HTML

Unrealized appreciation

Unrealized depreciation

(1,655,552

Net unrealized depreciation

(1,654,771


DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Alabama Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
PUBLIC FACILITIES REVENUE BONDS
26.95% of Net Assets
AL State Corrections Institution Finance Authority		5.000	%	07/01/2042	Aa2	$	350,000	$	349,972
Alabama State Building Renovation Finance Authority		5.000		08/01/2043	Aa2		250,000		246,903
Alabama State Corrections Finance Authority		5.250		07/01/2047	Aa2		100,000		100,287
Alabaster AL Public Building Authority		5.000		05/01/2045	A1		230,000		226,978
Anniston AL Public Building Authority DHR Project		5.250		05/01/2030	AA-*		50,000		50,011
Bessemer AL Public Educational Building Authority Revenue		5.000		07/01/2030	AA*		140,000		140,143
Birmingham Jefferson AL Civic Center Authority Revenue		5.000		05/01/2037	Aa3		400,000		403,378
Birmingham Jefferson AL Civic Center Authority Revenue		5.000		05/01/2038	Aa3		250,000		251,808
Birmingham Jefferson AL Civic Center Authority Revenue		5.000		12/01/2043	AA*		500,000		497,685
Boaz AL Warrants		4.000		02/01/2037	AA*		250,000		233,840
Bullock County AL Public Building Authority		4.000		10/01/2038	AA-*		500,000		455,700
Cherokee County AL Public Building Authority		4.125		07/01/2044	A2		350,000		300,864
Helena AL Warrants		4.000		01/01/2049	AA*		350,000		283,836
Irondale AL Public Building Authority		4.000		10/01/2049	AA-*		425,000		345,712
Montgomery County AL Public Building Authority		5.000		03/01/2036			350,000		351,383
Tuscaloosa County AL Public Building Authority		4.000		10/01/2044	AA-*		250,000		213,630
									4,452,130
SCHOOL IMPROVEMENT BONDS
26.31% of Net Assets
Athens AL		4.125		05/01/2044	Aa2		250,000		220,315
Athens AL		4.250		05/01/2049	Aa2		250,000		214,480
Cherokee County AL Board of Education Tax Warrants		4.000		12/01/2034	A1		310,000		291,983
Cherokee County AL Board of Education Tax Warrants		4.250		12/01/2042	A1		150,000		133,629
Cullman AL Board of Education Special Tax School Warrants		4.000		03/01/2044	A1		250,000		215,375
Cullman AL Board of Education Special Tax School Warrants		4.125		03/01/2049	A1		250,000		206,570
Enterprise AL Board of Education Special Tax School Warrants		4.000		03/01/2044	AA*		250,000		214,345
Florence AL City Board of Education Special Tax School Warrants		4.000		03/01/2046	Aa3		225,000		183,855
Houston County AL Board of Education Special Tax School Warrants		3.000		12/01/2037	AA*		150,000		122,636
Jackson County AL Board of Education School Tax Warrants		3.000		03/01/2038	AA*		350,000		282,468
Jefferson County AL Board of Education Public School Warrants		4.000		02/01/2042	Aa3		795,000		687,381
Lauderdale County AL Board of Education Special Tax School Warrants		5.000		02/01/2044	AA*		155,000		153,396
Lauderdale County AL Board of Education Special Tax School Warrants		4.125		02/01/2049	AA*		250,000		208,628
Mountain Brook AL City Board of Education		3.000		03/01/2042	Aa1		250,000		184,300
Pell City AL Warrants		4.500		02/01/2042	AA*		200,000		188,140
Pike Road AL Warrants		5.000		03/01/2043	AA+*		250,000		250,535
Saint Clair County AL Board of Education Special Tax Warrants		5.000		02/01/2040	A1		125,000		125,801
Saint Clair County AL Board of Education Special Tax Warrants		4.000		02/01/2044	A1		500,000		431,455
Troy AL Public Educational Building Authority		5.250		12/01/2036	A1		30,000		29,999
									4,345,291
MUNICIPAL UTILITY REVENUE BONDS
14.04% of Net Assets
Berry AL Water & Sewer Revenue		4.000		09/01/2039	AA*		250,000		227,523
Birmingham AL Waterworks		4.000		01/01/2041	Aa2		225,000		199,710
Guntersville AL Waterworks & Sewer Board Utility Revenue		4.250		08/01/2049	AA*		250,000		214,273
Limestone County AL Water & Sewer Authority		4.750		12/01/2035	AA*		400,000		400,047
Montgomery AL Water Works		5.000		09/01/2044	Aa1		115,000		115,570
Opelika AL Utilities Board		4.000		06/01/2039	Aa3		250,000		222,828
Prattville AL Sewer Warrants		4.000		11/01/2042	AA*		375,000		327,085
Roanoke AL Utilities Board Water & Gas & Sewer Revenue		4.375		08/15/2049	AA*		250,000		221,968
Tuskegee AL Utilities Board		3.000		08/01/2037	A1		260,000		217,472
Warrior River AL Water Authority		4.000		08/01/2043	AA*		200,000		173,078
									2,319,554
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.96% of Net Assets
AL Community College System Gadsden State Community College		5.000		06/01/2038	A1		325,000		325,894
AL State Public School & College Authority		4.000		11/01/2040	Aa1		250,000		226,580
AL State Public School & College Authority		4.000		09/01/2043	Aa1		250,000		220,365
Florence AL Public Educational Building Authority		5.250		11/01/2049	A1		575,000		569,658
Troy University AL Facilities Revenue		4.000		11/01/2032	A1		300,000		293,175
University of AL Huntsville General Fee Revenue		5.000		09/01/2038	Aa3		500,000		505,265
									2,140,937
STATE AND LOCAL MORTGAGE/HOUSING BONDS
8.48% of Net Assets
AL State Housing Finance Authority		4.500		10/01/2044	Aa1		940,000		837,390
AL State Housing Finance Authority		4.550		10/01/2044	Aa1		245,000		220,429
AL State Housing Finance Authority		4.450		10/01/2044	Aa1		140,000		126,756
AL State Housing Finance Authority		4.700		10/01/2049	Aa1		240,000		215,400
									1,399,975
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
5.41% of Net Assets
Birmingham AL Warrants		4.000		12/01/2035	Aa3		250,000		237,430
Elmore County AL Warrants		5.000		05/01/2047	AA*		250,000		242,485
Enterprise AL Warrants		4.625		10/01/2040	AA-*		250,000		239,425
Rainsville AL Warrants		4.000		01/01/2044	AA*		200,000		173,902
									893,242


DUPREE MUTUAL FUNDS - ALABAMA TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Alabama Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
PREREFUNDED BONDS
1.76% of Net Assets
Limestone County AL Water & Sewer Authority		4.750	%		12/01/2033		AA*	$	290,000	$	290,548

REFUNDING BONDS
1.52% of Net Assets
Jefferson County AL Warrants		5.000			09/15/2035		AA+*		250,000		250,810

Total Investments 97.43% of Net Assets										$	16,092,487

(cost $17,747,258 (See (a) below for further explanation)

Other assets in excess of liabilities 2.57%											425,108

Net Assets 100%										$	16,517,595

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a) Cost for federal income tax purposes is $17,747,258 and net unrealized depreciation of investments is as follows:

Other Information

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

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Prices determined using other significant observable inputs. Observable inputs, either directly or indirectly, are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 -

Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, where there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing a security, and would be based on the best information available.

The following is a summary of the inputs used, as of September 30, 2026, involving the Fund’s investments in securities carried at fair value. As of that date, the Fund held no investments or other financial instruments whose fair value was determined using Level 3 inputs. The Fund recognizes transfers at the end of the reporting period. There were no transfers in and out of level 1, 2 or 3 during the quarter ended September 30, 2026.


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		16,092,487
Level 3	Significant Unobservable Inputs		—

		$	16,092,487

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


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
31.78% of Net Assets
Adair County KY School District Finance Corporation		4.250	%	09/01/2040	Aa3	$	1,840,000	$	1,656,442
Adair County KY School District Finance Corporation		4.250		09/01/2042	Aa3		1,270,000		1,114,057
Anderson County KY School District Finance Corporation		3.000		02/01/2029	Aa3		500,000		484,495
Bardstown KY Independent School District Finance Corporation		4.000		02/01/2040	Aa3		1,495,000		1,327,874
Bardstown KY Independent School District Finance Corporation		4.000		02/01/2042	Aa3		1,525,000		1,340,506
Bardstown KY Independent School District Finance Corporation		4.750		09/01/2044	Aa3		610,000		568,788
Bardstown KY Independent School District Finance Corporation		5.000		09/01/2048	Aa3		2,200,000		2,095,764
Beechwood KY Independent School District Finance Corporation		4.375		08/01/2042	Aa3		650,000		578,370
Bell County KY School District Finance Corporation		4.500		09/01/2041	Aa3		1,440,000		1,353,312
Bell County KY School District Finance Corporation		4.000		10/01/2042	Aa3		680,000		580,156
Bell County KY School District Finance Corporation		4.000		10/01/2043	Aa3		710,000		601,725
Bell County KY School District Finance Corporation		5.000		09/01/2046	Aa3		1,725,000		1,714,167
Boone County KY School District Finance Corporation		4.000		06/01/2029	Aa3		450,000		449,415
Bourbon County KY School District Finance Corporation		5.000		08/01/2028	Aa3		215,000		218,758
Bourbon County KY School District Finance Corporation		5.000		08/01/2029	Aa3		225,000		230,418
Bourbon County KY School District Finance Corporation		5.000		08/01/2030	Aa3		185,000		190,513
Bowling Green KY Independent School District Finance Corporation		5.000		08/01/2027	Aa3		695,000		695,535
Bowling Green KY School District Finance Corporation		4.000		08/01/2034	Aa3		1,890,000		1,857,473
Bowling Green KY School District Finance Corporation		4.000		08/01/2035	Aa3		2,215,000		2,144,292
Bowling Green KY School District Finance Corporation		4.000		08/01/2036	Aa3		2,305,000		2,177,234
Bowling Green KY School District Finance Corporation		4.000		08/01/2037	Aa3		2,395,000		2,209,603
Bowling Green KY School District Finance Corporation		4.000		04/01/2043	Aa3		3,085,000		2,653,563
Bowling Green KY School District Finance Corporation		4.000		04/01/2045	Aa3		2,500,000		2,117,125
Boyd County KY School District Finance Corporation		4.250		09/01/2040	Aa3		500,000		458,460
Breckinridge County KY School District Finance Corporation		4.500		03/01/2049	Aa3		1,000,000		877,860
Bullitt County KY School District Finance Corporation		4.000		10/01/2035	Aa3		1,820,000		1,750,640
Bullitt County KY School District Finance Corporation		4.000		10/01/2036	Aa3		2,985,000		2,838,078
Bullitt County KY School District Finance Corporation		4.000		10/01/2037	Aa3		3,075,000		2,854,154
Bullitt County KY School District Finance Corporation		4.000		03/01/2038	Aa3		575,000		525,878
Bullitt County KY School District Finance Corporation		4.000		02/01/2042	Aa3		1,485,000		1,265,799
Butler County KY School District Finance Corporation		4.000		03/01/2037	Aa3		360,000		334,354
Butler County KY School District Finance Corporation		4.250		03/01/2040	Aa3		755,000		687,662
Campbell County KY School District Finance Corporation		4.000		02/01/2045	Aa3		1,000,000		825,030
Campbellsville KY Independent School District Finance Corporation		4.500		06/01/2043	Aa3		685,000		632,652
Christian County KY School District Finance Corporation		4.500		10/01/2042	Aa3		3,555,000		3,319,872
Christian County KY School District Finance Corporation		4.500		10/01/2043	Aa3		3,605,000		3,330,119
Christian County KY School District Finance Corporation		4.500		10/01/2048	Aa3		3,000,000		2,672,520
Clark County KY School District Finance Corporation		4.000		03/01/2039	Aa3		3,090,000		2,774,727
Clark County KY School District Finance Corporation		4.000		03/01/2040	Aa3		1,475,000		1,304,180
Clay County KY School District Finance Corporation		4.250		09/01/2042	Aa3		1,500,000		1,348,440
Corbin KY Independent School District Finance Corporation		4.250		04/01/2042	Aa3		705,000		622,621
Corbin KY Independent School District Finance Corporation		4.250		04/01/2043	Aa3		500,000		437,715
Covington KY Independent School District Finance Corporation		4.000		06/01/2041	Aa3		490,000		426,486
Daviess County KY Board of Education		4.000		02/01/2044	Aa3		775,000		653,031
Dayton KY Independent School District Finance Corporation		4.000		04/01/2044	Aa3		2,210,000		1,827,383
Edmonson County KY School District Finance Corporation		5.000		02/01/2046	Aa3		1,045,000		1,004,841
Elizabethtown KY GO		4.625		06/01/2042	Aa2		745,000		704,778
Erlanger-Elsmere KY Board of Education		4.875		06/01/2044	Aa3		1,000,000		954,870
Erlanger-Elsmere KY Board of Education		5.000		06/01/2046	Aa3		1,695,000		1,641,269
Fairview KY Independent School District Finance Corporation		4.000		10/01/2041	Aa3		530,000		457,326
Fairview KY Independent School District Finance Corporation		4.000		10/01/2042	Aa3		555,000		472,977
Fairview KY Independent School District Finance Corporation		4.000		10/01/2043	Aa3		580,000		489,827
Fairview KY Independent School District Finance Corporation		4.000		10/01/2044	Aa3		515,000		430,545
Fayette County KY Board of Education		4.000		04/01/2042	Aa3		1,000,000		843,950
Fayette County KY Board of Education		4.000		04/01/2043	Aa3		4,020,000		3,356,017
Fayette County KY Board of Education		4.000		04/01/2044	Aa3		4,585,000		3,800,186
Fayette County KY Board of Education		4.000		04/01/2048	Aa3		1,410,000		1,125,490
Fayette County KY School District Finance Corporation		5.000		06/01/2046	Aa3		2,525,000		2,418,092
Fayette County KY School District Finance Corporation		5.000		06/01/2047	Aa3		1,000,000		955,270
Fleming County KY School District Finance Corporation		4.250		06/01/2043	Aa3		965,000		847,849
Fleming County KY School District Finance Corporation		4.250		06/01/2044	Aa3		1,010,000		879,781
Floyd County KY School District Finance Corporation		3.500		08/01/2031	Aa3		800,000		761,528
Franklin County KY Board of Education		5.000		06/01/2046	Aa3		2,000,000		1,936,600
Franklin County KY School District Finance Corporation		4.000		02/01/2040	Aa3		1,000,000		878,500
Franklin County KY School District Finance Corporation		4.000		02/01/2041	Aa3		1,020,000		877,771
Graves County KY Board of Education		4.500		05/01/2045	Aa3		610,000		543,437
Hancock County KY School District Finance Corporation		5.000		08/01/2041	Aa3		1,095,000		1,084,751
Hancock County KY School District Finance Corporation		4.500		08/01/2044	Aa3		1,705,000		1,528,771
Hardin County KY Board of Education		4.000		06/01/2040	Aa2		1,000,000		888,080
Hardin County KY Board of Education		4.000		06/01/2044	Aa2		1,000,000		836,770
Hardin County KY School District Finance Corporation		4.000		02/01/2041	Aa3		1,220,000		1,049,883
Hardin County KY School District Finance Corporation		4.000		02/01/2042	Aa3		6,035,000		5,132,883


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
Hardin County KY School District Finance Corporation		4.000	%	02/01/2044	Aa3	$	2,000,000	$	1,657,540
Harlan KY Independent School District Finance Corporation		4.250		09/01/2041	Aa3		560,000		500,405
Harlan KY Independent School District Finance Corporation		4.375		09/01/2042	Aa3		260,000		233,826
Hart County KY School District Finance Corporation		5.000		05/01/2048	Aa3		1,000,000		969,150
Hazard County KY School District Finance Corporation		4.000		11/01/2045	Aa3		815,000		667,420
Hazard County KY School District Finance Corporation		4.000		11/01/2046	Aa3		900,000		735,156
Hazard KY Independent School District Finance Corporation		4.000		11/01/2040	Aa3		745,000		649,022
Hazard KY Independent School District Finance Corporation		4.000		11/01/2041	Aa3		735,000		630,395
Hazard KY Independent School District Finance Corporation		4.000		11/01/2043	Aa3		595,000		498,086
Henderson County KY School District Finance Commission		4.125		03/01/2045	Aa3		2,485,000		2,092,345
Hopkins County KY School District Finance Corporation		4.000		11/01/2047	Aa3		1,465,000		1,187,925
Jefferson County KY School District Finance Corporation		4.250		10/01/2037	Aa3		2,110,000		2,032,669
Jefferson County KY School District Finance Corporation		3.000		12/01/2039	Aa3		385,000		298,698
Jefferson County KY School District Finance Corporation		3.000		12/01/2040	Aa3		1,940,000		1,466,873
Johnson County KY School District Finance Corporation		4.500		09/01/2042	Aa3		500,000		450,840
Johnson County KY School District Finance Corporation		4.500		09/01/2043	Aa3		825,000		745,833
Kenton County KY School District Finance Corporation		4.000		04/01/2036	Aa3		1,210,000		1,128,047
Kenton County KY School District Finance Corporation		4.000		04/01/2037	Aa3		1,255,000		1,157,286
Kenton County KY School District Finance Corporation		4.000		04/01/2038	Aa3		1,300,000		1,177,761
Knox County KY School District Finance Corporation		4.000		10/01/2044	Aa3		390,000		326,044
KY State Interlocal School Transportation Association		3.250		03/01/2028	Aa3		475,000		469,604
Madison County KY School District Finance Corporation		4.000		02/01/2042	Aa3		2,545,000		2,183,636
Madison County KY School District Finance Corporation		4.000		02/01/2043	Aa3		1,585,000		1,346,061
Madison County KY School District Finance Corporation		4.000		02/01/2044	Aa3		1,000,000		838,630
Madison County KY School District Finance Corporation		4.250		02/01/2045	Aa3		2,170,000		1,874,858
Marion County KY School District Finance Corporation		4.000		04/01/2038	Aa3		1,000,000		914,140
Marion County KY School District Finance Corporation		4.000		04/01/2040	Aa3		1,190,000		1,053,745
Marshall County KY Board of Education		4.000		10/01/2044	Aa3		1,230,000		1,025,808
Mason County KY School District Finance Corporation		4.000		04/01/2043	Aa3		1,145,000		1,002,116
McLean County KY School District Finance Corporation		4.000		02/01/2044	Aa3		845,000		723,962
Meade County KY School District Finance Corporation		4.000		06/01/2036	Aa3		2,215,000		2,102,124
Meade County KY School District Finance Corporation		4.000		06/01/2037	Aa3		2,255,000		2,103,825
Meade County KY School District Finance Corporation		4.000		06/01/2038	Aa3		2,400,000		2,213,640
Mercer County KY School District Finance Corporation		4.000		05/01/2040	Aa3		1,555,000		1,367,809
Mercer County KY School District Finance Corporation		4.000		05/01/2041	Aa3		1,950,000		1,687,472
Mercer County KY School District Finance Corporation		4.000		05/01/2044	Aa3		450,000		373,185
Mercer County KY School District Finance Corporation		4.375		08/01/2045	Aa3		1,500,000		1,298,745
Mercer County KY School District Finance Corporation		4.250		08/01/2044	Aa3		1,495,000		1,291,889
Montgomery County KY School District Finance Corporation		4.250		04/01/2044	Aa3		530,000		460,459
Montgomery County KY School District Finance Corporation		4.375		04/01/2045	Aa3		455,000		398,921
Nelson County KY School District Finance Corporation		4.000		06/01/2041	Aa3		1,695,000		1,458,124
Nelson County KY School District Finance Corporation		4.125		06/01/2042	Aa3		1,765,000		1,522,242
Nelson County KY School District Finance Corporation		4.125		11/01/2044	Aa3		2,160,000		1,833,343
Newport KY Independent School District Finance Corporation		3.500		11/01/2028	Aa3		425,000		416,781
Owensboro KY Independent School District Finance Corporation		4.000		04/01/2041	Aa3		1,545,000		1,330,801
Paris KY Independent School District Finance Corporation		5.000		06/01/2027	Aa3		205,000		206,302
Paris KY Independent School District Finance Corporation		5.000		06/01/2028	Aa3		215,000		218,079
Paris KY Independent School District Finance Corporation		5.000		06/01/2029	Aa3		170,000		173,477
Paris KY Independent School District Finance Corporation		4.000		03/01/2042	Aa3		1,000,000		861,320
Paris KY Independent School District Finance Corporation		4.000		06/01/2043	Aa3		335,000		282,549
Pike County KY School District Finance Corporation		4.000		02/01/2028	Aa3		295,000		294,381
Powell County KY School District Finance Corporation		4.000		02/01/2039	Aa3		1,235,000		1,110,623
Pulaski County KY School District Finance Corporation		4.500		06/01/2045	Aa3		3,300,000		2,949,606
Raceland-Worthington KY Independent School District Finance Corporation		3.400		06/01/2037	Aa3		530,000		463,718
Robertson County KY School District Finance Corporation		4.000		02/01/2042	Aa3		300,000		256,557
Robertson County KY School District Finance Corporation		4.000		02/01/2043	Aa3		310,000		262,369
Rockcastle County KY School District Finance Corporation		4.000		03/01/2038	Aa3		1,140,000		1,040,752
Rockcastle County KY School District Finance Corporation		4.000		03/01/2041	Aa3		1,305,000		1,136,616
Rockcastle County KY School District Finance Corporation		4.000		03/01/2041	Aa3		1,275,000		1,098,859
Rockcastle County KY School District Finance Corporation		4.000		03/01/2042	Aa3		1,015,000		871,357
Rockcastle County KY School District Finance Corporation		4.000		03/01/2043	Aa3		1,205,000		1,021,623
Rockcastle County KY School District Finance Corporation		4.000		03/01/2043	Aa3		500,000		420,530
Rockcastle County KY School District Finance Corporation		4.000		03/01/2044	Aa3		500,000		416,615
Rockcastle County KY School District Finance Corporation		4.000		03/01/2046	Aa3		705,000		574,631
Russell County KY School District Finance Corporation		4.125		02/01/2042	Aa3		655,000		567,381
Russell County KY School District Finance Corporation		4.125		02/01/2043	Aa3		720,000		617,630
Russell County KY School District Finance Corporation		4.250		02/01/2044	Aa3		520,000		451,074
Russell County KY School District Finance Corporation		4.250		02/01/2045	Aa3		565,000		485,211
Russellville KY Independent School District Finance Corporation		4.000		03/01/2044	Aa3		545,000		457,898
Scott County KY School District Finance Corporation		4.000		06/01/2035	Aa3		1,440,000		1,370,794
Scott County KY School District Finance Corporation		4.000		10/01/2035	Aa3		2,235,000		2,119,652
Scott County KY School District Finance Corporation		4.000		06/01/2036	Aa3		1,500,000		1,396,935
Scott County KY School District Finance Corporation		4.000		10/01/2037	Aa3		2,415,000		2,218,298
Scott County KY School District Finance Corporation		5.000		09/01/2041	Aa3		7,120,000		7,104,905


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
Scott County KY School District Finance Corporation		4.125	%	04/01/2047	Aa3	$	2,025,000	$	1,702,782
Shelby County KY School District Finance Corporation		4.000		08/01/2037	Aa3		6,240,000		5,737,243
Shelby County KY School District Finance Corporation		4.000		08/01/2038	Aa3		3,000,000		2,655,300
Somerset KY Independent School District Finance Corporation		4.625		08/01/2045	Aa3		1,605,000		1,457,212
Somerset KY Independent School District Finance Corporation		4.625		08/01/2046	Aa3		1,655,000		1,490,592
Spencer County KY Board of Education		4.000		12/01/2043	Aa3		800,000		690,984
Spencer County KY Board of Education		4.375		12/01/2045	Aa3		1,085,000		937,961
Taylor County KY School District Finance Corporation		4.000		12/01/2044	Aa3		820,000		700,001
Union County KY School District Finance Corporation		4.500		05/01/2042	Aa3		500,000		457,405
Union County KY School District Finance Corporation		4.500		05/01/2043	Aa3		950,000		862,876
Warren County KY School District Finance Corporation		4.000		02/01/2040	Aa3		2,000,000		1,772,860
Warren County KY School District Finance Corporation		4.250		12/01/2041	Aa3		5,000,000		4,428,400
Wayne Co KY School District Finance Corporation		4.125		12/01/2044	Aa3		1,070,000		905,530
Williamstown KY Independent School District Finance Corporation		4.125		05/01/2044	Aa3		490,000		418,617
Woodford County KY School District Finance Corporation		5.000		08/01/2038	Aa3		1,650,000		1,675,740
Woodford County KY School District Finance Corporation		5.000		08/01/2039	Aa3		350,000		351,911
									202,621,685
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
28.17% of Net Assets
KY Association of Counties		5.000		02/01/2028	AA-*		195,000		197,705
KY Association of Counties		4.000		02/01/2029	AA-*		630,000		631,644
KY Association of Counties		5.000		02/01/2029	AA-*		205,000		209,656
KY Association of Counties		5.000		02/01/2030	AA-*		385,000		394,090
KY Association of Counties		5.000		02/01/2030	AA-*		250,000		257,643
KY Association of Counties		5.000		02/01/2031	AA-*		255,000		260,562
KY Association of Counties		4.000		02/01/2034	AA-*		435,000		420,989
KY Association of Counties		4.000		02/01/2035	AA-*		690,000		660,647
KY Association of Counties		4.000		02/01/2035	AA-*		460,000		440,735
KY Association of Counties		4.500		02/01/2036	AA-*		445,000		442,294
KY Association of Counties		4.000		02/01/2037	AA-*		745,000		687,099
KY Association of Counties		4.500		02/01/2037	AA-*		460,000		455,106
KY Association of Counties		4.000		02/01/2038	AA-*		3,165,000		2,860,274
KY Association of Counties		4.500		02/01/2038	AA-*		490,000		475,565
KY Association of Counties		4.000		02/01/2039	AA-*		1,000,000		891,680
KY Association of Counties		4.500		02/01/2039	AA-*		515,000		493,303
KY Association of Counties		5.000		02/01/2039	AA-*		550,000		556,512
KY Association of Counties		4.500		02/01/2040	AA-*		535,000		505,174
KY Association of Counties		4.500		02/01/2041	AA-*		565,000		525,343
KY Association of Counties		3.500		02/01/2042	AA-*		1,215,000		969,704
KY Association of Counties		4.500		02/01/2042	AA-*		1,050,000		967,691
KY Association of Counties		4.500		02/01/2043	AA-*		1,455,000		1,319,845
KY Association of Counties		4.000		02/01/2043	AA-*		515,000		432,899
KY Association of Counties		4.500		02/01/2044	AA-*		410,000		373,510
KY Association of Counties		4.000		02/01/2048	AA-*		920,000		734,077
KY Bond Corporation Finance Program		3.000		02/01/2032	AA-*		550,000		507,282
KY Bond Corporation Finance Program		3.000		02/01/2035	AA-*		1,170,000		1,018,579
KY Bond Corporation Finance Program		3.000		02/01/2035	AA-*		930,000		803,846
KY Bond Corporation Finance Program		3.000		02/01/2036	AA-*		1,240,000		1,048,420
KY Bond Corporation Finance Program		3.000		02/01/2036	AA-*		965,000		815,908
KY Bond Corporation Finance Program		3.000		02/01/2037	AA-*		990,000		824,541
KY Bond Corporation Finance Program		3.000		02/01/2038	AA-*		980,000		792,634
KY Bond Corporation Finance Program		3.000		02/01/2038	AA-*		1,025,000		832,864
KY Bond Corporation Finance Program		3.000		02/01/2039	AA-*		1,050,000		830,834
KY Bond Corporation Finance Program		3.000		02/01/2040	AA-*		1,030,000		796,272
KY Bond Corporation Finance Program		3.000		02/01/2041	AA-*		1,000,000		753,400
KY Bond Corporation Finance Program		3.000		02/01/2041	AA-*		1,065,000		805,012
KY Bond Corporation Finance Program		4.375		02/01/2041	AA-*		920,000		849,160
KY Bond Corporation Finance Program		3.000		02/01/2042	AA-*		420,000		310,355
KY Bond Corporation Finance Program		3.000		02/01/2043	AA-*		430,000		312,447
KY Bond Corporation Finance Program		4.375		02/01/2043	AA-*		455,000		407,967
KY Bond Corporation Finance Program		3.000		02/01/2044	AA-*		450,000		320,450
KY Bond Corporation Finance Program		4.375		02/01/2047	AA-*		765,000		667,164
KY Bond Development		4.000		02/01/2047	AA-*		510,000		423,040
KY State Bond Corporation		4.750		02/01/2045	AA-*		585,000		544,272
KY State Bond Corporation		4.375		02/01/2046	AA-*		475,000		416,466
KY State Bond Corporation		4.750		02/01/2047	AA-*		570,000		526,555
KY State Bond Corporation		4.000		02/01/2041	AA-*		620,000		538,036
KY State Property & Building #115		5.000		04/01/2033	Aa3		4,565,000		4,585,223
KY State Property & Building #115		5.000		04/01/2034	Aa3		13,975,000		14,035,512
KY State Property & Building #115		5.000		04/01/2036	Aa3		14,460,000		14,509,012
KY State Property & Building #117		5.000		05/01/2032	Aa3		3,680,000		3,699,688
KY State Property & Building #117		5.000		05/01/2033	Aa3		3,550,000		3,567,573
KY State Property & Building #117		5.000		05/01/2034	Aa3		5,825,000		5,856,513
KY State Property & Building #117		5.000		05/01/2035	Aa3		5,065,000		5,088,046


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
KY State Property & Building #117		5.000	%	05/01/2036	Aa3	$	5,275,000	$	5,295,625
KY State Property & Building #119		5.000		05/01/2034	Aa3		725,000		735,672
KY State Property & Building #119		5.000		05/01/2035	Aa3		10,000,000		10,110,400
KY State Property & Building #119		5.000		05/01/2036	Aa3		10,000,000		10,089,000
KY State Property & Building #127		5.000		06/01/2029	Aa3		1,000,000		1,029,110
KY State Property & Building #127		5.250		06/01/2040	Aa3		10,000,000		10,235,300
KY State Property & Building #127		5.250		06/01/2041	Aa3		8,745,000		8,902,935
KY State Property & Building #127		5.250		06/01/2042	Aa3		15,975,000		16,279,323
KY State Property & Building #130		4.000		11/01/2041	Aa3		1,500,000		1,300,560
KY State Property & Building #130		5.000		11/01/2042	Aa3		1,500,000		1,509,855
KY State Property & Building #130		4.000		11/01/2043	Aa3		7,000,000		5,964,070
KY State Property & Building #130		5.250		11/01/2044	Aa3		8,140,000		8,300,765
KY State Property & Building #131		4.000		10/01/2044	Aa3		2,500,000		2,136,300
KY State Property & Building #132		4.125		04/01/2045	Aa3		5,000,000		4,254,700
KY State Property & Building #132		5.000		04/01/2045	Aa3		5,000,000		4,922,900
KY State Property & Building #135		5.000		03/01/2046	Aa3		2,500,000		2,451,200
Louisville & Jefferson County Visitors & Convention Commission		4.000		06/01/2034	A1		1,450,000		1,371,758
Paducah KY		4.250		12/01/2044	AA-*		1,915,000		1,657,930
Somerset KY		5.000		06/01/2029	A1		380,000		390,382
									179,588,603
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.13% of Net Assets
Boyle County KY Educational Facilities Revenue Centre College		5.000		06/01/2037	Baa1		2,865,000		2,827,555
Boyle County KY Educational Facilities Revenue Centre College		5.250		06/01/2043	Baa1		2,000,000		1,912,100
Eastern KY University		5.000		10/01/2026	Aa3		655,000		655,020
Eastern KY University General Receipts		4.500		04/01/2032	Aa3		840,000		840,059
KY Bond Development Corporation Educational Facilities Centre College		4.000		06/01/2029	Baa1		320,000		316,317
KY Bond Development Corporation Educational Facilities Centre College		4.000		06/01/2030	Baa1		170,000		166,977
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2033	Baa1		1,345,000		1,352,613
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2034	Baa1		1,605,000		1,610,489
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2035	Baa1		2,165,000		2,164,849
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2036	Baa1		2,835,000		2,802,738
KY Bond Development Corporation Educational Facilities Centre College		5.000		06/01/2038	Baa1		1,340,000		1,292,819
KY Bond Development Corporation Educational Facilities Centre College		4.000		06/01/2038	Baa1		200,000		174,088
KY Bond Development Corporation Educational Facilities Centre College		4.000		06/01/2046	Baa1		2,545,000		1,961,686
KY State Property & Building #116		5.000		10/01/2035	Aa3		4,165,000		4,194,530
KY State Property & Building #116		5.000		10/01/2036	Aa3		2,725,000		2,739,792
Murray KY State University General Receipts		4.000		03/01/2043	Aa3		1,410,000		1,181,834
Murray State University		3.000		09/01/2039	Aa3		1,390,000		1,081,448
Murray State University		3.000		09/01/2041	Aa3		1,470,000		1,090,534
University of Kentucky General Receipts		4.000		10/01/2030	Aa2		90,000		87,917
University of Kentucky General Receipts		4.000		10/01/2032	Aa2		750,000		727,013
University of Kentucky General Receipts		4.000		10/01/2036	Aa2		6,660,000		6,190,470
University of Kentucky General Receipts		4.000		10/01/2038	Aa2		10,855,000		9,801,957
University of Kentucky Parking		5.000		04/01/2044	Aa3		1,275,000		1,264,724
University of Kentucky Parking		4.000		10/01/2044	Aa3		1,650,000		1,386,132
University of Kentucky Parking		5.000		04/01/2045	Aa3		1,725,000		1,700,436
University of Louisville		4.000		09/01/2030	Aa3		745,000		741,238
University of Louisville		3.000		09/01/2039	Aa3		1,450,000		1,128,129
University of Louisville		3.000		09/01/2040	Aa3		1,495,000		1,146,994
University of Louisville		3.000		09/01/2042	Aa3		1,575,000		1,144,552
Western KY University		5.000		09/01/2029	Aa3		750,000		769,613
Western KY University		4.000		09/01/2034	Aa3		575,000		554,151
Western KY University		4.000		09/01/2035	Aa3		595,000		564,500
Western KY University		4.000		09/01/2036	Aa3		620,000		579,799
Western KY University		4.000		09/01/2044	Aa3		2,500,000		2,083,500
									58,236,573
PUBLIC FACILITIES REVENUE BONDS
8.71% of Net Assets
Ashland KY		4.000		11/01/2047	A2		675,000		562,093
Bath County KY Public Properties		4.625		06/01/2045	Aa3		1,040,000		962,010
Bath County KY Public Properties		4.625		06/01/2046	Aa3		1,090,000		1,008,250
Butler County KY Properties Corporation Revenue Judicial Center		5.000		06/01/2047	Aa3		800,000		773,920
Covington KY		4.000		12/01/2042	A1		955,000		819,371
Covington KY		4.125		12/01/2043	A1		995,000		864,207
Covington KY		4.125		12/01/2044	A1		1,030,000		886,614
Covington KY		4.125		12/01/2045	A1		1,585,000		1,347,107
Covington KY		4.125		12/01/2046	A1		1,665,000		1,404,178
Covington KY		4.000		12/01/2048	A1		2,000,000		1,609,460
Elizabethtown KY		4.000		09/01/2041	Aa2		485,000		423,720
Elizabethtown KY		4.000		09/01/2042	Aa2		710,000		612,240
Elizabethtown KY		4.000		09/01/2044	Aa2		1,510,000		1,283,077
Glasgow KY Park Project		4.000		12/01/2044	AA*		1,110,000		946,397
Henderson KY		4.000		12/01/2042	Aa3		810,000		680,918


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date	Rating#	Par Value		Fair Value
Henderson KY		4.000	%	12/01/2043	Aa3	$	840,000	$	700,283
KY Bond Development		5.000		09/01/2035	A2		1,275,000		1,282,829
KY Bond Development		5.000		09/01/2036	A2		2,000,000		2,007,180
KY State Certificate of Participation		4.000		04/15/2030	Aa3		1,500,000		1,495,560
KY State Certificate of Participation		4.000		04/15/2031	Aa3		1,350,000		1,341,117
KY State Certificate of Participation		5.000		04/15/2038	Aa3		5,000,000		5,038,200
KY State Certificate of Participation		5.000		06/15/2038	Aa3		7,535,000		7,535,904
Laurel County KY General Obligation		4.000		05/01/2031	AA*		1,295,000		1,277,362
Laurel County KY General Obligation		4.000		05/01/2034	AA*		1,440,000		1,381,579
Laurel County KY General Obligation		4.000		05/01/2035	AA*		1,495,000		1,424,765
Laurel County KY General Obligation		4.000		05/01/2036	AA*		1,555,000		1,465,976
Laurel County KY General Obligation		4.000		05/01/2037	AA*		1,620,000		1,500,638
Laurel County KY General Obligation		4.000		05/01/2038	AA*		1,680,000		1,547,482
Louisville & Jefferson County Visitors & Convention Commission		4.000		06/01/2029	A1		1,000,000		997,700
Madison County KY Public Properties Judicial Center		4.125		06/01/2041	Aa3		1,180,000		1,047,521
Marshall County Library		4.000		06/01/2038	Aa3		1,060,000		987,549
Richmond KY General Obligation		4.375		06/01/2044	Aa2		1,270,000		1,145,680
River City, Inc. Parking Authority		3.000		12/01/2036	Aa3		835,000		698,344
River City, Inc. Parking Authority		3.000		12/01/2037	Aa3		860,000		703,747
Scott County KY Public Projects		4.000		05/01/2041	Aa3		1,000,000		860,790
Scott County KY Public Projects		4.000		05/01/2042	Aa3		500,000		424,025
Scott County KY Public Projects		4.000		05/01/2043	Aa3		2,415,000		2,024,084
Scott County KY Public Projects		4.250		05/01/2044	Aa3		3,450,000		2,985,285
Taylor County KY Library		4.000		12/01/2044	Aa3		290,000		250,624
Taylor County KY Library		4.000		12/01/2045	Aa3		300,000		256,302
Taylor County KY Library		4.000		12/01/2046	Aa3		315,000		266,005
Taylor County KY Public Courthouse		4.000		09/01/2027	Aa3		700,000		699,993
									55,530,086
STATE AND LOCAL MORTGAGE/HOUSING BONDS
6.19% of Net Assets
KY State Housing Corporation		3.650		07/01/2027	Aa1		660,000		657,980
KY State Housing Corporation		3.750		07/01/2028	Aa1		345,000		343,479
KY State Housing Corporation		3.850		07/01/2029	Aa1		450,000		445,001
KY State Housing Corporation		3.350		07/01/2029	Aa1		305,000		298,702
KY State Housing Corporation		3.400		07/01/2030	Aa1		200,000		194,354
KY State Housing Corporation		4.250		01/01/2034	Aa1		250,000		245,700
KY State Housing Corporation		4.300		07/01/2034	Aa1		325,000		318,266
KY State Housing Corporation		4.350		01/01/2035	Aa1		310,000		302,836
KY State Housing Corporation		4.350		07/01/2035	Aa1		605,000		587,370
KY State Housing Corporation		4.400		07/01/2038	Aa1		2,925,000		2,752,864
KY State Housing Corporation		4.700		07/01/2043	Aa1		3,415,000		3,221,677
KY State Housing Corporation		4.400		07/01/2044	Aa1		2,805,000		2,528,651
KY State Housing Corporation		4.350		07/01/2044	Aa1		1,200,000		1,052,196
KY State Housing Corporation		4.500		07/01/2045	Aa1		4,000,000		3,591,560
KY State Housing Corporation		4.900		07/01/2045	Aa1		2,000,000		1,871,640
KY State Housing Corporation		4.800		07/01/2045	Aa1		2,415,000		2,239,888
KY State Housing Corporation		4.550		07/01/2046	Aa1		5,500,000		4,905,340
KY State Housing Corporation		4.700		07/01/2046	Aa1		2,000,000		1,840,200
KY State Housing Corporation		4.800		07/01/2048	Aa1		5,545,000		5,081,937
KY State Housing Corporation		4.600		07/01/2049	Aa1		3,810,000		3,440,925
KY State Housing Corporation		4.625		07/01/2049	Aa1		4,000,000		3,558,000
									39,478,566
MUNICIPAL UTILITY REVENUE BONDS
4.44% of Net Assets
Campbell & Kenton Counties Sanitation District #1		4.000		08/01/2031	Aa1		1,000,000		978,860
Henderson KY		4.000		06/01/2028	Aa3		385,000		385,539
KY Rural Water Finance Corporation		5.000		08/01/2029	AA-*		595,000		612,380
KY Rural Water Finance Corporation		3.000		02/01/2032	AA-*		240,000		221,897
KY Rural Water Finance Corporation		3.000		02/01/2033	AA-*		370,000		336,811
KY Rural Water Finance Corporation		5.125		02/01/2035	AA-*		295,000		295,009
KY Rural Water Finance Corporation		3.000		08/01/2036	AA-*		285,000		243,726
KY Rural Water Finance Corporation		3.000		08/01/2037	AA-*		280,000		233,366
KY State Association of Counties Finance Corporation		4.000		02/01/2031	AA-*		405,000		402,910
KY State Association of Counties Finance Corporation		4.000		02/01/2033	AA-*		415,000		406,563
Louisville & Jefferson County Metropolitan Sewer		4.000		05/15/2037	Aa3		10,000,000		9,300,300
Murray KY Electric Plant		3.000		12/01/2036	A1		370,000		308,924
Murray KY Electric Plant		3.000		12/01/2037	A1		380,000		309,263
Murray KY Electric Plant		3.000		12/01/2038	A1		395,000		313,958
Murray KY Electric Plant		3.000		12/01/2039	A1		405,000		314,215
Murray KY Electric Plant		3.000		12/01/2040	A1		420,000		317,226
Murray KY Electric Plant		3.000		12/01/2041	A1		430,000		322,182
Murray KY Electric Plant		3.000		12/01/2042	A1		445,000		327,222
Owensboro KY Electric Light & Power		4.000		01/01/2031	A3		245,000		242,722
Owensboro KY Electric Light & Power		4.000		01/01/2033	A3		275,000		268,441


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
Owensboro KY Electric Light & Power		4.000	%		01/01/2034		A3	$	305,000	$	294,353
Owensboro KY Electric Light & Power		4.000			01/01/2035		A3		200,000		191,560
Owensboro KY Electric Light & Power		4.000			01/01/2036		A3		325,000		306,202
Owensboro KY Electric Light & Power		4.000			01/01/2037		A3		410,000		387,799
Owensboro KY Water Revenue		4.000			09/15/2034		A1		2,075,000		2,012,956
Owensboro KY Water Revenue		4.000			09/15/2035		A1		2,155,000		2,060,891
Owensboro KY Water Revenue		4.000			09/15/2037		A1		1,950,000		1,791,621
Owensboro KY Water Revenue		4.000			09/15/2039		A1		2,125,000		1,886,703
Owensboro-Daviess County KY Water		4.000			12/01/2043		A+*		800,000		674,832
Rural Water Financing Agency		5.000			08/01/2030		AA-*		545,000		565,356
Rural Water Financing Agency		5.000			02/01/2043		AA-*		1,965,000		1,969,657
											28,283,444
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.21% of Net Assets
KY Development Corporation Hospital Facilities - St. Elizabeth		4.000			05/01/2032		AA*		1,810,000		1,782,343
KY Development Corporation Hospital Facilities - St. Elizabeth		4.000			05/01/2035		AA*		1,390,000		1,320,917
KY Development Corporation Hospital Facilities - St. Elizabeth		4.000			05/01/2036		AA*		1,200,000		1,135,727
Louisville & Jefferson County Norton Healthcare		5.000			10/01/2033		A*		4,060,000		4,060,000
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2034		A*		580,000		580,006
Louisville & Jefferson County Norton Healthcare		5.000			10/01/2042		A*		2,750,000		2,658,838
Louisville & Jefferson County Norton Healthcare		3.000			10/01/2043		A*		4,000,000		2,879,600
Warren County KY Hospital		5.000			04/01/2032		AA-*		1,200,000		1,251,516
Warren County KY Hospital		5.000			04/01/2043		AA-*		875,000		855,768
Warren County KY Hospital		5.000			04/01/2044		AA-*		2,685,000		2,596,825
Warren County KY Hospital		5.250			04/01/2049		AA-*		8,000,000		7,743,600
											26,865,140
REFUNDING BONDS
4.15% of Net Assets
Covington KY		4.000			10/01/2040		A1		870,000		759,188
KY Association of Counties		3.000			02/01/2034		AA-*		480,000		429,010
KY Association of Counties		3.000			02/01/2035		AA-*		505,000		442,496
KY Association of Counties		3.000			02/01/2036		AA-*		510,000		437,728
KY State Property & Building #112		5.000			11/01/2026		Aa3		555,000		555,622
KY State Property & Building #133		5.000			09/01/2043		Aa3		2,500,000		2,494,250
KY State Property & Building #133		4.125			09/01/2043		Aa3		2,500,000		2,171,874
KY State Property & Building #133		5.000			09/01/2044		Aa3		5,000,000		4,964,700
KY State Property & Building #133		5.000			09/01/2045		Aa3		10,000,000		9,867,200
KY State Property & Building #133		4.250			09/01/2045		Aa3		5,000,000		4,334,250
											26,456,318
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
1.97% of Net Assets
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2036		Aa2		400,000		401,644
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2037		Aa2		500,000		501,610
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2038		Aa2		1,100,000		1,120,394
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2039		Aa2		3,255,000		3,300,082
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2040		Aa2		2,250,000		2,271,600
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2041		Aa2		3,555,000		3,574,126
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2042		Aa2		1,400,000		1,401,652
											12,571,108
AD VALOREM PROPERTY BONDS
0.37% of Net Assets
Henderson KY		5.000			09/01/2029		Aa3		600,000		618,024
Henderson KY		3.000			09/01/2042		Aa3		845,000		621,345
Warren County KY General Obligation		4.000			06/01/2035		Aa1		1,175,000		1,139,715
											2,379,084
AIRPORT REVENUE BONDS
0.13% of Net Assets
Kenton County Airport		5.000			01/01/2034		A1		275,000		280,731
Kenton County Airport		5.000			01/01/2035		A1		300,000		305,736
Kenton County Airport		5.000			01/01/2037		A1		250,000		253,650
											840,117

Total Investments 99.25% of Net Assets										$	632,850,724

(cost $689,465,053) (See (a) below for further explanation)

Other assets in excess of liabilities .75%											4,774,460

Net Assets 100%										$	637,625,184

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated


DUPREE MUTUAL FUNDS - KENTUCKY TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Kentucky Municipal Bonds
September 30, 2026

(a) Cost for federal income tax purposes is $689,465,053 and net unrealized depreciation of investments is as follows:

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -

The following is a summary of the inputs used, as of September 30, 2026 involving the Fund’s investments in securities carried at fair value. As of that date, the Fund held no investments or other financial instruments whose fair value was determined using Level 3 inputs. The Fund recognizes transfers at the end of the reporting period. There were no transfers in and out of level 1, 2 or 3 during the quarter ended September 30, 2026.


	Valuation Inputs		Municipal Bonds
Level 1		Quoted Prices	$	—
Level 2		Other Significant Observable Inputs		632,850,724
Level 3		Significant Unobservable Inputs		—

				632,850,724


DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Mississippi Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PUBLIC FACILITIES REVENUE BONDS
21.26% of Net Assets
MS Alcoholic Beverage Control Revenue		4.000	%		10/01/2045	Aa2	$	100,000	$	84,230
MS Alcoholic Beverage Control Revenue		5.000			10/01/2049	Aa2		100,000		96,296
MS Development Bank Special Obligation Dept of Corrections -Walnut Grove		5.000			08/01/2027	AA-*		200,000		201,930
MS Development Bank Special Obligation Desoto County Convention Center		5.000			03/01/2044	AA*		70,000		69,116
MS Development Bank Special Obligation Lauderdale Correctional Facilities		4.000			03/01/2037	Aa3		100,000		93,498
MS Development Bank Special Obligation Vicksburg Sports Complex		5.000			07/01/2048	AA*		245,000		236,476
										781,546
SCHOOL IMPROVEMENT BONDS
20.78% of Net Assets
Canton MS Public School District Certificate of Participation		5.250			01/01/2045	AA*		100,000		100,858
Mississippi State		4.000			10/01/2039	Aa2		200,000		181,224
MS Development Bank Special Obligation Meridian Schools		4.000			04/01/2039	A2		100,000		90,699
MS Development Bank Special Obligation Rankin School District		4.000			06/01/2033	AA*		90,000		87,175
MS Development Bank Special Obligation Rankin School District		5.000			06/01/2037	AA*		200,000		203,534
MS Development Bank Special Obligation Rankin School District		5.000			06/01/2040	AA*		100,000		100,813
										764,303
15.85% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement		4.000			08/01/2034	AA*		200,000		191,914
MS Development Bank Special Obligation Madison County Public Improvement		4.250			05/01/2046	Aa2		50,000		43,647
MS Development Bank Special Obligation Olive Branch Public Improvement		4.000			06/01/2044	Aa2		225,000		192,625
Pearl MS		4.750			09/01/2038	A3		155,000		154,715
										582,901
STATE AND LOCAL MORTGAGE/HOUSING BONDS
15.55% of Net Assets
Mississippi State Home Corporation		4.400			12/01/2043	Aa1		350,000		313,296
Mississippi State Home Corporation		4.375			12/01/2044	Aa1		150,000		134,255
Mississippi State Home Corporation		4.050			12/01/2047	Aa1		150,000		124,297
										571,848
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
10.59% of Net Assets
Alcorn MS State University Educational Building Corporation		4.000			09/01/2035	Aa2		100,000		93,970
MS Development Bank Special Obligation Gulf Coast Community Project		4.000			12/01/2034	AA-*		100,000		95,947
MS State University Educational Building Corporation		4.000			08/01/2043	Aa2		125,000		107,669
University of MS Educational Building Corporation		4.000			10/01/2037	Aa2		100,000		91,934
										389,520
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
LEASE REVENUE BONDS
5.71% of Net Assets
Warren County MS Certificate of Participation		6.000			09/01/2042	Aa3		100,000		105,366
Warren County MS Certificate of Participation		6.000			09/01/2043	Aa3		100,000		104,713
										210,079
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.44% of Net Assets
Medical Center Educational Building Corporation University of Mississippi		5.000			06/01/2042	Aa2		165,000		163,223

Total Investments 94.18% of Net Assets									$	3,463,420

(cost $3,714,180) (See (a) below for further explanation)

Other assets in excess of liabilities 5.82%										213,977

Net Assets 100%									$	3,677,397

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $3,714,180 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	1,733
Unrealized depreciation		(252,493	)

Net unrealized depreciation	$	(250,760	)

Other Information


DUPREE MUTUAL FUNDS - MISSISSIPPI TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Mississippi Municipal Bonds
September 30, 2026

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		3,463,420
Level 3	Significant Unobservable Inputs		—

		$	3,463,420


DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
20.26% of Net Assets
Buncombe County NC Metropolitan Sewer District		5.000	%		07/01/2039	Aaa	$	550,000	$	550,110
Cary NC Combined Enterprise Systems		4.000			12/01/2028	Aaa		250,000		249,993
Cary NC Combined Enterprise Systems		4.000			12/01/2042	Aaa		1,405,000		1,238,943
Clayton NC Water & Sewer Revenue		5.000			08/01/2040	Aa3		700,000		714,861
Durham NC Utility System Revenue		4.000			08/01/2044	Aa1		250,000		220,708
Fuquay-Varina NC Combined Utilities Revenue		5.000			04/01/2040	Aa2		1,000,000		1,000,190
Fuquay-Varina NC Combined Utilities Revenue		4.000			06/01/2043	Aa2		1,000,000		873,330
Fuquay-Varina NC Combined Utilities Revenue		4.000			02/01/2044	Aa2		1,000,000		868,090
Fuquay-Varina NC Combined Utilities Revenue		4.000			06/01/2045	Aa2		740,000		642,683
Fuquay-Varina NC Combined Utilities Revenue		4.125			06/01/2049	Aa2		1,000,000		849,490
Greensboro NC Enterprise System Revenue		4.000			06/01/2047	Aa1		355,000		303,422
Greenville NC Combined Enterprise System Revenue		4.125			12/01/2043	Aa1		460,000		407,141
Greenville NC Combined Enterprise System Revenue		5.000			08/01/2044	Aa1		905,000		907,308
Greenville NC Combined Enterprise System Revenue		5.000			09/01/2049	Aa1		1,250,000		1,233,160
Hendersonville NC Water & Sewer System Revenue		4.500			06/01/2043	Aa3		550,000		513,794
Holly Springs NC Enterprise System Revenue		5.000			11/01/2047	Aa2		250,000		248,058
Holly Springs NC Enterprise System Revenue		4.000			11/01/2044	Aa2		1,165,000		1,019,760
Johnston County NC Water & Sewer Revenue		4.000			04/01/2043	Aa2		300,000		263,784
Johnston County NC Water & Sewer Revenue		5.000			04/01/2043	Aa2		310,000		313,091
Johnston County NC Water & Sewer Revenue		4.000			04/01/2044	Aa2		500,000		433,155
Lincoln County NC Enterprise System Revenue		3.000			08/01/2038	AA*		160,000		131,035
Lincoln County NC Enterprise System Revenue		3.000			08/01/2039	AA*		340,000		270,565
Lincoln County NC Enterprise System Revenue		3.000			08/01/2040	AA*		265,000		205,094
Lincoln County NC Enterprise System Revenue		3.000			08/01/2041	AA*		240,000		181,706
Martin County NC Limited Obligation Water and Sewer District		4.750			06/01/2034	A2		1,150,000		1,148,471
Mebane NC Combined Utilities Revenue		4.000			08/01/2044	Aa3		500,000		430,770
Monroe NC Limited Obligation		5.000			03/01/2028	Aa3		95,000		95,028
Monroe NC Limited Obligation		5.000			03/01/2029	Aa3		195,000		195,066
Onslow NC Water & Sewer Authority Combined Enterprises		4.000			12/01/2049	Aa3		375,000		309,064
Salisbury NC Enterprise System Revenue		5.000			02/01/2045	AA-*		540,000		540,950
Sampson County NC Water & Sewer District		5.000			06/01/2037	A1		920,000		920,350
Sanford NC Enterprise System Revenue		4.000			06/01/2043	Aa3		295,000		257,632
Sanford NC Enterprise System Revenue		4.000			06/01/2044	Aa3		280,000		241,455
Sanford NC Enterprise System Revenue		4.000			06/01/2044	Aa3		330,000		284,572
Sanford NC Enterprise System Revenue		4.000			06/01/2045	Aa3		230,000		199,003
Union County NC Enterprise System Revenue		4.000			06/01/2044	Aa2		335,000		293,825
Union County NC Enterprise System Revenue		3.000			06/01/2051	Aa2		250,000		165,138
Wake County NC Industrial Facilities & Pollution Control Duke Energy		4.000			06/01/2041	Aa3		1,260,000		1,119,182
Warren County NC Limited Obligation		5.000			06/01/2027	A1		160,000		160,138
										20,000,115
SCHOOL IMPROVEMENT BONDS
19.51% of Net Assets
Alamance County NC		4.000			05/01/2041	Aa1		635,000		572,218
Alamance County NC		4.000			05/01/2042	Aa1		305,000		270,721
Ashe NC		4.125			06/01/2044	Aa3		650,000		572,585
Buncombe County NC Limited Obligation		4.000			06/01/2036	Aa1		125,000		120,708
Buncombe County NC Limited Obligation		5.000			06/01/2044	Aa1		250,000		251,565
Buncombe County NC Limited Obligation		4.000			06/01/2046	Aa1		1,115,000		958,777
Cabarrus County NC Limited Obligation		4.000			06/01/2034	Aa1		795,000		769,417
Cabarrus County NC Limited Obligation		4.000			06/01/2035	Aa1		1,250,000		1,197,675
Catawba County NC Limited Obligation		4.000			04/01/2042	Aa2		420,000		372,149
Catawba County NC Limited Obligation		4.000			04/01/2043	Aa2		320,000		282,022
Chatham County NC Limited Obligation		4.000			11/01/2036	Aa1		750,000		721,020
Chatham County NC Limited Obligation		4.000			11/01/2037	Aa1		2,000,000		1,908,340
Granville County NC		5.000			04/01/2040	Aa2		500,000		508,320
Harnett County NC Limited Obligation		4.250			04/01/2044	Aa2		650,000		578,916
Henderson County NC Limited Obligation		4.000			06/01/2034	Aa2		200,000		193,312
Johnson City NC Limited Obligation		5.000			04/01/2047	Aa1		300,000		298,098
Macon County NC Limited Obligation		4.000			10/01/2043	Aa3		500,000		435,380
Macon County NC Limited Obligation		4.000			10/01/2044	Aa3		500,000		435,710
Orange County NC Limited Obligation		5.000			10/01/2042	Aa1		250,000		252,890
Pender County NC		4.000			03/01/2045	AA*		1,050,000		913,059
Person County NC Limited Obligation		5.000			12/01/2042	Aa3		415,000		418,266
Pitt County NC Limited Obligation		4.000			04/01/2031	Aa2		500,000		491,310
Pitt County NC Limited Obligation		4.000			04/01/2034	Aa2		550,000		528,583
Rutherford County NC Limited Obligation		5.000			03/01/2029	A1		175,000		180,051
Sampson County NC Limited Obligation		5.000			09/01/2040	A1		1,750,000		1,752,257
Scotland County NC		5.000			12/01/2027	A*		140,000		141,800
Scotland County NC		4.500			12/01/2036	A*		1,170,000		1,108,528
Surry County NC Limited Obligation		4.000			06/01/2036	Aa3		590,000		564,365
Surry County NC Limited Obligation		4.000			06/01/2037	Aa3		730,000		686,302
Wayne County NC		4.000			06/01/2034	Aa3		1,500,000		1,431,105
Wilkes County NC Limited Obligation		5.000			06/01/2031	A1		350,000		350,277
										19,265,726


DUPREE MUTUAL FUNDS - NORTH CAROLINA TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
North Carolina Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
13.46% of Net Assets
Appalachian NC State University		4.000	%		10/01/2030	Aa3	$	200,000	$	199,050
Appalachian NC State University		4.000			05/01/2033	A1		500,000		484,485
Appalachian NC State University		5.000			05/01/2036	A1		1,000,000		1,013,190
East Carolina NC University		4.125			10/01/2049	Aa3		865,000		736,945
NC State University at Raleigh		4.000			10/01/2045	Aa1		590,000		501,358
University of NC at Charlotte Board of Governors		4.000			10/01/2037	Aa3		750,000		688,313
University of NC at Charlotte Board of Governors		5.000			10/01/2042	Aa3		250,000		250,653
University of NC Charlotte		4.000			10/01/2035	Aa3		250,000		235,518
University of NC Charlotte		4.000			10/01/2036	Aa3		250,000		231,813
University of NC Greensboro		4.000			04/01/2035	Aa3		750,000		717,608
University of NC Greensboro		4.000			04/01/2036	Aa3		500,000		469,035
University of NC Greensboro		5.000			04/01/2038	Aa3		425,000		427,627
University of NC Wilmington		4.000			06/01/2029	A1		750,000		745,095
University of NC Wilmington		4.000			04/01/2039	Aa3		1,380,000		1,251,643
University of NC Wilmington Limited Obligation		4.000			06/01/2030	A1		200,000		196,510
University of NC Wilmington Limited Obligation		5.000			06/01/2033	A1		500,000		500,350
University of NC Wilmington Limited Obligation		4.000			06/01/2034	A1		500,000		482,650
University of North Carolina		5.000			10/01/2033	A1		30,000		30,020
Western Carolina NC University		5.000			06/01/2027	AA*		250,000		250,158
Western Carolina NC University		5.000			10/01/2035	Aa3		1,000,000		1,007,190
Western Carolina NC University		5.000			10/01/2043	Aa3		1,000,000		982,030
Western Carolina NC University		4.375			04/01/2045	Aa3		600,000		543,618
Western Carolina NC University		5.000			10/01/2045	Aa3		825,000		812,081
Western Carolina NC University		4.500			04/01/2048	Aa3		600,000		540,264
										13,297,204
PUBLIC FACILITIES REVENUE BONDS
11.40% of Net Assets
Burlington NC		4.500			08/01/2044	Aa1		550,000		514,063
Centennial NC Authority Hotel Revenue		5.000			10/01/2040	Aa2		1,000,000		1,020,520
Concord NC Limited Obligation		4.000			06/01/2044	Aa1		300,000		260,586
Durham NC Limited Obligation		4.000			04/01/2036	Aa1		1,000,000		961,680
Henderson County NC Limited Obligation		4.125			10/01/2045	Aa2		250,000		220,283
Henderson County NC Limited Obligation		4.000			06/01/2046	Aa2		300,000		257,967
Holly Springs NC Limited Obligation		4.125			10/01/2041	Aa1		500,000		458,170
Holly Springs NC Limited Obligation		4.250			10/01/2043	Aa1		365,000		330,004
Kannapolis NC Limited Obligation		5.000			04/01/2032	Aa3		500,000		500,140
Mecklenburg County NC Limited Obligation		4.000			02/01/2043	Aa1		500,000		442,040
Moore County NC		3.000			06/01/2039	Aa2		350,000		281,155
New Hanover County NC Limited Obligation		4.000			10/01/2044	Aa1		1,080,000		935,388
Orange County NC Limited Obligation		4.000			04/01/2047	Aa1		500,000		425,455
Pender County NC Limited Obligation		4.000			04/01/2044	AA-*		1,000,000		863,190
Person County NC Limited Obligation		4.000			12/01/2044	Aa3		1,000,000		853,660
Robeson County NC		4.000			06/01/2044	A1		470,000		402,372
Robeson County NC		4.000			06/01/2045	A1		390,000		331,995
Robeson County NC		4.000			06/01/2046	A1		300,000		254,328
Surry County NC Limited Obligation		3.000			10/01/2038	Aa3		395,000		318,129
Surry County NC Limited Obligation		3.000			10/01/2041	Aa3		635,000		465,746
Thomasville NC Revenue		4.000			05/01/2036	Aa3		500,000		470,270
Wilson City NC		4.000			10/01/2042	Aa2		500,000		439,825
Winston Salem NC Limited Obligation		5.000			06/01/2043	Aa1		250,000		252,203
										11,259,169
NC Housing Finance Agency Homeownership Revenue		4.000			07/01/2039	Aa1		425,000		383,758
NC Housing Finance Agency Homeownership Revenue		4.350			01/01/2044	Aa1		970,000		854,551
NC State Housing Finance Agency		4.900			07/01/2043	Aa1		1,475,000		1,388,034
NC State Housing Finance Agency		4.350			07/01/2043	Aa1		870,000		768,297
NC State Housing Finance Agency		4.375			07/01/2044	Aa1		2,435,000		2,164,885
NC State Housing Finance Agency		4.550			07/01/2045	Aa1		500,000		452,425
NC State Housing Finance Agency		5.000			07/01/2046	Aa1		2,350,000		2,217,413
										8,229,363
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000			01/15/2036	Aa2		590,000		597,216
Charlotte Mecklenburg NC Hospital Healthcare System		5.000			01/15/2039	Aa2		1,500,000		1,500,030
Henderson County NC Limited Obligation		4.125			06/01/2046	Aa2		150,000		130,614
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000			07/01/2040	Aa2		1,000,000		897,650
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000			06/01/2040	A2		1,385,000		1,320,237
NC State Medical Care Commission Heath Care Facilities Duke University		4.000			06/01/2042	Aa3		1,060,000		920,631
NC State Medical Care Commission Rex Healthcare		4.000			07/01/2049	Aa2		1,000,000		840,930
University of NC Chapel Hill Hospital		4.000			02/01/2046	Aa2		455,000		382,496
										6,589,804


Asheville NC Limited Obligation	3.000	%	04/01/2041	Aa1	$	250,000	$	190,403
Charlotte NC Certificate of Participation	5.000		06/01/2033	Aa1		840,000		840,731
Charlotte NC Certificate of Participation	5.000		06/01/2034	Aa1		750,000		756,608
Durham County NC	4.000		06/01/2036	Aaa		225,000		217,618
Monroe NC Limited Obligation	4.000		03/01/2033	Aa3		255,000		246,432
Monroe NC Limited Obligation	5.000		03/01/2039	Aa3		500,000		500,120
North Carolina State Limited Obligation	5.000		05/01/2028	Aa1		125,000		125,944
Raleigh NC	4.000		04/01/2043	Aaa		695,000		615,372
Sampson County NC Limited Obligation	4.000		09/01/2036	A1		1,000,000		929,930
Sampson County NC Limited Obligation	4.000		09/01/2037	A1		500,000		461,480
								4,884,638
NC State Turnpike Authority	5.000		01/01/2036	AA*		500,000		504,730
NC State Turnpike Authority	5.000		01/01/2038	AA*		2,415,000		2,420,410
NC State Turnpike Authority	5.000		01/01/2049	AA*		500,000		483,030
NC State Turnpike Authority Triangle Expressway	4.000		01/01/2039	Aa1		500,000		457,580
North Carolina State Grant Anticipation Revenue	5.000		03/01/2029	Aa3		200,000		205,958
North Carolina State Grant Anticipation Revenue	5.000		03/01/2029	Aa3		20,000		20,586
North Carolina State Limited Obligation	5.000		05/01/2029	Aa1		225,000		232,650
North Carolina Turnpike Authority	5.000		01/01/2029	Aa1		285,000		285,795
								4,610,739
3.72% of Net Assets
Fuquay-Varina NC	4.000		08/01/2042	Aaa		500,000		445,215
Greensboro NC Limited Obligation	4.000		10/01/2044	Aa1		500,000		432,520
Greenville NC Limited Obligation	4.250		03/01/2045	AA-*		500,000		445,755
Mecklenburg County NC Limited Obligation	4.000		02/01/2044	Aa1		1,195,000		1,044,836
Wilmington NC Limited Obligation	3.000		06/01/2041	Aa1		370,000		283,642
Winston Salem NC	4.000		06/01/2043	Aaa		1,165,000		1,026,983
								3,678,951
Charlotte NC Airport Revenue	4.000		07/01/2032	Aa3		100,000		98,130
Charlotte NC Airport Revenue	5.000		07/01/2044	Aa3		250,000		250,833
Charlotte NC Airport Revenue	5.000		07/01/2045	Aa3		500,000		501,370
Charlotte NC Airport Revenue	5.000		07/01/2048	Aa3		425,000		419,420
Charlotte NC Douglas International Airport	5.000		07/01/2036	Aa3		250,000		251,303
Charlotte NC Douglas International Airport	4.000		07/01/2036	Aa3		500,000		475,475
Charlotte NC Douglas International Airport	5.000		07/01/2042	Aa3		1,325,000		1,325,966
								3,322,497
PREREFUNDED BONDS
1.54% of Net Assets
New Hanover County NC Hospital Revenue New Hanover Regional Medical	5.000		10/01/2034			1,500,000		1,519,905

LEASE REVENUE BONDS
.10% of Net Assets
New Hanover County NC Limited Obligation	5.000		06/01/2029	Aa1		100,000		103,425

Total Investments 97.97% of Net Assets (cost $104,967,776) (See (a) below for further explanation)							$	96,761,536


Other assets in excess of liabilities 2.03%								2,005,839

Net Assets 100%							$	98,767,375

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $104,967,776 and net unrealized depreciation of investments is as follows:

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs		Municipal Bonds
Level 1		Quoted Prices		$	—
Level 2		Other Significant Observable Inputs			96,761,536
Level 3		Significant Unobservable Inputs			—

				$	96,761,536


DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Tennessee Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
56.26% of Net Assets
Bolivar Energy Authority		4.000	%		05/01/2043	A1	$	325,000	$	281,996
Clarksville TN Electric System Revenue		4.250			09/01/2040	Aa2		475,000		444,548
Clarksville TN Public Building Authority Revenue		4.500			02/01/2043	AA-*		630,000		577,263
Columbia TN		4.000			12/01/2043	AA+*		1,000,000		870,950
Columbia TN		4.000			12/01/2050	AA+*		750,000		610,020
Dickson TN Electric Systems Revenue		5.000			07/01/2043	Aa3		1,000,000		1,000,560
Eastside TN Utility District Hamilton County Waterworks		4.000			05/01/2045	AA*		500,000		427,970
Franklin TN Water & Sewer System Revenue		4.000			02/01/2036	Aa2		250,000		236,885
Gallatin TN Electric		4.000			07/01/2043	Aa3		785,000		678,075
Gallatin TN Gas System Revenue		4.000			01/01/2042	AA-*		1,155,000		1,015,765
Hallsdale Powell TN Utility District		4.000			04/01/2039	AA*		700,000		650,300
Hallsdale-Powell TN Utility District		4.000			04/01/2028	AA*		255,000		254,998
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2035	AA*		315,000		297,996
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2038	AA*		1,000,000		919,920
Harpeth Valley TN Utilities District		4.000			09/01/2043	AA+*		1,105,000		968,289
Harpeth Valley TN Utilities District Davidson & Williamson Counties		4.000			09/01/2039	AA+*		500,000		462,260
Harriman TN		5.000			06/01/2028	AA*		100,000		101,626
Knox Chapman TN Utility District		4.000			01/01/2043	AA-*		535,000		466,707
Knox County TN		4.000			06/01/2043	Aa1		500,000		437,685
Knoxville TN Electric		4.000			07/01/2041	Aa2		750,000		669,450
Knoxville TN Electric		4.000			07/01/2044	Aa2		670,000		581,714
Lafollette TN Electric Systems		5.000			06/01/2045	A1		235,000		233,294
Lexington TN Electric Revenue		4.000			08/01/2044	Aa3		500,000		428,160
Loudon & Monroe Counties Water & Sewer Revenue		5.000			07/01/2047	AA*		500,000		481,825
Loudon & Monroe Counties Water & Sewer Revenue		5.000			07/01/2051	AA*		500,000		471,525
Loudon TN Water & Sewer		5.000			03/01/2039	A+*		290,000		295,406
Loudon TN Water & Sewer		5.000			03/01/2040	A+*		355,000		359,455
Loudon TN Water & Sewer		5.000			03/01/2041	A+*		425,000		427,996
Loudon TN Water & Sewer		4.000			03/01/2044	AA*		1,000,000		867,710
Marshall County TN Water Revenue		5.000			06/01/2040	AA*		275,000		275,677
Maryville TN		4.000			06/01/2029	Aa2		250,000		249,050
Memphis TN Gas System Revenue		4.000			12/01/2034	Aa1		775,000		748,201
Memphis TN Gas System Revenue		4.000			12/01/2037	Aa1		1,310,000		1,230,954
Metropolitan Government Nashville & Davidson County TN Electric		5.000			05/15/2031	AA-*		100,000		100,724
Metropolitan Government Nashville & Davidson County TN Electric		5.250			05/15/2049	Aa1		1,000,000		1,003,680
Metropolitan Government Nashville & Davidson County TN Water & Sewer		4.000			07/01/2046	Aa2		1,000,000		848,480
Portland TN Water & Sewer		4.000			04/01/2037	A*		900,000		826,461
Portland TN Water & Sewer		4.000			04/01/2040	AA*		750,000		666,810
Pulaski TN Electric Revenue		4.000			06/01/2042	Aa3		500,000		436,205
Springfield TN		5.000			06/01/2027	Aa2		245,000		247,269
Watauga River Regional Water Authority TN Waterworks		4.000			07/01/2037	A*		1,270,000		1,164,285
Watts Bar Utility District TN		5.000			09/01/2045	AA*		200,000		196,156
West Knoxville TN Utility District Knox County Water & Sewer Revenue		4.000			06/01/2046	AA+*		1,000,000		849,950
West Wilson TN Utility District Waterworks		5.000			06/01/2040	AA*		200,000		205,078
West Wilson TN Utility District Waterworks		5.000			06/01/2042	AA*		500,000		505,375
West Wilson TN Utility District Waterworks		5.000			06/01/2046	AA*		250,000		246,900
										25,321,603
PUBLIC FACILITIES REVENUE BONDS
9.11% of Net Assets
Hamblen County TN		4.000			05/01/2038	Aa3		880,000		814,264
Hamblen County TN		4.000			05/01/2039	Aa3		1,250,000		1,143,000
Hamblen County TN		4.000			05/01/2045	Aa3		420,000		359,940
Nolensville Town TN		4.000			06/01/2041	Aa1		400,000		360,292
Nolensville Town TN		4.000			06/01/2042	Aa1		600,000		532,914
Sullivan County TN		4.000			02/01/2043	Aa2		1,010,000		887,790
										4,098,200
STATE AND LOCAL MORTGAGE/HOUSING BONDS
7.62% of Net Assets
Metropolitan Government Nashville & Davidson County TN 4th and Shelby Apartments Project		4.600			12/01/2044	Aa1		500,000		442,890
TN Housing Development Agency		4.500			07/01/2043	Aa1		1,455,000		1,298,413
TN Housing Development Agency Residential Finance Program		4.150			07/01/2038	Aa1		100,000		92,340
TN Housing Development Agency Residential Finance Program		4.450			07/01/2043	Aa1		1,780,000		1,593,171
										3,426,814
SCHOOL IMPROVEMENT BONDS
7.08% of Net Assets
Bedford County TN		4.000			04/01/2027	AA*		75,000		75,001
Collierville TN		4.000			01/01/2046	Aaa		1,000,000		859,430
Decatur County TN		4.000			05/01/2042	A1		390,000		343,855
Loudon County TN		4.000			06/01/2045	Aa2		400,000		346,092
Montgomery County TN		4.000			04/01/2037	AA*		670,000		625,137
Montgomery County TN		4.000			06/01/2040	Aa2		500,000		456,455
White County TN		4.000			06/01/2027	AA-*		260,000		259,615
Wilson County TN		4.000			04/01/2039	AA+*		245,000		225,429
										3,191,014

DUPREE MUTUAL FUNDS - TENNESSEE TAX-FREE INCOME SERIES

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

September 30, 2026

UNAUDITED


Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.45% of Net Assets
Metropolitan Government Nashville & Davidson County TN Vanderbilt University Medical Center		5.000	%		07/01/2045	A*	$	1,000,000	$	958,800
Shelby County TN Health Education & Housing Facilities		5.000			05/01/2036	Baa2		1,535,000		1,493,923
										2,452,723
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.26% of Net Assets
Memphis TN		4.000			06/01/2041	Aa2		370,000		328,649
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2033	Aa2		750,000		731,738
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2034	Aa2		500,000		478,075
Sevierville TN		4.000			06/01/2044	Aa2		440,000		376,235
										1,914,697
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
2.41% of Net Assets
Shelby County TN Health Educational & Housing Facilities Board Rhodes College		4.000			08/01/2027	A3		100,000		99,687
Shelby County TN Health Educational & Housing Facilities Board Rhodes College		4.000			08/01/2037	A3		280,000		248,564
Shelby County TN Health Educational & Housing Facilities Board Rhodes College		4.000			08/01/2040	A3		875,000		735,385
										1,083,636
REFUNDING BONDS
2.40% of Net Assets
Memphis TN		5.000			10/01/2043	Aa2		750,000		750,653
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2027	Aa3		200,000		200,182
Sevierville TN		5.000			05/01/2028	Aa2		125,000		127,516
										1,078,351
AIRPORT REVENUE BONDS
2.20% of Net Assets
Metropolitan Nashville TN Airport Authority		5.000			07/01/2046	AA-*		1,000,000		988,790

Total Investments 96.79% of Net Assets									$	43,555,828

(cost $48,020,217) (See (a) below for further explanation)

Other assets in excess of liabilities 3.21%										1,442,838

Net Assets 100%									$	44,998,666

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

Rated by Standard & Poor’s Corporation

Fitch’s Investors Service

Not Rated

(a)

Cost for federal income tax purposes is $48,020,217 and net unrealized depreciation of investments is as follows:

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs		Municipal Bonds
Level 1		Quoted Prices	$	—
Level 2		Other Significant Observable Inputs		43,555,828
Level 3		Significant Unobservable Inputs		—

			$	43,555,828


DUPREE MUTUAL FUNDS - INTERMEDIATE GOVERNMENT BOND SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. Government Securities and Agencies
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
FEDERAL HOME LOAN BANK
79.64% of Net Assets
Federal Home Loan Bank		4.625	%		01/22/2029		Aa1	$	450,000	$	445,650
Federal Home Loan Bank		4.625			06/08/2029		Aa1		250,000		247,746
Federal Home Loan Bank		4.000			08/24/2029		Aa1		250,000		242,290
Federal Home Loan Bank		4.250			10/22/2029		Aa1		375,000		365,506
Federal Home Loan Bank		4.625			11/20/2029		Aa1		250,000		246,740
Federal Home Loan Bank		4.300			03/25/2030		Aa1		500,000		486,318
Federal Home Loan Bank		4.125			06/14/2030		Aa1		500,000		482,607
Federal Home Loan Bank		4.050			07/18/2030		Aa1		400,000		387,800
Federal Home Loan Bank		4.100			07/18/2030		Aa1		400,000		388,789
Federal Home Loan Bank		4.150			07/19/2030		Aa1		250,000		242,747
Federal Home Loan Bank		4.000			08/19/2030		Aa1		250,000		239,009
Federal Home Loan Bank		3.940			08/21/2030		Aa1		250,000		240,381
Federal Home Loan Bank		3.875			10/08/2030		Aa1		200,000		192,277
Federal Home Loan Bank		3.760			11/27/2030		Aa1		250,000		237,060
Federal Home Loan Bank		3.800			03/03/2031		Aa1		250,000		236,685
Federal Home Loan Bank		4.020			04/16/2031		Aa1		225,000		214,538
Federal Home Loan Bank		4.375			12/12/2031		Aa1		250,000		239,918
Federal Home Loan Bank		4.750			12/12/2031		Aa1		450,000		441,825
Federal Home Loan Bank		4.720			08/15/2035		Aa1		125,000		113,702
											5,691,588
FEDERAL NATIONAL MORTGAGE CORPORATION
6.76% of Net Assets
Federal National Mortgage Association		4.000			10/10/2028		Aa1		250,000		246,697
Federal National Mortgage Association		3.750			03/06/2031		Aa1		250,000		236,794
											483,491
FEDERAL FARM CREDIT
5.43% of Net Assets
Federal Farm Credit Bank		4.210			10/02/2030		Aa1		400,000		388,120

FEDERAL HOME LOAN MORTAGE CORPORATION
3.35% of Net Assets
Federal Home Loan Mortgage Corporation		4.125			02/20/2031		Aa1		250,000		239,717

Total Investments 95.18% of Net Assets										$	6,802,916


(cost $7,028,254) (See (a) below for further explanation)
Other assets in excess of liabilities 4.82%											344,279


Net Assets 100%										$	7,147,195

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a) Cost for federal income tax purposes is $7,028,254 and net unrealized depreciation of investments is as follows:


Unrealized appreciation	$	-
Unrealized depreciation		(225,338)

Net unrealized depreciation	$	(225,338)

Other Information

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


DUPREE MUTUAL FUNDS - TAXABLE MUNICIPAL BOND SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Taxable Municipal Bonds
September 30, 2026


Bond Description	Coupon			Maturity Date		Rating#		Par Value		Fair Value
STATE AND LOCAL MORTGAGE/HOUSING BONDS
27.37% of Net Assets
FL Housing Finance Corporation		6.187	%		07/01/2050		Aaa	$	150,000	$	144,338
IN State Housing & Community Development Authority		5.944			07/01/2049		Aaa		125,000		116,927
KY State Housing Corporation		5.806			07/01/2040		Aa1		125,000		119,140
MN State Housing Finance Authority		5.915			07/01/2044		Aa1		150,000		141,875
NC State Housing Finance Agency		6.128			07/01/2043		Aa1		170,000		168,020
WI State Housing & Economic Development Authority		6.039			09/01/2045		Aa2		25,000		23,780
											714,080
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
15.65% of Net Assets
North Texas Tollway Authority		6.718			01/01/2049		Aa3		100,000		101,587
Washoe County NV Highway Revenue		7.969			02/01/2040		Aa2		280,000		306,813
											408,400
PUBLIC FACILITIES REVENUE BONDS
11.71% of Net Assets
Metropolitan Government Nashville & Davidson County TN		7.431			07/01/2043		Aa3		140,000		147,293
Montgomery AL Community Cooperative District		2.815			11/01/2049				75,000		43,231
Rhode Island Convention Center		6.060			05/15/2035		A1		70,000		70,837
Savannah GA Economic Development Authority Forsyth Park		5.350			08/01/2053		Aaa		50,000		44,354
											305,715
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
10.40% of Net Assets
Mesa State College CO		6.746			05/15/2042		Aa2		85,000		85,612
Michigan State University		4.496			08/15/2048		Aa2		225,000		185,969
											271,581
MARINA/PORT AUTHORITY REVENUE BONDS
8.30% of Net Assets
Miami Dade County FL Special Obligation		7.500			04/01/2040		Aa2		200,000		216,670

MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
8.17% of Net Assets
Kansas City MO		5.700			02/01/2046		AA*		100,000		96,033
Waco TX		5.488			02/01/2044		Aa1		125,000		117,254
											213,287
MUNICIPAL UTILITY REVENUE BONDS
7.97% of Net Assets
Metropolitan Government Nashville & Davidson County TN Recovery Zone		6.693			07/01/2041		Aa2		200,000		208,040

HOSPITAL AND HEALTHCARE REVENUE BONDS
7.09% of Net Assets
Midland County TX Hospital District		6.440			05/15/2039		Aa3		185,000		185,141

Total Investments 96.66% of Net Assets										$	2,522,914

(cost $2,765,852) (See (a) below for further explanation)

Other assets in excess of liabilities 3.34%											87,251

Net Assets 100%										$	2,610,165

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

*	Rated by Standard & Poor’s Corporation

@	Fitch’s Investors Service

Not Rated

(a)	Cost for federal income tax purposes is $2,765,857 and net unrealized depreciation of investments is as follows:



Unrealized appreciation		8,040
Unrealized depreciation		(250,983)

Net unrealized depreciation	$	(242,943)

Other Information


DUPREE MUTUAL FUNDS - TAXABLE MUNICIPAL BOND SERIES		UNAUDITED
SCHEDULE OF PORTFOLIO INVESTMENTS
Taxable Municipal Bonds
September 30, 2026

Level 1 -

Unadjusted quoted prices in active markets for identical securities.

Level 2 -

Level 3 -


	Valuation Inputs	Taxable Municipal Bonds
Level 1	Quoted Prices		$	—
Level 2	Other Significant Observable Inputs			2,522,914
Level 3	Significant Unobservable Inputs			—

			$	2,522,914


Valuation Inputs	Government Agencies
Level 1 Quoted Prices			—
Level 2 Other Significant Observable Inputs		$	6,802,916
Level 3 Significant Unobservable Inputs			—

		$	6,802,916