UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08846 | ||||||||
| |||||||||
Tributary Funds, Inc. | |||||||||
(Exact name of registrant as specified in charter) | |||||||||
| |||||||||
Tributary Capital Management, LLC 1620 Dodge Street Omaha, Nebraska |
| 68197 | |||||||
(Address of principal executive offices) |
| (Zip code) | |||||||
| |||||||||
Daniel W. Koors Jackson Fund Services 225 West Wacker Drive, Suite 1200 Chicago, Illinois 60606 | |||||||||
(Name and address of agent for service) | |||||||||
| |||||||||
Registrant’s telephone number, including area code: | (800) 662-4203 |
| |||||||
| |||||||||
Date of fiscal year end: | March 31 |
| |||||||
| |||||||||
Date of reporting period: | April 1, 2012 – September 30, 2012 |
| |||||||
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.
Item 1. Report to Shareholders.
Tributary Funds®
Semi-Annual Report
September 30, 2012
Tributary Short-Intermediate Bond Fund
Institutional Class: FOSIX
Institutional Plus Class: FOSPX
Tributary Income Fund
Institutional Class: FOINX
Institutional Plus Class: FOIPX
Tributary Balanced Fund
Institutional Class: FOBAX
Institutional Plus Class: FOBPX
Tributary Core Equity Fund
Institutional Class: FOEQX
Institutional Plus Class: FOEPX
Tributary Large Cap Growth Fund
Institutional Class: FOLCX
Insitutional Plus Class: FOLPX
Tributary Growth Opportunities Fund
Institutional Class: FOGRX
Institutional Plus Class: FOGPX
Tributary Small Company Fund
Institutional Class: FOSCX
Institutional Plus Class: FOSBX
Notice to Investors
Shares of Tributary Funds:
· ARE NOT FDIC INSURED · MAY LOSE VALUE · HAVE NO BANK GUARANTEE
Investors should carefully consider the investment objectives, risks, charges and expenses of the Tributary Funds. Mutual funds involve risk including loss of principal. This and other important information about the Tributary Funds is contained in the prospectus, which can be obtained by calling 1-800-662-4203 or by visiting www.tributaryfunds.com. The prospectus should be read carefully before investing. The Tributary Funds are distributed by Northern Lights Distributors, LLC member FINRA. Northern Lights and the Tributary Funds’ investment adviser are not affiliated.
Dear Shareholder:
I am pleased to announce that Tributary was represented once again in the 2012 U.S. News and World Report ranking of best funds to own for the long-run. This marks the second year in a row that the Balanced Fund earned this recognition. In 2011, the Growth Opportunities Fund, the Balanced Fund and the Small Company Fund were all nominated in their respective categories. This recognition reflects our philosophy of patiently investing in high quality companies that have an ability to grow their value over time, while at the same time avoiding as many of the dangers as we can inherent in investing in stocks and bonds.
The world continues to be a challenging place to invest, awash in easy money fueled by a frenzy of government debt, the likes of which this country has not seen since the end of World War II. Although we have seen a modest improvement in unemployment in the U.S., it is not nearly robust enough to have a significant impact on our ability to re-employ the unemployed and increase tax revenue. We seem to be at a stalemate as the ideologues from both parties argue about how to close the gap. Although the stock markets have been surprisingly robust this year, there seems to be little correlation between company fundamentals and stock prices, and much more focus on Federal Policy (QE1, QE2 and QE3) and global macro-economic issues. This has driven many investors to pursue return chasing passive strategies to try to “play” the volatility in markets, continue to pile into fixed income investments, or simply sit on their hands and do nothing. In my view, all of these strategies are somewhat disconcerting. Much as I heard in the late 1990’s, I am hearing again the very dangerous phrase that seems to recirculate every decade or so, usually driven by the youngest and brightest new players in this business. “It’s different this time. Fundamentals don’t matter anymore. Rapid trading, hedge funds and market timing are the future. Buy and hold is a thing of the past.”
I have to admit, as a young stockbroker in the early and middle part of the 1980’s, I too was a believer in this mantra. I remember cold calling people that had seen and experienced the great depression, and wondering why it was so difficult to get these people to take a little risk and buy a stock. Then Black Monday (October 19, 1987) came along and changed my perspective forever. Although it didn’t feel like it at the time, Black Monday wound up being a very severe yet relatively short-lived market correction, followed by another 12 years of increasing stock prices along the way. The next great “it’s different this time” came along in the middle to late 1990’s when the internet and dotcom stocks were all the rage. These stocks sold at valuations that by any traditional measures were extreme, but a whole new cottage industry sprang up to validate and justify these ridiculous valuations, and many rode this great wave, until March 5, 2000. Then gravitational forces (valuation) once again took hold, and the “it’s different this time” crowd saw their world fall apart. Fast forward a couple of years and the easy monetary policy fueled by the U.S. Federal Reserve sparked massive speculation in the housing market which drove financiers to create exotic instruments to package and sell mortgages to investors, so banks could continue to make new mortgages to
continue to feed the boom in housing. We all thought the price of our homes would never decrease in value. It was different this time!
My goal with this exercise is not to depress you, actually quite the opposite. The conventional wisdom today seems to be that buy and hold investing in great companies that have the ability to increase their value over time is dead, that fundamentals no longer matter, i.e., “it’s different this time”. As an investment manager with more than a century of cumulative experience in our senior ranks, we have seen these fads come and go. As stewards of your assets, we are not interested in investing based on fads or whims. Fundamentals do matter. They always have and they always will. And it’s never different this time.
Best regards, |
|
Stephen R. Frantz |
President |
sfrantz@tributarycapital.com |
Comments are provided as a general market overview and should not be considered investment advice or predictive of any future market performance.
PORTFOLIO COMPOSITION*
September 30, 2012 (Unaudited)
Short-Intermediate Bond Fund |
| Percentage |
|
|
|
|
|
Corporate Bonds |
| 37.5 | % |
Mortgage Related |
| 30.3 | % |
U.S. Treasury Securities |
| 18.2 | % |
U.S. Government Mortgage-Backed Securities |
| 7.8 | % |
Municipals |
| 3.5 | % |
Short Term Investments |
| 1.5 | % |
Agencies |
| 0.5 | % |
Other |
| 0.7 | % |
|
| 100.0 | % |
Income Fund |
| Percentage |
|
|
|
|
|
Mortgage Related |
| 26.9 | % |
U.S. Government Mortgage-Backed Securities |
| 24.2 | % |
Corporate Bonds |
| 23.1 | % |
U.S. Treasury Securities |
| 17.7 | % |
Municipals |
| 2.7 | % |
Short Term Investments |
| 2.1 | % |
Investment Companies |
| 1.9 | % |
Exchange Traded Funds |
| 0.7 | % |
Other |
| 0.7 | % |
|
| 100.0 | % |
Balanced Fund |
| Percentage |
|
|
|
|
|
Financials |
| 14.0 | % |
Information Technology |
| 12.6 | % |
Government Securities |
| 11.5 | % |
Health Care |
| 9.7 | % |
Consumer Discretionary |
| 9.7 | % |
Consumer Staples |
| 9.1 | % |
Industrials |
| 8.6 | % |
Energy |
| 7.5 | % |
Utilities |
| 6.0 | % |
Short Term Investments |
| 5.2 | % |
Telecommunication Services |
| 3.1 | % |
Materials |
| 3.0 | % |
|
| 100.0 | % |
Core Equity Fund |
| Percentage |
|
|
|
|
|
Information Technology |
| 19.6 | % |
Financials |
| 15.3 | % |
Consumer Staples |
| 12.1 | % |
Health Care |
| 11.5 | % |
Energy |
| 11.0 | % |
Industrials |
| 10.2 | % |
Consumer Discretionary |
| 9.5 | % |
Short Term Investments |
| 4.8 | % |
Materials |
| 3.3 | % |
Utilities |
| 2.7 | % |
|
| 100.0 | % |
Large Cap Growth Fund |
| Percentage |
|
|
|
|
|
Information Technology |
| 28.5 | % |
Consumer Discretionary |
| 16.2 | % |
Industrials |
| 12.9 | % |
Health Care |
| 12.0 | % |
Energy |
| 11.7 | % |
Consumer Staples |
| 9.3 | % |
Materials |
| 4.6 | % |
Financials |
| 4.5 | % |
Short Term Investments |
| 0.3 | % |
|
| 100.0 | % |
* Portfolio composition is as of September 30, 2012 and is subject to change.
See accompanying Notes to Financial Statements.
Growth Opportunities Fund |
| Percentage |
|
|
|
|
|
Information Technology |
| 21.0 | % |
Industrials |
| 19.1 | % |
Consumer Discretionary |
| 16.8 | % |
Financials |
| 9.5 | % |
Health Care |
| 8.9 | % |
Materials |
| 7.0 | % |
Energy |
| 6.8 | % |
Short Term Investments |
| 5.8 | % |
Consumer Staples |
| 5.1 | % |
|
| 100.0 | % |
Small Company Fund |
| Percentage |
|
|
|
|
|
Financials |
| 20.6 | % |
Information Technology |
| 16.7 | % |
Industrials |
| 15.5 | % |
Consumer Discretionary |
| 14.1 | % |
Health Care |
| 9.5 | % |
Energy |
| 6.6 | % |
Materials |
| 6.2 | % |
Utilities |
| 4.2 | % |
Short Term Investments |
| 3.8 | % |
Consumer Staples |
| 2.8 | % |
|
| 100.0 | % |
* Portfolio composition is as of September 30, 2012 and is subject to change.
See accompanying Notes to Financial Statements.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2012 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal |
| Security |
| Value |
| ||
Non-U.S. Government Agency Asset-Backed Securities - 30.2% |
|
|
| ||||
$ | 280,874 |
| Bayview Financial Acquisition Trust REMIC, 6.21%, 05/28/37 (a) |
| $ | 284,353 |
|
386,519 |
| Bear Stearns Asset Backed Securities Trust REMIC, 0.62%, 10/25/34 (a) |
| 379,487 |
| ||
174,732 |
| Bear Stearns Asset Backed Securities Trust REMIC, 0.44%, 12/25/35 (a) |
| 171,709 |
| ||
362,067 |
| Bear Stearns Asset Backed Securities Trust REMIC, 0.44%, 02/25/36 (a) |
| 356,636 |
| ||
682,966 |
| Bear Stearns Commercial Mortgage Securities Inc. REMIC, 5.53%, 09/11/41 |
| 718,768 |
| ||
282,245 |
| Chase Funding Mortgage Loan Asset-Backed Certificates REMIC, 4.60%, 01/25/15 |
| 284,923 |
| ||
524,825 |
| Chase Funding Mortgage Loan Asset-Backed Certificates REMIC, 4.27%, 06/25/15 |
| 528,712 |
| ||
338,177 |
| Chase Funding Mortgage Loan Asset-Backed Certificates REMIC, 4.40%, 02/25/30 |
| 339,806 |
| ||
403,557 |
| Chase Mortgage Finance Corp. REMIC, 5.50%, 05/25/35 |
| 422,403 |
| ||
325,098 |
| Citicorp Mortgage Securities Inc. REMIC, 5.50%, 04/25/35 |
| 329,511 |
| ||
479,184 |
| Citigroup Mortgage Loan Trust Inc. REMIC, 0.37%, 10/25/36 (a) |
| 470,023 |
| ||
248,869 |
| Citimortgage Alternative Loan Trust REMIC, 5.25%, 03/25/21 |
| 254,704 |
| ||
118,320 |
| Countrywide Alternative Loan Trust REMIC, 5.42%, 08/25/36 (a) |
| 120,769 |
| ||
582,546 |
| Countrywide Asset-Backed Certificates REMIC, 4.46%, 10/25/35 (a) |
| 585,311 |
| ||
214,642 |
| Countrywide Asset-Backed Certificates REMIC, 0.46%, 04/25/36 (a) |
| 212,626 |
| ||
503,523 |
| Countrywide Asset-Backed Certificates REMIC, 0.40%, 07/25/36 (a) |
| 446,810 |
| ||
260,219 |
| Countrywide Asset-Backed Certificates REMIC, 0.57%, 08/25/47 (a) |
| 257,235 |
| ||
163,126 |
| Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20 |
| 165,567 |
| ||
367,966 |
| Credit-Based Asset Servicing and Securitization LLC REMIC, 1.34%, 02/25/33 (a) |
| 313,042 |
| ||
98,215 |
| FBR Securitization Trust REMIC, 0.47%, 11/25/35 (a) |
| 98,047 |
| ||
800,000 |
| GS Mortgage Securities Corp., 3.65%, 03/10/44 (b) |
| 867,306 |
| ||
63,231 |
| Home Equity Asset Trust REMIC, 0.33%, 07/25/37 (a) |
| 62,402 |
| ||
| 436,605 |
| Irwin Home Equity Corp. REMIC, 1.31%, 11/25/28 (a) |
| 412,185 |
| |
895,000 |
| Long Beach Mortgage Loan Trust REMIC, 1.12%, 10/25/34 (a) |
| 767,624 |
| ||
450,000 |
| Long Beach Mortgage Loan Trust REMIC, 0.71%, 04/25/35 (a) |
| 443,234 |
| ||
219,780 |
| MASTR Asset Securitization Trust REMIC, 5.25%, 11/25/35 |
| 222,759 |
| ||
300,000 |
| Morgan Stanley Capital I REMIC, 3.22%, 07/15/49 |
| 324,807 |
| ||
641,622 |
| Morgan Stanley Home Equity Loan Trust REMIC, 0.92%, 12/25/34 (a) |
| 617,595 |
| ||
257,599 |
| Nomura Asset Acceptance Corp. REMIC, 6.00%, 03/25/47 (a) |
| 157,624 |
| ||
559,767 |
| Option One Mortgage Loan Trust REMIC, 0.43%, 12/25/35 (a) |
| 547,045 |
| ||
508,143 |
| Origen Manufactured Housing, 5.91%, 01/15/35 |
| 548,355 |
| ||
501,057 |
| Popular ABS Mortgage Pass-Through Trust REMIC, 4.61%, 05/25/35 (a) |
| 509,955 |
| ||
89,308 |
| Popular ABS Mortgage Pass-Through Trust REMIC, 4.62%, 05/25/35 (a) |
| 90,011 |
| ||
564,453 |
| Preferred Term Securities XXIV Ltd., 0.69%, 03/22/37 (a) (b) (c) |
| 310,449 |
| ||
592,207 |
| RAAC Trust REMIC, 0.39%, 08/25/36 (a) |
| 592,107 |
| ||
428,021 |
| RASC Trust REMIC, 3.77%, 01/25/32 (a) |
| 432,853 |
| ||
403,184 |
| Renaissance Home Equity Loan Trust REMIC, 4.50%, 08/25/35 |
| 389,242 |
| ||
309,249 |
| Residential Accredit Loans Inc. REMIC, 5.50%, 01/25/34 |
| 318,621 |
| ||
108,386 |
| Residential Accredit Loans Inc. REMIC, 6.00%, 10/25/34 |
| 110,313 |
| ||
290,329 |
| Residential Accredit Loans Inc. REMIC, 5.50%, 02/25/35 |
| 279,136 |
| ||
292,735 |
| Residential Asset Mortgage Products Inc. (insured by AMBAC Assurance Corp.) REMIC, 4.02%, 03/25/33 |
| 262,387 |
| ||
446,673 |
| Residential Asset Securities Corp. REMIC, 5.96%, 09/25/31 |
| 434,252 |
| ||
418,238 |
| Residential Asset Securities Corp. REMIC, 4.47%, 03/25/32 |
| 424,091 |
| ||
280,166 |
| Residential Asset Securities Corp. REMIC, 3.87%, 05/25/33 |
| 273,364 |
| ||
277,775 |
| Residential Asset Securities Corp. REMIC, 4.54%, 12/25/33 |
| 282,173 |
| ||
224,629 |
| Residential Asset Securities Corp. REMIC, 0.41%, 03/25/36 (a) |
| 222,784 |
| ||
625,825 |
| SACO I Inc. REMIC, 0.78%, 11/25/35 (a) |
| 601,545 |
| ||
See accompanying Notes to Financial Statements.
Principal |
| Security |
| Value |
| ||
$ | 410,412 |
| Springleaf Mortgage Loan Trust REMIC, 4.05%, 01/25/58 (a) (b) |
| $ | 422,181 |
|
219,017 |
| Structured Asset Securities Corp. REMIC, 4.79%, 03/25/35 |
| 219,491 |
| ||
172,537 |
| Vanderbilt Mortgage & Finance, Inc. REMIC, 6.57%, 08/07/24 |
| 180,634 |
| ||
710,934 |
| Wachovia Bank Commercial Mortgage Trust REMIC, 5.08%, 03/15/42 (a) |
| 776,707 |
| ||
280,000 |
| Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45 |
| 287,053 |
| ||
331,000 |
| Wells Fargo Home Equity Trust REMIC, 0.60%, 12/25/35 (a) |
| 319,799 |
| ||
285,893 |
| Wells Fargo Home Equity Trust REMIC, 0.36%, 07/25/36 (a) |
| 282,176 |
| ||
421,579 |
| Wells Fargo Mortgage Backed Securities Trust REMIC, 5.00%, 02/25/19 |
| 431,065 |
| ||
|
|
|
| ||||
Total Non-U.S. Government Agency Asset-Backed Securities (cost $19,730,793) |
| 20,163,767 |
| ||||
|
|
|
| ||||
Corporate Bonds - 37.5% |
|
|
| ||||
Consumer Discretionary - 4.0% |
|
|
| ||||
300,000 |
| Goodyear Tire & Rubber Co., 7.00%, 05/15/22 |
| 318,000 |
| ||
250,000 |
| Hanesbrands Inc., 6.38%, 12/15/20 |
| 271,250 |
| ||
520,000 |
| Maytag Corp., 5.00%, 05/15/15 |
| 538,557 |
| ||
375,000 |
| Mohawk Industries Inc., 6.38%, 01/15/16 |
| 421,875 |
| ||
585,000 |
| Newell Rubbermaid Inc., 5.50%, 04/15/13 |
| 598,997 |
| ||
440,000 |
| Time Warner Cable Inc., 5.85%, 05/01/17 |
| 524,109 |
| ||
|
|
|
| 2,672,788 |
| ||
Consumer Staples - 2.4% |
|
|
| ||||
423,000 |
| Bottling Group LLC, 4.63%, 11/15/12 |
| 425,076 |
| ||
585,000 |
| Church & Dwight Co. Inc., 3.35%, 12/15/15 |
| 618,531 |
| ||
548,000 |
| Kellogg Co., 5.13%, 12/03/12 |
| 552,363 |
| ||
|
|
|
| 1,595,970 |
| ||
Energy - 2.5% |
|
|
| ||||
615,000 |
| ConocoPhillips, 4.60%, 01/15/15 |
| 671,317 |
| ||
460,000 |
| Enterprise Products Operating LLC, 9.75%, 01/31/14 |
| 512,379 |
| ||
500,000 |
| Occidental Petroleum Corp., 1.75%, 02/15/17 |
| 517,677 |
| ||
|
|
|
| 1,701,373 |
| ||
Financials - 18.0% |
|
|
| ||||
580,000 |
| ACE INA Holdings Inc., 5.60%, 05/15/15 |
| 650,045 |
| ||
710,000 |
| American Express Bank FSB, 0.53%, 06/12/17 (a) |
| 685,443 |
| ||
665,000 |
| Bank of America Corp., 3.75%, 07/12/16 |
| 705,551 |
| ||
600,000 | �� | Berkshire Hathaway Finance Corp., 5.00%, 08/15/13 |
| 624,242 |
| ||
565,000 |
| Caterpillar Financial Services Corp., 1.63%, 06/01/17 |
| 576,574 |
| ||
630,000 |
| Citigroup Inc., 4.45%, 01/10/17 |
| 691,978 |
| ||
320,000 |
| General Electric Capital Corp., 0.65%, 09/15/14 (a) |
| 318,276 |
| ||
290,000 |
| General Electric Capital Corp., 0.71%, 08/07/18 (a) |
| 276,567 |
| ||
255,000 |
| Genworth Financial Inc., 7.63%, 09/24/21 |
| 260,262 |
| ||
490,000 |
| Hartford Financial Services Group Inc., 4.00%, 10/15/17 |
| 526,670 |
| ||
605,000 |
| JPMorgan Chase & Co., 7.90% (callable at 100 beginning 04/30/18) (d) |
| 687,117 |
| ||
510,000 |
| KeyBank NA, 4.95%, 09/15/15 |
| 557,366 |
| ||
660,000 |
| Metropolitan Life Global Funding I, 1.70%, 06/29/15 (b) |
| 673,204 |
| ||
670,000 |
| Morgan Stanley, 3.80%, 04/29/16 |
| 692,338 |
| ||
640,000 |
| Murray Street Investment Trust I, 4.65%, 03/09/17 |
| 687,278 |
| ||
650,000 |
| PNC Funding Corp., 0.65%, 01/31/14 (a) |
| 648,944 |
| ||
615,000 |
| Pricoa Global Funding I, 5.45%, 06/11/14 (b) |
| 660,278 |
| ||
495,000 |
| Regions Financial Corp., 7.75%, 11/10/14 |
| 550,687 |
| ||
650,000 |
| State Street Bank & Trust Co., 0.61%, 12/08/15 (a) |
| 636,768 |
| ||
285,000 |
| State Street Capital Trust III, 8.25% (callable at 100 beginning 03/15/13) (d) |
| 285,037 |
| ||
540,000 |
| Wells Fargo & Co., Series A, 7.98% (callable at 100 beginning 03/15/18) (d) |
| 620,325 |
| ||
|
|
|
| 12,014,950 |
| ||
Industrials - 2.8% |
|
|
| ||||
475,000 |
| Textron Inc., 6.20%, 03/15/15 |
| 521,767 |
| ||
495,000 |
| Union Pacific Corp., 5.70%, 08/15/18 |
| 602,875 |
| ||
590,000 |
| United Technologies Corp., 5.38%, 12/15/17 |
| 717,727 |
| ||
|
|
|
| 1,842,369 |
| ||
Information Technology - 1.8% |
|
|
| ||||
525,000 |
| CA Inc., 6.13%, 12/01/14 |
| 576,194 |
| ||
600,000 |
| International Business Machines Corp., 2.00%, 01/05/16 |
| 626,801 |
| ||
|
|
|
| 1,202,995 |
| ||
See accompanying Notes to Financial Statements.
Principal |
| Security |
| Value |
| ||
Materials - 2.4% |
|
|
| ||||
$ | 495,000 |
| Dow Chemical Co., 7.60%, 05/15/14 |
| $ | 546,915 |
|
480,000 |
| Praxair Inc., 3.95%, 06/01/13 |
| 490,559 |
| ||
475,000 |
| Rio Tinto Finance USA Ltd., 8.95%, 05/01/14 |
| 535,086 |
| ||
|
|
|
| 1,572,560 |
| ||
Telecommunication Services - 0.5% |
|
|
| ||||
340,000 |
| Crown Castle International Corp., 9.00%, 01/15/15 |
| 364,650 |
| ||
|
|
|
|
|
| ||
Utilities - 3.1% |
|
|
| ||||
400,000 |
| Dayton Power & Light Co., 5.13%, 10/01/13 |
| 417,903 |
| ||
565,000 |
| Georgia Power Co., 3.00%, 04/15/16 |
| 605,926 |
| ||
416,000 |
| PacifiCorp, 5.45%, 09/15/13 |
| 434,509 |
| ||
595,000 |
| Public Service Co. of Colorado, 7.88%, 10/01/12 |
| 595,000 |
| ||
|
|
|
| 2,053,338 |
| ||
|
|
|
| ||||
Total Corporate Bonds (cost $24,004,377) |
| 25,020,993 |
| ||||
|
|
|
| ||||
Government and Agency Obligations - 29.9% |
|
|
| ||||
GOVERNMENT SECURITIES - 22.2% |
|
|
| ||||
Federal Home Loan Mortgage Corp. - 0.5% |
|
|
| ||||
350,000 |
| Federal Home Loan Mortgage Corp., 4.50%, 07/15/13 (e) |
| 361,942 |
| ||
|
|
|
|
|
| ||
Municipals - 3.5% |
|
|
| ||||
380,000 |
| City of Omaha, Nebraska, 2.40%, 12/01/16 |
| 399,384 |
| ||
205,000 |
| Lincoln Nebraska Tax Allocation, Perot Systems Redevelopment Project, 3.25%, 11/01/12 |
| 205,281 |
| ||
165,000 |
| Lincoln Nebraska Tax Allocation, Perot Systems Redevelopment Project, 4.25%, 11/01/14 |
| 173,621 |
| ||
550,000 |
| Nebraska Public Power District, Revenue, Series B, 4.14%, 01/01/13 |
| 555,082 |
| ||
600,000 |
| New York City Transitional Finance Authority, 3.02%, 02/01/16 |
| 637,740 |
| ||
325,000 |
| State of Mississippi, 2.63%, 11/01/16 |
| 347,542 |
| ||
|
|
|
| 2,318,650 |
| ||
Treasury Inflation Index Securities - 1.1% |
|
|
| ||||
700,610 |
| U.S. Treasury Inflation Indexed Note, 0.13%, 04/15/16 (f) |
| 742,482 |
| ||
|
|
|
|
|
| ||
U.S. Treasury Securities - 17.1% |
|
|
| ||||
3,200,000 |
| U.S. Treasury Note, 2.75%, 10/31/13 |
| 3,287,875 |
| ||
4,310,000 |
| U.S. Treasury Note, 2.63%, 12/31/14 |
| 4,538,969 |
| ||
615,000 |
| U.S. Treasury Note, 2.38%, 03/31/16 |
| 657,425 |
| ||
2,210,000 |
| U.S. Treasury Note, 1.75%, 05/31/16 |
| 2,317,220 |
| ||
Shares or |
|
|
|
|
| ||
$ | 550,000 |
| U.S. Treasury Note, 3.00%, 02/28/17 |
| 609,125 |
| |
|
|
|
| 11,410,614 |
| ||
U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES - 7.7% |
|
|
| ||||
Federal Home Loan Mortgage Corp. - 1.9% |
|
|
| ||||
49,160 |
| Federal Home Loan Mortgage Corp. REMIC, 4.50%, 12/15/17 |
| 49,203 |
| ||
699,886 |
| Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/20 |
| 736,171 |
| ||
450,000 |
| Federal Home Loan Mortgage Corp. REMIC, 4.00%, 02/15/27 |
| 471,034 |
| ||
|
|
|
| 1,256,408 |
| ||
Federal National Mortgage Association - 5.8% |
|
|
| ||||
617,102 |
| Federal National Mortgage Association REMIC, 4.50%, 08/25/21 |
| 653,330 |
| ||
375,746 |
| Federal National Mortgage Association REMIC, 4.50%, 11/25/23 |
| 388,281 |
| ||
786,814 |
| Federal National Mortgage Association REMIC, 4.00%, 02/25/26 |
| 831,406 |
| ||
1,104,233 |
| Federal National Mortgage Association, 3.00%, 10/01/26 |
| 1,172,409 |
| ||
164,548 |
| Federal National Mortgage Association REMIC, 5.50%, 11/25/34 |
| 165,733 |
| ||
616,675 |
| Federal National Mortgage Association REMIC, 3.00%, 04/25/37 |
| 642,414 |
| ||
833,724 |
| Federal National Mortgage Association, Interest Only REMIC, 5.00%, 03/25/39 |
| 63,259 |
| ||
|
|
|
| 3,916,832 |
| ||
|
|
|
|
|
| ||
Total Government and Agency Obligations (cost $19,670,679) |
| 20,006,928 |
| ||||
|
|
|
| ||||
Preferred Stocks - 0.7% |
|
|
| ||||
550 |
| US Bancorp, Series A, 3.50% (callable at 1,000 beginning on 11/09/12) (d) |
| 473,000 |
| ||
|
|
|
| ||||
Total Preferred Stocks (cost $564,328) |
| 473,000 |
| ||||
|
|
|
| ||||
Short Term Investments - 1.5% |
|
|
| ||||
Investment Company - 1.5% |
|
|
| ||||
992,582 |
| Goldman Sachs Financial Square Funds, Treasury Obligations Fund, 0.01% (g) |
| 992,582 |
| ||
|
|
|
|
|
| ||
Total Short Term Investments (cost $992,582) |
| 992,582 |
| ||||
|
|
|
| ||||
Total Investments - 99.8% (cost $64,962,759) |
| 66,657,270 |
| ||||
Other assets in excess of liabilities - 0.2% |
| 150,814 |
| ||||
NET ASSETS - 100% |
| $ | 66,808,084 |
| |||
See accompanying Notes to Financial Statements.
(a) |
| Variable rate security. The rate reflected is the rate in effect at September 30, 2012. |
(b) |
| Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified buyers. This security has been deemed liquid by the Fund’s investment adviser based on procedures approved by the Tributary Funds’ Board of Directors. |
(c) |
| Security fair valued in good faith in accordance with the procedures established by the Tributary Funds’ Board of Directors. Good faith fair valued securities may be classified as Level 2 or Level 3 for Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” based on the applicable valuation inputs. See Security Valuation in the Notes to Financial Statements. |
(d) |
| Perpetual maturity security. Interest rate is fixed until the first call date and variable thereafter. |
(e) |
| This security is a direct debt of the agency and not collateralized by mortgages. |
(f) |
| U.S. Treasury inflation indexed note, par amount is adjusted for inflation. |
(g) |
| Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2012. |
|
|
|
ABS |
| Asset-Backed Securities |
AMBAC |
| AMBAC Indemnity Corp. |
REMIC |
| Real Estate Mortgage Investment Conduit |
See accompanying Notes to Financial Statements.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2012 (Unaudited)
INCOME FUND
Principal |
| Security |
| Value |
| ||
Non-U.S. Government Agency Asset-Backed Securities - 26.9% |
|
|
| ||||
$ | 1,348,000 |
| Banc of America Commercial Mortgage Inc. REMIC, 5.36%, 09/10/47 (a) |
| $ | 1,518,236 |
|
374,147 |
| Bear Stearns Asset Backed Securities Trust REMIC, 5.00%, 10/25/33 (a) |
| 391,527 |
| ||
767,377 |
| Bear Stearns Commercial Mortgage Securities Inc. REMIC, 5.53%, 09/11/41 |
| 807,604 |
| ||
457,364 |
| Chase Mortgage Finance Corp. REMIC, 5.50%, 05/25/35 |
| 478,723 |
| ||
659,422 |
| Citigroup Mortgage Loan Trust Inc. REMIC, 6.50%, 07/25/34 |
| 695,187 |
| ||
380,889 |
| Citigroup Mortgage Loan Trust Inc. REMIC, 0.37%, 10/25/36 (a) |
| 373,608 |
| ||
248,869 |
| Citimortgage Alternative Loan Trust REMIC, 5.25%, 03/25/21 |
| 254,704 |
| ||
118,320 |
| Countrywide Alternative Loan Trust REMIC, 5.42%, 08/25/36 (a) |
| 120,769 |
| ||
447,721 |
| Countrywide Asset-Backed Certificates REMIC, 4.46%, 10/25/35 (a) |
| 449,846 |
| ||
115,645 |
| Countrywide Asset-Backed Certificates REMIC, 0.46%, 04/25/36 (a) |
| 114,558 |
| ||
315,769 |
| Countrywide Asset-Backed Certificates REMIC, 0.40%, 07/25/36 (a) |
| 280,203 |
| ||
163,126 |
| Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20 |
| 165,567 |
| ||
214,256 |
| Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.75%, 04/25/33 |
| 225,807 |
| ||
367,966 |
| Credit-Based Asset Servicing and Securitization LLC REMIC, 1.34%, 02/25/33 (a) |
| 313,042 |
| ||
541,426 |
| Credit-Based Asset Servicing and Securitization LLC REMIC, 5.75%, 12/25/37 (a) |
| 549,651 |
| ||
409,650 |
| FBR Securitization Trust REMIC, 0.47%, 11/25/35 (a) |
| 408,951 |
| ||
575,000 |
| GS Mortgage Securities Corp., 3.65%, 03/10/44 (b) |
| 623,376 |
| ||
55,381 |
| Home Equity Asset Trust REMIC, 0.33%, 07/25/37 (a) |
| 54,654 |
| ||
454,426 |
| Irwin Home Equity Corp. REMIC, 1.31%, 11/25/28 (a) |
| 429,009 |
| ||
202,874 |
| MASTR Asset Securitization Trust REMIC, 5.25%, 11/25/35 |
| 205,623 |
| ||
825,000 |
| Morgan Stanley Capital I REMIC, 3.22%, 07/15/49 |
| 893,220 |
| ||
280,670 |
| Nomura Asset Acceptance Corp. REMIC, 6.00%, 03/25/47 (a) |
| 171,740 |
| ||
300,000 |
| Novastar Home Equity Loan REMIC, 1.87%, 03/25/35 (a) |
| 274,567 |
| ||
610,655 |
| Option One Mortgage Loan Trust REMIC, 0.43%, 12/25/35 (a) |
| 596,776 |
| ||
621,064 |
| Origen Manufactured Housing, 5.91%, 01/15/35 |
| 670,211 |
| ||
114,402 |
| Park Place Securities Inc. REMIC, 0.84%, 10/25/34 (a) |
| 113,758 |
| ||
1,044,116 |
| Preferred Term Securities XXI Ltd., 1.04%, 03/22/38 (a) (b) (c) (d) |
| 172,279 |
| ||
551,816 |
| Preferred Term Securities XXIV Ltd., 0.69%, 03/22/37 (a) (b) (c) |
| 303,499 |
| ||
742,834 |
| RAAC Trust REMIC, 0.39%, 08/25/36 (a) |
| 742,709 |
| ||
323,625 |
| Residential Accredit Loans Inc. REMIC, 5.50%, 01/25/34 |
| 333,433 |
| ||
535,238 |
| Residential Accredit Loans Inc. REMIC, 6.00%, 10/25/34 |
| 544,756 |
| ||
195,577 |
| Residential Accredit Loans Inc. REMIC, 5.50%, 02/25/35 |
| 188,037 |
| ||
359,584 |
| Residential Asset Mortgage Products Inc. (insured by AMBAC Assurance Corp.) REMIC, 4.02%, 03/25/33 |
| 322,306 |
| ||
375,206 |
| Residential Asset Securities Corp. REMIC, 5.96%, 09/25/31 |
| 364,772 |
| ||
389,059 |
| Residential Asset Securities Corp. REMIC, 4.47%, 03/25/32 |
| 394,504 |
| ||
277,775 |
| Residential Asset Securities Corp. REMIC, 4.54%, 12/25/33 |
| 282,172 |
| ||
625,825 |
| SACO I Inc. REMIC, 0.78%, 11/25/35 (a) |
| 601,545 |
| ||
182,802 |
| Structured Asset Securities Corp. (insured by MBIA Assurance Corp.) REMIC, 5.30%, 09/25/33 (a) |
| 184,977 |
| ||
415,769 |
| Vanderbilt Mortgage & Finance Inc., 5.84%, 02/07/26 |
| 429,858 |
| ||
630,000 |
| Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45 |
| 645,869 |
| ||
624,463 |
| Wells Fargo Home Equity Trust REMIC, 0.60%, 12/25/35 (a) |
| 603,333 |
| ||
171,430 |
| Wells Fargo Home Equity Trust REMIC, 0.36%, 07/25/36 (a) |
| 169,201 |
| ||
537,513 |
| Wells Fargo Mortgage Backed Securities Trust REMIC, 5.00%, 02/25/19 |
| 549,608 |
| ||
435,354 |
| Wells Fargo Mortgage Backed Securities Trust REMIC, 5.00%, 11/25/36 |
| 453,674 |
| ||
430,000 |
| Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.19%, 04/15/45 |
| 450,122 |
| ||
|
|
|
|
|
| ||
Total Non-U.S. Government Agency Asset-Backed Securities (cost $18,956,759) |
| 18,917,571 |
| ||||
See accompanying Notes to Financial Statements.
Principal |
| Security |
| Value |
| ||
Corporate Bonds - 23.0% |
|
|
| ||||
Consumer Discretionary - 3.0% |
|
|
| ||||
$ | 300,000 |
| Goodyear Tire & Rubber Co., 7.00%, 05/15/22 |
| $ | 318,000 |
|
250,000 |
| Hanesbrands Inc., 6.38%, 12/15/20 |
| 271,250 |
| ||
325,000 |
| Mohawk Industries Inc., 6.38%, 01/15/16 |
| 365,625 |
| ||
345,000 |
| Newell Rubbermaid Inc., 4.70%, 08/15/20 |
| 379,040 |
| ||
355,000 |
| Time Warner Cable Inc., 4.00%, 09/01/21 |
| 391,417 |
| ||
355,000 |
| Whirlpool Corp., 4.85%, 06/15/21 |
| 376,780 |
| ||
|
|
|
| 2,102,112 |
| ||
Consumer Staples - 1.5% |
|
|
| ||||
255,000 |
| Church & Dwight Co. Inc., 3.35%, 12/15/15 |
| 269,617 |
| ||
285,000 |
| PepsiCo Inc., 7.90%, 11/01/18 |
| 386,381 |
| ||
315,000 |
| Wal-Mart Stores Inc., 5.63%, 04/15/41 |
| 420,222 |
| ||
|
|
|
| 1,076,220 |
| ||
Energy - 1.2% |
|
|
| ||||
335,000 |
| Enterprise Products Operating LLC, 6.30%, 09/15/17 |
| 407,467 |
| ||
270,000 |
| Tosco Corp., 8.13%, 02/15/30 |
| 409,964 |
| ||
|
|
|
| 817,431 |
| ||
Financials - 10.5% |
|
|
| ||||
325,000 |
| ACE INA Holdings Inc., 5.90%, 06/15/19 |
| 401,869 |
| ||
340,000 |
| American Express Co., 6.80%, 09/01/66 (a) |
| 363,800 |
| ||
375,000 |
| Bank of America Corp., 5.65%, 05/01/18 |
| 427,566 |
| ||
285,000 |
| Chubb Corp., 6.80%, 11/15/31 |
| 390,167 |
| ||
385,000 |
| Citigroup Inc., 4.45%, 01/10/17 |
| 422,876 |
| ||
380,000 |
| General Electric Capital Corp., 4.38%, 09/16/20 |
| 419,066 |
| ||
265,000 |
| Genworth Financial Inc., 7.63%, 09/24/21 |
| 270,468 |
| ||
335,000 |
| Goldman Sachs Capital I, 6.35%, 02/15/34 |
| 336,580 |
| ||
30,000 |
| Goldman Sachs Group Inc., 6.25%, 09/01/17 |
| 35,165 |
| ||
365,000 |
| Hartford Financial Services Group Inc., 4.00%, 10/15/17 |
| 392,315 |
| ||
395,000 |
| JPMorgan Chase & Co., 7.90% (callable at 100 beginning 04/30/18) (e) |
| 448,613 |
| ||
311,000 |
| KeyBank NA, 4.95%, 09/15/15 |
| 339,884 |
| ||
405,000 |
| Metropolitan Life Global Funding I, 1.70%, 06/29/15 (b) |
| 413,102 |
| ||
415,000 |
| Morgan Stanley, 3.80%, 04/29/16 |
| 428,836 |
| ||
375,000 |
| PNC Funding Corp., 0.65%, 01/31/14 (a) |
| 374,391 |
| ||
285,000 |
| Prudential Financial Inc., 7.38%, 06/15/19 |
| 360,411 |
| ||
250,000 |
| Regions Financial Corp., 7.75%, 11/10/14 |
| 278,125 |
| ||
375,000 |
| State Street Bank & Trust Co., 0.61%, 12/08/15 (a) |
| 367,366 |
| ||
185,000 |
| State Street Capital Trust III, 8.25% (callable at 100 beginning 03/15/13) (e) |
| 185,024 |
| ||
353,000 |
| UBS Preferred Funding Trust V, 6.24% (callable at 100 beginning 05/15/16) (e) |
| 347,705 |
| ||
350,000 |
| Wells Fargo & Co., Series A, 7.98% (callable at 100 beginning 03/15/18) (e) |
| 402,063 |
| ||
|
|
|
| 7,405,392 |
| ||
Health Care - 0.3% |
|
|
| ||||
160,000 |
| Pfizer Inc., 6.20%, 03/15/19 |
| 203,840 |
| ||
|
|
|
|
|
| ||
Industrials - 1.5% |
|
|
| ||||
275,000 |
| Textron Inc., 6.20%, 03/15/15 |
| 302,075 |
| ||
335,000 |
| Union Pacific Corp., 5.70%, 08/15/18 |
| 408,007 |
| ||
285,000 |
| United Technologies Corp., 6.13%, 07/15/38 |
| 386,599 |
| ||
|
|
|
| 1,096,681 |
| ||
Information Technology - 1.2% |
|
|
| ||||
345,000 |
| CA Inc., 6.13%, 12/01/14 |
| 378,642 |
| ||
300,000 |
| International Business Machines Corp., 7.00%, 10/30/25 |
| 446,063 |
| ||
|
|
|
| 824,705 |
| ||
Materials - 2.0% |
|
|
| ||||
345,000 |
| Dow Chemical Co., 4.25%, 11/15/20 |
| 379,587 |
| ||
305,000 |
| Martin Marietta Materials Inc., 6.60%, 04/15/18 |
| 342,417 |
| ||
315,000 |
| Mosaic Co., 3.75%, 11/15/21 |
| 337,953 |
| ||
295,000 |
| Rio Tinto Finance USA Ltd., 8.95%, 05/01/14 |
| 332,317 |
| ||
|
|
|
| 1,392,274 |
| ||
Telecommunication Services - 0.2% |
|
|
| ||||
160,000 |
| Crown Castle International Corp., 9.00%, 01/15/15 |
| 171,600 |
| ||
|
|
|
|
|
| ||
Utilities - 1.6% |
|
|
| ||||
315,000 |
| Alabama Power Co., 5.50%, 10/15/17 |
| 379,904 |
| ||
300,000 |
| Dayton Power & Light Co., 5.13%, 10/01/13 |
| 313,427 |
| ||
See accompanying Notes to Financial Statements.
Principal |
| Security |
| Value |
| ||
$ | 300,000 |
| PacifiCorp, 6.25%, 10/15/37 |
| $ | 411,074 |
|
|
|
|
| 1,104,405 |
| ||
|
|
|
|
|
| ||
Total Corporate Bonds (cost $14,861,217) |
| 16,194,660 |
| ||||
|
|
|
|
|
| ||
Government and Agency Obligations - 44.5% |
|
|
| ||||
GOVERNMENT SECURITIES - 20.4% |
|
|
| ||||
Municipals - 2.7% |
|
|
| ||||
335,000 |
| Nebraska Public Power District, RB, Series B, 4.85%, 01/01/14 |
| 352,494 |
| ||
285,000 |
| New York City, New York, Water Finance Authority & Sewer Revenue, 5.72%, 06/15/42 |
| 376,271 |
| ||
215,000 |
| State of Connecticut, Public Improvements, 4.95%, 12/01/20 |
| 258,372 |
| ||
215,000 |
| State of Connecticut, Public Improvements, 5.63%, 12/01/29 |
| 263,229 |
| ||
240,000 |
| University of Michigan, 6.01%, 04/01/25 |
| 287,352 |
| ||
350,000 |
| University of Nebraska, RB, Series B, 5.70%, 07/01/29 |
| 382,333 |
| ||
|
|
|
| 1,920,051 |
| ||
Treasury Inflation Index Securities - 1.9% |
|
|
| ||||
396,442 |
| U.S. Treasury Inflation Indexed Note, 0.50%, 04/15/15 (f) |
| 416,512 |
| ||
349,223 |
| U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (f) |
| 381,198 |
| ||
355,093 |
| U.S. Treasury Inflation Indexed Note, 2.13%, 02/15/40 (f) |
| 518,270 |
| ||
|
|
|
| 1,315,980 |
| ||
U.S. Treasury Securities - 15.8% |
|
|
| ||||
755,000 |
| U.S. Treasury Bond, 5.38%, 02/15/31 |
| 1,092,037 |
| ||
2,185,000 |
| U.S. Treasury Bond, 4.38%, 11/15/39 |
| 2,887,956 |
| ||
750,000 |
| U.S. Treasury Note, 1.38%, 03/15/13 |
| 754,160 |
| ||
3,065,000 |
| U.S. Treasury Note, 3.50%, 02/15/18 |
| 3,515,411 |
| ||
2,755,000 |
| U.S. Treasury Note, 2.00%, 02/15/22 |
| 2,865,415 |
| ||
|
|
|
| 11,114,979 |
| ||
U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES - 24.1% |
|
|
| ||||
Federal Home Loan Mortgage Corp. - 9.1% |
|
|
| ||||
1,090,000 |
| Federal Home Loan Mortgage Corp. REMIC, 4.50%, 04/15/19 |
| 1,173,800 |
| ||
1,244,000 |
| Federal Home Loan Mortgage Corp. REMIC, 4.50%, 06/15/21 |
| 1,405,895 |
| ||
700,000 |
| Federal Home Loan Mortgage Corp. REMIC, 4.00%, 02/15/27 |
| 732,719 |
| ||
1,604,656 |
| Federal Home Loan Mortgage Corp., 4.50%, 11/01/30 |
| 1,739,691 |
| ||
1,216,995 |
| Federal Home Loan Mortgage Corp. REMIC, 4.00%, 02/15/39 |
| 1,340,997 |
| ||
|
|
|
| 6,393,102 |
| ||
Shares or |
|
|
|
|
| ||
Federal National Mortgage Association - 14.3% |
|
|
| ||||
$ | 205,327 |
| Federal National Mortgage Association, 5.50%, 11/01/16 |
|
| 222,702 |
|
67,447 |
| Federal National Mortgage Association, 4.50%, 12/01/18 |
| 72,974 |
| ||
1,315,000 |
| Federal National Mortgage Association REMIC, 4.00%, 02/25/19 |
| 1,389,872 |
| ||
714,585 |
| Federal National Mortgage Association, 7.50%, 08/01/22 |
| 818,200 |
| ||
375,665 |
| Federal National Mortgage Association, 4.00%, 06/01/24 |
| 402,045 |
| ||
102,812 |
| Federal National Mortgage Association, 4.00%, 10/01/24 |
| 110,031 |
| ||
974,279 |
| Federal National Mortgage Association REMIC, 5.00%, 02/25/32 |
| 1,059,502 |
| ||
124,980 |
| Federal National Mortgage Association, 5.00%, 08/01/34 |
| 136,752 |
| ||
1,370,000 |
| Federal National Mortgage Association REMIC, 5.50%, 08/25/34 |
| 1,482,465 |
| ||
1,228,532 |
| Federal National Mortgage Association REMIC, 3.00%, 04/25/37 |
| 1,279,808 |
| ||
146,267 |
| Federal National Mortgage Association, 5.50%, 08/01/37 |
| 161,191 |
| ||
574,995 |
| Federal National Mortgage Association, 6.00%, 09/01/38 |
| 637,443 |
| ||
897,951 |
| Federal National Mortgage Association, 4.50%, 01/01/40 |
| 1,015,717 |
| ||
1,195,418 |
| Federal National Mortgage Association, 4.00%, 04/01/41 |
| 1,317,602 |
| ||
|
|
|
| 10,106,304 |
| ||
Government National Mortgage Association - 0.7% |
|
|
| ||||
448,540 |
| Government National Mortgage Association, 4.72%, 06/20/61 |
| 508,479 |
| ||
|
|
|
|
|
| ||
Total Government and Agency Obligations |
| 31,358,895 |
| ||||
|
|
|
| ||||
Preferred Stock - 0.7% |
|
|
| ||||
580 |
| US Bancorp, Series A, 3.50% (callable at 1,000 beginning on 11/09/12) (e) |
| 498,800 |
| ||
|
|
|
|
|
| ||
Total Preferred Stocks (cost $595,666) |
| 498,800 |
| ||||
|
|
|
|
|
| ||
Exchange Traded Funds - 0.7% |
|
|
| ||||
5,047 |
| iShares iBoxx High Yield Corporate Bond Fund |
| 466,191 |
| ||
|
|
|
|
|
| ||
Total Exchange Traded Funds (cost $436,131) |
| 466,191 |
| ||||
See accompanying Notes to Financial Statements.
Shares |
| Security |
| Value |
| |
Investment Company - 1.9% |
|
|
| |||
135,259 |
| Federated Institutional High-Yield Bond Fund |
| $ | 1,370,168 |
|
|
|
|
|
|
| |
Total Investment Company (cost $1,228,721) |
| 1,370,168 |
| |||
|
|
|
|
|
| |
Short Term Investments - 2.1% |
|
|
| |||
Investment Company - 2.1% |
|
|
| |||
1,464,036 |
| Goldman Sachs Financial Square Funds, Treasury Obligations Fund, 0.01% (g) |
| 1,464,036 |
| |
|
|
|
|
|
| |
Total Short Term Investments (cost $1,464,036) |
| 1,464,036 |
| |||
|
|
|
|
|
| |
Total Investments - 99.8% (cost $66,716,385) |
| 70,270,321 |
| |||
Other assets in excess of liabilities - 0.2% |
| 158,129 |
| |||
NET ASSETS - 100% |
| $ | 70,428,450 |
|
(a) |
| Variable rate security. The rate reflected is the rate in effect at September 30, 2012. |
(b) |
| Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified buyers. This security has been deemed liquid by the Fund’s investment adviser based on procedures approved by the Tributary Funds’ Board of Directors. |
(c) |
| Security fair valued in good faith in accordance with the procedures established by the Tributary Funds’ Board of Directors. Good faith fair valued securities may be classified as Level 2 or Level 3 for Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” based on the applicable valuation inputs. See Security Valuation in the Notes to Financial Statements. |
(d) |
| Non-income producing security. |
(e) |
| Perpetual maturity security. Interest rate is fixed until the first call date and variable thereafter. |
(f) |
| U.S. Treasury inflation indexed note, par amount is adjusted for inflation. |
(g) |
| Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2012. |
|
|
|
AMBAC |
| AMBAC Indemnity Corp. |
MBIA |
| Municipal Bond Investors Assurance |
RB |
| Revenue Bond |
REMIC |
| Real Estate Mortgage Investment Conduit |
See accompanying Notes to Financial Statements.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2012 (Unaudited)
BALANCED FUND
Shares |
| Security |
| Value |
| |
Common Stocks - 60.7% |
|
|
| |||
Consumer Discretionary - 7.3% |
|
|
| |||
7,300 |
| BorgWarner Inc. (a) |
| $ | 504,503 |
|
900 |
| Chipotle Mexican Grill Inc. - Class A (a) |
| 285,786 |
| |
24,000 |
| Comcast Corp. - Class A |
| 858,480 |
| |
9,800 |
| Discovery Communications Inc. - Class C (a) |
| 549,192 |
| |
5,200 |
| McDonald’s Corp. |
| 477,100 |
| |
10,300 |
| Nordstrom Inc. |
| 568,354 |
| |
900 |
| Priceline.com Inc. (a) |
| 556,857 |
| |
4,750 |
| Ulta Salon Cosmetics & Fragrance Inc. |
| 457,449 |
| |
4,700 |
| Wynn Resorts Ltd. |
| 542,568 |
| |
|
|
|
| 4,800,289 |
| |
Consumer Staples - 7.1% |
|
|
| |||
9,900 |
| Church & Dwight Co. Inc. |
| 534,501 |
| |
6,750 |
| Colgate-Palmolive Co. |
| 723,735 |
| |
9,900 |
| Herbalife Ltd. |
| 469,260 |
| |
8,100 |
| Hershey Co. |
| 574,209 |
| |
18,200 |
| Kraft Foods Inc. - Class A |
| 752,570 |
| |
7,650 |
| Mead Johnson Nutrition Co. |
| 560,592 |
| |
6,400 |
| PriceSmart Inc. |
| 484,608 |
| |
5,700 |
| Whole Foods Market Inc. |
| 555,180 |
| |
|
|
|
| 4,654,655 |
| |
Energy - 6.5% |
|
|
| |||
2,250 |
| Apache Corp. |
| 194,557 |
| |
4,950 |
| Chevron Corp. |
| 576,972 |
| |
11,500 |
| Exxon Mobil Corp. |
| 1,051,675 |
| |
5,300 |
| Helmerich & Payne Inc. |
| 252,333 |
| |
6,100 |
| Noble Energy Inc. |
| 565,531 |
| |
8,050 |
| Occidental Petroleum Corp. |
| 692,783 |
| |
7,100 |
| Schlumberger Ltd. |
| 513,543 |
| |
11,900 |
| Suncor Energy Inc. |
| 390,915 |
| |
|
|
|
| 4,238,309 |
| |
Financials - 7.9% |
|
|
| |||
9,300 |
| ACE Ltd. |
| 703,080 |
| |
5,550 |
| Affiliated Managers Group Inc. (a) |
| 682,650 |
| |
22,400 |
| BB&T Corp. |
| 742,784 |
| |
3,400 |
| BlackRock Inc. |
| 606,220 |
| |
4,400 |
| Credit Acceptance Corp. (a) |
| 376,244 |
| |
16,875 |
| JPMorgan Chase & Co. |
| 683,100 |
| |
15,900 |
| MetLife Inc. |
| 547,914 |
| |
25,100 |
| U.S. Bancorp |
| 860,930 |
| |
|
|
|
| 5,202,922 |
| |
Health Care - 8.0% |
|
|
| |||
8,500 |
| Abbott Laboratories |
| 582,760 |
| |
3,200 |
| Biogen Idec Inc. (a) |
| 477,536 |
| |
8,050 |
| Celgene Corp. (a) |
| 615,020 |
| |
6,350 |
| Cerner Corp. (a) |
| 491,554 |
| |
11,375 |
| Covidien Plc |
| 675,902 |
| |
1,000 |
| Intuitive Surgical Inc. (a) |
| 495,630 |
| |
11,650 |
| Medidata Solutions Inc. (a) |
| 483,475 |
| |
11,600 |
| Thermo Fisher Scientific Inc. |
| 682,428 |
| |
13,166 |
| Valeant Pharmaceuticals International Inc. (a) |
| 727,685 |
| |
|
|
|
| 5,231,990 |
| |
Industrials - 6.5% |
|
|
| |||
8,700 |
| AGCO Corp. (a) |
| 413,076 |
| |
9,200 |
| Dover Corp. |
| 547,308 |
| |
14,850 |
| Fortune Brands Home & Security Inc. (a) |
| 401,098 |
| |
30,700 |
| General Electric Co. |
| 697,197 |
| |
4,200 |
| Joy Global Inc. |
| 235,452 |
| |
6,800 |
| Norfolk Southern Corp. |
| 432,684 |
| |
6,700 |
| Parker Hannifin Corp. |
| 559,986 |
| |
5,100 |
| Roper Industries Inc. |
| 560,439 |
| |
5,800 |
| United Parcel Service Inc. - Class B |
| 415,106 |
| |
|
|
|
| 4,262,346 |
| |
Information Technology - 12.5% |
|
|
| |||
12,300 |
| Adobe Systems Inc. (a) |
| 399,258 |
| |
2,975 |
| Apple Inc. |
| 1,985,098 |
| |
4,750 |
| Citrix Systems Inc. (a) |
| 363,708 |
| |
5,700 |
| Cognizant Technology Solutions Corp. - Class A (a) |
| 398,544 |
| |
2,200 |
| FactSet Research Systems Inc. |
| 212,124 |
| |
1,280 |
| Google Inc. - Class A (a) |
| 965,760 |
| |
7,600 |
| IAC/InterActiveCorp. |
| 395,656 |
| |
23,400 |
| Intel Corp. |
| 530,712 |
| |
1,100 |
| MasterCard Inc. - Class A |
| 496,628 |
| |
19,800 |
| Mentor Graphics Corp. (a) |
| 306,504 |
| |
24,100 |
| Microsoft Corp. |
| 717,698 |
| |
23,000 |
| Oracle Corp. |
| 724,270 |
| |
11,900 |
| QUALCOMM Inc. |
| 743,631 |
| |
|
|
|
| 8,239,591 |
| |
Materials - 1.8% |
|
|
| |||
4,600 |
| Agrium Inc. |
| 475,916 |
| |
3,000 |
| Praxair Inc. |
| 311,640 |
| |
5,600 |
| Sigma-Aldrich Corp. |
| 403,032 |
| |
|
|
|
| 1,190,588 |
| |
Telecommunication Services - 1.1% |
|
|
| |||
16,450 |
| Verizon Communications Inc. |
| 749,627 |
| |
|
|
|
| |||
Utilities - 2.0% |
|
|
| |||
37,700 |
| AES Corp. |
| 413,569 |
| |
6,800 |
| NextEra Energy Inc. |
| 478,244 |
| |
8,900 |
| Southern Co. |
| 410,201 |
| |
|
|
|
| 1,302,014 |
| |
Total Common Stocks (cost $29,231,519) |
| 39,872,331 |
| |||
See accompanying Notes to Financial Statements.
Principal |
| Security |
| Value |
| ||
Corporate Bonds - 22.1% |
|
|
| ||||
Consumer Discretionary - 2.3% |
|
|
| ||||
$ | 500,000 |
| Comcast Corp., 5.70%, 05/15/18 |
| $ | 608,131 |
|
500,000 |
| Home Depot Inc., 5.40%, 03/01/16 |
| 578,484 |
| ||
300,000 |
| McGraw-Hill Cos. Inc., 5.90%, 11/15/17 |
| 352,932 |
| ||
|
|
|
| 1,539,547 |
| ||
Consumer Staples - 2.0% |
|
|
| ||||
500,000 |
| Anheuser-Busch Cos. LLC, 5.00%, 03/01/19 |
| 584,679 |
| ||
300,000 |
| Coca-Cola Enterprises Inc., 4.50%, 09/01/21 |
| 340,297 |
| ||
300,000 |
| ConAgra Foods Inc., 7.00%, 04/15/19 |
| 376,440 |
| ||
|
|
|
| 1,301,416 |
| ||
Energy - 1.0% |
|
|
| ||||
300,000 |
| BP Capital Markets Plc, 3.63%, 05/08/14 |
| 314,599 |
| ||
300,000 |
| Shell International Finance BV, 3.25%, 09/22/15 |
| 324,120 |
| ||
|
|
|
| 638,719 |
| ||
Financials - 6.0% |
|
|
| ||||
400,000 |
| American Express Credit Co., 5.88%, 05/02/13 |
| 412,556 |
| ||
500,000 |
| Commonwealth Bank of Australia, 4.26%, 04/13/20 (b) (c) |
| 526,945 |
| ||
500,000 |
| General Electric Capital Corp., 5.63%, 09/15/17 |
| 588,831 |
| ||
300,000 |
| Goldman Sachs Group Inc., 5.25%, 10/15/13 |
| 313,105 |
| ||
300,000 |
| JPMorgan Chase & Co., 6.40%, 10/02/17 |
| 360,705 |
| ||
500,000 |
| KeyCorp, 6.50%, 05/14/13 |
| 517,729 |
| ||
300,000 |
| Morgan Stanley, 0.94%, 10/15/15 (b) |
| 285,847 |
| ||
250,000 |
| Regions Bank, 7.50%, 05/15/18 |
| 295,000 |
| ||
300,000 |
| Vornado Realty Trust, 4.25%, 04/01/15 |
| 317,036 |
| ||
300,000 |
| Wachovia Corp., 5.25%, 08/01/14 |
| 322,463 |
| ||
|
|
|
| 3,940,217 |
| ||
Health Care - 1.7% |
|
|
| ||||
500,000 |
| Novartis AG, 5.13%, 02/10/19 |
| 600,810 |
| ||
500,000 |
| Teva Pharmaceutical Finance III LLC, 3.00%, 06/15/15 |
| 531,422 |
| ||
|
|
|
| 1,132,232 |
| ||
Industrials - 2.0% |
|
|
| ||||
500,000 |
| Harley-Davidson Funding Corp., 6.80%, 06/15/18 (d) |
| 619,172 |
| ||
300,000 |
| Honeywell International Inc., 5.30%, 03/01/18 |
| 364,392 |
| ||
300,000 |
| Union Pacific Corp., 4.16%, 07/15/22 |
| 341,893 |
| ||
|
|
|
| 1,325,457 |
| ||
Materials - 1.2% |
|
|
| ||||
| 350,000 |
| Mosaic Co., 3.75%, 11/15/21 |
|
| 375,504 |
|
400,000 |
| Vale Overseas Ltd., 4.38%, 01/11/22 |
| 420,464 |
| ||
|
|
|
| 795,968 |
| ||
Telecommunication Services - 1.9% |
|
|
| ||||
500,000 |
| AT&T Inc., 4.45%, 05/15/21 |
| 588,413 |
| ||
300,000 |
| Cellco Partnership, 5.55%, 02/01/14 |
| 319,110 |
| ||
300,000 |
| Verizon Communications Inc., 4.90%, 09/15/15 |
| 337,588 |
| ||
|
|
|
| 1,245,111 |
| ||
Utilities - 4.0% |
|
|
| ||||
400,000 |
| Alabama Power Co., 5.88%, 12/01/22 |
| 506,605 |
| ||
400,000 |
| Commonwealth Edison Co., 4.00%, 08/01/20 |
| 453,752 |
| ||
400,000 |
| Consolidated Edison Co. of New York Inc., 5.30%, 12/01/16 |
| 465,268 |
| ||
250,000 |
| Exelon Generation Co. LLC, 5.20%, 10/01/19 |
| 283,845 |
| ||
300,000 |
| ONEOK Inc., 4.25%, 02/01/22 |
| 325,546 |
| ||
500,000 |
| Sempra Energy, 6.50%, 06/01/16 |
| 595,384 |
| ||
|
|
|
| 2,630,400 |
| ||
Total Corporate Bonds (cost $13,674,210) |
| 14,549,067 |
| ||||
|
|
|
|
|
| ||
Government and Agency Obligations - 11.4% |
|
|
| ||||
GOVERNMENT SECURITIES - 11.4% |
|
|
| ||||
|
|
|
|
|
| ||
Municipals - 5.7% |
|
|
| ||||
250,000 |
| Aurora Illinois, GO, Series A, 4.25%, 12/30/17 |
| 284,142 |
| ||
250,000 |
| City of Industry California, Sales Tax Revenue, 7.00%, 01/01/21 |
| 267,620 |
| ||
150,000 |
| County of St. Charles Missouri (Insured by MBIA Insurance Corp), Sales Tax Revenue, 5.16%, 10/01/20 |
| 178,907 |
| ||
190,000 |
| Denver City & County Board of Water Commission, Water Revenue, Series A, 5.00%, 12/15/19 |
| 229,833 |
| ||
100,000 |
| Florida State Board of Education, Lottery Revenue, 5.19%, 07/01/19 |
| 118,068 |
| ||
265,000 |
| Hamden Connecticut, GO, Series B, 5.38%, 08/15/22 |
| 314,642 |
| ||
195,000 |
| Kansas Development Finance Authority, Kansas Project Revenue, Series N, 5.20%, 11/01/19 |
| 238,532 |
| ||
300,000 |
| Metro Wastewater Reclamation District, Sewer Revenue, Series B, 5.02%, 04/01/20 |
| 355,590 |
| ||
205,000 |
| Northern Illinois Municipal Power Agency, Power Project Revenue, 5.69%, 01/01/17 |
| 229,633 |
|
See accompanying Notes to Financial Statements.
Principal |
| Security |
| Value |
| ||
$ | 200,000 |
| Parker Colorado, Series A, 5.30%, 11/01/18 |
| $ | 230,824 |
|
200,000 |
| Reeves County Texas, Correctional Facilities, 7.40%, 12/01/17 |
| 209,804 |
| ||
200,000 |
| Santa Monica Community College District, Series A, 5.73%, 08/01/24 |
| 230,514 |
| ||
350,000 |
| State of California, University Revenue Bonds, 5.45%, 11/01/22 |
| 404,894 |
| ||
280,000 |
| Tulsa Airports Improvement Trust, Airport & Marina Revenue, Series B, 6.50%, 06/01/21 |
| 328,054 |
| ||
100,000 |
| Vista Community Development Commission California, 7.61%, 09/01/21 |
| 114,885 |
| ||
|
|
|
| 3,735,942 |
| ||
Treasury Inflation Index Securities - 2.1% |
|
|
| ||||
268,110 |
| U.S. Treasury Inflation Indexed Note, 2.38%, 01/15/17 (e) |
| 314,464 |
| ||
434,379 |
| U.S. Treasury Inflation Indexed Note, 1.38%, 01/15/20 (e) |
| 519,727 |
| ||
202,448 |
| U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (e) |
| 220,985 |
| ||
243,086 |
| U.S. Treasury Inflation Indexed Note, 2.38%, 01/15/25 (e) |
| 329,951 |
| ||
|
|
|
| 1,385,127 |
| ||
U.S. Treasury Securities - 3.6% |
|
|
| ||||
150,000 |
| U.S. Treasury Bond, 6.25%, 08/15/23 |
| 217,664 |
| ||
150,000 |
| U.S. Treasury Bond, 7.50%, 11/15/24 |
| 241,875 |
| ||
400,000 |
| U.S. Treasury Note, 3.25%, 12/31/16 |
| 446,156 |
| ||
200,000 |
| U.S. Treasury Note, 4.25%, 11/15/17 |
| 236,141 |
| ||
300,000 |
| U.S. Treasury Note, 3.75%, 11/15/18 |
| 352,125 |
| ||
150,000 |
| U.S. Treasury Note, 3.63%, 08/15/19 |
| 176,180 |
| ||
200,000 |
| U.S. Treasury Note, 3.50%, 05/15/20 |
| 234,172 |
| ||
400,000 |
| U.S. Treasury Note, 3.63%, 02/15/21 |
| 473,531 |
| ||
|
|
|
| 2,377,844 |
| ||
Total Government and Agency Obligations |
| 7,498,913 |
| ||||
|
|
|
|
|
| ||
Shares |
|
|
|
|
| ||
Short Term Investments - 5.2% |
|
|
| ||||
Investment Company - 5.2% |
|
|
| ||||
3,427,209 |
| Goldman Sachs Financial Square Funds, Treasury Obligations Fund, 0.01% (f) |
| 3,427,209 |
| ||
|
|
|
|
|
| ||
Total Short Term Investments (cost $3,427,209) |
| 3,427,209 |
| ||||
|
|
|
|
|
| ||
Total Investments - 99.4% (cost $53,106,168) |
| 65,347,520 |
| ||||
Other assets in excess of liabilities - 0.6% |
| 392,563 |
| ||||
NET ASSETS - 100% |
| $ | 65,740,083 |
| |||
(a) |
| Non-income producing security. |
(b) |
| Variable rate security. The rate reflected is the rate in effect at September 30, 2012. |
(c) |
| Restricted as to public resale of Rule 144A or Section 4(2) of the Securities Act of 1933, as amended, which provides an exemption from the registration requirements for resale of the security to an institutional investor. See Restricted table in the Notes to Financial Statements. |
(d) |
| Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified buyers. This security has been deemed liquid by the Fund’s investment adviser based on procedures approved by the Tributary Funds’ Board of Directors. |
(e) |
| U.S. Treasury inflation indexed note, par amount is adjusted for inflation. |
(f) |
| Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2012. |
|
|
|
GO |
| General Obligation |
MBIA |
| Municipal Bond Investors Assurance |
See accompanying Notes to Financial Statements.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2012 (Unaudited)
CORE EQUITY FUND
Shares |
| Security |
| Value |
| |
Common Stocks - 95.1% |
|
|
| |||
Consumer Discretionary - 9.4% |
|
|
| |||
123,525 |
| Comcast Corp. - Class A |
| $ | 4,418,489 |
|
57,225 |
| Kohl’s Corp. |
| 2,931,065 |
| |
64,500 |
| Lear Corp. |
| 2,437,455 |
| |
30,100 |
| Mohawk Industries Inc. (a) |
| 2,408,602 |
| |
35,275 |
| Nike Inc. - Class B |
| 3,347,950 |
| |
64,525 |
| Omnicom Group Inc. |
| 3,326,909 |
| |
|
|
|
| 18,870,470 |
| |
Consumer Staples - 12.1% |
|
|
| |||
99,000 |
| General Mills Inc. |
| 3,945,150 |
| |
81,725 |
| HJ Heinz Co. |
| 4,572,514 |
| |
92,350 |
| PepsiCo Inc. |
| 6,535,609 |
| |
44,400 |
| Philip Morris International Inc. |
| 3,993,336 |
| |
73,975 |
| Procter & Gamble Co. |
| 5,130,906 |
| |
|
|
|
| 24,177,515 |
| |
Energy - 11.0% |
|
|
| |||
61,375 |
| Chevron Corp. |
| 7,153,870 |
| |
74,975 |
| Ensco Plc - Class A |
| 4,090,636 |
| |
84,675 |
| Exxon Mobil Corp. |
| 7,743,529 |
| |
40,475 |
| Schlumberger Ltd. |
| 2,927,557 |
| |
|
|
|
| 21,915,592 |
| |
Financials - 15.3% |
|
|
| |||
60,375 |
| AFLAC Inc. |
| 2,890,755 |
| |
65,500 |
| Aon Plc - Class A |
| 3,424,995 |
| |
75,750 |
| BB&T Corp. |
| 2,511,870 |
| |
15,875 |
| BlackRock Inc. |
| 2,830,512 |
| |
70,625 |
| Citigroup Inc. |
| 2,310,850 |
| |
15,400 |
| IntercontinentalExchange Inc. (a) |
| 2,054,514 |
| |
114,600 |
| JPMorgan Chase & Co. |
| 4,639,008 |
| |
114,550 |
| MetLife Inc. |
| 3,947,393 |
| |
33,650 |
| Travelers Cos. Inc. |
| 2,296,949 |
| |
106,000 |
| U.S. Bancorp |
| 3,635,800 |
| |
|
|
|
| 30,542,646 |
| |
Health Care - 11.5% |
|
|
| |||
44,775 |
| Abbott Laboratories |
| 3,069,774 |
| |
30,900 |
| McKesson Corp. |
| 2,658,327 |
| |
118,475 |
| Medtronic Inc. |
| 5,108,642 |
| |
97,400 |
| Novartis AG - ADR |
| 5,966,724 |
| |
70,500 |
| Teva Pharmaceutical Industries Ltd. - ADR |
| 2,919,405 |
| |
55,000 |
| Varian Medical Systems Inc. (a) |
| 3,317,600 |
| |
|
|
|
| 23,040,472 |
| |
Industrials - 10.2% |
|
|
| |||
52,150 |
| 3M Co. |
| 4,819,703 |
| |
31,225 |
| Flowserve Corp. |
| 3,988,681 |
| |
220,400 |
| General Electric Co. |
| 5,005,284 |
| |
84,725 |
| Jacobs Engineering Group Inc. (a) |
| 3,425,432 |
| |
60,500 |
| Towers Watson & Co. |
| 3,209,525 |
| |
|
|
|
| 20,448,625 |
| |
Information Technology - 19.6% |
|
|
| |||
7,125 |
| Apple Inc. |
|
| 4,754,227 |
|
86,050 |
| Avnet Inc. (a) |
| 2,503,195 |
| |
161,525 |
| Cisco Systems Inc. |
| 3,083,512 |
| |
153,925 |
| EMC Corp. (a) |
| 4,197,535 |
| |
148,550 |
| Intel Corp. |
| 3,369,114 |
| |
17,375 |
| International Business Machines Corp. |
| 3,604,444 |
| |
184,199 |
| Microsoft Corp. |
| 5,485,476 |
| |
158,350 |
| Oracle Corp. |
| 4,986,441 |
| |
66,400 |
| QUALCOMM Inc. |
| 4,149,336 |
| |
109,725 |
| Texas Instruments Inc. |
| 3,022,924 |
| |
|
|
|
| 39,156,204 |
| |
Materials - 3.3% |
|
|
| |||
30,200 |
| Air Products & Chemicals Inc. |
| 2,497,540 |
| |
69,500 |
| Allegheny Technologies Inc. |
| 2,217,050 |
| |
42,600 |
| Potash Corp. of Saskatchewan Inc. |
| 1,849,692 |
| |
|
|
|
| 6,564,282 |
| |
Utilities - 2.7% |
|
|
| |||
234,700 |
| AES Corp. |
| 2,574,659 |
| |
61,975 |
| Southern Co. |
| 2,856,428 |
| |
|
|
|
| 5,431,087 |
| |
Total Common Stocks (cost $156,113,518) |
| 190,146,893 |
| |||
|
|
|
|
|
| |
Short Term Investments - 4.8% |
|
|
| |||
Investment Company - 4.8% |
|
|
| |||
9,645,266 |
| Goldman Sachs Financial Square Funds, Treasury Obligations Fund, 0.01% (b) |
| 9,645,266 |
| |
|
|
|
|
|
| |
Total Short Term Investments (cost $9,645,266) |
| 9,645,266 |
| |||
|
|
|
| |||
Total Investments - 99.9% (cost $165,758,784) |
| 199,792,159 |
| |||
Other assets in excess of liabilities - 0.1% |
| 111,723 |
| |||
NET ASSETS - 100% |
| $ | 199,903,882 |
|
(a) |
| Non-income producing security. |
(b) |
| Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2012. |
|
|
|
ADR |
| American Depositary Receipt |
See accompanying Notes to Financial Statements.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2012 (Unaudited)
LARGE CAP GROWTH FUND
Shares |
| Security |
| Value |
| |
Common Stocks - 100.0% |
|
|
| |||
Consumer Discretionary - 16.3% |
|
|
| |||
12,500 |
| BorgWarner Inc. (a) |
| $ | 863,875 |
|
43,000 |
| Comcast Corp. |
| 1,538,110 |
| |
24,000 |
| Discovery Communications Inc. - Class C (a) |
| 1,344,960 |
| |
12,000 |
| McDonald’s Corp. |
| 1,101,000 |
| |
15,000 |
| Nordstrom Inc. |
| 827,700 |
| |
2,000 |
| Priceline.com Inc. (a) |
| 1,237,460 |
| |
23,655 |
| Starbucks Corp. |
| 1,200,491 |
| |
8,100 |
| Wynn Resorts Ltd. |
| 935,064 |
| |
10,000 |
| Yum! Brands Inc. |
| 663,400 |
| |
|
|
|
| 9,712,060 |
| |
Consumer Staples - 9.3% |
|
|
| |||
23,300 |
| Coca-Cola Enterprises Inc. |
| 728,591 |
| |
7,000 |
| Colgate-Palmolive Co. |
| 750,540 |
| |
16,100 |
| Hershey Co. |
| 1,141,329 |
| |
25,000 |
| Kraft Foods Inc. - Class A |
| 1,033,750 |
| |
12,500 |
| Mead Johnson Nutrition Co. |
| 916,000 |
| |
10,000 |
| Whole Foods Market Inc. |
| 974,000 |
| |
|
|
|
| 5,544,210 |
| |
Energy - 11.7% |
|
|
| |||
10,700 |
| Apache Corp. |
| 925,229 |
| |
9,000 |
| Concho Resources Inc. (a) |
| 852,750 |
| |
11,400 |
| Noble Energy Inc. |
| 1,056,894 |
| |
10,000 |
| Occidental Petroleum Corp. |
| 860,600 |
| |
15,000 |
| Schlumberger Ltd. |
| 1,084,950 |
| |
38,500 |
| Suncor Energy Inc. |
| 1,264,725 |
| |
27,000 |
| Williams Cos. Inc. |
| 944,190 |
| |
|
|
|
| 6,989,338 |
| |
Financials - 4.5% |
|
|
| |||
20,000 |
| JPMorgan Chase & Co. |
| 809,600 |
| |
20,800 |
| U.S. Bancorp |
| 713,440 |
| |
34,000 |
| Wells Fargo & Co. |
| 1,174,020 |
| |
|
|
|
| 2,697,060 |
| |
Health Care - 12.0% |
|
|
| |||
5,000 |
| Biogen Idec Inc. (a) |
| 746,150 |
| |
18,000 |
| Celgene Corp. (a) |
| 1,375,200 |
| |
25,250 |
| Stryker Corp. |
| 1,405,415 |
| |
20,000 |
| Thermo Fisher Scientific Inc. |
| 1,176,600 |
| |
17,500 |
| UnitedHealth Group Inc. |
| 969,675 |
| |
27,000 |
| Valeant Pharmaceuticals International Inc. (a) |
| 1,492,290 |
| |
|
|
|
| 7,165,330 |
| |
Industrials - 13.0% |
|
|
| |||
14,100 |
| Cummins Inc. |
| 1,300,161 |
| |
22,000 |
| Dover Corp. |
| 1,308,780 |
| |
17,230 |
| FedEx Corp. |
| 1,458,003 |
| |
22,000 |
| Illinois Tool Works Inc. |
| 1,308,340 |
| |
23,700 |
| Norfolk Southern Corp. |
| 1,508,031 |
| |
7,600 |
| Roper Industries Inc. |
|
| 835,164 |
|
|
|
|
| 7,718,479 |
| |
Information Technology - 28.6% |
|
|
| |||
20,000 |
| Accenture Plc - Class A |
| 1,400,600 |
| |
33,405 |
| Adobe Systems Inc. (a) |
| 1,084,326 |
| |
1,690 |
| Apple Inc. |
| 1,127,669 |
| |
44,000 |
| CA Inc. |
| 1,133,660 |
| |
12,500 |
| Citrix Systems Inc. (a) |
| 957,125 |
| |
20,000 |
| Cognizant Technology Solutions Corp. - Class A (a) |
| 1,398,400 |
| |
5,000 |
| Equinix Inc. (a) |
| 1,030,250 |
| |
18,000 |
| Fiserv Inc. (a) |
| 1,332,540 |
| |
2,180 |
| Google Inc. - Class A (a) |
| 1,644,810 |
| |
52,001 |
| Intel Corp. |
| 1,179,360 |
| |
4,205 |
| MasterCard Inc. |
| 1,898,474 |
| |
50,000 |
| Oracle Corp. |
| 1,574,500 |
| |
13,000 |
| VMware Inc. - Class A (a) |
| 1,257,620 |
| |
|
|
|
| 17,019,334 |
| |
Materials - 4.6% |
|
|
| |||
14,000 |
| Agrium Inc. |
| 1,448,440 |
| |
12,500 |
| Praxair Inc. |
| 1,298,500 |
| |
|
|
|
| 2,746,940 |
| |
Total Common Stocks (cost $45,043,419) |
| 59,592,751 |
| |||
|
|
|
|
|
| |
Short Term Investments - 0.3% |
|
|
| |||
Investment Company - 0.3% |
|
|
| |||
179,217 |
| Goldman Sachs Financial Square Funds, Treasury Obligations Fund, 0.01% (b) |
| 179,217 |
| |
|
|
|
|
|
| |
Total Short Term Investments (cost $179,217) |
| 179,217 |
| |||
|
|
|
|
|
| |
Total Investments - 100.3% (cost $45,222,636) |
| 59,771,968 |
| |||
Liabilities in excess of other assets - (0.3%) |
| (162,360 | ) | |||
NET ASSETS - 100% |
| $ | 59,609,608 |
|
(a) |
| Non-income producing security. |
(b) |
| Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2012. |
See accompanying Notes to Financial Statements.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2012 (Unaudited)
GROWTH OPPORTUNITIES FUND
Shares |
| Security |
| Value |
| |
Common Stocks - 95.3% |
|
|
| |||
Consumer Discretionary - 17.0% |
|
|
| |||
23,100 |
| BorgWarner Inc. (a) |
| $ | 1,596,441 |
|
27,000 |
| Cabela’s Inc. (a) |
| 1,476,360 |
| |
81,953 |
| Chico’s FAS Inc. |
| 1,484,169 |
| |
24,000 |
| Churchill Downs Inc. |
| 1,505,280 |
| |
10,000 |
| Coach Inc. |
| 560,200 |
| |
37,500 |
| Discovery Communications Inc. - Class C (a) |
| 2,101,500 |
| |
54,000 |
| HanesBrands Inc. (a) |
| 1,721,520 |
| |
19,000 |
| Nordstrom Inc. |
| 1,048,420 |
| |
4,500 |
| Panera Bread Co. - Class A (a) |
| 769,005 |
| |
65,000 |
| Pier 1 Imports Inc. |
| 1,218,100 |
| |
60,000 |
| Tenneco Inc. (a) |
| 1,680,000 |
| |
12,000 |
| Ulta Salon Cosmetics & Fragrance Inc. |
| 1,155,660 |
| |
26,800 |
| Vitamin Shoppe Inc. (a) |
| 1,562,976 |
| |
15,000 |
| Wynn Resorts Ltd. |
| 1,731,600 |
| |
|
|
|
| 19,611,231 |
| |
Consumer Staples - 5.2% |
|
|
| |||
12,500 |
| Church & Dwight Co. Inc. |
| 674,875 |
| |
60,000 |
| Coca-Cola Enterprises Inc. |
| 1,876,200 |
| |
36,000 |
| Herbalife Ltd. |
| 1,706,400 |
| |
22,400 |
| PriceSmart Inc. |
| 1,696,128 |
| |
|
|
|
| 5,953,603 |
| |
Energy - 6.8% |
|
|
| |||
23,000 |
| CARBO Ceramics Inc. |
| 1,447,160 |
| |
12,000 |
| Concho Resources Inc. (a) |
| 1,137,000 |
| |
44,000 |
| Gulfport Energy Corp. (a) |
| 1,375,440 |
| |
20,000 |
| Noble Energy Inc. |
| 1,854,200 |
| |
46,000 |
| Northern Oil and Gas Inc. (a) |
| 781,540 |
| |
37,000 |
| World Fuel Services Corp. |
| 1,317,570 |
| |
|
|
|
| 7,912,910 |
| |
Financials - 9.6% |
|
|
| |||
20,000 |
| Affiliated Managers Group Inc. (a) |
| 2,460,000 |
| |
21,900 |
| Credit Acceptance Corp. (a) |
| 1,872,669 |
| |
49,000 |
| Home Bancshares Inc. |
| 1,670,410 |
| |
22,300 |
| Portfolio Recovery Associates Inc. (a) |
| 2,328,789 |
| |
25,000 |
| Signature Bank (a) |
| 1,677,000 |
| |
32,400 |
| Stifel Financial Corp. (a) |
| 1,088,640 |
| |
|
|
|
| 11,097,508 |
| |
Health Care - 9.1% |
|
|
| |||
20,610 |
| Catamaran Corp. (a) |
| 2,019,162 |
| |
20,800 |
| Cerner Corp. (a) |
| 1,610,128 |
| |
100,000 |
| PDL BioPharma Inc. |
| 769,000 |
| |
60,000 |
| Questcor Pharmaceuticals Inc. |
| 1,110,000 |
| |
14,000 |
| Teleflex Inc. |
| 963,760 |
| |
22,000 |
| United Therapeutics Corp. (a) |
| 1,229,360 |
| |
50,000 |
| Valeant Pharmaceuticals International Inc. (a) |
| 2,763,500 |
| |
|
|
|
| 10,464,910 |
| |
Industrials - 19.3% |
|
|
| |||
32,100 |
| AGCO Corp. (a) |
|
| 1,524,108 |
|
46,300 |
| Applied Industrial Technologies Inc. |
| 1,918,209 |
| |
21,000 |
| Atlas Air Worldwide Holdings Inc. (a) |
| 1,084,230 |
| |
14,000 |
| Cummins Inc. |
| 1,290,940 |
| |
28,000 |
| Dover Corp. |
| 1,665,720 |
| |
18,000 |
| Genesee & Wyoming Inc. - Class A (a) |
| 1,203,480 |
| |
44,000 |
| HUB Group Inc. - Class A (a) |
| 1,305,920 |
| |
20,000 |
| Joy Global Inc. |
| 1,121,200 |
| |
27,700 |
| Landstar System Inc. |
| 1,309,656 |
| |
39,700 |
| Lincoln Electric Holdings Inc. |
| 1,550,285 |
| |
15,200 |
| Middleby Corp. (a) |
| 1,757,728 |
| |
17,000 |
| Pall Corp. |
| 1,079,330 |
| |
12,700 |
| Roper Industries Inc. |
| 1,395,603 |
| |
70,000 |
| Tetra Tech Inc. (a) |
| 1,838,200 |
| |
24,000 |
| Triumph Group Inc. |
| 1,500,720 |
| |
24,000 |
| Woodward Governor Co. |
| 815,520 |
| |
|
|
|
| 22,360,849 |
| |
Information Technology - 21.2% |
|
|
| |||
53,000 |
| Adobe Systems Inc. (a) |
| 1,720,380 |
| |
30,000 |
| Akamai Technologies Inc. (a) |
| 1,147,800 |
| |
60,000 |
| CA Inc. |
| 1,545,900 |
| |
151,400 |
| Cadence Design Systems Inc. (a) |
| 1,947,761 |
| |
20,000 |
| Citrix Systems Inc. (a) |
| 1,531,400 |
| |
23,000 |
| Cognizant Technology Solutions Corp. - Class A (a) |
| 1,608,160 |
| |
12,000 |
| Equinix Inc. (a) |
| 2,472,600 |
| |
10,000 |
| FactSet Research Systems Inc. |
| 964,200 |
| |
17,500 |
| Fiserv Inc. (a) |
| 1,295,525 |
| |
39,000 |
| IAC/InterActiveCorp. |
| 2,030,340 |
| |
27,600 |
| Jack Henry & Associates Inc. |
| 1,046,040 |
| |
100,000 |
| Mentor Graphics Corp. (a) |
| 1,548,000 |
| |
47,000 |
| NeuStar Inc. - Class A (a) |
| 1,881,410 |
| |
27,000 |
| OSI Systems Inc. (a) |
| 2,101,680 |
| |
100,000 |
| ValueClick Inc. (a) |
| 1,719,000 |
| |
|
|
|
| 24,560,196 |
| |
Materials - 7.1% |
|
|
| |||
24,500 |
| Agrium Inc. |
| 2,534,770 |
| |
30,000 |
| Buckeye Technologies Inc. |
| 961,800 |
| |
65,000 |
| Calgon Carbon Corp. (a) |
| 930,150 |
| |
52,000 |
| HB Fuller Co. |
| 1,595,360 |
| |
15,000 |
| Sigma-Aldrich Corp. |
| 1,079,550 |
| |
90,000 |
| Titanium Metals Corp. |
| 1,154,700 |
| |
|
|
|
| 8,256,330 |
| |
Total Common Stocks (cost $77,727,453) |
| 110,217,537 |
|
See accompanying Notes to Financial Statements.
Shares |
| Security |
| Value |
| |
Short Term Investments - 5.9% |
|
|
| |||
Investment Company - 5.9% |
|
|
| |||
6,827,375 |
| Goldman Sachs Financial Square Funds, Treasury Obligations Fund, 0.01% (b) |
| $ | 6,827,375 |
|
|
|
|
|
|
| |
Total Short Term Investments (cost $6,827,375) |
| 6,827,375 |
| |||
|
|
|
|
|
| |
Total Investments - 101.2% (cost $84,554,828) |
| 117,044,912 |
| |||
Liabilities in excess of other assets - (1.2%) |
| (1,347,351 | ) | |||
NET ASSETS - 100% |
| $ | 115,697,561 |
|
(a) |
| Non-income producing security. |
(b) |
| Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2012. |
See accompanying Notes to Financial Statements.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2012 (Unaudited)
SMALL COMPANY FUND
Shares |
| Security |
| Value |
| |
Common Stocks - 97.7% |
|
|
| |||
Consumer Discretionary - 14.3% |
|
|
| |||
106,600 |
| ANN Inc. (a) |
| $ | 4,022,018 |
|
71,000 |
| Buckle Inc. |
| 3,225,530 |
| |
283,275 |
| Callaway Golf Co. |
| 1,739,308 |
| |
45,375 |
| Foot Locker Inc. |
| 1,610,813 |
| |
84,500 |
| International Speedway Corp. - Class A |
| 2,397,265 |
| |
79,300 |
| Jack in the Box Inc. (a) |
| 2,229,123 |
| |
27,700 |
| Mohawk Industries Inc. (a) |
| 2,216,554 |
| |
66,906 |
| Steiner Leisure Ltd. (a) |
| 3,114,474 |
| |
|
|
|
| 20,555,085 |
| |
Consumer Staples - 2.9% |
|
|
| |||
27,875 |
| Lancaster Colony Corp. |
| 2,041,844 |
| |
38,800 |
| WD-40 Co. |
| 2,042,432 |
| |
|
|
|
| 4,084,276 |
| |
Energy - 6.7% |
|
|
| |||
85,700 |
| Bill Barrett Corp. (a) |
| 2,122,789 |
| |
47,000 |
| Dresser-Rand Group Inc. (a) |
| 2,590,170 |
| |
42,500 |
| SM Energy Co. |
| 2,299,675 |
| |
54,325 |
| Tidewater Inc. |
| 2,636,392 |
| |
|
|
|
| 9,649,026 |
| |
Financials - 20.9% |
|
|
| |||
49,950 |
| Arthur J Gallagher & Co. |
| 1,789,209 |
| |
38,600 |
| Cullen/Frost Bankers Inc. |
| 2,216,798 |
| |
31,000 |
| GAMCO Investors Inc. |
| 1,542,250 |
| |
33,500 |
| Home Properties Inc. |
| 2,052,545 |
| |
28,775 |
| Jones Lang LaSalle Inc. |
| 2,196,971 |
| |
63,100 |
| LTC Properties Inc. |
| 2,009,735 |
| |
78,975 |
| Mack-Cali Realty Corp. |
| 2,100,735 |
| |
109,825 |
| MB Financial Inc. |
| 2,169,044 |
| |
273,900 |
| Meadowbrook Insurance Group Inc. |
| 2,106,291 |
| |
171,100 |
| Old National Bancorp |
| 2,328,671 |
| |
124,150 |
| Selective Insurance Group |
| 2,357,609 |
| |
65,200 |
| Stifel Financial Corp. (a) |
| 2,190,720 |
| |
51,400 |
| UMB Financial Corp. |
| 2,502,152 |
| |
95,350 |
| United Bankshares Inc. |
| 2,375,168 |
| |
|
|
|
| 29,937,898 |
| |
Health Care - 9.7% |
|
|
| |||
60,800 |
| Greatbatch Inc. (a) |
| 1,479,264 |
| |
121,775 |
| PSS World Medical Inc. (a) |
| 2,774,035 |
| |
76,000 |
| Team Health Holdings Inc. (a) |
| 2,061,880 |
| |
150,325 |
| VCA Antech Inc. (a) |
| 2,965,912 |
| |
86,000 |
| West Pharmaceutical Services Inc. |
| 4,564,020 |
| |
|
|
|
| 13,845,111 |
| |
Industrials - 15.7% |
|
|
| |||
95,425 |
| Actuant Corp. - Class A |
| 2,731,063 |
| |
107,350 |
| Barnes Group Inc. |
| 2,684,824 |
| |
52,625 |
| Carlisle Cos. Inc. |
| 2,732,290 |
| |
51,800 |
| CLARCOR Inc. |
|
| 2,311,834 |
|
28,950 |
| Hubbell Inc. - Class B |
| 2,337,423 |
| |
70,225 |
| IDEX Corp. |
| 2,933,298 |
| |
178,900 |
| Navigant Consulting Inc. (a) |
| 1,976,845 |
| |
109,700 |
| Tetra Tech Inc. (a) |
| 2,880,722 |
| |
92,500 |
| Werner Enterprises Inc. |
| 1,976,725 |
| |
|
|
|
| 22,565,024 |
| |
Information Technology - 16.9% |
|
|
| |||
33,925 |
| Anixter International Inc. |
| 1,949,331 |
| |
38,750 |
| CACI International Inc. - Class A (a) |
| 2,006,863 |
| |
53,275 |
| Littelfuse Inc. |
| 3,012,168 |
| |
227,700 |
| Micrel Inc. |
| 2,372,634 |
| |
112,375 |
| Microsemi Corp. (a) |
| 2,255,366 |
| |
55,600 |
| MTS Systems Corp. |
| 2,977,380 |
| |
70,000 |
| National Instruments Corp. |
| 1,761,900 |
| |
109,275 |
| Parametric Technology Corp. (a) |
| 2,382,195 |
| |
82,375 |
| Park Electrochemical Corp. |
| 2,045,371 |
| |
32,675 |
| Syntel Inc. |
| 2,039,247 |
| |
38,400 |
| Zebra Technologies Corp. - Class A (a) |
| 1,441,536 |
| |
|
|
|
| 24,243,991 |
| |
Materials - 6.3% |
|
|
| |||
46,350 |
| Carpenter Technology Corp. |
| 2,425,032 |
| |
90,725 |
| Intrepid Potash Inc. (a) |
| 1,948,773 |
| |
93,050 |
| Materion Corp. |
| 2,214,590 |
| |
67,950 |
| Sensient Technologies Corp. |
| 2,497,842 |
| |
|
|
|
| 9,086,237 |
| |
Utilities - 4.3% |
|
|
| |||
70,025 |
| IDACORP Inc. |
| 3,029,982 |
| |
103,600 |
| Westar Energy Inc. |
| 3,072,776 |
| |
|
|
|
| 6,102,758 |
| |
Total Common Stocks (cost $117,606,234) |
| 140,069,406 |
| |||
|
|
|
|
|
| |
Short Term Investments - 3.9% |
|
|
| |||
Investment Company - 3.9% |
|
|
| |||
5,568,500 |
| Goldman Sachs Financial Square Funds, Treasury Obligations Fund, 0.01% (b) |
| 5,568,500 |
| |
|
|
|
|
|
| |
Total Short Term Investments (cost $5,568,500) |
| 5,568,500 |
| |||
|
|
|
|
|
| |
Total Investments - 101.6% (cost $123,174,734) |
| 145,637,906 |
| |||
Liabilities in excess of other assets - (1.6%) |
| (2,255,503 | ) | |||
NET ASSETS - 100% |
| $ | 143,382,403 |
|
(a) |
| Non-income producing security. |
(b) |
| Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2012. |
See accompanying Notes to Financial Statements.
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2012 (Unaudited)
|
| SHORT- |
| INCOME FUND |
| ||
Assets: |
|
|
|
|
| ||
Investments, at cost |
| $ | 64,962,759 |
| $ | 66,716,385 |
|
Unrealized appreciation of investments |
| 1,694,511 |
| 3,553,936 |
| ||
Total investments, at value |
| 66,657,270 |
| 70,270,321 |
| ||
Cash |
| 19,667 |
| — |
| ||
Interest and dividends receivable |
| 497,710 |
| 434,424 |
| ||
Receivable for capital shares issued |
| 169,198 |
| 298,162 |
| ||
Receivable for investments sold |
| 338,567 |
| 225,711 |
| ||
Prepaid expenses |
| 16,265 |
| 19,423 |
| ||
Total Assets |
| 67,698,677 |
| 71,248,041 |
| ||
Liabilities: |
|
|
|
|
| ||
Cash Overdraft |
| — |
| — |
| ||
Distributions payable |
| 142,340 |
| 176,046 |
| ||
Payable for investments purchased |
| 583,596 |
| 583,596 |
| ||
Payable for capital shares redeemed |
| 109,532 |
| — |
| ||
Accrued expenses and other payables: |
|
|
|
|
| ||
Investment advisory fees |
| 15,305 |
| 18,750 |
| ||
Administration fees payable to non-related parties |
| 6,894 |
| 6,233 |
| ||
Administration fees payable to related parties |
| 3,826 |
| 3,977 |
| ||
Shareholder service fees |
| 13,029 |
| 15,865 |
| ||
Director fees |
| 39 |
| 40 |
| ||
Other fees |
| 16,032 |
| 15,084 |
| ||
Total liabilities |
| 890,593 |
| 819,591 |
| ||
Net assets |
| $ | 66,808,084 |
| $ | 70,428,450 |
|
Composition of Net Assets: |
|
|
|
|
| ||
Capital |
| $ | 69,528,216 |
| $ | 67,483,772 |
|
Accumulated (excess of distributions over) net investment income (loss) |
| (353,583 | ) | 279,136 |
| ||
Accumulated net realized gain (loss) from investments |
| (4,061,060 | ) | (888,394 | ) | ||
Net unrealized appreciation on investments |
| 1,694,511 |
| 3,553,936 |
| ||
Net Assets |
| $ | 66,808,084 |
| $ | 70,428,450 |
|
Institutional Class: |
|
|
|
|
| ||
Net assets |
| $ | 49,795,484 |
| $ | 57,399,033 |
|
Shares of beneficial interest |
| 5,201,163 |
| 5,465,349 |
| ||
Net asset value, offering and redemption price per share |
| $ | 9.57 |
| $ | 10.50 |
|
Institutional Plus Class: |
|
|
|
|
| ||
Net assets |
| $ | 17,012,600 |
| $ | 13,029,417 |
|
Shares of beneficial interest |
| 1,775,286 |
| 1,239,801 |
| ||
Net asset value, offering and redemption price per share |
| $ | 9.58 |
| $ | 10.51 |
|
See accompanying Notes to Financial Statements.
|
| BALANCED FUND |
| CORE EQUITY FUND |
| LARGE CAP GROWTH |
| GROWTH |
| SMALL COMPANY |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investments, at cost |
| $ | 53,106,168 |
| $ | 165,758,784 |
| $ | 45,222,636 |
| $ | 84,554,828 |
| $ | 123,174,734 |
|
Unrealized appreciation of investments |
| 12,241,352 |
| 34,033,375 |
| 14,549,332 |
| 32,490,084 |
| 22,463,172 |
| |||||
Total investments, at value |
| 65,347,520 |
| 199,792,159 |
| 59,771,968 |
| 117,044,912 |
| 145,637,906 |
| |||||
Cash |
| — |
| — |
| — |
| — |
| 2,905 |
| |||||
Interest and dividends receivable |
| 289,188 |
| 226,321 |
| 44,726 |
| 11,202 |
| 130,249 |
| |||||
Receivable for capital shares issued |
| 169,450 |
| 223,592 |
| 18,074 |
| 274,753 |
| 163,062 |
| |||||
Receivable for investments sold |
| — |
| — |
| — |
| — |
| — |
| |||||
Prepaid expenses |
| 22,956 |
| 27,118 |
| 17,517 |
| 26,309 |
| 26,629 |
| |||||
Total Assets |
| 65,829,114 |
| 200,269,190 |
| 59,852,285 |
| 117,357,176 |
| 145,960,751 |
| |||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash Overdraft |
| 3,991 |
| — |
| — |
| — |
| — |
| |||||
Distributions payable |
| — |
| — |
| — |
| — |
| — |
| |||||
Payable for investments purchased |
| — |
| — |
| — |
| 922,805 |
| 1,451,604 |
| |||||
Payable for capital shares redeemed |
| 1,787 |
| 152,586 |
| 178,990 |
| 597,418 |
| 969,076 |
| |||||
Accrued expenses and other payables: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment advisory fees |
| 33,507 |
| 104,160 |
| 30,205 |
| 60,902 |
| 85,741 |
| |||||
Administration fees payable to non-related parties |
| 4,670 |
| 21,196 |
| 6,213 |
| 9,646 |
| 11,884 |
| |||||
Administration fees payable to related parties |
| 3,753 |
| 11,574 |
| 3,524 |
| 6,767 |
| 8,336 |
| |||||
Shareholder service fees |
| 24,495 |
| 28,797 |
| 8,849 |
| 35,351 |
| 22,302 |
| |||||
Director fees |
| 35 |
| 115 |
| 35 |
| 63 |
| 78 |
| |||||
Other fees |
| 16,793 |
| 46,880 |
| 14,861 |
| 26,663 |
| 29,327 |
| |||||
Total liabilities |
| 89,031 |
| 365,308 |
| 242,677 |
| 1,659,615 |
| 2,578,348 |
| |||||
Net assets |
| $ | 65,740,083 |
| $ | 199,903,882 |
| $ | 59,609,608 |
| $ | 115,697,561 |
| $ | 143,382,403 |
|
Composition of Net Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Capital |
| $ | 53,751,076 |
| $ | 172,271,656 |
| $ | 43,400,192 |
| $ | 81,093,897 |
| $ | 115,709,366 |
|
Accumulated (excess of distributions over) net investment income (loss) |
| (1,804 | ) | 3,632,451 |
| 219,942 |
| (225,532 | ) | 899,648 |
| |||||
Accumulated net realized gain (loss) from investments |
| (250,541 | ) | (10,033,600 | ) | 1,440,142 |
| 2,339,112 |
| 4,310,217 |
| |||||
Net unrealized appreciation on investments |
| 12,241,352 |
| 34,033,375 |
| 14,549,332 |
| 32,490,084 |
| 22,463,172 |
| |||||
Net Assets |
| $ | 65,740,083 |
| $ | 199,903,882 |
| $ | 59,609,608 |
| $ | 115,697,561 |
| $ | 143,382,403 |
|
Institutional Class: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net assets |
| $ | 52,832,234 |
| $ | 53,515,895 |
| $ | 36,364,107 |
| $ | 74,997,842 |
| $ | 60,517,256 |
|
Shares of beneficial interest |
| 3,409,149 |
| 6,234,005 |
| 3,984,287 |
| 5,003,177 |
| 3,220,781 |
| |||||
Net asset value, offering and redemption price per share |
| $ | 15.50 |
| $ | 8.58 |
| $ | 9.13 |
| $ | 14.99 |
| $ | 18.79 |
|
Institutional Plus Class: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net assets |
| $ | 12,907,849 |
| $ | 146,387,987 |
| $ | 23,245,501 |
| $ | 40,699,719 |
| $ | 82,865,147 |
|
Shares of beneficial interest |
| 835,140 |
| 16,986,430 |
| 2,527,418 |
| 2,709,606 |
| 4,392,933 |
| |||||
Net asset value, offering and redemption price per share |
| $ | 15.46 |
| $ | 8.62 |
| $ | 9.20 |
| $ | 15.02 |
| $ | 18.86 |
|
See accompanying Notes to Financial Statements.
STATEMENTS OF OPERATIONS
For the Six Months Ended September 30, 2012 (Unaudited)
|
| SHORT- |
| INCOME FUND |
| ||
Investment Income: |
|
|
|
|
| ||
Interest |
| $ | 1,089,949 |
| $ | 1,273,741 |
|
Dividend |
| 9,835 |
| 75,426 |
| ||
Foreign tax withholding |
| — |
| — |
| ||
Total Income |
| 1,099,784 |
| 1,349,167 |
| ||
Expenses: |
|
|
|
|
| ||
Investment advisory fees |
| 165,662 |
| 204,194 |
| ||
Administration fees |
| 51,055 |
| 52,227 |
| ||
Shareholder service fees - Institutional Class |
| 62,396 |
| 69,432 |
| ||
Transfer agent fees |
| 17,844 |
| 17,897 |
| ||
Registration and filing fees |
| 12,822 |
| 9,170 |
| ||
Custodian fees |
| 3,064 |
| 2,964 |
| ||
Chief compliance officer fees |
| 4,365 |
| 4,483 |
| ||
Director fees |
| 1,265 |
| 1,292 |
| ||
Other fees |
| 15,111 |
| 14,282 |
| ||
Total expenses before waivers |
| 333,584 |
| 375,941 |
| ||
Expenses waived by Adviser |
| (72,892 | ) | (91,888 | ) | ||
Total Expenses |
| 260,692 |
| 284,053 |
| ||
Net Investment Income (Loss) |
| 839,092 |
| 1,065,114 |
| ||
Realized and Unrealized Gain (Loss) On Investments: |
|
|
|
|
| ||
Net realized gain (loss) on investment transactions |
| 106,431 |
| 475,216 |
| ||
Change in unrealized appreciation (depreciation) on investments |
| 615,968 |
| 1,309,625 |
| ||
Net realized and unrealized gain (loss) on investments |
| 722,399 |
| 1,784,841 |
| ||
Net increase (decrease) in net assets from operations |
| $ | 1,561,491 |
| $ | 2,849,955 |
|
See accompanying Notes to Financial Statements.
|
| BALANCED FUND |
| CORE EQUITY FUND |
| LARGE CAP GROWTH |
| GROWTH |
| SMALL COMPANY |
| |||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest |
| $ | 372,730 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Dividend |
| 303,883 |
| 2,267,059 |
| 426,565 |
| 396,984 |
| 1,175,545 |
| |||||
Foreign tax withholding |
| (894 | ) | (9,916 | ) | (3,086 | ) | (2,363 | ) | — |
| |||||
Total Income |
| 675,719 |
| 2,257,143 |
| 423,479 |
| 394,621 |
| 1,175,545 |
| |||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment advisory fees |
| 242,286 |
| 840,106 |
| 288,851 |
| 433,372 |
| 593,587 |
| |||||
Administration fees |
| 46,683 |
| 150,966 |
| 43,190 |
| 77,658 |
| 93,749 |
| |||||
Shareholder service fees - Institutional Class |
| 65,089 |
| 79,903 |
| 51,950 |
| 94,310 |
| 72,724 |
| |||||
Transfer agent fees |
| 40,472 |
| 30,878 |
| 17,834 |
| 30,858 |
| 25,137 |
| |||||
Registration and filing fees |
| 5,158 |
| 8,271 |
| 7,093 |
| 14,713 |
| 20,313 |
| |||||
Custodian fees |
| 3,888 |
| 3,228 |
| 2,930 |
| 3,009 |
| 3,000 |
| |||||
Chief compliance officer fees |
| 4,219 |
| 14,762 |
| 4,214 |
| 7,571 |
| 9,134 |
| |||||
Director fees |
| 1,226 |
| 4,396 |
| 1,269 |
| 2,238 |
| 2,678 |
| |||||
Other fees |
| 11,039 |
| 55,118 |
| 12,940 |
| 25,764 |
| 25,664 |
| |||||
Total expenses before waivers |
| 420,060 |
| 1,187,628 |
| 430,271 |
| 689,493 |
| 845,986 |
| |||||
Expenses waived by Adviser |
| (40,381 | ) | (134,417 | ) | (96,283 | ) | (69,340 | ) | (90,784 | ) | |||||
Total Expenses |
| 379,679 |
| 1,053,211 |
| 333,988 |
| 620,153 |
| 755,202 |
| |||||
Net Investment Income (Loss) |
| 296,040 |
| 1,203,932 |
| 89,491 |
| (225,532 | ) | 420,343 |
| |||||
Realized and Unrealized Gain (Loss) On Investments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net realized gain (loss) on investment transactions |
| 110,648 |
| 4,411,886 |
| (526,509 | ) | 391,296 |
| 2,263,817 |
| |||||
Change in unrealized appreciation (depreciation) on investments |
| 67,587 |
| (9,573,158 | ) | (1,075,945 | ) | (4,318,589 | ) | (4,869,711 | ) | |||||
Net realized and unrealized gain (loss) on investments |
| 178,235 |
| (5,161,272 | ) | (1,602,454 | ) | (3,927,293 | ) | (2,605,894 | ) | |||||
Net increase (decrease) in net assets from operations |
| $ | 474,275 |
| $ | (3,957,340 | ) | $ | (1,512,963 | ) | $ | (4,152,825 | ) | $ | (2,185,551 | ) |
See accompanying Notes to Financial Statements.
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
|
| SHORT-INTERMEDIATE BOND |
| INCOME FUND |
| ||||||||
|
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| ||||
Operations: |
|
|
|
|
|
|
|
|
| ||||
Net investment income |
| $ | 839,092 |
| $ | 1,836,534 |
| $ | 1,065,114 |
| $ | 2,066,661 |
|
Net realized gain (loss) from investment transactions |
| 106,431 |
| (242,017 | ) | 475,216 |
| (385,662 | ) | ||||
Change in unrealized appreciation (depreciation) on investments |
| 615,968 |
| 242,635 |
| 1,309,625 |
| 2,178,083 |
| ||||
Net increase (decrease) in net assets from operations |
| 1,561,491 |
| 1,837,152 |
| 2,849,955 |
| 3,859,082 |
| ||||
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
| ||||
From net investment income |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| (655,350 | ) | (1,769,552 | ) | (864,298 | ) | (1,898,264 | ) | ||||
Institutional Plus Class |
| (234,947 | ) | (219,522 | ) | (208,867 | ) | (163,826 | ) | ||||
From net realized gains on investments |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| — |
| (96,000 | ) | — |
| — |
| ||||
Institutional Plus Class |
| — |
| (29,322 | ) | — |
| — |
| ||||
Change in net assets from distributions to shareholders |
| (890,297 | ) | (2,114,396 | ) | (1,073,165 | ) | (2,062,090 | ) | ||||
Capital Transactions: |
|
|
|
|
|
|
|
|
| ||||
Proceeds from shares issued |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| 4,176,739 |
| 10,853,153 |
| 6,514,187 |
| 15,368,729 |
| ||||
Institutional Plus Class |
| 1,800,877 |
| 19,060,890 |
| 1,265,222 |
| 12,344,646 |
| ||||
Proceeds from dividends reinvested |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| 102,649 |
| 707,038 |
| 110,619 |
| 524,776 |
| ||||
Institutional Plus Class |
| 234,947 |
| 248,844 |
| 208,867 |
| 163,789 |
| ||||
Cost of shares redeemed |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| (4,836,513 | ) | (29,842,775 | ) | (5,077,611 | ) | (19,729,917 | ) | ||||
Institutional Plus Class |
| (1,126,092 | ) | (3,515,516 | ) | (703,468 | ) | (676,982 | ) | ||||
Change in net assets from capital transactions |
| 352,607 |
| (2,488,366 | ) | 2,317,816 |
| 7,995,041 |
| ||||
Change in net assets |
| 1,023,801 |
| (2,765,610 | ) | 4,094,606 |
| 9,792,033 |
| ||||
Net Assets: |
|
|
|
|
|
|
|
|
| ||||
Beginning of period |
| 65,784,283 |
| 68,549,893 |
| 66,333,844 |
| 56,541,811 |
| ||||
End of period |
| $ | 66,808,084 |
| $ | 65,784,283 |
| $ | 70,428,450 |
| $ | 66,333,844 |
|
Accumulated (excess of distributions over) net investment income (loss) |
| $ | (353,583 | ) | $ | (302,378 | ) | $ | 279,136 |
| $ | 287,187 |
|
Share Transactions Institutional Class: |
|
|
|
|
|
|
|
|
| ||||
Shares issued |
| 439,048 |
| 1,144,027 |
| 624,741 |
| 1,505,324 |
| ||||
Shares reinvested |
| 10,795 |
| 74,583 |
| 10,621 |
| 51,822 |
| ||||
Shares redeemed |
| (508,254 | ) | (3,163,536 | ) | (487,504 | ) | (1,946,066 | ) | ||||
Change in shares |
| (58,411 | ) | (1,944,926 | ) | 147,858 |
| (388,920 | ) | ||||
Share Transactions Institutional Plus Class: |
|
|
|
|
|
|
|
|
| ||||
Shares issued |
| 189,062 |
| 2,026,623 |
| 121,621 |
| 1,216,006 |
| ||||
Shares reinvested |
| 24,676 |
| 26,355 |
| 20,027 |
| 15,993 |
| ||||
Shares redeemed |
| (118,309 | ) | (373,121 | ) | (67,587 | ) | (66,259 | ) | ||||
Change in shares |
| 95,429 |
| 1,679,857 |
| 74,061 |
| 1,165,740 |
|
(a) | Institutional Plus Class shares of the Short-Intermediate Bond Fund, Balanced Fund, Large Cap Growth Fund and Growth Opportunities Fund commenced operations on October 14, 2011. |
(b) | Institutional Plus Class shares of the Income Fund commenced operations on October 28, 2011. |
See accompanying Notes to Financial Statements.
|
| BALANCED FUND |
| CORE EQUITY FUND |
| LARGE CAP GROWTH FUND |
| ||||||||||||
|
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| ||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income |
| $ | 296,040 |
| $ | 424,976 |
| $ | 1,203,932 |
| $ | 3,075,478 |
| $ | 89,491 |
| $ | 228,727 |
|
Net realized gain (loss) from investment transactions |
| 110,648 |
| 1,191,539 |
| 4,411,886 |
| (11,579,405 | ) | (526,509 | ) | 4,939,583 |
| ||||||
Change in unrealized appreciation (depreciation) on investments |
| 67,587 |
| 3,005,131 |
| (9,573,158 | ) | 9,993,716 |
| (1,075,945 | ) | (1,937,607 | ) | ||||||
Net increase (decrease) in net assets from operations |
| 474,275 |
| 4,621,646 |
| (3,957,340 | ) | 1,489,789 |
| (1,512,963 | ) | 3,230,703 |
| ||||||
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
From net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| (230,573 | ) | (363,642 | ) | — |
| (547,085 | ) | — |
| (162,348 | ) | ||||||
Institutional Plus Class |
| (77,746 | ) | (68,740 | ) | — |
| (1,442,342 | ) | — |
| (85,774 | ) | ||||||
From net realized gains on investments |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| — |
| — |
| — |
| — |
| — |
| (2,220,954 | ) | ||||||
Institutional Plus Class |
| — |
| — |
| — |
| — |
| — |
| (922,721 | ) | ||||||
Change in net assets from distributions to shareholders |
| (308,319 | ) | (432,382 | ) | — |
| (1,989,427 | ) | — |
| (3,391,797 | ) | ||||||
Capital Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Proceeds from shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 14,876,930 |
| 39,119,497 |
| 1,954,441 |
| 10,046,144 |
| 1,912,246 |
| 9,078,952 |
| ||||||
Institutional Plus Class |
| 636,488 |
| 12,126,381 |
| 6,962,731 |
| 45,596,446 |
| 1,466,452 |
| 27,424,829 |
| ||||||
Proceeds from dividends reinvested |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 220,912 |
| 356,763 |
| — |
| 192,636 |
| — |
| 1,456,164 |
| ||||||
Institutional Plus Class |
| 77,746 |
| 68,740 |
| — |
| 1,442,342 |
| — |
| 1,008,495 |
| ||||||
Cost of shares redeemed |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| (14,551,243 | ) | (28,888,454 | ) | (21,242,499 | ) | (48,801,560 | ) | (11,479,670 | ) | (51,135,213 | ) | ||||||
Institutional Plus Class |
| (658,542 | ) | (591,838 | ) | (49,250,935 | ) | (26,764,136 | ) | (1,417,724 | ) | (6,678,291 | ) | ||||||
Change in net assets from capital transactions |
| 602,291 |
| 22,191,089 |
| (61,576,262 | ) | (18,288,128 | ) | (9,518,696 | ) | (18,845,064 | ) | ||||||
Change in net assets |
| 768,247 |
| 26,380,353 |
| (65,533,602 | ) | (18,787,766 | ) | (11,031,659 | ) | (19,006,158 | ) | ||||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Beginning of period |
| 64,971,836 |
| 38,591,483 |
| 265,437,484 |
| 284,225,250 |
| 70,641,267 |
| 89,647,425 |
| ||||||
End of period |
| $ | 65,740,083 |
| $ | 64,971,836 |
| $ | 199,903,882 |
| $ | 265,437,484 |
| $ | 59,609,608 |
| $ | 70,641,267 |
|
Accumulated (excess of distributions over) net investment income (loss) |
| $ | (1,804 | ) | $ | 10,475 |
| $ | 3,632,451 |
| $ | 2,428,519 |
| $ | 219,942 |
| $ | 130,451 |
|
Share Transactions Institutional Class: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Shares issued |
| 982,833 |
| 2,719,666 |
| 238,360 |
| 1,258,822 |
| 214,666 |
| 1,027,445 |
| ||||||
Shares reinvested |
| 14,550 |
| 24,953 |
| — |
| 24,760 |
| — |
| 181,756 |
| ||||||
Shares redeemed |
| (978,899 | ) | (2,058,344 | ) | (2,532,752 | ) | (6,252,007 | ) | (1,293,899 | ) | (5,718,505 | ) | ||||||
Change in shares |
| 18,484 |
| 686,275 |
| (2,294,392 | ) | (4,968,425 | ) | (1,079,233 | ) | (4,509,304 | ) | ||||||
Share Transactions Institutional Plus Class: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Shares issued |
| 42,111 |
| 867,045 |
| 851,350 |
| 5,805,974 |
| 164,443 |
| 3,179,407 |
| ||||||
Shares reinvested |
| 5,121 |
| 4,608 |
| — |
| 184,916 |
| — |
| 124,954 |
| ||||||
Shares redeemed |
| (43,472 | ) | (40,273 | ) | (6,062,599 | ) | (3,384,429 | ) | (158,152 | ) | (783,234 | ) | ||||||
Change in shares |
| 3,760 |
| 831,380 |
| (5,211,249 | ) | 2,606,461 |
| 6,291 |
| 2,521,127 |
|
See accompanying Notes to Financial Statements.
|
| GROWTH OPPORTUNITIES FUND |
| SMALL COMPANY FUND |
| ||||||||
|
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| ||||
Operations: |
|
|
|
|
|
|
|
|
| ||||
Net investment income (loss) |
| $ | (225,532 | ) | $ | (529,164 | ) | $ | 420,343 |
| $ | 811,313 |
|
Net realized gain from investment transactions |
| 391,296 |
| 5,016,832 |
| 2,263,817 |
| 8,628,619 |
| ||||
Change in unrealized (depreciation) on investments |
| (4,318,589 | ) | (2,231,082 | ) | (4,869,711 | ) | (3,514,429 | ) | ||||
Net increase (decrease) in net assets from operations |
| (4,152,825 | ) | 2,256,586 |
| (2,185,551 | ) | 5,925,503 |
| ||||
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
| ||||
From net investment income |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| — |
| — |
| — |
| (199,305 | ) | ||||
Institutional Plus Class |
| — |
| — |
| — |
| (333,873 | ) | ||||
From net realized gains on investments |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| — |
| — |
| — |
| (2,610,404 | ) | ||||
Institutional Plus Class |
| — |
| — |
| — |
| (3,603,552 | ) | ||||
Change in net assets from distributions to shareholders |
| — |
| — |
| — |
| (6,747,134 | ) | ||||
Capital Transactions: |
|
|
|
|
|
|
|
|
| ||||
Proceeds from shares issued |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| 7,271,659 |
| 40,849,519 |
| 6,819,674 |
| 16,712,037 |
| ||||
Institutional Plus Class |
| 2,420,876 |
| 40,601,632 |
| 5,997,062 |
| 28,986,456 |
| ||||
Proceeds from dividends reinvested |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| — |
| — |
| — |
| 1,669,577 |
| ||||
Institutional Plus Class |
| — |
| — |
| — |
| 3,937,425 |
| ||||
Cost of shares redeemed |
|
|
|
|
|
|
|
|
| ||||
Institutional Class |
| (10,466,609 | ) | (63,198,326 | ) | (5,739,273 | ) | (33,223,424 | ) | ||||
Institutional Plus Class |
| (3,110,521 | ) | (3,863,224 | ) | (6,853,137 | ) | (13,668,201 | ) | ||||
Change in net assets from capital transactions |
| (3,884,595 | ) | 14,389,601 |
| 224,326 |
| 4,413,870 |
| ||||
Change in net assets |
| (8,037,420 | ) | 16,646,187 |
| (1,961,225 | ) | 3,592,239 |
| ||||
Net Assets: |
|
|
|
|
|
|
|
|
| ||||
Beginning of period |
| 123,734,981 |
| 107,088,794 |
| 145,343,628 |
| 141,751,389 |
| ||||
End of period |
| $ | 115,697,561 |
| $ | 123,734,981 |
| $ | 143,382,403 |
| $ | 145,343,628 |
|
Accumulated (excess of distributions over) net investment income (loss) |
| $ | (225,532 | ) | $ | — |
| $ | 899,648 |
| $ | 479,305 |
|
Share Transactions Institutional Class: |
|
|
|
|
|
|
|
|
| ||||
Shares issued |
| 496,752 |
| 2,815,646 |
| 373,840 |
| 914,067 |
| ||||
Shares reinvested |
| — |
| — |
| — |
| 100,983 |
| ||||
Shares redeemed |
| (711,224 | ) | (4,646,275 | ) | (312,585 | ) | (1,868,599 | ) | ||||
Change in shares |
| (214,472 | ) | (1,830,629 | ) | 61,255 |
| (853,549 | ) | ||||
Share Transactions Institutional Plus Class: |
|
|
|
|
|
|
|
|
| ||||
Shares issued |
| 165,966 |
| 3,027,300 |
| 331,524 |
| 1,645,778 |
| ||||
Shares reinvested |
| — |
| — |
| — |
| 237,258 |
| ||||
Shares redeemed |
| (210,849 | ) | (272,811 | ) | (373,950 | ) | (750,566 | ) | ||||
Change in shares |
| (44,883 | ) | 2,754,489 |
| (42,426 | ) | 1,132,470 |
|
(a) | Institutional Plus Class shares of the Short-Intermediate Bond Fund, Balanced Fund, Large Cap Growth Fund and Growth Opportunities Fund commenced operations on October 14, 2011. |
See accompanying Notes to Financial Statements.
FINANCIAL HIGHLIGHTS (Unaudited)
For a Share Outstanding
|
|
|
| Investment Activities |
| Distributions to |
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||||||
Period |
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net Realized |
| Net |
| Total |
| Net |
| Expense |
| Net |
| Expense |
| Portfolio |
| ||||||||
SHORT-INTERMEDIATE BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| $ | 9.48 |
| $ | 0.12 | (c) | $ | 0.09 |
| $ | 0.21 |
| $ | (0.12 | ) | $ | — |
| $ | 9.57 |
| 2.28 | % | $ | 49,795 |
| 0.85 | % | 2.46 | % | 1.07 | % | 19 | % |
03/31/12 |
| 9.51 |
| 0.25 | (c) | 0.01 |
| 0.26 |
| (0.27 | ) | (0.02 | ) | 9.48 |
| 2.80 |
| 49,848 |
| 0.84 |
| 2.66 |
| 1.06 |
| 42 |
| ||||||||
03/31/11 |
| 9.51 |
| 0.28 | (c) | 0.03 |
| 0.31 |
| (0.31 | ) | — |
| 9.51 |
| 3.27 |
| 68,550 |
| 0.82 |
| 2.94 |
| 1.08 |
| 45 |
| ||||||||
03/31/10 |
| 9.20 |
| 0.32 | (c) | 0.34 |
| 0.66 |
| (0.35 | ) | — |
| 9.51 |
| 7.18 |
| 71,503 |
| 0.86 |
| 3.39 |
| 1.17 |
| 62 |
| ||||||||
03/31/09 |
| 9.45 |
| 0.33 |
| (0.14 | ) | 0.19 |
| (0.39 | ) | (0.05 | ) | 9.20 |
| 2.05 |
| 49,125 |
| 0.90 |
| 3.53 |
| 1.20 |
| 50 |
| ||||||||
03/31/08 |
| 9.40 |
| 0.41 |
| 0.05 |
| 0.46 |
| (0.41 | ) | — |
| 9.45 |
| 5.01 | (d) | 50,299 |
| 0.82 | (d) | 4.33 | (d) | 1.17 |
| 68 |
| ||||||||
Institutional Plus Class |
| �� |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 9.49 |
| 0.13 | (c) | 0.10 |
| 0.23 |
| (0.14 | ) | — |
| 9.58 |
| 2.41 |
| 17,013 |
| 0.60 |
| 2.71 |
| 0.82 |
| 19 |
| ||||||||
03/31/12(e) |
| 9.40 |
| 0.13 | (c) | 0.12 |
| 0.25 |
| (0.14 | ) | (0.02 | ) | 9.49 |
| 2.62 |
| 15,936 |
| 0.61 |
| 2.98 |
| 0.83 |
| 42 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
INCOME FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 10.23 |
| 0.16 | (c) | 0.27 |
| 0.43 |
| (0.16 | ) | — |
| 10.50 |
| 4.24 |
| 57,399 |
| 0.88 |
| 3.08 |
| 1.15 |
| 18 |
| ||||||||
03/31/12 |
| 9.91 |
| 0.36 | (c) | 0.32 |
| 0.68 |
| (0.36 | ) | — |
| 10.23 |
| 6.93 |
| 54,401 |
| 0.91 |
| 3.56 |
| 1.18 |
| 38 |
| ||||||||
03/31/11 |
| 9.79 |
| 0.42 | (c) | 0.10 |
| 0.52 |
| (0.40 | ) | — |
| 9.91 |
| 5.37 |
| 56,542 |
| 0.83 |
| 4.26 |
| 1.18 |
| 68 |
| ||||||||
03/31/10 |
| 9.29 |
| 0.45 | (c) | 0.51 |
| 0.96 |
| (0.46 | ) | — |
| 9.79 |
| 10.49 |
| 60,098 |
| 0.77 |
| 4.72 |
| 1.27 |
| 71 |
| ||||||||
03/31/09 |
| 9.69 |
| 0.42 |
| (0.39 | ) | 0.03 |
| (0.43 | ) | — |
| 9.29 |
| 0.40 |
| 51,965 |
| 0.79 |
| 4.47 |
| 1.33 |
| 63 |
| ||||||||
03/31/08 |
| 9.63 |
| 0.46 |
| 0.05 |
| 0.51 |
| (0.45 | ) | — |
| 9.69 |
| 5.27 | (d) | 59,117 |
| 0.71 | (d) | 4.73 | (d) | 1.29 |
| 81 |
| ||||||||
Institutional Plus Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 10.24 |
| 0.17 | (c) | 0.27 |
| 0.44 |
| (0.17 | ) | — |
| 10.51 |
| 4.36 |
| 13,029 |
| 0.63 |
| 3.32 |
| 0.90 |
| 18 |
| ||||||||
03/31/12(e) |
| 10.14 |
| 0.15 | (c) | 0.10 |
| 0.25 |
| (0.15 | ) | — |
| 10.24 |
| 2.47 |
| 11,933 |
| 0.66 |
| 3.45 |
| 0.93 |
| 38 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
BALANCED FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 15.39 |
| 0.07 | (c) | 0.11 |
| 0.18 |
| (0.07 | ) | — |
| 15.50 |
| 1.08 |
| 52,832 |
| 1.22 |
| 0.86 |
| 1.35 |
| 12 |
| ||||||||
03/31/12 |
| 14.27 |
| 0.13 | (c) | 1.12 |
| 1.25 |
| (0.13 | ) | — |
| 15.39 |
| 8.82 |
| 52,199 |
| 1.25 |
| 0.93 |
| 1.38 |
| 25 |
| ||||||||
03/31/11 |
| 12.44 |
| 0.22 | (c) | 1.82 |
| 2.04 |
| (0.21 | ) | — |
| 14.27 |
| 16.56 |
| 38,591 |
| 1.22 |
| 1.67 |
| 1.37 |
| 34 |
| ||||||||
03/31/10 |
| 8.70 |
| 0.17 | (c) | 3.74 |
| 3.91 |
| (0.17 | ) | — |
| 12.44 |
| 45.17 |
| 29,898 |
| 1.37 |
| 1.57 |
| 1.53 |
| 70 |
| ||||||||
03/31/09 |
| 12.36 |
| 0.24 |
| (3.44 | ) | (3.20 | ) | (0.24 | ) | (0.22 | ) | 8.70 |
| (26.13 | ) | 21,861 |
| 1.35 |
| 2.28 |
| 1.51 |
| 60 |
| ||||||||
03/31/08 |
| 14.69 |
| 0.18 |
| (0.17 | ) | 0.01 |
| (0.18 | ) | (2.16 | ) | 12.36 |
| (0.55 | )(d) | 31,376 |
| 1.30 | (d) | 1.32 | (d) | 1.51 |
| 83 |
| ||||||||
Institutional Plus Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 15.36 |
| 0.08 | (c) | 0.11 |
| 0.19 |
| (0.09 | ) | — |
| 15.46 |
| 1.27 |
| 12,908 |
| 0.97 |
| 1.12 |
| 1.10 |
| 12 |
| ||||||||
03/31/12(e) |
| 13.90 |
| 0.07 | (c) | 1.47 |
| 1.54 |
| (0.08 | ) | — |
| 15.36 |
| 11.13 |
| 12,773 |
| 1.02 |
| 1.06 |
| 1.15 |
| 25 |
| ||||||||
See accompanying Notes to Financial Statements.
|
|
|
| Investment Activities |
| Distributions to |
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||||||
Period |
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net Realized |
| Net |
| Total |
| Net |
| Expense |
| Net |
| Expense |
| Portfolio |
| ||||||||
CORE EQUITY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| $ | 8.62 |
| $ | 0.04 | (c) | $ | (0.08 | ) | $ | (0.04 | ) | $ | — |
| $ | — |
| $ | 8.58 |
| (0.46 | )% | $ | 53,516 |
| 1.12 | % | 0.89 | % | 1.24 | % | 14 | % |
03/31/12 |
| 8.59 |
| 0.08 | (c) | 0.01 |
| 0.09 |
| (0.06 | ) | — |
| 8.62 |
| 1.13 |
| 73,538 |
| 1.11 |
| 0.98 |
| 1.23 |
| 29 |
| ||||||||
03/31/11 |
| 7.92 |
| 0.06 | (c) | 0.63 |
| 0.69 |
| (0.02 | ) | — |
| 8.59 |
| 8.69 |
| 115,919 |
| 1.15 |
| 0.82 |
| 1.29 |
| 32 |
| ||||||||
03/31/10 |
| 5.54 |
| 0.05 | (c) | 2.39 |
| 2.44 |
| (0.06 | ) | — |
| 7.92 |
| 44.10 |
| 111,730 |
| 1.18 |
| 0.78 |
| 1.34 |
| 24 |
| ||||||||
03/31/09 |
| 8.72 |
| 0.09 |
| (3.07 | ) | (2.98 | ) | (0.09 | ) | (0.11 | ) | 5.54 |
| (34.36 | ) | 70,000 |
| 1.24 |
| 1.34 |
| 1.40 |
| 28 |
| ||||||||
03/31/08 |
| 10.33 |
| 0.09 |
| (0.32 | ) | (0.23 | ) | (0.09 | ) | (1.29 | ) | 8.72 |
| (3.25 | )(d) | 95,746 |
| 1.18 | (d) | 0.87 | (d) | 1.39 |
| 31 |
| ||||||||
Institutional Plus Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 8.65 |
| 0.05 | (c) | (0.08 | ) | (0.03 | ) | — |
| — |
| 8.62 |
| (0.35 | ) | 146,388 |
| 0.87 |
| 1.14 |
| 0.99 |
| 14 |
| ||||||||
03/31/12 |
| 8.59 |
| 0.10 | (c) | 0.02 |
| 0.12 |
| (0.06 | ) | — |
| 8.65 |
| 1.53 |
| 191,900 |
| 0.84 |
| 1.30 |
| 0.98 |
| 29 |
| ||||||||
03/31/11(e) |
| 8.17 |
| 0.03 | (c) | 0.39 |
| 0.42 |
| — |
| — |
| 8.59 |
| 5.14 |
| 168,306 |
| 0.85 |
| 1.43 |
| 1.01 |
| 32 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
LARGE CAP GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 9.29 |
| 0.01 | (c) | (0.17 | ) | (0.16 | ) | — |
| — |
| 9.13 |
| (1.72 | ) | 36,364 |
| 1.13 |
| 0.19 |
| 1.43 |
| 24 |
| ||||||||
03/31/12 |
| 9.36 |
| 0.03 | (c) | 0.36 |
| 0.39 |
| (0.03 | ) | (0.43 | ) | 9.29 |
| 4.97 |
| 47,059 |
| 1.20 |
| 0.29 |
| 1.43 |
| 131 |
| ||||||||
03/31/11 |
| 8.73 |
| 0.03 | (c) | 0.77 |
| 0.80 |
| (0.02 | ) | (0.15 | ) | 9.36 |
| 9.19 |
| 89,647 |
| 1.26 |
| 0.36 |
| 1.44 |
| 18 |
| ||||||||
03/31/10 |
| 5.98 |
| 0.02 | (c) | 2.75 |
| 2.77 |
| (0.02 | ) | — |
| 8.73 |
| 46.40 |
| 81,220 |
| 1.22 |
| 0.32 |
| 1.53 |
| 14 |
| ||||||||
03/31/09 |
| 8.60 |
| 0.05 |
| (2.62 | ) | (2.57 | ) | (0.05 | ) | — |
| 5.98 |
| (29.94 | ) | 30,771 |
| 0.99 |
| 0.84 |
| 1.55 |
| 18 |
| ||||||||
03/31/08(g) |
| 10.00 |
| 0.00 |
| (1.40 | ) | (1.40 | ) | — |
| — |
| 8.60 |
| (14.00 | ) | 23,509 |
| 1.95 |
| 0.03 |
| 2.41 |
| 6 |
| ||||||||
Institutional Plus Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 9.35 |
| 0.02 | (c) | (0.17 | ) | (0.15 | ) | — |
| — |
| 9.20 |
| (1.60 | ) | 23,246 |
| 0.88 |
| 0.45 |
| 1.18 |
| 24 |
| ||||||||
03/31/12(e) |
| 8.61 |
| 0.02 | (c) | 1.19 |
| 1.21 |
| (0.04 | ) | (0.43 | ) | 9.35 |
| 14.88 |
| 23,583 |
| 0.88 |
| 0.47 |
| 1.18 |
| 131 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
GROWTH OPPORTUNITIES FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 15.52 |
| (0.03 | )(c) | (0.50 | ) | (0.53 | ) | — |
| — |
| 14.99 |
| (3.41 | ) | 74,998 |
| 1.16 |
| (0.48 | ) | 1.28 |
| 33 |
| ||||||||
03/31/12 |
| 15.19 |
| (0.08 | )(c) | 0.41 |
| 0.33 |
| — |
| — |
| 15.52 |
| 2.17 |
| 80,961 |
| 1.16 |
| (0.55 | ) | 1.28 |
| 72 |
| ||||||||
03/31/11 |
| 11.50 |
| 0.02 | (c) | 3.72 |
| 3.74 |
| (0.05 | )(f) | — |
| 15.19 |
| 32.54 |
| 107,089 |
| 1.16 |
| 0.18 |
| 1.30 |
| 45 |
| ||||||||
03/31/10 |
| 7.36 |
| (0.01 | )(c) | 4.15 |
| 4.14 |
| — |
| — |
| 11.50 |
| 56.25 |
| 68,427 |
| 1.18 |
| (0.11 | ) | 1.35 |
| 54 |
| ||||||||
03/31/09 |
| 13.16 |
| 0.05 |
| (4.44 | ) | (4.39 | ) | (0.02 | ) | (1.39 | )(f) | 7.36 |
| (33.91 | ) | 41,797 |
| 1.27 |
| 0.48 |
| 1.43 |
| 64 |
| ||||||||
03/31/08 |
| 15.21 |
| (0.02 | ) | (0.69 | ) | (0.71 | ) | (0.05 | ) | (1.29 | ) | 13.16 |
| (5.50 | )(d) | 69,135 |
| 1.20 | (d) | (0.17 | )(d) | 1.42 |
| 73 |
| ||||||||
Institutional Plus Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 15.53 |
| (0.02 | )(c) | (0.49 | ) | (0.51 | ) | — |
| — |
| 15.02 |
| (3.28 | ) | 40,700 |
| 0.91 |
| (0.23 | ) | 1.03 |
| 33 |
| ||||||||
03/31/12(e) |
| 13.31 |
| (0.01 | )(c) | 2.23 |
| 2.22 |
| — |
| — |
| 15.53 |
| 16.68 |
| 42,774 |
| 0.93 |
| (0.13 | ) | 1.05 |
| 72 |
| ||||||||
See accompanying Notes to Financial Statements.
|
|
| �� | Investment Activities |
| Distributions to |
|
|
|
|
|
|
| Ratios/Supplemental Data |
| ||||||||||||||||||||
Period |
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Net |
| Total |
| Net |
| Expense |
| Net |
| Expense |
| Portfolio |
| ||||||||
SMALL COMPANY FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| $ | 19.11 |
| $ | 0.04 | (c) | $ | (0.36 | ) | $ | (0.32) |
| $ | — |
| $ | — |
| $ | 18.79 |
| (1.67 | )% | $ | 60,517 |
| 1.22 | % | 0.45 | % | 1.35 | % | 10 | % |
03/31/12 |
| 19.37 |
| 0.09 | (c) | 0.59 |
| 0.68 |
| (0.07 | ) | (0.87 | ) | 19.11 |
| 4.25 |
| 60,370 |
| 1.22 |
| 0.47 |
| 1.35 |
| 30 |
| ||||||||
03/31/11 |
| 16.56 |
| 0.11 | (c) | 3.89 |
| 4.00 |
| (0.01 | ) | (1.18 | ) | 19.37 |
| 24.83 |
| 77,747 |
| 1.26 |
| 0.64 |
| 1.41 |
| 28 |
| ||||||||
03/31/10 |
| 9.90 |
| 0.06 | (c) | 6.66 |
| 6.72 |
| (0.06 | ) | — |
| 16.56 |
| 68.04 |
| 64,737 |
| 1.34 |
| 0.47 |
| 1.50 |
| 30 |
| ||||||||
03/31/09 |
| 15.65 |
| 0.12 |
| (5.46 | ) | (5.34 | ) | (0.12 | ) | (0.29 | ) | 9.90 |
| (34.47 | ) | 30,051 |
| 1.43 |
| 0.88 |
| 1.59 |
| 32 |
| ||||||||
03/31/08 |
| 19.47 |
| 0.06 |
| (1.06 | ) | (1.00 | ) | (0.06 | ) | (2.76 | ) | 15.65 |
| (5.87 | )(d) | 39,676 |
| 1.35 | (d) | 0.37 | (d) | 1.56 |
| 27 |
| ||||||||
Institutional Plus Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
09/30/12 |
| 19.16 |
| 0.06 | (c) | (0.36 | ) | (0.30 | ) | — |
| — |
| 18.86 |
| (1.57 | ) | 82,865 |
| 0.97 |
| 0.70 |
| 1.10 |
| 10 |
| ||||||||
03/31/12 |
| 19.38 |
| 0.13 | (c) | 0.60 |
| 0.73 |
| (0.08 | ) | (0.87 | ) | 19.16 |
| 4.51 |
| 84,974 |
| 0.96 |
| 0.74 |
| 1.10 |
| 30 |
| ||||||||
03/31/11(e) |
| 18.09 |
| 0.01 | (c) | 1.28 |
| 1.29 |
| — |
| — |
| 19.38 |
| 7.13 |
| 64,005 |
| 0.93 |
| 0.22 |
| 1.10 |
| 28 |
| ||||||||
* Ratios excluding contractual waivers.
(a) Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Per share data calculated using average shares method.
(d) As disclosed in the 2006 Annual Report, the U.S. Securities and Exchange Commission conducted an examination of First National Bank of Omaha (“FNBO”) related to past payments of certain marketing and other expenses. Subsequently, FNBO agreed to pay the Funds $313,681, which was paid in December 2007. This amount was allocated to each Fund based on the average net assets of the Fund on the date of the distribution. During the year ended March 31, 2008, FNBO reimbursed amounts to the Funds for these marketing arrangements. The corresponding impact was an increase to the total returns of 0.06% for Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Core Equity Fund, Growth Opportunities Fund and Small Company Fund and a decrease to the net expense ratios and an increase to the net income ratios of 0.06% for Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Core Equity Fund and Small Company Fund and 0.07% for Growth Opportunities Fund.
(e) Commencement of Operations of Institutional Plus Class shares was as follows: Core Equity Fund and Small Company Fund - December 17, 2010; Short-Intermediate Bond Fund, Balanced Fund, Large Cap Growth Fund and Growth Opportunities Fund - October 14, 2011; Income Fund — October 28, 2011.
(f) Distribution amount for the Growth Opportunities Fund includes a return of capital distribution of $0.10 and $0.03 per share for the years ended March 31, 2009 and March 31, 2011, respectively.
(g) Commencement of operations of Institutional Class shares for Large Cap Growth Fund was July 5, 2007.
See accompanying Notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
1. Organization
Tributary Funds, Inc. (the “Company”) was organized in October 1994 as a Nebraska corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company issuing its shares in series. The Company consists of seven series, the Short-Intermediate Bond Fund, the Income Fund, the Balanced Fund, the Core Equity Fund, the Large Cap Growth Fund, the Growth Opportunities Fund and the Small Company Fund (collectively, the “Funds” and individually, a “Fund”). Each series represents a distinct portfolio with its own investment objectives and policies.
All Funds offer Institutional Class and Institutional Plus Class shares without a sales charge. The two classes differ principally in applicable minimum investment and shareholder servicing fees. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class, without discrimination between share classes. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.
Under the Company’s organizational documents, the Company shall indemnify its Officers and Directors against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business, the Company may enter into contracts with its vendors and others that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company. However, based on experience, the Company expects the risk of loss to be remote.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
Security Valuation
The net asset value (“NAV”) per share of each Fund is determined each business day as of the close of the New York Stock Exchange (“NYSE”), which is normally 4 p.m. Eastern Time. In valuing a Fund’s assets for calculating the NAV, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available, including traded over the counter securities, are valued at the official closing price on the primary exchange or market (foreign or domestic) on which they traded or, if there is no such reported price on the valuation date, at the most recent quoted sale price or bid price. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE. Short-term debt investments (maturing within 60 days) may be valued on an amortized cost basis, unless such value does not approximate market value. Debt securities (other than short-term investments) are valued at prices furnished by pricing services and generally reflect last reported sales price if the security is actively traded or an evaluated bid price obtained by employing methodologies that utilize actual market transactions; broker supplied valuations; or factors such as yield, maturity, call features, credit ratings, or developments relating to specific securities in arriving at the valuation. Prices provided by pricing services are subject to review and determination of the appropriate price whenever a furnished price is significantly different from the previous day’s furnished price.
Securities for which quotations are not readily available are valued at fair value as determined in good faith by the Company’s Fair Value Committee (“Fair Value Committee”) pursuant to procedures established by the Company’s Board of Directors (“Board”). Situations that may require an investment to be fair valued include instances where a security is thinly traded, halted, or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings, or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Fair Value Committee’s own assumptions in determining fair value. Factors used in determining fair value include, but are not limited to: type of security or asset, trading activity of similar markets or securities, fundamental analytical data relating to the investment, evaluation of the forces that
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
influence the market in which the security is purchased and sold, and information as to any transactions or offers with respect to the security.
Under the Company’s pricing and valuation procedures, the Board has delegated the daily operational oversight of the securities valuation function to the Fair Value Committee, which consists of representatives from the Funds’ adviser, sub-adviser and representatives of Jackson Fund Services (“JFS” or “Co-Administrator”), a division of Jackson National Asset Management, LLC. The Fair Value Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures adopted by the Board, the Fair Value Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Fair Valuation Committee’s determinations are subject to review by the Funds’ Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.
The Funds use a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (exit price). One component of fair value is a three-tier fair value hierarchy. The basis of the tiers is dependent upon various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — includes valuations based on quoted prices of identical securities in active markets including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds.
Level 2 — includes valuations for which all significant inputs are observable, either directly or indirectly. Direct observable inputs include broker quotes, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets, or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities priced by pricing services, broker quotes in active markets, securities subject to corporate actions or ADRs and GDRs for which quoted prices in active markets are not available.
Level 3 — includes valuations based on inputs that are unobservable and significant to the fair value measurement, including the Fair Value Committee’s own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, issuer news, trading characteristics, or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index, or comparable securities’ models. Level 3 valuations include securities that are priced based on single source broker quotes, where prices may be unavailable due to halted trading, restricted to resale due to market events, newly issued or investments for which reliable quotes are not available.
To assess the continuing appropriateness of security valuations, the Co-Administrator regularly compares current day prices with prior day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Co-Administrator challenges the prices exceeding tolerance levels with the pricing service or broker. To substantiate Level 3 unobservable inputs, the Adviser and Co-Administrator use a variety of techniques as appropriate, including, transaction back-testing or disposition analysis and review of related market activity.
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
The following is a summary of the inputs used to value each Fund’s investments as of September 30, 2012, by category:
|
| LEVEL 1 - |
| LEVEL 2 - |
| LEVEL 3 - |
| Total |
| ||||
Short-Intermediate Bond Fund |
|
|
|
|
|
|
|
|
| ||||
Non-U.S. Government Agency Asset-Backed Securities |
| $ | — |
| $ | 19,853,318 |
| $ | 310,449 |
| $ | 20,163,767 |
|
Corporate Bonds |
| — |
| 25,020,993 |
| — |
| 25,020,993 |
| ||||
Government and Agency Obligations |
| — |
| 20,006,928 |
| — |
| 20,006,928 |
| ||||
Preferred Stocks |
| 473,000 |
| — |
| — |
| 473,000 |
| ||||
Short Term Investments |
| 992,582 |
| — |
| — |
| 992,582 |
| ||||
Total |
| $ | 1,465,582 |
| $ | 64,881,239 |
| $ | 310,449 |
| $ | 66,657,270 |
|
Income Fund |
|
|
|
|
|
|
|
|
| ||||
Non-U.S. Government Agency Asset-Backed Securities |
| $ | — |
| $ | 18,441,793 |
| $ | 475,778 |
| $ | 18,917,571 |
|
Corporate Bonds |
| — |
| 16,194,660 |
| — |
| 16,194,660 |
| ||||
Government and Agency Obligations |
| — |
| 31,358,895 |
| — |
| 31,358,895 |
| ||||
Preferred Stock |
| 498,800 |
| — |
| — |
| 498,800 |
| ||||
Exchange Traded Funds |
| 466,191 |
| — |
| — |
| 466,191 |
| ||||
Investment Company |
| 1,370,168 |
| — |
| — |
| 1,370,168 |
| ||||
Short Term Investments |
| 1,464,036 |
| — |
| — |
| 1,464,036 |
| ||||
Total |
| $ | 3,799,195 |
| $ | 65,995,348 |
| $ | 475,778 |
| $ | 70,270,321 |
|
Balanced Fund |
|
|
|
|
|
|
|
|
| ||||
Common Stocks |
| $ | 39,872,331 |
| $ | — |
| $ | — |
| $ | 39,872,331 |
|
Corporate Bonds |
| — |
| 14,549,067 |
| — |
| 14,549,067 |
| ||||
Government and Agency Obligations |
| — |
| 7,498,913 |
| — |
| 7,498,913 |
| ||||
Short Term Investments |
| 3,427,209 |
| — |
| — |
| 3,427,209 |
| ||||
Total |
| $ | 43,299,540 |
| $ | 22,047,980 |
| $ | — |
| $ | 65,347,520 |
|
Core Equity Fund |
|
|
|
|
|
|
|
|
| ||||
Common Stocks |
| $ | 190,146,893 |
| $ | — |
| $ | — |
| $ | 190,146,893 |
|
Short Term Investments |
| 9,645,266 |
| — |
| — |
| 9,645,266 |
| ||||
Total |
| $ | 199,792,159 |
| $ | — |
| $ | — |
| $ | 199,792,159 |
|
Large Cap Growth Fund |
|
|
|
|
|
|
|
|
| ||||
Common Stocks |
| $ | 59,592,751 |
| $ | — |
| $ | — |
| $ | 59,592,751 |
|
Short Term Investments |
| 179,217 |
| — |
| — |
| 179,217 |
| ||||
Total |
| $ | 59,771,968 |
| $ | — |
| $ | — |
| $ | 59,771,968 |
|
Growth Opportunities Fund |
|
|
|
|
|
|
|
|
| ||||
Common Stocks |
| $ | 110,217,537 |
| $ | — |
| $ | — |
| $ | 110,217,537 |
|
Short Term Investments |
| 6,827,375 |
| — |
| — |
| 6,827,375 |
| ||||
Total |
| $ | 117,044,912 |
| $ | — |
| $ | — |
| $ | 117,044,912 |
|
Small Company Fund |
|
|
|
|
|
|
|
|
| ||||
Common Stocks |
| $ | 140,069,406 |
| $ | — |
| $ | — |
| $ | 140,069,406 |
|
Short Term Investments |
| 5,568,500 |
| — |
| — |
| 5,568,500 |
| ||||
Total |
| $ | 145,637,906 |
| $ | — |
| $ | — |
| $ | 145,637,906 |
|
The Funds recognize transfers between levels as of the beginning of the period. There were no material transfers into or out of Level 1, 2 or 3 during the period. There were no material Level 3 valuations for which significant unobservable valuation inputs were developed at September 30, 2012.
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
New Accounting Pronouncement
In May 2011, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements”. ASU 2011-04 further clarifies fair value measurement principles and requires additional disclosures. Effective for interim and annual reporting periods beginning after December 15, 2011, entities need to disclose the amounts and reasons for any transfers between Level 1 and Level 2 securities; quantitative information relating to significant observable inputs, a narrative description of the valuation process and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs for Level 3 fair valuation. ASU 2011-04 is effective for the Funds in the current reporting period and the disclosures required under ASU 2011-04 are included in these Notes to Financial Statements.
Guarantees and Indemnifications
In the normal course of business, the Company may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Each Fund’s maximum exposure under these arrangements is unknown. However, since their commencement of operations, the Funds have not had claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Under the Company’s organizational documents, its officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Company’s contracts with service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.
Securities Transactions, Investment Income and Foreign Taxes
Securities transactions are accounted for no later than one business day following trade date. For financial reporting purposes, however, on the last business day of the reporting period, security transactions are accounted for on trade date. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date. Dividends and interest from non-U.S. sources received by a Fund are generally subject to non-U.S. net withholding taxes. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties, and each Fund intends to undertake any procedural steps required to claim the benefits of such treaties. Gains or losses realized on the sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Restricted Securities
A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without registering the transaction under the Securities Act of 1933, as amended (the “1933 Act”), or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid or not is determined pursuant to procedures established by the Board. Not all restricted securities are considered illiquid. As of September 30, 2012, the Balanced Fund held the following Rule 144A security that was deemed illiquid:
Security |
| Acquisition |
| Acquisition |
| Market |
| Percentage of |
| ||
Commonwealth Bank of Australia, 4.26%, 04/13/20 |
| 3/31/10 |
| $ | 500,000 |
| $ | 526,945 |
| 0.8 | % |
Allocation of Expenses
Expenses directly attributable to a Fund are charged directly to that Fund, while expenses which are attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or another appropriate basis. Expenses directly attributable to a class are charged directly to that class, while expenses attributable to both classes are allocated to each class based upon the ratio of net assets for each class as a percentage of total net assets.
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
Distributions to Shareholders
Dividends from net investment income are declared daily and paid monthly for the Short-Intermediate Bond and Income Funds. The Balanced Fund declares and pays dividends from net investment income quarterly. The Core Equity Fund, Large Cap Growth Fund, Growth Opportunities Fund and Small Company Fund declare and pay dividends from net investment income, if any, annually. Distributions of net realized capital gains, if any, are declared and distributed at least annually for all the Funds only to the extent they exceeded available capital loss carryovers. The amount and timing of distributions are determined in accordance with federal income tax regulations which may differ from GAAP.
3. Related Party Transactions and Fees and Agreements
Tributary Capital Management, LLC (“Tributary”), a subsidiary of First National Bank of Omaha (“FNBO”), which is a subsidiary of First National Bank of Nebraska, Inc., serves as the investment adviser to the Funds. Each Fund pays a monthly fee at an annual rate of the following percentages of each Fund’s average daily net assets: 0.50% for the Short-Intermediate Bond Fund, 0.60% for the Income Fund, 0.75% for each of the Balanced Fund, Core Equity Fund and Growth Opportunities Fund, 0.90% for the Large Cap Growth Fund and 0.85% for the Small Company Fund. First National Fund Advisers (“FNFA”), a division of FNBO, serves as the investment sub-adviser for the Balanced Fund, Short-Intermediate Bond Fund and Income Fund.
Tributary has contractually agreed to waive certain of its fees until July 31, 2013 at the annual rate of the following percentages of each Fund’s average daily net assets: 0.22% for the Short-Intermediate Bond Fund, 0.27% for the Income Fund, 0.13% for the Balanced Fund, 0.12% for the Core Equity Fund, 0.30% for the Large Cap Growth Fund, 0.12% for the Growth Opportunities Fund and 0.13% for the Small Company Fund. None of the waived fees can be recaptured in subsequent periods. The amounts waived for each Fund are recorded as expenses waived by adviser in each Fund’s Statement of Operations.
JPMorgan Chase Bank, N.A. serves as the custodian for each of the Funds. DST Systems, Inc. serves as transfer agent for the Funds, whose functions include disbursing dividends and other distributions. Tributary and JFS serve as co-administrators of the Funds. As compensation for its administrative services, each co-administrator is entitled to a fee, calculated daily and paid monthly based on each Fund’s average daily net assets. Tributary receives 0.07% of each Fund’s average daily net assets. Beacon Hill Fund Services, Inc. provides the Funds’ Anti-Money Laundering Compliance Officer and Chief Compliance Officer services.
The Company has adopted an Administrative Services Plan, which allows the Funds’ Institutional Class shares to charge a shareholder services fee, pursuant to which each Fund is authorized to pay compensation to banks and other financial institutions, that may include the advisers, their correspondent and affiliated banks, including FNBO (each a “Service Organization”). Under the Administrative Services Plan, the Funds may enter into a Servicing Agreement with a Service Organization whereby such Service Organization agrees to provide certain record keeping and/or administrative support services for their customers or account holders who are the beneficial or record owner of the shares of a Fund. The Funds maintain Servicing Agreements, one of which is with FNBO. FNBO receives an annual fee at the rate of 0.25% of the average aggregate net asset value of the Funds held during the period by customers for whom they provided services under the Servicing Agreement. The amounts charged to the Funds and paid to FNBO for shareholder service fees are reported within the Statements of Operations.
4. Investment Transactions
The aggregate cost of purchases and proceeds from sales of securities, excluding U.S. Government securities and short-term investments (maturing less than one year from acquisition), for the period ended September 30, 2012 were as follows:
|
| Purchases |
| Sales |
| ||
Short-Intermediate Bond Fund |
| $ | 9,638,533 |
| $ | 11,064,304 |
|
Income Fund |
| 8,843,200 |
| 5,500,528 |
| ||
Balanced Fund |
| 8,557,839 |
| 7,401,872 |
| ||
Core Equity Fund |
| 29,628,270 |
| 88,330,241 |
| ||
Large Cap Growth Fund |
| 15,392,732 |
| 23,918,657 |
| ||
Growth Opportunities Fund |
| 36,338,427 |
| 41,171,574 |
| ||
Small Company Fund |
| 16,570,323 |
| 14,253,799 |
| ||
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
The aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities for the period ended September 30, 2012 were as follows:
|
| Purchases |
| Sales |
| ||
Short-Intermediate Bond Fund |
| $ | 4,176,270 |
| $ | 2,668,975 |
|
Income Fund |
| 7,090,150 |
| 8,057,515 |
| ||
Balanced Fund |
| — |
| — |
| ||
5. Capital Share Transactions
The Company is authorized to issue a total of 1,000,000,000 shares of common stock, 999,999,990 of which may be issued in series with a par value of $0.00001 per share. The Board is empowered to allocate such shares among different series of the Company’s shares without shareholder approval.
6. Federal Income Taxes
The following information is presented on an income tax basis. It is each Fund’s policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders sufficient to relieve it from all, or substantially all, federal income taxes. Therefore, no provision is made for federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country’s tax rules and rates.
Differences between amounts reported for financial statements and federal income tax purposes are primarily due to timing and character difference in recognizing gains and losses on investment transactions.
To the extent the differences between the amounts recognized for financial statements and federal income tax purposes are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: reclassifications related to Treasury Inflation-Protected Securities, market discount, premium and/or paydown securities, REIT securities, net operating losses, expired capital loss carryforwards and distribution adjustments. These reclassifications have no impact on net assets.
As of September 30, 2012, the cost of investments and the components of net unrealized appreciation/(depreciation) for U.S. federal income tax purposes were as follows:
|
| Tax Cost of |
| Gross |
| Gross |
| Net Unrealized |
| ||||
Short-Intermediate Bond Fund |
| $ | 65,311,624 |
| $ | 1,825,457 |
| $ | (479,811 | ) | $ | 1,345,646 |
|
Income Fund |
| 66,759,650 |
| 4,717,277 |
| (1,206,606 | ) | 3,510,671 |
| ||||
Balanced Fund |
| 53,299,557 |
| 12,403,500 |
| (355,537 | ) | 12,047,963 |
| ||||
Core Equity Fund |
| 166,519,873 |
| 37,594,477 |
| (4,322,191 | ) | 33,272,286 |
| ||||
Large Cap Growth Fund |
| 45,302,256 |
| 14,732,404 |
| (262,692 | ) | 14,469,712 |
| ||||
Growth Opportunities Fund |
| 84,627,370 |
| 34,387,346 |
| (1,969,804 | ) | 32,417,542 |
| ||||
Small Company Fund |
| 123,338,728 |
| 27,162,469 |
| (4,863,291 | ) | 22,299,178 |
| ||||
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
The tax character of dividends and distributions paid during the Funds’ last fiscal year ended March 31, 2012 were as follows:
|
| Net |
| Net Long |
| Total |
| |||
Short-Intermediate Bond Fund |
| $ | 2,126,646 |
| $ | — |
| $ | 2,126,646 |
|
Income Fund |
| 2,078,619 |
| — |
| 2,078,619 |
| |||
Balanced Fund |
| 432,382 |
| — |
| 432,382 |
| |||
Core Equity Fund |
| 1,989,427 |
| — |
| 1,989,427 |
| |||
Large Cap Growth Fund |
| 395,094 |
| 2,996,703 |
| 3,391,797 |
| |||
Growth Opportunities Fund |
| — |
| — |
| — |
| |||
Small Company Fund |
| 1,741,493 |
| 5,005,642 |
| 6,747,135 |
| |||
* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
** Total distributions paid may differ from the Statement of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.
The Regulated Investment Company Modernization Act of 2010 (“Act”) was enacted on December 22, 2010. In general, the provisions of the Act are effective for the Funds’ fiscal year ending March 31, 2012. Under the Act, a Fund is permitted to carry forward capital losses for an unlimited period. However, any losses incurred during post-enactment taxable years are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carry forwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses, and will not be considered exclusively short-term as under previous law.
At March 31, 2012, the Funds’ last fiscal year end, the following Funds had pre-enactment unused capital loss carryovers for U.S. federal income tax purposes, which may be used to offset future net realized capital gains. If not used, the capital loss carryovers will expire as follows:
|
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2017 |
| 2018 |
| 2019 |
| 2020 |
| Total |
| |||||||||
Short-Intermediate Bond Fund |
| $ | — |
| $ | 726,566 |
| $ | 1,593,824 |
| $ | 852,078 |
| $ | 577,072 |
| $ | — |
| $ | — |
| $ | — |
| $ | 3,749,540 |
|
Income Fund |
| — |
| — |
| 694,575 |
| 267,178 |
| — |
| — |
| — |
| — |
| 961,753 |
| |||||||||
Balanced Fund |
| — |
| — |
| — |
| — |
| — |
| 167,801 |
| — |
| — |
| 167,801 |
| |||||||||
Core Equity Fund |
| — |
| — |
| — |
| — |
| — |
| 2,192,793 |
| — |
| — |
| 2,192,793 |
| |||||||||
At March 31, 2012, the Funds’ last fiscal year end, the following Funds had post-enactment unused capital loss carryovers for U.S. federal income tax purposes, which may be used to offset future net realized capital gains and will be carried forward indefinitely and retain their character as follows:
|
| Short Term |
| Long Term |
| ||
Short-Intermediate Bond Fund |
| $ | 10,141 |
| $ | 393,995 |
|
Income Fund |
| — |
| 328,436 |
| ||
Core Equity Fund |
| 6,912,291 |
| 3,178,105 |
| ||
Under current tax law, certain capital losses realized after October 31 but before the end of the fiscal year (“Post-October losses”) may be deferred and treated as occurring on the first business day of the following fiscal year. For the year ended March 31, 2012, the Funds’ last fiscal year end, the following Funds deferred to April 1, 2012 Post-October capital losses of:
|
| Post-October |
| |
Core Equity Fund |
| $ | 1,401,207 |
|
Large Cap Growth Fund |
| 36 |
| |
NOTES TO FINANCIAL STATEMENTS
September 30, 2012 (Unaudited)
The Funds comply with FASB Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes.” FASB ASC Topic 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Funds with tax positions not deemed to meet the “more-likely-than-not” threshold would be required to record a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax position taken in returns for the tax years ended March 31, 2009 through March 31, 2012, which remain subject to examination by all major tax jurisdictions, including federal and the State of Nebraska. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no tax liability resulted from unrecognized tax benefits related to uncertain tax positions and therefore no provision for federal income tax was required in the Funds’ financial statements for the period ended September 30, 2012.
7. Subsequent Events
Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the footnotes.
ADDITIONAL FUND INFORMATION
September 30, 2012 (Unaudited)
Proxy Voting Policy
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-662-4203. The information also is included in the Company’s Statement of Additional Information, which is available on the Funds’ website at www.tributaryfunds.com and on the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov.
Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available by writing to the Company at P.O. Box 219022, Kansas City, Missouri, 64141-6002, by calling 1-800-662-4203 and on the Securities and Exchange Commission’s website at www.sec.gov.
Quarterly Holdings
The Company files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the SEC’s website at www.sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Table of Shareholder Expenses
As a shareholder of the Funds, you incur ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expense Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and will not help you determine the relative total costs of owning different funds.
|
| Expenses Using Actual Fund Return |
| Expenses Using Hypothetical 5% Return |
| ||||||||||||||||||
|
| Beginning |
| Ending |
| Expense |
| Expense |
| Beginning |
| Ending |
| Expense |
| Expense |
| ||||||
Short-Intermediate Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| $ | 1,000.00 |
| $ | 1,022.80 |
| $ | 4.31 |
| 0.85 | % | $ | 1,000.00 |
| $ | 1,020.81 |
| $ | 4.31 |
| 0.85 | % |
Institutional Plus Class |
| 1,000.00 |
| 1,024.10 |
| 3.04 |
| 0.60 |
| 1,000.00 |
| 1,022.08 |
| 3.03 |
| 0.60 |
| ||||||
Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 1,000.00 |
| 1,042.40 |
| 4.51 |
| 0.88 |
| 1,000.00 |
| 1,020.66 |
| 4.46 |
| 0.88 |
| ||||||
Institutional Plus Class |
| 1,000.00 |
| 1,043.60 |
| 3.23 |
| 0.63 |
| 1,000.00 |
| 1,021.92 |
| 3.19 |
| 0.63 |
| ||||||
Balanced Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 1,000.00 |
| 1,010.80 |
| 6.15 |
| 1.22 |
| 1,000.00 |
| 1,018.95 |
| 6.17 |
| 1.22 |
| ||||||
Institutional Plus Class |
| 1,000.00 |
| 1,012.70 |
| 4.89 |
| 0.97 |
| 1,000.00 |
| 1,020.20 |
| 4.92 |
| 0.97 |
| ||||||
Core Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 1,000.00 |
| 995.40 |
| 5.60 |
| 1.12 |
| 1,000.00 |
| 1,019.45 |
| 5.67 |
| 1.12 |
| ||||||
Institutional Plus Class |
| 1,000.00 |
| 996.50 |
| 4.35 |
| 0.87 |
| 1,000.00 |
| 1,020.72 |
| 4.39 |
| 0.87 |
| ||||||
Large Cap Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 1,000.00 |
| 982.80 |
| 5.62 |
| 1.13 |
| 1,000.00 |
| 1,019.40 |
| 5.72 |
| 1.13 |
| ||||||
Institutional Plus Class |
| 1,000.00 |
| 984.00 |
| 4.38 |
| 0.88 |
| 1,000.00 |
| 1,020.66 |
| 4.46 |
| 0.88 |
| ||||||
Growth Opportunities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 1,000.00 |
| 965.90 |
| 5.72 |
| 1.16 |
| 1,000.00 |
| 1,019.25 |
| 5.87 |
| 1.16 |
| ||||||
Institutional Plus Class |
| 1,000.00 |
| 967.20 |
| 4.49 |
| 0.91 |
| 1,000.00 |
| 1,020.52 |
| 4.60 |
| 0.91 |
| ||||||
Small Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Institutional Class |
| 1,000.00 |
| 983.30 |
| 6.07 |
| 1.22 |
| 1,000.00 |
| 1,018.95 |
| 6.17 |
| 1.22 |
| ||||||
Institutional Plus Class |
| 1,000.00 |
| 984.30 |
| 4.83 |
| 0.97 |
| 1,000.00 |
| 1,020.18 |
| 4.93 |
| 0.97 |
| ||||||
* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
** Annualized.
INVESTMENT ADVISORY AGREEMENT APPROVAL
September 30, 2012 (Unaudited)
Review and Approval of the Funds’ Advisory and Sub-Advisory Agreements
On May 22, 2012, the Board of Directors (the “Board”) of Tributary Funds, Inc. (the “Funds”), including all of the Directors who are not parties to any of the investment advisory or sub-advisory agreements for the Company or “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of any party to such agreements (the “Independent Directors”) voted to continue (i) the Investment Advisory Agreement dated May 3, 2010, between the Funds and Tributary Capital Management, LLC (“Tributary”), the investment adviser to the Funds (the “Tributary Agreement”) and (ii) the Investment Sub-Advisory Agreement dated May 4, 2010, between Tributary and First National Fund Advisers (“FNFA”), with respect to the Balanced Fund (the “FNFA Agreement”). FNFA also serves as investment sub-adviser to the Short-Intermediate Bond Fund and the Income Fund (collectively with the Balanced Fund, the “FNFA Funds”).
Tributary Capital Management, LLC
In its deliberations, the Board did not identify any single piece of information that was controlling or determinative for its decision respecting the investment advisory agreement with Tributary. However, the following are the Board’s conclusions respecting the material factors the Board considered when approving the continuance of the investment advisory agreement with Tributary.
Nature, Extent, and Quality of Services to be Provided.
The Board received and considered a variety of information pertaining to the nature, extent, and quality of services provided by Tributary. The Board requested and evaluated Tributary’s organizational documents, including its registration with the SEC, which it found acceptable. Representatives of Tributary were available and answered questions regarding their duties. In its review of the nature, extent, and quality of services to be provided by Tributary to the Funds, the Board considered and concluded the following:
· The biographical information for each portfolio manager employed by Tributary who would be providing services under the Tributary Agreement had the breadth and depth of experience expected.
· The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies, and performance of the Funds are acceptable.
· There is an apparent absence of potential conflicts of interest in having Tributary serve as the investment adviser to the Funds.
· Tributary’s organization, resources, and research capabilities meet the Board’s expectation.
· Tributary’s portfolio transaction execution and soft dollar policies and practices were found to be adequate.
· Tributary’s policies and procedures for allocating transactions among accounts are appropriate.
· Tributary’s service offerings, including investment analysis, investment management, trading of portfolio securities, proxy voting, valuation of portfolio securities, administering the Funds’ business affairs, and providing accounting, legal, compliance, record-keeping, and related services meet the needs of the Funds.
After reviewing this information and discussing it with representatives of Tributary, the Board concluded that they were satisfied with the nature, extent, and quality of services provided by Tributary.
Investment Performance.
The Board recognized that the investment objective and principal investment strategies of the Funds are expected to continue substantially unchanged under the Tributary Agreement. It was noted that the portfolio management team at Tributary managing
the Funds would continue to manage such Funds. The Board reviewed the broadly assigned Morningstar peer group and a peer group hand selected by Lipper to provide a targeted group of funds as an appropriate benchmark for evaluating the performance to be achieved by Tributary for the Funds. The Board noted that some of the Funds outperformed some comparable peer funds and some of the Funds underperformed their peer funds. After reviewing and discussing the performance of the Funds and the Funds’ peer groups further, Tributary’s portfolio managers’ experience managing the Funds, Tributary’s historical investment performance, the Funds’ risk tolerance and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Funds and Tributary was satisfactory.
Cost of Services Provided and Profitability.
The Board reviewed the rate of Tributary’s current advisory fee in relation to the nature, extent, and quality of services to be provided by Tributary. The Board noted the consistency of the advisory fees with current advisory fees charged by similar advisers for comparable funds with comparable objectives. The Board also noted that the Funds’ expense ratios were in line with expense ratios of funds within their peer group. Based on the foregoing, the Board concluded that the fees to be paid to Tributary, the costs of the services to be provided, and the profits that may be realized by Tributary, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by Tributary and that they reflected charges within a range of what could have been negotiated at arm’s length.
Economies of Scale.
The Board also noted that Tributary could realize economies of scale and synergies of operations as it manages the Funds, but noted that the small number of investment professionals and limited amount of assets under management could limit such economies of scale.
Employment Arrangements.
The Board considered Tributary’s personnel, as well as its plans for attracting and retaining high quality investment professionals. The Board reviewed each of these individuals’ biographies. The Board also considered Tributary’s method for determining the compensation of each of the portfolio managers proposed to continue to be assigned to the Funds. It was noted that Tributary offers a competitive compensation package that includes incentive bonus payments, firm contributions to 401K plans and continuing education. Finally, it was noted that Tributary provides a workplace environment that is conducive to attracting and retaining high quality investment professionals. The Board found this method to be consistent with methodologies used in the industry.
Legal Consideration.
The Board reviewed Tributary’s compliance program, including the procedures adopted and maintained by Tributary. The Board noted that these procedures were in accordance with the Investment Advisers Act of 1940, as amended, and that the compliance program was consistent with the standards set forth under the 1940 Act. The Board also reviewed Tributary’s Code of Ethics, which the Board found consistent with best practices. The Board also considered Tributary’s internal controls in connection with its review of Tributary’s compliance program. The Board noted that it was not aware of any pending or anticipated legal proceedings or investigations involving Tributary.
Other Considerations.
The Board also identified and considered benefits that could be anticipated to accrue to Tributary because of its relationship with the Funds, including enhanced marketing for Tributary’s overall investment advisory business, as well as certain additional fees paid to Tributary, including administrative and shareholder servicing fees.
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of its Independent Directors, unanimously concluded that the terms of the Tributary Agreement are fair and reasonable and concluded that the fees to be charged by Tributary under its agreement are reasonable in light of the services that Tributary will provide to the Funds.
First National Fund Advisers
In its deliberations, the Board did not identify any single piece of information that was controlling or determinative for its decision respecting the investment sub-advisory agreement with FNFA. However, the following are the Board’s conclusions respecting the material factors the Board considered when approving the continuance of the investment sub-advisory agreement with FNFA.
Nature, Extent, and Quality of Services to be Provided.
The Board received and considered a variety of information pertaining to the nature, extent, and quality of services to be provided by FNFA under the FNFA Agreement. The Board requested and evaluated FNFA’s organizational documents, including its registration with the SEC, which it found acceptable. Representatives of FNFA were available and answered questions regarding their duties. In its review of the nature, extend, and quality of services provided by FNFA to the Balanced Fund, the Board considered and concluded the following:
· The biographical information for each portfolio manager employed by FNFA who would be providing services under the FNFA Agreement had the breadth and depth of experience expected.
· The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies, and performance of the FNFA Funds are acceptable.
· There is an apparent absence of potential conflicts of interest in having FNFA serve as the investment sub-adviser to the FNFA Funds.
· FNFA’s organization, resources, and research capabilities meet the Board’s expectation.
· FNFA’s portfolio transaction execution and soft dollar policies and practices were found to be adequate.
· FNFA’s policies and procedures for allocating transactions among accounts are appropriate.
· FNFA’s service offerings, including investment analysis, investment management, trading of portfolio securities, proxy voting, and valuation of portfolio securities meet the needs of the FNFA Funds.
After reviewing this information and discussing it with representatives of FNFA, the Board concluded that they were satisfied with the nature, extent, and quality of services provided by FNFA.
Investment Performance.
The Board recognized that the investment objective and principal investment strategies of the FNFA Funds are expected to continue substantially unchanged under the FNFA Agreement. It was noted that the portfolio management team at FNFA managing the FNFA Funds would continue to manage such funds. The Board reviewed the broadly assigned Morningstar peer group and a peer group hand selected by Lipper to provide a targeted group of funds as an appropriate benchmark for evaluating the performance to be achieved by FNFA for the FNFA Funds. The Board noted that some of the FNFA Funds outperformed some comparable peer funds and some of the FNFA Funds underperformed their peer funds. After reviewing and discussing the performance of the FNFA Funds and the FNFA Funds’ peer groups further, FNFA’s portfolio managers’ experience managing the FNFA Funds, FNFA’s historical investment performance, the FNFA Funds’ risk tolerance and other relevant factors, the Board concluded, in light of all the facts and circumstances, that the investment performance of the FNFA Funds and FNFA was satisfactory.
Cost of Services Provided and Profitability.
The Board reviewed the rate of FNFA’s sub-advisory fee in relation to the nature, extent, and quality of services to be provided by FNFA. The Board noted the consistency of the proposed sub-advisory fees with current sub-advisory fees charged by similar
sub-advisers for comparable funds with comparable objectives. The Board noted that the fees charged by FNFA would remain the same as the fees currently charged by FNFA and that Tributary — not the FNFA Funds — would pay the proposed sub-advisory fees to FNFA. The Board also noted that the FNFA Funds’ expense ratios were in line with expense ratios of funds within their peer group.
Based on the foregoing, the Board concluded that the fees to be paid to FNFA, the costs of the services to be provided, and the profits that may be realized by FNFA, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by FNFA and that they reflected charges within a range of what could have been negotiated at arm’s length.
Economies of Scale.
The Board also noted that FNFA could realize economies of scale and synergies of operations as it manages the FNFA Funds, but noted that the small number of investment professionals and limited amount of assets under management could limit such economies of scale.
Employment Arrangements.
The Board considered FNFA’s personnel as well as its plans for attracting and retaining high quality investment professionals. The Board reviewed each of these individuals’ biographies. The Board also considered FNFA’s method for determining the compensation of each of the portfolio managers. It was noted that FNFA offers a competitive compensation package that includes incentive bonus payments, firm contributions to 401K plans and continuing education. Finally, it was noted that FNFA provides a workplace environment that is conducive to attracting and retaining high quality investment professionals. The Board found this method to be consistent with methodologies used by Tributary.
Legal Consideration.
The Board reviewed FNFA’s compliance program, including the procedures adopted and maintained by FNFA. The Board noted that these procedures were in accordance with the Investment Advisers Act of 1940, as amended, and that the compliance program was consistent with the standards set forth under the 1940 Act. The Board also reviewed FNFA’s Code of Ethics, which the Board found consistent with best practices. The Board also considered FNFA’s internal controls in connection with its review of FNFA’s compliance program. The Board noted that it was not aware of any pending or anticipated legal proceedings or investigations involving FNFA.
Other Considerations.
The Board also identified and considered benefits that could be anticipated to accrue to FNFA because of its relationship with the FNFA Funds, including enhanced marketing for FNFA’s overall investment advisory business, as well as certain additional fees paid to FNFA, including administrative and shareholder servicing fees.
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of its Independent Directors, unanimously concluded that the terms of the FNFA Agreement are fair and reasonable and concluded that the fees to be charged by FNFA under its agreement are reasonable in light of the services that FNFA provided to the FNFA Funds.
DIRECTORS AND OFFICERS
September 30, 2012 (Unaudited)
Overall, responsibility for management of the Company rests with its Board, which is elected by the shareholders of the Company. The Company is managed by the Directors in accordance with the laws governing corporations in Nebraska. The Board oversees all of the Funds. Directors serve until their respective successors have been elected and qualified or until their earlier death, resignation or removal. The Directors elect the officers of the Company to supervise its day-to-day operations.
Information about the Directors and officers of the Company is set forth below. The Funds’ Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling 1-800-662-4203.
Name, Address(1), Age, |
| Term of Office |
| Principal Occupation(s) |
| Number of |
| Other |
Independent Directors |
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Robert A. Reed
Director |
| Indefinite; Since 1994. |
| President and Chief Executive Officer, Physicians Mutual Insurance Company and Physicians Life Insurance Company (1974 – present). |
| 7 |
| None. |
|
|
|
|
|
|
|
|
|
Gary D. Parker Director |
| Indefinite; Since 2005. |
| Retired. |
| 7 |
| None. |
|
|
|
|
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|
|
|
|
John J. McCartney
Director |
| Indefinite; Since 2010. |
| Retired. Executive Vice President and Chief Financial Officer, Zurich Insurance Group North America (August 2002 – June 2007). |
| 7 |
| None. |
|
|
|
|
|
|
|
|
|
Interested Director |
|
|
|
|
|
|
|
|
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|
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|
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Stephen R. Frantz(2) Director/President |
| Indefinite; Since 2010. |
| President, Tributary Capital Management, LLC (May 2010 – present); Chief Investment Officer, First Investment Group (January 2005 – May 2010); Chief Investment Officer, FNBO Fund Advisers (January 2005 – May 2010). |
| 7 |
| None. |
Name, Address, Age, |
| Term of Office |
| Principal Occupation(s) |
| Number of |
| Other |
Officers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daniel W. Koors(3) Treasurer |
| Indefinite; Since December 2009. |
| Chief Operating Officer of Jackson National Asset Management, LLC (“JNAM”) and Jackson Fund Services (“JFS”), a division of JNAM (2011 – present); Senior Vice President of JNAM and JFS (2009 – present); Formerly, Chief Financial Officer of JNAM and JFS (2007 – 2011); Assistant Vice President – Fund Administration of Jackson (2006 – 2009); Vice President of JNAM and JFS (2007 – 2008). |
| N/A |
| N/A |
|
|
|
|
|
|
|
|
|
Rodney L. Ruehle(4) Chief Compliance Officer and Anti-Money Laundering Officer |
| Indefinite; Since December 2009. |
| Director, Beacon Hill Fund Services, Inc. (2008 – present). Formerly, Vice President, CCO Services, Citi Fund Services, Inc. (2004 – 2008). |
| N/A |
| N/A |
|
|
|
|
|
|
|
|
|
Megan E. Garcy(3) Secretary |
| Indefinite; Since October 2011. |
| Attorney of JNAM and JFS (2012 – Present). Formerly, Compliance Supervisor of JNAM and JFS (2010 – 2012). |
| N/A |
| N/A |
(1) The address for all Directors is 1620 Dodge Street, Omaha, Nebraska 68102.
(2) As defined in the 1940 Act, Mr. Frantz is an “interested” director because he is an officer of Tributary Capital Management, LLC, which is the investment adviser for the Funds.
(3) The address for Mr. Koors and Ms. Garcy is 225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606.
(4) The address for Mr. Ruehle is 4041 North High Street, Suite 402, Columbus, Ohio 43214.
Investment Adviser | This report has been prepared for the general information of Tributary Funds’ shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by an effective Tributary Funds’ prospectus. The prospectus contains more complete information about Tributary Funds’ investment objectives, management fees and expenses, risks and operating policies. Please read the prospectus carefully before investing or sending money. |
Tributary Capital Management, LLC | |
1620 Dodge Street, Stop 1089 | |
Omaha, Nebraska 68197 | |
| |
Investment Sub-Adviser | |
(Short-Intermediate Bond Fund, Income Fund and Balanced Fund only) | |
First National Fund Advisers |
|
215 West Oak Street, 4th Floor Fort |
|
Collins, Colorado 80521 | For more information |
| call 1-800-662-4203 |
Custodian | or write to: |
JPMorgan Chase | Tributary Funds Service Center |
4 New York Plaza, 12th Floor | P.O. Box 219022 |
New York, NY 10004 | Kansas City, Missouri 64121-9022 |
|
|
Co-Administrators | or go to: |
Jackson Fund Services | www.tributaryfunds.com |
225 West Wacker Drive, Suite 1200 |
|
Chicago, Illinois 60606 | or email: |
| TributaryFunds@tributarycapital.com |
Tributary Capital Management, LLC |
|
1620 Dodge Street, Stop 1089 |
|
Omaha, Nebraska 68197 |
|
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|
Distributor |
|
Northern Lights Distributors, LLC |
|
17605 Wright Street |
|
Omaha, Nebraska 68130 |
|
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Legal Counsel |
|
Husch Blackwell LLP |
|
1620 Dodge Street, Suite 2100 |
|
Omaha, Nebraska 68102 |
|
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Compliance Services |
|
Beacon Hill Fund Services, Inc. |
|
4041 N. High Street, Suite 402 |
|
Columbus, Ohio 43214 |
|
Forward Motion. Momentum. Success.
1895-NLD-11/21/2012
TF-SAR-0912
Item 2. Code of Ethics.
Not applicable to the semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not applicable to the semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to the semi-annual filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) Included as a part of the report to shareholders filed under Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors since the registrant last disclosed such procedures.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30a-
3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) | Not applicable to the semi-annual filing. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto. |
(a)(3) | Not applicable. |
|
|
(b) | Certifications pursuant to Rule 30a-2(b) under the Act are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Tributary Funds, Inc. |
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By: | /s/ Daniel W. Koors |
|
Name: | Daniel W. Koors |
|
Title: | Treasurer |
|
Date: | December 6, 2012 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
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By: | /s/ Stephen R. Frantz |
|
Name: | Stephen R. Frantz |
|
Title: | President |
|
Date: | December 6, 2012 |
|
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|
By: | /s/ Daniel W. Koors |
|
Name: | Daniel W. Koors |
|
Title: | Treasurer |
|
Date: | December 6, 2012 |
|
EXHIBIT LIST
Exhibit 12(a)(2)(a) | Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Act. |
|
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Exhibit 12(a)(2)(b) | Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Act. |
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Exhibit 12(b) | Certification required by Rule 30a-2(b) under the Act. |