Dupree Mutual Funds


Alabama Tax-Free Income Series
TICKER: DUALX

Annual Shareholder Report: June

, 2026

This annual shareholder report contains important information about the Alabama Tax-Free Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026.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.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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



Fund	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?

Longer-dated municipal bonds generally outperformed shorter-dated municipal bonds during the

12-month

period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise.

The Fund provided a total return of 8.51% during the Review Period, which was higher than the total return of 7.03% provided by the Bloomberg Municipal Bond Index (the “Muni Index”). The Fund’s outperformance was primarily due to the fact that it had a longer, average nominal maturity of 15.73 years versus 13.39 years for the Muni Index, which gave the Fund greater sensitivity to interest rate changes and allowed it to benefit more from the decline in yields during the Review Period.

During the Review 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.


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

ars 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, 2026):



	1 Year			5 Years			10 Years

Alabama Tax-Free Income Series		8.51	%		0.57	%		1.73	%

Bloomberg Municipal Bond Index		7.03	%		1.05	%		2.14	%

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	$	18,326,323

Total number of portfolio holdings		61

Total advisory fees paid	$	58,564

Portfolio turnover rate as of the end of year		5.24%


2

What is the Fund invested in?

The tables and charts below show the inves

ent makeup of the Fund, re

pre

senting the percentage of total investments and/or total net assets of the Fund.

Composition

Credit Quality*

All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. 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 3

, 2026

This annual shareholder report contains important information about the Kentucky Tax-Free Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026.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.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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



Fund	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment

Kentucky Tax-Free Income Series	$	60		0.60%

How did the Fund perform last year?

Longer-dated municipal bonds generally outperformed shorter-dated bonds during the

12-month

period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise.

The Fund provided a total return of 7.65% during the Review Period which was higher than the Bloomberg Municipal Bond Index (“Muni Index”) which provided a total return of 7.03%. The Fund’s outperformance was primarily due to the fact that it had an average nominal maturity of 13.94 years versus 13.39 years for the Muni Index, which gave the Fund greater price sensitivity to the decline in interest rates during the Review Period and, in turn, greater price appreciation than the Muni Index.

During the Review 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.


1

How has the Fund historically performed?

The following graph compares the initial and subsequent account v

alue

s 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-exe

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, 2026):



	1 Year			5 Years			10 Years

Kentucky Tax-Free Income Series		7.65	%		0.81	%		1.80	%

Bloomberg Municipal Bond Index		7.03	%		1.05	%		2.14	%

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	$	701,781,961

Total number of portfolio holdings		400

Total advisory fees paid	$	2,823,278

Portfolio turnover rate as of the end of year		8.49%


2

What is the Fund invested in?

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

Composition

Credit Quality*

All ratings are assigned by Moody’s ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. 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.c

/documents), including the following:

Prospectus

Fund Financial Information

Fund Holdings

Householding

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, 2026

This annual shareholder report contains important information about the Mississippi Tax-Free Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. 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.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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



Fund	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?

Longer-dated municipal bonds generally outperformed shorter-dated bonds during the

12-month

period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise.

The Fund provided a total return of 6.93% during the Review Period which was lower than the 7.03% total return provided by the Bloomberg Municipal Bond Index (the “Muni Index”). The Fund’s slight underperformance relative to the Muni Index was due primarily to the Fund’s shorter duration, as the Fund’s duration of 4.56 years, versus 6.48 years for the Muni Index., reduced the Fund’s sensitivity to interest rate movements and resulted in comparatively lower returns during the Review Period. Additionally, unlike the Fund, the Muni Index does not reflect any expenses and/or transaction costs.

During the Review 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.


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, 2026):



	1 Year			5 Years			10 Years

Mississippi Tax-Free Income Series		6.93	%		0.55	%		1.51	%

Bloomberg Municipal Bond Index		7.03	%		1.05	%		2.14	%

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	$	4,180,107

Total number of portfolio holdings		27

Total advisory fees paid	$	0

Portfolio turnover rate as of the end of year		2.97%


2

What is the Fund invested in?

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

Composition

Credit Quality*

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

(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, 2026

This annual shareholder report contains important information about the North Carolina Tax-Free Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. 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.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

The table below 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?

Longer-dated municipal bonds generally outperformed shorter-dated bonds during the

12-month

period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise.

The Fund provided a total return of 7.13% during the Review Period, which was higher than the total return of 7.03% provided by the Bloomberg Municipal Bond Index (the “Muni Index”). The outperformance of the Fund was due primarily to the fact that it had a longer nominal maturity of 14.05 years versus 13.39 years for the Muni Index, which gave the Fund greater sensitivity to interest rate changes and allowed it to benefit more from the decline in yields during the Review Period.

During the Review 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.


1

How has the Fund historically performed?

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, 2026):



	1 Year			5 Years			10 Years

North Carolina Tax-Free Income Series		7.13	%		0.46	%		1.50	%

Bloomberg Municipal Bond Index		7.03	%		1.05	%		2.14	%

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	$	107,986,393

Total number of portfolio holdings		170

Total advisory fees paid	$	482,283

Portfolio turnover rate as of the end of year		6.89%


2

What is the Fund invested in?

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

Composition

Credit Quality*

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

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, 2026

This annual shareholder report contains important information about the Tennessee Tax-Free Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. 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.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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



Fund	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?

Longer-dated municipal bonds generally outperformed shorter-dated bonds during the

12-month

period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise.

The Fund provided a total return of 8.35% during the Review Period which was higher than the Bloomberg Municipal Bond Index (the “Muni Index”) which provided a total return of 7.03%. The outperformance of the Fund was primarily due to the fact that the Fund had an average nominal maturity of 15.05 years versus 13.39 years for the Muni Index, which lengthened the Fund’s duration and made it more sensitive to the decline in interest rates during the Review Period, resulting in greater price appreciation relative to the Muni Index.

During the Review 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.


1

How has the Fund historically performed?

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, 2026):



	1 Year			5 Years			10 Years

Tennessee Tax-Free Income Series		8.35	%		0.89	%		1.59	%

Bloomberg Municipal Bond Index		7.03	%		1.05	%		2.14	%

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	$	50,163,888

Total number of portfolio holdings		77

Total advisory fees paid	$	209,851

Portfolio turnover rate as of the end of year		11.48%


2

What is the Fund invested in?

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

Composition

Credit Quality*

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

(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, 2026

This annual shareholder report contains important information about the Intermediate Government Bond Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. 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.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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



Fund	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?

Longer-dated government bonds (i.e., U.S. Treasuries and Agencies) generally underperformed shorter-dated government bonds during the twelve-month period ending June 30, 2026 (the “Review Period”). Despite the fact that the Federal Reserve cut the fed funds rate on three separate occasions during the Review Period, short-term treasuries outperformed longer-term U.S. Treasuries because the yield curve remained inverted during the Review Period with yields on the

long-end

of the yield curve moving higher (bond prices lower). A resilient economy, sticky inflation, and heightened geopolitical tensions caused investors to demand higher yields on longer-dated bonds.

The Fund provided a total return of 2.35% during the Review Period, which was lower than the total return of 2.67% provided by the Bloomberg Intermediate U.S. Government Bond Index (“Gov. Bond Index”). The Fund’s slight underperformance was mostly due to the fact that the Gov. Bond Index holds a number of Tennessee Valley Authority Agency bonds (“TVA bonds”) in its portfolio which typically yield more than other agencies (the Fund does not hold any TVA bonds). Additionally, unlike the Fund, the Gov. Bond Index does not reflect any expenses and/or transaction costs.

During the Review Period, the Fund’s use of its current investment strategy did not cause the performance to deviate materially from the manager’s expectations.


1

How has the Fund historically performed?

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, 2026):



	1 Year			5 Years			10 Years

Intermediate Government Bond Series		2.35	%		1.74	%		1.50	%

Bloomberg Intermediate U.S. Government Bond Index		2.67	%		0.91	%		1.42	%

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	$	7,701,815

Total number of portfolio holdings		24

Total advisory fees paid	$	0

Portfolio turnover rate as of the end of year		62.17%


2

What is the Fund invested in?

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

Composition

Credit Quality*

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

(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,

2026

This annual shareholder report contains important information about the Taxable Municipal Bond Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. 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.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

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



Fund	Costs of a $10,000 investment		Costs paid as a percentage of a $10,000 investment

Taxable Municipal Bond Series	$	86		0.86%

How did the Fund perform last

year

Longer-dated taxable municipal bonds generally outperformed shorter-dated taxable municipal bonds during the

12-month

period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise.

The Fund provided a total return of 5.23% during the Review Period which was higher than the Bloomberg Taxable Municipal Bond Index (“Taxable Muni Index”) which provided a total return of 5.13%. The Fund’s outperformance was due primarily to its longer average nominal maturity of 17.89 years, versus 13.99 years for the Taxable Muni Index, which made the Fund more sensitive to the declining yields during the Review Period and resulted in greater price appreciation relative to the Taxable Muni Index.

During the Review Period, the Fund’s use of its current investment strategy did not cause the performance to deviate materially from the manager’s expectations.


1

How has the Fund historically performed?

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, 2026):



	1 Year			5 Years			10 Years

Taxable Municipal Bond Series		5.23	%		(2.38)	%		0.55	%

Bloomberg Taxable Municipal Bond Index		5.13	%		(0.11)	%		2.42	%

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	$	3,054,944

Total number of portfolio holdings		19

Total advisory fees paid	$	0

Portfolio turnover rate as of the end of year		6.68%


2

What is the Fund invested in?

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

Composition

Credit Quality*

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

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, 2025:		$131,500
Year ended June 30, 2026		$114,000

(b) Audit-Related Fees.

Year ended June 30, 2025:		None
Year ended June 30, 2026		None

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

Year ended June 30, 2025:		$40,000
Year ended June 30, 2026		$28,000

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

Year ended June 30, 2025		$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, 2026		$17,600
(consisted of examination of transfer agent ($5,250); Anti-Money Laundering advisory services ($7,350) 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

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:

Intermediate Government Bond Series in 1992;

Tennessee Tax-Free Income Series in 1993;

North Carolina Tax-Free Income 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.

DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
26.83% of Net Assets
Athens AL		4.125	%		05/01/2044	Aa2	$	250,000	$	253,250
Athens AL		4.250			05/01/2049	Aa2		250,000		246,748
Cherokee County AL Board of Education Tax Warrants		4.000			12/01/2034	A1		310,000		311,628
Cherokee County AL Board of Education Tax Warrants		4.250			12/01/2042	A1		150,000		151,719
Cullman AL Board of Education Special Tax School Warrants		4.000			03/01/2044	A1		250,000		248,423
Cullman AL Board of Education Special Tax School Warrants		4.125			03/01/2049	A1		250,000		238,805
Enterprise AL Board of Education Special Tax School Warrants		4.000			03/01/2044	AA*		250,000		248,423
Florence AL City Board of Education Special Tax School Warrants		4.000			03/01/2046	Aa3		225,000		215,514
Houston County AL Board of Education Special Tax School Warrants		3.000			12/01/2037	AA*		150,000		136,484
Jackson County AL Board of Education School Tax Warrants		3.000			03/01/2038	AA*		350,000		317,608
Jefferson County AL Board of Education Public School Warrants		4.000			02/01/2042	Aa3		795,000		787,694
Lauderdale County AL Board of Education Special Tax School Warrants		5.000			02/01/2044	AA*		155,000		166,520
Lauderdale County AL Board of Education Special Tax School Warrants		4.125			02/01/2049	AA*		250,000		239,523
Mountain Brook AL City Board of Education		3.000			03/01/2042	Aa1		250,000		218,430
Pell City AL Warrants		4.500			02/01/2042	AA*		200,000		207,080
Pike Road AL Warrants		5.000			03/01/2043	AA+*		250,000		269,040
Saint Clair County AL Board of Education Special Tax Warrants		5.000			02/01/2040	A1		125,000		135,403
Saint Clair County AL Board of Education Special Tax Warrants		4.000			02/01/2044	A1		500,000		496,865
Troy AL Public Educational Building Authority		5.250			12/01/2036	A1		30,000		30,016

										4,919,173
PUBLIC FACILITIES REVENUE BONDS
25.90% of Net Assets
AL State Corrections Institution Finance Authority		5.000			07/01/2042	Aa2		350,000		374,098
Alabama State Corrections Finance Authority		5.250			07/01/2047	Aa2		100,000		105,520
Alabaster AL Public Building Authority		5.000			05/01/2045	A1		230,000		245,378
Anniston AL Public Building Authority DHR Project		5.250			05/01/2030	AA-*		50,000		50,047
Anniston AL Public Building Authority DHR Project		5.500			05/01/2033	AA-*		200,000		200,348
Bessemer AL Public Educational Building Authority Revenue		5.000			07/01/2030	AA*		140,000		140,171
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2037	Aa3		400,000		411,496
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2038	Aa3		250,000		256,915
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			12/01/2043	AA*		500,000		535,565
Boaz AL Warrants		4.000			02/01/2037	AA*		250,000		251,023
Bullock County AL Public Building Authority		4.000			10/01/2038	AA-*		500,000		500,202
Cherokee County AL Public Building Authority		4.125			07/01/2044	A2		350,000		346,273
Helena AL Warrants		4.000			01/01/2049	AA*		350,000		325,868
Irondale AL Public Building Authority		4.000			10/01/2049	AA-*		425,000		396,274
Montgomery County AL Public Building Authority		5.000			03/01/2036	NR		350,000		359,237
Tuscaloosa County AL Public Building Authority		4.000			10/01/2044	AA-*		250,000		248,385

										4,746,800
MUNICIPAL UTILITY REVENUE BONDS
13.97% of Net Assets
Berry AL Water & Sewer Revenue		4.000			09/01/2039	AA*		250,000		250,080
Birmingham AL Waterworks		4.000			01/01/2041	Aa2		225,000		223,530
Guntersville AL Waterworks & Sewer Board Utility Revenue		4.250			08/01/2049	AA*		250,000		247,090
Limestone County AL Water & Sewer Authority		4.750			12/01/2035	AA*		400,000		400,024
Montgomery AL Water Works		5.000			09/01/2044	Aa1		115,000		125,874
Opelika AL Utilities Board		4.000			06/01/2039	Aa3		250,000		250,015
Prattville AL Sewer Warrants		4.000			11/01/2042	AA*		375,000		371,873
Roanoke AL Utilities Board Water & Gas & Sewer Revenue		4.375			08/15/2049	AA*		250,000		252,198
Tuskegee AL Utilities Board		3.000			08/01/2037	A1		260,000		239,538
Warrior River AL Water Authority		4.000			08/01/2043	AA*		200,000		200,168

										2,560,390

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

DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.40% of Net Assets
AL Community College System Gadsden State Community College		5.000	%		06/01/2038	A1	$	325,000	$	331,640
AL State Public School & College Authority		4.000			11/01/2040	Aa1		250,000		252,370
AL State Public School & College Authority		4.000			09/01/2043	Aa1		250,000		251,725
Florence AL Public Educational Building Authority		5.250			11/01/2049	A1		575,000		612,478
Troy University AL Facilities Revenue		4.000			11/01/2032	A1		300,000		303,693
University of AL Huntsville General Fee Revenue		5.000			09/01/2038	Aa3		500,000		520,510

										2,272,416
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
8.61% of Net Assets
AL State Housing Finance Authority		4.500			10/01/2044	Aa1		940,000		945,743
AL State Housing Finance Authority		4.550			10/01/2044	Aa1		245,000		246,970
AL State Housing Finance Authority		4.450			10/01/2044	Aa1		140,000		140,804
AL State Housing Finance Authority		4.700			10/01/2049	Aa1		240,000		243,732

										1,577,249
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.32% of Net Assets
Birmingham AL Warrants		4.000			12/01/2035	Aa3		250,000		252,110
Elmore County AL Warrants		5.000			05/01/2047	AA*		250,000		260,375
Enterprise AL Warrants		4.625			10/01/2040	AA-*		250,000		262,145
Rainsville AL Warrants		4.000			01/01/2044	AA*		200,000		199,500

										974,130
PREREFUNDED BONDS
1.60% of Net Assets
Limestone County AL Water & Sewer Authority		4.750			12/01/2033	AA*		290,000		292,842

REFUNDING BONDS
1.38% of Net Assets
Jefferson County AL Warrants		5.000			09/15/2035	AA+*		250,000		252,958

Total Investments 96.01% of Net Assets (cost $17,698,383) (See footnote 6 for further explanation)									$	17,595,958

Other assets in excess of liabilities 3.99%										730,365

Net Assets 100%									$	18,326,323

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

Not Rated

Other Information

The following is a summary of the inputs used, as of June 30, 2026, 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		17,595,958
Level 3	Significant Unobservable Inputs		—

		$	17,595,958

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

ALABAMA TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments in securities, at fair value (Cost: $17,698,383)		$	17,595,958
Cash			614,006
Interest receivable			209,687

Total assets			18,419,651
LIABILITIES:
Payable for:
Distributions to shareholders	74,025
Fund shares redeemed	986
Net investment advisory fee	5,808
Transfer agent fee	2,217
Audit fees	3,733
Insurance expense	1,698
Custodian fee	939
Trustees fees	670
Accrued expenses	3,252

Total liabilities			93,328

NET ASSETS:
Paid-in capital			19,361,222
Total accumulated loss			(1,034,899	)

Total Net Assets		$	18,326,323

NET ASSET VALUE, offering price and redemption price per share (1,583,791 shares outstanding; unlimited number of shares authorized; no par value)		$	11.57

STATEMENT OF OPERATIONS

For the year ended June 30, 2026


Net investment income:
Interest income	$	728,140

Expenses:
Investment advisory fee		95,237
Transfer agent fee		28,571
Registration fees		13,897
Custodian fee		10,042
Pricing fees		8,544
Professional fees		7,301
Trustees fees		1,868
Other expenses		4,685

Total expenses		170,145
Fees waived by Adviser (Note 2)		(36,673	)
Custodian fee reduction (Note 7)		(59	)

Net expenses		133,413

Net investment income		594,727

Realized and unrealized gain/(loss) on investments:
Net realized loss		(320,956	)
Net change in unrealized appreciation/depreciation		1,315,413

Net realized and unrealized gain on investments		994,457

Net increase in net assets resulting from operations	$	1,589,184

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

ALABAMA TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2026 and 2025


	2026			2025
Operations:
Net investment income	$	594,727		$	605,920
Net realized loss on investments		(320,956	)		(32,301	)
Net change in unrealized appreciation/depreciation		1,315,413			(801,571	)

Net increase/(decrease) in net assets resulting from operations		1,589,184			(227,952	)
Total distributions (Note 6)		(594,727	)		(605,920	)
Net Fund share transactions (Note 4)		(2,360,513	)		(128,200	)

Total decrease		(1,366,056	)		(962,072	)
Net assets:
Beginning of year		19,692,379			20,654,451

End of year	$	18,326,323		$	19,692,379

FINANCIAL HIGHLIGHTS


Selected data for a share outstanding:	For the years ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of year		$11.00			$11.46			$11.40			$11.57			$12.86

Income from investment operations:
Net investment income		0.35			0.34			0.29			0.28			0.27
Net gains/(losses) on investments (c)		0.57			(0.46	)		0.06			(0.16	)		(1.29	)

Total from investment operations		0.92			(0.12	)		0.35			0.12			(1.02	)
Less distributions:
Distributions from net investment income		(0.35	)		(0.34	)		(0.29	)		(0.28	)		(0.27	)
Distributions from capital gains		0.00			0.00			0.00			(0.01	)		0.00	(b)

Total distributions		(0.35	)		(0.34	)		(0.29	)		(0.29	)		(0.27	)

Net asset value, end of year		$11.57			$11.00			$11.46			$11.40			$11.57

Total return		8.51%			(1.13	)%		3.17%			1.08%			(8.03	)%
Net assets, end of year (in thousands)		$18,326			$19,692			$20,654			$21,780			$25,761
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		0.89%			0.86%			0.91%			0.93%			0.87%
Ratio of net investment income to average net assets		3.12%			2.96%			2.60%			2.49%			2.19%
Portfolio turnover		5.24%			20.09%			20.02%			4.46%			2.55%

(a)

Percentages are after voluntary 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.

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
31.64% of Net Assets
Adair County KY School District Finance Corporation		4.250	%		09/01/2040	Aa3	$	1,840,000	$	1,879,321
Adair County KY School District Finance Corporation		4.250			09/01/2042	Aa3		1,270,000		1,289,380
Anderson County KY School District Finance Corporation		3.000			02/01/2029	Aa3		500,000		498,760
Bardstown KY Independent School District Finance Corporation		4.750			09/01/2044	Aa3		610,000		633,997
Bardstown KY Independent School District Finance Corporation		4.000			02/01/2040	Aa3		1,495,000		1,504,927
Bardstown KY Independent School District Finance Corporation		4.000			02/01/2042	Aa3		1,525,000		1,533,220
Bardstown KY Independent School District Finance Corporation		5.000			09/01/2048	Aa3		2,200,000		2,284,392
Beechwood KY Independent School District Finance Corporation		4.375			08/01/2042	Aa3		650,000		654,927
Bell County KY School District Finance Corporation		4.000			10/01/2042	Aa3		680,000		673,547
Bell County KY School District Finance Corporation		4.000			10/01/2043	Aa3		710,000		695,218
Boone County KY School District Finance Corporation		4.000			06/01/2029	Aa3		450,000		463,878
Bourbon County KY School District Finance Corporation		5.000			08/01/2028	Aa3		215,000		224,514
Bourbon County KY School District Finance Corporation		5.000			08/01/2029	Aa3		225,000		238,916
Bourbon County KY School District Finance Corporation		5.000			08/01/2030	Aa3		185,000		200,087
Bowling Green KY Independent School District Finance Corporation		5.000			08/01/2027	Aa3		695,000		696,508
Bowling Green KY School District Finance Corporation		4.000			08/01/2034	Aa3		1,890,000		1,891,380
Bowling Green KY School District Finance Corporation		4.000			08/01/2035	Aa3		2,215,000		2,216,307
Bowling Green KY School District Finance Corporation		4.000			08/01/2036	Aa3		2,305,000		2,305,945
Bowling Green KY School District Finance Corporation		4.000			08/01/2037	Aa3		2,395,000		2,395,982
Bowling Green KY School District Finance Corporation		4.000			04/01/2043	Aa3		3,085,000		3,087,993
Bowling Green KY School District Finance Corporation		4.000			04/01/2045	Aa3		2,500,000		2,473,850
Boyd County KY School District Finance Corporation		4.250			09/01/2040	Aa3		500,000		509,975
Breckinridge County KY School District Finance Corporation		4.500			03/01/2049	Aa3		1,000,000		1,009,240
Bullitt County KY School District Finance Corporation		4.000			10/01/2035	Aa3		1,820,000		1,822,730
Bullitt County KY School District Finance Corporation		4.000			10/01/2036	Aa3		2,985,000		2,988,642
Bullitt County KY School District Finance Corporation		4.000			10/01/2037	Aa3		3,075,000		3,077,183
Bullitt County KY School District Finance Corporation		4.000			03/01/2038	Aa3		575,000		583,136
Bullitt County KY School District Finance Corporation		4.000			02/01/2042	Aa3		1,485,000		1,479,832
Butler County KY School District Finance Corporation		4.000			03/01/2037	Aa3		360,000		366,941
Butler County KY School District Finance Corporation		4.250			03/01/2040	Aa3		755,000		767,903
Campbell County KY School District Finance Corporation		4.000			02/01/2045	Aa3		1,000,000		969,320
Campbellsville KY Independent School District Finance Corporation		4.500			06/01/2043	Aa3		685,000		706,756
Christian County KY School District Finance Corporation		4.500			10/01/2042	Aa3		3,555,000		3,702,106
Christian County KY School District Finance Corporation		4.500			10/01/2043	Aa3		3,605,000		3,733,374
Christian County KY School District Finance Corporation		4.500			10/01/2048	Aa3		3,000,000		3,020,130
Clark County KY School District Finance Corporation		4.000			03/01/2039	Aa3		3,090,000		3,138,729
Clark County KY School District Finance Corporation		4.000			03/01/2040	Aa3		1,475,000		1,493,039
Clay County KY School District Finance Corporation		4.250			09/01/2042	Aa3		1,500,000		1,522,890
Corbin KY Independent School District Finance Corporation		4.250			04/01/2042	Aa3		705,000		716,555
Corbin KY Independent School District Finance Corporation		4.250			04/01/2043	Aa3		500,000		505,830
Covington KY Independent School District Finance Corporation		4.000			06/01/2041	Aa3		490,000		491,289
Daviess County KY Board of Education		4.000			02/01/2044	Aa3		775,000		756,780
Dayton KY Independent School District Finance Corporation		4.000			04/01/2044	Aa3		2,210,000		2,160,386
Edmonson County KY School District Finance Corporation		5.000			02/01/2046	Aa3		1,045,000		1,093,133
Elizabethtown KY GO		4.625			06/01/2042	Aa2		745,000		779,300
Erlanger-Elsmere KY Board of Education		4.875			06/01/2044	Aa3		1,000,000		1,056,080
Erlanger-Elsmere KY Board of Education		5.000			06/01/2046	Aa3		1,695,000		1,791,344
Fairview KY Independent School District Finance Corporation		4.000			10/01/2041	Aa3		530,000		526,979
Fairview KY Independent School District Finance Corporation		4.000			10/01/2042	Aa3		555,000		546,492
Fairview KY Independent School District Finance Corporation		4.000			10/01/2043	Aa3		580,000		566,532
Fairview KY Independent School District Finance Corporation		4.000			10/01/2044	Aa3		515,000		495,569
Fayette County KY Board of Education		4.000			04/01/2042	Aa3		1,000,000		996,480
Fayette County KY Board of Education		4.000			04/01/2043	Aa3		4,020,000		3,976,222
Fayette County KY Board of Education		4.000			04/01/2044	Aa3		4,585,000		4,482,062
Fayette County KY Board of Education		4.000			04/01/2048	Aa3		1,410,000		1,320,211
Fayette County KY School District Finance Corporation		5.000			06/01/2046	Aa3		2,525,000		2,633,853
Fayette County KY School District Finance Corporation		5.000			06/01/2047	Aa3		1,000,000		1,041,510

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

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Fleming County KY School District Finance Corporation		4.250	%		06/01/2043	Aa3	$	965,000	$	972,508
Fleming County KY School District Finance Corporation		4.250			06/01/2044	Aa3		1,010,000		1,013,646
Floyd County KY School District Finance Corporation		3.500			08/01/2031	Aa3		800,000		800,032
Franklin County KY Board of Education		5.000			06/01/2046	Aa3		2,000,000		2,124,060
Franklin County KY School District Finance Corporation		4.000			02/01/2040	Aa3		1,000,000		1,010,460
Franklin County KY School District Finance Corporation		4.000			02/01/2041	Aa3		1,020,000		1,020,979
Graves County KY Board of Education		4.500			05/01/2045	Aa3		610,000		621,267
Hardin County KY Board of Education		4.000			06/01/2040	Aa2		1,000,000		1,007,200
Hardin County KY Board of Education		4.000			06/01/2044	Aa2		1,000,000		978,660
Hardin County KY School District Finance Corporation		4.000			05/01/2030	Aa3		635,000		635,045
Hardin County KY School District Finance Corporation		4.000			02/01/2041	Aa3		1,220,000		1,220,671
Hardin County KY School District Finance Corporation		4.000			02/01/2042	Aa3		6,035,000		6,020,934
Hardin County KY School District Finance Corporation		4.000			02/01/2044	Aa3		2,000,000		1,965,200
Harlan KY Independent School District Finance Corporation		4.250			09/01/2041	Aa3		560,000		566,978
Harlan KY Independent School District Finance Corporation		4.375			09/01/2042	Aa3		260,000		264,378
Hart County KY School District Finance Corporation		5.000			05/01/2048	Aa3		1,000,000		1,047,660
Hazard County KY School District Finance Corporation		4.000			11/01/2045	Aa3		815,000		788,284
Hazard County KY School District Finance Corporation		4.000			11/01/2046	Aa3		900,000		858,897
Hazard KY Independent School District Finance Corporation		4.000			11/01/2040	Aa3		745,000		748,703
Hazard KY Independent School District Finance Corporation		4.000			11/01/2041	Aa3		735,000		732,464
Hazard KY Independent School District Finance Corporation		4.000			11/01/2043	Aa3		595,000		582,576
Henderson County KY School District Finance Commission		4.125			03/01/2045	Aa3		2,485,000		2,451,428
Hopkins County KY School District Finance Corporation		4.000			11/01/2047	Aa3		1,465,000		1,374,712
Jefferson County KY School District Finance Corporation		4.250			10/01/2037	Aa3		2,110,000		2,114,473
Jefferson County KY School District Finance Corporation		3.000			12/01/2039	Aa3		385,000		344,198
Jefferson County KY School District Finance Corporation		3.000			12/01/2040	Aa3		1,940,000		1,719,131
Johnson County KY School District Finance Corporation		4.500			09/01/2042	Aa3		500,000		513,230
Johnson County KY School District Finance Corporation		4.500			09/01/2043	Aa3		825,000		846,830
Kenton County KY School District Finance Corporation		4.000			04/01/2036	Aa3		1,210,000		1,216,667
Kenton County KY School District Finance Corporation		4.000			04/01/2037	Aa3		1,255,000		1,258,740
Kenton County KY School District Finance Corporation		4.000			04/01/2038	Aa3		1,300,000		1,307,813
Knox County KY School District Finance Corporation		4.000			10/01/2044	Aa3		390,000		378,651
KY State Interlocal School Transportation Association		3.250			03/01/2028	Aa3		475,000		477,214
Madison County KY School District Finance Corporation		4.000			02/01/2042	Aa3		2,545,000		2,553,780
Madison County KY School District Finance Corporation		4.000			02/01/2043	Aa3		1,585,000		1,584,953
Madison County KY School District Finance Corporation		4.000			02/01/2044	Aa3		1,000,000		991,240
Madison County KY School District Finance Corporation		4.250			02/01/2045	Aa3		2,170,000		2,188,554
Marion County KY School District Finance Corporation		4.000			04/01/2038	Aa3		1,000,000		1,020,740
Marion County KY School District Finance Corporation		4.000			04/01/2040	Aa3		1,190,000		1,207,553
Marshall County KY Board of Education		4.000			10/01/2044	Aa3		1,230,000		1,198,795
Mason County KY School District Finance Corporation		4.000			04/01/2043	Aa3		1,145,000		1,151,973
McLean County KY School District Finance Corporation		4.000			02/01/2044	Aa3		845,000		841,806
Meade County KY School District Finance Corporation		4.000			06/01/2036	Aa3		2,215,000		2,215,177
Meade County KY School District Finance Corporation		4.000			06/01/2037	Aa3		2,255,000		2,255,158
Meade County KY School District Finance Corporation		4.000			06/01/2038	Aa3		2,400,000		2,400,216
Mercer County KY School District Finance Corporation		4.000			05/01/2040	Aa3		1,555,000		1,565,403
Mercer County KY School District Finance Corporation		4.000			05/01/2041	Aa3		1,950,000		1,955,967
Mercer County KY School District Finance Corporation		4.000			05/01/2044	Aa3		450,000		439,866
Mercer County KY School District Finance Corporation		4.250			08/01/2044	Aa3		1,495,000		1,495,972
Mercer County KY School District Finance Corporation		4.375			08/01/2045	Aa3		1,500,000		1,505,535
Montgomery County KY School District Finance Corporation		4.250			04/01/2044	Aa3		530,000		534,929
Montgomery County KY School District Finance Corporation		4.375			04/01/2045	Aa3		455,000		460,146
Nelson County KY School District Finance Corporation		4.000			06/01/2041	Aa3		1,695,000		1,702,950
Nelson County KY School District Finance Corporation		4.125			06/01/2042	Aa3		1,765,000		1,776,473
Nelson County KY School District Finance Corporation		4.125			11/01/2044	Aa3		2,160,000		2,133,886
Newport KY Independent School District Finance Corporation		3.500			11/01/2028	Aa3		425,000		425,055
Owensboro KY Independent School District Finance Corporation		4.000			04/01/2041	Aa3		1,545,000		1,545,711
Paris KY Independent School District Finance Corporation		5.000			06/01/2027	Aa3		205,000		208,967
Paris KY Independent School District Finance Corporation		5.000			06/01/2028	Aa3		215,000		223,774

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

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Paris KY Independent School District Finance Corporation		5.000	%		06/01/2029	Aa3	$	170,000	$	180,754
Paris KY Independent School District Finance Corporation		4.000			03/01/2042	Aa3		1,000,000		1,004,610
Paris KY Independent School District Finance Corporation		4.000			06/01/2043	Aa3		335,000		329,727
Pike County KY School District Finance Corporation		4.000			02/01/2028	Aa3		295,000		295,021
Powell County KY School District Finance Corporation		4.000			02/01/2039	Aa3		1,235,000		1,252,883
Pulaski County KY School District Finance Corporation		4.500			06/01/2045	Aa3		3,300,000		3,335,079
Raceland-Worthington KY Independent School District Finance Corporation		3.400			06/01/2037	Aa3		530,000		519,548
Robertson County KY School District Finance Corporation		4.000			02/01/2042	Aa3		300,000		297,585
Robertson County KY School District Finance Corporation		4.000			02/01/2043	Aa3		310,000		304,820
Rockcastle County KY School District Finance Corporation		4.000			03/01/2038	Aa3		1,140,000		1,163,381
Rockcastle County KY School District Finance Corporation		4.000			03/01/2041	Aa3		1,305,000		1,299,206
Rockcastle County KY School District Finance Corporation		4.000			03/01/2041	Aa3		1,275,000		1,278,647
Rockcastle County KY School District Finance Corporation		4.000			03/01/2042	Aa3		1,015,000		1,002,150
Rockcastle County KY School District Finance Corporation		4.000			03/01/2043	Aa3		1,205,000		1,179,093
Rockcastle County KY School District Finance Corporation		4.000			03/01/2043	Aa3		500,000		495,770
Rockcastle County KY School District Finance Corporation		4.000			03/01/2044	Aa3		500,000		490,035
Rockcastle County KY School District Finance Corporation		4.000			03/01/2046	Aa3		705,000		670,779
Russell County KY School District Finance Corporation		4.125			02/01/2042	Aa3		655,000		661,570
Russell County KY School District Finance Corporation		4.125			02/01/2043	Aa3		720,000		724,730
Russell County KY School District Finance Corporation		4.250			02/01/2044	Aa3		520,000		525,346
Russell County KY School District Finance Corporation		4.250			02/01/2045	Aa3		565,000		566,915
Russellville KY Independent School District Finance Corporation		4.000			03/01/2044	Aa3		545,000		532,803
Scott County KY School District Finance Corporation		4.000			06/01/2035	Aa3		1,440,000		1,440,130
Scott County KY School District Finance Corporation		4.000			10/01/2035	Aa3		2,235,000		2,238,911
Scott County KY School District Finance Corporation		4.000			06/01/2036	Aa3		1,500,000		1,500,135
Scott County KY School District Finance Corporation		4.000			10/01/2037	Aa3		2,415,000		2,416,039
Scott County KY School District Finance Corporation		5.000			09/01/2041	Aa3		7,120,000		7,642,252
Scott County KY School District Finance Corporation		4.125			04/01/2047	Aa3		2,025,000		1,965,728
Shelby County KY School District Finance Corporation		4.000			08/01/2037	Aa3		6,240,000		6,240,250
Shelby County KY School District Finance Corporation		4.000			08/01/2038	Aa3		3,000,000		2,997,060
Somerset KY Independent School District Finance Corporation		4.625			08/01/2045	Aa3		1,605,000		1,641,434
Somerset KY Independent School District Finance Corporation		4.625			08/01/2046	Aa3		1,655,000		1,686,478
Spencer County KY Board of Education		4.000			12/01/2043	Aa3		800,000		792,056
Spencer County KY Board of Education		4.375			12/01/2045	Aa3		1,085,000		1,097,651
Taylor County KY School District Finance Corporation		4.000			12/01/2044	Aa3		820,000		801,148
Union County KY School District Finance Corporation		4.500			05/01/2042	Aa3		500,000		515,405
Union County KY School District Finance Corporation		4.500			05/01/2043	Aa3		950,000		979,270
Warren County KY School District Finance Corporation		4.000			02/01/2040	Aa3		2,000,000		2,012,900
Warren County KY School District Finance Corporation		4.250			12/01/2041	Aa3		5,000,000		5,081,350
Wayne Co KY School District Finance Corporation		4.125			12/01/2044	Aa3		1,070,000		1,059,749
Williamstown KY Independent School District Finance Corporation		4.125			05/01/2044	Aa3		490,000		486,614
Woodford County KY School District Finance Corporation		5.000			08/01/2038	Aa3		1,650,000		1,782,693
Woodford County KY School District Finance Corporation		5.000			08/01/2039	Aa3		350,000		377,153

										222,104,708
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
27.21% of Net Assets
KY Association of Counties		5.000			02/01/2028	AA-*		195,000		201,821
KY Association of Counties		4.000			02/01/2029	AA-*		630,000		649,996
KY Association of Counties		5.000			02/01/2029	AA-*		205,000		216,540
KY Association of Counties		5.000			02/01/2030	AA-*		385,000		406,868
KY Association of Counties		5.000			02/01/2030	AA-*		250,000		268,813
KY Association of Counties		5.000			02/01/2031	AA-*		255,000		268,831
KY Association of Counties		4.000			02/01/2033	AA-*		420,000		420,298
KY Association of Counties		4.000			02/01/2034	AA-*		435,000		435,296
KY Association of Counties		4.000			02/01/2035	AA-*		690,000		695,258
KY Association of Counties		4.000			02/01/2035	AA-*		460,000		460,285
KY Association of Counties		4.500			02/01/2036	AA-*		445,000		468,545
KY Association of Counties		4.000			02/01/2037	AA-*		745,000		748,733

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

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY Association of Counties		4.500	%		02/01/2037	AA-*	$	460,000	$	483,143
KY Association of Counties		4.000			02/01/2038	AA-*		3,165,000		3,170,697
KY Association of Counties		4.500			02/01/2038	AA-*		490,000		512,124
KY Association of Counties		4.000			02/01/2039	AA-*		1,000,000		1,001,190
KY Association of Counties		4.500			02/01/2039	AA-*		515,000		535,868
KY Association of Counties		5.000			02/01/2039	AA-*		550,000		594,105
KY Association of Counties		4.500			02/01/2040	AA-*		535,000		553,399
KY Association of Counties		4.500			02/01/2041	AA-*		565,000		584,430
KY Association of Counties		3.500			02/01/2042	AA-*		1,215,000		1,135,624
KY Association of Counties		4.500			02/01/2042	AA-*		1,050,000		1,080,786
KY Association of Counties		4.500			02/01/2043	AA-*		1,455,000		1,496,715
KY Association of Counties		4.000			02/01/2043	AA-*		515,000		510,056
KY Association of Counties		4.000			02/01/2048	AA-*		920,000		864,128
KY Bond Corporation Finance Program		3.000			02/01/2032	AA-*		550,000		536,690
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		1,170,000		1,109,371
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		930,000		873,949
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		1,240,000		1,161,855
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		965,000		901,957
KY Bond Corporation Finance Program		3.000			02/01/2037	AA-*		990,000		916,562
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		980,000		888,968
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		1,025,000		934,247
KY Bond Corporation Finance Program		3.000			02/01/2039	AA-*		1,050,000		945,966
KY Bond Corporation Finance Program		3.000			02/01/2040	AA-*		1,030,000		917,823
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,000,000		871,080
KY Bond Corporation Finance Program		4.000			02/01/2041	AA-*		620,000		620,291
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,065,000		930,895
KY Bond Corporation Finance Program		4.375			02/01/2041	AA-*		920,000		941,914
KY Bond Corporation Finance Program		3.000			02/01/2042	AA-*		420,000		361,901
KY Bond Corporation Finance Program		3.000			02/01/2043	AA-*		430,000		365,560
KY Bond Corporation Finance Program		4.375			02/01/2043	AA-*		455,000		465,310
KY Bond Corporation Finance Program		3.000			02/01/2044	AA-*		450,000		374,873
KY Bond Corporation Finance Program		4.375			02/01/2047	AA-*		765,000		766,056
KY Bond Development		4.000			02/01/2047	AA-*		510,000		489,896
KY State Bond Corporation		4.750			02/01/2045	AA-*		585,000		605,370
KY State Bond Corporation		4.375			02/01/2046	AA-*		475,000		477,280
KY State Bond Corporation		4.750			02/01/2047	AA-*		570,000		584,227
KY State Property & Building #115		5.000			04/01/2033	Aa3		4,565,000		4,632,927
KY State Property & Building #115		5.000			04/01/2034	Aa3		13,975,000		14,180,852
KY State Property & Building #115		5.000			04/01/2036	Aa3		14,460,000		14,655,640
KY State Property & Building #117		5.000			05/01/2032	Aa3		3,680,000		3,742,008
KY State Property & Building #117		5.000			05/01/2033	Aa3		3,550,000		3,607,759
KY State Property & Building #117		5.000			05/01/2034	Aa3		5,825,000		5,915,870
KY State Property & Building #117		5.000			05/01/2035	Aa3		5,065,000		5,139,000
KY State Property & Building #117		5.000			05/01/2036	Aa3		5,275,000		5,348,534
KY State Property & Building #119		5.000			05/01/2034	Aa3		725,000		750,426
KY State Property & Building #119		5.000			05/01/2035	Aa3		10000000		10,321,700
KY State Property & Building #119		5.000			05/01/2036	Aa3		10,000,000		10,309,000
KY State Property & Building #127		5.000			06/01/2029	Aa3		1,000,000		1,069,650
KY State Property & Building #127		5.250			06/01/2040	Aa3		10,000,000		10,967,200
KY State Property & Building #127		5.250			06/01/2041	Aa3		8,745,000		9,576,125
KY State Property & Building #127		5.250			06/01/2042	Aa3		15,975,000		17,475,370
KY State Property & Building #130		4.000			11/01/2041	Aa3		1,500,000		1,514,790
KY State Property & Building #130		5.000			11/01/2042	Aa3		1,500,000		1,647,735
KY State Property & Building #130		4.000			11/01/2043	Aa3		7,000,000		6,939,170
KY State Property & Building #130		5.250			11/01/2044	Aa3		8,140,000		9,000,642
KY State Property & Building #131		4.000			10/01/2044	Aa3		2,500,000		2,455,350
KY State Property & Building #132		4.125			04/01/2045	Aa3		5,000,000		4,970,650
KY State Property & Building #132		5.000			04/01/2045	Aa3		5,000,000		5,411,950
KY State Property & Building #135		5.000	^		03/01/2046	Aa3		2,500,000		2,704,975

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

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Louisville & Jefferson County Visitors & Convention Commission		4.000	%		06/01/2034	A1	$	1,450,000	$	1,450,116
Paducah KY		4.250			12/01/2044	AA-*		1,915,000		1,927,065
Somerset KY		5.000			06/01/2029	A1		380,000		403,818

										190,923,912
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.17% of Net Assets
Boyle County KY Educational Facilities Revenue Centre College		5.000			06/01/2037	Baa1		2,865,000		2,891,043
Boyle County KY Educational Facilities Revenue Centre College		5.250			06/01/2043	Baa1		2,000,000		2,087,680
Eastern KY University		5.000			10/01/2026	Aa3		655,000		659,317
Eastern KY University General Receipts		4.500			04/01/2032	Aa3		840,000		840,185
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2029	Baa1		320,000		327,075
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2030	Baa1		170,000		174,150
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2033	Baa1		1,345,000		1,379,836
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2034	Baa1		1,605,000		1,644,467
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2035	Baa1		2,165,000		2,210,985
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2036	Baa1		2,835,000		2,890,453
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2038	Baa1		1,340,000		1,359,283
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2038	Baa1		200,000		195,722
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2046	Baa1		2,545,000		2,288,668
KY State Property & Building #116		5.000			10/01/2035	Aa3		4,165,000		4,259,754
KY State Property & Building #116		5.000			10/01/2036	Aa3		2,725,000		2,783,288
Murray KY State University General Receipts		4.000			03/01/2043	Aa3		1,410,000		1,406,531
Murray State University		3.000			09/01/2039	Aa3		1,390,000		1,223,839
Murray State University		3.000			09/01/2041	Aa3		1,470,000		1,257,129
University of Kentucky General Receipts		4.000			10/01/2030	Aa2		90,000		90,016
University of Kentucky General Receipts		4.000			10/01/2032	Aa2		750,000		750,030
University of Kentucky General Receipts		4.000			10/01/2036	Aa2		8,160,000		8,159,918
University of Kentucky General Receipts		4.000			10/01/2038	Aa2		10,855,000		10,855,106
University of Kentucky Parking		5.000			04/01/2044	Aa3		1,275,000		1,382,011
University of Kentucky Parking		4.000			10/01/2044	Aa3		1,650,000		1,612,248
University of Kentucky Parking		5.000			04/01/2045	Aa3		1,725,000		1,856,514
University of Louisville		4.000			09/01/2030	Aa3		745,000		767,566
University of Louisville		3.000			09/01/2039	Aa3		1,450,000		1,299,867
University of Louisville		3.000			09/01/2040	Aa3		1,495,000		1,326,962
University of Louisville		3.000			09/01/2042	Aa3		1,575,000		1,359,776
Western KY University		5.000			09/01/2029	Aa3		750,000		797,805
Western KY University		4.000			09/01/2034	Aa3		575,000		575,627
Western KY University		4.000			09/01/2035	Aa3		595,000		595,625
Western KY University		4.000			09/01/2036	Aa3		620,000		620,589
Western KY University		4.000			09/01/2044	Aa3		2,500,000		2,418,250

										64,347,315
PUBLIC FACILITIES REVENUE BONDS
8.48% of Net Assets
Ashland KY		4.000			11/01/2047	A2		675,000		648,702
Bath County KY Public Properties		4.625			06/01/2045	Aa3		1,040,000		1,075,110
Bath County KY Public Properties		4.625			06/01/2046	Aa3		1,090,000		1,120,171
Covington KY		4.000			12/01/2042	A1		955,000		942,518
Covington KY		4.125			12/01/2043	A1		995,000		993,129
Covington KY		4.125			12/01/2044	A1		1,030,000		1,018,825
Covington KY		4.125			12/01/2045	A1		1,585,000		1,552,777
Covington KY		4.125			12/01/2046	A1		1,665,000		1,621,194
Covington KY		4.000			12/01/2048	A1		2,000,000		1,862,340
Elizabethtown KY		4.000			09/01/2041	Aa2		485,000		484,981
Elizabethtown KY		4.000			09/01/2042	Aa2		710,000		705,790
Elizabethtown KY		4.000			09/01/2044	Aa2		1,510,000		1,469,940
Glasgow KY Park Project		4.000			12/01/2044	A1		1,110,000		1,085,880
Henderson KY		4.000			12/01/2042	Aa3		810,000		809,012
Henderson KY		4.000			12/01/2043	Aa3		840,000		830,626

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

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY Bond Development		5.000	%		09/01/2035	A2	$	1,275,000	$	1,317,534
KY Bond Development		5.000			09/01/2036	A2		2,000,000		2,063,740
KY State Certificate of Participation		4.000			04/15/2030	Aa3		1,500,000		1,527,495
KY State Certificate of Participation		4.000			04/15/2031	Aa3		1,350,000		1,372,626
KY State Certificate of Participation		5.000			04/15/2038	Aa3		5,000,000		5,154,400
KY State Certificate of Participation		5.000			06/15/2038	Aa3		7,535,000		7,541,028
Laurel County KY General Obligation		4.000			05/01/2031	AA*		1,295,000		1,304,609
Laurel County KY General Obligation		4.000			05/01/2034	AA*		1,440,000		1,449,504
Laurel County KY General Obligation		4.000			05/01/2035	AA*		1,495,000		1,502,281
Laurel County KY General Obligation		4.000			05/01/2036	AA*		1,555,000		1,562,946
Laurel County KY General Obligation		4.000			05/01/2037	AA*		1,620,000		1,625,233
Laurel County KY General Obligation		4.000			05/01/2038	AA*		1,680,000		1,686,384
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2029	A1		1,000,000		1,000,120
Madison County KY Public Properties Judicial Center		4.125			06/01/2041	Aa3		1,180,000		1,194,915
Marshall County Library		4.000			06/01/2038	Aa3		1,060,000		1,064,155
Richmond KY General Obligation		4.375			06/01/2044	Aa2		1,270,000		1,292,352
River City, Inc. Parking Authority		3.000			12/01/2036	Aa3		835,000		775,899
River City, Inc. Parking Authority		3.000			12/01/2037	Aa3		860,000		794,459
Scott County KY Public Projects		4.000			05/01/2041	Aa3		1,000,000		1,012,730
Scott County KY Public Projects		4.000			05/01/2042	Aa3		500,000		502,990
Scott County KY Public Projects		4.000			05/01/2043	Aa3		2,415,000		2,419,733
Scott County KY Public Projects		4.250			05/01/2044	Aa3		3,450,000		3,507,372
Taylor County KY Library		4.000			12/01/2044	Aa3		290,000		288,124
Taylor County KY Library		4.000			12/01/2045	Aa3		300,000		294,426
Taylor County KY Library		4.000			12/01/2046	Aa3		315,000		304,312
Taylor County KY Public Courthouse		4.000			09/01/2027	Aa3		700,000		701,337

										59,481,699
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
6.32% of Net Assets
KY State Housing Corporation		3.650			07/01/2027	Aa1		660,000		664,924
KY State Housing Corporation		3.750			07/01/2028	Aa1		345,000		350,530
KY State Housing Corporation		3.850			07/01/2029	Aa1		450,000		458,829
KY State Housing Corporation		3.350			07/01/2029	Aa1		305,000		308,132
KY State Housing Corporation		3.400			07/01/2030	Aa1		200,000		201,792
KY State Housing Corporation		4.250			01/01/2034	Aa1		250,000		259,250
KY State Housing Corporation		4.300			07/01/2034	Aa1		325,000		339,862
KY State Housing Corporation		4.350			01/01/2035	Aa1		310,000		318,404
KY State Housing Corporation		4.350			07/01/2035	Aa1		605,000		629,630
KY State Housing Corporation		4.400			07/01/2038	Aa1		3,005,000		3,084,723
KY State Housing Corporation		4.700			07/01/2043	Aa1		3,500,000		3,590,125
KY State Housing Corporation		4.400			07/01/2044	Aa1		2,945,000		2,960,874
KY State Housing Corporation		4.350			07/01/2044	Aa1		1,200,000		1,206,480
KY State Housing Corporation		4.500			07/01/2045	Aa1		4,000,000		4,022,400
KY State Housing Corporation		4.900			07/01/2045	Aa1		2,000,000		2,073,120
KY State Housing Corporation		4.800			07/01/2045	Aa1		2,445,000		2,511,626
KY State Housing Corporation		4.550			07/01/2046	Aa1		5,500,000		5,517,325
KY State Housing Corporation		4.800			07/01/2048	Aa1		5,680,000		5,771,732
KY State Housing Corporation		4.600			07/01/2049	Aa1		4,000,000		4,011,880
KY State Housing Corporation		4.500			07/01/2049	Aa1		2,040,000		2,034,206
KY State Housing Corporation		4.625			07/01/2049	Aa1		4,000,000		4,003,320

										44,319,164
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.18% of Net Assets
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2032	AA*		1,810,000		1,810,326
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2035	AA*		1,390,000		1,390,056
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2036	AA*		1,200,000		1,200,144
KY Development Corporation Hospital Facilities — St. Elizabeth		5.000			05/01/2039	AA*		1,685,000		1,688,235
Louisville & Jefferson County Norton Healthcare		5.000			10/01/2033	A*		4,060,000		4,074,696

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

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Louisville & Jefferson County Norton Healthcare		4.000	%		10/01/2034	A*	$	580,000	$	577,146
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2035	A*		3,850,000		3,823,320
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2036	A*		2,005,000		1,993,231
Louisville & Jefferson County Norton Healthcare		5.000			10/01/2042	A*		2,750,000		2,925,038
Louisville & Jefferson County Norton Healthcare		3.000			10/01/2043	A*		4,000,000		3,314,920
Warren County KY Hospital		5.000			04/01/2032	AA-*		1,200,000		1,327,224
Warren County KY Hospital		5.000			04/01/2043	AA-*		875,000		946,111
Warren County KY Hospital		5.000			04/01/2044	AA-*		2,685,000		2,860,465
Warren County KY Hospital		5.250			04/01/2049	AA-*		8,000,000		8,447,440

										36,378,352
MUNICIPAL UTILITY REVENUE BONDS
4.35% of Net Assets
Campbell & Kenton Counties Sanitation District #1		4.000			08/01/2031	Aa1		1,000,000		1,000,800
Henderson KY		4.000			06/01/2028	Aa3		385,000		394,148
KY Rural Water Finance Corporation		5.000			08/01/2029	AA-*		595,000		633,794
KY Rural Water Finance Corporation		3.000			02/01/2032	AA-*		240,000		236,110
KY Rural Water Finance Corporation		3.000			02/01/2033	AA-*		370,000		362,611
KY Rural Water Finance Corporation		5.125			02/01/2035	AA-*		295,000		295,089
KY Rural Water Finance Corporation		3.000			08/01/2036	AA-*		285,000		268,097
KY Rural Water Finance Corporation		3.000			08/01/2037	AA-*		280,000		261,332
KY State Association of Counties Finance Corporation		4.000			02/01/2031	AA-*		405,000		410,152
KY State Association of Counties Finance Corporation		4.000			02/01/2033	AA-*		415,000		420,022
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2037	Aa3		10,000,000		10,095,100
Murray KY Electric Plant		3.000			12/01/2036	A1		370,000		342,306
Murray KY Electric Plant		3.000			12/01/2037	A1		380,000		346,412
Murray KY Electric Plant		3.000			12/01/2038	A1		395,000		354,465
Murray KY Electric Plant		3.000			12/01/2039	A1		405,000		358,976
Murray KY Electric Plant		3.000			12/01/2040	A1		420,000		367,139
Murray KY Electric Plant		3.000			12/01/2041	A1		430,000		374,083
Murray KY Electric Plant		3.000			12/01/2042	A1		445,000		382,580
Owensboro KY Electric Light & Power		4.000			01/01/2031	A3		245,000		246,103
Owensboro KY Electric Light & Power		4.000			01/01/2033	A3		275,000		276,020
Owensboro KY Electric Light & Power		4.000			01/01/2034	A3		305,000		306,025
Owensboro KY Electric Light & Power		4.000			01/01/2035	A3		200,000		200,602
Owensboro KY Electric Light & Power		4.000			01/01/2036	A3		325,000		325,835
Owensboro KY Electric Light & Power		4.000			01/01/2037	A3		410,000		410,910
Owensboro KY Water Revenue		4.000			09/15/2034	A1		2,075,000		2,094,941
Owensboro KY Water Revenue		4.000			09/15/2035	A1		2,155,000		2,171,355
Owensboro KY Water Revenue		4.000			09/15/2037	A1		1,950,000		1,956,533
Owensboro KY Water Revenue		4.000			09/15/2039	A1		2,125,000		2,127,632
Owensboro-Daviess County KY Water		4.000			12/01/2043	A+*		800,000		786,176
Rural Water Financing Agency		5.000			08/01/2030	AA-*		545,000		594,056
Rural Water Financing Agency		5.000			02/01/2043	AA-*		1,965,000		2,120,432

										30,519,836
REFUNDING BONDS
4.20% of Net Assets
Covington KY		4.000			10/01/2040	A1		870,000		874,263
KY Association of Counties		3.000			02/01/2034	AA-*		480,000		457,944
KY Association of Counties		3.000			02/01/2035	AA-*		505,000		477,760
KY Association of Counties		3.000			02/01/2036	AA-*		510,000		473,958
KY State Property & Building #112		5.000			11/01/2026	Aa3		555,000		559,679
KY State Property & Building #133		5.000			09/01/2043	Aa3		2,500,000		2,746,575
KY State Property & Building #133		4.125			09/01/2043	Aa3		2,500,000		2,527,500
KY State Property & Building #133		5.000			09/01/2044	Aa3		5,000,000		5,460,650
KY State Property & Building #133		5.000			09/01/2045	Aa3		10,000,000		10,856,700
KY State Property & Building #133		4.250			09/01/2045	Aa3		5,000,000		5,018,600

										29,453,629

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

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
2.24% of Net Assets
KY State Turnpike Authority Economic Development		5.000	%		07/01/2026	Aa2	$	1,385,000	$	1,385,097
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2034	Aa2		1,120,000		1,120,067
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2036	Aa2		400,000		406,812
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2037	Aa2		500,000		507,720
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2038	Aa2		1,100,000		1,183,490
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2039	Aa2		3,255,000		3,480,376
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2040	Aa2		2,250,000		2,399,400
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2041	Aa2		3,555,000		3,779,321
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2042	Aa2		1,400,000		1,485,050

										15,747,333
AD VALOREM PROPERTY BONDS
0.36% of Net Assets
Henderson KY		5.000			09/01/2029	Aa3		600,000		640,872
Henderson KY		3.000			09/01/2042	Aa3		845,000		722,348
Warren County KY General Obligation		4.000			06/01/2035	Aa1		1,175,000		1,184,059

										2,547,279
AIRPORT REVENUE BONDS
0.16% of Net Assets
Kenton County Airport		5.000			01/01/2029	A1		240,000		240,394
Kenton County Airport		5.000			01/01/2034	A1		275,000		289,253
Kenton County Airport		5.000			01/01/2035	A1		300,000		315,030
Kenton County Airport		5.000			01/01/2037	A1		250,000		261,108

										1,105,785
Total Investments 99.31% of Net Assets (cost $696,695,873) (See footnote 6 for further explanation)									$	696,929,012

Other assets in excess of liabilities 0.69%										4,852,949

Net Assets 100%									$	701,781,961

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

Not Rated

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

Other Information


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		696,929,012
Level 3	Significant Unobservable Inputs		—

		$	696,929,012

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

KENTUCKY TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments in securities, at fair value (Cost: $696,695,873)		$	696,929,012
Cash			3,123,652
Receivable for fund shares sold			158,946
Interest receivable			7,696,016

Total assets			707,907,626
LIABILITIES:
Payable for:
Investments purchased	2,677,700
Distributions to shareholders	2,471,825
Fund shares redeemed	396,659
Investment advisory fee	231,881
Transfer agent fee	69,380
Audit fees	137,050
Custodian fee	25,581
Trustees fees	18,204
Accrued expenses	97,385

Total liabilities			6,125,665

NET ASSETS:
Paid-in capital			730,698,084
Total accumulated loss			(28,916,123	)

Total Net Assets		$	701,781,961

NET ASSET VALUE, offering price and redemption price per share (96,454,519 shares outstanding; unlimited number of shares authorized; no par value)		$	7.28

STATEMENT OF OPERATIONS

For the year ended June 30, 2026


Net investment income:
Interest income	$	26,382,362

Expenses:
Investment advisory fee		2,823,278
Transfer agent fee		845,410
Professional fees		250,823
Trustees fees		67,847
Custodian fee		58,121
Pricing fees		45,216
Registration fees		37,304
Other expenses		95,132

Total expenses		4,223,131
Custodian fee reduction (Note 7)		(340	)

Net expenses		4,222,791

Net investment income		22,159,571

Realized and unrealized gain/(loss) on investments:
Net realized loss		(3,906,840	)
Net change in unrealized appreciation/depreciation		32,400,388

Net realized and unrealized gain on investments		28,493,548

Net increase in net assets resulting from operations	$	50,653,119

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

KENTUCKY TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2026 and 2025


	2026			2025
Operations:
Net investment income	$	22,159,571		$	21,124,828
Net realized loss on investments		(3,906,840	)		(6,200,953	)
Net change in unrealized appreciation/depreciation		32,400,388			(15,409,185	)

Net increase/(decrease) in net assets resulting from operations		50,653,119			(485,310	)
Total distributions (Note 6)		(22,159,571	)		(21,124,828	)
Net Fund share transactions (Note 4)		(33,354,663	)		(8,703,159	)

Total decrease		(4,861,115	)		(30,313,297	)
Net assets:
Beginning of year		706,643,076			736,956,373

End of year	$	701,781,961		$	706,643,076

FINANCIAL HIGHLIGHTS


Selected data for a share outstanding:	For the years ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of year		$6.98			$7.20			$7.18			$7.20			$8.02

Income from investment operations:
Net investment income		0.23			0.21			0.19			0.19			0.18
Net gains/(losses) on investments (b)		0.30			(0.22	)		0.02			(0.02	)		(0.82	)

Total from investment operations		0.53			(0.01	)		0.21			0.17			(0.64	)
Less distributions:
Distributions from net investment income		(0.23	)		(0.21	)		(0.19	)		(0.19	)		(0.18	)
Distributions from capital gains		0.00			0.00			0.00			0.00			0.00	(c)

Total distributions		(0.23	)		(0.21	)		(0.19	)		(0.19	)		(0.18	)

Net asset value, end of year		$7.28			$6.98			$7.20			$7.18			$7.20

Total return		7.65%			(0.18	)%		3.03%			2.35%			(8.11	)%
Net assets, end of year (in thousands)		$701,782			$706,643			$736,956			$798,821			$860,282
Ratio of net expenses to average net assets (a)		0.60%			0.61%			0.62%			0.60%			0.56%
Ratio of gross expenses to average net assets		0.60%			0.61%			0.62%			0.60%			0.56%
Ratio of net investment income to average net assets		3.17%			2.92%			2.70%			2.59%			2.31%
Portfolio turnover		8.49%			18.92%			14.50%			10.67%			14.39%

(a)

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

(b)

(c)

Rounds to less than $0.01.

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

DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
22.06% of Net Assets
Canton MS Public School District Certificate of Participation		5.250	%		01/01/2045	AA*	$	100,000	$	109,842
Mississippi State		4.000			10/01/2039	Aa2		200,000		201,062
MS Development Bank Special Obligation Meridian Schools		4.000			04/01/2039	Aa2		100,000		100,880
MS Development Bank Special Obligation Rankin School District		4.000			06/01/2033	AA*		90,000		90,621
MS Development Bank Special Obligation Rankin School District		5.000			06/01/2037	AA*		200,000		210,180
MS Development Bank Special Obligation Rankin School District		5.000			06/01/2040	AA*		100,000		104,295
MS Development Bank Special Obligation Vicksburg Warren School District		5.500			03/01/2038	AA*		100,000		105,494

										922,374
PUBLIC FACILITIES REVENUE BONDS
19.87% of Net Assets
MS Alcoholic Beverage Control Revenue		4.000			10/01/2045	Aa2		100,000		97,372
MS Alcoholic Beverage Control Revenue		5.000			10/01/2049	Aa2		100,000		104,743
MS Development Bank Special Obligation Dept of Corrections —Walnut Grove		5.000			08/01/2027	AA-*		200,000		205,016
MS Development Bank Special Obligation Desoto County Convention Center		5.000			03/01/2044	AA*		70,000		74,734
MS Development Bank Special Obligation Lauderdale Correctional Facilities		4.000			03/01/2037	Aa3		100,000		100,220
MS Development Bank Special Obligation Vicksburg Sports Complex		5.000			07/01/2048	AA*		245,000		248,680

										830,765
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
15.51% of Net Assets
Mississippi State Home Corporation		4.400			12/01/2043	Aa1		350,000		353,688
Mississippi State Home Corporation		4.375			12/01/2044	Aa1		150,000		151,376
Mississippi State Home Corporation		4.050			12/01/2047	Aa1		150,000		143,162

										648,226
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
15.36% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement		4.000			08/01/2034	AA*		200,000		200,050
MS Development Bank Special Obligation Madison County Public Improvement		4.250			05/01/2046	Aa2		50,000		50,363
MS Development Bank Special Obligation Olive Branch Public Improvement		4.000			06/01/2044	Aa2		225,000		224,993
Pearl MS		4.750			09/01/2038	A3		155,000		166,777

										642,183
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
15.00% of Net Assets
Alcorn MS State University Educational Building Corporation		4.000			09/01/2035	Aa2		100,000		100,078
MS Development Bank Special Obligation Gulf Coast Community Project		4.000			12/01/2034	AA-*		300,000		300,780
MS State University Educational Building Corporation		4.000			08/01/2043	Aa2		125,000		124,079
University of MS Educational Building Corporation		4.000			10/01/2037	Aa2		100,000		102,104

										627,041
LEASE REVENUE BONDS
5.43% of Net Assets
Warren County MS Certificate of Participation		6.000			09/01/2042	Aa3		100,000		113,688
Warren County MS Certificate of Participation		6.000			09/01/2043	Aa3		100,000		113,085

										226,773
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.00% of Net Assets
Medical Center Educational Building Corporation University of Mississippi		5.000			06/01/2042	Aa2		165,000		167,125

Total Investments 97.23% of Net Assets (cost $4,024,910) (See footnote 6 for further explanation)									$	4,064,487

Other assets in excess of liabilities 2.77%										115,620

Net Assets 100%									$	4,180,107

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

DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

June 30, 2026

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

Not Rated

Other Information


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		4,064,487
Level 3	Significant Unobservable Inputs		—

		$	4,064,487

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

MISSISSIPPI TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments in securities, at fair value (Cost: $4,024,910)		$	4,064,487
Cash			87,981
Interest receivable			42,967

Total assets			4,195,435
LIABILITIES:
Payable for:
Distributions to shareholders	5,812
Fund shares redeemed	2,903
Net investment advisory fee	767
Transfer agent fee	511
Audit fees	1,104
Custodian fee	715
Trustee fees	195
Accrued expenses	3,321

Total liabilities			15,328

NET ASSETS:
Paid-in capital			4,726,016
Total accumulated loss			(545,909	)

Total Net Assets		$	4,180,107

NET ASSET VALUE, offering price and redemption price per share (375,948 shares outstanding; unlimited number of shares authorized; no par value)		$	11.12

STATEMENT OF OPERATIONS

For the year ended June 30, 2026


Net investment income:
Interest income	$	168,739

Expenses:
Investment advisory fee		21,460
Transfer agent fee		6,438
Registration fees		13,530
Custodian fee		7,775
Pricing fees		3,803
Professional fees		1,773
Printing expense		1,601
Trustees fees		421
Other expenses		887

Total expenses		57,688
Fees waived by Adviser (Note 2)		(23,012	)
Fees waived by Transfer Agent (Note 2)		(4,516	)
Custodian fee reduction (Note 7)		(46	)

Net expenses		30,114

Net investment income		138,625

Realized and unrealized gain/(loss) on investments:
Net realized loss		(5,361	)
Net change in unrealized appreciation/depreciation		156,653

Net realized and unrealized gain on investments		151,292

Net increase in net assets resulting from operations	$	289,917

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

MISSISSIPPI TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2026 and 2025


	2026			2025
Operations:
Net investment income	$	138,625		$	159,893
Net realized loss on investments		(5,361	)		(90,600	)
Net change in unrealized appreciation/depreciation		156,653			(64,383	)

Net increase in net assets resulting from operations		289,917			4,910
Total distributions (Note 6)		(138,625	)		(159,893	)
Net Fund share transactions (Note 4)		(481,929	)		(4,941,021	)

Total decrease		(330,637	)		(5,096,004	)
Net assets:
Beginning of year		4,510,744			9,606,748

End of year	$	4,180,107		$	4,510,744

FINANCIAL HIGHLIGHTS


Selected data for a share outstanding:	For the years ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of year		$10.74			$11.07			$11.08			$11.22			$12.40

Income from investment operations:
Net investment income		0.36			0.34			0.29			0.26			0.25
Net gains/(losses) on investments (c)		0.38			(0.33	)		(0.01	)		(0.14	)		(1.16	)

Total from investment operations		0.74			0.01			0.28			0.12			(0.91	)
Less distributions:
Distributions from net investment income		(0.36	)		(0.34	)		(0.29	)		(0.26	)		(0.25	)
Distributions from capital gains		0.00			0.00			0.00			0.00	(b)		(0.02	)

Total distributions		(0.36	)		(0.34	)		(0.29	)		(0.26	)		(0.27	)

Net asset value, end of year		$11.12			$10.74			$11.07			$11.08			$11.22

Total return		6.93%			0.08%			2.60%			1.16%			(7.46	)%
Net assets, end of year (in thousands)		$4,180			$4,511			$9,607			$8,422			$10,030
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		1.34%			1.13%			0.96%			1.06%			0.96%
Ratio of net investment income to average net assets		3.23%			3.09%			2.65%			2.38%			2.06%
Portfolio turnover		2.97%			10.08%			17.87%			22.86%			9.15%

(a)

Percentages are after voluntary 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)

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

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
20.11% of Net Assets
Buncombe County NC Metropolitan Sewer District		5.000	%		07/01/2039	Aaa	$	550,000	$	550,286
Cary NC Combined Enterprise Systems		4.000			12/01/2028	Aaa		250,000		250,028
Cary NC Combined Enterprise Systems		4.000			12/01/2042	Aaa		1,000,000		1,001,070
Clayton NC Water & Sewer Revenue		5.000			08/01/2040	Aa3		700,000		763,098
Durham NC Utility System Revenue		4.000			08/01/2044	Aa1		250,000		251,885
Fuquay-Varina NC Combined Utilities Revenue		5.000			04/01/2040	Aa2		1,000,000		1,000,480
Fuquay-Varina NC Combined Utilities Revenue		4.000			06/01/2043	Aa2		1,000,000		1,011,490
Fuquay-Varina NC Combined Utilities Revenue		4.000			02/01/2044	Aa2		1,000,000		1,003,870
Fuquay-Varina NC Combined Utilities Revenue		4.000			06/01/2045	Aa2		740,000		741,480
Fuquay-Varina NC Combined Utilities Revenue		4.125			06/01/2049	Aa2		1,000,000		984,660
Greensboro NC Enterprise System Revenue		4.000			06/01/2047	Aa1		355,000		353,495
Greenville NC Combined Enterprise System Revenue		5.000			08/01/2044	Aa1		905,000		938,186
Greenville NC Combined Enterprise System Revenue		4.125			12/01/2043	Aa1		460,000		467,645
Greenville NC Combined Enterprise System Revenue		5.000			09/01/2049	Aa1		1,250,000		1,328,313
Hendersonville NC Water & Sewer System Revenue		4.500			06/01/2043	Aa3		550,000		578,028
Holly Springs NC Enterprise System Revenue		4.000			11/01/2044	Aa2		1,165,000		1,167,412
Holly Springs NC Enterprise System Revenue		5.000			11/01/2047	Aa2		250,000		271,203
Johnston County NC Water & Sewer Revenue		4.000			04/01/2043	Aa2		300,000		303,351
Johnston County NC Water & Sewer Revenue		5.000			04/01/2043	Aa2		310,000		339,776
Johnston County NC Water & Sewer Revenue		4.000			04/01/2044	Aa2		500,000		502,035
Lincoln County NC Enterprise System Revenue		3.000			08/01/2038	AA*		160,000		149,162
Lincoln County NC Enterprise System Revenue		3.000			08/01/2039	AA*		340,000		313,477
Lincoln County NC Enterprise System Revenue		3.000			08/01/2040	AA*		265,000		240,678
Lincoln County NC Enterprise System Revenue		3.000			08/01/2041	AA*		240,000		215,282
Martin County NC Limited Obligation Water and Sewer District		4.750			06/01/2034	A2		1,150,000		1,150,068
Mebane NC Combined Utilities Revenue		4.000			08/01/2044	Aa3		500,000		498,710
Monroe NC Limited Obligation		5.000			03/01/2028	Aa3		95,000		95,120
Monroe NC Limited Obligation		5.000			03/01/2029	Aa3		195,000		195,250
NC Municipal Power Agency #1 Catawba Electric		5.000			01/01/2028	A*		125,000		125,200
Onslow NC Water & Sewer Authority Combined Enterprises		4.000			12/01/2049	Aa3		375,000		359,558
Salisbury NC Enterprise System Revenue		5.000			02/01/2045	AA-*		540,000		561,881
Sampson County NC Water & Sewer District		5.000			06/01/2037	A1		920,000		920,423
Sanford NC Enterprise System Revenue		4.000			06/01/2043	Aa3		295,000		296,985
Sanford NC Enterprise System Revenue		4.000			06/01/2044	Aa3		280,000		279,283
Sanford NC Enterprise System Revenue		4.000			06/01/2044	Aa3		330,000		329,155
Sanford NC Enterprise System Revenue		4.000			06/01/2045	Aa3		230,000		230,460
Union County NC Enterprise System Revenue		4.000			06/01/2044	Aa2		335,000		335,174
Union County NC Enterprise System Revenue		3.000			06/01/2051	Aa2		250,000		198,958
Wake County NC Industrial Facilities & Pollution Control Duke Energy		4.000			06/01/2041	Aa3		1,260,000		1,259,935
Warren County NC Limited Obligation		5.000			06/01/2027	A1		160,000		160,136

										21,722,686
SCHOOL IMPROVEMENT BONDS
18.98% of Net Assets
Alamance County NC		4.000			05/01/2041	Aa1		635,000		649,567
Alamance County NC		4.000			05/01/2042	Aa1		305,000		310,331
Ashe NC		4.125			06/01/2044	Aa3		650,000		657,651
Brunswick County NC Limited Obligation		5.000			06/01/2031	Aa1		250,000		250,390
Buncombe County NC Limited Obligation		4.000			06/01/2036	Aa1		125,000		128,514
Buncombe County NC Limited Obligation		5.000			06/01/2044	Aa1		250,000		273,743
Buncombe County NC Limited Obligation		4.000			06/01/2046	Aa1		1,115,000		1,121,330
Cabarrus County NC Limited Obligation		4.000			06/01/2034	Aa1		795,000		802,139
Cabarrus County NC Limited Obligation		4.000			06/01/2035	Aa1		1,650,000		1,661,237
Catawba County NC Limited Obligation		4.000			04/01/2042	Aa2		420,000		424,444
Catawba County NC Limited Obligation		4.000			04/01/2043	Aa2		320,000		323,955
Chatham County NC Limited Obligation		4.000			11/01/2036	Aa1		750,000		761,348
Chatham County NC Limited Obligation		4.000			11/01/2037	Aa1		2,000,000		2,028,460

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

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Harnett County NC Limited Obligation		4.250	%		04/01/2044	Aa3	$	650,000	$	660,426
Henderson County NC Limited Obligation		4.000			06/01/2034	Aa2		200,000		203,700
Johnson City NC Limited Obligation		5.000			04/01/2047	Aa1		300,000		322,755
Macon County NC Limited Obligation		4.000			10/01/2043	Aa3		500,000		503,475
Macon County NC Limited Obligation		4.000			10/01/2044	Aa3		500,000		499,330
Orange County NC Limited Obligation		5.000			10/01/2042	Aa1		250,000		278,363
Pender County NC		4.000			03/01/2045	Aa2		1,050,000		1,052,016
Pitt County NC Limited Obligation		4.000			04/01/2031	Aa2		500,000		501,050
Pitt County NC Limited Obligation		4.000			04/01/2034	Aa2		550,000		550,627
Rutherford County NC Limited Obligation		5.000			03/01/2029	A1		175,000		185,850
Sampson County NC Limited Obligation		5.000			09/01/2040	A1		1,750,000		1,777,318
Scotland County NC		5.000			12/01/2026	A*		50,000		50,481
Scotland County NC		5.000			12/01/2027	A*		140,000		144,472
Scotland County NC		4.500			12/01/2036	A*		1,170,000		1,183,326
Surry County NC Limited Obligation		4.000			06/01/2036	Aa3		590,000		598,762
Surry County NC Limited Obligation		4.000			06/01/2037	Aa3		730,000		738,205
Wayne County NC		4.000			06/01/2034	Aa3		1,500,000		1,504,395
Wilkes County NC Limited Obligation		5.000			06/01/2031	A1		350,000		350,406

										20,498,066
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
14.18% of Net Assets
Appalachian NC State University		4.000			10/01/2030	Aa3		200,000		202,730
Appalachian NC State University		4.000			05/01/2033	A1		500,000		506,255
Appalachian NC State University		5.000			05/01/2036	A1		1,000,000		1,034,700
East Carolina NC University		4.125			10/01/2049	Aa3		865,000		866,453
Iredell County NC Community College		5.000			04/01/2027	Aaa		325,000		325,527
NC State University at Raleigh		4.000			10/01/2045	Aa1		590,000		586,053
Pitt County NC Limited Obligation		5.000			04/01/2027	Aa2		495,000		498,084
University of NC at Charlotte Board of Governors		4.000			10/01/2037	Aa3		750,000		751,058
University of NC at Charlotte Board of Governors		5.000			10/01/2042	Aa3		250,000		254,668
University of NC Charlotte		4.000			10/01/2035	Aa3		250,000		251,815
University of NC Charlotte		4.000			10/01/2036	Aa3		250,000		251,233
University of NC Greensboro		4.000			04/01/2035	Aa3		750,000		757,560
University of NC Greensboro		4.000			04/01/2036	Aa3		500,000		505,295
University of NC Greensboro		5.000			04/01/2038	Aa3		425,000		438,800
University of NC Wilmington		4.000			06/01/2029	A1		750,000		750,090
University of NC Wilmington		4.000			04/01/2039	Aa3		1,380,000		1,386,360
University of NC Wilmington Limited Obligation		4.000			06/01/2030	A1		200,000		200,020
University of NC Wilmington Limited Obligation		5.000			06/01/2033	A1		550,000		550,413
University of NC Wilmington Limited Obligation		4.000			06/01/2034	A1		500,000		500,040
University of North Carolina		5.000			10/01/2033	A1		30,000		30,002
University of North Carolina at Wilmington		5.000			10/01/2026	Aa3		300,000		301,942
Western Carolina NC University		5.000			06/01/2027	AA*		250,000		250,193
Western Carolina NC University		5.000			10/01/2035	Aa3		1,000,000		1,028,840
Western Carolina NC University		5.000			10/01/2043	Aa3		1,000,000		1,022,840
Western Carolina NC University		4.375			04/01/2045	Aa3		600,000		621,384
Western Carolina NC University		5.000			10/01/2045	Aa3		825,000		825,083
Western Carolina NC University		4.500			04/01/2048	Aa3		600,000		613,476

										15,310,914
PUBLIC FACILITIES REVENUE BONDS
9.94% of Net Assets
Burlington NC		4.500			08/01/2044	Aa1		550,000		582,802
Concord NC Limited Obligation		4.000			06/01/2044	Aa1		300,000		301,815
Durham NC Limited Obligation		4.000			04/01/2036	Aa1		1,000,000		1,012,810
Henderson County NC Limited Obligation		4.125			10/01/2045	Aa2		250,000		254,128
Henderson County NC Limited Obligation		4.000			06/01/2046	Aa2		300,000		300,969
Holly Springs NC Limited Obligation		4.125			10/01/2041	Aa1		500,000		514,670
Holly Springs NC Limited Obligation		4.250			10/01/2043	Aa1		365,000		376,008

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

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Kannapolis NC Limited Obligation		5.000	%		04/01/2032	Aa3	$	500,000	$	500,590
Mecklenburg County NC Limited Obligation		4.000			02/01/2043	Aa1		500,000		507,620
Moore County NC		3.000			06/01/2039	Aa2		350,000		323,649
New Hanover County NC Limited Obligation		4.000			10/01/2044	Aa1		1,080,000		1,083,714
Orange County NC Limited Obligation		4.000			04/01/2047	Aa1		500,000		494,410
Pender County NC Limited Obligation		4.000			04/01/2044	Aa3		1,000,000		997,430
Person County NC Limited Obligation		4.000			12/01/2044	Aa3		1,000,000		997,390
Robeson County NC		4.000			06/01/2046	A1		300,000		294,333
Surry County NC Limited Obligation		3.000			10/01/2038	Aa3		395,000		363,894
Surry County NC Limited Obligation		3.000			10/01/2041	Aa3		635,000		549,142
Thomasville NC Revenue		4.000			05/01/2036	Aa3		500,000		502,795
Wilson City NC		4.000			10/01/2042	Aa2		500,000		505,000
Winston Salem NC Limited Obligation		5.000			06/01/2043	Aa1		250,000		274,285

										10,737,454
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
8.50% of Net Assets
NC Housing Finance Agency Homeownership Revenue		4.000			07/01/2039	Aa1		425,000		425,255
NC Housing Finance Agency Homeownership Revenue		4.350			01/01/2044	Aa1		970,000		979,331
NC State Housing Finance Agency		4.900			07/01/2043	Aa1		1,475,000		1,519,029
NC State Housing Finance Agency		4.350			07/01/2043	Aa1		870,000		878,483
NC State Housing Finance Agency		4.375			07/01/2044	Aa1		2,435,000		2,458,692
NC State Housing Finance Agency		4.550			07/01/2045	Aa1		500,000		503,795
NC State Housing Finance Agency		5.000			07/01/2046	Aa1		2,350,000		2,411,218

										9,175,803
HOSPITAL AND HEALTHCARE REVENUE BONDS
6.77% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000			01/15/2036	Aa2		590,000		617,187
Charlotte Mecklenburg NC Hospital Healthcare System		5.000			01/15/2039	Aa2		1,500,000		1,502,010
Charlotte-Mecklenburg NC Hospital Revenue		5.000			01/15/2027	Aa2		170,000		172,215
Henderson County NC Limited Obligation		4.125			06/01/2046	Aa2		150,000		150,420
NC State Medical Care Commission Health Care Facilities Duke University		4.000			06/01/2042	Aa3		1,060,000		1,059,968
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000			07/01/2040	Aa2		1,000,000		1,006,500
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000			06/01/2040	A2		1,385,000		1,385,345
NC State Medical Care Commission Rex Healthcare		4.000			07/01/2049	Aa2		1,000,000		972,120
University of NC Chapel Hill Hospital		4.000			02/01/2046	Aa2		455,000		448,903

										7,314,668
REFUNDING BONDS
5.65% of Net Assets
Asheville NC Limited Obligation		3.000			04/01/2041	Aa1		250,000		225,980
Charlotte NC Certificate of Participation		5.000			06/01/2033	Aa1		840,000		841,193
Charlotte NC Certificate of Participation		5.000			06/01/2034	Aa1		750,000		752,888
Durham County NC		4.000			06/01/2036	Aaa		225,000		230,038
Monroe NC Limited Obligation		4.000			03/01/2033	Aa3		255,000		255,046
Monroe NC Limited Obligation		5.000			03/01/2039	Aa3		1,250,000		1,250,637
North Carolina State Limited Obligation		5.000			05/01/2028	Aa1		125,000		127,576
Raleigh NC		4.000			04/01/2043	Aaa		695,000		704,834
Sampson County NC Limited Obligation		5.000			09/01/2026	A1		210,000		210,792
Sampson County NC Limited Obligation		4.000			09/01/2036	A1		1,000,000		1,002,340
Sampson County NC Limited Obligation		4.000			09/01/2037	A1		500,000		500,830

										6,102,154
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.31% of Net Assets
Fuquay-Varina NC		4.000			08/01/2042	Aaa		500,000		508,635
Greensboro NC Limited Obligation		4.000			10/01/2044	Aa1		500,000		501,720
Greenville NC Limited Obligation		4.250			03/01/2045	AA-*		500,000		505,765
Mecklenburg County NC Limited Obligation		4.000			02/01/2044	Aa1		1,195,000		1,206,221

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

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Rocky Mount NC Special Obligation		4.500	%		05/01/2032	A1	$	1,500,000	$	1,500,105
Wilmington NC Limited Obligation		3.000			06/01/2041	Aa1		370,000		335,731
Winston Salem NC		4.000			06/01/2043	Aaa		1,165,000		1,179,737

										5,737,914
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
4.45% of Net Assets
NC State Turnpike Authority		5.000			01/01/2036	AA*		500,000		521,360
NC State Turnpike Authority		5.000			01/01/2038	AA*		2,415,000		2,503,437
NC State Turnpike Authority		5.000			01/01/2049	AA*		500,000		511,595
NC State Turnpike Authority Triangle Expressway		4.000			01/01/2039	Aa1		500,000		502,465
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029	Aa3		200,000		212,614
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029	Aa3		20,000		21,283
North Carolina State Limited Obligation		5.000			05/01/2029	Aa1		225,000		240,237
North Carolina Turnpike Authority		5.000			01/01/2029	A1		285,000		288,280

										4,801,271
AIRPORT REVENUE BONDS
3.21% of Net Assets
Charlotte NC Airport Revenue		4.000			07/01/2032	Aa3		100,000		100,842
Charlotte NC Airport Revenue		5.000			07/01/2044	Aa3		250,000		269,090
Charlotte NC Airport Revenue		5.000			07/01/2045	Aa3		500,000		541,420
Charlotte NC Airport Revenue		5.000			07/01/2048	Aa3		425,000		447,024
Charlotte NC Douglas International Airport		5.000			07/01/2036	Aa3		250,000		254,680
Charlotte NC Douglas International Airport		4.000			07/01/2036	Aa3		500,000		502,685
Charlotte NC Douglas International Airport		5.000			07/01/2042	Aa3		1,325,000		1,345,856

										3,461,597
PREREFUNDED BONDS
1.58% of Net Assets
New Hanover County NC Hospital Revenue New Hanover Regional Medical		5.000			10/01/2028	NR		150,000		154,685
New Hanover County NC Hospital Revenue New Hanover Regional Medical		5.000			10/01/2034	NR		1,500,000		1,546,845

										1,701,530
LEASE REVENUE BONDS
0.10%
New Hanover County NC Limited Obligation		5.000			06/01/2029	Aa1		100,000		106,936

Total Investments 98.78% of Net Assets (cost $106,605,594) (See footnote 6 for further explanation)									$	106,670,993

Other assets in excess of liabilities 1.22%										1,315,400

Net Assets 100%									$	107,986,393

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

Not Rated

Other Information


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		106,670,993
Level 3	Significant Unobservable Inputs		—

		$	106,670,993

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

NORTH CAROLINA TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments in securities, at fair value (Cost: $106,605,594)		$	106,670,993
Cash			464,342
Receivable for fund shares sold			105,079
Interest receivable			1,225,568

Total assets			108,465,982
LIABILITIES:
Payable for:
Distributions to shareholders	207,816
Fund shares redeemed	174,048
Net investment advisory fee	30,463
Transfer agent fee	32,997
Audit fees	19,915
Trustees fees	1,379
Custodian fee	73
Accrued expenses	12,898

Total liabilities			479,589

NET ASSETS:
Paid-in capital			115,269,326
Total accumulated loss			(7,282,933	)

Total Net Assets		$	107,986,393

NET ASSET VALUE, offering price and redemption price per share (9,941,071 shares outstanding; unlimited number of shares authorized; no par value)		$	10.86

STATEMENT OF OPERATIONS

For the year ended June 30, 2026


Net investment income:
Interest income	$	4,014,895

Expenses:
Investment advisory fee		532,625
Transfer agent fee		134,700
Professional fees		46,638
Pricing fees		21,567
Registration fees		20,212
Custodian fee		15,963
Trustees fees		9,031
Other expenses		20,426

Total expenses		801,162
Fees waived by Adviser (Note 2)		(50,342	)
Custodian fee reduction (Note 7)		(93	)

Net expenses		750,727

Net investment income		3,264,168

Realized and unrealized gain/(loss) on investments:
Net realized loss		(543,337	)
Net change in unrealized appreciation/depreciation		4,727,071

Net realized and unrealized gain on investments		4,183,734

Net increase in net assets resulting from operations	$	7,447,902

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

NORTH CAROLINA TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2026 and 2025


	2026			2025
Operations:
Net investment income	$	3,264,168		$	3,079,060
Net realized loss on investments		(543,337	)		(1,283,171	)
Net change in unrealized appreciation/depreciation		4,727,071			(1,611,529	)

Net increase in net assets resulting from operations		7,447,902			184,360
Total distributions (Note 6)		(3,264,168	)		(3,079,060	)
Net Fund share transactions (Note 4)		(6,217,780	)		(2,459,327	)

Total decrease		(2,034,046	)		(5,354,027	)
Net assets:
Beginning of year		110,020,439			115,374,466

End of year	$	107,986,393		$	110,020,439

FINANCIAL HIGHLIGHTS


Selected data for a share outstanding:	For the years ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of year		$10.45			$10.74			$10.70			$10.74			$12.05

Income from investment operations:
Net investment income		0.33			0.30			0.26			0.25			0.24
Net gains/(losses) on investments (b)		0.41			(0.29	)		0.04			(0.04	)		(1.31	)

Total from investment operations		0.74			0.01			0.30			0.21			(1.07	)
Less distributions:
Distributions from net investment income		(0.33	)		(0.30	)		(0.26	)		(0.25	)		(0.24	)

Net asset value, end of year		$10.86			$10.45			$10.74			$10.70			$10.74

Total return		7.13%			0.05%			2.89%			2.00%			(9.01	)%
Net assets, end of year (in thousands)		$107,986			$110,020			$115,374			$120,062			$134,429
Ratio of net expenses to average net assets (a)		0.70%			0.70%			0.70%			0.70%			0.68%
Ratio of gross expenses to average net assets		0.75%			0.74%			0.76%			0.75%			0.68%
Ratio of net investment income to average net assets		3.04%			2.78%			2.47%			2.34%			2.05%
Portfolio turnover		6.89%			23.38%			11.99%			3.74%			6.57%

(a)

Percentages are after voluntary 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)

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

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
56.07% of Net Assets
Bolivar Energy Authority		4.000	%		05/01/2043	A1	$	325,000	$	324,987
Clarksville TN Electric System Revenue		4.250			09/01/2040	Aa2		475,000		489,274
Clarksville TN Public Building Authority Revenue		4.500			02/01/2043	AA-*		630,000		644,975
Columbia TN		4.000			12/01/2043	AA+*		1,000,000		1,007,300
Columbia TN		4.000			12/01/2050	AA+*		750,000		724,980
Dickson TN Electric Systems Revenue		5.000			07/01/2043	Aa3		1,000,000		1,086,450
Eastside TN Utility District Hamilton County Waterworks		4.000			05/01/2045	AA*		500,000		493,460
Franklin TN Water & Sewer System Revenue		4.000			02/01/2036	Aa2		250,000		250,930
Gallatin TN Electric		4.000			07/01/2043	Aa3		785,000		787,669
Gallatin TN Gas System Revenue		4.000			01/01/2042	AA-*		1,155,000		1,166,192
Hallsdale Powell TN Utility District		4.000			04/01/2039	AA*		700,000		706,328
Hallsdale-Powell TN Utility District		4.000			04/01/2028	AA*		255,000		255,056
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2035	AA*		315,000		315,025
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2038	AA*		1,000,000		1,000,010
Harpeth Valley TN Utilities District		4.000			09/01/2043	AA+*		1,105,000		1,115,707
Harpeth Valley TN Utilities District Davidson & Williamson Counties		4.000			09/01/2039	AA+*		500,000		511,515
Harriman TN		5.000			06/01/2028	AA*		100,000		104,100
Knox Chapman TN Utility District		4.000			01/01/2043	AA-*		535,000		538,456
Knox County TN		4.000			06/01/2043	Aa1		500,000		502,150
Knoxville TN Electric		4.000			07/01/2041	Aa2		750,000		759,998
Knoxville TN Electric		4.000			07/01/2044	Aa2		670,000		670,603
Lafollette TN Electric Systems		5.000			06/01/2045	A1		235,000		252,477
Lexington TN Electric Revenue		4.000			08/01/2044	Aa3		500,000		497,435
Loudon & Monroe Counties Water & Sewer Revenue		5.000			07/01/2047	AA*		500,000		527,380
Loudon & Monroe Counties Water & Sewer Revenue		5.000			07/01/2051	AA*		500,000		521,185
Loudon TN Water & Sewer		5.000			03/01/2039	A+*		290,000		315,662
Loudon TN Water & Sewer		5.000			03/01/2040	A+*		355,000		384,437
Loudon TN Water & Sewer		5.000			03/01/2041	A+*		425,000		458,932
Loudon TN Water & Sewer		4.000			03/01/2044	AA*		1,000,000		997,440
Marshall County TN Water Revenue		5.000			06/01/2040	AA*		275,000		298,749
Maryville TN		4.000			06/01/2029	Aa2		250,000		250,010
Memphis TN Gas System Revenue		4.000			12/01/2034	Aa1		775,000		777,860
Memphis TN Gas System Revenue		4.000			12/01/2037	Aa1		1,310,000		1,317,873
Metropolitan Government Nashville & Davidson County TN Electric		5.000			05/15/2031	AA-*		100,000		102,008
Metropolitan Government Nashville & Davidson County TN Electric		5.250			05/15/2049	Aa1		1,000,000		1,075,990
Metropolitan Government Nashville & Davidson County TN Water & Sewer		4.000			07/01/2046	Aa2		1,000,000		985,100
Portland TN Water & Sewer		4.000			04/01/2037	A*		900,000		900,018
Portland TN Water & Sewer		4.000			04/01/2040	AA*		750,000		752,040
Pulaski TN Electric Revenue		4.000			06/01/2042	Aa3		500,000		501,760
Springfield TN		5.000			06/01/2027	Aa2		245,000		250,731
Watauga River Regional Water Authority TN Waterworks		4.000			07/01/2037	A*		1,270,000		1,271,853
Watts Bar Utility District TN		5.000			09/01/2045	AA*		200,000		215,216
West Knoxville TN Utility District Knox County Water & Sewer Revenue		4.000			06/01/2046	AA+*		1,000,000		991,830
West Wilson TN Utility District Waterworks		5.000			06/01/2040	AA*		200,000		222,324
West Wilson TN Utility District Waterworks		5.000			06/01/2042	AA*		500,000		535,630
West Wilson TN Utility District Waterworks		5.000			06/01/2046	AA*		250,000		268,178

										28,127,283
PUBLIC FACILITIES REVENUE BONDS
9.15% of Net Assets
Hamblen County TN		4.000			05/01/2038	Aa3		880,000		893,244
Hamblen County TN		4.000			05/01/2039	Aa3		1,250,000		1,265,538
Hamblen County TN		4.000			05/01/2045	Aa3		420,000		414,506
Nolensville Town TN		4.000			06/01/2041	Aa1		400,000		402,444
Nolensville Town TN		4.000			06/01/2042	Aa1		600,000		601,062
Sullivan County TN		4.000			02/01/2043	Aa2		1,010,000		1,013,454

										4,590,248

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

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
8.56% of Net Assets
Bedford County TN		4.000	%		04/01/2027	AA*	$	75,000	$	75,005
Collierville TN		4.000			01/01/2046	Aaa		1,000,000		993,300
Decatur County TN		4.000			05/01/2042	A1		390,000		393,908
Loudon County TN		4.000	^		06/01/2045	Aa2		400,000		398,412
Montgomery County TN		4.000			04/01/2037	AA*		1,420,000		1,423,592
Montgomery County TN		4.000			06/01/2040	Aa2		500,000		504,505
White County TN		4.000			06/01/2027	AA-*		260,000		260,008
Wilson County TN		4.000			04/01/2039	AA+*		245,000		245,005

										4,293,735
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
7.79% of Net Assets
Metropolitan Government Nashville & Davidson County TN 4th and Shelby Apartments Project		4.600			12/01/2044	Aa1		500,000		511,880
TN Housing Development Agency		4.500			07/01/2043	Aa1		1,470,000		1,489,286
TN Housing Development Agency Residential Finance Program		4.150			07/01/2038	Aa1		100,000		100,847
TN Housing Development Agency Residential Finance Program		4.450			07/01/2043	Aa1		1,780,000		1,806,219

										3,908,232
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.20% of Net Assets
Metropolitan Government Nashville & Davidson County TN Vanderbilt University Medical		5.000			07/01/2045	A*		1,000,000		1,062,270
Shelby County TN Health Education & Housing Facilities		5.000			05/01/2036	Baa2		1,535,000		1,546,789

										2,609,059
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.13% of Net Assets
Memphis TN		4.000			06/01/2041	Aa2		370,000		369,982
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2033	Aa2		750,000		757,207
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2034	Aa2		500,000		504,755
Sevierville TN		4.000			06/01/2044	Aa2		440,000		438,874

										2,070,818
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
2.46% of Net Assets
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2027	A3		100,000		100,009
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2037	A3		280,000		280,034
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2040	A3		875,000		855,601

										1,235,644
REFUNDING BONDS
2.26% of Net Assets
Memphis TN		5.000			10/01/2043	Aa2		750,000		800,175
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2027	Aa3		200,000		201,524
Sevierville TN		5.000			05/01/2028	Aa2		125,000		130,593

										1,132,292
AIRPORT REVENUE BONDS
2.15% of Net Assets
Metropolitan Nashville TN Airport Authority		5.000			07/01/2046	AA-*		1,000,000		1,078,410

Total Investments 97.77% of Net Assets (cost $48,834,132) (See footnote 6 for further explanation)									$	49,045,721

Other assets in excess of liabilities 2.23%										1,118,167

Net Assets 100%									$	50,163,888

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

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

June 30, 2026

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

Not Rated

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

Other Information


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		49,045,721
Level 3	Significant Unobservable Inputs		—

		$	49,045,721

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

TENNESSEE TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments in securities, at fair value (Cost: $48,834,132)		$	49,045,721
Cash			1,110,239
Interest receivable			573,804

Total assets			50,729,764
LIABILITIES:
Payable for:
Investments purchased	394,244
Distributions to shareholders	104,980
Fund shares redeemed	24,405
Net investment advisory fee	17,765
Transfer agent fee	5,700
Audit fees	9,168
Custodian fee	1,248
Trustees fees	762
Accrued expenses	7,604

Total liabilities			565,876

NET ASSETS:
Paid-in capital			52,370,875
Total accumulated loss			(2,206,987	)

Total Net Assets		$	50,163,888

NET ASSET VALUE, offering price and redemption price per share (4,684,704 shares outstanding; unlimited number of shares authorized; no par value)		$	10.71

STATEMENT OF OPERATIONS

For the year ended June 30, 2026


Net investment income:
Interest income	$	1,872,051

Expenses:
Investment advisory fee		249,521
Transfer agent fee		65,885
Professional fees		20,815
Registration fees		15,095
Custodian fee		13,778
Pricing fees		9,243
Trustees fees		4,192
Other expenses		10,493

Total expenses		389,022
Fees waived by Adviser (Note 2)		(39,670	)
Custodian fee reduction (Note 7)		(81	)

Net expenses		349,271

Net investment income		1,522,780

Realized and unrealized gain/(loss) on investments:
Net realized loss		(15,272	)
Net change in unrealized appreciation/depreciation		2,509,452

Net realized and unrealized gain on investments		2,494,180

Net increase in net assets resulting from operations	$	4,016,960

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

TENNESSEE TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2026 and 2025


	2026			2025
Operations:
Net investment income	$	1,522,780		$	1,473,601
Net realized loss on investments		(15,272	)		(358,488	)
Net change in unrealized appreciation/depreciation		2,509,452			(1,574,481	)

Net increase/(decrease) in net assets resulting from operations		4,016,960			(459,368	)
Total distributions (Note 6)		(1,522,780	)		(1,473,601	)
Net Fund share transactions (Note 4)		(2,528,306	)		(1,461,128	)

Total decrease		(34,126	)		(3,394,097	)
Net assets:
Beginning of year		50,198,014			53,592,111

End of year	$	50,163,888		$	50,198,014

FINANCIAL HIGHLIGHTS


Selected data for a share outstanding:	For the years ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of year	$	10.19		$	10.59		$	10.57		$	10.65		$	11.71

Income from investment operations:
Net investment income		0.32			0.30			0.27			0.27			0.26
Net gains/(losses) on investments (b)		0.52			(0.40	)		0.02			(0.08	)		(1.06	)

Total from investment operations		0.84			(0.10	)		0.29			0.19			(0.80	)
Less distributions:
Distributions from net investment income		(0.32	)		(0.30	)		(0.27	)		(0.27	)		(0.26	)

Net asset value, end of year	$	10.71		$	10.19		$	10.59		$	10.57		$	10.65

Total return		8.35%			(0.97	)%		2.82%			1.78%			(6.92	)%
Net assets, end of year (in thousands)	$	50,164		$	50,198		$	53,592		$	63,497		$	73,609
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		0.78%			0.77%			0.80%			0.78%			0.71%
Ratio of net investment income to average net assets		3.05%			2.88%			2.59%			2.51%			2.31%
Portfolio turnover		11.48%			24.00%			21.15%			9.10%			11.61%

(a)

Percentages are after voluntary 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)

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

DUPREE MUTUAL FUNDS — INTERMEDIATE GOVERNMENT BOND SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Securities and Agencies

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
FEDERAL HOME LOAN BANK
82.42% of Net Assets
Federal Home Loan Bank		4.000	%		06/30/2028	Aa1	$	500,000	$	498,538
Federal Home Loan Bank		4.625			01/22/2029	Aa1		450,000		450,187
Federal Home Loan Bank		4.625			06/08/2029	Aa1		250,000		253,100
Federal Home Loan Bank		4.000			08/24/2029	Aa1		250,000		246,691
Federal Home Loan Bank		4.250			10/22/2029	Aa1		375,000		372,590
Federal Home Loan Bank		4.625			11/20/2029	Aa1		250,000		250,021
Federal Home Loan Bank		4.300			03/25/2030	Aa1		500,000		496,563
Federal Home Loan Bank		4.125			06/14/2030	Aa1		500,000		498,920
Federal Home Loan Bank		4.050			07/18/2030	Aa1		400,000		397,459
Federal Home Loan Bank		4.100			07/18/2030	Aa1		400,000		397,961
Federal Home Loan Bank		4.150			07/19/2030	Aa1		250,000		248,296
Federal Home Loan Bank		4.000			08/19/2030	Aa1		250,000		247,266
Federal Home Loan Bank		3.940			08/21/2030	Aa1		250,000		246,701
Federal Home Loan Bank		3.875			10/08/2030	Aa1		200,000		197,195
Federal Home Loan Bank		3.760			11/27/2030	Aa1		250,000		244,282
Federal Home Loan Bank		3.800			03/03/2031	Aa1		250,000		245,808
Federal Home Loan Bank		4.020			04/16/2031	Aa1		225,000		221,747
Federal Home Loan Bank		4.375			12/12/2031	Aa1		250,000		249,923
Federal Home Loan Bank		4.750			12/12/2031	Aa1		450,000		460,077
Federal Home Loan Bank		4.720			08/15/2035	Aa1		125,000		123,525

										6,346,850
FEDERAL NATIONAL MORTGAGE ASSOCIATION
6.40% of Net Assets
Federal National Mortgage Association		4.000			10/10/2028	Aa1		250,000		249,110
Federal National Mortgage Association		3.750			03/06/2031	Aa1		250,000		244,098

										493,208
FEDERAL FARM CREDIT BANK
5.15% of Net Assets
Federal Farm Credit Bank		4.210			10/02/2030	Aa1		400,000		396,737

FEDERAL HOME LOAN MORTGAGE CORPORATION
3.20% of Net Assets
Federal Home Loan Mortgage Corporation		4.125			02/20/2031	Aa1		250,000		246,811

Total Investments 97.17% of Net Assets (cost $7,533,217) (See footnote 6 for further explanation)									$	7,483,606

Other assets in excess of liabilities 2.83%										218,209

Net Assets 100%									$	7,701,815

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

Not Rated

Other Information


	Valuation Inputs	Government Agencies
Level 1	Quoted Prices		—
Level 2	Other Significant Observable Inputs	$	7,483,606
Level 3	Significant Unobservable Inputs		—

		$	7,483,606

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

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments in securities, at fair value (Cost: $7,533,217)		$	7,483,606
Cash			154,977
Receivable for fund shares sold			105
Interest receivable			75,775

Total assets			7,714,463
LIABILITIES:
Payable for:
Distributions to shareholders	2,361
Fund shares redeemed	346
Custodian fees	2,511
Audit fees	1,505
Printing expense	1,432
Trustees fees	261
Other expenses	4,232

Total liabilities			12,648

NET ASSETS:
Paid-in capital			7,995,724
Total accumulated loss			(293,909	)

Total Net Assets		$	7,701,815

NET ASSET VALUE, offering price and redemption price per share (814,868 shares outstanding; unlimited number of shares authorized; no par value)		$	9.45

STATEMENT OF OPERATIONS

For the year ended June 30, 2026


Net investment income:
Interest income	$	331,025

Expenses:
Investment advisory fee		16,250
Transfer agent fee		12,187
Custodian fee		19,460
Registration fees		15,550
Pricing fees		10,845
Printing expense		6,862
Postage expense		3,963
Professional fees		3,649
Trustees fees		797
Other expenses		2,270

Total expenses		91,833
Fees waived by Adviser (Note 2)		(25,821	)
Fees waived by Transfer Agent (Note 2)		(9,130	)
Custodian fee reduction (Note 7)		(114	)

Net expenses		56,768

Net investment income		274,257

Realized and unrealized loss on investments:
Net realized loss		(40,705	)
Net change in unrealized appreciation/depreciation		(35,889	)

Net realized and unrealized loss on investments		(76,594	)

Net increase in net assets resulting from operations	$	197,663

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

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2026 and 2025


	2026			2025
Operations:
Net investment income	$	274,257		$	309,071
Net realized loss on investments		(40,705	)		(56,255	)
Net change in unrealized appreciation/depreciation		(35,889	)		173,174

Net increase in net assets resulting from operations		197,663			425,990
Total distributions (Note 6)		(274,257	)		(309,071	)
Net Fund share transactions (Note 4)		(703,835	)		(1,333,484	)

Total decrease		(780,429	)		(1,216,565	)
Net assets:
Beginning of year		8,482,244			9,698,809

End of year	$	7,701,815		$	8,482,244

FINANCIAL HIGHLIGHTS


Selected data for a share outstanding:	For the years ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of year		$9.55			$9.43			$9.31			$9.54			$10.09

Income from investment operations:
Net investment income		0.32			0.33			0.30			0.27			0.23
Net gains/(losses) on investments (b)		(0.10	)		0.12			0.12			(0.23	)		(0.55	)

Total from investment operations		0.22			0.45			0.42			0.04			(0.32	)
Less distributions:
Distributions from net investment income		(0.32	)		(0.33	)		(0.30	)		(0.27	)		(0.23	)

Net asset value, end of year		$9.45			$9.55			$9.43			$9.31			$9.54

Total return		2.35%			4.86%			4.58%			0.39%			(3.25)%
Net assets, end of year (in thousands)		$7,702			$8,482			$9,699			$9,776			$10,732
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		1.13%			0.85%			0.89%			0.90%			0.75%
Ratio of net investment income to average net assets		3.38%			3.49%			3.21%			2.83%			2.30%
Portfolio turnover		62.17%			80.78%			26.47%			39.69%			17.50%

(a)

Percentages are after voluntary 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.

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

June 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
24.79% of Net Assets
FL Housing Finance Corporation		6.187	%		07/01/2050	Aaa	$	150,000	$	152,355
IN State Housing & Community Development Authority		5.944			07/01/2049	Aaa		125,000		125,383
KY State Housing Corporation		5.806			07/01/2040	Aa1		125,000		127,271
MN State Housing Finance Authority		5.915			07/01/2044	Aa1		150,000		152,138
NC State Housing Finance Agency		6.128			07/01/2043	Aa1		170,000		174,697
WI State Housing & Economic Development Authority		6.039			09/01/2045	Aa2		25,000		25,425

										757,269
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
14.31% of Net Assets
North Texas Tollway Authority		6.718			01/01/2049	Aa3		100,000		109,985
Washoe County NV Highway Revenue		7.969			02/01/2040	Aa2		280,000		327,275

										437,260
MUNICIPAL UTILITY REVENUE BONDS
12.81% of Net Assets
KY State Rural Water Finance Corporation		3.000			08/01/2050	AA-*		250,000		167,623
Metropolitan Government Nashville & Davidson County TN Recovery Zone		6.693			07/01/2041	Aa2		200,000		223,724

										391,347
PUBLIC FACILITIES REVENUE BONDS
10.96% of Net Assets
Metropolitan Government Nashville & Davidson County TN		7.431			07/01/2043	Aa3		190,000		212,014
Montgomery AL Community Cooperative District		2.815			11/01/2049			75,000		47,690
Rhode Island Convention Center		6.060			05/15/2035	A1		70,000		75,158

										334,862
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.73% of Net Assets
Mesa State College CO		6.746			05/15/2042	Aa2		85,000		92,246
Michigan State University		4.496			08/15/2048	Aa2		225,000		205,137

										297,383
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
7.52% of Net Assets
Kansas City MO		5.700			02/01/2046	AA*		100,000		102,142
Waco TX		5.488			02/01/2044	Aa1		125,000		127,384

										229,526
MARINA/PORT AUTHORITY REVENUE BONDS
7.51% of Net Assets
Miami Dade County FL Special Obligation		7.500			04/01/2040	Aa2		200,000		229,422

HOSPITAL AND HEALTHCARE REVENUE BONDS
6.47% of Net Assets
Midland County TX Hospital District		6.440			05/15/2039	Aa3		185,000		197,702

Total Investments 94.10% of Net Assets (cost $3,032,086) (See footnote 6 for further explanation)									$	2,874,771

Other assets in excess of liabilities 5.90%										180,173

Net Assets 100%									$	3,054,944

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

Not Rated

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

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

June 30, 2026

Other Information

The following is a summary of the inputs used, as of June 30, 2026 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		2,874,771
Level 3	Significant Unobservable Inputs		—

		$	2,874,771

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

TAXABLE MUNICIPAL BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments in securities, at fair value (Cost: $3,032,086)		$	2,874,771
Cash			123,673
Interest receivable			66,432

Total assets			3,064,876
LIABILITIES:
Payable for:
Distributions to shareholders	4,624
Investment advisory fee	1,247
Transfer Agent fees	326
Insurance expense	673
Audit fees	655
Custodian fee	105
Trustees fees	67
Accrued expenses	2,235

Total liabilities			9,932

NET ASSETS:
Paid-in capital			5,238,366
Total accumulated loss			(2,183,422	)

Total Net Assets		$	3,054,944

NET ASSET VALUE, offering price and redemption price per share (413,426 shares outstanding; unlimited number of shares authorized; no par value)		$	7.39

STATEMENT OF OPERATIONS

For the year ended June 30, 2026


Net investment income:
Interest income	$	173,501

Expenses:
Investment advisory fee		16,427
Transfer agent fee		4,928
Registration fees		14,683
Custodian fee		9,146
Pricing fees		2,258
Printing expense		1,683
Professional fees		1,385
Trustees fees		323
Other expenses		1,094

Total expenses		51,927
Fees waived by Adviser (Note 2)		(20,001	)
Fees waived by Transfer Agent (Note 2)		(3,536	)
Custodian fee reduction (Note 7)		(54	)

Net expenses		28,336

Net investment income		145,165

Realized and unrealized gain/(loss) on investments:
Net realized loss		(36,707	)
Net change in unrealized appreciation/depreciation		57,917

Net realized and unrealized gain on investments		21,210

Net increase in net assets resulting from operations	$	166,375

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

TAXABLE MUNICIPAL BOND SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended June 30, 2026 and 2025


	2026			2025
Operations:
Net investment income	$	145,165		$	160,590
Net realized loss on investments		(36,707	)		(57,379	)
Net change in unrealized appreciation/depreciation		57,917			34,821

Net increase in net assets resulting from operations		166,375			138,032
Total distributions (Note 6)		(145,254	)		(161,696	)
Net Fund share transactions (Note 4)		(352,042	)		(96,230	)

Total decrease		(330,921	)		(119,894	)
Net assets:
Beginning of year		3,385,865			3,505,759

End of year	$	3,054,944		$	3,385,865

FINANCIAL HIGHLIGHTS


Selected data for a share outstanding:	For the years ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of year		$7.34			$7.39			$7.56			$8.09			$10.28

Income from investment operations:
Net investment income		0.33			0.34			0.33			0.33			0.29
Net gains/(losses) on investments (b)		0.05			(0.05	)		(0.17	)		(0.53	)		(2.19	)

Total from investment operations		0.38			0.29			0.16			(0.20	)		(1.90	)
Less distributions:
Distributions from net investment income		(0.33	)		(0.34	)		(0.33	)		(0.33	)		(0.29	)
Distributions from capital gains		0.00			0.00			0.00			0.00			0.00

Total distributions		(0.33	)		(0.34	)		(0.33	)		(0.33	)		(0.29	)

Net asset value, end of year		$7.39			$7.34			$7.39			$7.56			$8.09

Total return		5.23%			4.00%			2.25%			(2.38)%			(18.86)%
Net assets, end of year (in thousands)		$3,055			$3,386			$3,506			$4,182			$5,156
Ratio of net expenses to average net assets (a)		0.86%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		1.58%			1.34%			1.28%			1.37%			1.00%
Ratio of net investment income to average net assets		4.42%			4.59%			4.46%			4.31%			2.89%
Portfolio turnover		6.68%			12.60%			12.53%			0.00%			8.39%

(a)

(b)

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

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

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 seven series:

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

Intermediate Government Bond Series

Taxable Municipal Bond Series

The investment strategy of each of the five 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.”

Each Fund operates as a single operating segment. Each Fund’s long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio manager. Each Fund’s income, expenses, assets and performance are regularly monitored and assessed as a whole by certain officers (Allen Grimes, Michelle Dragoo, and Huston Combs) of the Fund, acting as the Chief Operating Decision Maker “(the “CODM”). The CODM is responsible for the oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

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.

At a meeting of the Trustees on December 18, 2024, the Trustees approved an Agreement and Plan of Reorganization (the “Plan”) providing for the transfer of all of the assets of the Kentucky Tax-Free Short-to-Medium Series, the North Carolina Tax-Free Short-to-Medium Series and the Tennessee Tax-Free Short-to-Medium Series (collectively the “Short-to-Medium Series”) the Kentucky Tax-Free Income Series, the North Carolina Tax-Free Income Series and the Tennessee Tax Free Income Series (collectively the “Income Series”), respectively. The purpose of the reorganization was to combine funds with investment objectives that were identical and principal investment strategies that were substantially similar. The benefits of the Plan considered by the Trustees in approving the fund mergers included, but were not limited to, economies of scale related to trading, best execution, improved diversification, lower operating expenses, and performance.

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

Organization and Significant Accounting Policies, continued

The Reorganization, which was a non-taxable event for shareholders, closed as of the close of business on May 16, 2025. Under the terms of the Plan, shareholders of each Short-to-Medium Series received shares of the corresponding Income Series equal in U.S. dollar value to the interests of such shareholders in the Short-to-Medium Series. For financial reporting purposes, all assets received and shares issued by the Income Series were recorded at fair value; however, the cost bases of the investments received were carried forward.

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”) in accordance with Board-approved policies and procedures (the “Valuation Procedures”). 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 the Valuation Procedures. Pursuant to the Valuation Procedures, the Valuation 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, 2026, for the Funds’ investments is included at the end of the Funds’ Schedules of Portfolio Investments.

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.

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.

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

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

Organization and Significant Accounting Policies, continued

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.

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, 2026. 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, 2026, 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).

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:		Intermediate Government Bond Series Taxable Municipal Bond Series

Quarterly:		A 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

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.

Subsequent Events

Subsequent events occurring after June 30, 2026 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.

Fees and Transactions with Affiliates and Other Parties

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

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

Fees and Transactions with Affiliates and Other Parties, continued

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/or 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.

For the year ended June 30, 2026, 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	$	36,673	$	-0-
Kentucky Tax-Free Income Series		-0-		-0-
Mississippi Tax-Free Income Series		23,012		4,516
North Carolina Tax-Free Income Series		50,342		-0-
Tennessee Tax-Free Income Series		39,670		-0-
Intermediate Government Bond Series		25,821		9,130
Taxable Municipal Bond Series		20,001		3,536

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, 2026, 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 $41,000. 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.

Purchases and Sales of Securities

During the year ended June 30, 2026, 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	$	974,532	$	3,554,755
Kentucky Tax-Free Income Series		58,751,379		89,193,066
Mississippi Tax-Free Income Series		122,543		553,149
North Carolina Tax-Free Income Series		7,296,005		13,070,699
Tennessee Tax-Free Income Series		5,633,770		8,108,499
Intermediate Government Bond Series		4,950,000		5,759,045
Taxable Municipal Bond Series		208,489		564,178

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

Capital Shares

As of June 30, 2026 and June 30, 2025, 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, 2026						Year Ended June 30, 2025
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		169,084		$	1,929,840			189,281		$	2,158,709
Shares reinvested		22,481			256,458			21,589			243,565
Shares redeemed		(398,434	)		(4,546,811	)		(222,953	)		(2,530,474	)
Net decrease		(206,869	)	$	(2,360,513	)		(12,083	)	$	(128,200	)

KENTUCKY TAX-FREE INCOME SERIES	Year Ended June 30, 2026						Year Ended June 30, 2025
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		10,197,064		$	73,090,868			5,576,898		$	40,053,050
Shares reinvested		1,702,086			12,258,845			1,649,131			11,753,556
Shares from reorganization		-0-			-0-			4,278,842			30,016,929
Shares redeemed		(16,613,429	)		(118,704,376	)		(12,684,020	)		(90,526,694	)
Net decrease		(4,714,279	)	$	(33,354,663	)		(1,179,149	)	$	(8,703,159	)

MISSISSIPPI TAX-FREE INCOME SERIES	Year Ended June 30, 2026						Year Ended June 30, 2025
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		3,785		$	41,466			9,368		$	102,878
Shares reinvested		9,987			110,073			10,092			110,377
Shares redeemed		(57,874	)		(633,468	)		(467,056	)		(5,154,276	)
Net decrease		(44,102	)	$	(481,929	)		(447,596	)	$	(4,941,021	)

NORTH CAROLINA TAX-FREE INCOME SERIES	Year Ended June 30, 2026						Year Ended June 30, 2025
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		1,027,247		$	11,056,283			775,140		$	8,269,481
Shares reinvested		223,384			2,399,809			213,394			2,267,482
Shares from reorganization		-0-			-0-			796,796			8,356,642
Shares redeemed		(1,838,540	)		(19,673,872	)		(2,002,915	)		(21,352,932	)
Net decrease		(587,909	)	$	(6,217,780	)		(217,585	)	$	(2,459,327	)

TENNESSEE TAX-FREE INCOME SERIES	Year Ended June 30, 2026						Year Ended June 30, 2025
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		232,802		$	2,453,782			114,834		$	1,193,163
Shares reinvested		102,778			1,084,925			98,173			1,022,004
Shares from reorganization		-0-			-0-			229,330			2,348,892
Shares redeemed		(576,782	)		(6,067,013	)		(576,719	)		(6,025,187	)
Net decrease		(241,202	)	$	(2,528,306	)		(134,382	)	$	(1,461,128	)

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

Capital Shares, continued


INTERMEDIATE GOVERNMENT BOND SERIES	Year Ended June 30, 2026						Year Ended June 30, 2025
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		39,096		$	373,229			45,082		$	428,132
Shares reinvested		24,987			238,477			28,206			267,835
Shares redeemed		(137,566	)		(1,315,541	)		(213,520	)		(2,029,451	)
Net decrease		(73,483	)	$	(703,835	)		(140,232	)	$	(1,333,484	)

TAXABLE MUNICIPAL BOND SERIES	Year Ended June 30, 2026						Year Ended June 30, 2025
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		47,553		$	353,902			44,374		$	327,237
Shares reinvested		12,307			91,165			14,283			106,051
Shares redeemed		(107,425	)		(797,109	)		(72,069	)		(529,518	)
Net decrease		(47,565	)	$	(352,042	)		(13,412	)	$	(96,230	)

Principal Risks

State-Specific Concentration of Credit Risk

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

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. You should expect a Fund’s share price and total return to fluctuate.

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

Federal Income Taxes

At June 30, 2026, the Funds’ cost of investments for federal income tax purposes and the net unrealized appreciation/(depreciation) of investments were as follows:


	Cost		Appreciation		Depreciation			Net unrealized appreciation/ (depreciation)
Alabama Tax-Free Income Series	$	17,698,383	$	128,150	$	(230,575	)	$	(102,425	)
Kentucky Tax-Free Income Series		696,695,873		7,231,126		(6,997,987	)		233,139
Mississippi Tax-Free Income Series		4,024,910		52,202		(12,625	)		39,577
North Carolina Tax-Free Income Series		106,605,594		801,663		(736,265	)		65,398
Tennessee Tax-Free Income Series		48,834,132		363,162		(151,573	)		211,589
Intermediate Government Bond Series		7,533,217		12,162		(61,773	)		(49,611	)
Taxable Municipal Bond Series		3,032,088		44,994		(202,311	)		(157,317	)

At June 30, 2026, 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	$	—	$	932,474	$	932,474
Kentucky Tax-Free Income Series		1,482,507		27,666,756		29,149,263
Mississippi Tax-Free Income Series		126,287		459,264		585,551
North Carolina Tax-Free Income Series		1,334,440		6,013,892		7,348,332
*Tennessee Tax-Free Income Series		176,447		2,218,931		2,395,378
Intermediate Government Bond Series		51,994		192,304		244,298
Taxable Municipal Bond Series		174,265		1,851,842		2,026,107

*As a result of the reorganization of the Tennessee Short-to-Medium Series into the Tennessee Tax-Free Income Series in the prior year, the Tax-Free Income Series acquired $2,216 of short-term capital loss carryover and $281,735 of long term capital loss carryover, which are available to offset future capital gains. As a result of a change in control due to the merger, the capital loss carryover acquired from the Short-to-Medium Series are subject to an annual limitation of $85,500 (prorated in the initial year) under IRC Section 382.

The tax character of distributions paid for the year ended June 30, 2026 and 2025 were as follows:


	2026						2025
	Tax Exempt Income		Ordinary Income		Long-Term Capital Gain		Tax Exempt Income		Ordinary Income		Long-Term Capital Gain
Alabama Tax-Free Income Series	$	594,727	$	—	$	—	$	605,920	$	—	$	—
Kentucky Tax-Free Income Series		22,159,571		—		—		21,124,828		—		—
Mississippi Tax-Free Income Series		138,625		—		—		159,893		—		—
North Carolina Tax-Free Income Series		3,264,168		—		—		3,079,060		—		—
Tennessee Tax-Free Income Series		1,522,780		—		—		1,473,601		—		—
Intermediate Government Bond Series		—		274,257		—				309,071		—
Taxable Municipal Bond Series		—		145,254		—		—		161,696		—

DUPREE MUTUAL FUNDS

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

Federal Income Taxes, continued

At June 30, 2026, 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	$	—	$	74,025	$	—	$	(102,425)
Kentucky Tax-Free Income		—		2,471,825		—		233,139
Mississippi Tax-Free Income		—		5,877		—		39,577
North Carolina Tax-Free Income		—		207,816		—		65,398
Tennessee Tax-Free Income		—		81,783		—		211,589
Intermediate Government Bond		2,361		—		—		(49,611)
Taxable Municipal Bond Series		4,624		—		—		(157,317)


	Accumulated Capital and Other Losses		Other Temporary Differences		Total Accumulated Losses
Alabama Tax-Free Income	$	(932,474)	$	(74,025)	$	(1,034,899)
Kentucky Tax-Free Income		(29,149,263)		(2,471,825)		(28,916,124)
Mississippi Tax-Free Income		(585,551)		(5,812)		(545,909)
North Carolina Tax-Free Income		(7,348,332)		(207,816)		(7,282,934)
Tennessee Tax-Free Income		(2,395,378)		(104,980)		(2,206,987)
Intermediate Government Bond		(244,298)		(2,361)		(293,909)
Taxable Municipal Bond Series		(2,026,107)		(4,624)		(2,183,424)

Line of Credit Agreement and Custodian Agreement

The Trust entered into an unsecured, uncommitted Loan Agreement (“Line of Credit”) with the Funds’ custodian, U.S.Bank, as an umbrella facility on behalf of the Funds in the Trust. 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 16, 2026. Interest is payable based on the published prime rate of the bank. As of June 30, 2026, the Prime Rate was 6.75%.

The interest expense is shown on each Fund’s Statement of Operations within “Other expenses”. The Funds had no borrowings as of June 30, 2026. During the year ended June 30, 2026, the average interest rate on borrowings was 7.03% 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	$	337,000		11/06/2025	$	1,751
Kentucky Tax Free Income Series		840,000		11/14/2025		7,121
Mississippi Tax-Free Income Series		115,000		01/16/2026		1,425
North Carolina Tax-Free Income Series		64,000		09/12/2025		726
Tennessee Tax-Free Income Series		-0-		N/A		-0-
Intermediate Government Bond Series		64,000		01/30/2026		1,249
Taxable Municipal Bond Series		18,000		04/08/2026		139

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.”

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, Mississippi Tax-Free Income Series, North Carolina Tax-Free Income Series, Tennessee Tax-Free Income Series, Intermediate Government Bond Series, and Taxable Municipal Bond Series (the “Funds”) as of June 30, 2026, 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 five 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 of June 30, 2026, 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 five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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, 2026, 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.

LOGO

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 26, 2026

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.


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, 2026.

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

Year ended June 30, 2025:		$57,000
Year ended June 30, 2026:		$45,600

(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.


Fund	Name of Shareholders		Percentage of Ownership
Mississippi Tax-Free Income Series		Robert Lawson Holladay, Sr.		26.23%


Dupree Mutual Funds
By:		/s/ Michelle M. Dragoo
Michelle M. Dragoo, Principal Financial Officer
Date: August 28, 2026


Dupree Mutual Funds
By:		/s/ Allen E. Grimes, III
Allen E. Grimes, III, Principal Executive Officer
Date: August 28, 2026