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2025-12-31 0000311101 dmf:S000011999BloombergMunicipalBondIndexMember 2016-01-01 2025-12-31 0000311101 dmf:S000012001BloombergMunicipalBondIndexMember 2016-01-01 2025-12-31 0000311101 dmf:S000012002BloombergMunicipalBondIndexMember 2016-01-01 2025-12-31 0000311101 dmf:S000012004BloombergMunicipalBondIndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000311101 false 485BPOS 2026-06-30 0.0027 0.0524 0.0043 0.0491 -0.0865 0.0412 0.0369 0.0129 0.0052 0.0716 0 0 0 0 0 0 ALABAMA TAX-FREE INCOME SERIES Average Annual Total Return 0.0095 0.0187 0.0434 -0.0817 0.0516 0.0081 0.0419 0.0670 0.0028 0.0386 0 0 0 0 0 0 KENTUCKY TAX-FREE INCOME SERIES Average Annual Total Returns 0.0582 0.0041 0.0030 -0.0795 0.0407 0.0065 0.0459 0.0132 0.0384 0.0431 0 0 0 0 0 0 MISSISSIPPI TAX-FREE INCOME SERIES Average Annual Total Returns 0.0484 0.0465 0.0377 0.0004 0.0632 0.0022 0.0504 0.0120 -0.0933 0.0073 0 0 0 0 0 0 NORTH CAROLINA TAX-FREE INCOME SERIES Average Annual Total Returns 0.0111 0.0029 0.0052 0.0399 0.0376 0.0454 0.0400 0.0593 -0.0706 0.0016 0 0 0 0 0 0 TENNESSEE TAX-FREE INCOME SERIES Average Annual Total Returns 0.0407 0 0 0 0 0.0637 0.0510 0.0203 0.0663 0.0622 0.0077 -0.2526 0.0723 0.0143 0 0 TAXABLE MUNICIPAL BOND SERIES Average Annual Total Returns 0.0166 0.0391 0.0135 -0.0350 0.0504 0.0177 0.0044 -0.0111 0.0450 0.0417 0 0 0 0 0 0 INTERMEDIATE GOVERNMENT BOND SERIES Average Annual Total Returns N-1A DUPREE MUTUAL FUNDS 2026-11-01 Alabama Tax‑Free Income Series INVESTMENT OBJECTIVES <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a high and stable level of income exempt from federal and Alabama personal income taxes derived from Alabama municipal securities without incurring undue risk to principal.</div> FEES AND EXPENSES <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span></div> Shareholder fees (fees paid directly from your investment) -15.00 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0039 0.0089 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 91 284 493 1096 You would pay the same expenses assuming no redemption. Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual Fund operating expenses or in the example above, affect the Fund’s performance. During the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 5.24% of the average value of its portfolio.</div> 0.0524 PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a steady flow of tax‑exempt income derived from Alabama municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Alabama. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and Alabama income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Alabama income taxes. The weighted average nominal maturity of the Fund’s portfolio will normally be 10 years or more. Maintaining a steady stream of tax‑exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.</div> The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and Alabama income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Alabama income taxes. You may lose money investing in the Fund. Mutual fund shares are<span style="text-decoration: underline;"> not </span>obligations of, or guaranteed by, the U.S. government. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Credit Risk</span>. A principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are investment grade; and possible loss of money. The Fund is relying on the ability of the issuer to make interest payments and repay principal when due. This subjects the Fund to credit risk because a municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near‑to mid‑term; unrated issuers and those with less capital and liquidity to</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">absorb additional expenses may be most at risk. Changes in an issuer’s financial strength or in a security’s credit rating may affect the security’s value and, thus, impact Fund performance. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Insurance Risk</span>. A number of the securities held in the Fund’s portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Fund’s portfolio may affect the value of such securities, the Fund’s share price, and Fund performance. The Fund’s performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security or the Fund’s share price or distributions, and shares of the Fund are not insured.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">State-Specific Concentration Risk</span>. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic, regulatory or political development unique to a single state or region that may adversely affect the performance of the Fund. Since the Fund invests in Alabama municipal securities, economic, regulatory and political events in Alabama are likely to directly affect the Fund’s investments and its performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Municipal Securities Risk</span>. The value of municipal securities in which the Fund invests may be affected by economic, regulatory, political and social developments. Because many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors also may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Also downgrades or defaults during economic downturns or similar periods of economic stress, could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. For example, a pandemic can significantly stress the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities, and the investment performance of a Fund investing in municipal securities may therefore be more dependent on the analytical abilities of the Adviser than if the Fund held other types of investments such as stocks or taxable bonds. The secondary</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">market for municipal securities also tends to be less well developed or liquid than many other securities markets, a by‑product of lower capital commitments to the asset class by the dealer community, which may adversely affect the Fund’s ability to sell municipal securities it holds at attractive prices or value municipal securities. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Issuer Cybersecurity Risk. </span>Municipalities issuing securities in which the Fund invests, counterparties with which Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Interest Rate Risk</span>. Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. . You should expect the Fund’s share price and total return to fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Prepayment or Call Risk</span>. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities that are subject to call risk. A call of some or all of these securities may lower the Fund’s income and yield and its distributions to shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Market and Geopolitical Risk</span>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, climate change and climate-related events, terrorism, governmental actions, and other conditions. As a result, the market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the net asset value (NAV) of the Fund’s shares will fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Yield Risk</span>. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues with shorter maturities and/or higher credit quality pay lower yields than issues with longer maturities and/or lower credit quality.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Rating Agency Risk</span>. Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which increases the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Taxability Risk</span>. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax‑exempt should in fact be taxable. This may result in a significant decline in the value of the security. In addition, the state may eliminate its income tax or there may be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Management Risk</span>. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Fund’s investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Fund’s total return may vary considerably from one year to the next. There is no assurance that the investment objective of the Fund will be achieved.</div> Risk/Return Bar Chart and Table <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The following bar chart and table provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at <span style="text-decoration: underline;">www.dupree-funds.com</span> or by calling (800) 866‑0614 or (859) 254‑7741.</div> The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.dupree-funds.com (800) 866‑0614 or (859) 254‑7741 <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 56%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Highest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.68%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">December 31, 2023</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Lowest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑5.67%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">March 31, 2022</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">2026 Year‑to‑Date Total Return for the nine months ended September 30, 2026:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑5.12%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> </table> Highest Quarter Total Return: 0.0768 2023-12-31 Lowest Quarter Total Return: -0.0567 2022-03-31 Year‑to‑Date Total Return 2026-09-30 -0.0512 Average Annual Total Return For the Periods Ended December 31, 2025 0.0369 0.0019 0.0181 0.0369 0.0018 0.0181 0.0345 0.0072 0.0201 0.0425 0.0080 0.0234 Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. Kentucky Tax‑Free Income Series INVESTMENT OBJECTIVES <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a high and stable level of income exempt from federal and Kentucky personal income taxes derived from Kentucky municipal securities without incurring undue risk to principal.</div> FEES AND EXPENSES <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span></div> Shareholder fees (fees paid directly from your investment) -15.00   Annual fund operating expenses (expenses that you pay each year as a percentage of the valueof your investment)   0.0040 0.0000 0.0020 0.0060 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 61 61 192 192 335 335 750 750 You would pay the same expenses assuming no redemption. Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 8.49% of the average value of its portfolio.</div> 0.0849 PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a steady flow of tax‑exempt income derived from Kentucky municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Kentucky. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and Kentucky income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Kentucky income taxes. Maintaining a steady stream of tax‑exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.</div> The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and Kentucky income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Kentucky income taxes. You may lose money investing in the Fund. Mutual fund shares are <span style="text-decoration: underline;">not </span>obligations of, or guaranteed by, the U.S. government. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Credit Risk</span>. A principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are investment grade; and possible loss of money. The Fund is relying on the ability of the issuer to make interest payments and repay principal when due. This subjects the Fund to credit risk because a municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near‑to mid‑term; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. Changes in an issuer’s financial strength or in a security’s credit rating may affect the security’s value and, thus, impact Fund performance.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Insurance Risk</span>. A number of the securities held in the Fund’s portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Fund’s portfolio may affect the value of such securities, the Fund’s share price, and Fund performance. The Fund’s performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security or the Fund’s share price or distributions, and shares of the Fund are not insured.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">State-Specific Concentration Risk</span>. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic, regulatory or political development unique to a single state or region that may adversely affect the performance of the Fund. Since the Fund invests in Kentucky municipal securities, economic, regulatory and political events in Kentucky are likely to directly affect the Fund’s investments and its performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Municipal Securities Risk</span>. The value of municipal securities in which the Fund invests may be affected by economic, regulatory, political and social developments. Because many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors also may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Also downgrades or defaults during economic downturns or similar periods of economic stress, could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. For example, a pandemic can significantly stress the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities, and the investment performance of a Fund investing in municipal securities may therefore be more dependent on the analytical abilities of the Adviser than if the Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less well developed or liquid than many other securities markets, a by‑product of lower capital commitments to the asset class by</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">the dealer community, which may adversely affect the Fund’s ability to sell municipal securities it holds at attractive prices or value municipal securities. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Issuer Cybersecurity Risk.</span> Municipalities issuing securities in which the Fund invests, counterparties with which Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Interest Rate Risk</span>. Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. You should expect the Fund’s share price and total return to fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Prepayment or Call Risk</span>. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities that are subject to call risk. A call of some or all of these securities may lower the Fund’s income and yield and its distributions to shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Market and Geopolitical Risk</span>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, climate change and climate-related events, terrorism, governmental actions, and other conditions. As a result, the market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the net asset value (NAV) of the Fund’s shares will fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Yield Risk</span>. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues with shorter maturities and/or higher credit quality pay lower yields than issues with longer maturities and/or lower credit quality.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Rating Agency Risk</span>. Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which increases the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Taxability Risk</span>. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax‑exempt should in fact be taxable. This may result in a significant decline in the value of the security. In addition, the state may eliminate its income tax or there may be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Management Risk</span>. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Fund’s investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Fund’s total return may vary considerably from one year to the next. There is no assurance that the investment objective of the Fund will be achieved.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">NAV Risk</span>. The NAV of the Fund is calculated on a daily basis and may fluctuate considerably.</div> Risk/Return Bar Chart and Table <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at <span style="text-decoration: underline;">www.dupree-funds.com</span> or by calling (800) 866‑0614 or (859) 254‑7741.</div> The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.dupree-funds.com (800) 866‑0614 or (859) 254‑7741 <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 54%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 7%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Highest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.61%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">December 31, 2023</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Lowest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑5.48%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">March 31, 2022</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">2026 Year‑to‑Date Total Return for the nine months ended September 30, 2026:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑5.20%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> </table> Highest Quarter Total Return: 0.0761 2023-12-31 Lowest Quarter Total Return: -0.0548 2022-03-31 Year‑to‑Date Total Return 2026-09-30 -0.0520 Average Annual Total Return For the Periods Ended December 31, 2025 0.0386 0.0059 0.0192 0.0386 0.0059 0.0191 0.0356 0.0105 0.0211 0.0425 0.0080 0.0234 Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. Mississippi Tax‑Free Income Series INVESTMENT OBJECTIVES <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a high and stable level of income exempt from federal and Mississippi personal income taxes derived from Mississippi municipal securities without incurring undue risk to principal.</div> FEES AND EXPENSES <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span></div> Shareholder fees (fees paid directly from your investment) -15.00 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0084 0.0134 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 136 136 425 425 734 734 1613 1613 You would pay the same expenses assuming no redemption. Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 2.97% of the average value of its portfolio.</div> 0.0297 PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a steady flow of tax‑exempt income derived from Mississippi municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally 10 years or greater. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of Mississippi. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and Mississippi income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Mississippi income taxes. Maintaining a steady stream of tax‑exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Fund is non‑diversified.</div> The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and Mississippi income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and Mississippi income taxes. You may lose money investing in the Fund. Mutual fund shares are<span style="text-decoration: underline;"> not </span>obligations of, or guaranteed by, the U.S. government. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Credit Risk</span>. A principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are investment grade; and possible loss of money. The Fund is relying on the ability of the issuer to make interest payments and repay principal when due. This subjects the Fund to credit risk because a municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near‑to mid‑term;</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. Changes in an issuer’s financial strength or in a security’s credit rating may affect the security’s value and, thus, impact Fund performance. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Insurance Risk</span>. A number of the securities held in the Fund’s portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Fund’s portfolio may affect the value of such securities, the Fund’s share price, and Fund performance. The Fund’s performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security or the Fund’s share price or distributions, and shares of the Fund are not insured.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">State-Specific Concentration Risk</span>. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic, regulatory or political development unique to a single state or region that may adversely affect the performance of the Fund. Since the Fund invests in Mississippi municipal securities, economic, regulatory and political events in Mississippi are likely to directly affect the Fund’s investments and its performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Municipal Securities Risk</span>. The value of municipal securities in which the Fund invests may be affected by economic, regulatory, political and social developments. Because many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors also may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Also downgrades or defaults during economic downturns or similar periods of economic stress, could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. For example, a pandemic can significantly stress the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities, and the investment performance of a Fund investing in municipal securities may therefore be more dependent on the analytical abilities of the Adviser than if the Fund held other types of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less well developed or liquid than many other securities markets, a by‑product of lower capital commitments to the asset class by the dealer community, which may adversely affect the Fund’s ability to sell municipal securities it holds at attractive prices or value municipal securities. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Issuer Cybersecurity Risk</span>. Municipalities issuing securities in which the Fund invests, counterparties with which Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Interest Rate Risk</span>. Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. You should expect the Fund’s share price and total return to fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Prepayment or Call Risk</span>. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities that are subject to call risk. A call of some or all of these securities may lower the Fund’s income and yield and its distributions to shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Market and Geopolitical Risk</span>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, climate change and climate-related events, terrorism, governmental actions, and other conditions. As a result, the market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">rate fluctuations or as a result of supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the net asset value (NAV) of the Fund’s shares will fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Yield Risk</span>. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues with shorter maturities and/or higher credit quality pay lower yields than issues with longer maturities and/or lower credit quality.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Rating Agency Risk</span>. Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which increases the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Taxability Risk</span>. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax‑exempt should in fact be taxable. This may result in a significant decline in the value of the security. In addition, the state may eliminate its income tax or there may be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Non‑Diversification Risk</span>. Since the Fund is non‑diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in increased volatility in the Fund’s performance and share price.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Management Risk</span>. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Fund’s investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Fund’s total return may vary considerably from one year to the next. There is no assurance that the investment objective of the Fund will be achieved.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">NAV Risk</span>. The NAV of the Fund is calculated on a daily basis and may fluctuate considerably.</div> Risk/Return Bar Chart and Table <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1-year, 5-year, and 10-year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at www.dupree-funds.com or by calling (800) 866-0614 or (859) 254-7741</div> The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1-year, 5-year, and 10-year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.dupree-funds.com (800) 866-0614 or (859) 254-7741 <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 54%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 7%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Highest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.04%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">December 31, 2023</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Lowest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑5.22%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">March 31, 2022</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">2026 Year‑to‑Date Total Return for the nine months ended September 30, 2026:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑4.37%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> </table> Highest Quarter Total Return: 0.0604 2023-12-31 Lowest Quarter Total Return: -0.0522 2022-03-31 Year‑to‑Date Total Return 2026-09-30 -0.0437 Average Annual Total ReturnFor the Periods EndedDecember 31, 2025 0.0384 0.0029 0.0167 0.0384 0.0028 0.0165 0.0360 0.0080 0.0188 0.0425 0.0080 0.0234 Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. North Carolina Tax‑Free Income Series INVESTMENT OBJECTIVES <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a high and stable level of income exempt from federal and North Carolina personal income taxes derived from North Carolina municipal securities without incurring undue risk to principal.</div> FEES AND EXPENSES <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span></div> Shareholder fees (fees paid directly from your investment) -15.00 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0025 0.0075 For the most recent fiscal year ended June 30, 2026, the Total Annual Fund Operating Expenses were 0.70% after voluntary fee waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions. Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 77 77 240 240 417 417 930 930 You would pay the same expenses assuming no redemption. Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 6.89% of the average value of its portfolio.</div> 0.0689 PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a steady flow of tax‑exempt income derived from North Carolina municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal and state taxation in the state of North Carolina. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and North Carolina income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and North Carolina income taxes. Maintaining a steady stream of tax‑exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.</div> The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal and North Carolina income taxes or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal and North Carolina income taxes. You may lose money investing in the Fund.  Mutual fund shares are <span style="text-decoration: underline;">not</span> obligations of, or guaranteed by, the U.S. government. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Credit Risk</span>. A principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are investment grade; and possible loss of money. The Fund is relying on the ability of the issuer to make interest payments and repay principal when due. This subjects the Fund to credit risk because a municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near‑to mid‑term; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. Changes in an</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">issuer’s financial strength or in a security’s credit rating may affect the security’s value and, thus, impact Fund performance. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Insurance Risk</span>. A number of the securities held in the Fund’s portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Fund’s portfolio may affect the value of such securities, the Fund’s share price, and Fund performance. The Fund’s performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security or the Fund’s share price or distributions, and shares of the Fund are not insured.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">State-Specific Concentration Risk</span>. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic, regulatory or political development unique to a single state or region that may adversely affect the performance of the Fund. Since the Fund invests in North Carolina municipal securities, economic, regulatory and political events in North Carolina are likely to directly affect the Fund’s investments and its performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Municipal Securities Risk</span>. The value of municipal securities in which the Fund invests may be affected by economic, regulatory, political and social developments. Because many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors also may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Also downgrades or defaults during economic downturns or similar periods of economic stress, could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. For example, a pandemic can significantly stress the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities, and the investment performance of a Fund investing in municipal securities may therefore be more dependent on the analytical abilities of the Adviser than if the Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less well</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">developed or liquid than many other securities markets, a by‑product of lower capital commitments to the asset class by the dealer community, which may adversely affect the Fund’s ability to sell municipal securities it holds at attractive prices or value municipal securities. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Issuer Cybersecurity Risk</span>. Municipalities issuing securities in which the Fund invests, counterparties with which Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Interest Rate Risk</span>. Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. . You should expect the Fund’s share price and total return to fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Prepayment or Call Risk</span>. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities that are subject to call risk. A call of some or all of these securities may lower the Fund’s income and yield and its distributions to shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Market and Geopolitical Risk</span>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, climate change and climate-related events, terrorism, governmental actions, and other conditions. As a result, the market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. When there are more buyers than sellers, prices tend to rise.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the net asset value (NAV) of the Fund’s shares will fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Yield Risk</span>. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues with shorter maturities and/or higher credit quality pay lower yields than issues with longer maturities and/or lower credit quality.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Rating Agency Risk</span>. Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which increases the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Taxability Risk</span>. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax‑exempt should in fact be taxable. This may result in a significant decline in the value of the security. In addition, the state may eliminate its income tax or there may be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Management Risk</span>. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Fund’s investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Fund’s total return may vary considerably from one year to the next. There is no assurance that the investment objective of the Fund will be achieved.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">NAV Risk</span>. The NAV of the Fund is calculated on a daily basis and may fluctuate considerably.</div> Risk/Return Bar Chart and Table <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods, compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at <span style="text-decoration: underline;">www.dupree-funds.com</span> or by calling (800) 866‑0614 or (859) 254‑7741.</div> The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods, compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.dupree-funds.com (800) 866‑0614 or (859) 254‑7741 <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 56%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Highest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.92%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">December 31, 2023</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Lowest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑6.11%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">March 31, 2022</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">2026 Year‑to‑Date Total Return for the nine months ended September 30, 2026:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑4.49%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> </table> Highest Quarter Total Return: 0.0692 2023-12-31 Lowest Quarter Total Return: -0.0611 2022-03-31 Year‑to‑Date Total Return 2026-09-30 -0.0449 Average Annual Total ReturnFor the Periods EndedDecember 31, 2025 0.0377 0.0011 0.0166 0.0377 0.0011 0.0166 0.0345 0.0063 0.0184 0.0425 0.0080 0.0234 Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. Tennessee Tax‑Free Income Series INVESTMENT OBJECTIVES <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a high and stable level of income exempt from federal taxes and Tennessee state taxes (if applicable) derived from Tennessee municipal securities without incurring undue risk to principal.</div> FEES AND EXPENSES <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span></div> Shareholder fees (fees paid directly from your investment) -15.00 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0028 0.0078 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 80 80 249 249 433 433 966 966 You would pay the same expenses assuming no redemption. Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 11.48% of the average value of its portfolio.</div> 0.1148 PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a steady flow of tax‑exempt income derived from Tennessee municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating services at the time of purchase) with a weighted average nominal maturity normally greater than 10 years. The interest earned on these securities, in the opinion of bond counsel for the issuer, is exempt from federal taxation and state taxation (if applicable) in the state of Tennessee. The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal income taxes and Tennessee income taxes (if applicable) or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal income taxes and Tennessee income taxes (if applicable). Maintaining a steady stream of tax‑exempt income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.</div> The Fund has a fundamental policy that during periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be exempt from Federal income taxes and Tennessee income taxes (if applicable) or (2) the Fund will have at least 80% of its net assets invested in securities exempt from Federal income taxes and Tennessee income taxes (if applicable). You may lose money investing in the Fund. Mutual fund shares are <span style="text-decoration: underline;">not</span> obligations of, or guaranteed by, the U.S. government. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Credit Risk</span>. A principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are investment grade; and possible loss of money. The Fund is relying on the ability of the issuer to make interest payments and repay principal when due. This subjects the Fund to credit risk because a municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near‑to mid‑term; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. Changes in an</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">issuer’s financial strength or in a security’s credit rating may affect the security’s value and, thus, impact Fund performance. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Insurance Risk</span>. A number of the securities held in the Fund’s portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Fund’s portfolio may affect the value of such securities, the Fund’s share price, and Fund performance. The Fund’s performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security or the Fund’s share price or distributions, and shares of the Fund are not insured.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">State-Specific Concentration Risk</span>. Investment in the Fund may involve greater risk than an investment in a fund with a portfolio comprised of municipal securities issued by more than one state. This additional risk is due to the possibility of an economic, regulatory or political development unique to a single state or region that may adversely affect the performance of the Fund. Since the Fund invests in Tennessee municipal securities, economic, regulatory and political events in Tennessee are likely to directly affect the Fund’s investments and its performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Municipal Securities Risk</span>. The value of municipal securities in which the Fund invests may be affected by economic, regulatory, political and social developments. Because many municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors also may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Also downgrades or defaults during economic downturns or similar periods of economic stress, could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. For example, a pandemic can significantly stress the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities, and the investment performance of a Fund investing in municipal securities may therefore be more dependent on the analytical abilities of the Adviser than if the Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">well developed or liquid than many other securities markets, a by‑product of lower capital commitments to the asset class by the dealer community, which may adversely affect the Fund’s ability to sell municipal securities it holds at attractive prices or value municipal securities. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Issuer Cybersecurity Risk. </span>Municipalities issuing securities in which the Fund invests, counterparties with which Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Interest Rate Risk</span>. Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. You should expect the Fund’s share price and total return to fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Prepayment or Call Risk</span>. A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities that are subject to call risk. A call of some or all of these securities may lower the Fund’s income and yield and its distributions to shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Market and Geopolitical Risk</span>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, climate change and climate-related events, terrorism, governmental actions, and other conditions. As a result, the market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. When there are more buyers than sellers, prices tend to rise.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the net asset value (NAV) of the Fund’s shares will fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Yield Risk</span>. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues with shorter maturities and/or higher credit quality pay lower yields than issues with longer maturities and/or lower credit quality.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Rating Agency Risk</span>. Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which increases the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Taxability Risk</span>. The Fund’s investments in municipal securities rely on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax‑exempt should in fact be taxable. This may result in a significant decline in the value of the security. In addition, the state may eliminate its income tax or there may be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Management Risk</span>. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Fund’s investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Fund’s total return may vary considerably from one year to the next. There is no assurance that the investment objective of the Fund will be achieved.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">NAV Risk</span>. The NAV of the Fund is calculated on a daily basis and may fluctuate considerably.</div> Risk/Return Bar Chart and Table <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at <span style="text-decoration: underline;">www.dupree-funds.com</span> or by calling (800) 866‑0614 or (859) 254‑7741.</div> The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.dupree-funds.com (800) 866‑0614 or (859) 254‑7741 <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 54%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 7%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Highest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.05%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">December 31, 2023</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Lowest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑4.80%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">March 31, 2022</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">2026 Year‑to‑Date Total Return for the nine months ended September 30, 2026:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑6.17%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> </table> Highest Quarter Total Return: 0.0705 2023-12-31 Lowest Quarter Total Return: -0.0480 2022-03-31 Year‑to‑Date Total Return 2026-09-30 -0.0617 Average Annual Total Return For the Periods Ended December 31, 2025 0.0376 0.0049 0.0166 0.0376 0.0049 0.0166 0.0347 0.0096 0.0188 0.0425 0.0080 0.0234 Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. Taxable Municipal Bond Series INVESTMENT OBJECTIVES <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a high and stable level of taxable income derived from taxable municipal bonds without incurring undue risk to principal.</div> FEES AND EXPENSES <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span></div> Shareholder fees (fees paid directly from your investment) -15.00 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0108 0.0158 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 161 161 499 499 860 860 1878 1878 You would pay the same expenses assuming no redemption. Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 6.68% of the average value of its portfolio.</div> 0.0668 PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a steady flow of taxable income derived from taxable municipal securities of investment grade quality (those rated BBB or Baa or higher by U.S. nationally recognized rating organizations (NRSROs) at the time of purchase) with a weighted average nominal maturity normally greater than 10 years. The Fund generally purchases taxable municipal bonds with nominal maturities typically ranging from 10‑30 years. Maintaining a steady stream of taxable income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading securities for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The interest earned on these securities is fully taxable at the federal level and may be subject to tax at the state level. In periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be taxable or (2) the Fund will have at least 80% of its net assets invested in taxable municipal bonds. The Fund may invest up to 20% of its net assets in taxable debt obligations other than municipal bonds, including but not limited to, U.S. Treasury securities and obligations of the U.S. government, its agencies, and instrumentalities. We may purchase bonds subject to the Alternative Minimum Tax for this portfolio.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund may also invest in taxable municipal bonds issued pursuant to the American Recovery and Reinvestment Act of 2009 (the “Act”) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (“Build America Bonds”). Enacted in February 2009, the Act authorized state and local governments to issue taxable bonds for which, provided certain specified conditions are met, issuers may either (i) receive reimbursement from the U.S. Treasury with respect to the interest payments on the bonds (“direct pay” Build America Bonds) or (ii) provide tax credits to investors in bonds (“tax credit” Build America Bonds). The federal interest subsidy on direct pay Build America Bonds</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">continues for the life of the bonds. Build America Bonds provide an alternative form of financing to state and local governments and, in certain cases, may provide a lower net cost of funds to issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">Unlike most other municipal bonds, interest received on Build America Bonds is subject to federal income tax and may be subject to state tax. Issuance of Build America Bonds ceased on December 31, 2010, as Congress declined to extend the provisions of the Act. As such, at the present time issuers do not have the ability to issue new Build America Bonds. However, Build America Bonds continue to be actively traded in the secondary market.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund does <span style="text-decoration: underline;">not</span> invest in any “tax credit” bonds authorized by the Act. As such, the Fund does not receive or pass through to shareholders tax credits as a result of investments.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Fund is non‑diversified.</div> In periods of normal market conditions either (1) the Fund’s assets will be invested so that at least 80% of the income will be taxable or (2) the Fund will have at least 80% of its net assets invested in taxable municipal bonds. The Fund may invest up to 20% of its net assets in taxable debt obligations other than municipal bonds, including but not limited to, U.S. Treasury securities and obligations of the U.S. government, its agencies, and instrumentalities. We may purchase bonds subject to the Alternative Minimum Tax for this portfolio. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund may also invest in taxable municipal bonds issued pursuant to the American Recovery and Reinvestment Act of 2009 (the “Act”) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (“Build America Bonds”). Enacted in February 2009, the Act authorized state and local governments to issue taxable bonds for which, provided certain specified conditions are met, issuers may either (i) receive reimbursement from the U.S. Treasury with respect to the interest payments on the bonds (“direct pay” Build America Bonds) or (ii) provide tax credits to investors in bonds (“tax credit” Build America Bonds). The federal interest subsidy on direct pay Build America Bonds</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">continues for the life of the bonds. Build America Bonds provide an alternative form of financing to state and local governments and, in certain cases, may provide a lower net cost of funds to issuers.</div> You may lose money investing in the Fund. Mutual fund shares are<span style="text-decoration: underline;"> not</span> obligations of, or guaranteed by, the U.S. government. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Credit Risk</span>. A principal risk of investing in the Fund is the possibility of default on the municipal securities, even though the securities are investment grade; and possible loss of money. The Fund is relying on the ability of the issuer to make interest payments and repay principal when due. This subjects the Fund to credit risk because a municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near‑to mid‑term; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. Changes in an issuer’s financial strength or in a security’s credit rating may affect the security’s value and, thus, impact Fund performance. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issuers.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Insurance Risk</span>. A number of the securities held in the Fund’s portfolio may be insured securities. A change in the credit rating of any one or more of the municipal bond insurers that insure securities in the Fund’s portfolio may affect the value of such securities, the Fund’s share price, and Fund performance. The Fund’s performance might also be adversely affected by the inability of an insurer to meet its insurance obligations. It is important to note that insurance does not guarantee the market value of an insured security or the Fund’s share price or distributions, and shares of the Fund are not insured.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Municipal Securities Risk</span>. The value of municipal securities in which the Fund invests may be affected by economic, regulatory, political and social developments. Because many</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">municipal securities are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors also may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Also downgrades or defaults during economic downturns or similar periods of economic stress, could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. For example, a pandemic can significantly stress the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and may adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Municipal securities may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal securities issuers than for issuers of other securities, and the investment performance of a Fund investing in municipal securities may therefore be more dependent on the analytical abilities of the Adviser than if the Fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal securities also tends to be less well developed or liquid than many other securities markets, a by‑product of lower capital commitments to the asset class by the dealer community, which may adversely affect the Fund’s ability to sell municipal securities it holds at attractive prices or value municipal securities. The Fund may also invest in municipal lease obligations which differ from other municipal securities because the lease payments are subject to annual legislative appropriation. If the money is not appropriated, the lease can be cancelled without penalty and investors who own the lease obligations may not be paid.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Issuer Cybersecurity Risk</span>. Municipalities issuing securities in which the Fund invests, counterparties with which Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Interest Rate Risk</span>. Typically, as interest rates rise, the price of municipal bonds will fall; conversely, municipal bond prices will rise when interest rates fall. In general, portfolios with</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">longer average maturities are more sensitive to these price changes. You should expect the Fund’s share price and total return to fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Prepayment or Call Risk.</span> A municipal security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities that are subject to call risk. A call of some or all of these securities may lower the Fund’s income and yield and its distributions to shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Market and Geopolitical Risk</span>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, climate change and climate-related events, terrorism, governmental actions, and other conditions. As a result, the market values of municipal securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. Municipal securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the net asset value (NAV) of the Fund’s shares will fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Yield Risk</span>. The yields of municipal securities are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the municipal securities markets and general monetary and economic conditions. Generally, issues with shorter maturities and/or higher credit quality pay lower yields than issues with longer maturities and/or lower credit quality.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Rating Agency Risk</span>. Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which increases the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Non‑Diversification Risk</span>. Since the Fund is non‑diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">increased investment in fewer issuers may result in increased volatility in the fund’s performance and share price.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Management Risk</span>. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Fund’s investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Fund’s total return may vary considerably from one year to the next. There is no assurance that the investment objective of the Fund will be achieved.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Liquidity Risk</span>. Build America Bonds may be less liquid than other types of municipal obligations. Less liquid bonds can become more difficult to value and illiquidity may negatively affect prices of bonds held in the portfolio.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Regulatory Risk</span>. Because issuers of direct pay Build America Bonds have to meet certain requirements to receive a reimbursement from the U.S. Treasury, there is always the possibility that such requirements may not be met by the issuer. Under such a scenario, there is a risk that the reimbursement from the U.S. Treasury may be interrupted which may be a problem if the funds are pledged to service the debt of the underlying direct pay Build America Bonds. Additionally, if issuers owe money to the federal government, the reimbursement from the U.S. Treasury may be subject to an “offset” which could potentially reduce the amount of money available to service debt payments on direct pay Build America Bonds. Additionally, under the Budget Control Act of 2011, the Congressionally mandated sequestration process has resulted in a delay or reduction in the payments to some issuers of Build America Bonds. Any interruption, delay, reduction, and/or offset of the reimbursement from the U.S Treasury may reduce the demand for such direct pay Build America Bonds and/or potentially trigger extraordinary call features of the bonds. This may, in turn, reduce market prices and cause the value of Fund shares to fall.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">NAV Risk</span>. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably.</div> Risk/Return Bar Chart and Table <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at <span style="text-decoration: underline;">www.dupree-funds.com</span> or by calling (800) 866‑0614 or (859) 254‑7741.</div> The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.dupree-funds.com (800) 866‑0614 or (859) 254‑7741 <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 56%;"></td> <td style="vertical-align: bottom; width: 8%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 8%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Highest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.10%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">December 31, 2023</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Lowest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑12.37%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">June 30, 2022</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">2026 Year‑to‑Date Total Return for the nine months ended September 30, 2026:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑3.71%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> </table> Highest Quarter Total Return: 0.0710 2023-12-31 Lowest Quarter Total Return: -0.1237 2022-06-30 Year‑to‑Date Total Return 2026-09-30 -0.0371 Average Annual Total Return For the Periods Ended December 31, 2025 0.0637 -0.0272 0.0097 0.0442 -0.0430 -0.0088 0.0374 -0.0269 -0.0001 0.0789 -0.0028 0.0325 Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. Intermediate Government Bond Series INVESTMENT OBJECTIVES <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund seeks to provide a high and stable level of income derived from bonds issued by the U.S. Government and its agencies without incurring undue risk to principal.</div> FEES AND EXPENSES <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span></div> Shareholder fees (fees paid directly from your investment) -15.00 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0000 0.0093 0.0113 Example <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 115 115 359 359 622 622 1375 1375 You would pay the same expenses assuming no redemption. Portfolio Turnover <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example above, affect the Fund’s performance. During the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 62.17% of the average value of its portfolio.</div> 0.6217 PRINCIPAL INVESTMENT STRATEGIES, RISKS AND PERFORMANCE Principal Investment Strategies <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">At least eighty percent (80%) of the portfolio of the Intermediate Government Bond Series will be invested in securities issued by the U.S. Government or its agencies or instrumentalities, with the remainder of the portfolio invested in bank accounts fully insured by the FDIC or collateralized by bonds issued by the U.S. Government or its agencies or U.S. Treasury or Agency Notes and Bills. This investment policy is non‑fundamental and can be changed by the Fund’s Board of Trustees (the “Board”) upon 60 days’ prior notice to shareholders. The weighted average nominal maturity of the Fund will normally range between 3‑10 years. Maintaining a high level of income is a primary objective of the Fund. The investment adviser selects securities that it believes will provide the best balance between risk and return and typically uses a buy and hold strategy. Securities in the Fund’s portfolio are typically held for income purposes, rather than trading them for capital gains. However, the investment adviser may sell a security at any time if it believes it could help the Fund meet its goals.</div> At least eighty percent (80%) of the portfolio of the Intermediate Government Bond Series will be invested in securities issued by the U.S. Government or its agencies or instrumentalities, with the remainder of the portfolio invested in bank accounts fully insured by the FDIC or collateralized by bonds issued by the U.S. Government or its agencies or U.S. Treasury or Agency Notes and Bills. You may lose money investing in the Fund. Mutual fund shares are<span style="text-decoration: underline;"> not </span>obligations of, or guaranteed by, the U.S. government.  <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Credit Risk</span>. A principal risk of investing in the Fund is the possibility of default, even though the bonds are investment grade; and possible loss of money. The Fund is relying on the ability of the government issuer to make interest payments and repay principal when due. Changes in an issuer’s financial strength or in a security’s credit rating may affect the security’s value and, thus, impact Fund performance. Shares of the Fund are <span style="text-decoration: underline;">not</span> insured by the U.S. government nor are the Fund’s share price or distributions.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Issuer Cybersecurity Risk.</span> Government agencies issuing securities in which the Fund invests, counterparties with which Fund engages in transactions, exchange and other financial market operators, banks, brokers, dealers and other financial institutions may experience cybersecurity breaches. Cybersecurity breaches</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. These breaches may result in harmful disruptions to their operations and may negatively impact the financial condition for the municipal issuer, counterparty or other market participant. The Fund and its shareholders could be negatively impacted as a result.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Interest Rate Risk.</span> Typically, as interest rates rise, the price of government bonds will fall; conversely, government bond prices will rise when interest rates fall. In general, portfolios with longer average maturities are more sensitive to these price changes. You should expect the Fund’s share price and total return to fluctuate.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Prepayment or Call Risk</span>. A U.S. government security may be prepaid (called) before maturity. An issuer is more likely to call its securities when interest rates are falling. If a security is called, the Fund may have to replace it with a lower-yielding security. The Fund may hold a large number of securities subject to call risk. A call of some or all of these securities may lower the Fund’s income and yield and its distributions to shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Market and Geopolitical Risk</span>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Debt markets can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, terrorism, governmental actions, The value of the securities in which the Fund invests may be affected by political, regulatory, geopolitical, environmental, public health, economic, natural disasters, pandemics, epidemics, climate change and climate-related events, terrorism, governmental actions and social developments. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund. As a result, the market values of U.S. government securities held by the Fund may go up or down, sometimes rapidly or unpredictably, as a result of market activity, interest rate fluctuations or as a result of supply and demand factors. When there are more buyers than sellers, prices tend to rise. Conversely, when there are more sellers than buyers, prices tend to fall. U.S. government securities may be issued on a when-issued or delayed basis, where payment and delivery take place at a future date. Since the market price of the security may fluctuate during the time before payment and delivery, the Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. Due to these factors, the net asset value (NAV) of the Fund’s shares will fluctuate.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Yield Risk</span>. The yields of government bonds are dependent on a variety of factors, including the maturity and quality of the particular obligation, the size of the total offering, prevailing conditions in the U.S. government bond markets and general monetary and economic conditions. In periods of rising interest rates, the yield of the Fund typically would tend to be somewhat lower. When interest rates are falling, the inflow of net new money to the Fund will likely be invested in portfolio instruments producing lower yields than the balance of the Fund’s portfolio, reducing the current yield of the Fund. In periods of rising interest rates, if there is an outflow of money, the yield may rise, although the share price will generally decline.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">U.S. Government Securities Risk</span><span style="font-weight: bold;">.</span> The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Management Risk</span>. The Fund is also subject to management risk because it is an actively managed investment portfolio. The Fund’s investment adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. The Fund’s annual total returns may vary considerably from one year to the next. There is no assurance that the investment objective of the Fund will be achieved.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">NAV Risk</span>. The net asset value (NAV) of the Fund is calculated on a daily basis and may fluctuate considerably.</div> Risk/Return Bar Chart and Table <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain current performance information at <span style="text-decoration: underline;">www.dupree-funds.com</span> or by calling (800) 866‑0614 or (859) 254‑7741.</div> The bar chart shows changes in the Fund’s performance from year to year. The table shows the Fund’s average annual returns for the 1‑year, 5‑year, and 10‑year periods compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.dupree-funds.com (800) 866‑0614 or (859) 254‑7741 <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and after‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 56%;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> <td style="vertical-align: bottom; width: 5%;"></td> <td style="width: 0pt;"></td> <td></td> <td></td> <td style="width: 0pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Highest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.27%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">March 31, 2020</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">Lowest Quarter Total Return:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑3.16%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">December 31, 2016</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 8pt; background-color: #cceeff;"> <td style="border-bottom: 0.75pt solid #000000; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: times new roman;">2026 Year‑to‑Date Total Return for the nine months ended September 30, 2026:</div> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">‑1.40%</td> <td style="border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> </table> Highest Quarter Total Return: 0.0327 2020-03-31 Lowest Quarter Total Return: -0.0316 2016-12-31 Year‑to‑Date Total Return 2026-09-30 -0.0140 Average Annual Total ReturnFor the Periods EndedDecember 31, 2025 0.0504 0.0159 0.0199 0.0357 0.0038 0.0086 0.0296 0.0069 0.0102 0.0650 0.0064 0.0175 0.0730 -0.0036 0.0201 Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. For the most recent fiscal year ended June 30, 2026, the total Annual Fund Operating Expenses were 0.70% after voluntary fee waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions. For the most recent fiscal year ended June 30, 2026, the Total Annual Fund Operating Expenses were 0.70% after voluntary fee waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions. Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. For the most recent fiscal year ended June 30, 2026, the Total Annual Fund Operating Expenses were 0.86% after voluntary fee waivers and reductions by the Adviser, Transfer Agent, and Custodian. The Adviser, Transfer Agent, and Custodian have agreed not to seek recovery of these waivers and reductions. Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. For the most recent fiscal year ended June 30, 2026, the Total Annual Fund Operating Expenses were 0.70% after voluntary fee waivers and reductions by the Adviser, Transfer Agent, and Custodian. The Adviser, Transfer Agent, and Custodian have agreed not to seek recovery of these waivers and reductions. Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. The Bloomberg US Aggregate Index is presented solely to satisfy the regulatory requirement for a broad-based securities market index. The Bloomberg U.S. Intermediate Government Bond Index more accurately reflects the investment style and strategy of the Fund. Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares. For the most recent fiscal year ended June 30, 2026, the Total Annual Fund Operating Expenses were 0.70% after voluntary fee waivers and reductions by the Adviser and Custodian. The Adviser and Custodian have agreed not to seek recovery of these waivers and reductions. Return after Taxes on Distributions & Sale of Fund Shares also includes any taxable gain or loss realized by a shareholder on the sale of a fund’s shares.