DUPREE MUTUAL FUNDS

YIELD INFORMATION*

as of February 29, 2008

NORTH CAROLINA TAX-FREE INCOME SERIES (NTFIX)

30 Day Distribution Yield at $10.30 per share			3.76%
30 Day Compounded Yield			3.83%
30 SEC Yield for the 30 days ended 02/29/08		3.20%

TOTAL RETURNS for the period ending 02/29/08:
Annualized:	One Year	-2.93%
Annualized:	Three Years	1.41%
Annualized:	Five Years	2.58%
Annualized:	Ten Years	3.88%

EXAMPLES of After-Tax Equivalent Yields:

Tax Bracket	Tax-Exempt Yield	Taxable Yield Equivalent
	Distributed / Reinvested	Distributed / Reinvested
15%	3.76% / 3.83%	4.706% / 4.793%
25%	3.76% / 3.83%	5.391% / 5.491%
28%	3.76% / 3.83%	5.661% / 5.766%
33%	3.76% / 3.83%	6.100% / 6.213%
35%	3.76% / 3.83%	6.288% / 6.405%

NORTH CAROLINA TAX-FREE SHORT-TO-MEDIUM SERIES (NTSMX)

30 Day Distribution Yield at $10.37 per share			2.96%
30 Day Compounded Yield			3.00%
SEC Yield for the 30 days ended 02/29/08		1.45%

TOTAL RETURNS for the period ending 02/29/08:
Annualized:	One Year	2.20%
Annualized:	Three Years	2.23%
Annualized:	Five Years	2.23%
Annualized:	Ten Years	3.57%

EXAMPLES of After-Tax Equivalent Yields:

Tax Bracket	Tax-Exempt Yield	Taxable Yield Equivalent
	Distributed / Reinvested	Distributed / Reinvested
15%	2.96% / 3.00%	3.705% / 3.755%
25%	2.96% / 3.00%	4.244% / 4.301%
28%	2.96% / 3.00%	4.456% / 4.517%
33%	2.96% / 3.00%	4.802% / 4.867%
35%	2.96% / 3.00%	4.950% / 5.017%

* Based on calculations as explained in the Statement of Additional Information, which is available upon request.