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0.001 0.0122 0.0158 0.0321 0.0445 0.0531 0.0994 0.1418 0.1898 0.2011 0.0502 0.023800 0.019100 0.023600 0.043100 0.056300 0.077500 0.077900 0.082600 0.091300 0.504800 0.019800 0.7830000 0.197200 0.819600 0.079200 0.053300 0.030500 0.017400 1.000000 0.0973 0.1281 0.2479 0.0966 0.8868 0.0166 0.0590 0.0752 0.0647 0.0751 0.1431 0.1096 N-CSR DUPREE MUTUAL FUNDS 2026-06-30 Alabama Tax-Free Income Series Alabama Tax-Free Income Series DUALX This annual shareholder report contains important information about the Alabama <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</span> Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">www.dupree-funds.com/documents. </span>You can also request this information by contacting us at (800) <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">866-0614</span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span> or info@dupree-funds.com. www.dupree-funds.com/documents (800) 866-0614 info@dupree-funds.com <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The table below explains the costs that you would have paid within the reporting period. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:15%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td style="vertical-align:bottom;width:16%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3.75pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a<br/>$10,000 investment</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Alabama <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">70</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.70%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 70 0.007 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How did the Fund perform last year? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Longer-dated municipal bonds generally outperformed shorter-dated municipal bonds during the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">12-month</div> period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The Fund provided a total return of 8.51% during the Review Period, which was higher than the total return of 7.03% provided by the Bloomberg Municipal Bond Index (the “Muni Index”). The Fund’s outperformance was primarily due to the fact that it had a longer, average nominal maturity of 15.73 years versus 13.39 years for the Muni Index, which gave the Fund greater sensitivity to interest rate changes and allowed it to benefit more from the decline in yields during the Review Period. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">During the Review Period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How has the Fund historically performed? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal <div style="letter-spacing: 0px; top: 0px;display:inline;">ye</div>ars of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g09x56.jpg" style="width:6.33189in;height:2.15565in"/> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Average annual total return values (as of June 30, 2026): </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Alabama <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.51 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.57 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.73 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Bloomberg Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.03 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.05 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.14 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> Alabama Tax-Free Income Series 0.0851 0.0057 0.0173 Bloomberg Municipal Bond Index 0.0703 0.0105 0.0214 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What are the Key Fund statistics you should know? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following table outlines key Fund statistics that you should pay attention to: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Fund’s net assets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18,326,323</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total number of portfolio holdings</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">61</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total advisory fees paid</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">58,564</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Portfolio turnover rate as of the end of year</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.24%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 18326323 61 58564 0.0524 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What is the Fund invested in? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The tables and charts below show the inves<div style="letter-spacing: 0px; top: 0px;display:inline;">tm</div>ent makeup of the Fund, re<div style="letter-spacing: 0px; top: 0px;display:inline;">pre</div>senting the percentage of total investments and/or total net assets of the Fund. </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Composition </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g02a05.jpg" style="width:3.19809in;height:3.63448in"/> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Credit Quality* </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g15x15.jpg" style="width:2.61266in;height:1.99892in"/> </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at <div style="letter-spacing: 0px; top: 0px;display:inline;">www.dupree-funds.com/documents</div>. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. Kentucky Tax-Free Income Series Kentucky Tax-Free Income Series KYTFX This annual shareholder report contains important information about the Kentucky <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</span> Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">www.dupree-funds.com/documents.</span> You can also request this information by contacting us at (800) <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">866-0614</span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span> or info@dupree-funds.com. www.dupree-funds.com/documents (800) 866-0614 info@dupree-funds.com <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The table below explains the costs that you would have paid within the reporting period. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:15%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td style="vertical-align:bottom;width:16%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3.75pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a<br/>$10,000 investment</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Kentucky <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">60</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.60%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 60 0.006 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How did the Fund perform last year? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Longer-dated municipal bonds generally outperformed shorter-dated bonds during the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">12-month</div> period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The Fund provided a total return of 7.65% during the Review Period which was higher than the Bloomberg Municipal Bond Index (“Muni Index”) which provided a total return of 7.03%. The Fund’s outperformance was primarily due to the fact that it had an average nominal maturity of 13.94 years versus 13.39 years for the Muni Index, which gave the Fund greater price sensitivity to the decline in interest rates during the Review Period and, in turn, greater price appreciation than the Muni Index. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">During the Review Period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How has the Fund historically performed? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following graph compares the initial and subsequent account v<div style="letter-spacing: 0px; top: 0px;display:inline;">alue</div>s at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g10x56.jpg" style="width:6.33189in;height:2.15565in"/> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Average annual total return values (as of June 30, 2026): </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Kentucky <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.65 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.81 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.80 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Bloomberg Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.03 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.05 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.14 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> Kentucky Tax-Free Income Series 0.0765 0.0081 0.018 Bloomberg Municipal Bond Index 0.0703 0.0105 0.0214 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What are the Key Fund statistics you should know? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following table outlines key Fund statistics that you should pay attention to: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Fund’s net assets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">701,781,961</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total number of portfolio holdings</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">400</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total advisory fees paid</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2,823,278</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Portfolio turnover rate as of the end of year</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.49%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 701781961 400 2823278 0.0849 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What is the Fund invested in? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The tables and charts below show the investment makeup of the Fund, representing the percentage of total investments and/or total net assets of the Fund. </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Composition </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g02a10.jpg" style="width:3.1981in;height:3.63448in"/> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Credit Quality* </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g10x10.jpg" style="width:2.20571in;height:1.98708in"/> </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="letter-spacing: 0px; top: 0px;display:inline;">All ratings are assigned by Moody’s ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments.</div> <div style="letter-spacing: 0px; top: 0px;display:inline;">See Schedules of Portfolio Investments for individual bond ratings.</div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> Visit our website at www.dupree-funds.com/documents. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;">All ratings are assigned by Moody’s ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments.</div> <div style="letter-spacing: 0px; top: 0px;display:inline;">See Schedules of Portfolio Investments for individual bond ratings.</div> All ratings are assigned by Moody’s ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. Mississippi Tax-Free Income Series Mississippi Tax-Free Income Series DUMSX This annual shareholder report contains important information about the Mississippi <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</span> Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">www.dupree-funds.com/documents.</span> You can also request this information by contacting us at (800) <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">866-0614</span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span> or info@dupree-funds.com. www.dupree-funds.com/documents (800) 866-0614 info@dupree-funds.com <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The table below explains the costs that you would have paid within the reporting period. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:15%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td style="vertical-align:bottom;width:16%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3.75pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a<br/>$10,000 investment</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Mississippi <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">70</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.70%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 70 0.007 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How did the Fund perform last year? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Longer-dated municipal bonds generally outperformed shorter-dated bonds during the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">12-month</div> period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The Fund provided a total return of 6.93% during the Review Period which was lower than the 7.03% total return provided by the Bloomberg Municipal Bond Index (the “Muni Index”). The Fund’s slight underperformance relative to the Muni Index was due primarily to the Fund’s shorter duration, as the Fund’s duration of 4.56 years, versus 6.48 years for the Muni Index., reduced the Fund’s sensitivity to interest rate movements and resulted in comparatively lower returns during the Review Period. Additionally, unlike the Fund, the Muni Index does not reflect any expenses and/or transaction costs. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">During the Review Period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How has the Fund historically performed? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g14t14.jpg" style="width:6.33189in;height:2.15565in"/> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Average annual total return values (as of June 30, 2026): </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Mississippi <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.93 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.55 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.51 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Bloomberg Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.03 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.05 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.14 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> Mississippi Tax-Free Income Series 0.0693 0.0055 0.0151 Bloomberg Municipal Bond Index 0.0703 0.0105 0.0214 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What are the Key Fund statistics you should know? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following table outlines key Fund statistics that you should pay attention to: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Fund’s net assets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4,180,107</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total number of portfolio holdings</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">27</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total advisory fees paid</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Portfolio turnover rate as of the end of year</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.97%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 4180107 27 0 0.0297 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What is the Fund invested in? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The tables and charts below show the investment makeup of the Fund, representing the percentage of total investments and/or total net assets of the Fund. </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Composition </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g02a15.jpg" style="width:3.19809in;height:3.64006in"/> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Credit Quality* </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g15a15.jpg" style="width:1.66801in;height:1.96081in"/> </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. See Schedules of Portfolio Investments for individual bond ratings. North Carolina Tax-Free Income Series North Carolina Tax-Free Income Series NTFIX This annual shareholder report contains important information about the North Carolina <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</span> Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">866-0614</span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span> or info@dupree-funds.com. www.dupree-funds.com/documents (800) 866-0614 info@dupree-funds.com <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The table below explains the costs that you would have paid within the reporting period. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:15%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td style="vertical-align:bottom;width:16%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3.75pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a<br/>$10,000 investment</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">North Carolina <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">70</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.70%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 70 0.007 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How did the Fund perform last year? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Longer-dated municipal bonds generally outperformed shorter-dated bonds during the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">12-month</div> period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The Fund provided a total return of 7.13% during the Review Period, which was higher than the total return of 7.03% provided by the Bloomberg Municipal Bond Index (the “Muni Index”). The outperformance of the Fund was due primarily to the fact that it had a longer nominal maturity of 14.05 years versus 13.39 years for the Muni Index, which gave the Fund greater sensitivity to interest rate changes and allowed it to benefit more from the decline in yields during the Review Period. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">During the Review Period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How has the Fund historically performed? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g18t18.jpg" style="width:6.33189in;height:2.15565in"/> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Average annual total return values (as of June 30, 2026): </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">North Carolina <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.13 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.46 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.50 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Bloomberg Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.03 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.05 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.14 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> North Carolina Tax-Free Income Series 0.0713 0.0046 0.015 Bloomberg Municipal Bond Index 0.0703 0.0105 0.0214 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What are the Key Fund statistics you should know? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following table outlines key Fund statistics that you should pay attention to: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Fund’s net assets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">107,986,393</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total number of portfolio holdings</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">170</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total advisory fees paid</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">482,283</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Portfolio turnover rate as of the end of year</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.89%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 107986393 170 482283 0.0689 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What is the Fund invested in? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The tables and charts below show the investment makeup of the Fund, representing the percentage of total investments and/or total net assets of the Fund. </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Composition </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g02a19.jpg" style="width:3.19809in;height:3.63448in"/> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Credit Quality* </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g19a19.jpg" style="width:2.69208in;height:1.95531in"/> </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents. </div> All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. See Schedules of Portfolio Investments for individual bond ratings. Tennessee Tax-Free Income Series Tennessee Tax-Free Income Series TNTIX This annual shareholder report contains important information about the Tennessee <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</span> Income Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">866-0614</span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span> or info@dupree-funds.com. www.dupree-funds.com/documents (800) 866-0614 info@dupree-funds.com <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The table below explains the costs that you would have paid within the reporting period. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:15%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td style="vertical-align:bottom;width:16%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3.75pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a<br/>$10,000 investment</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Tennessee <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">70</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.70%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 70 0.007 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How did the Fund perform last year? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Longer-dated municipal bonds generally outperformed shorter-dated bonds during the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">12-month</div> period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The Fund provided a total return of 8.35% during the Review Period which was higher than the Bloomberg Municipal Bond Index (the “Muni Index”) which provided a total return of 7.03%. The outperformance of the Fund was primarily due to the fact that the Fund had an average nominal maturity of 15.05 years versus 13.39 years for the Muni Index, which lengthened the Fund’s duration and made it more sensitive to the decline in interest rates during the Review Period, resulting in greater price appreciation relative to the Muni Index. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">During the Review Period, the Fund’s use of its current investment strategy did not cause the Fund’s performance to deviate materially from the manager’s expectations. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How has the Fund historically performed? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g23r01.jpg" style="width:6.33189in;height:2.15565in"/> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Average annual total return values (as of June 30, 2026): </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Tennessee <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Tax-Free</div> Income Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.35 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.89 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.59 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Bloomberg Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.03 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.05 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.14 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> Tennessee Tax-Free Income Series 0.0835 0.0089 0.0159 Bloomberg Municipal Bond Index 0.0703 0.0105 0.0214 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What are the Key Fund statistics you should know? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following table outlines key Fund statistics that you should pay attention to: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Fund’s net assets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">50,163,888</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total number of portfolio holdings</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">77</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total advisory fees paid</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">209,851</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Portfolio turnover rate as of the end of year</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.48%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 50163888 77 209851 0.1148 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What is the Fund invested in? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The tables and charts below show the investment makeup of the Fund, representing the percentage of total investments and/or total net assets of the Fund. </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Composition </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g02a24.jpg" style="width:3.19915in;height:3.63448in"/> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Credit Quality* </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g24x24.jpg" style="width:2.20688in;height:1.99536in"/> </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents. </div> All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. Intermediate Government Bond Series Intermediate Government Bond Series DPIGX This annual shareholder report contains important information about the Intermediate Government Bond Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.dupree-funds.com/documents. You can also request this information by contacting us at (800) <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">866-0614</span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span> or info@dupree-funds.com. www.dupree-funds.com/documents (800) 866-0614 info@dupree-funds.com <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The table below explains the costs that you would have paid within the reporting period. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:15%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td style="vertical-align:bottom;width:16%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3.75pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a<br/>$10,000 investment</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Intermediate Government Bond Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">70</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.70%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 70 0.007 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How did the Fund perform last year? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Longer-dated government bonds (i.e., U.S. Treasuries and Agencies) generally underperformed shorter-dated government bonds during the twelve-month period ending June 30, 2026 (the “Review Period”). Despite the fact that the Federal Reserve cut the fed funds rate on three separate occasions during the Review Period, short-term treasuries outperformed longer-term U.S. Treasuries because the yield curve remained inverted during the Review Period with yields on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">long-end</div> of the yield curve moving higher (bond prices lower). A resilient economy, sticky inflation, and heightened geopolitical tensions caused investors to demand higher yields on longer-dated bonds. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The Fund provided a total return of 2.35% during the Review Period, which was lower than the total return of 2.67% provided by the Bloomberg Intermediate U.S. Government Bond Index (“Gov. Bond Index”). The Fund’s slight underperformance was mostly due to the fact that the Gov. Bond Index holds a number of Tennessee Valley Authority Agency bonds (“TVA bonds”) in its portfolio which typically yield more than other agencies (the Fund does not hold any TVA bonds). Additionally, unlike the Fund, the Gov. Bond Index does not reflect any expenses and/or transaction costs. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">During the Review Period, the Fund’s use of its current investment strategy did not cause the performance to deviate materially from the manager’s expectations. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How has the Fund historically performed? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g00a24.jpg" style="width:6.33189in;height:2.15565in"/> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Average annual total return values (as of June 30, 2026): </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Intermediate Government Bond Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.35 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.74 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.50 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Bloomberg Intermediate U.S. Government Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.67 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.91 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.42 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> Intermediate Government Bond Series 0.0235 0.0174 0.015 Bloomberg Intermediate U.S. Government Bond Index 0.0267 0.0091 0.0142 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What are the Key Fund statistics you should know? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following table outlines key Fund statistics that you should pay attention to: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Fund’s net assets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7,701,815</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total number of portfolio holdings</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">24</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total advisory fees paid</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Portfolio turnover rate as of the end of year</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">62.17%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 7701815 24 0 0.6217 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What is the Fund invested in? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The tables and charts below show the investment makeup of the Fund, representing the percentage of total investments and/or total net assets of the Fund. </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Composition </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g02a29.jpg" style="width:2.8571in;height:2.08939in"/> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Credit Quality* </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g29a29.jpg" style="width:1.66801in;height:1.96595in"/> </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents. </div> All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. Taxable Municipal Bond Series Taxable Municipal Bond Series DUTMX This annual shareholder report contains important information about the Taxable Municipal Bond Series (the “Fund”) for the period from July 1, 2025, to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">www.dupree-funds.com/documents.</span> You can also request this information by contacting us at (800) <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">866-0614</span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"></span> or info@dupree-funds.com. www.dupree-funds.com/documents (800) 866-0614 info@dupree-funds.com <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The table below explains the costs that you would have paid within the reporting period. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:15%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td style="vertical-align:bottom;width:16%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3.75pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3.75pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9.5pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a<br/>$10,000 investment</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Taxable Municipal Bond Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">86</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.86%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 86 0.0086 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How did the Fund perform last <div style="display:inline;">year</div>? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Longer-dated taxable municipal bonds generally outperformed shorter-dated taxable municipal bonds during the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">12-month</div> period ended June 30, 2026 (the “Review Period”). The Federal Reserve cut the fed funds rate three times during the Review Period, causing yields to decline and bond prices to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The Fund provided a total return of 5.23% during the Review Period which was higher than the Bloomberg Taxable Municipal Bond Index (“Taxable Muni Index”) which provided a total return of 5.13%. The Fund’s outperformance was due primarily to its longer average nominal maturity of 17.89 years, versus 13.99 years for the Taxable Muni Index, which made the Fund more sensitive to the declining yields during the Review Period and resulted in greater price appreciation relative to the Taxable Muni Index. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">During the Review Period, the Fund’s use of its current investment strategy did not cause the performance to deviate materially from the manager’s expectations. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">How has the Fund historically performed? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g11x56.jpg" style="width:6.33189in;height:2.15565in"/> </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">Average annual total return values (as of June 30, 2026): </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:66%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="font-size:1pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt;background-color:#e5e5e5"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td colspan="2" style="padding-bottom:3pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Taxable Municipal Bond Series</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.23 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">(2.38)</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.55 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Bloomberg Taxable Municipal Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.13 </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">(0.11)</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.42 </td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> Taxable Municipal Bond Series 0.0523 -0.0238 0.0055 Bloomberg Taxable Municipal Bond Index 0.0513 -0.0011 0.0242 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What are the Key Fund statistics you should know? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The following table outlines key Fund statistics that you should pay attention to: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Fund’s net assets</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3,054,944</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total number of portfolio holdings</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">19</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Total advisory fees paid</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt"> </td> <td colspan="4" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9.5pt"> <td style="padding-bottom:4pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: Arial; line-height: normal;">Portfolio turnover rate as of the end of year</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.68%</td> <td style="padding-bottom:4pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 3054944 19 0 0.0668 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">What is the Fund invested in? </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">The tables and charts below show the investment makeup of the Fund, representing the percentage of total investments and/or total net assets of the Fund. </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Composition </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g00k33.jpg" style="width:3.19809in;height:3.63448in"/> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:0pt; margin-bottom:0pt; margin-left:24pt; font-size:9.5pt; font-family:Arial;font-weight:bold">Credit Quality* </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g10216g33k33.jpg" style="width:2.21702in;height:1.97492in"/> </div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. Visit our website at www.dupree-funds.com/documents. </div> All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments. See Schedules of Portfolio Investments for individual bond ratings. All ratings are assigned by Moody’s Ratings, a Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. Moody’s Ratings was selected because it is recognized as a leading NRSRO that offers a transparent and reliable rating process for debt instruments.