UNITED STATES.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-2918

DUPREE MUTUAL FUNDS

(Exact Name of Registrant as Specified in Charter)

125 South Mill Street, Vine Center, Suite 100

Lexington, Kentucky 40507

(Address of Principal Executive Offices) (Zip Code)

Allen E. Grimes, III

125 South Mill Street, Vine Center, Suite 100

Lexington, Kentucky 40507

(Name and address of agent for service)

Registrant’s Telephone Number, including Area Code (859) 254-7741

Date of fiscal year end: June 30

Date of reporting period: December 31, 2022

Item 1. Report to Stockholders

December 31, 2022

SEMI ANNUAL REPORT

TO SHAREHOLDERS

ABOUT DUPREE MUTUAL FUNDS

In 1941, Dupree & Company, Inc. began business in Harlan, Kentucky as a small securities brokerage firm specializing in tax-exempt municipal bonds.

Over the years the firm, which in 1963 moved its offices to Lexington, Kentucky, grew to become a regional leader in public finance, helping to structure complex and innovative municipal bond financing for some of the largest public projects in the Commonwealth of Kentucky.

In 1979, Dupree & Company began what is now Dupree Mutual Funds with the Kentucky Tax-Free Income Series and became the Fund’s investment adviser. The Fund was one of the first single-state municipal bond funds in the country, and the first mutual fund to invest solely in Kentucky municipal bonds. Since then, several new offerings have been added to the Dupree Mutual Funds family:

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

Intermediate Government Bond Series in 1992;

Tennessee Tax-Free Income Series in 1993;

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

North Carolina Tax-Free Income Series in 1995;

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

Alabama Tax-Free Income Series in 2000;

Mississippi Tax-Free Income Series in 2000; and

Taxable Municipal Bond Series in 2010.

Today, after more than 60 years in business, Dupree continues to be a pioneer in the industry. Our Kentucky, Tennessee, and Mississippi Series are currently the ONLY 100% “no-load” municipal bond funds available in those states. No-load means simply that shares of the funds are offered directly to investors with no front or back-end sales charges, as opposed to load funds, which are sold through brokerage firms or other institutions that typically carry sales charges.

At Dupree Mutual Funds, our goal is a simple one: to offer investors a high-quality, low-cost way to invest in municipal and government bonds while providing superior service to our shareholders. We encourage you to let us know how we’re doing.

TABLE OF CONTENTS

Management’s Discussion of Fund Performance	i
Sector Allocation of Funds	iii
Financial Statements
Alabama Tax-Free Income Series	1
Kentucky Tax-Free Income Series	5
Kentucky Tax-Free Short-to-Medium Series	13
Mississippi Tax-Free Income Series	17
North Carolina Tax-Free Income Series	21
North Carolina Tax-Free Short-to-Medium Series	27
Tennessee Tax-Free Income Series	31
Tennessee Tax-Free Short-to-Medium Series	36
Intermediate Government Bond Series	40
Taxable Municipal Bond Series	43
Notes to Financial Statements	47
Other Unaudited Information	57
Schedule of Shareholder Expenses	61

Management’s Discussion of Fund Performance: (Unaudited)

Six Months Ended December 31, 2022

The investment objective for our tax-exempt municipal bond funds is to provide a steady stream of tax-free income derived from state-specific municipal securities without incurring undue risk to principal. Similarly, the investment objectives for our government bond fund and taxable municipal bond fund are to provide a steady stream of taxable income derived from securities of the U.S. Government and its agencies and taxable municipal bonds, respectively, without incurring undue risk to principal. We do not try to anticipate market direction; instead, we attempt to buy high quality investment grade bonds at the best possible prices and yields and hold them in down markets as well as up markets.

Factors that may influence the performance of a state-specific tax-exempt municipal bond fund or a taxable municipal bond fund include, but are not limited to, movements in interest rates, a downgrade or upgrade of credit ratings assigned to bonds issued by state or local governments, changes in the credit ratings assigned to bond insurers, downturns or upturns in the specific economies of a given state, the rate at which bonds are called, and the rate at which revenues used to pay debt service on issued bonds are received by state and local governments. Similarly, the performance of a government bond fund may be influenced by several factors including, but not limited to, movements in interest rates, prevailing conditions in the U.S. Government securities markets, changes in an issuer’s financial strength, changes in the credit rating assigned to an obligation, and the rate at which bonds are called.

During the six-month period ended December 31, 2022 (the “Reporting Period”), the economy grew at a solid pace. Real gross domestic product (“GDP”) increased at an annual rate of 3.2 percent in the third quarter following two consecutive quarters of negative growth during the first two quarters of the year. The economy continued to show signs of resiliency towards the end of the year with real GDP increasing at a 2.9 percent annual rate (advance estimate) in the fourth quarter. The pickup in economic growth was fueled primarily by increases in exports, consumer spending, state and local government spending, and federal government spending.

Labor market conditions remained relatively tight during the Reporting Period. The seasonally adjusted national unemployment rate was 3.5 percent in December. The labor force participation rate was stood at 62.3 percent in December. Wage growth remained elevated with average hourly earnings increasing at a 4.6 percent annual rate in December.

Key measures of inflation remained elevated above the Federal Reserve’s (the “Fed”) 2 percent inflation target but showed signs of improvement. The headline Consumer Price Index (“CPI”) increased at an annual rate of 6.5 percent in December. The core CPI (which excludes food and energy costs) increased at an annual rate of 5.7 percent in December. The Fed’s preferred inflation gauge, the core Personal Consumption Expenditure Index, increased at an annual rate of 4.4 percent in December. Core goods inflation declined slightly which was helped by improvements in global supply chains. However, prices for services, which make up two-thirds of consumer spending, trended slightly higher during the Reporting Period.

In response to persistently elevated inflation levels, the Federal Open Market Committee (FOMC) raised the fed funds target rate at each of its four scheduled meetings. The fed funds target rate ended the year at 4.25 – 4.50 percent. In its December meeting statement, the FOMC indicated that ongoing increases in the fed funds target range would be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.

Tax-exempt yields on both the short and long ends of the yield curve moved higher during the Reporting Period with benchmark 5-year and 30-year AAA-rated tax-exempt yields increasing by 30 and 40 basis points, respectively. On the other hand, yields in the intermediate portion of the curve declined slightly with benchmark 10-year AAA-rated tax-exempt yields declining by 9 basis points. With a few exceptions, longer-dated bonds underperformed shorter-dated bonds, and higher-rated bonds outperformed lower-rated bonds during the Reporting Period.

Credit quality in the investment grade municipal bond market has remained very strong. State and local fiscal conditions remain very strong in fiscal 2023 following record-breaking increases in general fund revenue collections in fiscal 2021 and spending in fiscal 2022. State and local tax revenues have soared as nominal profits and incomes have risen. According to data compiled by the National Association of State Budget Officers, state spending grew by 18.3 percent in fiscal 2022 and is expected to increase approximately 6.7 percent in fiscal 2023. State rainy day reserve funds reached new highs in fiscal 2022 and are projected to increase further in fiscal 2023.

Investment grade municipal bonds provided modest positive returns during the Reporting Period. The Bloomberg Municipal Bond Index (“Muni Index”) provided a total return (which includes prices changes plus interest) of 0.50 percent for the six-month period ended December 31, 2022. Taxable municipal bonds underperformed tax-exempt bonds during the Reporting Period. The

i

Bloomberg Taxable Municipal Bond Index (“Taxable Muni Index”) provided a total return of -4.82 percent, whereas the Bloomberg U.S. Intermediate Government Bond Index (“Intermediate Government Bond Index”) provided a total return of -2.07 percent.

A discussion of the performance of each of our funds for the six-month period ended December 31, 2022, follows:

The Kentucky Tax-Free Income Series provided a total return of 0.45 percent during the period under review. The Kentucky Tax-Free Short-to-Medium Series provided a total return of 0.27 percent. Both the Kentucky Tax-Free Income Series and Kentucky Tax-Free Short-to-Medium Series performed in line with the Muni Index when taking into consideration that an index does not reflect any operating expenses or transaction costs.

The Tennessee Tax-Free Income Series provided a total return of 0.13 percent during the period under review. The Tennessee Tax-Free Short-to-Medium Series provided a total return of -0.09 percent. Both the Tennessee Tax-Free Income Series and the Tennessee Tax-Free Short-to-Medium Series performed in line with the Muni Index when taking into consideration that an index does not reflect any operating expenses or transaction costs.

The North Carolina Tax-Free Income Series provided a total return of 0.06 percent during the period under review. The North Carolina Tax-Free Short-to-Medium Series provided a total return of -0.02 percent. Both the North Carolina Tax-Free Income Series and the North Carolina Tax-Free Short-to-Medium Series performed in line with the Muni Index when taking into consideration that an index does not reflect any operating expenses or transaction costs.

The Alabama Tax-Free Income Series provided a total a total return of -0.40 percent during the period under review. The Alabama Tax-Free Income Series had a slightly longer nominal maturity than the Muni Index (14.85 v. 12.96 years) which led to its underperformance during the Reporting Period.

The Mississippi Tax-Free Income Series provided a total return of -0.25 percent during the period under review. The Mississippi Tax-Free Income Series experienced higher than normal redemption activity during the last six months of the year. This required the fund to sell bonds in a down market which led to its underperformance during the Reporting Period.

The Intermediate Government Bond Series provided a total return of -0.82 percent which outperformed the Intermediate Government Bond Index during the period under review. The Intermediate Government Bond Series had a shorter duration than the Intermediate Government Bond Index (2.34 v 3.73 years) which led to its outperformance during the Reporting Period.

The Taxable Municipal Bond Series provided a total return of -7.27 percent during the during the period under review. Both the duration and nominal maturity of the Taxable Municipal Bond Series (9.88 and 19.06 years, respectively) were longer than the Taxable Muni Index (8.22 and 14.74 years, respectively) which led to its underperformance during the Reporting Period.

Thank you for investing with Dupree Mutual Funds.

Total returns include changes in share price, reinvestment of dividends, and reinvestment of capital gains, if any. Performance data quoted represents past performance which is not a guarantee of future results. The opinions expressed herein are those of the funds’ portfolio management and are current as of December 31, 2022. Management’s opinions are not guarantees of performance or investment results and should not be taken as investment advice. You may lose money investing in the funds.

ii

The illustrations below provide each Fund’s sector allocation and
summarize key information about each Fund’s investments as of December 31, 2022. Unaudited

Alabama Tax-Free Income Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aaa/AAA		0.97%
Aa/AA		95.51%
A		1.44%
Not Rated		2.08%
		100.00%
COMPOSITION
	% of Net Assets
Prerefunded		26.07%
School Improvement		22.20%
Public Facilities Revenue		15.12%
University Consolidated Education and Building Revenue		13.27%
Municipal Utility Revenue		12.57%
Miscellaneous Public Improvement		3.26%
Hospital and Healthcare Revenue		2.60%
Refunding		2.43%
Other Assets Less Liabilities		2.48%
		100.00%

Kentucky Tax-Free Income Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aa/AA		44.54%
A		54.97%
Not Rated		0.49%
		100.00%
COMPOSITION
	% of Net Assets
Miscellaneous Public Improvement		35.06%
School Improvement		18.38%
University Consolidated Education and Building Revenue		12.45%
Prerefunded		9.00%
Municipal Utility Revenue		8.37%
Public Facilities Revenue		5.64%
Hospital and Healthcare Revenue		5.00%
Turnpikes/Toll Road/Highway Revenue		2.72%
Refunding		1.18%
Airport Revenue		0.77%
Ad Valorem Property		0.32%
Other Assets Less Liabilities		1.11%
		100.00%

Kentucky Tax-Free Short-to-Medium Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aa/AA		39.44%
A		59.46%
Not Rated		1.10%
		100.00%
COMPOSITION
	% of Net Assets
School Improvement		20.75%
Miscellaneous Public Improvement		18.10%
Public Facilities Revenue		15.83%
University Consolidated Education and Building Revenue		9.94%
Turnpikes/Toll Road/Highway Revenue		9.79%
Municipal Utility Revenue		8.15%
Prerefunded		7.04%
Hospital and Healthcare Revenue		3.35%
Ad Valorem Property		1.65%
Refunding		1.44%
Airport Revenue		1.28%
Escrowed to Maturity		0.43%
Other Assets Less Liabilities		2.25%
		100.00%

Mississippi Tax-Free Income Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aaa/AAA		3.03%
Aa/AA		87.91%
A		6.15%
Not Rated		2.91%
		100.00%
COMPOSITION
	% of Net Assets
University Consolidated Education and Building Revenue		35.33%
Prerefunded		23.25%
Turnpikes/Toll Road/Highway Revenue		10.15%
Public Facilities Revenue		7.11%
Municipal Utility Revenue		6.08%
Miscellaneous Public Improvement		4.51%
School Improvement		4.05%
Refunding		3.79%
State and Local Mortgage/Housing Revenue		3.00%
Hospital and Healthcare Revenue		1.64%
Other Assets Less Liabilities		1.09%
		100.00%

iii

The illustrations below provide each Fund’s sector allocation and
summarize key information about each Fund’s investments as of December 31, 2022. Unaudited

North Carolina Tax-Free Income Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aaa/AAA		4.63%
Aa/AA		79.18%
A		14.80%
NR		1.39%
		100.00%
COMPOSITION
	% of Net Assets
School Improvement		19.43%
Public Facilities Revenue		17.32%
Municipal Utility Revenue		14.80%
University Consolidated Education and Building Revenue		12.95%
Prerefunded		12.38%
Refunding		6.35%
Hospital and Healthcare Revenue		5.76%
Airport Revenue		3.68%
Turnpikes/Toll Road/Highway Revenue		3.41%
Miscellaneous Public Improvement		2.66%
Other Assets Less Liabilities		1.26%
		100.00%

North Carolina Tax-Free Short-to-Medium Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aaa/AAA		4.83%
Aa/AA		59.22%
A		34.48%
NR		1.47%
		100.00%
COMPOSITION
	% of Net Assets
University Consolidated Education and Building Revenue		27.10%
School Improvement		15.37%
Municipal Utility Revenue		15.00%
Refunding		9.49%
Turnpikes/Toll Road/Highway Revenue		8.04%
Public Facilities Revenue		6.99%
Miscellaneous Public Improvement		4.01%
Hospital and Healthcare Revenue		3.63%
Prerefunded		3.06%
Ad Valorem Property		2.20%
Lease Revenue		0.98%
Airport Revenue		0.75%
Other Assets Less Liabilities		3.38%
		100.00%

Tennessee Tax-Free Income Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aaa/AAA		4.43%
Aa/AA		77.67%
A		17.90%
		100.00%
COMPOSITION
	% of Net Assets
Municipal Utility Revenue		27.00%
Prerefunded		22.07%
School Improvement		11.84%
Hospital and Healthcare Revenue		10.20%
Miscellaneous Public Improvement		8.85%
Public Facilities Revenue		5.05%
University Consolidated Education and Building Revenue		4.44%
Refunding		3.91%
Airport Revenue		3.59%
Other Assets Less Liabilities		3.05%
		100.00%

Tennessee Tax-Free Short-to-Medium Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aa/AA		89.82%
A		10.18%
		100.00%
COMPOSITION
	% of Net Assets
Municipal Utility Revenue		30.13%
Refunding		23.42%
School Improvement		15.99%
Public Facilities Revenue		8.64%
University Consolidated Education and Building Revenue		7.45%
Prerefunded		6.57%
Airport Revenue		2.25%
Miscellaneous Public Improvement		0.80%
Other Assets Less Liabilities		4.75%
		100.00%

iv

The illustrations below provide each Fund’s sector allocation and
summarize key information about each Fund’s investments as of December 31, 2022. Unaudited

Intermediate Government Bond Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aaa/AAA		100.00%
COMPOSITION
	% of Net Assets
Federal Home Loan Bank		67.56%
Federal Home Loan Mortgage Corporation		21.21%
Federal Farm Credit		8.94%
Other Assets Less Liabilities		2.29%
		100.00%

Taxable Municipal Bond Series
CREDIT QUALITY*	% of Fair Value of Investments Held
Aa/AA		81.03%
A		18.37%
Not Rated		0.60%
		100.00%
COMPOSITION
	% of Net Assets
Municipal Utility Revenue		21.47%
Public Facilities Revenue		19.28%
University Consolidated Education and Building Revenue		14.75%
Turnpikes/Toll Road/Highway Revenue		8.08%
State and Local Mortgage/Housing Revenue		7.64%
Miscellaneous Public Improvement		6.13%
School Improvement		5.99%
Marina/Port Authority Revenue		5.57%
Hospital and Healthcare Revenue		4.81%
Airport Revenue		1.97%
Prerefunded		0.58%
Other Assets Less Liabilities		3.73%
		100.00%

* Ratings by Moody’s Investors Services, Inc. unless noted otherwise. See Schedules of Portfolio Investments for individual bond ratings.

v

DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PREREFUNDED BONDS
26.07% of Net Assets
Alabaster AL Board of Education Special Tax Warrants**		5.000	%		09/01/2039	A1	$	600,000	$	621,754
Auburn AL Waterworks Board Water Revenue		5.000			09/01/2036	Aa2		250,000		264,175
Birmingham AL Waterworks		5.000			01/01/2040	Aa2		150,000		157,221
Decatur City AL Board of Education Special Tax		5.000			02/01/2040	Aa2		225,000		236,266
Jasper AL Warrants		5.000			03/01/2031	A2		250,000		256,888
Jasper AL Warrants		5.000			03/01/2032	A2		450,000		462,398
Limestone County AL Water & Sewer Authority		4.750			12/01/2033	AA*		290,000		313,197
Limestone County AL Water & Sewer Authority		5.000			12/01/2034	AA-*		250,000		254,883
Madison AL Warrants		5.000			04/01/2035	Aa3		350,000		368,645
Northport AL Warrants**		5.000			08/01/2040	AA*		735,000		761,870
Trussville AL Warrants		5.000			10/01/2039	NR		445,000		451,955
Trussville AL Warrants**		5.000			10/01/2039	Aa2		775,000		787,695
Tuscaloosa AL Warrants		5.000			07/01/2034	Aa1		300,000		310,320
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2036	Aa3		250,000		273,518
Tuscaloosa County AL Board of Education Special Tax School Warrants		5.000			02/01/2037	Aa3		250,000		273,518
										5,794,303
SCHOOL IMPROVEMENT BONDS
22.20% of Net Assets
Athens AL Warrants		3.000			05/01/2041	Aa3		125,000		102,990
Bibb County AL Board of Education Special Tax		4.000			04/01/2032	AA*		380,000		390,100
Cherokee County AL Board of Education Special Tax Warrants		4.250			12/01/2042	A1		150,000		151,739
Cherokee County AL Board of Education Tax Warrants		4.000			12/01/2034	A1		310,000		312,921
Elmore County AL Board of Education		4.000			08/01/2038	Aa3		250,000		250,425
Florence AL City Board of Education Special Tax School Warrants		4.000			03/01/2046	Aa3		225,000		212,308
Guntersville AL Warrants		3.000			08/01/2040	AA-*		250,000		208,263
Houston County AL Board of Education Special Tax School Warrants		3.000			12/01/2037	AA*		250,000		217,493
Jackson County AL Board of Education School Tax Warrants		3.000			03/01/2038	AA*		350,000		302,862
Jefferson County AL Board of Education Public School Warrants		4.000			02/01/2042	A1		325,000		312,384
Jefferson County AL Public Schools		4.000			02/01/2038	A1		165,000		162,060
Madison AL Board of Education Special Tax School Warrants		4.000			02/01/2041	Aa3		370,000		364,831
Madison County AL Board of Education Capital Outlay**		5.000			09/01/2031	Aa3		660,000		705,170
Marshall County AL Board of Education Special Tax School Warrants		4.000			03/01/2033	A1		250,000		252,660
Mountain Brook AL City Board of Education		3.000			03/01/2042	Aa1		250,000		210,175
Oxford AL Board of Education School Tax Warrants		4.000			05/01/2045	Aa3		350,000		331,632
Pell City AL Warrants		4.500			02/01/2042	AA*		200,000		201,926
Saint Clair County AL Board of Education Special Tax Warrants		3.000			02/01/2038	A1		250,000		216,720
Troy AL Public Educational Building Authority		5.250			12/01/2036	A1		30,000		30,017
										4,936,676
PUBLIC FACILITIES REVENUE BONDS
15.12% of Net Assets
Adamsville AL Warrants		3.000			09/01/2045	AA*		250,000		203,853
AL State Corrections Institution Finance Authority		5.000			07/01/2042	Aa2		350,000		375,440
Anniston AL Public Building Authority DHR Project		5.250			05/01/2030	AA-*		50,000		50,054
Anniston AL Public Building Authority DHR Project		5.500			05/01/2033	AA-*		200,000		200,324
Bessemer AL Public Educational Building Authority Revenue		5.000			07/01/2030	AA*		140,000		140,094
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2037	Aa3		500,000		534,940
Birmingham Jefferson AL Civic Center Authority Revenue		5.000			05/01/2038	Aa3		250,000		266,468
Boaz AL Warrants		4.000			02/01/2037	AA*		250,000		246,810
Bullock County AL Public Building Authority		4.000			10/01/2038	AA-*		500,000		504,315
Montgomery County AL Public Building Authority		5.000			03/01/2036	Aa2		350,000		374,724
Phenix City AL Public Building Authority		4.000			10/01/2035	AA-*		100,000		102,134
Phenix City AL Public Building Authority		4.000			10/01/2037	AA-*		120,000		120,701
Saint Clair County AL Public Building Authority		4.000			02/01/2041	AA-*		250,000		241,548
										3,361,405
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
13.27% of Net Assets
AL Community College System Gadsden State Community College		5.000			06/01/2038	A1		325,000		346,845

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

1

DUPREE MUTUAL FUNDS — ALABAMA TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Alabama Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Auburn University AL General Fee Revenue		4.000	%		06/01/2036	Aa2	$	380,000	$	383,135
Troy University AL Facilities Revenue		5.000			11/01/2028	A1		250,000		260,960
Troy University AL Facilities Revenue		4.000			11/01/2032	A1		300,000		312,579
Troy University AL Facilities Revenue		5.000			11/01/2037	A1		200,000		213,874
University of AL General Fee Revenue		5.000			09/01/2037	Aa3		250,000		269,543
University of AL Huntsville General Fee Revenue		5.000			09/01/2038	Aa3		435,000		467,508
University of AL Huntsville General Fee Revenue		5.000			09/01/2038	Aa3		500,000		540,380
University of South AL		5.000			04/01/2044	A1		150,000		156,027
										2,950,851
MUNICIPAL UTILITY REVENUE BONDS
12.57% of Net Assets
Athens AL Water & Sewer		4.000			05/01/2039	A1		200,000		198,096
Athens AL Water & Sewer		4.000			05/01/2040	A1		100,000		98,397
Berry AL Water & Sewer Revenue		4.000			09/01/2039	AA*		250,000		252,540
Birmingham AL Waterworks		4.000			01/01/2037	Aa2		250,000		252,025
Birmingham AL Waterworks		4.000			01/01/2041	Aa2		225,000		220,471
Limestone County AL Water & Sewer Authority		4.750			12/01/2035	AA*		400,000		410,015
Opelika AL Utilities Board		4.000			06/01/2039	Aa3		250,000		246,733
Prattville AL Sewer Warrants		4.000			11/01/2042	AA-*		375,000		363,971
Scottsboro AL Waterworks Sewer & Gas		4.000			08/01/2040	AA*		150,000		142,173
Talladega AL Water & Sewer Revenue		3.000			09/01/2046	AA*		250,000		188,793
Tuskegee AL Utilities Board		3.000			08/01/2037	A1		260,000		229,619
Warrior River AL Water Authority		4.000			08/01/2043	AA*		200,000		191,852
										2,794,685
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
3.26% of Net Assets
Arab AL		3.000			12/01/2041	AA*		250,000		204,800
Birmingham AL Warrants		4.000			12/01/2035	Aa3		250,000		253,648
Birmingham AL Warrants		5.000			12/01/2037	Aa3		250,000		266,960
										725,408
HOSPITAL AND HEALTHCARE REVENUE BONDS
2.60% of Net Assets
Chilton County AL Health Care Authority Chilton County Hospital**		5.000			11/01/2035	AA-@		550,000		578,138
REFUNDING BONDS
2.43% of Net Assets
Montgomery AL Warrants		5.000			06/15/2035	A1		500,000		540,240
Total Investments 97.52% of Net Assets (cost $22,684,545) (See footnote 6 for further explanation)									$	21,681,706
Other assets in excess of liabilities 2.48%										552,421
Net Assets 100%									$	22,234,127

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		21,681,706
Level 3	Significant Unobservable Inputs		—
		$	21,681,706

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

2

ALABAMA TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $22,684,545)		$	21,681,706
Cash			407,219
Interest receivable			266,483
Total assets			22,355,408
LIABILITIES:
Payable for:
Distributions to shareholders	85,349
Fund shares redeemed	3,807
Investment advisory fee	2,650
Transfer agent fee	6,839
Registration fees	7,091
Printing expense	6,665
Professional fees	3,152
Trustees fees	2,153
Custodian fee	970
Accrued expenses	2,605
Total liabilities			121,281
NET ASSETS:
Paid-in capital			23,546,338
Total accumulated loss			(1,312,211	)
Total Net Assets		$	22,234,127
NET ASSET VALUE, offering price and redemption price per share (1,953,888 shares outstanding; unlimited number of shares authorized; no par value)		$	11.38

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	394,604
Expenses:
Investment advisory fee		61,947
Transfer agent fee		17,892
Custodian fee		4,445
Professional fees		3,318
Compliance fees		3,630
Printing expense		5,192
Pricing fees		3,864
Registration fees		12,012
Trustees fees		1,775
Other expenses		2,533
Total expenses		116,608
Fees waived by Adviser (Note 2)		(29,756	)
Custodian fee reduction (Note 7)		(10	)
Net expenses		86,842
Net investment income		307,762
Realized and unrealized loss on investments:
Net realized loss		(309,372	)
Net change in unrealized appreciation/depreciation		(118,588	)
Net realized and unrealized loss on investments		(427,960	)
Net decrease in net assets resulting from operations	$	(120,198	)

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

3

ALABAMA TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	307,762		$	606,402
Net realized gain/(loss) on investments		(309,372	)		13,595
Net change in unrealized appreciation/depreciation		(118,588	)		(2,883,506	)
Net decrease in net assets resulting from operations		(120,198	)		(2,263,509	)
Total distributions (Note 6)		(321,357	)		(608,060	)
Net Fund share transactions (Note 4)		(3,085,338	)		423,477
Total decrease		(3,526,893	)		(2,448,092	)
Net assets:
Beginning of period		25,761,020			28,209,112
End of period	$	22,234,127		$	25,761,020

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.57		$	12.86		$	12.78		$	12.43		$	12.08		$	12.29
Income from investment operations:
Net investment income		0.14			0.27			0.29			0.33			0.34			0.36
Net gains/(losses) on investments		(0.18	)		(1.29	)		0.08			0.35			0.35			(0.21	)
Total from investment operations		(0.04	)		(1.02	)		0.37			0.68			0.69			0.15
Less distributions:
Distributions from net investment income		(0.14	)		(0.27	)		(0.29	)		(0.33	)		(0.34	)		(0.36	)
Distributions from capital gains		(0.01	)		0.00	(b)		0.00			0.00			0.00			0.00
Total distributions		(0.15	)		(0.27	)		(0.29	)		(0.33	)		(0.34	)		(0.36	)
Net asset value, end of period	$	11.38		$	11.57		$	12.86		$	12.78		$	12.43		$	12.08
Total return		(0.40	)%(c)		(8.03	)%		2.93%			5.49%			5.80%			1.24%
Net assets, end of period (in thousands)	$	22,234		$	25,761		$	28,209		$	27,354		$	26,154		$	25,255
Ratio of net expenses to average net assets (a)		0.70%	(d)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.95%	(d)		0.87%			0.80%			0.82%			0.84%			0.82%
Ratio of net investment income to average net assets		2.51%	(d)		2.19%			2.26%			2.58%			2.79%			2.96%
Portfolio turnover		1.49%	(c)		2.55%			13.38%			6.98%			16.54%			13.83%

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

(b) Rounds to less than $0.01.

(c) Not Annualized

(d) Annualized

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

4

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
35.06% of Net Assets
KY Association of Counties		4.000	%		02/01/2028	AA-*	$	345,000	$	360,325
KY Association of Counties		4.000			02/01/2029	AA-*		240,000		251,484
KY Association of Counties		5.000			02/01/2030	AA-*		385,000		427,535
KY Association of Counties		5.000			02/01/2031	AA-*		255,000		282,124
KY Association of Counties		4.000			02/01/2033	AA-*		420,000		427,862
KY Association of Counties		4.000			02/01/2034	AA-*		435,000		441,673
KY Association of Counties		4.000			02/01/2035	AA-*		690,000		699,501
KY Association of Counties		4.000			02/01/2035	AA-*		460,000		464,582
KY Association of Counties		4.500			02/01/2036	AA-*		445,000		466,640
KY Association of Counties		4.000			02/01/2037	AA-*		745,000		748,390
KY Association of Counties		4.500			02/01/2037	AA-*		460,000		479,145
KY Association of Counties		4.000			02/01/2038	AA-*		3,165,000		3,129,552
KY Association of Counties		4.500			02/01/2038	AA-*		490,000		505,479
KY Association of Counties		4.000			02/01/2039	AA-*		1,000,000		981,340
KY Association of Counties		4.500			02/01/2039	AA-*		515,000		528,514
KY Association of Counties		4.500			02/01/2040	AA-*		535,000		548,627
KY Association of Counties		4.500			02/01/2041	AA-*		565,000		578,102
KY Association of Counties		4.500			02/01/2042	AA-*		1,050,000		1,070,370
KY Bond Corporation Finance Program		3.000			02/01/2032	AA-*		550,000		514,030
KY Bond Corporation Finance Program		3.000			02/01/2033	AA-*		1,010,000		929,200
KY Bond Corporation Finance Program		3.000			02/01/2034	AA-*		1,070,000		963,289
KY Bond Corporation Finance Program		3.000			02/01/2034	AA-*		925,000		831,982
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		1,170,000		1,034,900
KY Bond Corporation Finance Program		3.000			02/01/2035	AA-*		930,000		822,613
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		1,240,000		1,072,017
KY Bond Corporation Finance Program		3.000			02/01/2036	AA-*		965,000		835,150
KY Bond Corporation Finance Program		3.000			02/01/2037	AA-*		990,000		840,005
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		980,000		816,428
KY Bond Corporation Finance Program		3.000			02/01/2038	AA-*		1,025,000		851,929
KY Bond Corporation Finance Program		3.000			02/01/2039	AA-*		1,050,000		864,686
KY Bond Corporation Finance Program		3.000			02/01/2040	AA-*		1,030,000		836,422
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,000,000		803,890
KY Bond Corporation Finance Program		3.000			02/01/2041	AA-*		1,065,000		857,272
KY Bond Corporation Finance Program		3.000			02/01/2042	AA-*		420,000		332,027
KY Bond Corporation Finance Program		3.000			02/01/2043	AA-*		430,000		332,799
KY Bond Corporation Finance Program		3.000			02/01/2044	AA-*		450,000		344,808
KY Bond Corporation Finance Program		3.000			02/01/2047	AA-*		1,100,000		813,956
KY State Property & Building #105		4.750			04/01/2031	A1		2,110,000		2,121,078
KY State Property & Building #105		4.750			04/01/2032	A1		2,205,000		2,217,083
KY State Property & Building #105		4.750			04/01/2033	A1		2,310,000		2,321,712
KY State Property & Building #108		5.000			08/01/2026	A1		955,000		1,004,354
KY State Property & Building #108		5.000			08/01/2028	A1		2,670,000		2,808,653
KY State Property & Building #108		5.000			08/01/2030	A1		5,000,000		5,255,850
KY State Property & Building #108		5.000			08/01/2032	A1		8,820,000		9,257,825
KY State Property & Building #108		5.000			08/01/2033	A1		5,270,000		5,535,608
KY State Property & Building #108		5.000			08/01/2034	A1		4,900,000		5,123,293
KY State Property & Building #110		5.000			08/01/2029	A1		4,200,000		4,421,340
KY State Property & Building #110		5.000			08/01/2032	A1		1,515,000		1,590,205
KY State Property & Building #110		5.000			08/01/2033	A1		1,000,000		1,049,130
KY State Property & Building #110		5.000			08/01/2034	A1		1,900,000		1,986,583
KY State Property & Building #110		5.000			08/01/2035	A1		3,680,000		3,820,797
KY State Property & Building #112		5.000			11/01/2028	A1		2,765,000		2,963,859
KY State Property & Building #112		5.000			02/01/2035	A1		8,325,000		8,709,365
KY State Property & Building #112		5.000			02/01/2036	A1		7,920,000		8,321,227
KY State Property & Building #115		5.000			04/01/2033	A1		4,565,000		4,921,116
KY State Property & Building #115		5.000			04/01/2034	A1		13,975,000		15,030,392
KY State Property & Building #115		5.000			04/01/2036	A1		14,460,000		15,403,515

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

5

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY State Property & Building #115		5.000	%		04/01/2037	A1	$	5,000,000	$	5,295,750
KY State Property & Building #117		5.000			05/01/2031	A1		5,055,000		5,469,409
KY State Property & Building #117		5.000			05/01/2032	A1		3,680,000		3,977,013
KY State Property & Building #117		5.000			05/01/2033	A1		3,550,000		3,830,521
KY State Property & Building #117		5.000			05/01/2034	A1		5,825,000		6,268,108
KY State Property & Building #117		5.000			05/01/2035	A1		5,065,000		5,426,945
KY State Property & Building #117		5.000			05/01/2036	A1		5,275,000		5,618,930
KY State Property & Building #119		5.000			05/01/2030	A1		3,920,000		4,309,844
KY State Property & Building #119		5.000			05/01/2034	A1		725,000		787,408
KY State Property & Building #119		5.000			05/01/2035	A1		10,000,000		10,799,700
KY State Property & Building #119		5.000			05/01/2036	A1		10,000,000		10,673,700
KY State Property & Building #119		5.000			05/01/2037	A1		770,000		816,500
KY State Property & Building #119		4.000			05/01/2038	A1		265,000		263,187
KY State Property & Building #122		5.000			11/01/2031	A1		790,000		876,663
KY State Property & Building #122		5.000			11/01/2033	A1		1,000,000		1,096,210
KY State Property & Building #122		4.000			11/01/2034	A1		750,000		770,010
KY State Property & Building #122		4.000			11/01/2035	A1		2,500,000		2,542,900
KY State Property & Building #122		4.000			11/01/2036	A1		1,750,000		1,768,095
KY State Property & Building #122		4.000			11/01/2037	A1		3,000,000		3,013,830
KY State Property & Building #122		4.000			11/01/2037	A1		675,000		678,463
KY State Property & Building #122		4.000			11/01/2038	A1		6,595,000		6,526,016
KY State Property & Building #122		4.000			11/01/2039	A1		9,655,000		9,596,105
KY State Property & Building #126		5.000			05/01/2039	A1		5,565,000		6,039,917
KY State Property & Building #126		5.000			05/01/2040	A1		5,845,000		6,320,023
KY State Property & Building #126		5.000			05/01/2041	A1		6,135,000		6,633,591
KY State Property & Building #126		5.000			05/01/2042	A1		2,000,000		2,167,420
KY State Property & Building #126		4.000			05/01/2042	A1		1,980,000		1,915,096
KY State Property & Building #127		5.250			06/01/2040	A1		10,000,000		11,013,900
KY State Property & Building #127		5.250			06/01/2041	A1		8,745,000		9,595,626
KY State Property & Building #127		5.250			06/01/2042	A1		15,975,000		17,634,480
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2034	Aa3		3,720,000		3,781,752
										286,458,745
SCHOOL IMPROVEMENT BONDS
18.38% of Net Assets
Bowling Green KY School District Finance Corporation		4.000			08/01/2034	A1		1,890,000		1,922,187
Bowling Green KY School District Finance Corporation		4.000			08/01/2035	A1		2,215,000		2,240,030
Bowling Green KY School District Finance Corporation		4.000			08/01/2036	A1		2,305,000		2,319,499
Bowling Green KY School District Finance Corporation		4.000			08/01/2037	A1		2,395,000		2,398,904
Bowling Green KY School District Finance Corporation		4.000			04/01/2043	A1		3,085,000		2,968,603
Bowling Green KY School District Finance Corporation		4.000			04/01/2045	A1		2,500,000		2,400,050
Bullitt County KY School District Finance Corporation		4.000			10/01/2035	A1		1,820,000		1,842,714
Bullitt County KY School District Finance Corporation		4.000			10/01/2036	A1		2,985,000		3,004,522
Bullitt County KY School District Finance Corporation		4.000			10/01/2037	A1		3,075,000		3,085,486
Covington KY Independent School District Finance Corporation		4.000			06/01/2041	A1		490,000		480,587
Fayette County KY School District Finance Corporation		5.000			08/01/2028	Aa3		1,330,000		1,408,962
Fayette County KY School District Finance Corporation		4.750			11/01/2031	Aa3		1,730,000		1,788,336
Fayette County KY School District Finance Corporation**		5.000			08/01/2032	Aa3		10,600,000		11,169,432
Fayette County KY School District Finance Corporation		5.000			08/01/2034	Aa3		8,750,000		9,215,588
Glasgow KY School District Finance Corporation		3.000			02/01/2042	A1		1,820,000		1,472,762
Hardin County KY School District Finance Corporation		4.000			05/01/2030	Aa3		635,000		654,183
Jefferson County KY School District Finance Corporation		5.000			10/01/2026	Aa3		255,000		275,313
Jefferson County KY School District Finance Corporation		5.000			04/01/2030	Aa3		975,000		1,017,773
Jefferson County KY School District Finance Corporation		5.000			04/01/2031	Aa3		1,025,000		1,069,741
Jefferson County KY School District Finance Corporation		5.000			12/01/2032	Aa3		895,000		1,036,428
Jefferson County KY School District Finance Corporation		5.000			05/01/2033	Aa3		5,145,000		5,277,895
Jefferson County KY School District Finance Corporation		4.000			06/01/2033	Aa3		4,310,000		4,426,370
Jefferson County KY School District Finance Corporation		4.750			04/01/2034	Aa3		1,165,000		1,208,524
Jefferson County KY School District Finance Corporation		5.000			05/01/2034	Aa3		5,405,000		5,544,611
Jefferson County KY School District Finance Corporation		4.000			06/01/2034	Aa3		3,500,000		3,560,375

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

6

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Jefferson County KY School District Finance Corporation		4.750	%		04/01/2035	Aa3	$	1,220,000	$	1,263,957
Jefferson County KY School District Finance Corporation		3.000			12/01/2035	Aa3		11,140,000		10,076,910
Jefferson County KY School District Finance Corporation		4.250			10/01/2037	Aa3		2,110,000		2,138,380
Jefferson County KY School District Finance Corporation		3.000			12/01/2038	Aa3		6,470,000		5,554,689
Jefferson County KY School District Finance Corporation		3.000			12/01/2039	Aa3		4,385,000		3,699,888
Jefferson County KY School District Finance Corporation		3.000			12/01/2040	Aa3		1,940,000		1,599,317
Kenton County KY School District Finance Corporation		4.000			04/01/2036	A1		1,210,000		1,221,374
Kenton County KY School District Finance Corporation		4.000			04/01/2037	A1		1,255,000		1,260,848
Kenton County KY School District Finance Corporation		4.000			04/01/2038	A1		1,300,000		1,296,997
Kenton County KY School District Finance Corporation		3.000			12/01/2040	A1		1,965,000		1,609,256
Kenton County KY School District Finance Corporation		3.000			12/01/2041	A1		2,025,000		1,663,436
Meade County KY School District Finance Corporation		4.000			06/01/2036	A1		2,215,000		2,233,983
Meade County KY School District Finance Corporation		4.000			06/01/2037	A1		2,255,000		2,264,967
Meade County KY School District Finance Corporation		4.000			06/01/2038	A1		2,400,000		2,394,456
Morgan County KY School District Finance Corporation		4.000			08/01/2029	A1		960,000		999,158
Oldham County KY School District Finance Corporation		4.000			10/01/2034	A1		1,560,000		1,587,144
Raceland-Worthington KY Independent School District Finance Corporation		3.400			06/01/2037	A1		630,000		586,247
Scott County KY School District Finance Corporation		4.500			01/01/2025	A1		4,890,000		5,040,221
Scott County KY School District Finance Corporation		4.000			02/01/2029	Aa3		5,040,000		5,315,486
Scott County KY School District Finance Corporation		4.000			06/01/2035	Aa3		1,440,000		1,462,046
Scott County KY School District Finance Corporation		4.000			10/01/2035	Aa3		2,235,000		2,267,586
Scott County KY School District Finance Corporation		4.000			06/01/2036	Aa3		1,500,000		1,514,295
Scott County KY School District Finance Corporation		4.000			10/01/2037	Aa3		2,415,000		2,419,057
Scott County KY School District Finance Corporation		5.000			09/01/2041	Aa3		7,120,000		7,751,473
Shelby County KY School District Finance Corporation		4.000			08/01/2037	Aa3		6,240,000		6,264,648
Shelby County KY School District Finance Corporation		4.000			08/01/2038	Aa3		3,000,000		3,002,910
Woodford County KY School District Finance Corporation		5.000			08/01/2038	A1		1,650,000		1,803,614
										150,081,218
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.45% of Net Assets
Boyle County Centre College		5.000			06/01/2037	A3		2,865,000		2,977,566
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2033	A3		1,345,000		1,447,207
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2034	A3		1,605,000		1,717,960
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2035	A3		2,165,000		2,299,815
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2036	A3		2,835,000		2,988,770
KY Bond Development Corporation Educational Facilities Centre College		5.000			06/01/2038	A3		1,340,000		1,396,709
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2038	A3		200,000		188,322
KY Bond Development Corporation Educational Facilities Centre College		3.000			06/01/2039	A3		860,000		694,846
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2040	A3		640,000		591,405
KY Bond Development Corporation Educational Facilities Centre College		3.000			06/01/2041	A3		1,405,000		1,089,283
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2046	A3		4,045,000		3,556,405
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2051	A3		4,400,000		3,706,736
KY State Property & Building #114		5.000			10/01/2032	A1		2,795,000		2,984,697
KY State Property & Building #114		5.000			10/01/2033	A1		2,940,000		3,134,187
KY State Property & Building #114		5.000			10/01/2034	A1		3,090,000		3,283,928
KY State Property & Building #114		5.000			10/01/2035	A1		1,945,000		2,056,487
KY State Property & Building #116		5.000			10/01/2035	A1		4,165,000		4,472,002
KY State Property & Building #116		5.000			10/01/2036	A1		2,725,000		2,909,782
Murray State University		5.000			03/01/2032	A1		2,220,000		2,301,585
Murray State University		3.000			09/01/2037	A1		1,310,000		1,139,084
Murray State University		3.000			09/01/2039	A1		1,390,000		1,167,628
Murray State University		3.000			09/01/2041	A1		1,470,000		1,180,572
University of Kentucky Certificate of Participation		4.000			05/01/2033	Aa3		885,000		927,356
University of Kentucky Certificate of Participation		4.000			05/01/2034	Aa3		1,020,000		1,058,709
University of Kentucky Certificate of Participation		4.000			05/01/2039	Aa3		4,660,000		4,654,268
University of Kentucky Certificate of Participation		4.000			05/01/2044	Aa3		3,755,000		3,568,301
University of Kentucky General Receipts		5.000			04/01/2030	Aa2		5,490,000		5,757,802
University of Kentucky General Receipts		4.000			10/01/2036	Aa2		16,160,000		16,321,437
University of Kentucky General Receipts		4.000			10/01/2038	Aa2		10,855,000		10,913,726

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

7

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
University of Kentucky Higher Educational		4.750	%		04/01/2034	Aa2	$	5,435,000	$	5,645,280
University of Louisville		3.000			09/01/2039	A1		1,450,000		1,216,507
University of Louisville		3.000			09/01/2040	A1		1,495,000		1,233,255
University of Louisville		3.000			09/01/2042	A1		1,575,000		1,252,818
Western KY University		4.000			09/01/2034	A1		575,000		587,984
Western KY University		4.000			09/01/2035	A1		595,000		601,866
Western KY University		4.000			09/01/2036	A1		620,000		624,185
										101,648,470
PREREFUNDED BONDS
9.00% of Net Assets
Fayette County KY School District Finance Corporation		5.000			10/01/2028	Aa3		1,375,000		1,396,904
Fayette County KY School District Finance Corporation		5.000			10/01/2029	Aa3		3,660,000		3,718,304
Fayette County KY School District Finance Corporation		5.000			10/01/2032	Aa3		3,615,000		3,672,587
Fayette County KY School District Finance Corporation		5.000			10/01/2033	Aa3		4,385,000		4,454,853
Frankfort KY Electric & Water		4.750			12/01/2034	NR		695,000		720,006
Frankfort KY Electric & Water		4.750			12/01/2035	NR		725,000		751,086
Frankfort KY Electric & Water		4.750			12/01/2036	NR		760,000		787,345
Frankfort KY Electric & Water		4.750			12/01/2037	NR		800,000		828,784
Frankfort KY Electric & Water		4.750			12/01/2038	NR		835,000		865,043
KY State Property & Building #106		5.000			10/01/2028	A1		2,030,000		2,062,338
KY State Property & Building #106		5.000			10/01/2029	A1		4,130,000		4,197,649
KY State Property & Building #106		5.000			10/01/2030	A1		7,165,000		7,282,363
KY State Property & Building #106		5.000			10/01/2031	A1		4,910,000		4,990,426
KY State Property & Building #106		5.000			10/01/2032	A1		6,275,000		6,377,785
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2033	Aa3		5,000,000		5,054,800
Lexington Fayette Urban County Government		5.000			01/01/2029	Aa2		345,000		360,508
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2031	Aa3		2,465,000		2,485,065
River City, Inc. Parking Authority		5.000			06/01/2031	Aa3		1,080,000		1,089,439
River City, Inc. Parking Authority		5.000			06/01/2032	Aa3		1,130,000		1,139,876
River City, Inc. Parking Authority		5.000			06/01/2033	Aa3		1,395,000		1,407,722
University of Kentucky General Receipts		5.000			04/01/2036	Aa2		4,820,000		4,945,850
University of Kentucky General Receipts		5.000			04/01/2037	Aa2		7,180,000		7,367,470
University of Kentucky General Receipts		5.000			04/01/2038	Aa2		7,395,000		7,588,083
										73,544,286
MUNICIPAL UTILITY REVENUE BONDS
8.37% of Net Assets
KY Rural Water Finance Corporation		4.500			02/01/2024	A+*		880,000		881,558
KY Rural Water Finance Corporation		4.000			08/01/2030	A+*		625,000		658,644
KY Rural Water Finance Corporation		3.000			02/01/2032	A+*		240,000		229,459
KY Rural Water Finance Corporation		3.000			02/01/2033	A+*		370,000		349,550
KY Rural Water Finance Corporation		5.125			02/01/2035	A+*		295,000		295,021
KY Rural Water Finance Corporation		3.000			08/01/2036	A+*		285,000		252,858
KY Rural Water Finance Corporation		3.000			08/01/2037	A+*		280,000		244,462
KY State Association of Counties Finance Corporation		4.000			02/01/2031	AA-*		405,000		419,317
KY State Association of Counties Finance Corporation		4.000			02/01/2033	AA-*		415,000		425,749
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2033	Aa3		1,000,000		1,019,170
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2034	Aa3		2,230,000		2,296,030
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2034	Aa3		4,595,000		4,877,455
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2035	Aa3		2,245,000		2,327,683
Louisville & Jefferson County Metropolitan Sewer		5.000			05/15/2035	Aa3		4,825,000		5,103,789
Louisville & Jefferson County Metropolitan Sewer		4.750			05/15/2036	Aa3		2,795,000		2,866,971
Louisville & Jefferson County Metropolitan Sewer		4.000			05/15/2037	Aa3		10,000,000		10,091,200
Louisville & Jefferson County Metropolitan Sewer		3.000			05/15/2044	Aa3		21,515,000		17,214,578
Louisville & Jefferson County Metropolitan Sewer		3.250			05/15/2046	Aa3		2,450,000		2,012,945
Louisville & Jefferson County Metropolitan Sewer		3.000			05/15/2046	Aa3		5,000,000		3,940,600
Murray KY Electric Plant		3.000			12/01/2030	A1		315,000		306,738
Murray KY Electric Plant		3.000			12/01/2036	A1		370,000		327,872
Murray KY Electric Plant		3.000			12/01/2037	A1		380,000		332,131

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

8

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Murray KY Electric Plant		3.000	%		12/01/2038	A1	$	395,000	$	339,949
Murray KY Electric Plant		3.000			12/01/2039	A1		405,000		343,910
Murray KY Electric Plant		3.000			12/01/2040	A1		420,000		351,322
Murray KY Electric Plant		3.000			12/01/2041	A1		430,000		353,224
Murray KY Electric Plant		3.000			12/01/2042	A1		445,000		359,823
Owensboro KY Electric Light & Power		4.000			01/01/2031	A3		245,000		253,053
Owensboro KY Electric Light & Power		4.000			01/01/2033	A3		275,000		281,127
Owensboro KY Electric Light & Power		4.000			01/01/2034	A3		305,000		310,649
Owensboro KY Electric Light & Power		4.000			01/01/2035	A3		200,000		202,510
Owensboro KY Electric Light & Power		4.000			01/01/2036	A3		325,000		327,152
Owensboro KY Electric Light & Power		4.000			01/01/2037	A3		410,000		411,505
Owensboro KY Water Revenue		4.000			09/15/2034	A1		2,075,000		2,112,371
Owensboro KY Water Revenue		4.000			09/15/2035	A1		2,155,000		2,189,135
Owensboro KY Water Revenue		4.000			09/15/2037	A1		1,950,000		1,956,551
Owensboro KY Water Revenue		4.000			09/15/2039	A1		2,125,000		2,071,726
										68,337,787
PUBLIC FACILITIES REVENUE BONDS
5.64% of Net Assets
KY Association of Counties		4.000			02/01/2038	AA-*		1,045,000		1,032,136
KY Association of Counties		3.500			02/01/2042	AA-*		1,215,000		1,067,560
KY Bond Development		5.000			09/01/2035	A2		1,275,000		1,377,969
KY Bond Development		5.000			09/01/2036	A2		2,000,000		2,141,280
KY Bond Development		5.000			09/01/2038	A2		1,125,000		1,190,273
KY State Certificate of Participation		4.000			04/15/2030	A1		1,500,000		1,562,385
KY State Certificate of Participation		4.000			04/15/2031	A1		1,350,000		1,402,137
KY State Certificate of Participation		5.000			06/15/2034	A1		1,640,000		1,719,540
KY State Certificate of Participation		5.000			04/15/2038	A1		10,000,000		10,693,400
KY State Certificate of Participation		5.000			06/15/2038	A1		7,535,000		7,862,170
KY State Certificate of Participation		4.000			04/15/2048	A1		1,000,000		937,820
Laurel County General Obligation		4.000			05/01/2031	A2		1,295,000		1,339,781
Laurel County General Obligation		4.000			05/01/2034	A2		1,440,000		1,469,837
Laurel County General Obligation		4.000			05/01/2035	A2		1,495,000		1,516,947
Laurel County General Obligation		4.000			05/01/2036	A2		1,555,000		1,574,095
Laurel County General Obligation		4.000			05/01/2037	A2		1,620,000		1,629,558
Laurel County General Obligation		4.000			05/01/2038	A2		1,680,000		1,662,830
Laurel County KY Judicial Center		5.000			03/01/2025	A1		500,000		519,765
Louisville & Jefferson County Visitors & Convention Commission		4.000			06/01/2032	Aa3		2,725,000		2,787,020
Marshall County Library		4.000			06/01/2038	Aa3		1,060,000		1,066,381
River City, Inc. Parking Authority		3.000			12/01/2036	Aa3		835,000		741,572
River City, Inc. Parking Authority		3.000			12/01/2037	Aa3		860,000		750,789
										46,045,245
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.00% of Net Assets
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2032	AA*		1,810,000		1,843,919
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2035	AA*		1,390,000		1,401,176
KY Development Corporation Hospital Facilities — St. Elizabeth		4.000			05/01/2036	AA*		1,200,000		1,204,416
KY Development Corporation Hospital Facilities — St. Elizabeth		5.000			05/01/2039	AA*		7,185,000		7,427,350
Louisville & Jefferson County Norton Healthcare		5.500			10/01/2033	A*		2,000,000		2,031,000
Louisville & Jefferson County Norton Healthcare		5.000			10/01/2033	A*		6,810,000		7,075,999
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2035	A*		3,850,000		3,755,791
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2036	A*		7,005,000		6,802,344
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2039	A*		4,500,000		4,318,920
Louisville & Jefferson County Norton Healthcare		4.000			10/01/2040	A*		2,000,000		1,906,780
Louisville & Jefferson County Norton Healthcare		3.000			10/01/2043	A*		4,000,000		3,034,080
										40,801,775
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
2.72% of Net Assets
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2029	Aa3		4,000,000		4,273,720
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2032	Aa3		1,315,000		1,381,197

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

9

DUPREE MUTUAL FUNDS — KENTUCKY TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
KY State Turnpike Economic Development Road Revenue		5.000	%		07/01/2032	Aa3	$	1,765,000	$	1,917,302
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2034	Aa3		1,120,000		1,191,266
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2036	Aa3		400,000		428,064
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2037	Aa3		500,000		533,570
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2038	Aa3		1,100,000		1,204,137
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2039	Aa3		3,255,000		3,548,893
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2040	Aa3		2,250,000		2,429,348
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2041	Aa3		3,555,000		3,827,704
KY State Turnpike Economic Development Road Revenue		5.000			07/01/2042	Aa3		1,400,000		1,490,720
										22,225,921
REFUNDING BONDS
1.18% of Net Assets
KY Association of Counties		3.000			02/01/2034	AA-*		480,000		447,998
KY Association of Counties		3.000			02/01/2035	AA-*		505,000		462,898
KY Association of Counties		3.000			02/01/2036	AA-*		510,000		456,491
KY State Property & Building #102		5.000			05/01/2024	Aa3		405,000		405,312
KY State Property & Building #108		5.000			08/01/2025	A1		2,690,000		2,828,320
KY State Property & Building #121		5.000			02/01/2029	A1		4,535,000		5,046,684
										9,647,703
AIRPORT REVENUE BONDS
0.77% of Net Assets
Kenton County Airport		5.000			01/01/2029	A1		240,000		254,820
Kenton County Airport		5.000			01/01/2034	A1		275,000		301,997
Kenton County Airport		5.000			01/01/2035	A1		300,000		326,886
Kenton County Airport		5.000			01/01/2036	A1		965,000		1,040,048
Kenton County Airport		5.000			01/01/2037	A1		670,000		715,017
Kenton County Airport		5.000			01/01/2038	A1		500,000		533,040
Kenton County Airport		5.000			01/01/2039	A1		500,000		530,280
Kenton County Airport		5.000			01/01/2044	A1		2,500,000		2,594,400
										6,296,488
AD VALOREM PROPERTY BONDS
0.32% of Net Assets
Henderson KY		3.000			09/01/2042	Aa3		845,000		693,255
Henderson KY		3.000			09/01/2043	Aa3		870,000		683,585
Warren County General Obligation		4.000			06/01/2035	Aa1		1,175,000		1,201,743
										2,578,583
Total Investments 98.89% of Net Assets (cost $843,053,254) (See footnote 6 for further explanation)									$	807,666,221
Other assets in excess of liabilities 1.11%										9,065,215
Net Assets 100%									$	816,731,436

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		807,666,221
Level 3	Significant Unobservable Inputs		—
		$	807,666,221

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

10

KENTUCKY TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $843,053,254)		$	807,666,221
Cash			4,212,426
Receivable for fund shares sold			30,457
Interest receivable			8,915,285
Total assets			820,824,389
LIABILITIES:
Payable for:
Distributions to shareholders	2,499,424
Fund shares redeemed	1,099,726
Investment advisory fee	273,880
Transfer agent fee	84,534
Audit fees	59,039
Trustees fees	35,855
Custodian fee	14,540
Accrued expenses	25,955
Total liabilities			4,092,953
NET ASSETS:
Paid-in capital			857,876,493
Total accumulated loss			(41,145,057	)
Total Net Assets		$	816,731,436
NET ASSET VALUE, offering price and redemption price per share (114,414,519 shares outstanding; unlimited number of shares authorized; no par value)		$	7.14

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	12,940,312
Expenses:
Investment advisory fee		1,618,257
Transfer agent fee		499,095
Professional fees		110,842
Trustees fees		59,220
Custodian fee		48,754
Pricing fees		15,740
Compliance fees		5,539
Registration fees		4,466
Other expenses		65,761
Total expenses		2,427,674
Custodian fee reduction (Note 7)		(126	)
Net expenses		2,427,548
Net investment income		10,512,764
Realized and unrealized loss on investments:
Net realized loss		(4,646,949	)
Net change in unrealized appreciation/depreciation		(2,132,139	)
Net realized and unrealized loss on investments		(6,779,088	)
Net increase in net assets resulting from operations	$	3,733,676

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

11

KENTUCKY TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	10,512,764		$	22,611,319
Net realized loss on investments		(4,646,949	)		(1,093,417	)
Net change in unrealized appreciation/depreciation		(2,132,139	)		(102,942,618	)
Net increase/(decrease) in net assets resulting from operations		3,733,676			(81,424,716	)
Total distributions (Note 6)		(10,512,764	)		(22,665,986	)
Net Fund share transactions (Note 4)		(36,771,872	)		(44,005,954	)
Total decrease		(43,550,960	)		(148,096,656	)
Net assets:
Beginning of period		860,282,396			1,008,379,052
End of period	$	816,731,436		$	860,282,396

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.20		$	8.02		$	7.86		$	7.83		$	7.60		$	7.76
Income from investment operations:
Net investment income		0.09			0.18			0.20			0.21			0.22			0.23
Net gains/(losses) on investments		(0.06	)		(0.82	)		0.16			0.03			0.24			(0.16	)
Total from investment operations		0.03			(0.64	)		0.36			0.24			0.46			0.07
Less distributions:
Distributions from net investment income		(0.09	)		(0.18	)		(0.20	)		(0.21	)		(0.22	)		(0.23	)
Distributions from capital gains		0.00			0.00	(b)		0.00	(b)		0.00			(0.01	)		0.00	(b)
Total distributions		(0.09	)		(0.18	)		(0.20	)		(0.21	)		(0.23	)		(0.23	)
Net asset value, end of period	$	7.14		$	7.20		$	8.02		$	7.86		$	7.83		$	7.60
Total return		0.45%	(c)		(8.11	)%		4.63%			3.08%			6.22%			0.93%
Net assets, end of period (in thousands)	$	816,731		$	860,282		$	1,008,379		$	973,889		$	969,264		$	954,333
Ratio of net expenses to average net assets (a)		0.59%	(d)		0.56%			0.56%			0.56%			0.57%			0.56%
Ratio of gross expenses to average net assets		0.59%	(d)		0.56%			0.56%			0.56%			0.57%			0.56%
Ratio of net investment income to average net assets		2.56%	(d)		2.31%			2.46%			2.66%			2.88%			2.98%
Portfolio turnover		7.83%	(c)		14.39%			5.92%			4.59%			10.23%			16.81%

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

(b) Rounds to less than $0.01.

(c) Not Annualized

(d) Annualized

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

12

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

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
20.75% of Net Assets
Anderson County KY School District Finance Corporation		3.000	%		02/01/2029	A1	$	500,000	$	501,140
Barren County KY School District Finance Corporation		5.000			08/01/2023	A1		500,000		505,665
Bowling Green KY Independent School District Finance Corporation		5.000			08/01/2027	A1		695,000		743,615
Fayette County KY School District Finance Corporation		5.000			06/01/2023	Aa3		500,000		504,850
Fayette County KY School District Finance Corporation**		5.000			08/01/2023	Aa3		1,000,000		1,013,140
Hardin County KY School District Finance Corporation		5.000			03/01/2023	A1		770,000		772,780
Jefferson County KY School District Finance Corporation		4.000			12/01/2023	Aa3		500,000		505,080
Jefferson County KY School District Finance Corporation		4.000			06/01/2030	Aa3		1,245,000		1,286,795
Jessamine County KY School District Finance Corporation		5.000			02/01/2023	A1		575,000		576,081
Laurel County KY School District Finance Corporation		4.000			06/01/2024	A1		465,000		471,664
Pike County KY School District Finance Corporation		5.000			08/01/2024	A1		250,000		257,998
Pike County KY School District Finance Corporation		5.000			02/01/2025	A1		900,000		937,970
Pike County KY School District Finance Corporation		5.000			08/01/2025	A1		200,000		210,438
Pike County KY School District Finance Corporation		4.000			02/01/2028	A1		295,000		304,242
										8,591,458
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
18.10% of Net Assets
KY Association of Counties		4.000			02/01/2029	AA-*		630,000		660,857
KY State Property & Building #108		5.000			08/01/2023	A1		750,000		759,113
KY State Property & Building #108		5.000			08/01/2028	A1		755,000		794,207
KY State Property & Building #110		5.000			08/01/2023	A1		1,750,000		1,771,053
KY State Property & Building #126		5.000			05/01/2030	A1		750,000		853,380
KY State Property & Building #127		5.000			06/01/2029	A1		1,000,000		1,118,450
Somerset KY		5.000			06/01/2028	A1		605,000		671,804
Somerset KY		5.000			06/01/2029	A1		380,000		427,135
Somerset KY		4.000			06/01/2030	A1		415,000		435,841
										7,491,840
PUBLIC FACILITIES REVENUE BONDS
15.83% of Net Assets
KY Bond Development		5.000			09/01/2026	A3		1,000,000		1,061,810
KY State Certificate of Participation		4.000			06/15/2023	A1		940,000		944,700
KY State Certificate of Participation		4.000			06/15/2024	A1		300,000		304,632
Laurel County KY Justice Center		5.000			03/01/2023	A1		600,000		601,950
Lexington Fayette Urban County Government — Court Facilities		5.000			10/01/2024	A1		700,000		723,212
Livingston County KY Public Properties		5.000			08/01/2024	A1		555,000		571,534
River City Parking Authority		5.000			12/01/2024	Aa3		340,000		354,069
Taylor County KY Public Courthouse		4.000			09/01/2027	A1		700,000		724,129
Warren County KY Justice Center Expansion Corporation**		5.000			09/01/2023	A1		1,250,000		1,267,150
										6,553,186
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
9.94% of Net Assets
KY Bond Development Corporation Educational Facilities Centre College		4.000			06/01/2030	A3		170,000		176,975
University of Kentucky General Receipts		4.000			04/01/2028	Aa2		750,000		760,425
University of Louisville		5.000			03/01/2024	A1		350,000		357,242
University of Louisville**		5.000			03/01/2024	A1		2,000,000		2,041,380
University of Louisville		4.000			09/01/2030	A1		745,000		775,962
										4,111,984
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
9.79% of Net Assets
KY Asset Liability Commission Federal Highway		5.000			09/01/2024	A2		500,000		518,050
KY Asset Liability Commission Federal Highway		5.000			09/01/2026	A2		565,000		584,832
KY Asset Liability Project Notes		4.000			09/01/2023	A2		250,000		251,935
KY State Turnpike Authority Economic Development		5.000			07/01/2024	Aa3		1,175,000		1,211,907
KY State Turnpike Authority Economic Development		5.000			07/01/2026	Aa3		1,385,000		1,483,597
										4,050,321

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

13

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

SCHEDULE OF PORTFOLIO INVESTMENTS

Kentucky Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
8.15% of Net Assets
Campbell & Kenton Counties Sanitation District #1		4.000	%		08/01/2031	Aa2	$	1,000,000	$	1,032,710
Frankfort Electric & Water		4.000			12/01/2023	NR		440,000		444,233
Henderson KY		4.000			06/01/2028	Aa3		385,000		404,905
KY Rural Water Financing Corporation		5.000			08/01/2029	A+*		595,000		663,740
Northern KY Water		5.000			02/01/2026	Aa2		815,000		825,668
										3,371,256
PREREFUNDED BONDS
7.04% of Net Assets
KY State Property & Building #106		5.000			10/01/2024	A1		750,000		762,278
KY State Property & Building #106		5.000			10/01/2025	A1		1,115,000		1,133,263
KY State Property & Building #106**		5.000			10/01/2026	A1		1,000,000		1,016,380
										2,911,921
HOSPITAL AND HEALTHCARE REVENUE BONDS
3.35% of Net Assets
Warren County KY Hospital		5.000			04/01/2032	AA-*		1,200,000		1,388,400
AD VALOREM PROPERTY BONDS
1.65% of Net Assets
Henderson KY		5.000			09/01/2029	Aa3		600,000		681,732
REFUNDING BONDS
1.44% of Net Assets
KY State Property & Building #112		5.000			11/01/2026	A1		555,000		595,332
AIRPORT REVENUE BONDS
1.28% of Net Assets
Kenton County Airport		5.000			01/01/2026	A1		500,000		531,615
ESCROWED TO MAURITY BONDS
0.43% of Net Assets
Warren County KY Hospital		5.000			04/01/2023	AA-*		175,000		175,982
Total Investments 97.75% of Net Assets (cost $41,102,461) (See footnote 6 for further explanation)									$	40,455,027
Other assets in excess of liabilities 2.25%										929,849
Net Assets 100%									$	41,384,876

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		40,455,027
Level 3	Significant Unobservable Inputs		—
		$	40,455,027

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

14

KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $41,102,461)		$	40,455,027
Cash			442,468
Interest receivable			576,256
Total assets			41,473,751
LIABILITIES:
Payable for:
Distributions to shareholders	31,709
Fund shares redeemed	1,075
Investment advisory fee	15,008
Transfer agent fee	5,864
Audit fees	6,470
Registration fees	5,453
Custodian fee	4,639
Professional fees	3,459
Trustees fees	2,149
Accrued expenses	13,049
Total liabilities			88,875
NET ASSETS:
Paid-in capital			42,194,250
Total accumulated loss			(809,374	)
Total Net Assets		$	41,384,876
NET ASSET VALUE, offering price and redemption price per share (8,113,880 shares outstanding; unlimited number of shares authorized; no par value)		$	5.10

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	517,145
Expenses:
Investment advisory fee		108,119
Transfer agent fee		28,973
Registration fees		5,923
Professional fees		5,724
Custodian fee		5,581
Compliance fees		3,680
Trustees fees		3,052
Pricing fees		2,250
Other expenses		6,018
Total expenses		169,320
Fees waived by Adviser (Note 2)		(17,890	)
Custodian fee reduction (Note 7)		(14	)
Net expenses		151,416
Net investment income		365,729
Realized and unrealized loss on investments:
Net realized loss		(77,028	)
Net change in unrealized appreciation/depreciation		(173,276	)
Net realized and unrealized loss on investments		(250,304	)
Net increase in net assets resulting from operations	$	115,425

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

15

KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	365,729		$	703,577
Net realized gain/(loss) on investments		(77,028	)		6,030
Net change in unrealized appreciation/depreciation		(173,276	)		(2,409,895	)
Net increase/(decrease) in net assets resulting from operations		115,425			(1,700,288	)
Total distributions (Note 6)		(365,729	)		(703,577	)
Net Fund share transactions (Note 4)		(1,330,758	)		281,173
Total decrease		(1,581,062	)		(2,122,692	)
Net assets:
Beginning of period		42,965,938			45,088,630
End of period	$	41,384,876		$	42,965,938

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	5.13		$	5.42		$	5.41		$	5.36		$	5.22		$	5.33
Income from investment operations:
Net investment income		0.04			0.08			0.09			0.09			0.09			0.09
Net gains/(losses) on investments		(0.03	)		(0.29	)		0.01	(b)		0.05			0.14			(0.11	)
Total from investment operations		0.01			(0.21	)		0.10			0.14			0.23			(0.02	)
Less distributions:
Distributions from net investment income		(0.04	)		(0.08	)		(0.09	)		(0.09	)		(0.09	)		(0.09	)
Net asset value, end of period	$	5.10		$	5.13		$	5.42		$	5.41		$	5.36		$	5.22
Total return		0.27%	(c)		(3.85	)%		1.86%			2.66%			4.56%			(0.32	)%
Net assets, end of period (in thousands)	$	41,385		$	42,966		$	45,089		$	47,389		$	55,419		$	62,646
Ratio of net expenses to average net assets (a)		0.70%	(d)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.79%	(d)		0.78%			0.78%			0.78%			0.77%			0.75%
Ratio of net investment income to average net assets		1.71%	(d)		1.57%			1.66%			1.70%			1.81%			1.76%
Portfolio turnover		6.24%	(c)		13.09%			10.00%			2.75%			4.88%			4.69%

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

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

(c) Not annualized

(d) Annualized

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

16

DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
35.33% of Net Assets
Jackson State University Educational Building		5.000	%		03/01/2034	Aa2	$	440,000	$	460,692
Mississippi State University Educational Building		5.000			11/01/2032	Aa2		125,000		132,023
MS Development Bank Special Obligation Gulf Coast Community Project**		4.000			12/01/2034	AA-*		300,000		307,434
MS Development Bank Special Obligation Northwest MS Community College		4.000			03/01/2039	AA-*		225,000		220,005
MS Development Bank Special Obligation Pearl River Community College		5.000			10/01/2033	AA-*		125,000		138,044
MS State University Educational Building Corporation Revenue		5.000			08/01/2033	Aa2		225,000		243,540
MS State University Educational Building Corporation Revenue		4.000			08/01/2036	Aa2		250,000		252,080
University of MS Educational Building Corporation		5.000			10/01/2031	Aa2		205,000		219,967
University of MS Educational Building Corporation		3.000			10/01/2034	Aa2		200,000		188,760
University of MS Educational Building Corporation		5.000			10/01/2036	Aa2		100,000		112,210
University of MS Educational Building Corporation		4.000			10/01/2037	Aa2		100,000		100,397
University Southern MS Educational Building Corporation		5.000			09/01/2033	Aa2		360,000		384,826
										2,759,978
PREREFUNDED BONDS
23.25% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement		5.000			11/01/2033	Aa3		150,000		156,189
MS Development Bank Special Obligation Hattiesburg Water & Sewer		4.750			12/01/2038	AA*		700,000		712,096
MS Development Bank Special Obligation Jackson Schools		5.000			04/01/2028	NR		125,000		125,635
MS Development Bank Special Obligation West Jackson County Utility District		5.000			12/01/2033	A*		50,000		50,954
MS State Refunding		5.000			10/01/2033	Aa2		150,000		165,921
MS State University Educational Building Corporation Revenue**		5.250			08/01/2038	Aa2		300,000		304,254
Southern Mississippi Educational Building Corporation		5.000			03/01/2038	Aa2		300,000		301,239
										1,816,288
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
10.15% of Net Assets
MS Development Bank Special Obligation Highway Construction		5.000			01/01/2025	Aa3		200,000		208,630
MS Development Bank Special Obligation Highway Construction		5.000			01/01/2029	Aa3		300,000		325,302
MS Development Bank Special Obligation Highway Construction		4.000			01/01/2030	Aa3		175,000		181,286
MS Development Bank Special Obligation Marshall County		5.000			01/01/2030	Aa3		75,000		77,732
										792,950
PUBLIC FACILITIES REVENUE BONDS
7.11% of Net Assets
MS Development Bank Special Obligation Brandon Public Improvement**		4.000			08/01/2033	AA*		300,000		304,704
MS Development Bank Special Obligation Brandon Public Improvement		4.000			08/01/2035	AA*		150,000		151,695
MS Development Bank Special Obligation Hinds County		4.000			11/01/2035			100,000		99,104
										555,503
MUNICIPAL UTILITY REVENUE BONDS
6.08% of Net Assets
MS Development Bank Special Obligation Diamondhead Water & Sewer		4.000			07/01/2046	A+*		175,000		160,956
MS Development Bank Special Obligation Jackson Water & Sewer		6.875			12/01/2040	Ba2		150,000		154,220
MS Development Bank Special Obligation Tupelo		5.000			05/01/2033	Aa2		150,000		160,138
										475,314
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.51% of Net Assets
Mississippi State		3.000			06/01/2038	Aa2		100,000		88,785
Mississippi State Gaming Tax Revenue		5.000			10/15/2035	A3		125,000		130,040
Mississippi State Gaming Tax Revenue		5.000			10/15/2037	A-*		125,000		133,126
										351,951
SCHOOL IMPROVEMENT BONDS
4.05% of Net Assets
MS Development Bank Special Obligation Canton School District		5.000			12/01/2033	A1		100,000		106,616
MS Development Bank Special Obligation Rankin School District		4.000			06/01/2038	AA*		100,000		99,542

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

17

DUPREE MUTUAL FUNDS — MISSISSIPPI TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Mississippi Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MS Development Bank Special Obligation Vicksburg Warren School District		5.500	%		03/01/2038	AA*	$	100,000	$	110,306
										316,464
REFUNDING BONDS 3.79% of Net Assets
MS State Refunding**		4.000			10/01/2036	Aa2		290,000		295,777
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
3.00% of Net Assets
Mississippi State Home Corporation		3.950			12/01/2042	Aaa		100,000		95,863
Mississippi State Home Corporation		4.050			12/01/2047	Aaa		150,000		138,254
										234,117
HOSPITAL AND HEALTHCARE REVENUE BONDS
1.64% of Net Assets
Medical Center Educational Building Corporation MS Revenue		5.500			12/01/2023	Aa2		20,000		20,447
Medical Center Educational Building Corporation MS Revenue		5.000			06/01/2035	Aa2		100,000		107,958
										128,405
Total Investments 98.91% of Net Assets (cost $7,864,661) (See footnote 6 for further explanation)									$	7,726,747
Other assets in excess of liabilities 1.09%										84,882
Net Assets 100%									$	7,811,629

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		7,726,747
Level 3	Significant Unobservable Inputs		—
		$	7,726,747

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

18

MISSISSIPPI TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $7,864,661)		$	7,726,747
Cash			37,495
Interest receivable			96,207
Total assets			7,860,449
LIABILITIES:
Payable for:
Distributions to shareholders	32,123
Fund shares redeemed	2,200
Investment advisory fee	637
Transfer agent fee	2,676
Printing expense	2,373
Postage expense	1,659
Professional fees	3,145
Custodian fee	874
Trustee fees	681
Accrued expenses	2,452
Total liabilities			48,820
NET ASSETS:
Paid-in capital			8,360,536
Total accumulated loss			(548,907	)
Total Net Assets		$	7,811,629
NET ASSET VALUE, offering price and redemption price per share (706,591 shares outstanding; unlimited number of shares authorized; no par value)		$	11.06

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	144,540
Expenses:
Investment advisory fee		23,866
Transfer agent fee		7,160
Registration fees		4,966
Custodian fee		3,063
Compliance fees		3,680
Pricing fees		2,521
Professional fees		1,326
Trustees fees		709
Other expenses		1,868
Total expenses		49,159
Fees waived by Adviser (Note 2)		(15,822	)
Custodian fee reduction (Note 7)		(7	)
Net expenses		33,330
Net investment income		111,210
Realized and unrealized gain/(loss) on investments:
Net realized loss		(411,058	)
Net change in unrealized appreciation/depreciation		209,671
Net realized and unrealized loss on investments		(201,387	)
Net decrease in net assets resulting from operations	$	(90,177	)

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

19

MISSISSIPPI TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	111,210		$	226,994
Net realized gain/(loss) on investments		(411,058	)		1,817
Net change in unrealized appreciation/depreciation		209,671			(1,080,034	)
Net decrease in net assets resulting from operations		(90,177	)		(851,223	)
Total distributions (Note 6)		(112,536	)		(247,437	)
Net Fund share transactions (Note 4)		(2,015,337	)		(283,311	)
Total decrease		(2,218,050	)		(1,381,971	)
Net assets:
Beginning of period		10,029,679			11,411,650
End of period	$	7,811,629		$	10,029,679

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.22		$	12.40		$	12.37		$	12.21		$	11.92		$	12.14
Income from investment operations:
Net investment income		0.13			0.25			0.27			0.31			0.33			0.33
Net gains/(losses) on investments		(0.16	)		(1.16	)		0.05			0.18			0.29			(0.22	)
Total from investment operations		(0.03	)		(0.91	)		0.32			0.49			0.62			0.11
Less distributions:
Distributions from net investment income		(0.13	)		(0.25	)		(0.27	)		(0.31	)		(0.33	)		(0.33	)
Distributions from capital gains		0.00	(b)		(0.02	)		(0.02	)		(0.02	)		0.00	(b)		0.00	(b)
Total distributions		(0.13	)		(0.27	)		(0.29	)		(0.33	)		(0.33	)		(0.33	)
Net asset value, end of period	$	11.06		$	11.22		$	12.40		$	12.37		$	12.21		$	11.92
Total return		(0.25	)%(c)		(7.46	)%		2.68%			4.01%			5.29%			0.99%
Net assets, end of period (in thousands)	$	7,812		$	10,030		$	11,412		$	11,111		$	11,325		$	11,615
Ratio of net expenses to average net assets (a)		0.70%	(d)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		1.04%	(d)		0.96%			0.96%			0.99%			0.97%			0.92%
Ratio of net investment income to average net assets		2.36%	(d)		2.06%			2.21%			2.51%			2.75%			2.75%
Portfolio turnover		5.04%	(c)		9.15%			8.85%			10.26%			4.65%			7.26%

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

(b) Rounds to less than $0.01.

(c) Not annualized

(d) Annualized

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

20

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
SCHOOL IMPROVEMENT BONDS
19.43% of Net Assets
Brunswick County NC Limited Obligation		5.000	%		06/01/2030	Aa1	$	250,000	$	263,915
Brunswick County NC Limited Obligation		5.000			06/01/2031	Aa1		250,000		263,855
Buncombe County NC Limited Obligation		4.000			06/01/2036	Aa1		125,000		128,064
Burke County NC Limited Obligation		4.000			04/01/2034	Aa3		250,000		255,683
Cabarrus County NC		4.000			06/01/2034	Aa1		795,000		820,003
Cabarrus County NC Limited Obligation		5.000			04/01/2035	Aa1		1,435,000		1,524,170
Cabarrus County NC Limited Obligation		4.000			06/01/2035	Aa1		1,650,000		1,694,369
Chatham County NC Limited Obligation		4.000			11/01/2036	Aa2		750,000		762,075
Chatham County NC Limited Obligation		4.000			11/01/2037	Aa2		2,000,000		2,020,680
Davidson County NC Limited Obligation		5.000			06/01/2032	Aa2		500,000		536,975
Duplin County NC Limited Obligation		5.000			04/01/2032	A1		750,000		796,605
Duplin County NC Limited Obligation		5.000			04/01/2034	A1		865,000		914,063
Henderson County NC Limited Obligation		4.000			06/01/2034	Aa2		200,000		206,090
Henderson County NC Limited Obligation		4.000			06/01/2037	Aa2		750,000		760,568
Henderson County NC Limited Obligation		4.000			06/01/2038	Aa2		500,000		503,500
Onslow County NC Limited Obligation		5.000			06/01/2033	Aa2		500,000		527,110
Pitt County NC Limited Obligation		4.000			04/01/2031	Aa2		500,000		517,785
Pitt County NC Limited Obligation		4.000			04/01/2034	Aa2		550,000		564,443
Randolph County NC Limited Obligation		3.000			10/01/2036	Aa3		325,000		288,639
Randolph County NC Limited Obligation		4.000			10/01/2037	Aa3		250,000		249,160
Randolph County NC Limited Obligation		4.000			10/01/2039	Aa3		350,000		342,860
Rutherford County NC Limited Obligation		4.000			03/01/2037	A1		410,000		412,780
Rutherford County NC Limited Obligation		4.000			03/01/2039	A1		500,000		493,525
Rutherford County NC Limited Obligation		4.000			03/01/2040	A1		325,000		317,480
Sampson County NC Limited Obligation		5.000			12/01/2033	A1		1,975,000		2,075,524
Sampson County NC Limited Obligation		5.000			09/01/2040	A1		750,000		788,468
Scotland County NC		4.500			12/01/2036	A*		1,170,000		1,188,194
Surry County NC Limited Obligation		4.000			06/01/2034	Aa3		350,000		361,400
Surry County NC Limited Obligation		4.000			06/01/2036	Aa3		590,000		599,340
Surry County NC Limited Obligation		4.000			06/01/2037	Aa3		730,000		735,745
Wake County NC Limited Obligation		4.000			09/01/2037	Aa1		750,000		763,605
Wayne County NC		4.000			06/01/2034	Aa3		1,500,000		1,538,475
Wilkes County NC Limited Obligation		5.000			06/01/2031	A1		350,000		367,213
										23,582,361
PUBLIC FACILITIES REVENUE BONDS
17.32% of Net Assets
Charlotte NC Certificate of Participation		4.000			06/01/2036	Aa2		1,000,000		1,020,990
Charlotte NC Certificate of Participation		4.000			06/01/2037	Aa2		3,000,000		3,044,070
Charlotte NC Certificate of Participation Convention Facility Project		4.000			06/01/2037	Aa2		500,000		507,345
Charlotte NC Certificate of Participation Convention Facility Project		4.000			06/01/2039	Aa2		1,000,000		1,005,040
Davidson County NC Limited Obligation		4.000			06/01/2037	Aa2		200,000		202,560
Davidson County NC Limited Obligation		4.000			06/01/2038	Aa2		240,000		241,680
Davidson County NC Limited Obligation		4.000			06/01/2040	Aa2		635,000		635,794
Durham Capital Financing Corporation		4.000			06/01/2037	Aa1		270,000		274,506
Durham Capital Financing Corporation		4.000			06/01/2038	Aa1		250,000		252,073
Durham NC Limited Obligation		4.000			04/01/2036	Aa1		1,000,000		1,021,350
Harnett County NC Limited Obligation		4.000			10/01/2038	Aa3		1,055,000		1,034,385
Henderson County NC Limited Obligation		5.000			10/01/2030	Aa2		250,000		265,830
Henderson County NC Limited Obligation		5.000			10/01/2031	Aa2		500,000		531,385
Hoke County NC Limited Obligation		3.000			06/01/2039	Aa3		1,065,000		898,626
Hoke County NC Limited Obligation		3.000			06/01/2040	Aa3		750,000		621,540
Kannapolis NC Limited Obligation		5.000			04/01/2032	A1		500,000		512,805
Moore County NC		3.000			06/01/2039	Aa2		350,000		300,153
Onslow County NC Limited Obligation		5.000			06/01/2032	Aa2		500,000		526,990
Orange County NC		4.000			10/01/2036	Aa1		375,000		382,778
Orange County NC		4.000			10/01/2037	Aa1		375,000		379,860

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

21

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
Orange County NC		4.000	%		10/01/2038	Aa1	$	275,000	$	277,255
Orange County NC		4.000			10/01/2038	Aa1		765,000		771,273
Orange County NC		4.000			10/01/2039	Aa1		200,000		200,342
Raleigh NC Limited Obligation		5.000			10/01/2034	Aa1		1,420,000		1,471,531
Randolph County NC Limited Obligation		4.000			10/01/2036	Aa3		250,000		253,538
Randolph County NC Limited Obligation		4.000			10/01/2037	Aa3		250,000		249,160
Randolph County NC Limited Obligation		4.000			10/01/2038	Aa3		670,000		659,950
Randolph County NC Limited Obligation		4.000			10/01/2039	Aa3		500,000		489,800
Surry County NC Limited Obligation**		3.000			10/01/2038	Aa3		395,000		337,476
Surry County NC Limited Obligation		3.000			10/01/2039	Aa3		1,000,000		833,140
Surry County NC Limited Obligation		3.000			10/01/2041	Aa3		1,135,000		912,131
Thomasville NC Revenue		4.000			05/01/2036	Aa3		500,000		506,215
Wilmington NC Limited Obligation		4.000			06/01/2036	Aa1		230,000		236,544
Wilmington NC Limited Obligation		4.000			06/01/2037	Aa1		170,000		172,837
										21,030,952
MUNICIPAL UTILITY REVENUE BONDS
14.80% of Net Assets
Brunswick County NC Enterprise System Revenue		5.000			04/01/2031	Aa2		500,000		525,400
Brunswick County NC Enterprise System Revenue		4.000			04/01/2039	Aa2		1,000,000		1,004,900
Brunswick County NC Enterprise System Revenue		3.000			04/01/2046	Aa2		500,000		382,300
Buncombe County NC Metropolitan Sewer District		5.000			07/01/2039	Aaa		550,000		565,230
Cary NC Combined Enterprise System Revenue		4.000			12/01/2042	Aaa		750,000		754,643
Clayton NC Water & Sewer Revenue		5.000			08/01/2040	Aaa		700,000		769,888
Concord NC Utilities System Revenue		4.500			12/01/2034	Aa2		1,000,000		1,042,100
Durham NC Utility System Revenue		3.000			08/01/2042	Aa1		1,250,000		1,055,538
Fuquay-Varina NC Combined Utilities Revenue		5.000			04/01/2040	Aa2		1,000,000		1,043,810
Gastonia NC Combined Utilities System Revenue		5.000			05/01/2034	Aa2		570,000		598,671
Gastonia NC Combined Utilities System Revenue		5.000			05/01/2035	Aa2		250,000		261,305
Lincoln County NC Enterprise System Revenue		3.000			08/01/2038	AA*		160,000		138,699
Lincoln County NC Enterprise System Revenue		3.000			08/01/2039	AA*		340,000		291,237
Lincoln County NC Enterprise System Revenue		3.000			08/01/2040	AA*		265,000		224,550
Lincoln County NC Enterprise System Revenue		3.000			08/01/2041	AA*		240,000		200,342
Martin County NC Limited Obligation Water and Sewer District		4.750			06/01/2034	A2		1,150,000		1,173,069
NC Municipal Power Agency #1 Catawba Electric Revenue		5.000			01/01/2032	A*		500,000		527,335
Pender County NC Limited Obligation		3.000			06/01/2038	Aa3		490,000		421,728
Pender County NC Limited Obligation		3.000			06/01/2045	Aa3		500,000		382,965
Sampson County NC Water & Sewer District		5.000			06/01/2037	A1		920,000		951,068
Union County NC Enterprise System Revenue		4.000			06/01/2038	Aa2		500,000		502,800
Union County NC Enterprise System Revenue		4.000			06/01/2044	Aa2		1,750,000		1,686,440
Union County NC Enterprise System Revenue		3.000			06/01/2046	Aa2		1,500,000		1,154,460
Union County NC Enterprise System Revenue		3.000			06/01/2051	Aa2		250,000		184,035
Wake County NC Industrial Facilities & Pollution Control Duke Energy		4.000			06/01/2041	Aa3		1,260,000		1,207,559
Wilmington NC Storm Water Revenue		5.000			06/01/2035	Aa2		500,000		523,755
Winston Salem NC Water & Sewer System Revenue		3.000			06/01/2046	Aa1		500,000		392,715
										17,966,542
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
12.95% of Net Assets
Appalachian NC State University		4.000			05/01/2033	A1		500,000		519,710
Appalachian NC State University**		5.000			05/01/2036	A1		1,000,000		1,080,480
Iredell County NC Community College		5.000			04/01/2026	Aaa		225,000		225,236
Iredell County NC Community College		5.000			04/01/2027	Aaa		325,000		325,348
NC State Capital Facilities Wake Forest		5.000			01/01/2048	Aa3		315,000		332,514
Scotland County NC		5.000			12/01/2033	A*		250,000		269,618
University of NC at Asheville		4.000			06/01/2036	A2		1,350,000		1,369,830
University of NC at Charlotte Board of Governors		4.000			10/01/2037	Aa3		750,000		749,130
University of NC at Charlotte Board of Governors		5.000			10/01/2042	Aa3		250,000		262,365
University of NC at Wilmington		4.000			10/01/2037	Aa3		750,000		746,655
University of NC Chapel Hill Hospitals		4.000			02/01/2037	Aa3		1,000,000		980,950

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

22

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
University of NC Chapel Hill Hospitals		4.000	%		02/01/2038	Aa3	$	400,000	$	387,632
University of NC Charlotte		4.000			10/01/2035	Aa3		250,000		253,448
University of NC Charlotte		4.000			10/01/2036	Aa3		250,000		251,170
University of NC Greensboro		4.000			04/01/2035	Aa3		750,000		767,460
University of NC Greensboro		4.000			04/01/2036	Aa3		500,000		506,840
University of NC Greensboro		5.000			04/01/2038	Aa3		425,000		453,224
University of NC Wilmington		4.000			04/01/2037	Aa3		385,000		386,463
University of NC Wilmington		4.000			04/01/2038	Aa3		405,000		403,607
University of NC Wilmington		4.000			04/01/2039	Aa3		1,380,000		1,363,675
University of NC Wilmington Limited Obligation		5.000			06/01/2033	A1		550,000		573,513
University of NC Wilmington Limited Obligation		4.000			06/01/2034	A1		500,000		503,005
University of North Carolina		5.000			10/01/2033	A2		30,000		30,004
Western Carolina NC University		5.000			10/01/2035	Aa3		1,000,000		1,074,830
Western Carolina NC University		5.000			10/01/2043	Aa3		1,000,000		1,054,160
Western Carolina NC University		5.000			10/01/2045	Aa3		825,000		849,511
										15,720,378
PREREFUNDED BONDS
12.38% of Net Assets
Buncombe County NC Limited Obligation		5.000			06/01/2034	Aa1		500,000		516,110
Charlotte NC Certificate of Participation		4.000			12/01/2034	Aa1		290,000		301,255
High Point NC Combined Enterprise		5.000			11/01/2039	Aa2		750,000		780,810
Johnston County NC Limited Obligation		4.750			06/01/2033	Aa2		500,000		503,850
NC Eastern Municipal Power Agency		6.000			01/01/2025	Baa2		1,150,000		1,223,037
NC State Capital Facilities Duke University		5.000			10/01/2041	Aa1		1,000,000		1,063,600
New Hanover County NC Hospital Revenue New Hanover Regional Medical**		5.000			10/01/2034	NR		1,500,000		1,661,325
Raleigh NC Limited Obligation		5.000			10/01/2038	Aa1		500,000		508,190
University of NC Charlotte		5.000			04/01/2035	Aa3		595,000		612,166
University of NC Charlotte		5.000			04/01/2038	Aa3		1,000,000		1,028,850
University of NC Charlotte		5.000			04/01/2040	Aa3		1,550,000		1,632,567
University of NC Greensboro		5.000			04/01/2033	Aa3		900,000		924,732
University of NC Greensboro		5.000			04/01/2039	Aa3		2,870,000		2,951,365
Winston Salem NC Limited Obligation		5.000			06/01/2031	Aa1		800,000		807,728
Winston Salem NC Limited Obligation		4.500			06/01/2034	Aa1		500,000		512,720
										15,028,305
REFUNDING BONDS
6.35% of Net Assets
Asheville NC Limited Obligation		3.000			04/01/2041	Aa1		250,000		210,870
Buncombe County NC Limited Obligation**		5.000			06/01/2035	Aa1		1,000,000		1,047,510
Charlotte NC Certificate of Participation		5.000			06/01/2033	Aa1		840,000		848,644
Charlotte NC Certificate of Participation		5.000			06/01/2034	Aa1		750,000		791,025
Chatham County NC		5.000			11/01/2032	Aa2		825,000		877,602
Durham County NC		4.000			06/01/2036	Aaa		225,000		232,067
Monroe NC Limited Obligation		4.000			03/01/2033	Aa3		255,000		260,475
Monroe NC Limited Obligation**		5.000			03/01/2039	Aa3		1,250,000		1,303,437
Rockingham County NC Limited Obligation		4.500			04/01/2032	Aa3		500,000		513,780
Sampson County NC Limited Obligation		4.000			09/01/2036	A1		1,000,000		1,000,380
Sampson County NC Limited Obligation		4.000			09/01/2037	A1		500,000		497,780
Union County NC Limited Obligation Refunding		5.000			12/01/2024	Aa1		125,000		130,388
										7,713,958
HOSPITAL AND HEALTHCARE REVENUE BONDS
5.76% of Net Assets
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000			01/15/2036	Aa3		590,000		631,176
Charlotte Mecklenburg NC Hospital Authority Atrium Health		4.000			01/15/2043	Aa3		250,000		243,268
Charlotte Mecklenburg NC Hospital Healthcare System		5.000			01/15/2039	Aa3		1,500,000		1,500,690
Charlotte Mecklenburg NC Hospital Authority Atrium Health		5.000			01/15/2033	Aa3		210,000		228,927
NC State Medical Care Commission Health Care Facilities Rex Hospital		5.000			07/01/2033	A2		750,000		779,288
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000			07/01/2039	A2		550,000		526,251

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

23

DUPREE MUTUAL FUNDS — NORTH CAROLINA TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
NC State Medical Care Commission Health Care Facilities Rex Hospital		4.000	%		07/01/2040	A2	$	1,750,000	$	1,671,355
NC State Medical Care Commission Health Care Facilities Vidant Health		5.000			06/01/2040	A2		1,385,000		1,406,051
										6,987,006
AIRPORT REVENUE BONDS
3.68% of Net Assets
Charlotte NC Douglas International Airport		5.000			07/01/2030	Aa3		1,095,000		1,130,051
Charlotte NC Douglas International Airport		5.000			07/01/2036	Aa3		250,000		265,925
Charlotte NC Douglas International Airport		4.000			07/01/2036	Aa3		500,000		503,075
Charlotte NC Douglas International Airport		5.000			07/01/2037	Aa3		700,000		740,999
Charlotte NC Douglas International Airport		5.000			07/01/2042	Aa3		1,325,000		1,378,543
Charlotte NC Douglas International Airport		4.000			07/01/2044	Aa3		480,000		451,570
										4,470,163
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
3.41% of Net Assets
NC State Grant Anticipation Revenue Vehicle Garvee		5.000			03/01/2030	A2		200,000		209,406
NC State Limited Obligation		4.000			05/01/2035	Aa1		100,000		103,863
NC State Turnpike Authority		5.000			01/01/2036	AA*		500,000		531,660
NC State Turnpike Authority		5.000			01/01/2038	AA*		2,415,000		2,533,552
NC State Turnpike Authority Triangle Expressway		4.000			01/01/2036	Aa1		250,000		255,230
NC State Turnpike Authority Triangle Expressway		4.000			01/01/2039	Aa1		500,000		503,385
										4,137,096
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
2.66% of Net Assets
Buncombe County NC Limited Obligation		5.000			06/01/2033	Aa1		600,000		631,091
Buncombe County NC Limited Obligation		5.000			06/01/2034	Aa1		365,000		383,214
Charlotte NC Certificate of Participation		5.000			12/01/2029	Aa1		340,000		340,350
Rocky Mount NC Special Obligation		4.500			05/01/2032	Aa3		1,500,000		1,563,600
Wilmington NC Limited Obligation		3.000			06/01/2037	Aa1		370,000		312,284
										3,230,539
Total Investments 98.74% of Net Assets (cost $126,266,243) (See footnote 6 for further explanation)									$	119,867,300
Other assets in excess of liabilities 1.26%										1,525,655
Net Assets 100%									$	121,392,955

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit --see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		119,867,300
Level 3	Significant Unobservable Inputs		—
		$	119,867,300

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

24

NORTH CAROLINA TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $126,266,243)		$	119,867,300
Cash			855,000
Receivable for fund shares sold			75,278
Interest receivable			1,192,820
Total assets			121,990,398
LIABILITIES:
Payable for:
Distributions to shareholders	237,383
Fund shares redeemed	283,463
Investment advisory fee	44,900
Transfer agent fee	23,955
Trustees fees	842
Professional fees	3,098
Custodian fee	1,671
Accrued expenses	2,131
Total liabilities			597,443
NET ASSETS:
Paid-in capital			130,977,900
Total accumulated loss			(9,584,945	)
Total Net Assets		$	121,392,955
NET ASSET VALUE, offering price and redemption price per share (11,434,428 shares outstanding; unlimited number of shares authorized; no par value)		$	10.62

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	1,978,852
Expenses:
Investment advisory fee		318,958
Transfer agent fee		81,358
Professional fees		22,394
Custodian fee		10,873
Trustees fees		9,398
Pricing fees		8,867
Registration fees		4,399
Compliance fees		3,630
Other expenses		18,824
Total expenses		478,701
Fees waived by Adviser (Note 2)		(20,543	)
Custodian fee reduction (Note 7)		(28	)
Net expenses		458,130
Net investment income		1,520,722
Realized and unrealized loss on investments:
Net realized loss		(1,455,312	)
Net change in unrealized appreciation/depreciation		(272,425	)
Net realized and unrealized loss on investments		(1,727,737	)
Net decrease in net assets resulting from operations	$	(207,015	)

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

25

NORTH CAROLINA TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	1,520,722		$	3,205,533
Net realized loss on investments		(1,455,312	)		(281,248	)
Net change in unrealized appreciation/depreciation		(272,425	)		(17,186,653	)
Net decrease in net assets resulting from operations		(207,015	)		(14,262,368	)
Total distributions (Note 6)		(1,520,722	)		(3,205,533	)
Net Fund share transactions (Note 4)		(11,308,586	)		(11,171,671	)
Total decrease		(13,036,323	)		(28,639,572	)
Net assets:
Beginning of period		134,429,278			163,068,850
End of period	$	121,392,955		$	134,429,278

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.74		$	12.05		$	11.93		$	11.68		$	11.34		$	11.50
Income from investment operations:
Net investment income		0.12			0.24			0.25			0.27			0.29			0.31
Net gains/(losses) on investments		(0.12	)		(1.31	)		0.12			0.25			0.34			(0.16	)
Total from investment operations		0.00			(1.07	)		0.37			0.52			0.63			0.15
Less distributions:
Distributions from net investment income		(0.12	)		(0.24	)		(0.25	)		(0.27	)		(0.29	)		(0.31	)
Net asset value, end of period	$	10.62		$	10.74		$	12.05		$	11.93		$	11.68		$	11.34
Total return		0.06%	(b)		(9.01	)%		3.12%			4.48%			5.69%			1.27%
Net assets, end of period (in thousands)	$	121,393		$	134,429		$	163,069		$	161,366		$	146,078		$	131,178
Ratio of net expenses to average net assets (a)		0.70%	(c)		0.68%			0.68%			0.69%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.74%	(c)		0.68%			0.68%			0.69%			0.71%			0.71%
Ratio of net investment income to average net assets		2.35%	(c)		2.05%			2.07%			2.27%			2.58%			2.66%
Portfolio turnover		1.42%	(b)		6.57%			7.79%			9.88%			13.02%			11.76%

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

(b) Not annualized

(c) Annualized

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

26

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

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
27.10% of Net Assets
Pitt County NC Limited Obligation		5.000	%		04/01/2027	Aa2	$	495,000	$	536,090
University of NC Charlotte		5.000			10/01/2025	Aa3		110,000		116,394
University of NC Charlotte		5.000			04/01/2028	Aa3		250,000		262,588
University of NC Greensboro		5.000			04/01/2026	Aa3		400,000		428,708
University of NC Wilmington		4.000			06/01/2029	A1		750,000		771,967
University of NC Wilmington Limited Obligation		4.000			06/01/2030	A1		200,000		204,748
University of North Carolina at Wilmington		5.000			10/01/2026	Aa3		300,000		324,234
Western Carolina University		5.000			10/01/2025	Aa3		225,000		237,528
Western Carolina University		5.000			06/01/2027	AA*		250,000		265,795
										3,148,052
SCHOOL IMPROVEMENT BONDS
15.37% of Net Assets
Brunswick County NC		5.000			08/01/2028	Aaa		250,000		282,252
Onslow County NC Limted Obligation		5.000			06/01/2023	Aa2		250,000		252,153
Randolph County NC Limited Obligation		5.000			10/01/2025	Aa3		250,000		265,145
Rutherford County NC Limited Obligation		5.000			03/01/2028	A1		75,000		83,001
Rutherford County NC Limited Obligation		5.000			03/01/2029	A1		175,000		195,932
Scotland County NC		5.000			12/01/2025	A*		270,000		285,522
Scotland County NC		5.000			12/01/2026	A*		250,000		268,545
Scotland County NC		5.000			12/01/2027	A*		140,000		152,848
										1,785,398
MUNICIPAL UTILITY REVENUE BONDS
15.00% of Net Assets
Brunswick County NC Enterprise System Revenue**		5.000			04/01/2027	Aa2		250,000		262,868
Cary NC Combined Enterprise Systems		4.000			12/01/2028	Aaa		250,000		260,133
Columbus County NC Limited Obligation		5.000			06/01/2023	A1		355,000		357,968
Monroe NC Limited Obligation		5.000			03/01/2028	Aa3		95,000		101,471
Monroe NC Limited Obligation		5.000			03/01/2029	Aa3		195,000		208,345
NC State Municipal Power Agency #1 Catawba		5.000			01/01/2025	A*		100,000		104,196
NC State Municipal Power Agency #1 Catawba		5.000			01/01/2025	A*		140,000		145,930
NC State Municipal Power Agency #1 Catawba		5.000			01/01/2028	A*		125,000		132,979
Warren County NC Limited Obligation		5.000			06/01/2027	A1		160,000		167,984
										1,741,874
REFUNDING BONDS
9.49% of Net Assets
Charlotte NC Certificate of Participation		5.000			06/01/2023	Aa1		25,000		25,225
Charlotte NC Certificate of Participation		4.000			06/01/2025	Aa1		100,000		100,565
Charlotte NC Certificate of Participation		5.000			12/01/2025	Aa2		100,000		106,616
North Carolina State Limited Obligation		5.000			05/01/2028	Aa1		125,000		136,954
Rockingham County NC Limited Obligation		4.000			04/01/2024	Aa3		105,000		106,550
Sampson County NC Limited Obligation		5.000			12/01/2023	A1		165,000		167,952
Sampson County NC Limited Obligation		5.000			09/01/2025	A1		125,000		131,724
Sampson County NC Limited Obligation		5.000			09/01/2026	A1		210,000		225,312
Warren County NC Limited Obligation**		5.000			06/01/2023	A1		100,000		100,836
										1,101,734
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
8.04% of Net Assets
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029	A2		200,000		225,974
North Carolina State Grant Anticipation Revenue		5.000			03/01/2029	A2		120,000		125,800
North Carolina State Grant Anticpation Revenue		5.000			03/01/2029	A2		20,000		22,585
North Carolina State Limited Obligation		5.000			05/01/2029	Aa1		225,000		255,929
North Carolina Turnpike Authority		5.000			01/01/2029	Aa1		285,000		304,903
										935,191

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

27

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

SCHEDULE OF PORTFOLIO INVESTMENTS

North Carolina Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
PUBLIC FACILITIES REVENUE BONDS
6.99% of Net Assets
Buncombe County NC Limited Obligation**		5.000	%		06/01/2028	Aa1	$	500,000	$	527,590
Monroe NC Limited Obligation		5.000			04/01/2026	AA*		265,000		284,189
										811,779
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
4.01% of Net Assets
Davidson County NC Limited Obligation		5.000			06/01/2028	Aa2		315,000		339,362
Winston Salem NC Limited Obligation		5.000			06/01/2023	Aa1		125,000		126,124
										465,486
HOSPITAL AND HEALTHCARE REVENUE BONDS
3.63% of Net Assets
Charlotte-Mecklenburg NC Hospital Authority Health Care System		5.000			01/15/2028	Aa3		225,000		238,927
NC State Medical Care Commission Health Care Facilities		4.000			06/01/2024	A2		180,000		182,605
										421,532
PREREFUNDED BONDS
3.06% of Net Assets
New Hanover NC Hospital Revenue		5.000			10/01/2028	NR		150,000		165,356
North Carolina State Medical Care Commission Vidant Health		5.000			06/01/2028	A2		180,000		189,500
										354,856
AD VALOREM PROPERTY BONDS
2.20% of Net Assets
Smithville Township NC**		5.000	%		06/01/2024	Aa2		250,000		254,933
LEASE REVENUE BONDS
0.98% of Net Assets
New Hanover County NC Limitied Obligation		5.000			06/01/2029	Aa1		100,000		113,723
AIRPORT REVENUE BONDS
0.75% of Net Assets
Charlotte NC Airport		5.000			07/01/2030	Aa3		75,000		86,535
Total Investments 96.62% of Net Assets (cost $11,308,455) (See footnote 6 for further explanation)									$	11,221,093
Other assets in excess of liabilities 3.38%										392,268
Net Assets 100%									$	11,613,361

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		11,221,093
Level 3	Significant Unobservable Inputs		—
		$	11,221,093

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

28

NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $11,308,455)		$	11,221,093
Cash			304,870
Interest receivable			107,265
Total assets			11,633,228
LIABILITIES:
Payable for:
Distributions to shareholders	4,702
Fund shares redeemed	1,222
Investment advisory fee	1,911
Transfer agent fee	1,468
Professional fees	1,954
Pricing fees	1,553
Audit fees	1,211
Trustees fees	1,103
Custodian fee	1,027
Accrued expenses	3,716
Total liabilities			19,867
NET ASSETS:
Paid-in capital			11,860,705
Total accumulated loss			(247,344	)
Total Net Assets		$	11,613,361
NET ASSET VALUE, offering price and redemption price per share (1,117,446 shares outstanding; unlimited number of shares authorized; no par value)		$	10.39

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	156,937
Expenses:
Investment advisory fee		33,292
Transfer agent fee		9,988
Registration fees		4,643
Compliance fees		3,628
Custodian fee		3,459
Pricing fees		2,696
Professional fees		1,763
Trustees fees		940
Other expenses		2,201
Total expenses		62,610
Fees waived by Adviser (Note 2)		(15,956	)
Custodian fee reduction (Note 7)		(7	)
Net expenses		46,647
Net investment income		110,290
Realized and unrealized gain/(loss) on investments:
Net realized loss		(151,988	)
Net change in unrealized appreciation/depreciation		41,437
Net realized and unrealized loss on investments		(110,551	)
Net decrease in net assets resulting from operations	$	(261	)

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

29

NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	110,290		$	203,455
Net realized loss on investments		(151,988	)		(7,994	)
Net change in unrealized appreciation/depreciation		41,437			(832,809	)
Net decrease in net assets resulting from operations		(261	)		(637,348	)
Total distributions (Note 6)		(110,290	)		(203,503	)
Net Fund share transactions (Note 4)		(1,785,248	)		1,110,314
Total increase/(decrease)		(1,895,799	)		269,463
Net assets:
Beginning of period		13,509,160			13,239,697
End of period	$	11,613,361		$	13,509,160

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.48		$	11.17		$	11.20		$	11.02		$	10.64		$	10.85
Income from investment operations:
Net investment income		0.09			0.17			0.18			0.17			0.17			0.16
Net gains/(losses) on investments		(0.09	)		(0.69	)		(0.03	)		0.18			0.38			(0.21	)
Total from investment operations		0.00			(0.52	)		0.15			0.35			0.55			(0.05	)
Less distributions:
Distributions from net investment income		(0.09	)		(0.17	)		(0.18	)		(0.17	)		(0.17	)		(0.16	)
Distributions from capital gains		0.00			0.00	(b)		0.00	(b)		0.00			0.00			0.00
Net asset value, end of period	$	10.39		$	10.48		$	11.17		$	11.20		$	11.02		$	10.64
Total return		(0.02	)%(c)		(4.72	)%		1.32%			3.24%			5.19%			(0.45	)%
Net assets, end of period (in thousands)	$	11,613		$	13,509		$	13,240		$	12,977		$	19,504		$	22,267
Ratio of net expenses to average net assets (a)		0.70%	(d)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.95%	(d)		0.92%			0.95%			0.91%			0.88%			0.86%
Ratio of net investment income to average net assets		1.67%	(d)		1.54%			1.56%			1.56%			1.55%			1.50%
Portfolio turnover		10.79%	(c)		13.13%			1.94%			9.59%			13.59%			21.80%

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

(b) Rounds to less than $0.01.

(c) Not annualized

(d) Annualized

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

30

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
27.00% of Net Assets
Chattanooga TN Electric Revenue		5.000	%		09/01/2035	AA-*	$	250,000	$	262,200
Chattanooga TN Electric Revenue		5.000			09/01/2040	AA-*		2,325,000		2,411,233
Clarksville TN Electric System Revenue		4.000			09/01/2034	Aa2		500,000		514,140
Clarksville TN Water Sewer & Gas Revenue		4.000			02/01/2036	Aa2		1,475,000		1,493,939
Clarksville TN Water Sewer & Gas Revenue		4.000			02/01/2038	Aa2		820,000		820,722
Franklin TN Water & Sewer Revenue and Tax Authority		5.000			04/01/2024	Aaa		750,000		770,700
Franklin TN Water & Sewer System Revenue		4.000			02/01/2036	Aa2		250,000		253,478
Hallsdale-Powell TN Utility District		3.000			04/01/2043	AA*		800,000		655,544
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2035	AA*		315,000		320,081
Hallsdale-Powell TN Utility District Knox County Water & Sewer		4.000			04/01/2038	AA*		1,000,000		1,002,980
Harpeth Valley TN Utilities District		5.000			09/01/2034	AA+*		500,000		519,215
Harpeth Valley TN Utilities District		4.000			09/01/2045	AA+*		150,000		142,473
Harpeth Valley TN Utilities District Davidson & Williamson Counties		4.000			09/01/2039	AA+*		500,000		500,775
Knox Chapman TN Utility District		5.000			01/01/2031	AA-*		250,000		261,435
Knox Chapman TN Utility District		5.000			01/01/2033	AA-*		250,000		260,988
Knoxville TN Electric		4.000			07/01/2041	Aa2		750,000		740,340
Memphis TN Gas System Revenue		4.000			12/01/2034	Aa1		775,000		793,058
Memphis TN Gas System Revenue		4.000			12/01/2036	Aa1		800,000		810,328
Memphis TN Gas System Revenue**		4.000			12/01/2037	Aa1		1,310,000		1,319,275
Metropolitan Government Nashville & Davidson County Electric		5.000			05/15/2036	AA*		500,000		513,285
Metropolitan Government Nashville & Davidson County Electric		5.000			05/15/2039	AA*		500,000		510,775
Metropolitan Government Nashville & Davidson County Water & Sewer		5.000			07/01/2037	Aa2		250,000		267,865
Portland TN Water & Sewer		4.000			04/01/2040	AA*		750,000		721,868
Watauga River Regional Water Authority TN Waterworks		4.000			07/01/2037	A*		270,000		272,103
West Wilson TN Utility District Waterworks		5.000			06/01/2042	AA*		500,000		552,120
Williamson County Utilities		4.000			09/01/2041	AA*		500,000		493,500
										17,184,420
PREREFUNDED BONDS
22.07% of Net Assets
Bristol TN Electric Revenue		5.000			09/01/2038	AA-*		1,525,000		1,547,142
Gallatin TN Water & Sewer Revenue		5.000			01/01/2032	AA*		235,000		246,078
Memphis TN Electric System Revenue		5.000			12/01/2031	Aa2		225,000		234,783
Memphis TN Electric System Revenue		5.000			12/01/2034	Aa2		1,250,000		1,304,350
Memphis TN General Improvement		5.000			04/01/2034	Aa2		500,000		514,425
Memphis TN General Improvement		5.000			04/01/2039	Aa2		250,000		257,213
Memphis TN Refunding General Improvement		5.000			04/01/2031	Aa2		800,000		823,080
Metropolitan Government Nashville & Davidson County Sports Authority		5.000			08/01/2031	Aa3		1,500,000		1,518,495
Metropolitan Government Nashville & Davidson County Sports Authority		5.000			08/01/2038	Aa3		755,000		764,309
Metropolitan Government Nashville & Davidson County Water & Sewer**		5.000			07/01/2030	Aa2		3,250,000		3,284,320
Metropolitan Government Nashville & Davidson County Water & Sewer**		5.000			07/01/2040	Aa2		750,000		757,920
Shelby County TN Health Education & Housing Facilities Board Rhodes College		5.000			08/01/2040	A2		650,000		668,051
TN State School Bond Authority Higher Educational Facilities		5.000			11/01/2040	Aa1		2,000,000		2,132,040
										14,052,206
SCHOOL IMPROVEMENT BONDS
11.84% of Net Assets
Coffee County TN		4.000			06/01/2037	AA-*		500,000		503,085
Coffee County TN		4.000			06/01/2041	AA-*		620,000		602,640
Franklin TN Special School District		5.000			06/01/2039	Aa1		250,000		270,640
Johnson City TN		4.000			06/01/2036	Aa2		1,150,000		1,172,826
Montgomery County TN		4.000			04/01/2036	AA*		260,000		263,747
Montgomery County TN		4.000			04/01/2037	AA*		1,920,000		1,939,373
Shelby County TN		5.000			04/01/2037	Aa1		500,000		534,675
Wilson County TN		4.000			04/01/2039	AA+*		1,495,000		1,502,640
Wilson County TN 10th Special School District		4.000			04/01/2037	AA-*		200,000		201,202
Wilson County TN 10th Special School District		4.000			04/01/2039	AA-*		550,000		544,137
										7,534,965

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

31

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
HOSPITAL AND HEALTHCARE REVENUE BONDS
10.20% of Net Assets
Knox County TN Health East Tennessee Children’s Hospital		4.000	%		11/15/2048	A*	$	900,000	$	804,969
Metropolitan Government Nashville & Davidson County TN Health		5.000			07/01/2035	A*		2,500,000		2,589,225
Metropolitan Government Nashville & Davidson County TN Health		5.000			07/01/2040	A*		950,000		970,168
Shelby County TN Health Education & Housing Facilities		5.000			05/01/2036	A1		1,535,000		1,602,310
Shelby County TN Health Education & Housing Facilities — LeBonheur		5.000			05/01/2035	A1		500,000		526,000
										6,492,672
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
8.85% of Net Assets
Germantown TN		3.000			12/01/2050	Aaa		415,000		316,043
Memphis TN		4.000			06/01/2041	Aa2		1,120,000		1,121,389
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2033	Aa2		1,470,000		1,523,949
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2034	Aa2		500,000		515,165
Metropolitan Government Nashville & Davidson County TN		4.000			07/01/2036	Aa2		500,000		507,155
TN State Series A		5.000			02/01/2036	Aaa		1,500,000		1,647,930
										5,631,631
PUBLIC FACILITIES REVENUE BONDS
5.05% of Net Assets
Hamblen County TN		4.000	%		05/01/2039	Aa3		1,250,000		1,241,050
Memphis Shelby County TN Industrial Development Board		5.000			11/01/2030	Aa3		1,250,000		1,342,250
Metropolitan Government Nashville & Davidson County Convention Center		5.000			07/01/2026	A1		630,000		630,391
										3,213,691
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
4.44% of Net Assets
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2036	A2		920,000		929,688
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2037	A2		1,030,000		1,032,791
Shelby County TN Health Education & Housing Facilities Board Rhodes College		4.000			08/01/2040	A2		875,000		864,089
										2,826,568
REFUNDING BONDS
3.91% of Net Assets
Blount County TN		5.000			06/01/2037	Aa2		1,000,000		1,052,529
Jackson TN Refunding		4.000			06/01/2037	AA*		405,000		410,950
Memphis TN Refunding		5.000			04/01/2033	Aa2		250,000		256,745
Memphis TN Refunding		5.000			04/01/2035	Aa2		250,000		256,745
Memphis TN Refunding		5.000			04/01/2040	Aa2		500,000		513,490
										2,490,459
AIRPORT REVENUE BONDS
3.59% of Net Assets
Metropolitan Nashville Airport Authority		5.000			07/01/2034	A1		800,000		835,744
Metropolitan Nashville Airport Authority		5.000			07/01/2035	A1		250,000		260,130
Metropolitan Nashville Airport Authority		5.000			07/01/2040	A1		1,160,000		1,189,313
										2,285,187
Total Investments 96.95% of Net Assets (cost $63,330,692) (See footnote 6 for further explanation)									$	61,711,799
Other assets in excess of liabilities 3.05%										1,941,131
Net Assets 100%									$	63,652,930

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

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

32

DUPREE MUTUAL FUNDS — TENNESSEE TAX-FREE INCOME SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2022

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		61,711,799
Level 3	Significant Unobservable Inputs		—
		$	61,711,799

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

33

TENNESSEE TAX-FREE INCOME SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $63,330,692)		$	61,711,799
Cash			1,302,770
Interest receivable			853,678
Total assets			63,868,247
LIABILITIES:
Payable for:
Distributions to shareholders	151,714
Fund shares redeemed	29,565
Investment advisory fee	21,983
Transfer agent fee	7,365
Trustees fees	1,974
Custodian fee	673
Accrued expenses	2,043
Total liabilities			215,317
NET ASSETS:
Paid-in capital			66,213,690
Total accumulated loss			(2,560,760	)
Total Net Assets		$	63,652,930
NET ASSET VALUE, offering price and redemption price per share (6,042,169 shares outstanding; unlimited number of shares authorized; no par value)		$	10.53

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	1,101,287
Expenses:
Investment advisory fee		172,771
Transfer agent fee		44,490
Professional fees		14,519
Custodian fee		7,172
Pricing fees		5,042
Trustees fees		5,031
Compliance fees		3,277
Registration fees		2,784
Other expenses		7,444
Total expenses		262,530
Fees waived by Adviser (Note 2)		(20,702	)
Custodian fee reduction (Note 7)		(17	)
Net expenses		241,811
Net investment income		859,476
Realized and unrealized loss on investments:
Net realized loss		(744,587	)
Net change in unrealized appreciation/depreciation		(113,044	)
Net realized and unrealized loss on investments		(857,631	)
Net increase in net assets resulting from operations	$	1,845

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

34

TENNESSEE TAX-FREE INCOME SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	859,476		$	1,890,340
Net realized loss on investments		(744,587	)		(24,886	)
Net change in unrealized appreciation/depreciation		(113,044	)		(7,560,469	)
Net increase/(decrease) in net assets resulting from operations		1,845			(5,695,015	)
Total distributions (Note 6)		(859,476	)		(1,890,340	)
Net Fund share transactions (Note 4)		(9,097,964	)		(4,952,902	)
Total decrease		(9,955,595	)		(12,538,257	)
Net assets:
Beginning of period		73,608,525			86,146,782
End of period	$	63,652,930		$	73,608,525

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.65		$	11.71		$	11.66		$	11.51		$	11.24		$	11.44
Income from investment operations:
Net investment income		0.13			0.26			0.27			0.28			0.30			0.31
Net gains/(losses) on investments		(0.12	)		(1.06	)		0.05			0.15			0.27			(0.20	)
Total from investment operations		0.01			(0.80	)		0.32			0.43			0.57			0.11
Less distributions:
Distributions from net investment income		(0.13	)		(0.26	)		(0.27	)		(0.28	)		(0.30	)		(0.31	)
Net asset value, end of period	$	10.53		$	10.65		$	11.71		$	11.66		$	11.51		$	11.24
Total return		0.13%	(b)		(6.92	)%		2.84%			3.77%			5.12%			0.94%
Net assets, end of period (in thousands)	$	63,653		$	73,609		$	86,147		$	95,680		$	104,207		$	108,121
Ratio of net expenses to average net assets (a)		0.70%	(c)		0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		0.77%	(c)		0.71%			0.71%			0.71%			0.71%			0.71%
Ratio of net investment income to average net assets		2.51%	(c)		2.31%			2.35%			2.42%			2.63%			2.70%
Portfolio turnover		2.22%	(b)		11.61%			2.75%			3.46%			6.46%			15.77%

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

(b) Not annualized

(c) Annualized

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

35

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

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
30.13% of Net Assets
Loudon County TN		5.000	%		06/01/2025	Aa2	$	150,000	$	158,241
Maryville TN		5.000			06/01/2026	Aa2		350,000		377,068
Memphis TN General Improvement**		5.000			11/01/2023	Aa2		350,000		356,248
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2027	Aa3		200,000		215,664
Putnam County TN		4.000			04/01/2025	Aa2		100,000		102,797
Sevierville TN		5.000			05/01/2028	Aa3		125,000		138,865
										1,348,883
REFUNDING BONDS
23.42% of Net Assets
Chattanooga TN Electric Revenue**		5.000			09/01/2023	AA-*		250,000		253,613
Hallsdale-Powell TN Utility District		4.000			04/01/2028	AA*		255,000		265,815
Maryville TN		4.000			06/01/2029	Aa2		250,000		260,627
Springfield TN		5.000			06/01/2027	Aa3		245,000		267,895
										1,047,950
SCHOOL IMPROVEMENT BONDS
15.99% of Net Assets
Bedford County TN		4.000			04/01/2027	AA*		250,000		259,810
Milan TN Special School District		5.000			03/01/2028	AA*		170,000		188,136
White County TN		4.000			06/01/2027	AA-*		260,000		267,613
										715,559
PUBLIC FACILITIES REVENUE BONDS
8.64% of Net Assets
Memphis-Shelby County TN Industrial Development Board		5.000			11/01/2024	Aa3		250,000		260,225
Metropolitan Government Nashville & Davidson County TN Sports Authority		5.000			07/01/2023	Aa3		125,000		126,245
										386,470
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
7.45% of Net Assets
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2025	A2		100,000		102,846
Shelby County TN Health Educational & Housing Facilities Rhodes College		4.000			08/01/2027	A2		225,000		230,384
										333,230
PREREFUNDED BONDS
6.57% of Net Assets
Metropolitan Government Nashville & Davidson County TN Sports Authority		5.250			08/01/2024	Aa3		190,000		192,694
Metropolitan Government Nashville & Davidson County TN Sports Authority		5.250			08/01/2026	Aa3		100,000		101,377
										294,071
AIRPORT REVENUE BONDS
2.25% of Net Assets
Metropolitan Nashville Airport Authority		4.000			07/01/2023	A1/A+*		100,000		100,505
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
0.80% of Net Assets
Selmer TN		4.000			06/01/2025	AA*		35,000		35,917
Total Investments 95.25% of Net Assets (cost $4,307,460) (See footnote 6 for further explanation)									$	4,262,585
Other assets in excess of liabilities 4.75%										212,534
Net Assets 100%									$	4,475,119

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

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

36

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

SCHEDULE OF PORTFOLIO INVESTMENTS

Tennessee Municipal Bonds

December 31, 2022

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		4,262,585
Level 3	Significant Unobservable Inputs		—
		$	4,262,585

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

37

TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $4,307,460)		$	4,262,585
Cash			178,382
Interest receivable			42,879
Total assets			4,483,846
LIABILITIES:
Payable for:
Distributions to shareholders	1,010
Fund shares redeemed	418
Investment advisory fee	391
Transfer agent fee	145
Audit fees	1,142
Pricing fees	1,178
Professional fees	1,277
Printing expense	750
Postage expense	732
Trustees fees	735
Custodian fee	240
Accrued expenses	709
Total liabilities			8,727
NET ASSETS:
Paid-in capital			4,768,960
Total accumulated loss			(293,841	)
Total Net Assets		$	4,475,119
NET ASSET VALUE, offering price and redemption price per share (436,082 shares outstanding; unlimited number of shares authorized; no par value)		$	10.26

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	50,068
Expenses:
Investment advisory fee		11,123
Transfer agent fee		3,337
Registration expense		4,479
Custodian fee		2,997
Compliance fees		3,689
Pricing expense		1,770
Professional fees		592
Trustees fees		316
Other expenses		1,432
Total expenses		29,735
Fees waived by Adviser (Note 2)		(11,123	)
Fees waived by Transfer Agent (Note 2)		(3,022	)
Custodian fee reduction (Note 7)		(6	)
Net expenses		15,584
Net investment income		34,484
Realized and unrealized loss on investments:
Net realized loss		(1,388	)
Net change in unrealized appreciation/depreciation		(41,981	)
Net realized and unrealized loss on investments		(43,369	)
Net decrease in net assets resulting from operations	$	(8,885	)

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

38

TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	34,484		$	83,245
Net realized gain/(loss) on investments		(1,388	)		3,481
Net change in unrealized appreciation/depreciation		(41,981	)		(298,681	)
Net decrease in net assets resulting from operations		(8,885	)		(211,955	)
Total distributions (Note 6)		(34,484	)		(83,245	)
Net Fund share transactions (Note 4)		25,555			(1,133,970	)
Total decrease		(17,814	)		(1,429,170	)
Net assets:
Beginning of period		4,492,933			5,922,103
End of period	$	4,475,119		$	4,492,933

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.35		$	10.94		$	11.02		$	10.82		$	10.52		$	10.70
Income from investment operations:
Net investment income		0.08			0.17			0.17			0.17			0.17			0.16
Net gains/(losses) on investments		(0.09	)		(0.59	)		(0.08	)		0.20			0.30			(0.18	)
Total from investment operations		(0.01	)		(0.42	)		0.09			0.37			0.47			(0.02	)
Less distributions:
Distributions from net investment income		(0.08	)		(0.17	)		(0.17	)		(0.17	)		(0.17	)		(0.16	)
Net asset value, end of period	$	10.26		$	10.35		$	10.94		$	11.02		$	10.82		$	10.52
Total return		(0.09	)%(b)		(3.89	)%		0.81%			3.49%			4.48%			(0.17	)%
Net assets, end of period (in thousands)	$	4,475		$	4,493		$	5,922		$	6,600		$	7,239		$	10,003
Ratio of net expenses to average net assets (a)		0.70%(c)			0.70%			0.70%			0.70%			0.71%			0.70%
Ratio of gross expenses to average net assets		1.35%(c)			1.19%			1.12%			1.14%			1.08%			0.98%
Ratio of net investment income to average net assets		1.56%(c)			1.57%			1.54%			1.60%			1.57%			1.53%
Portfolio turnover		7.00%(b)			0.00%			5.75%			4.55%			10.64%			22.75%

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

(b) Not annualized

(c) Annualized

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

39

DUPREE MUTUAL FUNDS — INTERMEDIATE GOVERNMENT BOND SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

U.S. Government Securities and Agencies

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
FEDERAL HOME LOAN BANK
67.56% of Net Assets
Federal Home Loan Bank		4.900	%		11/28/2023	Aaa	$	500,000	$	500,238
Federal Home Loan Bank		3.400			07/19/2024	Aaa		900,000		880,591
Federal Home Loan Bank		5.365			09/09/2024	Aaa		1,750,000		1,769,983
Federal Home Loan Bank		4.000			01/22/2025	Aaa		900,000		885,640
Federal Home Loan Bank		3.300			06/09/2025	Aaa		500,000		482,739
Federal Home Loan Bank		3.600			07/18/2025	Aaa		900,000		880,042
Federal Home Loan Bank		5.000			07/28/2025	Aaa		250,000		250,142
Federal Home Loan Bank		5.250			10/24/2025	Aaa		650,000		647,492
Federal Home Loan Bank		5.500			10/27/2025	Aaa		250,000		249,975
Federal Home Loan Bank**		3.200			06/10/2027	Aaa		250,000		236,445
										6,783,287
FEDERAL HOME LOAN MORTAGE CORPORATION
21.21% of Net Assets
Federal Home Loan Mortgage Corporation		3.000			06/13/2024	Aaa		250,000		243,602
Federal Home Loan Mortgage Corporation		5.100			11/26/2024	Aaa		500,000		500,790
Federal Home Loan Mortgage Corporation		4.950			11/28/2025	Aaa		1,000,000		1,001,650
Federal Home Loan Mortgage Corporation		1.400			07/28/2032	Aaa		500,000		384,020
										2,130,062
FEDERAL FARM CREDIT
8.94% of Net Assets
Federal Farm Credit Bank		2.375			08/01/2029	Aaa		1,000,000		898,162
Total Investments 97.71% of Net Assets (cost $10,179,757) (See footnote 6 for further explanation)									$	9,811,511
Other assets in excess of liabilities 2.29%										229,867
Net Assets 100%									$	10,041,378

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Government Agencies
Level 1	Quoted Prices		—
Level 2	Other Significant Observable Inputs	$	9,811,511
Level 3	Significant Unobservable Inputs		—
		$	9,811,511

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

40

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $10,179,757)		$	9,811,511
Cash			132,417
Interest receivable			109,172
Total assets			10,053,100
LIABILITIES:
Payable for:
Distributions to shareholders	5,132
Fund shares redeemed	688
Investment advisory fee	805
Transfer agent fee	1,314
Professional fees	1,275
Trustee fees	641
Accrued expenses	1,867
Total liabilities			11,722
NET ASSETS:
Paid-in capital			10,461,415
Total accumulated loss			(420,037	)
Total Net Assets		$	10,041,378
NET ASSET VALUE, offering price and redemption price per share (1,074,931 shares outstanding; unlimited number of shares authorized; no par value)		$	9.34

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	171,947
Expenses:
Investment advisory fee		10,517
Transfer agent fee		7,888
Registration fees		5,643
Custodian fee		3,689
Compliance fees		3,680
Pricing fees		3,496
Printing expense		2,760
Professional fees		1,399
Trustee fees		747
Other expenses		2,173
Total expenses		41,992
Fees waived by Adviser (Note 2)		(5,147	)
Custodian fee reduction (Note 7)		(8	)
Net expenses		36,837
Net investment income		135,110
Realized and unrealized loss on investments:
Net realized loss		(6,688	)
Net change in unrealized appreciation/depreciation		(214,799	)
Net realized and unrealized loss on investments		(221,487	)
Net decrease in net assets resulting from operations	$	(86,377	)

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

41

INTERMEDIATE GOVERNMENT BOND SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	135,110		$	262,283
Net realized gain/(loss) on investments		(6,688	)		6,835
Net change in unrealized appreciation/depreciation		(214,799	)		(643,365	)
Net decrease in net assets resulting from operations		(86,377	)		(374,247	)
Total distributions (Note 6)		(135,110	)		(262,283	)
Net Fund share transactions (Note 4)		(469,414	)		(675,223	)
Total decrease		(690,901	)		(1,311,753	)
Net assets:
Beginning of period		10,732,279			12,044,032
End of period	$	10,041,378		$	10,732,279

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	9.54		$	10.09		$	10.37		$	10.12		$	9.87		$	10.23
Income from investment operations:
Net investment income		0.12			0.23			0.23			0.24			0.25			0.25
Net gains/(losses) on investments		(0.20	)		(0.55	)		(0.28	)		0.25			0.25			(0.36	)
Total from investment operations		(0.08	)		(0.32	)		(0.05	)		0.49			0.50			(0.11	)
Less distributions:
Distributions from net investment income		(0.12	)		(0.23	)		(0.23	)		(0.24	)		(0.25	)		(0.25	)
Net asset value, end of period	$	9.34		$	9.54		$	10.09		$	10.37		$	10.12		$	9.87
Total return		(0.82	)%(b)		(3.25	)%		(0.49	)%		4.88%			5.12%			(1.05	)%
Net assets, end of period (in thousands)	$	10,041		$	10,732		$	12,044		$	15,677		$	15,128		$	15,033
Ratio of net expenses to average net assets (a)		0.70%(c)			0.70%			0.66%			0.68%			0.69%			0.61%
Ratio of gross expenses to average net assets		0.81%(c)			0.75%			0.67%			0.68%			0.69%			0.61%
Ratio of net investment income to average net assets		2.59%(c)			2.30%			2.25%			2.33%			2.50%			2.53%
Portfolio turnover		29.76%(b)			17.50%			3.35%			5.07%			0.00%			1.99%

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

(b) Not annualized

(c) Annualized

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

42

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

December 31, 2022

Bond Description	Coupon			Maturity Date		Rating#	Par Value		Fair Value
MUNICIPAL UTILITY REVENUE BONDS
21.47% of Net Assets
Grant County WA Public Utility District		3.336	%		01/01/2041	Aa3	$	125,000	$	94,811
KY State Rural Water Finance Corporation		3.000			08/01/2050	A+*		250,000		161,535
Metropolitan Government Nashville & Davidson County TN Recovery Zone		6.693			07/01/2041	Aa2		200,000		228,494
OK State Municipal Power Authority		6.310			01/01/2040	A2		95,000		102,771
Pigeon Forge TN Build America Recovery Zone		7.125			06/01/2040	AA*		300,000		313,023
										900,634
PUBLIC FACILITIES REVENUE BONDS
19.28% of Net Assets
Evanston IL Taxable Corporate Purpose Bonds		4.250			12/01/2038	Aa2		275,000		228,058
Franklin County OH Convention Facilities Build America		6.540			12/01/2036	Aa2		155,000		161,770
Metropolitan Government Nashville & Davidson County TN		7.431			07/01/2043	A1		190,000		220,592
Montgomery AL Community Cooperative District		2.815			11/01/2049	Aa1		200,000		124,716
Rhode Island Convention Center		6.060			05/15/2035	A1		70,000		73,673
										808,809
UNIVERSITY CONSOLIDATED EDUCATION AND BUILDING REVENUE BONDS
14.75% of Net Assets
Mesa CO State College Auxiliary		5.800			05/15/2040	Aa2		170,000		173,543
Mesa State College CO Auxiliary Facilities Build America		6.746			05/15/2042	Aa2		100,000		111,788
Michigan State University Revenues**		4.496			08/15/2048	Aa2		375,000		333,461
										618,792
TURNPIKES/TOLLROAD/HIGHWAY REVENUE BONDS
8.08% of Net Assets
Washoe County NV Highway Revenue		7.969			02/01/2040	Aa3		280,000		339,077
STATE AND LOCAL MORTGAGE/HOUSING REVENUE BONDS
7.64% of Net Assets
Uptown Development Authority Texas		3.464			09/01/2040	A1		200,000		150,412
VA State Housing Development Authority		3.230			11/01/2050	Aa1		250,000		169,863
										320,275
MISCELLANEOUS PUBLIC IMPROVEMENT BONDS
6.13% of Net Assets
KY State Property & Buildings Build America**		5.921			11/01/2030	A1		250,000		256,925
SCHOOL IMPROVEMENT BONDS
5.99% of Net Assets
Jefferson County TN Build America Bonds		6.625			06/01/2040	Aa3		250,000		251,175
MARINA/PORT AUTHORITY REVENUE BONDS
5.57% of Net Assets
Miami Dade County FL Special Obligation		7.500			04/01/2040	Aa3		200,000		233,604
HOSPITAL AND HEALTHCARE REVENUE BONDS
4.81% of Net Assets
Midland County TX Hospital District		6.440			05/15/2039	Aa3		185,000		201,711
AIRPORT REVENUE BONDS
1.97% of Net Assets
Tri Cities TN Airport Authority Revenue		3.625			05/01/2038	Aa2		100,000		82,560
PREREFUNDED BONDS
0.58% of Net Assets
Tri Cities TN Airport Authority Revenue		3.625			05/01/2038	NR		25,000		24,352
Total Investments 96.27% of Net Assets (cost $4,572,230) (See footnote 6 for further explanation)									$	4,037,914
Other assets in excess of liabilities 3.73%										156,621
Net Assets 100%									$	4,194,535

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

43

DUPREE MUTUAL FUNDS — TAXABLE MUNICIPAL BOND SERIES UNAUDITED

SCHEDULE OF PORTFOLIO INVESTMENTS

Taxable Municipal Bonds

December 31, 2022

# Ratings by Moody’s Investors Service unless noted otherwise.

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

* Rated by Standard & Poor’s Corporation

@ Rated by Fitch’s Investors Service

NR Not Rated

** Security is segregated against the line of credit — see footnote 7

Other Information

The following is a summary of the inputs used, as of December 31, 2022, involving the Fund’s investments in securities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs	Taxable Municipal Bonds
Level 1	Quoted Prices	$	—
Level 2	Other Significant Observable Inputs		4,037,914
Level 3	Significant Unobservable Inputs		—
		$	4,037,914

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

44

TAXABLE MUNICIPAL BOND SERIES

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022 UNAUDITED

ASSETS:
Investments in securities, at fair value (Cost: $4,572,230)		$	4,037,914
Cash			126,058
Interest receivable			58,635
Total assets			4,222,607
LIABILITIES:
Payable for:
Distributions to shareholders	4,893
Trustees fees	5,953
Professional fees	3,627
Registration fee	7,954
Custodian fee	2,142
Accrued expenses	3,503
Total liabilities			28,072
NET ASSETS:
Paid-in capital			6,401,371
Total accumulated loss			(2,206,836	)
Total Net Assets		$	4,194,535
NET ASSET VALUE, offering price and redemption price per share (571,135 shares outstanding; unlimited number of shares authorized; no par value)		$	7.34

STATEMENT OF OPERATIONS

For the six months ended December 31, 2022

Net investment income:
Interest income	$	115,068
Expenses:
Investment advisory fee		11,645
Transfer agent fee		3,494
Registration fees		5,613
Custodian fee		3,265
Compliance fees		3,630
Pricing fees		2,569
Professional fees		695
Trustees fees		376
Other expenses		1,447
Total expenses		32,734
Fees waived by Adviser (Note 2)		(13,015	)
Fees waived by Transfer Agent (Note 2)		(3,475	)
Custodian fee reduction (Note 7)		(8	)
Net expenses		16,236
Net investment income		98,832
Realized and unrealized loss on investments:
Net realized loss		(155,734	)
Net change in unrealized appreciation/depreciation		(300,308	)
Net realized and unrealized loss on investments		(456,042	)
Net decrease in net assets resulting from operations	$	(357,210	)

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

45

TAXABLE MUNICIPAL BOND SERIES

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended December 31, 2022 and the year ended June 30, 2022 UNAUDITED

	Six Months Ended 12/31/2022			Year Ended 6/30/2022
Operations:
Net investment income	$	98,832		$	358,393
Net realized loss on investments		(155,734	)		(1,476,608	)
Net change in unrealized appreciation/depreciation		(300,308	)		(1,143,150	)
Net decrease in net assets resulting from operations		(357,210	)		(2,261,365	)
Total distributions (Note 6)		(99,676	)		(362,905	)
Net Fund share transactions (Note 4)		(505,052	)		(6,815,481	)
Total decrease		(961,938	)		(9,439,751	)
Net assets:
Beginning of period		5,156,473			14,596,224
End of period	$	4,194,535		$	5,156,473

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding:	Six Months Ended 12/31/2022			For the years ended June 30,
				2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.09		$	10.28		$	10.40		$	10.39		$	10.24		$	10.48
Income from investment operations:
Net investment income		0.16			0.29			0.34			0.52			0.51			0.51
Net gains/(losses) on investments		(0.75	)		(2.19	)		(0.06	)		0.01			0.15			(0.24	)
Total from investment operations		(0.59	)		(1.90	)		0.28			0.53			0.66			0.27
Less distributions:
Distributions from net investment income		(0.16	)		(0.29	)		(0.34	)		(0.52	)		(0.51	)		(0.51	)
Distributions from capital gains		0.00			0.00			(0.06	)		0.00			0.00			0.00
Total distributions		(0.16	)		(0.29	)		(0.40	)		(0.52	)		(0.51	)		(0.51	)
Net asset value, end of period	$	7.34		$	8.09		$	10.28		$	10.40		$	10.39		$	10.24
Total return		(7.27	)%(b)		(18.86	)%		2.72%			5.20%			6.64%			2.66%
Net assets, end of period (in thousands)	$	4,195		$	5,156		$	14,596		$	13,722		$	12,239		$	10,957
Ratio of net expenses to average net assets (a)		0.70%(c)			0.70%			0.70%			0.70%			0.70%			0.70%
Ratio of gross expenses to average net assets		1.42%(c)			1.00%			0.96%			1.02%			1.00%			0.92%
Ratio of net investment income to average net assets		4.29%(c)			2.89%			3.30%			4.62%			4.99%			4.95%
Portfolio turnover		0.00%(b)			8.39%			33.27%			16.28%			3.58%			4.31%

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

(b) Not annualized

(c) Annualized

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

46

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

1. Organization and Significant Accounting Policies

Dupree Mutual Funds is registered under the Investment Company Act of 1940, as amended, (“1940 Act”) as a no-load, open-end investment company. The Declaration of Trust of Dupree Mutual Funds (the “Trust”) permits the Trustees to create an unlimited number of series of investment portfolios (each a “Fund” and collectively, the “Funds”) and with respect to each series to issue an unlimited number of full or fractional shares of a single class. The Trust currently offers ten series:

Alabama Tax-Free Income Series

Kentucky Tax-Free Income Series

Kentucky Tax-Free Short-to-Medium Series

Mississippi Tax-Free Income Series

North Carolina Tax-Free Income Series

North Carolina Tax-Free Short-to-Medium Series

Tennessee Tax-Free Income Series

Tennessee Tax-Free Short-to-Medium Series

Intermediate Government Bond Series

Taxable Municipal Bond Series

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

The Intermediate Government Bond Series’ investment strategy is to invest only in obligations of the U.S. Treasury and agencies of the U.S. Government. The Intermediate Government Bond Series will buy bonds and notes that will maintain an average maturity of no more than ten years, and its weighted average nominal maturity will normally range between 3-10 years.

The Taxable Municipal Bond Series’ investment strategy is to invest in taxable municipal bonds of investment grade quality.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The Trust operates as an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, and accordingly follows the investment company accounting and reporting guidance of Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.”

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

A. Security Valuation

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

47

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

1. Organization and Significant Accounting Policies, continued

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

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

Level 1:	Unadjusted quoted prices in active markets for identical securities.
Level 2:	Prices determined using other significant observable inputs. Observable inputs, either directly or indirectly, are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3:	Price determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, where there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Funds’ own assumptions about the factors market participants would use in pricing a security, and would be based on the best information available.

The aggregate value by input level, as of December 31, 2022, for the Funds’ investments is included at the end of the Funds’ Schedules of Portfolio Investments.

B. Investment Transactions

Security transactions are accounted for on a trade date basis. Realized gains and losses on securities sold are determined on an identified cost basis.

C. Investment Income

Interest income, which includes the amortization of premiums and the accretion of discounts, is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

D. When-Issued and Extended Settlement Securities

The Funds may purchase securities with delivery or payment to occur at a later date. At the time the Funds enter into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the net asset value. The value of the security may vary with market fluctuations. No interest is accrued by the Funds until the security is delivered and payment takes place. At the time the Funds enter this type of transaction, they are required to segregate cash or other liquid assets equal to the value of the securities purchased. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

E. Federal Income Taxes

It is each Fund’s policy to qualify as a regulated investment company by complying with the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies, including the distribution of all or substantially all taxable and tax-exempt income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the six months ended December 31, 2022. Therefore, no federal income tax provision is required. Management has analyzed the Funds’ tax positions for all open tax years and all major jurisdictions, and has concluded that as of December 31, 2022, no provision for income taxes is required in the financial statements. Therefore, no additional tax expense, including any interest and penalties, was recorded in the current year and no adjustments were made to prior periods. To the extent the Funds recognize interest and penalties, they are included in interest expense and other expenses, respectively, in the Statements of Operations. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last three tax year ends and the interim tax period since then).

48

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

1. Organization and Significant Accounting Policies, continued

F. Distributions

Substantially all of the net investment income of the Funds is declared as a dividend to shareholders of record as of the close of business each day. Any net realized long term capital gains are distributed annually to shareholders. Distributions are payable in cash or in additional shares at the net asset value on the payable date. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

Distributions are paid at the following frequencies:

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

G. Estimates

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

H. Subsequent Events

Subsequent events occurring after December 31, 2022 have been evaluated by Dupree & Company, Inc. (the “Adviser”) for potential impact to this report through the date the financial statements were issued. The Adviser has determined that there were no material subsequent events that require recognition or disclosure in the Funds’ financial statements.

2. Investment Advisory Fee and Other Transactions with Affiliates

Subject to the direction of the Trustees, the Adviser is responsible for the management of the Funds’ portfolios. Under the terms of the Investment Advisory Agreements between the Adviser and the Trust, on behalf of each Fund (each a “Agreement” and collectively, the “Agreements”) the Funds (except the Intermediate Government Bond Series) have agreed to pay to the Adviser as compensation for all services rendered, facilities furnished and expenses paid or assumed by it under the Agreements, a fee at the annual rate of 0.50 of 1% of the first $100,000,000 average daily net assets of each Fund determined separately; 0.45 of 1% of the average daily net assets between $100,000,001 and $150,000,000 of each Fund determined separately; 0.40 of 1% of the average daily net assets between $150,000,001 and $500,000,000 of each Fund determined separately; 0.35 of 1% of the average daily net assets between $500,000,001 and $750,000,000; and 0.30 of 1% of the average daily net assets between $750,000,001 and $1,000,000,000; and 0.25 of 1% of the average daily net assets in excess of $1,000,000,000. The Intermediate Government Bond Series has agreed to pay to the Adviser, as compensation for all services rendered, facilities furnished and expenses paid or assumed by it under the Agreement, a fee at the annual rate of 0.20 of 1% of average daily net assets.

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

49

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

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

For the six months ended December 31, 2022, fees voluntarily waived by the Adviser and Transfer Agent were as follows:

	Fees waived by Adviser		Fees waived by Transfer Agent
Alabama Tax-Free Income Series	$	29,756	$	-0-
Kentucky Tax-Free Income Series		-0-		-0-
Kentucky Tax-Free Short-to-Medium Series		17,890		-0-
Mississippi Tax-Free Income Series		15,822		-0-
North Carolina Tax-Free Income Series		20,543		-0-
North Carolina Tax-Free Short-to-Medium Series		15,956		-0-
Tennessee Tax-Free Income Series		20,702		-0-
Tennessee Tax-Free Short-to-Medium Series		11,123		3,022
Intermediate Government Bond Series		5,147		-0-
Taxable Municipal Bond Series		13,015		3,475

In addition, each Fund has entered into a Transfer Agent and Dividend Disbursing Agent Services Agreement with the Transfer Agent. The agreement provides for a fee computed on the average daily net asset value at the annual rate of 0.15 of 1% on the first $20,000,000 of average net assets and 0.12 of 1% of all amounts in excess of $20,000,000 of average net assets for each Fund.

For the six months ended December 31, 2022, each member of the Board of Trustees that is not an “interested person” as defined in the 1940 Act (each, and “Independent Trustee”) received a fee of $40,000 per year. In addition, all Independent Trustees are reimbursed by the Funds for all reasonable out-of-pocket expenses incurred by them in performing their duties. The fees are allocated on an average monthly net asset basis for each Fund. The Trustees fees for each Fund are disclosed on the Funds’ Statements of Operations.

3. Purchases and Sales of Securities

During the six months ended December 31, 2022, the cost of purchases and the proceeds from sales/calls and maturities of securities (excluding short-term securities and U.S. government obligations, except for the Intermediate Government Bond Series which are all U.S. government obligations) for each Fund were as follows:

	Purchases		Sales/Calls/Maturities
Alabama Tax-Free Income Series	$	356,891	$	4,004,667
Kentucky Tax-Free Income Series		62,663,939		94,004,171
Kentucky Tax-Free Short-to-Medium Series		2,611,760		3,507,250
Mississippi Tax-Free Income Series		460,092		2,406,595
North Carolina Tax-Free Income Series		1,798,380		12,617,077
North Carolina Tax-Free Short-to-Medium Series		1,375,353		2,346,242
Tennessee Tax-Free Income Series		1,478,093		10,855,501
Tennessee Tax-Free Short-to-Medium Series		297,377		352,722
Intermediate Government Bond Series		3,150,000		6,043,313
Taxable Municipal Bond Series		-0-		374,260

50

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

4. Capital Shares

As of December 31, 2022 and June 30, 2022, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

ALABAMA TAX-FREE INCOME SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		67,297		$	772,029			196,960		$	2,464,942
Shares reinvested		12,393			139,024			21,203			259,715
Shares redeemed		(352,104	)		(3,996,391	)		(186,054	)		(2,301,180	)
Net increase/(decrease)		(272,414	)	$	(3,085,338	)		32,109		$	423,477
KENTUCKY TAX-FREE INCOME SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		14,148,875		$	101,402,644			14,222,679		$	110,952,605
Shares reinvested		815,081			5,722,714			1,593,379			12,192,407
Shares redeemed		(19,987,322	)		(143,897,230	)		(22,091,850	)		(167,150,966	)
Net decrease		(5,023,366	)	$	(36,771,872	)		(6,275,792	)	$	(44,005,954	)
KENTUCKY TAX-FREE SHORT-TO-MEDIUM SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		708,809		$	3,629,610			1,771,390		$	9,291,397
Shares reinvested		35,779			181,884			69,899			369,565
Shares redeemed		(1,010,819	)		(5,142,252	)		(1,787,360	)		(9,379,789	)
Net increase/(decrease)		(266,231	)	$	(1,330,758	)		53,929		$	281,173
MISSISSIPPI TAX-FREE INCOME SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		32,147		$	360,885			93,511		$	1,129,927
Shares reinvested		3,988			43,500			7,991			94,928
Shares redeemed		(223,513	)		(2,419,722	)		(127,853	)		(1,508,166	)
Net decrease		(187,378	)	$	(2,015,337	)		(26,351	)	$	(283,311	)
NORTH CAROLINA TAX-FREE INCOME SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		1,291,369		$	13,732,678			2,775,766		$	31,815,282
Shares reinvested		100,692			1,049,486			185,936			2,127,491
Shares redeemed		(2,472,627	)		(26,090,750	)		(3,977,163	)		(45,114,444	)
Net decrease		(1,080,566	)	$	(11,308,586	)		(1,015,461	)	$	(11,171,671	)

51

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

4. Capital Shares, continued

NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		94,618		$	970,224			211,127		$	2,249,766
Shares reinvested		7,774			80,548			13,766			149,521
Shares redeemed		(274,352	)		(2,836,020	)		(120,761	)		(1,288,973	)
Net increase/(decrease)		(171,960	)	$	(1,785,248	)		104,132		$	1,110,314
TENNESSEE TAX-FREE INCOME SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		226,874		$	2,382,649			375,074		$	4,292,365
Shares reinvested		51,136			530,642			100,146			1,122,805
Shares redeemed		(1,150,617	)		(12,011,255	)		(916,682	)		(10,368,072	)
Net decrease		(872,607	)	$	(9,097,964	)		(441,462	)	$	(4,952,902	)
TENNESSEE TAX-FREE SHORT-TO-MEDIUM SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		35,445		$	364,356			13,467		$	142,595
Shares reinvested		2,757			28,253			6,388			68,137
Shares redeemed		(36,117	)		(367,054	)		(127,241	)		(1,344,702	)
Net increase/(decrease)		2,085		$	25,555			(107,386	)	$	(1,133,970	)
INTERMEDIATE GOVERNMENT BOND SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		32,029		$	298,156			53,838		$	531,475
Shares reinvested		11,692			109,720			21,665			213,220
Shares redeemed		(93,484	)		(877,290	)		(144,096	)		(1,419,918	)
Net decrease		(49,763	)	$	(469,414	)		(68,593	)	$	(675,223	)
TAXABLE MUNICIPAL BOND SERIES	Six months Ended December 31, 2022						Year Ended June 30, 2022
	SHARES			AMOUNT			SHARES			AMOUNT
Shares sold		2,765		$	20,859			190,676		$	1,881,495
Shares reinvested		9,270			69,811			27,855			271,383
Shares redeemed		(78,315	)		(595,722	)		(1,000,416	)		(8,968,359	)
Net decrease		(66,280	)	$	(505,052	)		(781,885	)	$	(6,815,481	)

5. Principal Risks

State-Specific Concentration of Credit Risk

The Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series, Kentucky Tax-Free Short-to-Medium Series, Mississippi Tax-Free Income Series, North Carolina Tax-Free Income Series, North Carolina Tax-Free Short-to-Medium Series,

52

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

5. Principal Risks, continued

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

Municipal Securities Risk

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

Market Risk

The market values of municipal securities held by a Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. Accordingly, the net asset value (“NAV”) of the Funds’ shares will fluctuate. 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 settlement, where payment and delivery take place at a future date. Since the market price of a when-issued or delayed settlement security may fluctuate during the time before payment and delivery, a Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price.

Taxability Risk

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

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

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

Risks Associated with Health Crises

The novel coronavirus (“COVID-19”) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Funds. Factors contributing to the economic stress on

53

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

5. Principal Risks, continued

municipal issuers may include an increase in expenses associated with combatting the COVID-19 pandemic and a decrease in revenues supporting the issuer’s bonds due to factors such as lower sales tax revenue as a result of decreased consumer spending, lower income tax revenue due to higher unemployment, and a decrease in the value of collateral backing revenue bonds due to closures and/or curtailment of services and/or changes in consumer behavior. In light of the uncertainty surrounding the magnitude, duration, reach, costs and effects of the COVID-19 pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, it is difficult to predict the level of financial stress and duration of such stress municipal issuers may experience. Changes in an issuer’s financial strength or changes in the credit rating assigned to an obligation may affect the market values and marketability of many or all municipal obligations of issuers in that state.

Issuer Cybersecurity Risk

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

6. Federal Income Taxes

At December 31, 2022, the Funds’ cost of investments for federal income tax purposes and the net unrealized depreciation of investments were as follows:

	Cost		Appreciation		Depreciation			Net unrealized depreciation
Alabama Tax-Free Income Series	$	22,684,545	$	96,562	$	(1,099,401	)	$	(1,002,839	)
Kentucky Tax-Free Income Series		843,053,254		3,799,680		(39,186,713	)		(35,387,033	)
Kentucky Tax-Free Short-to-Medium Series		41,102,461		44,751		(692,185	)		(647,434	)
Mississippi Tax-Free Income Series		7,864,661		37,153		(175,067	)		(137,914	)
North Carolina Tax-Free Income Series		126,266,243		352,159		(6,751,102	)		(6,398,943	)
North Carolina Tax-Free Short-to-Medium Series		11,308,455		16,099		(103,461	)		(87,362	)
Tennessee Tax-Free Income Series		63,330,692		160,568		(1,779,461	)		(1,618,893	)
Tennessee Tax-Free Short-to-Medium Series		4,307,460		829		(45,704	)		(44,875	)
Intermediate Government Bond Series		10,179,757		2,821		(371,067	)		(368,246	)
Taxable Municipal Bond Series		4,580,842		45,734		(588,662	)		(542,928	)

At June 30, 2022, the Funds’ capital loss carry-forwards available to offset future capital gains, were as follows:

	Short-term		Long-term		Total
Kentucky Tax-Free Short-to-Medium Series	$	84,910	$	—	$	84,910
North Carolina Tax-Free Income Series		1,277,364		453,326		1,730,690
North Carolina Tax-Free Short-to-Medium Series		7,994		—		7,994
Tennessee Tax-Free Income Series		174,082		—		174,082
Tennessee Tax-Free Short-to-Medium Series		2,170		245,408		247,578
Intermediate Government Bond Series		45,103		—		45,103
Taxable Municipal Bond Series		174,265		1,333,904		1,508,169

During the year ended June 30, 2022, the following Funds utilized capital loss carry-forwards as follows:

Kentucky Tax-Free Short-to-Medium Series	$	6,031
Tennessee Tax-Free Short-to-Medium Series		3,481
Intermediate Government Bond Series		6,835

54

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

6. Federal Income Taxes, continued

Capital losses incurred after October 31 (“Post-October” losses) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. The following Funds incurred and will elect to defer net capital losses during the fiscal year 2022 as follows:

	Short-term		Long-term		Total
Kentucky Tax-Free Income Series	$	446,441	$	664,635	$	1,111,076

The distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are caused primarily due to the recognition of certain components of realized capital gains for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds. For the six months ended December 31, 2022, the Funds did not have any reclassification of net assets.

The tax character of distributions paid for the six months ended December 31, 2022 and the year ended June 30, 2022 were as follows:

	Six months ended December 31, 2022						Year ended June 30, 2022
	Tax Exempt Income		Ordinary Income		Long-Term Capital Gain		Tax Exempt Income		Ordinary Income		Long-Term Capital Gain
Alabama Tax-Free Income Series	$	307,762	$	—	$	13,595	$	606,402	$	—	$	1,658
Kentucky Tax-Free Income Series		10,512,764		—		—		22,611,319		3,399		51,268
Kentucky Tax-Free Short-to-Medium Series		365,729		—		—		703,577		—		—
Mississippi Tax-Free Income Series		111,209		—		1,327		226,994		—		20,443
North Carolina Tax-Free Income Series		1,520,722		—		—		3,205,533		—		—
North Carolina Tax-Free Short-to-Medium Series		110,290		—		—		203,455				48
Tennessee Tax-Free Income Series		859,476		—		—		1,890,340				—
Tennessee Tax-Free Short-to-Medium Series		34,484		—		—		83,245				—
Intermediate Government Bond Series		—		135,110		—		—		262,283		—
Taxable Municipal Bond Series		—		99,676		—		—		362,905		—

At June 30, 2022, the Funds’ components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Net Long-term Capital Gain		Net Unrealized Appreciation/ Depreciation on Investments
Alabama Tax-Free Income	$	—	$	88,143	$	13,595	$	(884,251	)
Kentucky Tax-Free Income		—		2,460,977		—		(33,254,893	)
Kentucky Tax-Free Short-to-Medium		—		29,853		—		(474,159	)
Mississippi Tax-Free Income		—		35,792		1,391		(347,585	)
North Carolina Tax-Free Income		—		238,395		—		(6,126,518	)
North Carolina Tax-Free Short-to-Medium		—		4,532		—		(128,799	)
Tennessee Tax-Free Income		—		157,709		—		(1,505,850	)
Tennessee Tax-Free Short-to-Medium		—		1,089		—		(2,894	)
Intermediate Government Bond		3,769		—		—		(153,447	)
Taxable Municipal Bond Series		4,688		—		—		(241,782	)

55

DUPREE MUTUAL FUNDS UNAUDITED

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

6. Federal Income Taxes, continued

	Accumulated Capital and Other Losses			Other Temporary Differences			Total Accumulated Losses
Alabama Tax-Free Income	$	-0-		$	(88,143	)	$	(870,656	)
Kentucky Tax-Free Income		(1,111,076	)		(2,460,977	)		(34,365,969	)
Kentucky Tax-Free Short-to-Medium		(84,910	)		(29,853	)		(559,069	)
Mississippi Tax-Free Income		-0-			(35,792	)		(346,194	)
North Carolina Tax-Free Income		(1,730,690	)		(238,395	)		(7,857,208	)
North Carolina Tax-Free Short-to-Medium		(7,994	)		(4,532	)		(136,793	)
Tennessee Tax-Free Income		(174,083	)		(180,906	)		(1,703,129	)
Tennessee Tax-Free Short-to-Medium		(247,578	)		(1,089	)		(250,472	)
Intermediate Government Bond		(45,103	)		(3,769	)		(198,550	)
Taxable Municipal Bond Series		(1,508,168	)		(4,688	)		(1,749,950	)

7. Line of Credit Agreement and Custodian Agreement

Under the terms of an agreement with the Funds’ custodian, U.S. Bank, N.A., principal amounts up to 5% of a Fund’s net assets are available on a committed line of credit. Each Fund is permitted to borrow money as a temporary measure in order to pay redeeming shareholders. The principal amounts borrowed are due on demand. The agreement expires on August 21, 2023, but may be renewed annually. Interest is payable based on the published prime rate of the bank. Securities with a minimum value of three times the loan proceeds will be assigned as collateral until the balance of the note and unpaid interest is paid in full and terminated. Each Fund has segregated securities in order to cover potential loans.

At December 31, 2022, the Funds had an aggregate unused line of credit amount of $25,000,000. During the six months ended December 31, 2022, the average interest rate on borrowings was 6.50% and the largest borrowing amount, the date of the largest borrowing, and the daily weighted average borrowings for each Fund were as follows:

	Largest Borrowing		Date of Largest Borrowing		Weighted Average Borrowing
Alabama Tax-Free Income Series	$	170,000		11/28/2022	$	6,696
Kentucky Tax Free Income Series		-0-		N/A		-0-
Kentucky Tax-Free Short-to-Medium Series		224,000		11/22/2022		1,217
Mississippi Tax-Free Income Series		140,000		11/07/2022		1,364
North Carolina Tax-Free Income Series		1,366,000		12/29/2022		47,261
North Carolina Tax-Free Short-to-Medium Series		312,000		11/03/2022		2,576
Tennessee Tax-Free Income Series		762,000		09/14/2022		13,620
Tennessee Short-to-Medium Tax-Free Series		-0-		N/A		-0-
Intermediate Government Bond Series		50,000		12/21/2022		538
Taxable Municipal Bond Series		8,000		11/21/2022		71

The Funds have a contractual agreement with the custodian whereby the Funds compensate the custodian for custodial services incurred exceeding the credits realized as a result of uninvested cash balances. Credits realized as a result of uninvested cash balances are used to reduce each Fund’s custody fees. During the six months, these credits reduced each Fund’s expenses by the amount shown on each Statement of Operations as “Custodian expense reduction.”

56

DUPREE MUTUAL FUNDS UNAUDITED

OTHER UNAUDITED INFORMATION

December 31, 2022

Trustee and officer information

The following table sets forth information as to the Trustees and officers:

Name, Address and Birth Year	Position(s) held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee or Nominee	Other Directorships Held by Trustee or Nominee During Past Five Years
Independent Trustees:
James C. Baughman, Jr. 125 South Mill Street Lexington, KY 40507 (1962)	Trustee, Chair of Nominating and Governance Committee	Indefinite Term/ Since October 2007	President, CJN Advisors, LLC (2013 – present; business consulting); President, H&S1 KY Lexington, LLC (2017 – present; health and wellness); President, Blue Horse Entries, LLC (2014 –2021; online business support services for equestrian events)	10	Advisory Board, Community Trust Bank
Ann Rosenstein Giles 125 South Mill Street Lexington, KY 40507 (1952)	Trustee, Chair of Valuation Committee	Indefinite Term/ Since October 2011	AJ Marketing Partners (2012 – present; strategic marketing consultant)	10	N/A
Marc A. Mathews, 125 South Mill Street Lexington, KY 40507 (1958)	Chairman, Trustee, Chair of Audit Committee	Indefinite Term/ Since October 2011	Realtor, Bluegrass Sotheby’s International Realty (2021 – present); Consultant, National Association of College and University Business Officers (organization for higher education business professionals 2021 – present); Vice President for Finance and Business, Transylvania University (2009 – 2021)	10	Director, Bank of the Bluegrass
Knox van Nagell Pfister 125 South Mill Street Lexington, KY 40507 (1978)	Trustee	Indefinite Term/Since August 2019	Managing Member of Knox Consulting LLC (September 2020 – present; (project management, advocacy, and organization-optimization services); Owner, Co-Founder of Terra Firma Construction, LLC (August 2021 – present); General Counsel, Mt. Brilliant Farm and Boone Creek LLC (2017 – 2020); Sr. Director of Philanthropy UK Health Care (2016 – 2017)	10	N/A
Interested Trustees and Officers of the Trust:
Allen E. Grimes, III 125 South Mill Street Lexington, KY 40507 (1962)	President, Interested Trustee	Annual Term/President, May 2018 – present; Executive Vice President, October 2005 – May 2018; Trustee since 2019	President, Dupree & Company, Inc. (2004 – present)	10	N/A
Michelle M. Dragoo 125 South Mill Street Lexington, KY 40507 (1961)	Vice President, Treasurer	Annual Term/Vice President & Treasurer, (October 2022 – present); Vice President, Secretary & Treasurer, October 1999 – October 2022	Vice President, Secretary, Treasurer of Dupree & Company, Inc. (1999 – present)	N/A	N/A

57

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OTHER UNAUDITED INFORMATION

December 31, 2022

Trustee and officer information, continued

Name, Address and Birth Year	Position(s) held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee or Nominee	Other Directorships Held by Trustee or Nominee During Past Five Years
Huston B. Combs 125 South Mill Street Lexington, KY 40507 (1976)	Vice President, Secretary	Annual Term/Vice President & Secretary (October 2022 – present);Vice President (May 2018 – October 2022)	Attorney/Registered Representative Dupree & Company, Inc. (2017 – present)	N/A	N/A
Vincent Harrison 125 South Mill Street Lexington, KY 40507 (1971)	Assistant Secretary & Assistant Treasurer	Annual Term/October 2015 – present	Vice President of Dupree & Company, Inc. (2016 – present)	N/A	N/A
Martin Dean Ultimus Fund Solutions, LLC 225 Pictoria Drive Suite 450 Cincinnati, OH 45246 (1963)	Chief Compliance Officer	Annual Term/ August 2017 – present	Senior Vice President, Head of Fund Compliance, Ultimus Fund Solutions, LLC (January 2016 – present)	N/A	N/A

(1) Allen E. Grimes, III is considered to be an “interested person” as defined in section 2(a)(19) of the Investment Company Act of 1940 by virtue of his affiliation with the Adviser.

As of December 31, 2022, none of the Independent Trustees or members of their immediate family held any beneficial interest in the Trust’s Investment Adviser. Further, the Trust does not have an underwriter.

The Statement of Additional Information (“SAI”) includes additional information about Trustees and officers and is available upon request without charge. Please call (800) 866-0614 to request the SAI.

Proxy Voting Information

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent year ended June 30, 2022, is available without charge upon request by calling (800) 866-0614, or on the Securities and Exchange Commission’s website at http://www.sec.gov. For the six months ended December 31, 2022, the Funds exercised no proxy votes due to the fact that the debt instruments in which the Funds invest carry no voting rights.

Quarterly Portfolio Disclosure

The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Form N-PORT. The information will be publicly available 60 days after the end of the period.

The complete listing of each Fund’s portfolio holdings is available on the Commission’s website at http://www.sec.gov and will be made available to shareholders upon request by calling (800) 866-0614.

Renewal of Advisory Agreements:

At a meeting held on October 27, 2022, the Board, including a majority of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreements (the “Advisory Agreements”) between the Adviser and the Trust with respect to each of the Funds. In considering the renewal of the Advisory Agreements, the Board received materials specifically relating to each Fund and its respective Advisory Agreement.

The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements and the weight to be given to each such factor. The Board’s conclusions were based on an evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreements.

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Renewal of Advisory Agreements, continued

Nature, Quality and Extent of Services. The Board reviewed the Adviser’s experience and the capabilities of its personnel. The Board discussed the Adviser’s compliance program and its business continuity and disaster recovery plans. The Board noted that the Trust has delegated certain compliance program responsibilities to Dupree including liquidity analysis and reporting, valuation of the Funds’ portfolio securities, and administration of the Trust’s anti-money laundering program. After considering the personnel involved in servicing each of the Funds, as well as the materials and services described above, the Board expressed satisfaction with the quality of the services received from the Adviser.

Performance. The Board reviewed performance for each of the Funds over the 1-Year, 5-Year and 10-Year periods, relative to applicable benchmarks, peer groups and Morningstar categories, noting that the Funds generally outperformed the applicable benchmarks, peer groups and Morningstar categories for the most recent 1-Year period. The Board also noted that the Funds also generally outperformed their peer groups and Morningstar categories for the 5-Year and 10-Year periods, but generally underperformed the applicable benchmarks for the 5-Year and 10-Year periods. The Board noted the Adviser’s explanation that the underperformance relative to the benchmark was due to the fact that the indices do not reflect fund fees or expenses. The Board observed that the Intermediate Government Bond Series outperformed its benchmark for all periods. The Board noted the Adviser’s explanation that the Taxable Municipal Bond Series underperformed due to market factors and a longer duration relative to its benchmark, peer group and Morningstar category. The Board concluded that Fund performance was satisfactory. The Board considered the Adviser’s methodology to select the peer groups, noting no material changes in the Adviser’s selection process or peer group composition relative to the previous year, with the exception of the peer group for the Tennessee Tax-Free Income Series, which comprise of similar single-state funds outside of Tennessee.

Fees and Expenses. The Board reviewed the range of advisory fees paid by the Funds to the Adviser and the total operating expenses of each Fund. The Board turned its attention to materials previously provided by the Adviser that compared the investment advisory fees assessed to the Funds with each Fund’s peer group and the appropriate Morningstar category averages. The Board noted that the advisory fees for the Alabama Tax-Free Income Series, Kentucky Tax-Free Income Series and the Intermediate Government Bond Series were below the peer group and Morningstar category averages. The Board also noted that the advisory fee for the other Funds were higher than the peer groups and Morningstar category averages but were within the range of fees charged by funds in the peer groups and Morningstar categories. The Board noted the Adviser’s explanation that the slightly higher fees were due to the smaller size of the Funds as compared to the size of the funds comprising the peer group and Morningstar categories. The Board turned its attention to total operating expenses and observed that the average expense ratios for all Funds, after voluntary fee waivers and reimbursements, were equal to or lower than the average expense ratios of the peer groups and Morningstar categories, with the exception of the Tennessee Tax-Free Income Series whose average expense ratio is higher than the peer group average and the Taxable Municipal Bond Series whose average expense ratio is higher than the Morningstar category average. The Board observed that the voluntary fee waivers and expenses reimbursements would remain in place for an additional one-year period. The Board reviewed the advisory fee breakpoints currently in place for all Funds. After considering the comparative data as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

Economies of Scale and Profitability. In reviewing the costs of the services to be provided and the profits to be realized by the Adviser, the Board reviewed the Adviser’s unaudited balance sheet for the six-months ending June 30, 2022, and a Statement of Income and Expenses for the six-months ending June 30, 2022. The Board reviewed the net profit margins realized on each Fund. The Board noted the Adviser’s explanation regarding the allocation of revenues and expenses, specifically noting that 100% of marketing expenses are allocated to the Adviser. The Board considered the methodology used by the Adviser in determining profitability.

The Board discussed the transfer agency fees earned by the Adviser for services provided to the Funds pursuant to the Transfer Agent and Dividend Disbursing Agent Services Agreement. The Board noted the Adviser’s explanation that the transfer agency fees earned by the Adviser reflected its service to the Funds’ direct shareholders and the coordination of trading and settlement issues for all shareholders. The Board also observed that unlike other service providers, Adviser does not charge separately for fund accounting and fund administration services. Rather, such services are included in the transfer agency fee. The Board discussed the level and quality of services provided to shareholders by the Adviser. The Board also discussed the net profit margins realized by the Adviser on each Fund under the Transfer Agent and Dividend Disbursing Agent Services Agreement. After further discussion, the Board concluded the level of profit realized by the Adviser in connection with its advisory services provided to the Funds was not excessive.

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Renewal of Advisory Agreements, continued

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of independent counsel, the Board determined that the Investment Advisory Agreement was fair and reasonable, that the Adviser’s fees were reasonable in light of the services provided to the Funds and the benefits received by the Adviser, and that renewal of the Investment Advisory Agreement would be in the best interests of the Funds.

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Schedule of Shareholder Expenses

As a shareholder of the Funds, you incur ongoing costs including investment advisory fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Six Months Ended December 31, 2022” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses which is not the Funds’ actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

	Net Expense Ratio Annualized December 31, 2022			Beginning Account Value July 1, 2022*		Ending Account Value December 31, 2022**		Expenses Paid During the Six Months Ended December 31, 2022
Alabama Tax-Free Income Series
Actual		.70	%	$	1,000.00	$	997.98	$	3.56
Hypothetical		.70			1,000.00		1,025.21		3.61
Kentucky Tax-Free Income Series
Actual		.59			1,000.00		1,002.27		2.99
Hypothetical		.59			1,000.00		1,025.21		3.02
Kentucky Tax-Free Short-to-Medium Series
Actual		.70			1,000.00		1,001.36		3.56
Hypothetical		.70			1,000.00		1,025.21		3.60
Mississippi Tax-Free Income Series
Actual		.70			1,000.00		998.74		3.53
Hypothetical		.70			1,000.00		1,025.21		3.57
North Carolina Tax-Free Income Series
Actual		.70			1,000.00		1,000.30		3.57
Hypothetical		.70			1,000.00		1,025.21		3.61
North Carolina Tax-Free Short-to-Medium Series
Actual		.70			1,000.00		1,000.10		3.56
Hypothetical		.70			1,000.00		1,025.21		3.61
Tennessee Tax-Free Income Series
Actual		.70			1,000.00		1,000.33		3.56
Hypothetical		.70			1,000.00		1,025.21		3.61
Tennessee Tax-Free Short-to-Medium Series
Actual		.70			1,000.00		999.55		3.56
Hypothetical		.70			1,000.00		1,025.21		3.61

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Schedule of Shareholder Expenses, continued

	Net Expense Ratio Annualized December 31, 2022			Beginning Account Value July 1, 2022*		Ending Account Value December 31, 2022**		Expenses Paid During the Six Months Ended December 31, 2022
Intermediate Government Bond Series
Actual		.70	%	$	1,000.00	$	995.87	$	3.56
Hypothetical		.70			1,000.00		1,025.21		3.61
Taxable Municipal Bond Series
Actual		.70			1,000.00		963.35		3.48
Hypothetical		.70			1,000.00		1,025.21		3.59

* The example is based on an investment of $1,000 invested at the beginning of the period.

** Expenses are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period multiplied by [184/365] (to reflect one-half year period).

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Item 2. Not applicable.

Item 3. Not applicable.

Item 4. Not applicable.

Item 5. Not applicable.

Item 6.

(a) Included as part of Item 1.

(b) Not applicable.

Item 7. Not applicable.

Item 8. Not applicable.

Item 9. Not applicable.

Item 10. There have been no changes to the procedures by which shareholders may recommend nominees to the board of trustees nominating committee.

Item 11. Controls and Procedures:

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Not applicable.

Item 13. Exhibits

(a)

(1) Not applicable.

(2) Certifications

(3) Not applicable.

(4) Not applicable.

(b) Certification

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dupree Mutual Funds
By:	/s/    Michelle M. Dragoo
	Michelle M. Dragoo, Vice President, Treasurer
Date: February 24, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    Allen E. Grimes, III
	Allen E. Grimes, III,
	President
Date: February 24, 2023
By:	/s/    Michelle M. Dragoo
	Michelle M. Dragoo, Vice President, Treasurer
Date: February 24, 2023