<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/ncen">
  <schemaVersion>X0505</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000311101</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptIncludeAllSeriesFlag>true</rptIncludeAllSeriesFlag>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2026-06-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Dupree Mutual Funds</registrantFullName>
      <investmentCompFileNo>811-02918</investmentCompFileNo>
      <registrantCik>0000311101</registrantCik>
      <registrantLei>549300S8YVGTJ1NMTW57</registrantLei>
      <registrantstreet1>125 South Mill Street</registrantstreet1>
      <registrantstreet2>Vine Center, Suite 100</registrantstreet2>
      <registrantcity>Lexington</registrantcity>
      <registrantzipCode>40507</registrantzipCode>
      <registrantstate>US-KY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>859-254-7741</registrantphoneNumber>
      <websites>
        <website webpage="Dupree-Funds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Dupree and Company, Inc.</officeName>
          <officeAddress1>125 South Mill Street</officeAddress1>
          <officeAddress2>Vine Center, Suite 100</officeAddress2>
          <officeCity>Lexington</officeCity>
          <officeStateCountry officeState="US-KY" officeCountry="US"/>
          <officeRecordsZipCode>40507</officeRecordsZipCode>
          <officePhone>8592547741</officePhone>
          <booksRecordsDesc>All books and records of Dupree Mutual Funds</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Dupree Mutual Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>7</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Marc A. Mathews</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>James C. Baughman, Jr.</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Allen Evans Grimes, III</directorName>
          <crdNumber>004890647</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Martin Robert Dean</ccoName>
          <crdNumber>002500364</crdNumber>
          <ccoStreet1>225 Pictoria Drive</ccoStreet1>
          <ccoStreet2>Suite 450</ccoStreet2>
          <ccoCity>Cincinnati</ccoCity>
          <ccoStateCountry ccoState="US-OH" ccoCountry="US"/>
          <ccoZipCode>45246</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>Y</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="The Ultimus Group Employee, LLC" ccoEmployerId="83-3233570"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
        <chiefComplianceOfficer>
          <ccoName>Michael Wittke</ccoName>
          <crdNumber>004900321</crdNumber>
          <ccoStreet1>225 Pictoria Drive</ccoStreet1>
          <ccoStreet2>Suite 450</ccoStreet2>
          <ccoCity>Cincinnati</ccoCity>
          <ccoStateCountry ccoState="US-OH" ccoCountry="US"/>
          <ccoZipCode>45246</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>Y</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="The Ultimus Group Employee, LLC" ccoEmployerId="83-3233570"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Cohen &amp; Company, Ltd.</publicAccountantName>
          <pcaobNumber>925</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantRssdId>N/A</publicAccountantRssdId>
          <publicAccountantStateCountry publicAccountantState="US-OH" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Alabama Tax-Free Income Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000011998</mgmtInvSeriesId>
        <mgmtInvLei>549300T1CNFIN1UYSS96</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Alabama Tax-Free Income Series" sharesOutstandingClassId="C000032726" sharesOutstandingTickerSymbol="DUALX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dupree and Company, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-13157</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000001697</investmentAdviserCrdNo>
            <investmentAdviserLei>549300UHYVKBWLSXI251</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-KY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Dupree and Company, Inc</transferAgentName>
            <transferAgentFileNo>84-01407</transferAgentFileNo>
            <transferAgentLei>549300UHYVKBWLSXI251</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US BANK</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dupree and Company, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>549300UHYVKBWLSXI251</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Dupree and Company, Inc.</adminName>
            <adminLei>549300UHYVKBWLSXI251</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-KY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Dupree &amp; Company, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-13157</brokerDealerFileNo>
            <brokerDealerCrdNo>000001697</brokerDealerCrdNo>
            <brokerDealerLei>549300UHYVKBWLSXI251</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-KY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>South State Duncan Williams Securitiers Corporation</principalName>
            <principalFileNo>8-18971</principalFileNo>
            <principalCrdNo>000006950</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>518235.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bank of Oklahoma Financial Services, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000017530</principalCrdNo>
            <principalLei>5493008UZFTI4G7UQ733</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>508333.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SAMCO CAPITAL MARKETS</principalName>
            <principalFileNo>8-67023</principalFileNo>
            <principalCrdNo>000136532</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>380258.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Bank NA</principalName>
            <principalFileNo>8-65876-1</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>KB1H1DSPRFMYMCUFXT09</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>355796.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Brownstone Investment Group, LLC</principalName>
            <principalFileNo>8-50460</principalFileNo>
            <principalCrdNo>000043884</principalCrdNo>
            <principalLei>549300EBC8OHVQMGF416</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>304049.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Oppenheimer and Company Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000249</principalCrdNo>
            <principalLei>254900VH02JQR2L8XD64</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>300567.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Financial Services Inc.</principalName>
            <principalFileNo>8-49990-1</principalFileNo>
            <principalCrdNo>000017073</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>295773.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley and Company LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-GA" principalCountry="US"/>
            <principalTotalPurchaseSale>284718.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Middlegate Securities</principalName>
            <principalFileNo>8-39031-1</principalFileNo>
            <principalCrdNo>000021544</principalCrdNo>
            <principalLei>549300ZVONUQ845QCH95</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>259645.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stonex Financial</principalName>
            <principalFileNo>8-51269</principalFileNo>
            <principalCrdNo>000045993</principalCrdNo>
            <principalLei>549300LNKU6K5TJCRG93</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>238556.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>4529287.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>19042159.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Kentucky Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Mississippi Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="North Carolina Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Tennessee Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Intermediate Government Bond Series" secFileNo="811-2918"/>
                <creditUser fundName="Taxable Municipal Bond Series" secFileNo="811-2918"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="1751.000000000000" daysCreditUsed="4"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Kentucky Tax-Free Income Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000011999</mgmtInvSeriesId>
        <mgmtInvLei>549300M6RI6888R83354</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Kentucky Tax-Free Income Series" sharesOutstandingClassId="C000032727" sharesOutstandingTickerSymbol="KYTFX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dupree and Company, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-13157</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000001697</investmentAdviserCrdNo>
            <investmentAdviserLei>549300UHYVKBWLSXI251</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-KY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Dupree and Company, Inc</transferAgentName>
            <transferAgentFileNo>84-01407</transferAgentFileNo>
            <transferAgentLei>549300UHYVKBWLSXI251</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US BANK</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dupree and Company, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>549300UHYVKBWLSXI251</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Dupree and Company, Inc.</adminName>
            <adminLei>549300UHYVKBWLSXI251</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-KY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Dupree &amp; Company, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-13157</brokerDealerFileNo>
            <brokerDealerCrdNo>000001697</brokerDealerCrdNo>
            <brokerDealerLei>549300UHYVKBWLSXI251</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-KY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BOFA Merrill Lynch</principalName>
            <principalFileNo>8-76910-1</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>42054024.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Bank NA</principalName>
            <principalFileNo>8-65876-1</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>KB1H1DSPRFMYMCUFXT09</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>26739406.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley and Company LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-GA" principalCountry="US"/>
            <principalTotalPurchaseSale>19092172.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Northland Securities, Inc.</principalName>
            <principalFileNo>8-48994</principalFileNo>
            <principalCrdNo>000040258</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>10440674.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Mesirow Financial, Inc.</principalName>
            <principalFileNo>8-28816-1</principalFileNo>
            <principalCrdNo>000002764</principalCrdNo>
            <principalLei>549300BIV46SUHPOFE54</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>8208764.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bank of Oklahoma Financial Services, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000017530</principalCrdNo>
            <principalLei>5493008UZFTI4G7UQ733</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>5321213.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PNC Securities</principalName>
            <principalFileNo>8-32493-1</principalFileNo>
            <principalCrdNo>000015647</principalCrdNo>
            <principalLei>7OGNSSLOQJ8U3B9Y5F18</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-KY" principalCountry="US"/>
            <principalTotalPurchaseSale>4920200.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>KeyBanc Capital Markets</principalName>
            <principalFileNo>8-30177-1</principalFileNo>
            <principalCrdNo>000000566</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>4049743.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Robert Baird</principalName>
            <principalFileNo>8-49700-1</principalFileNo>
            <principalCrdNo>000008158</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>3461966.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital Inc</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3016020.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>147944445.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>699516426.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Alabama Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Mississippi Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="North Carolina Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Tennessee Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Intermediate Government Bond Series" secFileNo="811-2918"/>
                <creditUser fundName="Taxable Municipal Bond Series" secFileNo="811-2918"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="7121.000000000000" daysCreditUsed="4"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Mississippi Tax-Free Income Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000012001</mgmtInvSeriesId>
        <mgmtInvLei>549300OXO4F6D3I1L078</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Mississippi Tax-Free Income Series" sharesOutstandingClassId="C000032729" sharesOutstandingTickerSymbol="DUMSX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dupree and Company, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-13157</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000001697</investmentAdviserCrdNo>
            <investmentAdviserLei>549300UHYVKBWLSXI251</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-KY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Dupree and Company, Inc</transferAgentName>
            <transferAgentFileNo>84-01407</transferAgentFileNo>
            <transferAgentLei>549300UHYVKBWLSXI251</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US BANK</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dupree and Company, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>549300UHYVKBWLSXI251</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Dupree and Company, Inc.</adminName>
            <adminLei>549300UHYVKBWLSXI251</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-KY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Dupree &amp; Company, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-13157</brokerDealerFileNo>
            <brokerDealerCrdNo>000001697</brokerDealerCrdNo>
            <brokerDealerLei>549300UHYVKBWLSXI251</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-KY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>South State Duncan Williams Securitiers Corporation</principalName>
            <principalFileNo>8-18971</principalFileNo>
            <principalCrdNo>000006950</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>197993.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bank of Oklahoma Financial Services, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000017530</principalCrdNo>
            <principalLei>5493008UZFTI4G7UQ733</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>180023.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley and Company LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-GA" principalCountry="US"/>
            <principalTotalPurchaseSale>125346.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Sumridge Partners</principalName>
            <principalFileNo>8-68454-1</principalFileNo>
            <principalCrdNo>000152437</principalCrdNo>
            <principalLei>529900ECMK8VI6Q1FG89</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>123125.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Raymond James and Associates, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U40NQX15J3R08XCKE979</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>49206.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>675692.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>4290429.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Alabama Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Kentucky Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="North Carolina Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Tennessee Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Intermediate Government Bond Series" secFileNo="811-2918"/>
                <creditUser fundName="Taxable Municipal Bond Series" secFileNo="811-2918"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="1425.000000000000" daysCreditUsed="5"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>North Carolina Tax-Free Income Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000012002</mgmtInvSeriesId>
        <mgmtInvLei>549300L1B850MUN5FK63</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="North Carolina Tax-Free Income Series" sharesOutstandingClassId="C000032730" sharesOutstandingTickerSymbol="NTFIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dupree and Company, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-13157</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000001697</investmentAdviserCrdNo>
            <investmentAdviserLei>549300UHYVKBWLSXI251</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-KY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Dupree and Company, Inc</transferAgentName>
            <transferAgentFileNo>84-01407</transferAgentFileNo>
            <transferAgentLei>549300UHYVKBWLSXI251</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US BANK</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dupree and Company, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>549300UHYVKBWLSXI251</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Dupree and Company, Inc.</adminName>
            <adminLei>549300UHYVKBWLSXI251</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-KY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Dupree &amp; Company, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-13157</brokerDealerFileNo>
            <brokerDealerCrdNo>000001697</brokerDealerCrdNo>
            <brokerDealerLei>549300UHYVKBWLSXI251</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-KY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BOFA Merrill Lynch</principalName>
            <principalFileNo>8-76910-1</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1816485.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bank of Oklahoma Financial Services, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000017530</principalCrdNo>
            <principalLei>5493008UZFTI4G7UQ733</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>1594993.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Financial Services Inc.</principalName>
            <principalFileNo>8-49990-1</principalFileNo>
            <principalCrdNo>000017073</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>1496126.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PNC Securities</principalName>
            <principalFileNo>8-32493-1</principalFileNo>
            <principalCrdNo>000015647</principalCrdNo>
            <principalLei>7OGNSSLOQJ8U3B9Y5F18</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-KY" principalCountry="US"/>
            <principalTotalPurchaseSale>1481495.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley and Company LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-GA" principalCountry="US"/>
            <principalTotalPurchaseSale>1478084.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Sumridge Partners</principalName>
            <principalFileNo>8-68454-1</principalFileNo>
            <principalCrdNo>000152437</principalCrdNo>
            <principalLei>529900ECMK8VI6Q1FG89</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>1382129.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Robert Baird</principalName>
            <principalFileNo>8-49700-1</principalFileNo>
            <principalCrdNo>000008158</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>1289329.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Davenport &amp; Company</principalName>
            <principalFileNo>8-17103-1</principalFileNo>
            <principalCrdNo>000000588</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-VA" principalCountry="US"/>
            <principalTotalPurchaseSale>1258823.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>South State Duncan Williams Securitiers Corporation</principalName>
            <principalFileNo>8-18971</principalFileNo>
            <principalCrdNo>000006950</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>1018039.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Northland Securities, Inc.</principalName>
            <principalFileNo>8-48994</principalFileNo>
            <principalCrdNo>000040258</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>1000570.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>20366704.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>107244885.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Alabama Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Kentucky Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Mississippi Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Tennessee Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Intermediate Government Bond Series" secFileNo="811-2918"/>
                <creditUser fundName="Taxable Municipal Bond Series" secFileNo="811-2918"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="726.000000000000" daysCreditUsed="7"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Tennessee Tax-Free Income Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000012004</mgmtInvSeriesId>
        <mgmtInvLei>549300OJ7QYEHSBVZ852</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Tennessee Tax-Free Income Series" sharesOutstandingClassId="C000032732" sharesOutstandingTickerSymbol="TNTIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dupree and Company, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-13157</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000001697</investmentAdviserCrdNo>
            <investmentAdviserLei>549300UHYVKBWLSXI251</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-KY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Dupree and Company, Inc</transferAgentName>
            <transferAgentFileNo>84-01407</transferAgentFileNo>
            <transferAgentLei>549300UHYVKBWLSXI251</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US BANK</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dupree and Company, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>549300UHYVKBWLSXI251</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Dupree and Company, Inc.</adminName>
            <adminLei>549300UHYVKBWLSXI251</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-KY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Dupree &amp; Company, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-13157</brokerDealerFileNo>
            <brokerDealerCrdNo>000001697</brokerDealerCrdNo>
            <brokerDealerLei>549300UHYVKBWLSXI251</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-KY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Bank of Oklahoma Financial Services, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000017530</principalCrdNo>
            <principalLei>5493008UZFTI4G7UQ733</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>2430089.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wiley Brothers Aintree Capital LLC</principalName>
            <principalFileNo>8-37740-1</principalFileNo>
            <principalCrdNo>000003767</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>1711056.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Bank NA</principalName>
            <principalFileNo>8-65876-1</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>KB1H1DSPRFMYMCUFXT09</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>1400104.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FTN Financial</principalName>
            <principalFileNo>8-51393-1</principalFileNo>
            <principalCrdNo>000046346</principalCrdNo>
            <principalLei>PHDL2C07HIPM5DUL8S59</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>1074500.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BOFA Merrill Lynch</principalName>
            <principalFileNo>8-76910-1</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1065930.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>South State Duncan Williams Securitiers Corporation</principalName>
            <principalFileNo>8-18971</principalFileNo>
            <principalCrdNo>000006950</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>1063040.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Northland Securities, Inc.</principalName>
            <principalFileNo>8-48994</principalFileNo>
            <principalCrdNo>000040258</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>1045428.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Raymond James and Associates, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U40NQX15J3R08XCKE979</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>952185.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Piper Jaffray</principalName>
            <principalFileNo>8-15204-1</principalFileNo>
            <principalCrdNo>000000665</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>394244.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>13742269.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>49902534.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Alabama Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Kentucky Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Mississippi Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="North Carolina Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Intermediate Government Bond Series" secFileNo="811-2918"/>
                <creditUser fundName="Taxable Municipal Bond Series" secFileNo="811-2918"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Intermediate Government Bond Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000012006</mgmtInvSeriesId>
        <mgmtInvLei>5493000Y7HCG8WW51M20</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Intermediate Government Bond Series" sharesOutstandingClassId="C000032734" sharesOutstandingTickerSymbol="DPIGX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dupree and Company, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-13157</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000001697</investmentAdviserCrdNo>
            <investmentAdviserLei>549300UHYVKBWLSXI251</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-KY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Dupree and Company, Inc</transferAgentName>
            <transferAgentFileNo>84-01407</transferAgentFileNo>
            <transferAgentLei>549300UHYVKBWLSXI251</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US BANK</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dupree and Company, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>549300UHYVKBWLSXI251</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Dupree and Company, Inc.</adminName>
            <adminLei>549300UHYVKBWLSXI251</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-KY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Dupree &amp; Company, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-13157</brokerDealerFileNo>
            <brokerDealerCrdNo>000001697</brokerDealerCrdNo>
            <brokerDealerLei>549300UHYVKBWLSXI251</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-KY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Piper Jaffray</principalName>
            <principalFileNo>8-15204-1</principalFileNo>
            <principalCrdNo>000000665</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>3075000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FTN Financial</principalName>
            <principalFileNo>8-51393-1</principalFileNo>
            <principalCrdNo>000046346</principalCrdNo>
            <principalLei>PHDL2C07HIPM5DUL8S59</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>1875000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stephens</principalName>
            <principalFileNo>8-01927-1</principalFileNo>
            <principalCrdNo>000003496</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-AR" principalCountry="US"/>
            <principalTotalPurchaseSale>150006.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Huntington Securities Inc</principalName>
            <principalFileNo>8-57610</principalFileNo>
            <principalCrdNo>000002261</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>148913.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Northland Securities, Inc.</principalName>
            <principalFileNo>8-48994</principalFileNo>
            <principalCrdNo>000040258</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>126417.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PNC Securities</principalName>
            <principalFileNo>8-32493-1</principalFileNo>
            <principalCrdNo>000015647</principalCrdNo>
            <principalLei>7OGNSSLOQJ8U3B9Y5F18</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-KY" principalCountry="US"/>
            <principalTotalPurchaseSale>99551.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Cantor Fitzgerald &amp; Co.</principalName>
            <principalFileNo>8-20100</principalFileNo>
            <principalCrdNo>000000134</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>84158.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>10709045.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>8122017.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Alabama Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Kentucky Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Mississippi Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="North Carolina Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Tennessee Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Taxable Municipal Bond Series" secFileNo="811-2918"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="5277.000000000000" daysCreditUsed="12"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Taxable Municipal Bond Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000030335</mgmtInvSeriesId>
        <mgmtInvLei>549300QZJNRF9P13HG37</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Taxable Municipal Bond Series" sharesOutstandingClassId="C000093320" sharesOutstandingTickerSymbol="DUTMX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Dupree and Company, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-13157</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000001697</investmentAdviserCrdNo>
            <investmentAdviserLei>549300UHYVKBWLSXI251</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-KY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Dupree and Company, Inc</transferAgentName>
            <transferAgentFileNo>84-01407</transferAgentFileNo>
            <transferAgentLei>549300UHYVKBWLSXI251</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing and Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Finance LP</pricingServiceName>
            <pricingServiceLei>5493001KJTIIGC8Y1R12</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>US BANK</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Dupree and Company, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>549300UHYVKBWLSXI251</shareholderServiceAgentLei>
            <shareholderServiceAgentRssdId>N/A</shareholderServiceAgentRssdId>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Dupree and Company, Inc.</adminName>
            <adminLei>549300UHYVKBWLSXI251</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-KY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Dupree &amp; Company, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-13157</brokerDealerFileNo>
            <brokerDealerCrdNo>000001697</brokerDealerCrdNo>
            <brokerDealerLei>549300UHYVKBWLSXI251</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-KY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <aggregateCommission>0.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Raymond James and Associates, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U40NQX15J3R08XCKE979</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>108489.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Bank of Oklahoma Financial Services, Inc.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000017530</principalCrdNo>
            <principalLei>5493008UZFTI4G7UQ733</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>102316.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Ramirez</principalName>
            <principalFileNo>8-19014-1</principalFileNo>
            <principalCrdNo>000006963</principalCrdNo>
            <principalLei>254900CBKVW702ENQA21</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>100000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Stifel Nicholaus and Company, Inc.</principalName>
            <principalFileNo>8-14470-1</principalFileNo>
            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>5WUVMA08EYG4KEUPW589</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-KY" principalCountry="US"/>
            <principalTotalPurchaseSale>99978.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FTN Financial</principalName>
            <principalFileNo>8-51393-1</principalFileNo>
            <principalCrdNo>000046346</principalCrdNo>
            <principalLei>PHDL2C07HIPM5DUL8S59</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>87210.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Financial Services Inc.</principalName>
            <principalFileNo>8-49990-1</principalFileNo>
            <principalCrdNo>000017073</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>67517.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>First Tryon Securities, LLC</principalName>
            <principalFileNo>8-21426</principalFileNo>
            <principalCrdNo>000007336</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>67301.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Crews and Associates</principalName>
            <principalFileNo>8-24075-1</principalFileNo>
            <principalCrdNo>000008052</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-AR" principalCountry="US"/>
            <principalTotalPurchaseSale>24856.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>772667.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>3282552.000000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>25000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="US BANK"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Alabama Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Kentucky Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Mississippi Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="North Carolina Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Tennessee Tax-Free Income Series" secFileNo="811-2918"/>
                <creditUser fundName="Intermediate Government Bond Series" secFileNo="811-2918"/>
              </sharedCreditType>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="140.000000000000" daysCreditUsed="3"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Dupree Mutual Funds" signedDate="2026-09-03" signature="Michelle Dragoo" title="Vice President, Treasurer"/>
  </formData>
</edgarSubmission>
