Registration No. 2-64233 | ||
(under the Securities Act | ||
of 1933) | ||
Registration No. 811-2918 | ||
(under the Investment | ||
Company Act of 1940) |
FORM N-1A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
( ) | |||||
Pre-Effective Amendment No. |
( ) | |||||
Post-Effective Amendment No. 56 |
( X ) |
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
( ) |
Amendment No. 57 |
( X ) |
(Check appropriate box or boxes)
DUPREE MUTUAL FUNDS
(Exact Name of Registrant as Specified in Charter)
125 South Mill Street, Vine Center, Suite 100
Lexington, Kentucky 40507
(Address of Principal Executive Offices) (Zip Code)
Registrants Telephone Number, including Area Code (859) 254-7741
THOMAS P. DUPREE, SR.
Dupree & Company, Inc.
125 South Mill Street, Vine Center, Suite 100
Lexington, Kentucky 40507
(Name and Address of Agent for Service)
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective
(check appropriate box)
X | immediately upon filing pursuant to paragraph (b) |
on pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a) (1)
on pursuant to paragraph (a) (1)
75 days after filing pursuant to paragraph (a) (2)
on pursuant to paragraph (a) (2)
of rule 485
This post-effective amendment designates a new effective date
for a previously filed post-effective amendment.
DECLARATION REQUIRED BY RULE 24f-2(a)(1)
The issuer has registered an indefinite amount of its securities under the Securities Act of 1933 pursuant to Rule 24f-2(a)(1). Notice for the Registrants fiscal year ended June 30, 2012 was filed on August 16, 2012
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the County of Fayette and State of Kentucky on this the 5th day of November, 2012.
DUPREE MUTUAL FUNDS
By | /S/ Thomas P. Dupree, Sr |
Thomas P. Dupree, Sr.
President
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 56 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signatures |
Title |
Date | ||
/S/ Thomas P. Dupree, Sr. Thomas P. Dupree, Sr. |
President (Principal Executive Officer) |
11/05/12 | ||
/S/ Michelle M. Dragoo Michelle M. Dragoo |
Vice President, Secretary and Treasurer |
11/05/12 | ||
/S/ William A. Combs, Jr. William A. Combs, Jr. |
Trustee, Chairman |
11/05/12 | ||
/S/ James C. Baughman, Jr. James C. Baughman, Jr. |
Trustee |
11/05/12 | ||
/S/ C. Timothy Cone C. Timothy Cone |
Trustee |
11/05/12 | ||
/S/ Ann Rosenstein Giles Ann Rosenstein Giles |
Trustee |
11/05/12 | ||
/S/ Marc A. Mathews Marc A. Mathews |
Trustee |
11/05/12 | ||
/S/ Lucy A. Breathitt Lucy A. Breathitt |
Trustee |
11/05/12 |
EXHIBIT INDEX
Index No. |
Description of Exhibit | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | SBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value | |||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Registrant Name | dei_EntityRegistrantName | DUPREE MUTUAL FUNDS | |||||||||||||||
Prospectus Date | rr_ProspectusDate | Nov. 01, 2012 | |||||||||||||||
Mississippi Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | INVESTMENT OBJECTIVES |
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Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks to provide a high level of income exempt from federal and Mississippi personal income taxes derived from Mississippi municipal securities without incurring undue risk to principal. | |||||||||||||||
Expense [Heading] | rr_ExpenseHeading | ||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | |||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Operating Expenses of the Mississippi Tax-Free Income Series Expenses that you pay each year as a percentage of the value of your investment |
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Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
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Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 9.99% of the average value of its portfolio. | |||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 9.99% | |||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example |
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Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the same expenses assuming no redemption. | |||||||||||||||
Strategy [Heading] | rr_StrategyHeading | PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
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Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to provide a steady flow of tax-exempt income derived from Mississippi municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a nominal maturity normally 10 years or greater. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Mississippi. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be exempt from Federal and Mississippi income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Mississippi income taxes. The nominal maturity of the Fund will normally be 10 years or more. Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. | |||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing |
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Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You may lose money investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or U.S. government. The principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are of investment grade, or possible loss of money. An issuer of municipal securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect the securitys value and, thus, impact Fund performance. A number of the securities held in the Funds portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Funds portfolio may affect the value of such securities, the Funds share price, and Fund performance. The Funds performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security, of the Funds share price or distributions, and shares of the Fund are not insured. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic or political development unique to a single state or region that may adversely affect the performance of a single state municipal bond fund. Since the Fund invests in Mississippi municipal securities, events in Mississippi are likely to directly affect the Funds investments and its performance. Mississippis non-agricultural economy is diversified among the following sectors: manufacturing, services, gaming, and tourism. In 2011, Mississippi had per capita personal income of $32,176 (preliminary data) in 2011 which ranked 50th in the United States (Source: Bureau of Economic Analysis). The states annual average unemployment rate stood at 8.8 percent at the end of June 2012 compared with the national average of 8.2 percent (Source: U.S. Bureau of Labor Statistics). Mississippi had net tax-supported debt per capita of $1,734 as of calendar year-end 2011 which. The states debt burden was above the national net tax-supported median of $1,117 (Source: Moodys Investors Services,2011 State Debt Medians Report, May 22, 2012). As of June 30, 2012, the state of Mississippis general obligation debt was rated Aa2 by Moodys Investors Service and AA by Standard & Poors. Typically, as interest rates rise the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of municipal securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislation appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues of shorter maturity and/or higher credit quality pay lower yields than issues of longer maturity and/or lower credit quality. The market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuation or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. The potential for investment of 50% of the portfolio in the securities of a single issuer may involve more risk, because the consequences of a default by that issuer would be greater than a default by an issuer representing only 25% of the portfolio. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Funds annual total returns may vary considerably from one year to the next. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. The portfolio had a nominal maturity of 16.70 years and an effective maturity of 6.60 years as of June 30, 2012. There is no assurance that the investment objective of the Fund will be achieved. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose money investing in the Fund. | |||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. | |||||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or U.S. government. | |||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Risk/Return Bar Charts and Tables |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | |||||||||||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. | |||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 866-0614 or (859) 254-7741 | |||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.dupree-funds.com | |||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. | |||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | MISSISSIPI TAX-FREE INCOME SERIES Annual Total Returns |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Performance Table Heading | rr_PerformanceTableHeading | For the Periods Ended December 31, 2011 |
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Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Mississippi Tax-Free Income Series | Mississippi Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends [and other distributions] | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | none | |||||||||||||||
Redemption Fee if by wire transfer | rr_RedemptionFee | 10 | |||||||||||||||
Exchange Fee | rr_ExchangeFeeOverRedemption | none | |||||||||||||||
Maximum Account Fee | rr_MaximumAccountFeeOverAssets | none | |||||||||||||||
Management fee | rr_ManagementFeesOverAssets | 0.50% | |||||||||||||||
Distribution fee (12b-1) | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||
Shareholder Services fee | rr_Component1OtherExpensesOverAssets | 0.15% | |||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.26% | |||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.91% | |||||||||||||||
1 year | rr_ExpenseExampleYear01 | 96 | |||||||||||||||
3 years | rr_ExpenseExampleYear03 | 298 | |||||||||||||||
5 years | rr_ExpenseExampleYear05 | 518 | |||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,150 | |||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 96 | |||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 298 | |||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 518 | |||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,150 | |||||||||||||||
2002 | rr_AnnualReturn2002 | 9.77% | |||||||||||||||
2003 | rr_AnnualReturn2003 | 7.03% | |||||||||||||||
2004 | rr_AnnualReturn2004 | 4.80% | |||||||||||||||
2005 | rr_AnnualReturn2005 | 2.83% | |||||||||||||||
2006 | rr_AnnualReturn2006 | 3.84% | |||||||||||||||
2007 | rr_AnnualReturn2007 | 3.00% | |||||||||||||||
2008 | rr_AnnualReturn2008 | (1.96%) | |||||||||||||||
2009 | rr_AnnualReturn2009 | 10.55% | |||||||||||||||
2010 | rr_AnnualReturn2010 | 1.59% | |||||||||||||||
2011 | rr_AnnualReturn2011 | 10.74% | |||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | Year-to-Date Total Return | |||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | |||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 6.25% | |||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Quarter Total Return: | |||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2002 | |||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 5.72% | |||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Quarter Total Return: | |||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2010 | |||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (4.36%) | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.74% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.66% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.17% | |||||||||||||||
Mississippi Tax-Free Income Series | Return After Taxes on Distributions (%) | Mississippi Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.74% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.66% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.15% | |||||||||||||||
Mississippi Tax-Free Income Series | Return After Taxes on Distributions & Sale of Fund Shares (%) | Mississippi Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 8.36% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.55% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.04% | |||||||||||||||
Mississippi Tax-Free Income Series | Barclays Capital Municipal Bond Index (Index reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.70% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 5.22% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.38% |
Label | Element | Value | |||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Registrant Name | dei_EntityRegistrantName | DUPREE MUTUAL FUNDS | |||||||||||||||
Prospectus Date | rr_ProspectusDate | Nov. 01, 2012 | |||||||||||||||
Taxable Municipal Bond Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | INVESTMENT OBJECTIVES |
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Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund, which opened for investments on November 1, 2010, seeks to provide a high level of taxable income derived from taxable municipal bonds without incurring undue risk to principal. | |||||||||||||||
Expense [Heading] | rr_ExpenseHeading | ||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | |||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Operating Expenses of the Taxable Municipal Bond Series Expenses that you pay each year as a percentage of the value of your investment |
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Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
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Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. For the year ended June 30, 2012, the Funds portfolio turnover rate was 0.0% of the average value of its portfolio. | |||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 0.00% | |||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example |
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Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the same expenses assuming no redemption. | |||||||||||||||
Strategy [Heading] | rr_StrategyHeading | PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
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Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to provide a steady flow of taxable income derived from taxable municipal bonds of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a nominal maturity normally greater than 10 years. The Fund generally purchases taxable municipal bonds with nominal maturities typically ranging from 10-30 years. The nominal maturity of the Fund will normally average between 10-30 years. Maintaining a steady stream of taxable income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. The interest earned on these securities is fully taxable at the federal level and may be subject to tax at the state level. In periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be taxable or (2) the Fund will have at least 80% of its net assets invested in taxable municipal bonds. The Fund may invest up to 20% of its net assets in taxable debt obligations other than municipal bonds, including but not limited to, U.S. Treasury securities and obligations of the U.S. government, its agencies, and instrumentalities. We may purchase bonds subject to the Alternative Minimum Tax (AMT) for this portfolio. The Fund may also invest in taxable municipal bonds issued pursuant to the American Recovery and Reinvestment Act of 2009 (the Act) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (Build America Bonds). Enacted in February 2009, the Act authorized state and local governments to issue taxable bonds for which, provided certain specified conditions are met, issuers may either (i) receive reimbursement from the U.S. Treasury with respect to the interest payments on the bonds (direct pay Build America Bonds) or (ii) provide tax credits to investors in bonds (tax credit Build America Bonds). The federal interest subsidy on direct pay Build America Bonds continues for the life of the bonds. Build America Bonds provide an alternative form of financing to state and local governments and, in certain cases, may provide a lower net cost of funds to issuers. Unlike most other municipal bonds, interest received on Build America Bonds is subject to federal income tax and may be subject to state tax. Issuance of Build America Bonds ceased on December 31, 2010, as Congress declined to extend the provisions of the Act.As such, at the present time issuers do not have the ability to issue new Build America Bonds. However, Build America Bonds continue to be actively traded in the secondary market. Various legislative proposals to revive the Act have been introduced in Congress, but to date, none of the proposed legislation has been acted upon. Accordingly, there is no guarantee that issuers will be able to issue Build America Bonds in the future. The Fund does not invest in any tax credit bonds authorized by the Act. As such, the Fund does not receive or pass through to shareholders tax credits as a result of investments. |
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Risk [Heading] | rr_RiskHeading | Principal Risks of Investing |
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Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You may lose money investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. The principal risk of investing in the Fund is the possibility of default on the municipal bonds, even though the bonds are of investment grade, or possible loss of money. Changes in economic conditions or other circumstances may reduce the capacity of issuers of taxable municipal bonds to make principal and interest payments and may lead to defaults. An issuer of municipal securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect the securitys value and, thus, impact Fund performance. A number of the securities held in the Funds portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Funds portfolio may affect the value of such securities, the Funds share price, and Fund performance. The Funds performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security, of the Funds share price or distributions, and shares of the Fund are not insured. Typically, as interest rates rise the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of municipal securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislation appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid. The yields of municipal bonds are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues of shorter maturity and/or higher credit quality pay lower yields than issues of longer maturity and/or lower credit quality. The market values of municipal bonds held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuation or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. The potential for investment of 50% of the portfolio in the bonds of a single issuer may involve more risk, because the consequences of a default by that issuer would be greater than a default by an issuer representing only 25% of the portfolio. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Build America Bonds may be less liquid than other types of municipal obligations. Less liquid bonds can become more difficult to value and illiquidity may negatively affect prices of bonds held in the portfolio. Because issuers of direct pay Build America Bonds have to meet certain requirements to receive a reimbursement from the U.S. Treasury, there is always the possibility that such requirements may not be met by the issuer. Under such a scenario, there is a risk that the reimbursement from the U.S. Treasury may be interrupted which may be a problem if the funds are pledged to service the debt of the underlying direct pay Build America Bonds. Additionally, if issuers owe money to the federal government,the reimbursement from the U.S. Treasury may be subject to an offset which could potentially reduce the amount of money available to service debt payments on direct pay Build America Bonds. Additionally, under the Budget Control Act of 2011, the Congressionally-mandated sequestration process could potentially result in a delay or interruption of payments to issuers of Build America Bonds. Any interruption, delay, and/or offset of the reimbursement from the U.S Treasury may reduce the demand for such direct pay Build America Bonds which may, in turn, reduce market prices and cause the value of Fund shares to fall. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. There is no assurance that the investment objective of the Fund will be achieved. The Barclays Capital Taxable Municipal Bond Index had average annual total returns of 7.48 percent and 3.43 percent for the 1- and 3-year periods ending December 31, 2010, respectively. This information is provided to give some indication of the risks of investment in the Fund. The Barclays Capital Taxable Municipal Bond Index does not reflect any deduction for fees, expenses or taxes. The index only has historical data dating back to January 2006. The Funds past performance is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose money investing in the Fund. | |||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. | |||||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. | |||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Risk/Return Bar Charts and Tables |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | |||||||||||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. | |||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 866-0614 or (859) 254-7741 | |||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.dupree-funds.com | |||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. | |||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | TAXABLE MUNICIPAL BOND SERIES Annual Total Returns |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Performance Table Heading | rr_PerformanceTableHeading | For the Periods Ended December 31, 2011 |
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Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Taxable Municipal Bond Series | Taxable Municipal Bond Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends [and other distributions] | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | none | |||||||||||||||
Redemption Fee if by wire transfer | rr_RedemptionFee | 10 | |||||||||||||||
Exchange Fee | rr_ExchangeFeeOverRedemption | none | |||||||||||||||
Maximum Account Fee | rr_MaximumAccountFeeOverAssets | none | |||||||||||||||
Management fee | rr_ManagementFeesOverAssets | 0.50% | |||||||||||||||
Distribution fee (12b-1) | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||
Shareholder Services fee | rr_Component1OtherExpensesOverAssets | 0.15% | |||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.20% | |||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.85% | |||||||||||||||
1 year | rr_ExpenseExampleYear01 | 96 | |||||||||||||||
3 years | rr_ExpenseExampleYear03 | 298 | |||||||||||||||
5 years | rr_ExpenseExampleYear05 | 518 | |||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,150 | |||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 96 | |||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 298 | |||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 518 | |||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,150 | |||||||||||||||
2011 | rr_AnnualReturn2011 | 18.82% | |||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | Year-to-Date Total Return | |||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | |||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 6.73% | |||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Quarter Total Return: | |||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2011 | |||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 11.29% | |||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Quarter Total Return: | |||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Mar. 30, 2011 | |||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | 1.40% | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 18.80% | |||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 10.85% | |||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Nov. 01, 2010 | |||||||||||||||
Taxable Municipal Bond Series | Return After Taxes on Distributions (%) | Taxable Municipal Bond Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 18.80% | |||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 8.61% | |||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Nov. 01, 2010 | |||||||||||||||
Taxable Municipal Bond Series | Return After Taxes on Distributions & Sale of Fund Shares (%) | Taxable Municipal Bond Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 14.24% | |||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 7.84% | |||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Nov. 01, 2010 | |||||||||||||||
Taxable Municipal Bond Series | Barclays Municipal Taxable Bond Index (Index reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 20.42% | |||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 14.00% | |||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Nov. 01, 2010 |
Label | Element | Value | |||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Registrant Name | dei_EntityRegistrantName | DUPREE MUTUAL FUNDS | |||||||||||||||
Prospectus Date | rr_ProspectusDate | Nov. 01, 2012 | |||||||||||||||
Tennessee Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | INVESTMENT OBJECTIVES |
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Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks to provide a high level of income exempt from federal and Tennessee state taxes derived from Tennessee municipal securities without incurring undue risk to principal. | |||||||||||||||
Expense [Heading] | rr_ExpenseHeading | ||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | |||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Operating Expenses of the Tennessee Tax-Free Income Series Expenses that you pay each year as a percentage of the value of your investment |
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Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
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Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 8.39% of the average value of its portfolio. | |||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 8.39% | |||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example |
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Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual Funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the same expenses assuming no redemption. | |||||||||||||||
Strategy [Heading] | rr_StrategyHeading | PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
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Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to provide a steady flow of tax-exempt income derived from Tennessee municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Tennessee. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be exempt from Federal and Tennessee income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Tennessee income taxes. The nominal maturity of the Fund will normally be 10 years or more. Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. | |||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing |
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Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You may lose money investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. The principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are of investment grade, or possible loss of money. An issuer of municipal securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect the securitys value and, thus, impact Fund performance. A number of the securities held in the Funds portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Funds portfolio may affect the value of such securities, the Funds share price, and Fund performance. The Funds performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security, of the Funds share price or distributions, and shares of the Fund are not insured. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic or political development unique to a single state or region that may adversely affect the performance of a single state municipal bond fund. Since the Fund invests in Tennessee municipal securities, events in Tennessee are likely to directly affect the Funds investments and its performance. Tennessees non-agricultural economy is diversified among the following sectors: manufacturing, wholesale and retail trade, services and government. In 2011, Tennessee had per capita personal income of $36,533 (preliminary data) which ranked 36th in the United States (Source: Bureau of Economic Analysis). The states average annual unemployment rate at the end of June 2012 stood at 8.1 percent compared with the national average of 8.2 percent (Source: U.S. Bureau of Labor Statistics). Tennessee had net tax-supported debt per capita of $343 as of calendar year-end 2011 which is substantially below the national net tax-supported debt median of $1,117 (Source: Moodys Investors Services, 2012 State Debt Medians Report, May 22, 2012). As of June 30, 2012, the states general obligation debt was rated Aaa by Moodys Investors Services and AA+ by Standard & Poors. Typically, as interest rates rise the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of municipal securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislation appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues of shorter maturity and/or higher credit quality pay lower yields than issues of longer maturity and/or lower credit quality. The market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuation or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is diversified. A diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Funds annual total returns may vary considerably from one year to the next. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. The portfolio had a nominal maturity of 15.99 years and an effective maturity of 5.25 years as of June 30, 2012. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose money investing in the Fund. | |||||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. | |||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Risk/Return Bar Charts and Tables |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | |||||||||||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. | |||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 866-0614 or (859) 254-7741 | |||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.dupree-funds.com | |||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. | |||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | TENNESSEE TAX-FREE INCOME SERIES Annual Total Returns |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Performance Table Heading | rr_PerformanceTableHeading | For the Periods Ended December 31, 2011 |
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Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Tennessee Tax-Free Income Series | Tennessee Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends [and other distributions] | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | none | |||||||||||||||
Redemption Fee if by wire transfer | rr_RedemptionFee | 10 | |||||||||||||||
Exchange Fee | rr_ExchangeFeeOverRedemption | none | |||||||||||||||
Maximum Account Fee | rr_MaximumAccountFeeOverAssets | none | |||||||||||||||
Management fee | rr_ManagementFeesOverAssets | 0.50% | |||||||||||||||
Distribution fee (12b-1) | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||
Shareholder Services fee | rr_Component1OtherExpensesOverAssets | 0.13% | |||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.07% | |||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.70% | |||||||||||||||
1 year | rr_ExpenseExampleYear01 | 74 | |||||||||||||||
3 years | rr_ExpenseExampleYear03 | 230 | |||||||||||||||
5 years | rr_ExpenseExampleYear05 | 400 | |||||||||||||||
10 years | rr_ExpenseExampleYear10 | 893 | |||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 74 | |||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 230 | |||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 400 | |||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 893 | |||||||||||||||
2002 | rr_AnnualReturn2002 | 8.37% | |||||||||||||||
2003 | rr_AnnualReturn2003 | 5.15% | |||||||||||||||
2004 | rr_AnnualReturn2004 | 3.93% | |||||||||||||||
2005 | rr_AnnualReturn2005 | 2.52% | |||||||||||||||
2006 | rr_AnnualReturn2006 | 4.28% | |||||||||||||||
2007 | rr_AnnualReturn2007 | 2.74% | |||||||||||||||
2008 | rr_AnnualReturn2008 | (2.31%) | |||||||||||||||
2009 | rr_AnnualReturn2009 | 10.58% | |||||||||||||||
2010 | rr_AnnualReturn2010 | (3.86%) | |||||||||||||||
2011 | rr_AnnualReturn2011 | 9.98% | |||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | Year-to-Date Total Return | |||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | |||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 5.71% | |||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Quarter Total Return: | |||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 | |||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 5.56% | |||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Quarter Total Return: | |||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2010 | |||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (3.86%) | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 9.98% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.42% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 4.64% | |||||||||||||||
Tennessee Tax-Free Income Series | Return After Taxes on Distributions (%) | Tennessee Tax-Free Income Series
|
|||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 9.98% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.42% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 4.64% | |||||||||||||||
Tennessee Tax-Free Income Series | Return After Taxes on Distributions & Sale of Fund Shares (%) | Tennessee Tax-Free Income Series
|
|||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 7.83% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.32% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 4.55% | |||||||||||||||
Tennessee Tax-Free Income Series | Barclays Capital Municipal Bond Index (Index reflects no deduction for fees, expenses or taxes)
|
|||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.70% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 5.22% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.38% |
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Label | Element | Value | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Registrant Name | dei_EntityRegistrantName | DUPREE MUTUAL FUNDS | |||||||||||||||
Prospectus Date | rr_ProspectusDate | Nov. 01, 2012 | |||||||||||||||
Intermediate Government Bond Series
|
|||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | INVESTMENT OBJECTIVES |
|||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks to provide a high level of income derived from bonds issued by the U.S. Government and its agencies without incurring undue risk to principal. | |||||||||||||||
Expense [Heading] | rr_ExpenseHeading | COSTS
Fees and Expenses of the Intermediate Government Bond Series |
|||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | |||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Operating Expenses of the Intermediate Government Bond Series Expenses that you pay each year as a percentage of the value of your investment |
|||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
|||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 8.94% of the average value of its portfolio. | |||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 8.94% | |||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example |
|||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the same expenses assuming no redemption. | |||||||||||||||
Strategy [Heading] | rr_StrategyHeading | PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
|||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | At least eighty percent (80%) of the portfolio of the Intermediate Government Bond Series will be invested in securities issued by the U.S. Government or its agencies or instrumentalities, with the remainder of the portfolio invested in bank accounts fully insured by the FDIC or collateralized by bonds issued by the U.S. Government or its agencies or U.S. Treasury or Agency Notes and Bills. The nominal maturity of the Fund will normally range between 3-10 years. Maintaining a high level of income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. The portfolio had a nominal maturity of 8.47 years and an effective maturity of 6.43 years as of June 30, 2012. |
|||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing |
|||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You could lose money investing in the Fund. The principal risk of investing in the Fund is the possibility of default, even though the bonds are of investment grade, or possible loss of money. An issuer of government securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect the securitys value and, thus, impact Fund performance. Shares of the Fund are not insured by the U.S. government nor are the Funds share price or distributions. Typically, as interest rates rise the price of government bonds will fall; conversely, government bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A U.S. government security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of U.S. government securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. U.S. government securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The yields of government bonds are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the U.S. government bond markets and general monetary and economic conditions. In periods of rising interest rates, the yield of the Fund typically would tend to be somewhat lower. When interest rates are falling, the inflow of net new money to the Fund will likely be invested in portfolio instruments producing lower yields than the balance of the Funds portfolio, reducing the current yield of the Fund. In period of rising interest rates, if there is an outflow of money, the yield may rise, although the share price will generally decline. The market values of U.S government bonds held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuation or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the bonds of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the bonds of a single issuer. The potential for investment of 50% of the portfolio in the bonds of a single issuer may involve more risk, because the consequences of a default by that issuer would be greater than a default by an issuer representing only 25% of the portfolio. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Funds annual total returns may vary considerably from one year to the next. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. There is no assurance that the investment objective of the Fund will be achieved. |
|||||||||||||||
Risk Lose Money [Text] | rr_RiskLoseMoney | You could lose money investing in the Fund. | |||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the bonds of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the bonds of a single issuer. | |||||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Shares of the Fund are not insured by the U.S. government nor are the Funds share price or distributions. | |||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Risk/Return Bar Charts and Tables |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | |||||||||||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. | |||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 866-0614 or (859) 254-7741 | |||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.dupree-funds.com | |||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. | |||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | INTERMEDIATE GOVERNMENT BOND SERIES Annual Total Returns |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
|
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Performance Table Heading | rr_PerformanceTableHeading | For the Periods Ended December 31, 2011 |
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Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Intermediate Government Bond Series | Intermediate Government Bond Series
|
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends [and other distributions] | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | none | |||||||||||||||
Redemption Fee if by wire transfer | rr_RedemptionFee | 10 | |||||||||||||||
Exchange Fee | rr_ExchangeFeeOverRedemption | none | |||||||||||||||
Maximum Account Fee | rr_MaximumAccountFeeOverAssets | none | |||||||||||||||
Management fee | rr_ManagementFeesOverAssets | 0.20% | |||||||||||||||
Distribution fee (12b-1) | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||
Shareholder Services fee | rr_Component1OtherExpensesOverAssets | 0.15% | |||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.16% | |||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.51% | |||||||||||||||
1 year | rr_ExpenseExampleYear01 | 54 | |||||||||||||||
3 years | rr_ExpenseExampleYear03 | 168 | |||||||||||||||
5 years | rr_ExpenseExampleYear05 | 293 | |||||||||||||||
10 years | rr_ExpenseExampleYear10 | 657 | |||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 54 | |||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 168 | |||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 293 | |||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 657 | |||||||||||||||
2002 | rr_AnnualReturn2002 | 9.28% | |||||||||||||||
2003 | rr_AnnualReturn2003 | 3.11% | |||||||||||||||
2004 | rr_AnnualReturn2004 | 4.95% | |||||||||||||||
2005 | rr_AnnualReturn2005 | 2.41% | |||||||||||||||
2006 | rr_AnnualReturn2006 | 4.20% | |||||||||||||||
2007 | rr_AnnualReturn2007 | 8.18% | |||||||||||||||
2008 | rr_AnnualReturn2008 | 6.91% | |||||||||||||||
2009 | rr_AnnualReturn2009 | 2.17% | |||||||||||||||
2010 | rr_AnnualReturn2010 | 3.03% | |||||||||||||||
2011 | rr_AnnualReturn2011 | 10.14% | |||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | Year-to-Date Total Return | |||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | |||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 4.03% | |||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Quarter Total Return: | |||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2011 | |||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 6.01% | |||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Quarter Total Return: | |||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Jun. 30, 2004 | |||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (1.81%) | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.14% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 6.04% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.40% | |||||||||||||||
Intermediate Government Bond Series | Return After Taxes on Distributions (%) | Intermediate Government Bond Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 8.83% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.47% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 3.68% | |||||||||||||||
Intermediate Government Bond Series | Return After Taxes on Distributions & Sale of Fund Shares (%) | Intermediate Government Bond Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 6.54% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.24% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 3.59% | |||||||||||||||
Intermediate Government Bond Series | Barclays Capital U.S. Intermediate Government Bond Index (Index reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 6.08% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 5.86% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 4.87% |
Label | Element | Value | |||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Registrant Name | dei_EntityRegistrantName | DUPREE MUTUAL FUNDS | |||||||||||||||
Prospectus Date | rr_ProspectusDate | Nov. 01, 2012 | |||||||||||||||
Kentucky Tax-Free Short-to-Medium Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | INVESTMENT OBJECTIVES |
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Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks to provide a high level of income exempt from federal and Kentucky personal income taxes derived from Kentucky municipal securities without incurring undue risk to principal. | |||||||||||||||
Expense [Heading] | rr_ExpenseHeading | ||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | |||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Operating Expenses of the Kentucky Tax-Free Short to Medium Series Expenses that you pay each year as a percentage of the value of your investment |
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Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
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Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 4.73% of the average value of its portfolio. | |||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 4.73% | |||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example |
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Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the same expenses assuming no redemption. | |||||||||||||||
Strategy [Heading] | rr_StrategyHeading | PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
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Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to provide a steady flow of tax-exempt income derived from Kentucky municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a nominal maturity normally ranging from 2-7 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Kentucky. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be exempt from Federal and Kentucky income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Kentucky income taxes. The nominal maturity of the Fund will normally be between 2-7 years. Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects the securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. | |||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing |
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Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You may lose money investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed, by any bank or the U.S. government. The principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are of investment grade, or possible loss of money. An issuer of municipal securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect the securitys value and, thus, impact Fund performance. A number of the securities held in the Funds portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Funds portfolio may affect the value of such securities, the Funds share price, and Fund performance. The Funds performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security, of the Funds share price or distributions, and shares of the Fund are not insured. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic or political development unique to a single state or region that may adversely affect the performance of a single state municipal bond fund. Since the Fund invests in Kentucky municipal securities, events in Kentucky are likely to directly affect the Funds investments and its performance. The Commonwealth of Kentuckys non-agricultural economy is diversified among the following sectors: services, wholesale and retail trade, manufacturing, and government. In 2011, Kentucky had per capita personal income of $33,667 (preliminary data) which ranked 47th in the United States (Source: Bureau of Economic Analysis). The states annual average unemployment rate stood at 8.2 percent at the end of June 2012 which matched the national average of 8.2 percent (Source: U.S. Bureau of Labor Statistics). Kentucky had net tax-supported debt per capita of $2,035 as of calendar year-end 2011. The Commonwealths debt burden was substantially above the national net tax-supported debt median of $1,117 (Source: Moodys Investors Services, 2012 State Debt Medians Report, May 22, 2012). As of June 30, 2012, Kentuckys appropriation supported debt was rated Aa3 by Moodys Investors Services and A+ by Standard & Poors. Typically, as interest rates rise the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of municipal securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislation appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues of shorter maturity and/or higher credit quality pay lower yields than issues of longer maturity and/or lower credit quality. The market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuation or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. The potential for investment of 50% of the portfolio in the securities of a single issuer may involve more risk, because the consequences of a default by that issuer would be greater than a default by an issuer representing only 25% of the portfolio. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Funds annual total returns may vary considerably from one year to the next. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. The portfolio had a nominal maturity of 5.19 years and an effective maturity of 3.90 years as of June 30, 2012. There is no assurance that the investment objective of the Fund will be achieved. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose money investing in the Fund. | |||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. | |||||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed, by any bank or the U.S. government. | |||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Risk/Return Bar Charts and Tables |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | |||||||||||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. | |||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 866-0614 or (859) 254-7741 | |||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.dupree-funds.com | |||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. | |||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES Annual Total Returns |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Performance Table Heading | rr_PerformanceTableHeading | For the Periods Ended December 31, 2011 |
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Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Kentucky Tax-Free Short-to-Medium Series | Kentucky Tax-Free Short-to-Medium Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends [and other distributions] | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | none | |||||||||||||||
Redemption Fee if by wire transfer | rr_RedemptionFee | 10 | |||||||||||||||
Exchange Fee | rr_ExchangeFeeOverRedemption | none | |||||||||||||||
Maximum Account Fee | rr_MaximumAccountFeeOverAssets | none | |||||||||||||||
Management fee | rr_ManagementFeesOverAssets | 0.50% | |||||||||||||||
Distribution fee (12b-1) | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||
Shareholder Services fee | rr_Component1OtherExpensesOverAssets | 0.13% | |||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.10% | |||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.73% | |||||||||||||||
1 year | rr_ExpenseExampleYear01 | 77 | |||||||||||||||
3 years | rr_ExpenseExampleYear03 | 240 | |||||||||||||||
5 years | rr_ExpenseExampleYear05 | 417 | |||||||||||||||
10 years | rr_ExpenseExampleYear10 | 930 | |||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 77 | |||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 240 | |||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 417 | |||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 930 | |||||||||||||||
2002 | rr_AnnualReturn2002 | 4.93% | |||||||||||||||
2003 | rr_AnnualReturn2003 | 4.02% | |||||||||||||||
2004 | rr_AnnualReturn2004 | 1.44% | |||||||||||||||
2005 | rr_AnnualReturn2005 | 0.77% | |||||||||||||||
2006 | rr_AnnualReturn2006 | 3.30% | |||||||||||||||
2007 | rr_AnnualReturn2007 | 3.94% | |||||||||||||||
2008 | rr_AnnualReturn2008 | 3.14% | |||||||||||||||
2009 | rr_AnnualReturn2009 | 5.18% | |||||||||||||||
2010 | rr_AnnualReturn2010 | 2.41% | |||||||||||||||
2011 | rr_AnnualReturn2011 | 1.29% | |||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | Year-to-Date Total Return | |||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | |||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 2.36% | |||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Quarter Total Return: | |||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 | |||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 3.62% | |||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Quarter Total Return: | |||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2010 | |||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (2.15%) | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 6.63% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.25% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 3.62% | |||||||||||||||
Kentucky Tax-Free Short-to-Medium Series | Return After Taxes on Distributions (%) | Kentucky Tax-Free Short-to-Medium Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 6.63% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.25% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 3.62% | |||||||||||||||
Kentucky Tax-Free Short-to-Medium Series | Return After Taxes on Distributions & Sale of Fund Shares (%) | Kentucky Tax-Free Short-to-Medium Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 5.16% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.06% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 3.54% | |||||||||||||||
Kentucky Tax-Free Short-to-Medium Series | Barclays Capital Municipal Bond Index (Index reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.70% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 5.22% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.38% |
Tennessee Tax-Free Income Series | ||||||||||||||||||||
INVESTMENT OBJECTIVES |
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The Fund seeks to provide a high level of income exempt from federal and Tennessee state taxes derived from Tennessee municipal securities without incurring undue risk to principal. | ||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | ||||||||||||||||||||
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Annual Operating Expenses of the Tennessee Tax-Free Income Series Expenses that you pay each year as a percentage of the value of your investment |
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Example |
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The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual Funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||
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You would pay the same expenses assuming no redemption. | ||||||||||||||||||||
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Portfolio Turnover |
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The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 8.39% of the average value of its portfolio. | ||||||||||||||||||||
PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
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The Fund seeks to provide a steady flow of tax-exempt income derived from Tennessee municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Tennessee. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be exempt from Federal and Tennessee income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Tennessee income taxes. The nominal maturity of the Fund will normally be 10 years or more. Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. | ||||||||||||||||||||
Principal Risks of Investing |
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You may lose money investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. The principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are of investment grade, or possible loss of money. An issuer of municipal securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect the securitys value and, thus, impact Fund performance. A number of the securities held in the Funds portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Funds portfolio may affect the value of such securities, the Funds share price, and Fund performance. The Funds performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security, of the Funds share price or distributions, and shares of the Fund are not insured. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic or political development unique to a single state or region that may adversely affect the performance of a single state municipal bond fund. Since the Fund invests in Tennessee municipal securities, events in Tennessee are likely to directly affect the Funds investments and its performance. Tennessees non-agricultural economy is diversified among the following sectors: manufacturing, wholesale and retail trade, services and government. In 2011, Tennessee had per capita personal income of $36,533 (preliminary data) which ranked 36th in the United States (Source: Bureau of Economic Analysis). The states average annual unemployment rate at the end of June 2012 stood at 8.1 percent compared with the national average of 8.2 percent (Source: U.S. Bureau of Labor Statistics). Tennessee had net tax-supported debt per capita of $343 as of calendar year-end 2011 which is substantially below the national net tax-supported debt median of $1,117 (Source: Moodys Investors Services, 2012 State Debt Medians Report, May 22, 2012). As of June 30, 2012, the states general obligation debt was rated Aaa by Moodys Investors Services and AA+ by Standard & Poors. Typically, as interest rates rise the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of municipal securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislation appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues of shorter maturity and/or higher credit quality pay lower yields than issues of longer maturity and/or lower credit quality. The market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuation or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is diversified. A diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Funds annual total returns may vary considerably from one year to the next. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. The portfolio had a nominal maturity of 15.99 years and an effective maturity of 5.25 years as of June 30, 2012. |
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Risk/Return Bar Charts and Tables |
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The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | ||||||||||||||||||||
TENNESSEE TAX-FREE INCOME SERIES Annual Total Returns |
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||||||||||||||||
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For the Periods Ended December 31, 2011 |
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North Carolina Tax-Free Short-to-Medium Series | ||||||||||||||||||||
INVESTMENT OBJECTIVES |
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The Fund seeks to provide a high level of income exempt from federal and North Carolina personal income taxes derived from North Carolina municipal securities without incurring undue risk to principal. | ||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | ||||||||||||||||||||
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Annual Operating Expenses of the North Carolina Tax-Free Short-to-Medium Series Expenses that you pay each year as a percentage of the value of your investment |
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Example |
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The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||
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You would pay the same expenses assuming no redemption. | ||||||||||||||||||||
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Portfolio Turnover |
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The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 12.31% of the average value of its portfolio. | ||||||||||||||||||||
PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
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The Fund seeks to provide a steady flow of tax-exempt income derived from North Carolina municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a nominal maturity normally ranging from 2-7 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of North Carolina. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be exempt from Federal and North Carolina income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and North Carolina income taxes. The nominal maturity of the Fund will normally range between 2-7 years. Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. | ||||||||||||||||||||
Principal Risks of Investing |
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You may lose money investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. The principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are of investment grade, or possible loss of money. An issuer of municipal securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect the securitys value and, thus, impact Fund performance. A number of the securities held in the Funds portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Funds portfolio may affect the value of such securities, the Funds share price, and Fund performance. The Funds performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security, of the Funds share price or distributions, and shares of the Fund are not insured. Investment in the Fund may involve greater risk than an investment in a Fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic or political development unique to a single state or region that may adversely affect the performance of a single state municipal bond fund. Since the Fund invests in North Carolina municipal securities, events in North Carolina are likely to directly affect the Funds investments and its performance. North Carolinas non-agricultural economy is diversified among the following sectors: manufacturing, services, industry, trade, and tourism. In 2011, North Carolina had per capita personal income of $36,164 (preliminary data) which ranked 38 th in the United States (Source: Bureau of Economic Analysis). The states average annual unemployment rate at the end of June 2012 stood at 9.4 percent compared to the national average of 8.2 percent (Source: Bureau of Labor Statistics). North Carolina had net tax-supported debt per capita of $815 as of 2011 calendar year-end which was below the national net tax-supported debt median of $1,117 (Source: Moodys Investors Services, 2011 State Debt Medians Report, May 22, 2012). As of June 30, 2012, the states general obligation debt was rated Aaa by Moodys Investors Service and AAA by Standard & Poors. Typically, as interest rates rise the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of municipal securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislation appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues of shorter maturity and/or higher credit quality pay lower yields than issues of longer maturity and/or lower credit quality. The market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuation or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. The potential for investment of 50% of the portfolio in the securities of a single issuer may involve more risk, because the consequences of a default by that issuer would be greater than a default by an issuer representing only 25% of the portfolio. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Funds annual total returns may vary considerably from one year to the next. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. The portfolio had a nominal maturity of 5.31 years and an effective maturity of 3.74 years as of June 30, 2012. There is no assurance that the investment objective of the Fund will be achieved. |
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Risk/Return Bar Charts and Tables |
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The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | ||||||||||||||||||||
NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES Annual Total Returns |
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||||||||||||||||
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For the Periods Ended December 31, 2011 |
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Label | Element | Value | |||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Registrant Name | dei_EntityRegistrantName | DUPREE MUTUAL FUNDS | |||||||||||||||
Prospectus Date | rr_ProspectusDate | Nov. 01, 2012 | |||||||||||||||
Alabama Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | INVESTMENT OBJECTIVES |
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Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks to provide a high level of income exempt from federal and Alabama personal income taxes derived from Alabama municipal securities without incurring undue risk to principal. | |||||||||||||||
Expense [Heading] | rr_ExpenseHeading | ||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | |||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Operating Expenses of the Alabama Tax-Free Income Series Expenses that you pay each year as a percentage of the value of your investment |
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Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
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Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example above, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 7.80% of the average value of its portfolio. | |||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 7.80% | |||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example |
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Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% return each year and that your operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the same expenses assuming no redemption. | |||||||||||||||
Strategy [Heading] | rr_StrategyHeading | PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE
Principal Investment Strategies |
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Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to provide a steady flow of tax-exempt income derived from Alabama municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Alabama. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Funds assets will be invested so that at least 80% of the income will be tax-exempt from federal and Alabama income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from federal and Alabama income taxes. The nominal maturity of the Fund will normally be 10 years or more. Maintaining a steady stream of tax-exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Funds portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals. | |||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing |
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Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You may lose money investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. The principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are of investment grade, or possible loss of money. An issuer of municipal securities may be unable to make interest payments and repay principal when due. Changes in an issuers financial strength or in a securitys credit rating may affect a securitys value and, thus, impact Fund performance. A number of the securities held in the Funds portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Funds portfolio may affect the value of such securities, the Funds share price, and Fund performance. The Funds performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to understand that insurance does not guarantee the market value of an insured security, or the Funds share price or distributions, and shares of the Fund are not insured. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic or political development unique to a single state or region that may adversely affect the performance of a single state municipal bond fund. Since the Fund invests in Alabama municipal securities, events in Alabama are likely to directly affect the Funds investments and its performance. Alabamas non-agricultural economy is diversified among the following sectors: government, textiles, automobile, aerospace, manufacturing, and forest products industries. In 2011, Alabama had per capita personal income of $34,650 (preliminary data) which ranked 42nd in the United States (Source: Bureau of Economic Analysis). The states annual average unemployment rate stood at 7.8 percent at the end of June 2012 compared with the national average unemployment rate of 8.2 percent. (Source: US Bureau of Labor Statistics) Alabama had net tax-supported debt per capita of $839 as of calendar year-end 2011 which was lower than the national net tax-supported debt median of $1,117 (Source: Moodys Investors Services, 2012 State Debt Medians Report, May 22, 2012). As of June 30, 2012, Alabamas general obligation debt was rated Aa1 by Moodys Investors Service and AA by Standard & Poors. Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities that are subject to call risk. A call of some or all of these securities may lower the Funds income and yield and its distributions to shareholders. The prices of municipal securities may also be affected by market activity and supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues of shorter maturity and/or higher credit quality pay lower yields than issues of longer maturity and/or lower credit quality. The market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. Accordingly, the net asset value of our shares will fluctuate. The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. The potential for investment of 50% of the portfolio in the securities of a single issuer may involve more risk, because the consequences of a default by that issuer would be greater than a default by an issuer representing only 25% of the portfolio. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Funds investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Funds total return may vary considerably from one year to the next. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably. The portfolio had a nominal maturity of 17.42 years and an effective maturity of 5.26 years as of June 30, 2012. There is no assurance that the investment objective of the Fund will be achieved. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose money investing in the Fund. | |||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The portfolio of the Fund is non-diversified. A non-diversified portfolio may have as much as 50% of the portfolio invested in the securities of a single issuer, while a diversified portfolio may have as much as 25% of the portfolio invested in the securities of a single issuer. | |||||||||||||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or the U.S. government. | |||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Risk/Return Bar Charts and Tables |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Funds performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741. | |||||||||||||||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the Fund's performance from year to year. The table shows how the Funds average annual returns for the 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. | |||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 866-0614 or (859) 254-7741 | |||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.dupree-funds.com | |||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. | |||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | ALABAMA TAX-FREE INCOME SERIES Annual Total Returns |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Performance Table Heading | rr_PerformanceTableHeading | For the Periods Ended December 31, 2011 |
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Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||
Alabama Tax-Free Income Series | Alabama Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends [and other distributions] | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||||
Redemption Fee | rr_RedemptionFeeOverRedemption | none | |||||||||||||||
Redemption Fee if by wire transfer | rr_RedemptionFee | 10 | |||||||||||||||
Exchange Fee | rr_ExchangeFeeOverRedemption | none | |||||||||||||||
Maximum Account Fee | rr_MaximumAccountFeeOverAssets | none | |||||||||||||||
Management fee | rr_ManagementFeesOverAssets | 0.50% | |||||||||||||||
Distribution fee (12b-1) | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||
Shareholder Services fee | rr_Component1OtherExpensesOverAssets | 0.15% | |||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.14% | |||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.79% | |||||||||||||||
1 year | rr_ExpenseExampleYear01 | 83 | |||||||||||||||
3 years | rr_ExpenseExampleYear03 | 259 | |||||||||||||||
5 years | rr_ExpenseExampleYear05 | 451 | |||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,004 | |||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 83 | |||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 259 | |||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 451 | |||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,004 | |||||||||||||||
2002 | rr_AnnualReturn2002 | 10.10% | |||||||||||||||
2003 | rr_AnnualReturn2003 | 5.89% | |||||||||||||||
2004 | rr_AnnualReturn2004 | 5.03% | |||||||||||||||
2005 | rr_AnnualReturn2005 | 3.32% | |||||||||||||||
2006 | rr_AnnualReturn2006 | 4.56% | |||||||||||||||
2007 | rr_AnnualReturn2007 | 3.26% | |||||||||||||||
2008 | rr_AnnualReturn2008 | (1.86%) | |||||||||||||||
2009 | rr_AnnualReturn2009 | 10.42% | |||||||||||||||
2010 | rr_AnnualReturn2010 | 1.34% | |||||||||||||||
2011 | rr_AnnualReturn2011 | 11.13% | |||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | Year-to-Date Total Return | |||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | |||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 6.47% | |||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Quarter Total Return: | |||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 | |||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 5.72% | |||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Quarter Total Return: | |||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2010 | |||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (4.71%) | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 11.17% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.75% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.27% | |||||||||||||||
Alabama Tax-Free Income Series | Return After Taxes on Distributions (%) | Alabama Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 11.17% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.74% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.26% | |||||||||||||||
Alabama Tax-Free Income Series | Return After Taxes on Distributions & Sale of Fund Shares (%) | Alabama Tax-Free Income Series
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 8.66% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 4.63% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.13% | |||||||||||||||
Alabama Tax-Free Income Series | Barclays Capital Municipal Bond Index (Index reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.70% | |||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 5.22% | |||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 5.38% |