.000			12/01/2036	Aa1		800,000		807,896
Memphis TN Gas System Revenue		4.000			12/01/2037	Aa1		1,310,000		1,321,659
Metropolitan Government Nashville & Davidson County TN Water & Sewer		5.000			07/01/2037	Aa2		250,000		261,930
Portland TN Water & Sewer		4.000			04/01/2037	A*		900,000		891,081
Portland TN Water & Sewer		4.000			04/01/2040	AA*		750,000		751,110
Pulaski TN Electric Revenue		4.000			06/01/2042	Aa3		500,000		502,395
Watauga River Regional Water Authority TN Waterworks		4.000			07/01/2037	A*		1,270,000		1,277,504
West Wilson TN Utility District Waterworks		5.000			06/01/2042	AA*		500,000		545,715
West Wilson TN Utility District Waterworks		5.000			06/01/2045	AA*		500,000		504,570
										20,761,302
SCHOOL IMPROVEMENT BONDS
13.10% of Net Assets
Collierville TN		4.000			01/01/2046	Aaa		1,000,000		985,790
Decatur County TN		4.000			05/01/2042	A1		390,000		392,196
Franklin TN Special School District		5.000			06/01/2039	Aa1		250,000		268,580
Johnson City TN		4.000			06/01/2036	Aa2		1,150,000		1,175,254
Montgomery County TN		4.000			04/01/2036	AA*		260,000		262,356
Montgomery County TN		4.000			04/01/2037	AA*		1,920,000		1,936,396
Montgomery County TN		4.000			06/01/2040	Aa2		500,000		504,720
Wilson County TN		4.000			04/01/2039	AA+*		1,495,000		1,496,435
										7,021,727
PUBLIC FACILITIES REVENUE BONDS
9.10% of Net Assets
Hamblen County TN		4.000			05/01/2038	Aa3		880,000		898,392
Hamblen County TN		4.000			05/01/2039	Aa3		1,250,000		1,267,613
Hamblen County TN		4.000			05/01/2045	Aa3		420,000		412,402
Memphis Shelby County TN Industrial Development Board		5.000			11/01/2030	Aa3		1,250,000		1,292,887
Nolensville Town TN		4.000			06/01/2041	Aa1		400,000		402,300
Nolensville Town TN		4.000			06/01/2042	Aa1		600,000		602,184
										4,875,778

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

34

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
HOSPITAL AND HEALTHCARE REVENUE BONDS
8.73% of Net Assets
Metropolitan Government Nashville & Davidson County TN Health		5.000	%		07/01/2035	A*	$	1,595,000	$	1,627,953
Metropolitan Government Nashville & Davidson County TN Health		5.000			07/01/2040	A*		950,000		961,201
Shelby County TN Health Education & Housing Facilities		5.000			05/01/2036	A2		1,535,000		1,576,183
Shelby County TN Health Education & Housing Facilities — LeBonheur		5.000			05/01/2035	A2		500,000		513,415
										4,678,752
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
7.59% of Net Assets
Memphis TN		4.000			06/01/2041	Aa2		1,120,000		1,122,442
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2033	Aa2		1,470,000		1,489,977
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2034	Aa2		500,000		505,085
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2036	Aa2		500,000		508,525
Sevierville TN		4.000			06/01/2044	Aa3		440,000		440,220
										4,066,249
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
5.79% of Net Assets
TN Housing Development Agency		4.500			07/01/2043	Aa1		1,490,000		1,499,953
TN Housing Development Agency Residential Finance Program		4.150			07/01/2038	Aa1		100,000		100,203
TN Housing Development Agency Residential Finance Program		4.450			07/01/2043	Aa1		1,500,000		1,500,990
										3,101,146
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
5.30% of Net Assets
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2036	A2		920,000		928,869
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2037	A2		1,030,000		1,037,859
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2040	A2		875,000		873,941
										2,840,669
REFUNDING BONDS
3.43% of Net Assets
Blount County TN		5.000			06/01/2037	Aa2		1,000,000		1,025,600
Memphis TN		5.000			10/01/2043	Aa2		750,000		812,520
										1,838,120
AIRPORT REVENUE BONDS
3.30% of Net Assets
Metropolitan Nashville Airport Authority		5.000			07/01/2034	A1		800,000		810,360
Metropolitan Nashville Airport Authority		5.000			07/01/2035	A1		250,000		253,310
Metropolitan Nashville Airport Authority		5.000			07/01/2040	A1		700,000		707,539
										1,771,209
PREREFUNDED BONDS
3.08% of Net Assets
Gallatin TN Water & Sewer Revenue		5.000			01/01/2032	AA*		235,000		236,936
Memphis TN Electric System Revenue		5.000			12/01/2034	Aa2		750,000		755,243
Shelby County TN Health Education & Housing Facilities Board Rhodes College		5.000			08/01/2040	A2		650,000		657,267
										1,649,446
Total Investments 98.16% of Net Assets (cost $53,316,723) (See footnote 6 for further explanation)									$	52,604,398
Other assets in excess of liabilities 1.84%										987,713
Net Assets 100%									$	53,592,111

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

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

35

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

June 30, 2024

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		52,604,398
Level 3	Significant Unobservable Inputs		—
		$	52,604,398

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

36

TENNESSEE TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $53,316,723)		$	52,604,398
Cash			512,890
Interest receivable			666,207
Total assets			53,783,495
LIABILITIES:
Payable for:
Distributions to shareholders	108,345
Fund shares redeemed	11,845
Net investment advisory fee	19,190
Transfer agent fee	5,959
Legal fees	9,153
Audit fees	7,880
Compliance fees	3,420
Trustees fees	2,715
Custodian fee	1,080
Accrued expenses	21,797
Total liabilities			191,384
NET ASSETS:
Paid-in capital			56,065,301
Total accumulated loss			(2,473,190	)
Total Net Assets		$	53,592,111
NET ASSET VALUE, offering price and redemption price per share (5,060,288 shares outstanding; unlimited number of shares authorized; no par value)		$	10.59

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	1,863,747
Expenses:
Investment advisory fee		283,321
Transfer agent fee		73,997
Professional fees		29,135
Registration fees		18,489
Custodian fee		13,786
Pricing fees		10,028
Trustees fees		8,961
Other expenses		15,724
Total expenses		453,441
Fees waived by Adviser (Note 2)		(56,211	)
Custodian fee reduction (Note 7)		(41	)
Net expenses		397,189
Net investment income		1,466,558
Realized and unrealized gain/(loss) on investments:
Net realized loss		(821,400	)
Net change in unrealized appreciation/depreciation		700,430
Net realized and unrealized loss on investments		(120,970	)
Net increase in net assets resulting from operations	$	1,345,588

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

37

TENNESSEE TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	1,466,558		$	1,659,907
Net realized loss on investments		(821,400	)		(742,186	)
Net change in unrealized appreciation/depreciation		700,430			93,095
Net increase in net assets resulting from operations		1,345,588			1,010,816
Total distributions (Note 6)		(1,466,558	)		(1,659,907	)
Net Fund share transactions (Note 4)		(9,783,834	)		(9,462,519	)
Total decrease		(9,904,804	)		(10,111,610	)
Net assets:
Beginning of year		63,496,915			73,608,525
End of year	$	53,592,111		$	63,496,915

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$10.57			$10.65			$11.71			$11.66			$11.51
Income from investment operations:
Net investment income		0.27			0.27			0.26			0.27			0.28
Net gains/(losses) on investments (b)		0.02			(0.08	)		(1.06	)		0.05			0.15
Total from investment operations		0.29			0.19			(0.80	)		0.32			0.43
Less distributions:
Distributions from net investment income		(0.27	)		(0.27	)		(0.26	)		(0.27	)		(0.28	)
Net asset value, end of year		$10.59			$10.57			$10.65			$11.71			$11.66
Total return		2.82%			1.78%			(6.92	)%		2.84%			3.77%
Net assets, end of year (in thousands)		$53,592			$63,497			$73,609			$86,147			$95,680
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.80%			0.78%			0.71%			0.71%			0.71%
Ratio of net investment income to average net assets		2.59%			2.51%			2.31%			2.35%			2.42%
Portfolio turnover		21.15%			9.10%			11.61%			2.75%			3.46%

(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) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

38

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

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
37.30% of Net Assets
Hallsdale-Powell TN Utility District		4.000	%		04/01/2028	AA*	$	255,000	$	256,107
Jackson TN Energy Authority Gas System		5.000			06/01/2028	Aa2		150,000		151,904
Maryville TN		4.000			06/01/2029	Aa2		250,000		253,093
Metropolitan Government Nashville & Davidson County TN Water & Sewer		5.000			07/01/2025	Aa2		135,000		137,338
Springfield TN		5.000			06/01/2027	Aa2		245,000		258,126
										1,056,568
REFUNDING BONDS
33.74% of Net Assets
Loudon County TN		5.000			06/01/2025	Aa2		150,000		152,288
Maryville TN		5.000			06/01/2026	Aa2		350,000		361,595
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2027	Aa3		200,000		207,456
Putnam County TN		4.000			04/01/2025	Aa2		100,000		100,523
Sevierville TN		5.000			05/01/2028	Aa3		125,000		133,769
										955,631
SCHOOL IMPROVEMENT BONDS
14.56% of Net Assets
Bedford County TN		4.000			04/01/2027	AA*		150,000		151,518
White County TN		4.000			06/01/2027	AA-*		260,000		260,720
										412,238
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
11.55% of Net Assets
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2025	A2		100,000		100,710
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2027	A2		225,000		226,332
										327,042
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
1.24% of Net Assets
Selmer TN		4.000			06/01/2025	AA*		35,000		35,148
Total Investments 98.39% of Net Assets (cost $2,820,953) (See footnote 6 for further explanation)									$	2,786,627
Other assets in excess of liabilities 1.61%										45,614
Net Assets 100%									$	2,832,241

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		2,786,627
Level 3	Significant Unobservable Inputs		—
		$	2,786,627

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

39

TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $2,820,953)			$	2,786,627
Cash		��		35,436
Interest receivable				21,934
Total assets				2,843,997
LIABILITIES:
Payable for:
Distributions to shareholders	608
Fund shares redeemed	92
Net investment advisory fee	204
Transfer agent fee	125
Compliance fees	1,752
Postage expense	1,571
Audit fees	1,484
Pricing fees	1,455
Legal fees	1,088
Trustees fees	720
Custodian fee	450
Accrued expenses	2,207
Total liabilities				11,756
NET ASSETS:
Paid-in capital				3,144,655
Total accumulated loss				(312,414	)
Total Net Assets			$	2,832,241
NET ASSET VALUE, offering price and redemption price per share (277,194 shares outstanding; unlimited number of shares authorized; no par value)			$	10.22

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	80,946
Expenses:
Investment advisory fee		16,274
Transfer agent fee		4,882
Registration expense		7,802
Custodian fee		6,054
Pricing fees		2,507
Professional fees		1,492
Trustees fees		521
Other expenses		3,229
Total expenses		42,761
Fees waived by Adviser (Note 2)		(16,635	)
Fees waived by Transfer Agent (Note 2)		(3,316	)
Custodian fee reduction (Note 7)		(18	)
Net expenses		22,792
Net investment income		58,154
Realized and unrealized gain/(loss) on investments:
Net realized loss		(6,530	)
Net change in unrealized appreciation/depreciation		2,345
Net realized and unrealized loss on investments		(4,185	)
Net increase in net assets resulting from operations	$	53,969

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

40

TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	58,154		$	66,688
Net realized loss on investments		(6,530	)		(23,980	)
Net change in unrealized appreciation/depreciation		2,345			(33,777	)
Net increase in net assets resulting from operations		53,969			8,931
Total distributions (Note 6)		(58,154	)		(66,688	)
Net Fund share transactions (Note 4)		(840,219	)		(758,531	)
Total decrease		(844,404	)		(816,288	)
Net assets:
Beginning of year		3,676,645			4,492,933
End of year	$	2,832,241		$	3,676,645

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$10.22			$10.35			$10.94			$11.02			$10.82
Income from investment operations:
Net investment income		0.18			0.16			0.17			0.17			0.17
Net gains/(losses) on investments (b)		0.00	(c)		(0.13	)		(0.59	)		(0.08	)		0.20
Total from investment operations		0.18			0.03			(0.42	)		0.09			0.37
Less distributions:
Distributions from net investment income		(0.18	)		(0.16	)		(0.17	)		(0.17	)		(0.17	)
Net asset value, end of year		$10.22			$10.22			$10.35			$10.94			$11.02
Total return		1.81%			0.34%			(3.89	)%		0.81%			3.49%
Net assets, end of year (in thousands)		$2,832			$3,677			$4,493			$5,922			$6,600
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		1.32%			1.41%			1.19%			1.12%			1.14%
Ratio of net investment income to average net assets		1.79%			1.60%			1.57%			1.54%			1.60%
Portfolio turnover		12.62%			7.43%			0.00%			5.75%			4.55%

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

(b) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

(c) Amount represents less than $0.005 per share.

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

41

DUPREE MUTUAL FUNDS — INTERMEDIATE GOVERNMENT BOND SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Securities and Agencies

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
FEDERAL HOME LOAN BANK
69.73% of Net Assets
Federal Home Loan Bank		3.400	%		07/19/2024	Aaa	$	900,000	$	898,969
Federal Home Loan Bank		5.365			09/09/2024	Aaa		1,500,000		1,498,781
Federal Home Loan Bank		5.250			10/28/2024	Aaa		350,000		349,609
Federal Home Loan Bank		4.000			01/22/2025	Aaa		900,000		893,624
Federal Home Loan Bank		3.300			06/09/2025	Aaa		500,000		490,584
Federal Home Loan Bank		3.600			07/18/2025	Aaa		900,000		888,555
Federal Home Loan Bank		5.550			12/17/2025	Aaa		250,000		249,819
Federal Home Loan Bank		3.200			06/10/2027	Aaa		250,000		240,302
Federal Home Loan Bank		5.300			11/20/2028	Aaa		250,000		251,744
Federal Home Loan Bank		6.000			11/28/2028	Aaa		500,000		499,635
Federal Home Loan Bank		5.125			11/28/2028	Aaa		500,000		502,202
										6,763,824
FEDERAL HOME LOAN MORTGAGE CORPORATION
12.29% of Net Assets
Federal Home Loan Mortgage Corporation		5.100			11/26/2024	Aaa		500,000		498,794
Federal Home Loan Mortgage Corporation		5.020			01/27/2025	Aaa		250,000		249,518
Federal Home Loan Mortgage Corporation		5.500			08/28/2026	Aaa		250,000		249,178
Federal Home Loan Mortgage Corporation		1.400			07/28/2032	Aaa		250,000		194,030
										1,191,520
FEDERAL FARM CREDIT
9.60% of Net Assets
Federal Farm Credit Bank		5.050			07/28/2028	Aaa		250,000		248,499
Federal Farm Credit Bank		2.375			08/01/2029	Aaa		750,000		682,144
										930,643
FEDERAL NATIONAL MORTGAGE CORPORATION
5.14% of Net Assets
Federal National Mortgage Corporation		5.050			03/26/2026	Aaa		500,000		498,533
Total Investments 96.76% of Net Assets (cost $9,571,417) (See footnote 6 for further explanation)									$	9,384,520
Other assets in excess of liabilities 3.24%										314,289
Net Assets 100%									$	9,698,809

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

  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

Other Information

The following is a summary of the inputs used, as of June 30, 2024, 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		9,384,520
Level 3	Significant Unobservable Inputs		—
		$	9,384,520

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

42

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $9,571,417)		$	9,384,520
Cash			221,040
Receivable for fund shares sold			404
Interest receivable			114,502
Total assets			9,720,466
LIABILITIES:
Payable for:
Distributions to shareholders	3,916
Fund shares redeemed	2,595
Net investment advisory fee	98
Transfer agent fee	1,196
Compliance fees	1,879
Registration fees	1,647
Audit fees	1,427
Legal fees	1,067
Custodian fee	1,036
Trustees fees	540
Accrued expenses	6,256
Total liabilities			21,657
NET ASSETS:
Paid-in capital			10,033,043
Total accumulated loss			(334,234	)
Total Net Assets		$	9,698,809
NET ASSET VALUE, offering price and redemption price per share (1,028,583 shares outstanding; unlimited number of shares authorized; no par value)		$	9.43

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	378,137
Expenses:
Investment advisory fee		19,341
Transfer agent fee		14,505
Custodian fee		15,788
Registration fees		11,273
Pricing fees		9,150
Printing expense		5,490
Professional fees		4,802
Trustees fees		1,497
Other expenses		4,626
Total expenses		86,472
Fees waived by Adviser (Note 2)		(18,441	)
Fees waived by Transfer Agent (Note 2)		(244	)
Custodian fee reduction (Note 7)		(47	)
Net expenses		67,740
Net investment income		310,397
Realized and unrealized gain/(loss) on investments:
Net realized loss		(61,714	)
Net change in unrealized appreciation/depreciation		185,080
Net realized and unrealized gain on investments		123,366
Net increase in net assets resulting from operations	$	433,763

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

43

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	310,397		$	289,411
Net realized loss on investments		(61,714	)		(40,521	)
Net change in unrealized appreciation/depreciation		185,080			(218,529	)
Net increase in net assets resulting from operations		433,763			30,361
Total distributions (Note 6)		(310,397	)		(289,411	)
Net Fund share transactions (Note 4)		(200,575	)		(697,211	)
Total decrease		(77,209	)		(956,261	)
Net assets:
Beginning of year		9,776,018			10,732,279
End of year	$	9,698,809		$	9,776,018

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$9.31			$9.54			$10.09			$10.37			$10.12
Income from investment operations:
Net investment income		0.30			0.27			0.23			0.23			0.24
Net gains/(losses) on investments (b)		0.12			(0.23	)		(0.55	)		(0.28	)		0.25
Total from investment operations		0.42			0.04			(0.32	)		(0.05	)		0.49
Less distributions:
Distributions from net investment income		(0.30	)		(0.27	)		(0.23	)		(0.23	)		(0.24	)
Net asset value, end of year		$9.43			$9.31			$9.54			$10.09			$10.37
Total return		4.58%			0.39%			(3.25	)%		(0.49	)%		4.88%
Net assets, end of year (in thousands)		$9,699			$9,776			$10,732			$12,044			$15,677
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.66%			0.68%
Ratio of gross expenses to average net assets		0.89%			0.90%			0.75%			0.67%			0.68%
Ratio of net investment income to average net assets		3.21%			2.83%			2.30%			2.25%			2.33%
Portfolio turnover		26.47%			39.69%			17.50%			3.35%			5.07%

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

(b) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

44

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

June 30, 2024

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
22.73% of Net Assets
KY State Rural Water Finance Corporation		3.000	%		08/01/2050	AA-*	$	250,000	$	165,240
Metropolitan Government Nashville & Davidson County TN Recovery Zone		6.693			07/01/2041	Aa2		200,000		223,308
OK State Municipal Power Authority		6.310			01/01/2040	A2		95,000		102,546
Pigeon Forge TN Build America Recovery Zone		7.125			06/01/2040	AA*		300,000		305,784
										796,878
PUBLIC FACILITIES REVENUE BONDS
16.99% of Net Assets
Franklin County OH Convention Facilities Build America		6.540			12/01/2036	Aa2		155,000		168,200
Metropolitan Government Nashville & Davidson County TN		7.431			07/01/2043	Aa3		190,000		223,218
Montgomery AL Community Cooperative District		2.815			11/01/2049	Aa1		200,000		129,678
Rhode Island Convention Center		6.060			05/15/2035	A1		70,000		74,470
										595,566
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.98% of Net Assets
Mesa State College CO Auxiliary Facilities Build America		6.746			05/15/2042	Aa2		100,000		112,106
Michigan State University Revenues		4.496			08/15/2048	Aa2		375,000		342,769
										454,875
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
9.73% of Net Assets
Washoe County NV Highway Revenue		7.969			02/01/2040	Aa3		280,000		341,096
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
9.39% of Net Assets
MN State Housing Finance Authority^		5.915			07/01/2044	Aa1		150,000		149,564
NC State Housing Finance Agency		6.128			07/01/2043	Aa1		175,000		179,647
										329,211
MARINA/PORT AUTHORITY REVENUE BONDS
6.74% of Net Assets
Miami Dade County FL Special Obligation		7.500			04/01/2040	Aa2		200,000		236,160
SCHOOL IMPROVEMENT BONDS
6.56% of Net Assets
Jefferson County TN Build America Bonds		6.625			06/01/2040	Aa2		230,000		229,991
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.72% of Net Assets
Midland County TX Hospital District		6.440			05/15/2039	Aa3		185,000		200,536
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.58% of Net Assets
Waco TX		5.488			02/01/2044	Aa1		125,000		125,438
AIRPORT REVENUE BONDS
2.44% of Net Assets
Tri Cities TN Airport Authority Revenue		3.625			05/01/2038	Aa2		100,000		85,657
PREREFUNDED BONDS
0.69% of Net Assets
Tri Cities TN Airport Authority Revenue		3.625			05/01/2038	NR		25,000		24,295
Total Investments 97.55% of Net Assets (cost $3,669,756) (See footnote 6 for further explanation)									$	3,419,703
Other assets in excess of liabilities 2.45%										86,056
Net Assets 100%									$	3,505,759

# Ratings by Moody’s Ratings unless noted otherwise.

  Bond ratings are unaudited and not covered by Report of Independent Registered Public Accounting Firm.

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

* Rated by Standard & Poor’s Corporation

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

45

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

June 30, 2024

@ Rated by Fitch’s Investors Service

NR Not Rated

^ When-issued security or extended settlement — see footnote 1(D)

Other Information 

The following is a summary of the inputs used, as of June 30, 2024 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		3,419,703
Level 3	Significant Unobservable Inputs		—
		$	3,419,703

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

46

TAXABLE MUNICIPAL BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024

ASSETS:
Investments in securities, at fair value (Cost: $3,669,756)		$	3,419,703
Cash			208,628
Interest receivable			54,262
Total assets			3,682,593
LIABILITIES:
Payable for:
Investments purchased	149,625
Distributions to shareholders	4,116
Transfer agent fee	264
Compliance fees	5,851
Pricing fees	5,092
Trustees fees	2,729
Audit fees	2,310
Custodian fee	1,620
Legal fees	1,477
Accrued expenses	3,750
Total liabilities			176,834
NET ASSETS:
Paid-in capital			5,686,638
Total accumulated loss			(2,180,879	)
Total Net Assets		$	3,505,759
NET ASSET VALUE, offering price and redemption price per share (474,403 shares outstanding; unlimited number of shares authorized; no par value)		$	7.39

STATEMENT OF OPERATIONS

For the year ended June 30, 2024

Net investment income:
Interest income	$	195,481
Expenses:
Investment advisory fee		18,930
Transfer agent fee		5,679
Custodian fee		7,986
Pricing fees		5,124
Compliance fees		4,364
Registration fees		1,830
Professional fees		1,277
Trustees fees		598
Other expenses		2,822
Total expenses		48,610
Fees waived by Adviser (Note 2)		(18,956	)
Fees waived by Transfer Agent (Note 2)		(3,108	)
Custodian fee reduction (Note 7)		(24	)
Net expenses		26,522
Net investment income		168,959
Realized and unrealized gain/(loss) on investments:
Net realized loss		(236,353	)
Net change in unrealized appreciation/depreciation		137,134
Net realized and unrealized loss on investments		(99,219	)
Net increase in net assets resulting from operations	$	69,740

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

47

TAXABLE MUNICIPAL BOND SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2024 and 2023

	2024			2023
Operations:
Net investment income	$	168,959		$	190,802
Net realized loss on investments		(236,353	)		(175,419	)
Net change in unrealized appreciation/depreciation		137,134			(153,179	)
Net increase/(decrease) in net assets resulting from operations		69,740			(137,796	)
Total distributions (Note 6)		(170,375	)		(192,498	)
Net Fund share transactions (Note 4)		(575,437	)		(644,348	)
Total decrease		(676,072	)		(974,642	)
Net assets:
Beginning of year		4,181,831			5,156,473
End of year	$	3,505,759		$	4,181,831

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	For the years ended June 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of year		$7.56			$8.09			$10.28			$10.40			$10.39
Income from investment operations:
Net investment income		0.33			0.33			0.29			0.34			0.52
Net gains/(losses) on investments (b)		(0.17	)		(0.53	)		(2.19	)		(0.06	)		0.01
Total from investment operations		0.16			(0.20	)		(1.90	)		0.28			0.53
Less distributions:
Distributions from net investment income		(0.33	)		(0.33	)		(0.29	)		(0.34	)		(0.52	)
Distributions from capital gains		0.00			0.00			0.00			(0.06	)		0.00
Total distributions		(0.33	)		(0.33	)		(0.29	)		(0.40	)		(0.52	)
Net asset value, end of year		$7.39			$7.56			$8.09			$10.28			$10.40
Total return		2.25%			(2.38	)%		(18.86	)%		2.72%			5.20%
Net assets, end of year (in thousands)		$3,506			$4,182			$5,156			$14,596			$13,722
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		1.28%			1.37%			1.00%			0.96%			1.02%
Ratio of net investment income to average net assets		4.46%			4.31%			2.89%			3.30%			4.62%
Portfolio turnover		12.53%			0.00%			8.39%			33.27%			16.28%

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

(b) Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund’s statement of operations due to share transactions for the period.

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

48

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

1. Organization and Significant Accounting Policies

Dupree Mutual Funds is registered under the Investment Company Act of 1940, as amended, (“1940 Act”) as a no-load, open-end investment company. The Declaration of Trust of Dupree Mutual Funds (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:

Alabama Tax-Free Income Series

Kentucky Tax-Free Income Series

Kentucky Tax-Free Short-to-Medium Series

Mississippi Tax-Free Income Series

North Carolina Tax-Free Income Series

North Carolina Tax-Free Short-to-Medium Series

Tennessee Tax-Free Income Series

Tennessee Tax-Free Short-to-Medium Series

Intermediate Government Bond Series

Taxable Municipal Bond Series

The investment strategy of each of the eight state tax-free Funds is to invest exclusively in municipal securities issued by the states of Alabama, Kentucky, Mississippi, North Carolina and Tennessee, respectively. Normally, each Fund’s assets will be invested so that (1) at least 80% of the income earned on the investments will be exempt from Federal and state income taxes or (2) at least 80% of the Fund’s net assets will be invested in securities exempt from Federal and state income taxes.

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, and its weighted average nominal maturity will normally range between 3-10 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, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, and accordingly follows the investment company accounting and reporting guidance of Accounting Standards Codification (“ASC”) Topic 946 “Financial Services – Investment Companies.”

The Funds indemnify the Trust’s Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

A. Security Valuation

In general, securities for which market quotations are readily available are valued at current market value, as provided by independent third-party pricing agents. All other securities are valued at fair value as determined in good faith by the Funds’ Valuation Designee, Dupree & Company, Inc. (the “Valuation Designee”). The Valuation Designee is responsible for, among other things, monitoring the value of the Funds’ securities. These procedures involve the use of matrix pricing models which take into consideration, among other factors, years to maturity, call date, coupon rate, trading patterns, creditworthiness, supply and demand dynamics, trading characteristics, special circumstances of a security or trading market, and any other factors or market data considered relevant in determining the value for securities. The procedures also include weekly verification of market quotations provided by two independent pricing services. A bond valuation that is not supported by the matrix pricing model requires the Valuation Designee to fair value the security in accordance with Board approved policies and procedures (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Valuation

49

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

1. Organization and Significant Accounting Policies, continued

Designee has the day-to-day responsibility for fair valuing the Trust’s securities or other assets. Securities valued by the Valuation Designee are reviewed by the Valuation Committee, which consists of all the Independent Trustees. Shares of open-end mutual funds in which the Funds invest, if any, are valued at their respective net asset values as reported by the underlying funds.

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 June 30, 2024, 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.

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 a Fund enters 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 is accrued by the Fund until the security is delivered and payment takes place. 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 and tax-exempt income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the year ended June 30, 2024. 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 June 30, 2024, 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 Statements 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).

50

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

1. Organization and Significant Accounting Policies, continued

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 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 paid at the following frequencies:

Monthly:	Kentucky Tax-Free Short-to-Medium Series North Carolina Tax-Free Short-to-Medium Series Tennessee Tax-Free Short-to-Medium Series Intermediate Government Bond Series Taxable Municipal Bond Series
Quarterly:	Alabama Tax-Free Income Series Kentucky Tax-Free Income Series Mississippi Tax-Free Income Series North Carolina Tax-Free Income Series Tennessee Tax-Free Income Series

G. Estimates

The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual amounts could differ from those estimates.

H. Subsequent Events

Subsequent events occurring after June 30, 2024 have been evaluated by Dupree & Company, Inc. (the “Adviser”) for potential impact to this report through the date the financial statements were issued. The 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 between the Adviser and the Trust, on behalf of each Fund (each a “Agreement” and collectively, the “Agreements”) each Fund (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 0.50 of 1% of the first $100,000,000 average daily net assets of each Fund determined separately; 0.45 of 1% of the average daily net assets between $100,000,001 and $150,000,000 of each Fund determined separately; 0.40 of 1% of the average daily net assets between $150,000,001 and $500,000,000 of each Fund determined separately; 0.35 of 1% of the average daily net assets between $500,000,001 and $750,000,000 of each Fund determined separately; and 0.30 of 1% of the average daily net assets between $750,000,001 and $1,000,000,000 of each Fund determined separately; and 0.25 of 1% of the average daily net assets in excess of $1,000,000,000 of each Fund determined separately. 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 0.20 of 1% of average daily net assets.

Dupree & Company, Inc., also serving as the Funds’ transfer agent (the “Transfer Agent”), may voluntarily waive investment advisory fees and transfer agent fees payable to it under the Investment Advisory Agreement and Transfer Agent Agreement with each Fund, and assume and pay other operating expenses. Dupree & Company, Inc. will not seek to recoup any waived fees or other operating expenses it has assumed.

51

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

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

For the year ended June 30, 2024, fees voluntarily waived by the Adviser and Transfer Agent were as follows:

	Fees waived by Adviser		Fees waived by Transfer Agent
Alabama Tax-Free Income Series	$	42,465	$	-0-
Kentucky Tax-Free Income Series		-0-		-0-
Kentucky Tax-Free Short-to-Medium Series		36,089		-0-
Mississippi Tax-Free Income Series		23,704		-0-
North Carolina Tax-Free Income Series		62,124		-0-
North Carolina Tax-Free Short-to-Medium Series		26,370		-0-
Tennessee Tax-Free Income Series		56,211		-0-
Tennessee Tax-Free Short-to-Medium Series		16,635		3,316
Intermediate Government Bond Series		18,441		244
Taxable Municipal Bond Series		18,956		3,108

In addition, each Fund has entered into a Transfer Agent and Dividend Disbursing Agent Services Agreement with the 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.

Northern Lights Compliance Services, LLC, provides Chief Compliance Officer (“CCO”) services to the Trust. An officer of the Trust is an employee of Northern Lights Compliance Services, LLC.

For the year ended June 30, 2024, each member of the Board of Trustees that is not an “interested person” as defined in the 1940 Act (each, an “Independent Trustee”) received a fee of $40,000. In addition, all Independent Trustees are reimbursed by the Funds for all reasonable out-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’ Statements of Operations.

3. Purchases and Sales of Securities

During the year ended June 30, 2024, 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/Maturities
Alabama Tax-Free Income Series	$	4,092,533	$	4,341,091
Kentucky Tax-Free Income Series		108,893,424		163,259,936
Kentucky Tax-Free Short-to-Medium Series		8,306,304		12,928,904
Mississippi Tax-Free Income Series		3,235,142		1,615,707
North Carolina Tax-Free Income Series		13,781,781		18,108,744
North Carolina Tax-Free Short-to-Medium Series		-0-		1,893,024
Tennessee Tax-Free Income Series		11,764,117		20,955,164
Tennessee Tax-Free Short-to-Medium Series		394,788		1,095,522
Intermediate Government Bond Series		2,500,000		2,743,023
Taxable Municipal Bond Series		449,625		896,346

52

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

4. Capital Shares

As of June 30, 2024 and June 30, 2023, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

ALABAMA TAX-FREE INCOME SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		89,569		$	1,024,745			106,654		$	1,225,096
Shares reinvested		20,638			234,544			22,847			258,934
Shares redeemed		(217,310	)		(2,448,290	)		(445,957	)		(5,076,770	)
Net decrease		(107,103	)	$	(1,189,001	)		(316,456	)	$	(3,592,740	)
KENTUCKY TAX-FREE INCOME SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		5,692,214		$	40,726,202			18,007,811		$	129,297,152
Shares reinvested		1,584,329			11,319,745			1,617,641			11,505,083
Shares redeemed		(16,244,361	)		(115,587,356	)		(27,747,572	)		(199,804,968	)
Net decrease		(8,967,818	)	$	(63,541,409	)		(8,122,120	)	$	(59,002,733	)
KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		478,155		$	2,436,059			817,153		$	4,183,398
Shares reinvested		78,396			399,062			71,661			365,372
Shares redeemed		(1,617,411	)		(8,250,757	)		(1,988,780	)		(10,130,471	)
Net decrease		(1,060,860	)	$	(5,415,636	)		(1,099,966	)	$	(5,581,701	)
MISSISSIPPI TAX-FREE INCOME SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		154,588		$	1,700,794			136,276		$	1,530,717
Shares reinvested		8,906			98,290			7,925			87,317
Shares redeemed		(55,998	)		(621,338	)		(278,020	)		(3,022,687	)
Net increase/(decrease)		107,496		$	1,177,746			(133,819	)	$	(1,404,653	)
NORTH CAROLINA TAX-FREE INCOME SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		1,367,252		$	14,536,633			1,835,705		$	19,595,273
Shares reinvested		201,877			2,150,645			194,022			2,052,709
Shares redeemed		(2,041,535	)		(21,671,025	)		(3,325,750	)		(35,265,478	)
Net decrease		(472,406	)	$	(4,983,747	)		(1,296,023	)	$	(13,617,496	)

53

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

4. Capital Shares, continued

NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		23,337		$	240,154			111,610		$	1,147,583
Shares reinvested		13,676			141,187			14,912			154,847
Shares redeemed		(245,953	)		(2,531,158	)		(334,342	)		(3,462,920	)
Net decrease		(208,940	)	$	(2,149,817	)		(207,820	)	$	(2,160,490	)
TENNESSEE TAX-FREE INCOME SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		158,757		$	1,662,358			348,732		$	3,678,503
Shares reinvested		92,372			969,860			99,631			1,045,157
Shares redeemed		(1,198,286	)		(12,416,052	)		(1,355,694	)		(14,186,179	)
Net decrease		(947,157	)	$	(9,783,834	)		(907,331	)	$	(9,462,519	)
TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		3,437		$	35,129			37,305		$	383,476
Shares reinvested		4,784			48,840			5,342			54,798
Shares redeemed		(90,704	)		(924,188	)		(116,967	)		(1,196,805	)
Net decrease		(82,483	)	$	(840,219	)		(74,320	)	$	(758,531	)
INTERMEDIATE GOVERNMENT BOND SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		125,781		$	1,179,158			83,360		$	777,071
Shares reinvested		27,497			257,583			24,945			233,525
Shares redeemed		(175,056	)		(1,637,316	)		(182,638	)		(1,707,807	)
Net decrease		(21,778	)	$	(200,575	)		(74,333	)	$	(697,211	)
TAXABLE MUNICIPAL BOND SERIES	Year Ended June 30, 2024						Year Ended June 30, 2023
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		44,158		$	315,008			4,302		$	32,671
Shares reinvested		15,367			112,666			17,813			134,751
Shares redeemed		(137,958	)		(1,003,111	)		(106,694	)		(811,770	)
Net decrease		(78,433	)	$	(575,437	)		(84,579	)	$	(644,348	)

5. Principal Risks

State-Specific Concentration of Credit Risk

The Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series, Kentucky Tax-Free Short-to-Medium Series, Mississippi Tax-Free Income Series, North Carolina Tax-Free Income Series, North Carolina Tax-Free Short-to-Medium Series, Tennessee Tax-Free Income Series, and Tennessee Tax-Free Short-to-Medium Series each invest solely in debt obligations issued by the states of Alabama, Kentucky, Mississippi, North Carolina, and Tennessee, respectively, and their respective

54

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

5. Principal Risks, continued

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 respective states’ municipal securities than a fund that is not geographically concentrated in these issuers to the same extent.

Municipal Securities Risk

Many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities). As a result, conditions in those sectors may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities. Therefore, the investment performance of a Fund investing in municipal securities may be more dependent on the analytical abilities of the Adviser than if a Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less liquid than many other securities markets. This is primarily the result of lower capital commitments to the asset class by the dealer community. This may adversely affect a Fund’s ability to sell or value municipal securities it holds. A Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.

Market and Geopolitical Risk

Many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities). As a result, conditions in those sectors may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities. Therefore, the investment performance of a Fund investing in municipal securities may be more dependent on the analytical abilities of the Adviser than if a Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less liquid than many other securities markets. This is primarily the result of lower capital commitments to the asset class by the dealer community. This may adversely affect a Fund’s ability to sell or value municipal securities it holds. A Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, terrorism and war (including Russia’s ongoing invasion of Ukraine), governmental actions, and other conditions. As a result, the market value of municipal securities held by a Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, a Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the NAV of a Fund’s shares will fluctuate.

55

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

5. Principal Risks, continued

Taxability Risk

The Funds’ investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after a Fund buys a security, the Internal Revenue Service may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax-exempt should in fact be taxable. This may result in a significant decline in the value of the security.

Non-Diversification Risk (Kentucky Tax-Free Short-to-Medium Series, Mississippi Tax-Free Income Series, Tennessee Tax-Free Short-to-Medium Series and Taxable Municipal Bond Series, only)

These Funds are non-diversified, and may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in increased volatility in the Funds’ performance and share price.

Risks Associated with Health Crises

Health crises, such as the coronavirus (“COVID 19”) pandemic, can significantly stress the financial resources of municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Funds. Factors contributing to the economic stress on municipal issuers may include an increase in expenses associated with combatting a pandemic and a decrease in revenues supporting the issuer’s bonds due to factors such as lower sales tax revenue as a result of decreased consumer spending, lower income tax revenue due to higher unemployment, and a decrease in the value of collateral backing revenue bonds due to closures and/or curtailment of services and/or changes in consumer behavior. In light of the uncertainty surrounding the magnitude, duration, reach, costs and effects of a pandemic, as well as actions that could be taken by governmental authorities or other third parties, it is difficult to predict the level of financial stress and duration of such stress municipal issuers may experience. Changes in an issuer’s financial strength or changes in the credit rating assigned to an obligation may affect the market values and marketability of many or all municipal obligations of issuers in that state.

Issuer Cybersecurity Risk

Municipalities issuing securities in which the Funds invest, counterparties with which the Funds engage or transact, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses of other malicious software code; ransomware; and attacks that shut down, disable, slow or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Funds and their shareholders could be negatively impacted as a result.

Interest Rate Risk

Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A low interest rate environment creates an elevated risk of future price declines, particularly for securities with longer maturities. You should expect a Fund’s share price and total return to fluctuate.

56

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

6. Federal Income Taxes

At June 30, 2024, the Funds’ cost of investments for federal income tax purposes and the net unrealized depreciation of investments were as follows:

	Cost		Appreciation		Depreciation			Net unrealized depreciation
Alabama Tax-Free Income Series	$	21,640,255	$	64,473	$	(680,740	)	$	(616,267	)
Kentucky Tax-Free Income Series		747,515,795		3,922,076		(20,314,807	)		(16,392,731	)
Kentucky Tax-Free Short-to-Medium Series		31,510,385		36,390		(602,025	)		(565,635	)
Mississippi Tax-Free Income Series		9,813,153		50,438		(103,131	)		(52,693	)
North Carolina Tax-Free Income Series		116,425,809		228,430		(3,235,542	)		(3,007,112	)
North Carolina Tax-Free Short-to-Medium Series		8,807,032		1,172		(104,732	)		(103,560	)
Tennessee Tax-Free Income Series		53,316,723		71,430		(783,755	)		(712,325	)
Tennessee Tax-Free Short-to-Medium Series		2,820,953		-0-		(34,326	)		(34,326	)
Intermediate Government Bond Series		9,571,417		3,946		(190,843	)		(186,897	)
Taxable Municipal Bond Series		3,678,925		34,685		(293,907	)		(259,222	)

At June 30, 2024, the Funds’ non-expiring capital loss carry-forwards available to offset future capital gains, were as follows:

	Short-term		Long-term		Total
Alabama Tax-Free Income Series	$	—	$	579,217	$	579,217
Kentucky Tax-Free Income Series		1,395,027		17,360,092		18,755,119
Kentucky Tax-Free Short-to-Medium Series		86,273		199,201		285,474
Mississippi Tax-Free Income Series		123,423		366,167		489,590
North Carolina Tax-Free Income Series		1,277,364		4,026,301		5,303,665
North Carolina Tax-Free Short-to-Medium Series		54,833		160,276		215,109
Tennessee Tax-Free Income Series		174,230		1,563,438		1,737,668
Tennessee Tax-Free Short-to-Medium Series		2,216		275,872		278,088
Intermediate Government Bond Series		51,994		95,343		147,337
Taxable Municipal Bond Series		174,265		1,747,394		1,921,659

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 due to 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 year ended June 30, 2024, the Funds did not have any reclassification of net assets.

The tax character of distributions paid for the year ended June 30, 2024 and 2023 were as follows:

	2024						2023
	Tax Exempt Income		Ordinary Income		Long-Term Capital Gain		Tax Exempt Income		Ordinary Income		Long-Term Capital Gain
Alabama Tax-Free Income Series	$	538,964	$	—	$	—	$	581,380	$	—	$	13,595
Kentucky Tax-Free Income Series		20,574,395		—		—		21,219,726		—		—
Kentucky Tax-Free Short-to-Medium Series		681,692		—		—		715,912		—		—
Mississippi Tax-Free Income Series		246,168		—		—		210,947		—		1,326
North Carolina Tax-Free Income Series		2,888,338		—		—		2,943,057		—		—
North Carolina Tax-Free Short-to-Medium Series		187,499		—		—		211,629		—		—
Tennessee Tax-Free Income Series		1,466,558		—		—		1,659,907		—		—
Tennessee Tax-Free Short-to-Medium Series		58,154		—		—		66,688		—		—
Intermediate Government Bond Series		—		310,397		—		—		289,411		—
Taxable Municipal Bond Series		—		170,375		—		—		192,498		—

57

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

6. Federal Income Taxes, continued

At June 30, 2024, 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
Alabama Tax-Free Income	$	—	$	76,954	$	—	$	(616,267	)
Kentucky Tax-Free Income		—		2,218,657		—		(16,392,731	)
Kentucky Tax-Free Short-to-Medium		—		19,688		—		(565,635	)
Mississippi Tax-Free Income		—		38,647		—		(52,693	)
North Carolina Tax-Free Income		—		176,320		—		(3,007,112	)
North Carolina Tax-Free Short-to-Medium		—		3,036		—		(103,560	)
Tennessee Tax-Free Income		—		85,148		—		(712,325	)
Tennessee Tax-Free Short-to-Medium		—		608		—		(34,326	)
Intermediate Government Bond		3,916		—		—		(186,897	)
Taxable Municipal Bond Series		4,116		—		—		(259,222	)

	Accumulated Capital and Other Losses			Other Temporary Differences			Total Accumulated Losses
Alabama Tax-Free Income	$	(579,217	)	$	(76,954	)	$	(1,195,484	)
Kentucky Tax-Free Income		(18,755,119	)		(2,218,657	)		(35,147,850	)
Kentucky Tax-Free Short-to-Medium		(285,474	)		(19,688	)		(851,109	)
Mississippi Tax-Free Income		(489,590	)		(38,582	)		(542,218	)
North Carolina Tax-Free Income		(5,303,665	)		(176,320	)		(8,310,777	)
North Carolina Tax-Free Short-to-Medium		(215,109	)		(3,036	)		(318,669	)
Tennessee Tax-Free Income		(1,737,668	)		(108,345	)		(2,473,190	)
Tennessee Tax-Free Short-to-Medium		(278,088	)		(608	)		(312,414	)
Intermediate Government Bond		(147,337	)		(3,916	)		(334,234	)
Taxable Municipal Bond Series		(1,921,659	)		(4,116	)		(2,180,881	)

58

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

7. Line of Credit Agreement and Custodian Agreement

Under the terms of an agreement with the Funds’ custodian, U.S. Bank, National Association, principal amounts up to 5% of a Fund’s net assets are available on an uncommitted, unsecured line of credit. Each Fund is permitted to borrow money as a temporary measure in order to pay redeeming shareholders. The principal amounts borrowed are due on demand. The current agreement expires on September 18, 2024. 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. Each Fund has segregated securities in order to cover potential loans.

At June 30, 2024, the Funds had an aggregate unused line of credit amount of $25,000,000. The interest expense is shown on each Fund’s Statement of Operations within “Other expenses”. The Funds had no borrowings as of June 30, 2024. During the year ended June 30, 2024, the average interest rate on borrowings was 8.50% and the largest borrowing amount, the date of the largest borrowing, and the daily weighted average borrowings for each Fund were as follows:

	Largest Borrowing		Date of Largest Borrowing		Weighted Average Borrowing
Alabama Tax-Free Income Series	$	89,000		11/20/2023	$	989
Kentucky Tax Free Income Series		4,031,000		12/06/2023		15,719
Kentucky Tax-Free Short-to-Medium Series		432,000		04/30/2024		9,432
Mississippi Tax-Free Income Series		143,000		08/02/2023		391
North Carolina Tax-Free Income Series		958,000		11/29/2023		9,314
North Carolina Tax-Free Short-to-Medium Series		195,000		10/24/2023		1,189
Tennessee Tax-Free Income Series		249,000		01/12/2024		2,721
Tennessee Short-to-Medium Tax-Free Series		118,000		03/11/2024		426
Intermediate Government Bond Series		73,000		03/05/2024		1,314
Taxable Municipal Bond Series		19,000		12/06/2023		55

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 custody fees. During the year, these credits reduced each Fund’s expenses by the amount shown on each Fund’s Statement of Operations as “Custodian fee reduction.”

59

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Dupree Mutual Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Dupree Mutual Funds, comprising Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series, Kentucky Tax-Free Short-to-Medium Series, Mississippi Tax-Free Income Series, North Carolina Tax-Free Income Series, North Carolina Tax-Free Short-to-Medium Series, Tennessee Tax-Free Income Series, Tennessee Tax-Free Short-to-Medium Series, Intermediate Government Bond Series, and Taxable Municipal Bond Series (the “Funds”) as of June 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as ofJune 30, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ Financial Highlights for the year ended June 30, 2020, were audited by other auditors whose report dated August 26, 2020, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2021.

/s/ Cohen & Company, LTD.

Cleveland, Ohio

August 28, 2024

60

DUPREE MUTUAL FUNDS

OTHER UNAUDITED INFORMATION

June 30, 2024

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 twelve months ended June 30, 2024, is available without charge upon request by calling (800) 866-0614, or on the Securities and Exchange Commission’s (the “Commission”) website at http://www.sec.gov. For the year ended June 30, 2024, the Funds exercised no proxy votes due to the fact that the debt instruments in which the Funds invest carry no voting rights.

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 Form N-PORT. The portfolio listings will be available on our website at http://www.dupree-funds.com 60 days after the end of the period or by calling 800-866-0614.

61

Item 8. Not applicable.

Item 9. Not applicable

Item 10. Included under Item 7

Item 11. Not applicable

Item 12. Not applicable.

Item 13. Not applicable

Item 14: Not applicable

Item 15: Not applicable

Item 16:

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 17: Not applicable

Item 18: Not applicable.

Item 19. Exhibits

(a)(1)  Code of Ethics

(a)(2)  Not applicable

(a)(3)  A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.

(b)  Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and required by Rule 30a-2(b) under the Investment Company Act of 1940, are filed herewith.

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, Principal Financial Officer

Date: September 3, 2024

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.

Dupree Mutual Funds

By: /s/ Allen E. Grimes, III

Allen E. Grimes, III, Principal Executive Officer

Date: September 3, 2024