As filed with the Securities and Exchange Commission on November 29, 2016
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.
Tributary Capital Management, LLC
1620 Dodge Street
Omaha, Nebraska 68197
Karen Shaw
Atlantic Fund Services, LLC
Three Canal Plaza, Suite 600
Portland, ME 04101
Registrant's telephone number, including area code: (800) 662-4203
Date of fiscal year end: March 31
Date of reporting period: April 1, 2016 – September 30, 2016
ITEM 1. REPORT TO STOCKHOLDERS.
PORTFOLIO COMPOSITION*
September 30, 2016 (Unaudited)
Short-Intermediate Bond Fund | Percentage of Total Investments | ||
Corporate Bonds | 33.0 | % | |
U.S. Treasury Securities | 21.0 | % | |
Asset Backed Securities | 15.0 | % | |
Non-Agency Residential Mortgage Backed Securities | 14.3 | % | |
Non-Agency Commercial Mortgage Backed Securities | 11.3 | % | |
U.S. Government Mortgage Backed Securities | 2.9 | % | |
Short-Term Investments | 1.5 | % | |
Municipals | 0.7 | % | |
Preferred Stocks | 0.3 | % | |
100.0 | % |
Income Fund | Percentage of Total Investments | ||
Corporate Bonds | 27.3 | % | |
U.S. Government Mortgage Backed Securities | 23.8 | % | |
U.S. Treasury Securities | 17.5 | % | |
Non-Agency Residential Mortgage Backed Securities | 10.2 | % | |
Asset Backed Securities | 8.3 | % | |
Non-Agency Commercial Mortgage Backed Securities | 7.9 | % | |
Short-Term Investments | 2.2 | % | |
Municipals | 1.7 | % | |
Investment Company | 0.6 | % | |
Exchange Traded Fund | 0.3 | % | |
Preferred Stocks | 0.2 | % | |
100.0 | % |
Nebraska Tax-Free Fund | Percentage of Total Investments | ||
Municipals | 95.3 | % | |
Short-Term Investments | 4.7 | % | |
100.0 | % |
Balanced Fund | Percentage of Total Investments | ||
Information Technology | 16.0 | % | |
U.S. Treasury Securities | 15.5 | % | |
Financials | 12.2 | % | |
Health Care | 10.0 | % | |
Consumer Discretionary | 10.0 | % | |
Industrials | 7.7 | % | |
Consumer Staples | 5.5 | % | |
Energy | 4.8 | % | |
Municipals | 2.9 | % | |
Non-Agency Commercial Mortgage Backed Securities | 2.6 | % | |
Asset Backed Securities | 2.1 | % | |
Utilities | 1.9 | % | |
Telecommunication Services | 1.9 | % | |
Materials | 1.9 | % | |
Real Estate | 1.8 | % | |
Non-Agency Residential Mortgage Backed Securities | 1.5 | % | |
Short-Term Investments | 1.1 | % | |
U.S. Government Mortgage Backed Securities | 0.6 | % | |
100.0 | % |
Growth Opportunities Fund | Percentage of Total Investments | ||
Consumer Discretionary | 21.7 | % | |
Information Technology | 20.6 | % | |
Health Care | 18.0 | % | |
Industrials | 12.3 | % | |
Consumer Staples | 9.0 | % | |
Financials | 5.8 | % | |
Real Estate | 4.3 | % | |
Materials | 3.8 | % | |
Utilities | 0.9 | % | |
Energy | 0.9 | % | |
Short-Term Investments | 2.7 | % | |
100.0 | % |
Small Company Fund | Percentage of Total Investments | ||
Information Technology | 18.3 | % | |
Financials | 17.1 | % | |
Industrials | 16.1 | % | |
Consumer Discretionary | 12.3 | % | |
Health Care | 11.7 | % | |
Materials | 6.0 | % | |
Real Estate | 4.6 | % | |
Energy | 4.1 | % | |
Consumer Staples | 3.6 | % | |
Utilities | 1.9 | % | |
Short-Term Investments | 4.3 | % | |
100.0 | % |
*Portfolio composition is as of September 30, 2016 and is subject to change.
1 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal Amount | Security Description | Value |
$ | 416,798 | First NLC Trust REMIC, 0.80%, 02/25/36 (a) | $ | 413,883 | ||
654,354 | Fremont Home Loan Trust REMIC, 1.40%, 11/25/34 (a) | 584,031 | ||||
264,526 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.18%, 03/25/34 (a) | 264,529 | ||||
12,664 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 0.74%, 01/25/36 (a) | 12,625 | ||||
1,200,000 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.03%, 05/25/36 (a)(b) | 1,145,606 | ||||
957,736 | HSBC Home Equity Loan Trust USA, 2.03%, 11/20/36 (a) | 958,614 | ||||
93,387 | Irwin Whole Home Equity Loan Trust REMIC, 1.88%, 02/25/29 (a) | 91,476 | ||||
142,263 | Irwin Whole Loan Home Equity Trust REMIC, 1.62%, 11/25/28 (a) | 139,526 | ||||
180,404 | Irwin Whole Loan Home Equity Trust REMIC, 1.23%, 12/25/29 (a) | 177,314 | ||||
894,291 | Irwin Whole Loan Home Equity Trust REMIC, 1.88%, 06/25/34 (a) | 862,907 | ||||
840,000 | JP Morgan Mortgage Acquisition Trust REMIC, 0.76%, 07/25/36 (a) | 811,628 | ||||
260,636 | Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40 | 265,506 | ||||
852,404 | Long Beach Mortgage Loan Trust REMIC, 1.43%, 10/25/34 (a) | 780,677 | ||||
2,400 | Morgan Stanley Home Equity Loan Trust REMIC, 1.23%, 12/25/34 (a) | 2,400 | ||||
290,809 | New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (a)(b) | 302,497 | ||||
136,919 | New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (a)(b) | 141,712 | ||||
383,470 | New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (a)(b) | 399,533 | ||||
162,060 | Nomura Asset Acceptance Corp. Alternative Loan Trust REMIC, 6.00%, 03/25/47 (c) | 118,495 | ||||
210,000 | NovaStar Mortgage Funding Trust REMIC, 2.25%, 03/25/35 (a) | 205,006 | ||||
744,730 | Oakwood Mortgage Investors, Inc. REMIC, 0.90%, 03/15/18 (a)(b) | 703,448 | ||||
477,683 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates REMIC, 1.50%, 10/25/34 (a) | 473,211 | ||||
121,301 | Renaissance Home Equity Loan Trust REMIC, 4.88%, 02/25/35 (c) | 121,551 | ||||
260,906 | Renaissance Home Equity Loan Trust REMIC, 4.50%, 08/25/35 (c) | 260,655 | ||||
176,912 | Residential Accredit Loans, Inc. Trust REMIC, 13.80%, 03/25/18 (a) | 184,468 |
See accompanying Notes to Financial Statements. | ||
3 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal Amount | Security Description | Value |
$ | 119,000 | Kraft Heinz Foods Co., 4.88%, 02/15/25 (b) | $ | 131,263 | ||
395,000 | Land O'Lakes Capital Trust I, 7.45%, 03/15/28 (b) | 436,475 | ||||
475,000 | PepsiCo., Inc., 1.50%, 02/22/19 | 478,330 | ||||
4,169,540 | ||||||
Energy - 0.9% | ||||||
114,000 | Anadarko Petroleum Corp., 6.38%, 09/15/17 | 118,848 | ||||
944,000 | ConocoPhillips, 6.65%, 07/15/18 | 1,026,714 | ||||
1,145,562 | ||||||
Financials - 14.0% | ||||||
910,000 | American Express Bank FSB, 0.82%, 06/12/17 (a) | 909,506 | ||||
1,410,000 | American Honda Finance Corp., 1.60%, 02/16/18 (b) | 1,418,896 | ||||
1,250,000 | Bank of America Corp., MTN, 5.65%, 05/01/18 | 1,325,917 | ||||
1,136,000 | CBRE Services, Inc., 5.00%, 03/15/23 | 1,196,653 | ||||
1,304,000 | Chubb INA Holdings, Inc., 2.30%, 11/03/20 | 1,337,989 | ||||
1,270,000 | Citigroup, Inc., 2.55%, 04/08/19 | 1,295,450 | ||||
510,000 | Genworth Holdings, Inc., 4.80%, 02/15/24 | 419,475 | ||||
1,280,000 | JPMorgan Chase & Co., 7.90% (callable at 100 beginning 04/30/18) (a)(d) | 1,315,200 | ||||
1,260,000 | KeyCorp, MTN, 2.90%, 09/15/20 | 1,308,385 | ||||
1,165,000 | Metropolitan Life Global Funding I, 2.30%, 04/10/19 (b) | 1,187,483 | ||||
1,100,000 | Morgan Stanley, 4.75%, 03/22/17 | 1,118,159 | ||||
1,086,000 | Murray Street Investment Trust I, 4.65%, 03/09/17 (c) | 1,096,979 | ||||
1,185,000 | Prudential Financial, Inc., MTN, 5.38%, 06/21/20 | 1,330,299 | ||||
400,000 | Regions Financial Corp., 3.20%, 02/08/21 | 415,851 | ||||
425,000 | The Goldman Sachs Group, Inc., 2.00%, 04/25/19 | 427,776 | ||||
1,160,000 | The Hartford Financial Services Group, Inc., 5.50%, 03/30/20 | 1,293,336 | ||||
1,290,000 | Wells Fargo & Co., Series K, 7.98% (callable at 100 beginning 03/15/18) (a)(d) | 1,348,179 | ||||
18,745,533 | ||||||
Health Care - 1.0% | ||||||
1,329,000 | Becton Dickinson and Co., 2.68%, 12/15/19 | 1,372,359 | ||||
Industrials - 2.3% | ||||||
1,077,000 | Burlington Northern Santa Fe, LLC, 5.75%, 03/15/18 | 1,147,733 | ||||
290,000 | General Electric Co., MTN, 1.06%, 08/07/18 (a) | 290,497 |
See accompanying Notes to Financial Statements. | ||
4 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal Amount | Security Description | Value |
$ | 180,446 | Federal National Mortgage Association REMIC, 4.00%, 02/25/26 | $ | 190,776 | ||
239,961 | Federal National Mortgage Association REMIC, 3.00%, 04/25/37 | 243,763 | ||||
73,472 | Federal National Mortgage Association REMIC, 5.00%, 03/25/39 | 1,500 | ||||
492,238 | Federal National Mortgage Association REMIC, 2.50%, 09/25/39 | 509,574 | ||||
575,317 | Federal National Mortgage Association REMIC, 3.50%, 05/25/41 | 610,085 | ||||
2,443,337 | ||||||
Government National Mortgage Association - 0.9% | ||||||
311,165 | Government National Mortgage Association, 4.73%, 06/20/61 | 324,632 | ||||
826,201 | Government National Mortgage Association REMIC, 2.67%, 02/16/44 | 838,678 | ||||
1,163,310 | ||||||
Total Government & Agency Obligations (Cost $32,675,649) | 32,940,705 | |||||
Preferred Stocks - 0.4% | ||||||
Financials - 0.4% | ||||||
550 | U.S. Bancorp., Series A, 3.50% (callable at 1,000 beginning on 10/31/16) (a)(d) | 477,549 | ||||
Total Preferred Stocks (Cost $564,327) | 477,549 | |||||
Short-Term Investments - 1.5% | ||||||
Investment Company - 1.5% | ||||||
1,956,689 | BlackRock Liquidity Funds T-Fund Portfolio, 0.22% (e) | 1,956,689 | ||||
Total Short-Term Investments (Cost $1,956,689) | 1,956,689 | |||||
Total Investments - 99.7% (Cost $133,057,841) | 133,765,554 | |||||
Other assets in excess of liabilities – 0.3% | 445,285 | |||||
NET ASSETS – 100.0% | $ | 134,210,839 |
See accompanying Notes to Financial Statements. | ||
5 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
(a) | Variable rate security. Rate presented is as of September 30, 2016. |
(b) | The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933 to be liquid based on procedures approved by Tributary Funds' Board of Directors. As of September 30, 2016, the aggregate value of these liquid securities was $31,082,407 which represented 23.2% of net assets. |
(c) | Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of September 30, 2016. |
(d) | Perpetual maturity security. |
(e) | Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2016. |
ABS | Asset Backed Security |
CLO | Collateralized Loan Obligation |
GO | General Obligation |
LLC | Limited Liability Company |
MTN | Medium Term Note |
RB | Revenue Bond |
REMIC | Real Estate Mortgage Investment Conduit |
See accompanying Notes to Financial Statements. | ||
6 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
INCOME FUND
Non-Agency Commercial Mortgage Backed Securities - 7.9% | ||||||
$ | 477,463 | 7 WTC Depositor, LLC Trust, 4.08%, 03/13/31 (a) | $ | 481,938 | ||
1,200,000 | American Tower Trust I, 3.07%, 03/15/23 (a) | 1,249,938 | ||||
737,842 | Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.69%, 06/11/50 (b) | 758,099 | ||||
590,000 | CFCRE Commercial Mortgage Trust REMIC, 3.83%, 12/15/47 | 638,829 | ||||
3,959,555 | Citigroup Commercial Mortgage Trust REMIC, 2.31%, 09/10/45 (a)(b) | 272,658 | ||||
1,571,887 | Citigroup Commercial Mortgage Trust REMIC, 5.81%, 06/14/50 (a)(b) | 1,585,479 | ||||
1,822,228 | COMM Mortgage Trust Interest Only REMIC, 1.62%, 03/10/46 (b) | 76,146 | ||||
900,000 | Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.74%, 05/15/36 (a)(b) | 932,167 | ||||
54,255 | DBUBS Mortgage Trust Interest Only REMIC, 0.53%, 08/10/44 (a)(b) | 693 | ||||
735,000 | FREMF Mortgage Trust REMIC, 4.30%, 09/25/44 (a)(b) | 764,550 | ||||
1,030,000 | FREMF Mortgage Trust REMIC, 2.72%, 03/25/45 (a)(b) | 1,031,929 | ||||
1,622,177 | FRESB Mortgage Trust REMIC, 3.22%, 08/25/35 (b) | 1,717,860 | ||||
7,025,185 | Goldman Sachs Mortgage Securities Trust REMIC, 1.54%, 08/10/44 (a)(b) | 372,055 | ||||
840,000 | JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 1.77%, 01/15/32 (a)(b) | 839,298 | ||||
1,055,000 | JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 2.67%, 01/15/46 | 1,077,259 | ||||
789,675 | JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 4.11%, 07/15/46 (a) | 820,651 | ||||
1,200,000 | JPMBB Commercial Mortgage Securities Trust REMIC, 2.42%, 07/15/45 | 1,218,003 | ||||
1,120,223 | Wells Fargo Commercial Mortgage Trust Interest Only REMIC, 2.19%, 10/15/45 (a)(b) | 84,793 | ||||
890,000 | Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45 | 912,147 | ||||
995,000 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.63%, 03/15/45 | 1,026,411 | ||||
376,251 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.19%, 04/15/45 | 376,988 | ||||
686,370 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.28%, 11/15/45 (a)(b) | 57,066 |
See accompanying Notes to Financial Statements. | ||
7 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
INCOME FUND
$ | 865,000 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.03%, 05/25/36 (a)(b) | $ | 825,791 | ||
507,256 | Greenpoint Manufactured Housing, 7.27%, 06/15/29 | 504,517 | ||||
747,359 | HSBC Home Equity Loan Trust USA, 2.03%, 11/20/36 (b) | 748,044 | ||||
148,069 | Irwin Whole Loan Home Equity Trust REMIC, 1.62%, 11/25/28 (b) | 145,221 | ||||
93,387 | Irwin Whole Loan Home Equity Trust REMIC, 1.88%, 02/25/29 (b) | 91,476 | ||||
304,909 | Irwin Whole Loan Home Equity Trust REMIC, 1.23%, 12/25/29 (b) | 299,686 | ||||
1,053,299 | Irwin Whole Loan Home Equity Trust REMIC, 1.88%, 06/25/34 (b) | 1,016,335 | ||||
860,000 | JP Morgan Mortgage Acquisition Trust REMIC, 0.76%, 07/25/36 (b) | 830,953 | ||||
381,368 | Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40 | 388,494 | ||||
740,242 | New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (a)(b) | 769,991 | ||||
755,181 | New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (a)(b) | 781,619 | ||||
1,366,623 | New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (a)(b) | 1,423,867 | ||||
176,972 | Nomura Asset Acceptance Corp. Alternative Loan Trust REMIC, 6.00%, 03/25/47 (c) | 129,399 | ||||
249,000 | NovaStar Mortgage Funding Trust REMIC, 2.25%, 03/25/35 (b) | 243,079 | ||||
249,535 | NovaStar Mortgage Funding Trust REMIC, 2.18%, 03/25/35 (b) | 247,593 | ||||
202,169 | Renaissance Home Equity Loan Trust REMIC, 4.88%, 02/25/35 (c) | 202,585 | ||||
413,795 | Renaissance Home Equity Loan Trust REMIC, 4.50%, 08/25/35 (c) | 413,397 | ||||
207,703 | Residential Accredit Loans, Inc. Trust REMIC, 13.80%, 03/25/18 (b) | 216,573 | ||||
263,581 | Residential Accredit Loans, Inc. Trust REMIC, 6.00%, 10/25/34 | 275,223 | ||||
72,731 | Residential Accredit Loans, Inc. Trust REMIC, 5.50%, 02/25/35 | 72,931 | ||||
36,828 | Residential Asset Mortgage Products, Inc. Trust (insured by AMBAC Assurance Corp.) REMIC, 4.02%, 03/25/33 (b) | 36,898 | ||||
784,259 | Residential Asset Mortgage Products, Inc. Trust REMIC, 1.29%, 06/25/35 (b) | 772,750 | ||||
82,579 | Residential Asset Securities Corp. Trust REMIC, 5.96%, 09/25/31 (b) | 85,473 | ||||
125,539 | Residential Asset Securities Corp. Trust REMIC, 4.54%, 12/25/33 (b) | 128,406 |
See accompanying Notes to Financial Statements. | ||
8 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
INCOME FUND
Energy - 1.3% | |||||||
$ | 905,000 | Anadarko Petroleum Corp., 3.45%, 07/15/24 | $ | 893,163 | |||
930,000 | EOG Resources, Inc., 4.15%, 01/15/26 | 1,016,356 | |||||
731,000 | Tosco Corp., 8.13%, 02/15/30 | 1,000,241 | |||||
2,909,760 | |||||||
Financials - 10.3% | |||||||
463,350 | Altitude Investments 16, LLC, 2.49%, 03/14/26 | 476,663 | |||||
1,290,000 | American Honda Finance Corp., 1.60%, 02/16/18 (a) | 1,298,139 | |||||
1,334,000 | Bank of America Corp., MTN, 4.13%, 01/22/24 | 1,447,430 | |||||
1,475,000 | CBRE Services, Inc., 5.00%, 03/15/23 | 1,553,753 | |||||
355,000 | Chubb INA Holdings, Inc., 5.90%, 06/15/19 | 396,036 | |||||
1,533,000 | Citigroup, Inc., 2.55%, 04/08/19 | 1,563,720 | |||||
1,506,000 | CME Group, Inc., 3.00%, 03/15/25 | 1,581,386 | |||||
494,000 | Crown Castle International Corp., 4.88%, 04/15/22 | 551,057 | |||||
880,000 | Genworth Holdings, Inc., 4.80%, 02/15/24 | 723,800 | |||||
1,375,000 | JPMorgan Chase & Co., Series 1, 7.90% (callable at 100 beginning 04/30/18) (b)(d) | 1,412,812 | |||||
1,430,000 | KeyCorp, MTN, 2.90%, 09/15/20 | 1,484,913 | |||||
1,171,000 | Metropolitan Life Global Funding I, 2.30%, 04/10/19 (a) | 1,193,599 | |||||
1,475,000 | Morgan Stanley, GMTN, 3.75%, 02/25/23 | 1,567,279 | |||||
1,195,000 | Prudential Financial, Inc., MTN, Series D, 7.38%, 06/15/19 | 1,375,304 | |||||
1,175,000 | Regions Financial Corp., 3.20%, 02/08/21 | 1,221,562 | |||||
520,000 | The Bank of New York Mellon Corp., MTN, 2.30%, 09/11/19 | 531,992 | |||||
767,000 | The Chubb Corp., 6.80%, 11/15/31 | 1,059,987 | |||||
1,084,000 | The Goldman Sachs Group, Inc., 6.45%, 05/01/36 | 1,342,039 | |||||
1,119,000 | The Hartford Financial Services Group, Inc., 5.50%, 03/30/20 | 1,247,623 | |||||
1,444,000 | Wells Fargo & Co., Series K, 7.98% (callable at 100 beginning 03/15/18) (b)(d) | 1,509,124 | |||||
23,538,218 | |||||||
Health Care - 0.6% | |||||||
1,322,000 | Becton Dickinson and Co., 3.73%, 12/15/24 | 1,434,496 | |||||
Industrials - 2.2% | |||||||
1,370,000 | Burlington Northern Santa Fe, LLC, 4.55%, 09/01/44 | 1,590,210 | |||||
700,000 | Huntington Ingalls Industries, Inc., 5.00%, 11/15/25 (a) | 740,250 | |||||
1,213,000 | Textron, Inc., 3.65%, 03/01/21 | 1,280,969 |
See accompanying Notes to Financial Statements. | ||
9 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
INCOME FUND
Treasury Inflation Index Securities - 1.4% | ||||||
$ | 921,517 | U.S. Treasury Inflation Indexed Bond, 1.75%, 01/15/28 (e) | $ | 1,064,015 | ||
2,035,440 | U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (e) | 2,078,896 | ||||
3,142,911 | ||||||
U.S. Treasury Securities - 16.0% | ||||||
4,010,000 | U.S. Treasury Bond, 5.38%, 02/15/31 | 5,856,637 | ||||
3,380,000 | U.S. Treasury Bond, 4.75%, 02/15/37 | 4,914,070 | ||||
8,040,000 | U.S. Treasury Bond, 3.63%, 08/15/43 | 10,264,821 | ||||
2,000,000 | U.S. Treasury Note, 0.63%, 09/30/17 | 1,999,062 | ||||
3,620,000 | U.S. Treasury Note, 1.25%, 01/31/19 | 3,655,212 | ||||
4,570,000 | U.S. Treasury Note, 2.00%, 02/28/21 | 4,739,766 | ||||
5,200,000 | U.S. Treasury Note, 1.63%, 11/15/22 | 5,287,953 | ||||
36,717,521 | ||||||
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 23.7% | ||||||
Federal Home Loan Mortgage Corp. - 8.1% | ||||||
68,564 | Federal Home Loan Mortgage Corp., 3.50%, 12/01/26 | 72,493 | ||||
757,827 | Federal Home Loan Mortgage Corp., 4.50%, 11/01/30 | 831,998 | ||||
662,817 | Federal Home Loan Mortgage Corp., 4.50%, 08/01/31 | 727,527 | ||||
2,855,594 | Federal Home Loan Mortgage Corp., 3.00%, 07/01/43 | 2,992,783 | ||||
2,775,245 | Federal Home Loan Mortgage Corp., 4.00%, 12/01/45 | 3,024,105 | ||||
1,749,493 | Federal Home Loan Mortgage Corp., 4.00%, 10/01/44 | 1,893,444 | ||||
8,440,474 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, 1.59%, 01/25/19 (b) | 243,880 | ||||
2,911,169 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Interest Only, 2.12%, 08/25/18 (b) | 85,577 | ||||
319,793 | Federal Home Loan Mortgage Corp. REMIC, 4.50%, 04/15/19 | 325,908 | ||||
1,234,731 | Federal Home Loan Mortgage Corp. REMIC, 4.50%, 06/15/21 | 1,280,918 | ||||
595,000 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 06/15/37 | 626,687 | ||||
660,452 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 02/15/39 | 699,073 | ||||
1,763,963 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/40 | 1,875,331 | ||||
844,708 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 04/15/41 | 902,183 | ||||
1,943,776 | Federal Home Loan Mortgage Corp. REMIC, 3.50%, 07/15/42 | 2,038,987 | ||||
522,227 | Federal Home Loan Mortgage Corp. REMIC, 3.50%, 11/15/42 | 551,767 |
See accompanying Notes to Financial Statements. | ||
10 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
INCOME FUND
$ | 291,384 | Federal National Mortgage Association REMIC, 5.50%, 08/25/34 | $ | 300,667 | ||
478,047 | Federal National Mortgage Association REMIC, 3.00%, 04/25/37 | 485,622 | ||||
1,608,100 | Federal National Mortgage Association REMIC, 4.00%, 07/25/39 | 1,655,707 | ||||
1,006,849 | Federal National Mortgage Association REMIC, 2.50%, 09/25/39 | 1,042,309 | ||||
1,990,827 | Federal National Mortgage Association REMIC, 1.50%, 01/25/40 | 1,965,764 | ||||
520,182 | Federal National Mortgage Association REMIC, 3.50%, 05/25/41 | 551,619 | ||||
1,750,000 | Federal National Mortgage Association REMIC, 3.00%, 08/25/43 | 1,825,857 | ||||
1,840,000 | Federal National Mortgage Association REMIC, 3.00%, 08/25/45 | 1,928,742 | ||||
33,665,465 | ||||||
Government National Mortgage Association - 0.8% | ||||||
1,294,752 | Government National Mortgage Association, 3.00%, 03/20/43 | 1,365,758 | ||||
622,330 | Government National Mortgage Association REMIC, 4.73%, 06/20/61 | 649,265 | ||||
2,015,023 | ||||||
Small Business Administration Participation Certificates - 0.1% | ||||||
181,375 | Small Business Administration Participation Certificates, 2.88%, 09/10/21 | 189,307 | ||||
Total Government & Agency Obligations (Cost $94,239,485) | 98,121,502 | |||||
Preferred Stocks - 0.2% | ||||||
Financials - 0.2% | ||||||
580 | US Bancorp., Series A, 3.50% (callable at 1,000 beginning 10/31/16) (b)(d) | 503,597 | ||||
Total Preferred Stocks (Cost $595,666) | 503,597 | |||||
Exchange Traded Fund - 0.3% | ||||||
7,447 | iShares iBoxx $ High Yield Corporate Bond Fund | 649,825 | ||||
Total Exchange Traded Fund (Cost $643,763) | 649,825 | |||||
Investment Company - 0.6% | ||||||
136,307 | Federated Institutional High-Yield Bond Fund | 1,348,076 | ||||
Total Investment Company (Cost $1,240,883) | 1,348,076 |
See accompanying Notes to Financial Statements. | ||
11 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
INCOME FUND
(a) | The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933 to be liquid based on procedures approved by Tributary Funds' Board of Directors. As of September 30, 2016, the aggregate value of these liquid securities were $37,940,227 which represented 16.6% of net assets. |
(b) | Variable rate security. Rate presented is as of September 30, 2016. |
(c) | Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of September 30, 2016. |
(d) | Perpetual maturity security. |
(e) | U.S. Treasury inflation indexed security, 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, 2016. |
ABS | Asset Backed Security |
AMBAC | AMBAC Indemnity Corp. |
CLO | Collateralized Loan Obligation |
GMTN | Global Medium Term Note |
GO | General Obligation |
LLC | Limited Liability Company |
MTN | Medium Term Note |
RB | Revenue Bond |
See accompanying Notes to Financial Statements. | ||
12 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
NEBRASKA TAX-FREE FUND
$ | 515,000 | City of Lincoln NE, Nebraska RB, 2.50%, 04/01/20 | $ | 533,509 | ||
700,000 | City of Lincoln NE, Nebraska RB, 4.50%, 08/15/22 | 788,319 | ||||
480,000 | City of Lincoln NE, Nebraska RB, 4.00%, 08/15/26 | 535,651 | ||||
500,000 | City of Lincoln NE, Nebraska RB, 3.55%, 04/01/27 | 531,525 | ||||
116,000 | City of Ogallala NE, Nebraska Certificate of Participation, 1.15%, 10/15/19 | 115,485 | ||||
575,000 | City of Omaha NE, Nebraska GO, 5.25%, 04/01/20 | 657,731 | ||||
275,000 | City of Omaha NE, Nebraska GO, 4.38%, 06/01/22 | 290,702 | ||||
800,000 | City of Omaha NE, Nebraska GO, 5.75%, 10/15/28 | 877,792 | ||||
190,000 | City of Omaha NE, Nebraska RB, 5.00%, 02/01/26 | 223,678 | ||||
500,000 | City of Omaha NE, Series A, Nebraska GO, 6.50%, 12/01/30 | 745,200 | ||||
200,000 | City of Omaha NE, Series A, Nebraska GO, 5.00%, 05/01/33 | 243,878 | ||||
550,000 | County of Douglas NE, Nebraska RB, 5.60%, 07/01/25 | 633,847 | ||||
120,000 | County of Douglas NE, Nebraska RB, 3.60%, 10/01/27 | 120,509 | ||||
250,000 | County of Sarpy NE, Nebraska Certificate of Participation, 2.80%, 12/15/20 | 264,835 | ||||
280,000 | Crete Public Schools, Nebraska GO, 3.00%, 12/15/18 | 292,496 | ||||
195,000 | Douglas County Hospital Authority No. 1, Nebraska RB, 5.25%, 09/01/21 | 221,473 | ||||
495,000 | Douglas County Hospital Authority No. 2, Nebraska RB, 5.13%, 08/15/18 | 512,459 | ||||
1,500,000 | Douglas County Hospital Authority No. 2, Nebraska RB, 4.75%, 09/01/28 | 1,603,830 | ||||
500,000 | Douglas County Hospital Authority No. 2, Nebraska RB, 5.50%, 01/01/30 | 562,140 | ||||
1,000,000 | Douglas County Hospital Authority No. 2, Nebraska RB, 4.00%, 05/15/32 | 1,112,070 | ||||
100,000 | Douglas County Hospital Authority No. 2, Nebraska RB, 5.75%, 11/01/48 | 109,392 | ||||
690,000 | Douglas County Hospital Authority No. 3, Nebraska RB, 5.75%, 11/01/48 | 757,792 | ||||
750,000 | Douglas County Public Facilities Corp., Nebraska RB, 2.00%, 05/01/24 | 771,502 |
See accompanying Notes to Financial Statements. | ||
13 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
NEBRASKA TAX-FREE FUND
$ | 165,000 | Douglas County Sanitary & Improvement District No. 497, Nebraska GO, 3.65%, 11/15/32 | $ | 166,865 | ||
100,000 | Douglas County Sanitary & Improvement District No. 503, Nebraska GO, 1.90%, 08/15/17 | 100,873 | ||||
105,000 | Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.85%, 03/15/33 | 105,853 | ||||
295,000 | Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.90%, 03/15/34 | 297,392 | ||||
210,000 | Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.95%, 03/15/35 | 211,701 | ||||
190,000 | Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 4.00%, 03/15/36 | 191,537 | ||||
255,000 | Douglas County Sanitary & Improvement District No. 515, Nebraska GO, 3.75%, 12/15/32 | 257,400 | ||||
115,000 | Douglas County Sanitary & Improvement District No. 541, Nebraska GO, 2.95%, 07/15/24 | 119,166 | ||||
100,000 | Douglas County Sanitary & Improvement District No. 549, Nebraska GO, 3.05%, 05/15/29 | 100,427 | ||||
85,000 | Douglas County Sanitary & Improvement District No. 549, Nebraska GO, 3.10%, 05/15/30 | 85,326 | ||||
750,000 | Douglas County School District No. 59, Nebraska GO, 3.00%, 12/15/35 | 759,022 | ||||
105,000 | Elkhorn Rural Public Power District, Nebraska RB, 2.60%, 09/01/21 | 105,286 | ||||
700,000 | Elkhorn School District No. 10, Nebraska GO, 5.00%, 01/15/30 | 814,485 | ||||
665,000 | Elkhorn School District No. 10, Nebraska GO, 4.00%, 12/15/34 | 734,379 | ||||
1,430,000 | Elkhorn School District No. 10, Nebraska GO, 4.00%, 12/15/35 | 1,569,110 | ||||
250,000 | Elkhorn School District No. 10, Series B, Nebraska GO, 4.00%, 01/15/32 | 268,342 | ||||
30,000 | Elm Creek Rural Fire Protection District No. 7, Nebraska GO, 0.65%, 10/15/17 | 29,933 | ||||
68,000 | Elm Creek Rural Fire Protection District No. 7, Nebraska GO, 1.40%, 10/15/20 | 68,447 | ||||
185,000 | Grand Island Public Schools No. 2, Nebraska GO, 4.00%, 12/15/24 | 207,100 | ||||
735,000 | Gretna Public Schools No. 37, Nebraska GO, 4.00%, 12/15/24 | 866,249 | ||||
265,000 | Gretna Public Schools No. 37, Nebraska GO, 4.00%, 12/15/25 | 312,962 |
See accompanying Notes to Financial Statements. | ||
14 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
NEBRASKA TAX-FREE FUND
$ | 140,000 | Municipal Energy Agency of Nebraska, Series A, Nebraska RB, 5.00%, 04/01/31 | $ | 162,124 | ||
175,000 | Nebraska Investment Finance Authority, Series A, Nebraska RB, 2.35%, 09/01/24 | 181,211 | ||||
150,000 | Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/26 | 177,599 | ||||
200,000 | Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/27 | 236,576 | ||||
600,000 | Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/29 | 705,744 | ||||
1,050,000 | Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/32 | 1,224,667 | ||||
540,000 | Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/34 | 628,063 | ||||
1,995,000 | Nebraska Public Power District, Series C, Nebraska RB, 5.00%, 01/01/31 | 2,270,988 | ||||
1,000,000 | Nebraska State College Facilities Corp., Nebraska RB, 5.00%, 07/15/26 | 1,284,670 | ||||
315,000 | Nebraska State Colleges, Series A, Nebraska RB, 3.00%, 07/01/25 | 315,060 | ||||
535,000 | Omaha Airport Authority, Nebraska RB, 3.75%, 01/01/19 | 566,506 | ||||
200,000 | Omaha Convention Hotel Corp., Nebraska RB, 5.00%, 02/01/17 | 202,596 | ||||
100,000 | Omaha Convention Hotel Corp., Nebraska RB, 5.00%, 02/01/26 | 101,226 | ||||
805,000 | Omaha Public Facilities Corp., Nebraska RB, 5.00%, 06/01/26 | 890,732 | ||||
1,000,000 | Omaha Public Facilities Corp., Series A, Nebraska RB, 4.00%, 06/01/28 | 1,155,790 | ||||
100,000 | Omaha Public Power District, Nebraska City Station Unit 2, Series A, Nebraska RB, 5.30%, 02/01/26 | 105,810 | ||||
305,000 | Omaha Public Power District, Nebraska City Station Unit 2, Series A, Nebraska RB, 4.20%, 02/01/26 | 308,328 | ||||
500,000 | Omaha Public Power District, Nebraska City Station Unit 2, Series A, Nebraska RB, 5.35%, 02/01/27 | 529,380 | ||||
45,000 | Omaha Public Power District, Nebraska City Station Unit 2, Series A, Nebraska RB, 4.35%, 02/01/36 | 45,513 | ||||
50,000 | Omaha Public Power District, Nebraska City Station Unit 2, Series A, Nebraska RB, 5.00%, 02/01/42 | 50,674 | ||||
190,000 | Omaha Public Power District, Series A, Nebraska RB, 4.65%, 02/01/28 | 206,289 | ||||
205,000 | Omaha Public Power District, Series A, Nebraska RB, 4.00%, 02/01/31 | 226,908 | ||||
200,000 | Omaha Public Power District, Series A, Nebraska RB, 4.00%, 02/01/34 | 218,192 |
See accompanying Notes to Financial Statements. | ||
15 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
NEBRASKA TAX-FREE FUND
$ | 60,000 | Sarpy County Sanitary & Improvement District No. 97, Nebraska GO, 2.35%, 02/15/18 | $ | 60,141 | ||
85,000 | Sarpy County Sanitary & Improvement District No. 191, Nebraska GO, 2.45%, 10/15/22 | 85,638 | ||||
160,000 | Sarpy County Sanitary & Improvement District No. 191, Nebraska GO, 3.55%, 10/15/32 | 161,466 | ||||
265,000 | Sarpy County Sanitary & Improvement District No. 213, Nebraska GO, 3.20%, 11/15/29 | 266,696 | ||||
55,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 2.00%, 06/15/18 | 55,086 | ||||
55,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 2.45%, 06/15/20 | 55,260 | ||||
60,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 2.75%, 06/15/21 | 60,445 | ||||
60,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.00%, 06/15/22 | 60,531 | ||||
65,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.15%, 06/15/23 | 65,606 | ||||
65,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.30%, 06/15/24 | 65,615 | ||||
65,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.40%, 06/15/25 | 65,592 | ||||
70,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.55%, 06/15/26 | 70,458 | ||||
75,000 | Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.70%, 06/15/27 | 75,464 | ||||
110,000 | Sarpy County Sanitary & Improvement District No. 242, Nebraska GO, 3.00%, 03/15/27 | 113,623 | ||||
490,000 | Sarpy County Sanitary & Improvement District No. 257, Nebraska GO, 3.75%, 04/15/31 | 492,381 | ||||
245,000 | Sarpy County Sanitary & Improvement District No. 261, Nebraska GO, 3.35%, 04/15/26 | 247,550 | ||||
475,000 | Sarpy County Sanitary & Improvement District No. 261, Nebraska GO, 3.80%, 04/15/33 | 478,296 | ||||
120,000 | Sarpy County Sanitary & Improvement District No. 279, Nebraska GO, 3.95%, 02/15/32 | 124,298 |
See accompanying Notes to Financial Statements. | ||
16 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
NEBRASKA TAX-FREE FUND
(a) | Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2016. |
GO | General Obligation |
RB | Revenue Bond |
See accompanying Notes to Financial Statements. | ||
17 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
BALANCED FUND
11,000 | Eli Lilly & Co. | $ | 882,860 | ||||
6,200 | Gilead Sciences, Inc. | 490,544 | |||||
4,500 | Laboratory Corp. of America Holdings (a) | 618,660 | |||||
5,600 | PAREXEL International Corp. (a) | 388,920 | |||||
3,400 | Teleflex, Inc. | 571,370 | |||||
4,400 | Thermo Fisher Scientific, Inc. | 699,864 | |||||
13,500 | Zoetis, Inc. | 702,135 | |||||
9,497,297 | |||||||
Industrials - 6.4% | |||||||
2,300 | Acuity Brands, Inc. | 608,580 | |||||
4,700 | FedEx Corp. | 820,996 | |||||
13,650 | Fortune Brands Home & Security, Inc. | 793,065 | |||||
33,000 | General Electric Co. | 977,460 | |||||
15,200 | HD Supply Holdings, Inc. (a) | 486,096 | |||||
21,700 | KAR Auction Services, Inc. | 936,572 | |||||
2,200 | Roper Technologies, Inc. | 401,434 | |||||
15,200 | Southwest Airlines Co. | 591,128 | |||||
5,200 | The Middleby Corp. (a) | 642,824 | |||||
6,258,155 | |||||||
Information Technology - 14.8% | |||||||
7,900 | Adobe Systems, Inc. (a) | 857,466 | |||||
2,598 | Alphabet, Inc. - Class C (a) | 2,019,399 | |||||
18,300 | Apple, Inc. | 2,068,815 | |||||
4,600 | Broadcom, Ltd. | 793,592 | |||||
8,700 | Broadridge Financial Solutions, Inc. | 589,773 | |||||
18,400 | CDW Corp. | 841,432 | |||||
29,000 | Cisco Systems, Inc. | 919,880 | |||||
14,800 | Facebook, Inc. - Class A (a) | 1,898,396 | |||||
12,500 | Finisar Corp. (a) | 372,500 | |||||
6,100 | Fiserv, Inc. (a) | 606,767 | |||||
4,000 | FleetCor Technologies, Inc. (a) | 694,920 | |||||
2,100 | Jack Henry & Associates, Inc. | 179,655 | |||||
8,800 | MasterCard, Inc. - Class A | 895,576 | |||||
7,400 | Microchip Technology, Inc. | 459,836 | |||||
16,900 | Microsoft Corp. | 973,440 | |||||
7,200 | Paychex, Inc. | 416,664 | |||||
14,588,111 | |||||||
Materials - 1.1% | |||||||
10,700 | Berry Plastics Group, Inc. (a) | 469,195 | |||||
3,300 | Martin Marietta Materials, Inc. | 591,063 | |||||
1,060,258 | |||||||
Real Estate - 1.8% | |||||||
10,400 | American Tower Corp. REIT | 1,178,632 | |||||
7,500 | DuPont Fabros Technology, Inc. REIT | 309,375 | |||||
6,000 | Education Realty Trust, Inc. REIT | 258,840 | |||||
1,746,847 | |||||||
Telecommunication Services - 0.9% | |||||||
16,400 | Verizon Communications, Inc. | 852,472 | |||||
Utilities - 1.4% | |||||||
8,000 | NextEra Energy, Inc. | 978,560 | |||||
6,100 | Southwest Gas Corp. | 426,146 | |||||
1,404,706 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
BALANCED FUND
$ | 143,142 | Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40 | $ | 145,816 | ||
134,623 | New Residential Mortgage Loan Trust, 3.75%, 08/25/55 (b)(c) | 140,262 | ||||
148,298 | Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (b)(c) | 152,622 | ||||
1,488,272 | ||||||
Total Non-U.S. Government Agency Asset-Backed Securities (Cost $6,046,631) | 6,036,673 | |||||
Corporate Bonds - 12.7% | ||||||
Consumer Discretionary - 1.4% | ||||||
330,000 | CBS Corp., 4.00%, 01/15/26 | 350,210 | ||||
100,000 | Hanesbrands, Inc., 4.63%, 05/15/24 (b) | 102,625 | ||||
275,000 | Newell Brands, Inc., 4.00%, 06/15/22 | 295,312 | ||||
210,000 | Newell Brands, Inc., 4.20%, 04/01/26 | 228,850 | ||||
315,000 | Whirlpool Corp., 4.70%, 06/01/22 | 354,685 | ||||
1,331,682 | ||||||
Consumer Staples - 0.9% | ||||||
375,000 | Church & Dwight Co., Inc., 2.88%, 10/01/22 | 385,867 | ||||
61,000 | ConAgra Foods, Inc., 7.00%, 04/15/19 | 68,194 | ||||
410,000 | PepsiCo., Inc., 2.85%, 02/24/26 | 429,929 | ||||
883,990 | ||||||
Energy - 0.6% | ||||||
210,000 | Anadarko Petroleum Corp., 3.45%, 07/15/24 | 207,253 | ||||
155,000 | ConocoPhillips Co., 2.88%, 11/15/21 | 159,258 | ||||
205,000 | EOG Resources, Inc., 4.15%, 01/15/26 | 224,035 | ||||
590,546 | ||||||
Financials - 4.8% | ||||||
450,000 | American Honda Finance Corp., 1.60%, 02/16/18 (b) | 452,839 | ||||
380,000 | Bank of America Corp., MTN, 4.13%, 01/22/24 | 412,311 | ||||
315,000 | CBRE Services, Inc., 5.00%, 03/15/23 | 331,819 | ||||
360,000 | Citigroup, Inc., 2.55%, 04/08/19 | 367,214 | ||||
350,000 | CME Group, Inc., 3.00%, 09/15/22 | 371,747 | ||||
140,000 | CME Group, Inc., 3.00%, 03/15/25 | 147,008 | ||||
400,000 | JPMorgan Chase & Co., Series 1, 7.90% (callable at 100 beginning 04/30/18) (c)(e) | 411,000 | ||||
425,000 | Metropolitan Life Global Funding I, 2.30%, 04/10/19 (b) | 433,202 | ||||
360,000 | Morgan Stanley, GMTN, 3.75%, 02/25/23 | 382,522 | ||||
290,000 | Prudential Financial, Inc., MTN, Series D, 7.38%, 06/15/19 | 333,756 | ||||
250,000 | Regions Bank/Birmingham AL, 7.50%, 05/15/18 | 272,040 | ||||
345,000 | The Hartford Financial Services Group, Inc., 5.50%, 03/30/20 | 384,656 |
See accompanying Notes to Financial Statements. | ||
19 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
BALANCED FUND
$ | 205,000 | Northern Illinois Municipal Power Agency, Series C, Illinois RB, 5.69%, 01/01/17 | $ | 206,982 | ||
100,000 | Regional Transportation District, Series A, Colorado RB, 2.21%, 11/01/21 | 103,369 | ||||
200,000 | Santa Monica Community College District, Series A1-B, California GO, 5.73%, 08/01/24 | 227,778 | ||||
100,000 | State of Florida Lottery Revenue, Florida RB, 5.19%, 07/01/19 | 110,770 | ||||
190,000 | The Board of Water Commissioners City & County of Denver CO, Series A, Colorado RB, 5.00%, 12/15/19 | 211,956 | ||||
200,000 | Town of Parker CO, Series A, Colorado Certificate of Participation, 5.30%, 11/01/18 | 216,166 | ||||
100,000 | Vista Community Development Commission, California Tax Allocation Bond, 7.61%, 09/01/21 | 121,069 | ||||
2,863,706 | ||||||
Treasury Inflation Index Securities – 0.7% | ||||||
647,956 | U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (f) | 662,207 | ||||
U.S. Treasury Securities – 14.8% | ||||||
5,100,000 | U.S. Treasury Note, 1.25%, 01/31/19 | 5,149,608 | ||||
5,120,000 | U.S. Treasury Note, 2.00%, 02/28/21 | 5,310,198 | ||||
4,010,000 | U.S. Treasury Note, 1.63%, 11/15/22 | 4,077,825 | ||||
14,537,631 | ||||||
Total Government Securities (Cost $17,392,853) | 18,063,544 | |||||
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 0.6% | ||||||
Federal Home Loan Mortgage Corp. - 0.3% | ||||||
284,664 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/40 | 302,637 | ||||
Federal National Mortgage Association - 0.3% | ||||||
132,348 | Federal National Mortgage Association, 3.50%, 12/01/26 | 139,698 | ||||
152,892 | Federal National Mortgage Association REMIC, 2.50%, 09/25/39 | 158,276 | ||||
297,974 | ||||||
Total U.S. Government Mortage Backed-Securities (Cost $595,893) | 600,611 | |||||
Total Government & Agency Obligations (Cost $17,988,746) | 18,664,155 |
See accompanying Notes to Financial Statements. | ||
20 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
BALANCED FUND
(a) | Non-income producing security. |
(b) | The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933 to be liquid based on procedures approved by Tributary Funds' Board of Directors. As of September 30, 2016, the aggregate value of these liquid securities was $5,261,168 which represented 5.4% of net assets. |
(c) | Variable rate security. Rate presented is as of September 30, 2016. |
(d) | Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of September 30, 2016. |
(e) | Perpetual maturity security. |
(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, 2016. |
ABS | Asset Backed Security |
CLO | Collateralized Loan Obligation |
GMTN | Global Medium Term Note |
GO | General Obligation |
LLC | Limited Liability Company |
MTN | Medium Term Note |
PLC | Public Limited Company |
RB | Revenue Bond |
REIT | Real Estate Investment Trust |
REMIC Real Estate Investment Conduit
See accompanying Notes to Financial Statements. | ||
21 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
GROWTH OPPORTUNITIES FUND
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
GROWTH OPPORTUNITIES FUND
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2016. |
See accompanying Notes to Financial Statements. | ||
23 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2016 (Unaudited)
SMALL COMPANY FUND
155,500 | Franklin Electric Co., Inc. | $ | 6,330,405 | |||
151,200 | Granite Construction, Inc. | 7,520,688 | ||||
261,500 | Kforce, Inc. | 5,358,135 | ||||
112,000 | Multi-Color Corp. | 7,392,000 | ||||
371,900 | Navigant Consulting, Inc. (a) | 7,519,818 | ||||
141,700 | Tetra Tech, Inc. | 5,026,099 | ||||
60,023,557 | ||||||
Information Technology - 18.4% | ||||||
95,600 | Anixter International, Inc. (a) | 6,166,200 | ||||
60,200 | CACI International, Inc. - Class A (a) | 6,074,180 | ||||
227,200 | CalAmp Corp. (a) | 3,169,440 | ||||
50,400 | Coherent, Inc. (a) | 5,571,216 | ||||
88,100 | ExlService Holdings, Inc. (a) | 4,390,904 | ||||
58,900 | Littelfuse, Inc. | 7,586,909 | ||||
137,200 | Methode Electronics, Inc. | 4,797,884 | ||||
163,000 | Microsemi Corp. (a) | 6,842,740 | ||||
113,900 | MTS Systems Corp. | 5,242,817 | ||||
117,800 | National Instruments Corp. | 3,345,520 | ||||
148,000 | PTC, Inc. (a) | 6,557,880 | ||||
88,100 | Silicon Motion Technology Corp., ADR | 4,562,699 | ||||
90,000 | Syntel, Inc. (a) | 3,771,900 | ||||
68,080,289 | ||||||
Materials - 6.1% | ||||||
205,200 | A Schulman, Inc. | 5,975,424 | ||||
79,500 | Balchem Corp. | 6,163,635 | ||||
95,900 | Carpenter Technology Corp. | 3,956,834 | ||||
83,500 | Sensient Technologies Corp. | 6,329,300 | ||||
22,425,193 | ||||||
Real Estate - 4.6% | ||||||
233,100 | Easterly Government Properties, Inc. REIT | 4,447,548 | ||||
123,700 | Education Realty Trust, Inc. REIT | 5,336,418 | ||||
141,700 | LTC Properties, Inc. REIT | 7,366,983 | ||||
17,150,949 | ||||||
Utilities - 1.9% | ||||||
90,300 | IDACORP, Inc. | 7,068,684 | ||||
Total Common Stocks (Cost $278,649,289) | 356,720,166 | |||||
Short-Term Investments - 4.3% | ||||||
Investment Company - 4.3% | ||||||
15,844,560 | BlackRock Liquidity Funds T-Fund Portfolio, 0.22% (b) | 15,844,560 |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2016. |
See accompanying Notes to Financial Statements. | ||
24 |
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2016 (Unaudited)
SHORT-INTERMEDIATE BOND FUND | INCOME FUND | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, at cost | $ | 133,057,841 | $ | 222,463,411 | ||||||||||||||||||||
Unrealized appreciation of investments | 707,713 | 6,066,437 | ||||||||||||||||||||||
Total investments, at value | 133,765,554 | 228,529,848 | ||||||||||||||||||||||
Receivable for capital shares issued | 248,132 | 929,210 | ||||||||||||||||||||||
Receivable for investments sold | - | - | ||||||||||||||||||||||
Interest and dividends receivable | 543,790 | 1,224,997 | ||||||||||||||||||||||
Prepaid expenses | 10,762 | 9,910 | ||||||||||||||||||||||
Total Assets | 134,568,238 | 230,693,965 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Distributions payable | 190,344 | 383,333 | ||||||||||||||||||||||
Payable for investments purchased | - | 858,483 | ||||||||||||||||||||||
Payable for capital shares redeemed | 93,289 | 85,411 | ||||||||||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||||||
Investment advisory fees | 29,045 | 72,974 | ||||||||||||||||||||||
Administration fees payable to non-related parties | 8,805 | 14,408 | ||||||||||||||||||||||
Administration fees payable to related parties | 7,724 | 12,887 | ||||||||||||||||||||||
Shareholder service fees - Institutional Class | 5,475 | 2,612 | ||||||||||||||||||||||
Other fees | 22,717 | 28,101 | ||||||||||||||||||||||
Total liabilities | 357,399 | 1,458,209 | ||||||||||||||||||||||
Net assets | $ | 134,210,839 | $ | 229,235,756 | ||||||||||||||||||||
Composition of Net Assets: | ||||||||||||||||||||||||
Capital | $ | 135,195,576 | $ | 223,560,365 | ||||||||||||||||||||
Accumulated (excess of distributions over) net investment income | (334,287 | ) | (217,364 | ) | ||||||||||||||||||||
Accumulated net realized gain (loss) from investments | (1,358,163 | ) | (173,682 | ) | ||||||||||||||||||||
Net unrealized appreciation on investments | 707,713 | 6,066,437 | ||||||||||||||||||||||
Net Assets | $ | 134,210,839 | $ | 229,235,756 | ||||||||||||||||||||
Institutional Class: | ||||||||||||||||||||||||
Net assets | $ | 14,301,331 | $ | 6,393,543 | ||||||||||||||||||||
Shares of beneficial interest | 1,519,641 | 605,640 | ||||||||||||||||||||||
Net asset value, offering and redemption price per share | $ | 9.41 | $ | 10.56 | ||||||||||||||||||||
Institutional Plus Class: | ||||||||||||||||||||||||
Net assets | $ | 119,909,508 | $ | 222,842,213 | ||||||||||||||||||||
Shares of beneficial interest | 12,702,225 | 21,110,846 | ||||||||||||||||||||||
Net asset value, offering and redemption price per share | $ | 9.44 | $ | 10.56 |
See accompanying Notes to Financial Statements. | ||
25 |
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2016 (Unaudited)
NEBRASKA TAX-FREE FUND | BALANCED FUND | GROWTH OPPORTUNITIES FUND | SMALL COMPANY FUND | ||||||||||||
$ | 68,521,881 | $ | 86,526,951 | $ | 114,311,553 | $ | 294,493,849 | ||||||||
1,332,331 | 11,559,056 | 33,638,636 | 78,070,877 | ||||||||||||
69,854,212 | 98,086,007 | 147,950,189 | 372,564,726 | ||||||||||||
52,668 | 103,939 | 27,184 | 1,622,607 | ||||||||||||
- | 209,316 | - | - | ||||||||||||
720,585 | 294,533 | 67,212 | 148,000 | ||||||||||||
2,035 | 14,986 | 11,993 | 9,908 | ||||||||||||
70,629,500 | 98,708,781 | 148,056,578 | 374,345,241 | ||||||||||||
166,329 | - | - | - | ||||||||||||
395,000 | 211,293 | - | 4,883,264 | ||||||||||||
- | 219,859 | 63,076 | 241,331 | ||||||||||||
9,196 | 55,673 | 85,563 | 228,563 | ||||||||||||
3,766 | 6,700 | 9,849 | 22,289 | ||||||||||||
3,952 | 5,698 | 8,562 | 20,460 | ||||||||||||
- | 15,492 | 22,370 | 26,622 | ||||||||||||
15,148 | 23,467 | 17,634 | 22,699 | ||||||||||||
593,391 | 538,182 | 207,054 | 5,445,228 | ||||||||||||
$ | 70,036,109 | $ | 98,170,599 | $ | 147,849,524 | $ | 368,900,013 | ||||||||
$ | 69,087,422 | $ | 80,973,656 | $ | 106,050,593 | $ | 284,110,196 | ||||||||
(220,096 | ) | 10,650 | (178,054 | ) | 208,652 | ||||||||||
(163,548 | ) | 5,627,237 | 8,338,349 | 6,510,288 | |||||||||||
1,332,331 | 11,559,056 | 33,638,636 | 78,070,877 | ||||||||||||
$ | 70,036,109 | $ | 98,170,599 | $ | 147,849,524 | $ | 368,900,013 | ||||||||
$ | - | $ | 64,394,906 | $ | 42,588,205 | $ | 126,340,466 | ||||||||
- | 3,768,451 | 2,673,362 | 4,946,714 | ||||||||||||
$ | - | $ | 17.09 | $ | 15.93 | $ | 25.54 | ||||||||
$ | 70,036,109 | $ | 33,775,693 | $ | 105,261,319 | $ | 242,559,547 | ||||||||
6,995,902 | 1,989,062 | 6,517,840 | 9,473,306 | ||||||||||||
$ | 10.01 | $ | 16.98 | $ | 16.15 | $ | 25.60 |
See accompanying Notes to Financial Statements. | ||
26 |
STATEMENTS OF OPERATIONS
For the Six Months Ended September 30, 2016 (Unaudited)
SHORT-INTERMEDIATE BOND FUND | INCOME FUND | ||||||||||
Investment Income: | |||||||||||
Interest | $ | 1,591,465 | $ | 3,290,820 | |||||||
Dividend | 12,258 | 69,759 | |||||||||
Foreign tax witholding | - | - | |||||||||
Total Income | 1,603,723 | 3,360,579 | |||||||||
Expenses: | |||||||||||
Investment advisory fees | 327,819 | 626,129 | |||||||||
Administration fees | 82,789 | 131,762 | |||||||||
Shareholder service fees - Institutional Class | 14,535 | 6,126 | |||||||||
Custodian fees | 6,405 | 10,134 | |||||||||
Operating expenses | - | - | |||||||||
Chief compliance officer fees | 6,791 | 10,865 | |||||||||
Director fees | 2,813 | 4,476 | |||||||||
Registration and filing fees | 11,758 | 12,539 | |||||||||
Transfer agent fees | 30,523 | 34,150 | |||||||||
Pricing Fees | - | - | |||||||||
Other fees | 44,924 | 59,006 | |||||||||
Total expenses before waivers | 528,357 | 895,187 | |||||||||
Expenses waived and reimbursed by Adviser | (159,895 | ) | (221,434 | ) | |||||||
Total Expenses | 368,462 | 673,753 | |||||||||
Net Investment Income (Loss) | 1,235,261 | 2,686,826 | |||||||||
Realized and Unrealized Gain (Loss) On Investments: | |||||||||||
Net realized gain (loss) on investment transactions | 51,533 | 286,814 | |||||||||
Change in unrealized appreciation (depreciation) on investments | 553,062 | 2,821,608 | |||||||||
Net realized and unrealized gain (loss) on investments | 604,595 | 3,108,422 | |||||||||
Net increase in net assets from operations | $ | 1,839,856 | $ | 5,795,248 |
See accompanying Notes to Financial Statements. | ||
27 |
STATEMENTS OF OPERATIONS
For the Six Months Ended September 30, 2016 (Unaudited)
NEBRASKA TAX-FREE FUND | BALANCED FUND | GROWTH OPPORTUNITIES FUND | SMALL COMPANY FUND | ||||||||||||
$ | 1,009,807 | $ | 539,171 | $ | - | $ | - | ||||||||
4,186 | 431,636 | 603,093 | 1,709,254 | ||||||||||||
- | - | (3,387 | ) | - | |||||||||||
1,013,993 | 970,807 | 599,706 | 1,709,254 | ||||||||||||
127,598 | 384,950 | 560,421 | 1,334,458 | ||||||||||||
40,609 | 64,831 | 94,359 | 198,240 | ||||||||||||
- | 67,698 | 46,242 | 87,970 | ||||||||||||
3,190 | 9,858 | 7,282 | 15,358 | ||||||||||||
- | - | - | - | ||||||||||||
3,222 | 5,235 | 7,663 | 16,368 | ||||||||||||
1,467 | 2,208 | 3,208 | 6,627 | ||||||||||||
670 | 9,731 | 9,375 | 12,893 | ||||||||||||
10,049 | 32,388 | 34,689 | 51,936 | ||||||||||||
14,515 | - | - | - | ||||||||||||
20,894 | 34,663 | 28,955 | 42,583 | ||||||||||||
222,214 | 611,562 | 792,194 | 1,766,433 | ||||||||||||
(78,664 | ) | (35,729 | ) | (43,554 | ) | (124,201 | ) | ||||||||
143,550 | 575,833 | 748,640 | 1,642,232 | ||||||||||||
870,443 | 394,974 | (148,934 | ) | 67,022 | |||||||||||
(10,485 | ) | 4,032,107 | 6,032,224 | 5,543,363 | |||||||||||
(106,560 | ) | (1,670,943 | ) | 5,066,175 | 25,853,843 | ||||||||||
(117,045 | ) | 2,361,164 | 11,098,399 | 31,397,206 | |||||||||||
$ | 753,398 | $ | 2,756,138 | $ | 10,949,465 | $ | 31,464,228 |
See accompanying Notes to Financial Statements. | ||
28 |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
SHORT-INTERMEDIATE BOND FUND | INCOME FUND | NEBRASKA TAX-FREE FUND | |||||||||||||||||||||||||||
For the Six Months Ended September 30, 2016 | For the Year Ended March 31, 2016 | For the Six Months Ended September 30, 2016 | For the Year Ended March 31, 2016 | For the Six Months Ended September 30, 2016 | January 1, 2016* Through March 31, 2016 | ||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,235,261 | $ | 1,917,851 | $ | 2,686,826 | $ | 4,009,437 | $ | 870,443 | $ | 401,441 | |||||||||||||||||
Net realized gain (loss) on investment transactions | 51,533 | 99,565 | 286,814 | 63,467 | (10,485 | ) | (152,491 | ) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 553,062 | (570,544 | ) | 2,821,608 | (538,360 | ) | (106,560 | ) | 456,440 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 1,839,856 | 1,446,872 | 5,795,248 | 3,534,544 | 753,398 | 705,390 | |||||||||||||||||||||||
Distributions to Shareholders: | |||||||||||||||||||||||||||||
From net investment income | |||||||||||||||||||||||||||||
Institutional Class | (125,124 | ) | (286,555 | ) | (86,925 | ) | (350,580 | ) | - | - | |||||||||||||||||||
Institutional Plus Class | (1,292,040 | ) | (1,892,402 | ) | (2,893,625 | ) | (4,267,580 | ) | (1,026,069 | ) | (466,483 | ) | |||||||||||||||||
From net realized gains on investments | |||||||||||||||||||||||||||||
Institutional Class | - | (11,772 | ) | - | (4,936 | ) | - | - | |||||||||||||||||||||
Institutional Plus Class | - | (99,052 | ) | - | (121,294 | ) | - | - | |||||||||||||||||||||
Change in net assets from distributions to shareholders | (1,417,164 | ) | (2,289,781 | ) | (2,980,550 | ) | (4,744,390 | ) | (1,026,069 | ) | (466,483 | ) | |||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||||||
Proceeds from shares issued | |||||||||||||||||||||||||||||
Institutional Class | 3,344,846 | 5,134,909 | 615,840 | 7,841,907 | - | - | |||||||||||||||||||||||
Institutional Plus Class | 18,491,651 | 47,979,860 | 43,990,923 | 91,949,778 | 13,985,001 | 57,795,180 | |||||||||||||||||||||||
Proceeds from dividends reinvested | |||||||||||||||||||||||||||||
Institutional Class | 74,549 | 196,937 | 82,387 | 315,772 | - | - | |||||||||||||||||||||||
Institutional Plus Class | 281,589 | 385,256 | 761,132 | 1,049,992 | 48,264 | 1,625 | |||||||||||||||||||||||
Cost of shares redeemed | |||||||||||||||||||||||||||||
4 | Institutional Class | (1,359,246 | ) | (15,978,700 | ) | (1,204,023 | ) | (20,686,461 | ) | - | - | ||||||||||||||||||
5 | Institutional Plus Class | (11,555,182 | ) | (27,152,535 | ) | (12,124,587 | ) | (25,079,952 | ) | (753,742 | ) | (1,006,455 | ) | ||||||||||||||||
Change in net assets from capital transactions | 9,278,207 | 10,565,727 | 32,121,672 | 55,391,036 | 13,279,523 | 56,790,350 | |||||||||||||||||||||||
Change in net assets | 9,700,899 | 9,722,818 | 34,936,370 | 54,181,190 | 13,006,852 | 57,029,257 | |||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||
Beginning of period | 124,509,940 | 114,787,122 | 194,299,386 | 140,118,196 | 57,029,257 | - | |||||||||||||||||||||||
End of period | $ | 134,210,839 | $ | 124,509,940 | $ | 229,235,756 | $ | 194,299,386 | $ | 70,036,109 | $ | 57,029,257 | |||||||||||||||||
Accumulated (excess of distributions over) net investment income (loss) | $ | (334,287 | ) | $ | (152,384 | ) | $ | (217,364 | ) | $ | 76,360 | $ | (220,096 | ) | $ | (64,470 | ) | ||||||||||||
Share Transactions Institutional Class: | |||||||||||||||||||||||||||||
Shares issued | 355,549 | 545,967 | 58,670 | 757,834 | - | - | |||||||||||||||||||||||
Shares reinvested | 7,928 | 20,949 | 7,831 | 30,541 | - | - | |||||||||||||||||||||||
Shares redeemed | (144,696 | ) | (1,698,950 | ) | (114,903 | ) | (2,007,699 | ) | - | - | |||||||||||||||||||
Change in shares | 218,781 | (1,132,034 | ) | (48,402 | ) | (1,219,324 | ) | - | - | ||||||||||||||||||||
Share Transactions Institutional Plus Class: | |||||||||||||||||||||||||||||
Shares issued | 1,961,707 | 5,095,938 | 4,183,627 | 8,892,333 | 1,389,603 | 5,776,423 | |||||||||||||||||||||||
Shares reinvested | 29,860 | 40,955 | 72,342 | 101,717 | 4,798 | 162 | |||||||||||||||||||||||
Shares redeemed | (1,225,580 | ) | (2,879,134 | ) | (1,154,851 | ) | (2,430,088 | ) | (74,855 | ) | (100,229 | ) | |||||||||||||||||
Change in shares | 765,987 | 2,257,759 | 3,101,118 | 6,563,962 | 1,319,546 | 5,676,356 | |||||||||||||||||||||||
* Commencement of Operations. |
See accompanying Notes to Financial Statements. | ||
29 |
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
BALANCED FUND | GROWTH OPPORTUNITIES FUND | SMALL COMPANY FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended September 30, 2016 | For the Year Ended March 31, 2016 | For the Six Months Ended September 30, 2016 | For the Year Ended March 31, 2016 | For the Six Months Ended September 30, 2016 | For the Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 394,974 | $ | 410,874 | $ | (148,934 | ) | $ | (274,607 | ) | $ | 67,022 | $ | 694,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4,032,107 | 2,908,302 | 6,032,224 | 11,410,112 | 5,543,363 | 7,034,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1,670,943 | ) | (6,856,646 | ) | 5,066,175 | (28,588,703 | ) | 25,853,843 | (8,024,631 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,756,138 | (3,537,470 | ) | 10,949,465 | (17,453,198 | ) | 31,464,228 | (295,739 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(232,522 | ) | (239,199 | ) | - | - | - | (67,293 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(159,581 | ) | (197,197 | ) | - | - | - | (1,031,768 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | (1,640,833 | ) | - | (5,855,217 | ) | - | (1,160,025 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | (773,100 | ) | - | (15,533,094 | ) | - | (6,458,336 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(392,103 | ) | (2,850,329 | ) | - | (21,388,311 | ) | - | (8,717,422 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,752,064 | 27,567,997 | 1,922,952 | 12,021,998 | 76,706,510 | 28,070,064 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,903,262 | 5,821,878 | 6,203,279 | 27,132,124 | 19,684,786 | 42,476,909 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
198,302 | 1,585,443 | - | 5,574,556 | - | 1,050,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
142,957 | 872,511 | - | 6,955,862 | - | 3,604,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(11,223,610 | ) | (24,242,253 | ) | (5,699,367 | ) | (19,018,481 | ) | (10,869,781 | ) | (27,600,255 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4,648,782 | ) | (4,750,283 | ) | (12,323,955 | ) | (21,919,196 | ) | (20,592,614 | ) | (34,669,199 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(10,875,807 | ) | 6,855,293 | (9,897,091 | ) | 10,746,863 | 64,928,901 | 12,933,254 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8,511,772 | ) | 467,494 | 1,052,374 | (28,094,646 | ) | 96,393,129 | 3,920,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
106,682,371 | 106,214,877 | 146,797,150 | 174,891,796 | 272,506,884 | 268,586,791 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 98,170,599 | $ | 106,682,371 | $ | 147,849,524 | $ | 146,797,150 | $ | 368,900,013 | $ | 272,506,884 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 10,650 | $ | 7,779 | $ | (178,054 | ) | $ | (29,120 | ) | $ | 208,652 | $ | 141,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
163,036 | 1,588,504 | 122,910 | 690,020 | 3,165,110 | 1,239,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11,654 | 95,185 | - | 381,036 | - | 46,649 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(661,777 | ) | (1,426,151 | ) | (369,218 | ) | (1,089,841 | ) | (442,510 | ) | (1,193,568 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(487,087 | ) | 257,538 | (246,308 | ) | (18,785 | ) | 2,722,600 | 92,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
112,949 | 344,198 | 397,880 | 1,589,463 | 801,269 | 1,883,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8,454 | 52,660 | - | 469,991 | - | 159,856 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(275,794 | ) | (280,122 | ) | (780,388 | ) | (1,361,162 | ) | (852,114 | ) | (1,526,934 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(154,391 | ) | 116,736 | (382,508 | ) | 698,292 | (50,845 | ) | 516,208 |
See accompanying Notes to Financial Statements. | ||
30 |
FINANCIAL HIGHLIGHTS (Unaudited)
For a Share Outstanding
Investment Activities | Distributions to Shareholders from: | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Period Ended | Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gains on Investments | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000's) | Expense to Average Net Assets(c) | Net Investment Income (Loss) to Average Net Assets(c) | Expense to Average Net Assets(*)(c) | Portfolio Turnover(b) | |||||||||||||||||||||||||||||
SHORT-INTERMEDIATE BOND FUND | ||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||
09/30/16 | $9.38 | $0.09 | $0.03 | $0.12 | $(0.09 | ) | $— | $9.41 | 1.30 | % | $14,301 | 0.77 | % | 1.90 | % | 1.30 | % | 15 | % | |||||||||||||||||||||||
03/31/16 | 9.45 | 0.14 | (0.04 | ) | 0.10 | (0.16 | ) | (0.01 | ) | 9.38 | 1.11 | 12,202 | 0.76 | 1.50 | 1.11 | 40 | ||||||||||||||||||||||||||
03/31/15 | 9.48 | 0.12 | 0.00 | 0.12 | (0.14 | ) | (0.01 | ) | 9.45 | 1.33 | 23,000 | 0.79 | 1.24 | 1.04 | 51 | |||||||||||||||||||||||||||
03/31/14 | 9.60 | 0.15 | (0.12 | ) | 0.03 | (0.15 | ) | (0.00 | )(d) | 9.48 | 0.40 | 13,123 | 0.79 | 1.62 | 1.01 | 48 | ||||||||||||||||||||||||||
03/31/13 | 9.48 | 0.23 | 0.13 | 0.36 | (0.23 | ) | (0.01 | ) | 9.60 | 3.85 | 48,543 | 0.83 | 2.36 | 1.05 | 50 | |||||||||||||||||||||||||||
03/31/12 | 9.51 | 0.25 | 0.01 | 0.26 | (0.27 | ) | (0.02 | ) | 9.48 | 2.80 | 49,848 | 0.84 | 2.66 | 1.06 | 42 | |||||||||||||||||||||||||||
Institutional Plus Class | ||||||||||||||||||||||||||||||||||||||||||
09/30/16 | 9.41 | 0.09 | 0.04 | 0.13 | (0.10 | ) | — | 9.44 | 1.42 | 119,910 | 0.54 | 1.88 | 0.75 | 15 | ||||||||||||||||||||||||||||
03/31/16 | 9.48 | 0.16 | (0.04 | ) | 0.12 | (0.18 | ) | (0.01 | ) | 9.41 | 1.32 | 112,308 | 0.54 | 1.73 | 0.77 | 40 | ||||||||||||||||||||||||||
03/31/15 | 9.51 | 0.14 | 0.01 | 0.15 | (0.17 | ) | (0.01 | ) | 9.48 | 1.57 | 91,787 | 0.55 | 1.48 | 0.80 | 51 | |||||||||||||||||||||||||||
03/31/14 | 9.61 | 0.17 | (0.10 | ) | 0.07 | (0.17 | ) | (0.00 | )(d) | 9.51 | 0.77 | 94,149 | 0.58 | 1.79 | 0.80 | 48 | ||||||||||||||||||||||||||
03/31/13 | 9.49 | 0.25 | 0.14 | 0.39 | (0.26 | ) | (0.01 | ) | 9.61 | 4.11 | 30,342 | 0.58 | 2.59 | 0.80 | 50 | |||||||||||||||||||||||||||
03/31/12(e) | 9.40 | 0.13 | 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 | ||||||||||||||||||||||||||||||||||||||||||
09/30/16 | $10.41 | $0.11 | $0.18 | $0.29 | $(0.14 | ) | $— | $10.56 | 2.80 | % | $6,394 | 0.82 | % | 2.05 | % | 1.65 | % | 13 | % | |||||||||||||||||||||||
03/31/16 | 10.51 | 0.24 | (0.05 | ) | 0.19 | (0.28 | ) | (0.01 | ) | 10.41 | 1.77 | 6,809 | 0.81 | 2.29 | 1.19 | 24 | ||||||||||||||||||||||||||
03/31/15 | 10.25 | 0.24 | 0.29 | 0.53 | (0.26 | ) | (0.01 | ) | 10.51 | 5.18 | 19,693 | 0.85 | 2.30 | 1.11 | 52 | |||||||||||||||||||||||||||
03/31/14 | 10.47 | 0.28 | (0.21 | ) | 0.07 | (0.29 | ) | — | 10.25 | 0.72 | 10,784 | 0.81 | 2.71 | 1.08 | 55 | |||||||||||||||||||||||||||
03/31/13 | 10.23 | 0.31 | 0.24 | 0.55 | (0.31 | ) | — | 10.47 | 5.46 | 54,724 | 0.88 | 3.01 | 1.15 | 42 | ||||||||||||||||||||||||||||
03/31/12 | 9.91 | 0.36 | 0.32 | 0.68 | (0.36 | ) | — | 10.23 | 6.93 | 54,401 | 0.91 | 3.56 | 1.18 | 38 | ||||||||||||||||||||||||||||
Institutional Plus Class | ||||||||||||||||||||||||||||||||||||||||||
09/30/16 | 10.41 | 0.14 | 0.16 | 0.30 | (0.15 | ) | — | 10.56 | 2.90 | 222,842 | 0.64 | 2.58 | 0.83 | 13 | ||||||||||||||||||||||||||||
03/31/16 | 10.52 | 0.25 | (0.07 | ) | 0.18 | (0.28 | ) | (0.01 | ) | 10.41 | 1.81 | 187,490 | 0.64 | 2.41 | 0.85 | 24 | ||||||||||||||||||||||||||
03/31/15 | 10.26 | 0.26 | 0.29 | 0.55 | (0.28 | ) | (0.01 | ) | 10.52 | 5.40 | 120,425 | 0.63 | 2.52 | 0.89 | 52 | |||||||||||||||||||||||||||
03/31/14 | 10.48 | 0.30 | (0.22 | ) | 0.08 | (0.30 | ) | — | 10.26 | 0.79 | 92,810 | 0.64 | 2.91 | 0.91 | 55 | |||||||||||||||||||||||||||
03/31/13 | 10.24 | 0.34 | 0.24 | 0.58 | (0.34 | ) | — | 10.48 | 5.70 | 25,266 | 0.63 | 3.24 | 0.90 | 42 | ||||||||||||||||||||||||||||
03/31/12(e) | 10.14 | 0.15 | 0.10 | 0.25 | (0.15 | ) | — | 10.24 | 2.47 | 11,933 | 0.66 | 3.45 | 0.93 | 38 | ||||||||||||||||||||||||||||
NEBRASKA TAX-FREE FUND | ||||||||||||||||||||||||||||||||||||||||||
Institutional Plus Class | ||||||||||||||||||||||||||||||||||||||||||
09/30/16 | $10.05 | $0.14 | $(0.02 | ) | $0.12 | $(0.16 | ) | $— | $10.01 | 1.21 | % | $70,036 | 0.45 | % | 2.72 | % | 0.69 | % | 3 | % | ||||||||||||||||||||||
03/31/16(e) | 10.00 | 0.07 | 0.07 | 0.14 | (0.09 | ) | — | 10.05 | 1.35 | 57,029 | 0.45 | 2.96 | 0.85 | 5 | ||||||||||||||||||||||||||||
BALANCED FUND | ||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||
09/30/16 | $16.71 | $0.06 | $0.38 | $0.44 | $(0.06 | ) | $— | $17.09 | 2.63 | % | $64,395 | 1.19 | % | 0.68 | % | 1.27 | % | 11 | % | |||||||||||||||||||||||
03/31/16 | 17.66 | 0.05 | (0.57 | ) | (0.52 | ) | (0.06 | ) | (0.37 | ) | 16.71 | (2.93 | ) | 71,090 | 1.19 | 0.31 | 1.26 | 42 | ||||||||||||||||||||||||
03/31/15 | 17.61 | 0.01 | 1.58 | 1.59 | (0.01 | ) | (1.53 | ) | 17.66 | 9.40 | 70,615 | 1.17 | 0.06 | 1.26 | 69 | |||||||||||||||||||||||||||
03/31/14 | 16.30 | 0.09 | 2.56 | 2.65 | (0.10 | ) | (1.24 | ) | 17.61 | 16.46 | 69,070 | 1.16 | 0.53 | 1.29 | 91 | |||||||||||||||||||||||||||
03/31/13 | 15.39 | 0.15 | 0.90 | 1.05 | (0.14 | ) | — | 16.30 | 6.89 | 55,358 | 1.22 | 0.98 | 1.35 | 27 | ||||||||||||||||||||||||||||
03/31/12 | 14.27 | 0.13 | 1.12 | 1.25 | (0.13 | ) | — | 15.39 | 8.82 | 52,199 | 1.25 | 0.93 | 1.38 | 25 | ||||||||||||||||||||||||||||
Institutional Plus Class | ||||||||||||||||||||||||||||||||||||||||||
09/30/16 | 16.61 | 0.08 | 0.37 | 0.45 | (0.08 | ) | — | 16.98 | 2.71 | 33,776 | 0.99 | 0.95 | 1.03 | 11 | ||||||||||||||||||||||||||||
03/31/16 | 17.57 | 0.09 | (0.59 | ) | (0.50 | ) | (0.09 | ) | (0.37 | ) | 16.61 | (2.78 | ) | 35,592 | 0.99 | 0.51 | 1.01 | 42 | ||||||||||||||||||||||||
03/31/15 | 17.52 | 0.05 | 1.57 | 1.62 | (0.04 | ) | (1.53 | ) | 17.57 | 9.67 | 35,600 | 0.97 | 0.30 | 1.06 | 69 | |||||||||||||||||||||||||||
03/31/14 | 16.23 | 0.12 | 2.54 | 2.66 | (0.13 | ) | (1.24 | ) | 17.52 | 16.65 | 20,446 | 0.95 | 0.72 | 1.08 | 91 | |||||||||||||||||||||||||||
03/31/13 | 15.36 | 0.19 | 0.90 | 1.09 | (0.22 | ) | — | 16.23 | 7.17 | 12,569 | 0.97 | 1.24 | 1.10 | 27 | ||||||||||||||||||||||||||||
03/31/12(e) | 13.90 | 0.07 | 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. | ||
31 |
FINANCIAL HIGHLIGHTS (Unaudited)
For a Share Outstanding
Investment Activities | Distributions to Shareholders from: | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Operations | Net Investment Income | Net Realized Gains on Investments | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000's) | Expense to Average Net Assets(c) | Net Investment Income (Loss) to Average Net Assets(c) | Expense to Average Net Assets(*)(c) | Portfolio Turnover(b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GROWTH OPPORTUNITIES FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/16 | $14.82 | $(0.03 | ) | $1.14 | $1.11 | $— | $— | $15.93 | 7.49 | % | $42,588 | 1.15 | % | (0.35 | )% | 1.26 | % | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/16 | 19.02 | (0.06 | ) | (1.83 | ) | (1.89 | ) | — | (2.31 | ) | 14.82 | (9.78 | ) | 43,260 | 1.16 | (0.34 | ) | 1.27 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/15 | 19.16 | (0.09 | ) | 2.41 | 2.32 | — | (2.46 | ) | 19.02 | 12.93 | 55,888 | 1.14 | (0.47 | ) | 1.23 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/14 | 16.63 | (0.05 | ) | 4.10 | 4.05 | — | (1.52 | ) | 19.16 | 24.36 | 59,249 | 1.08 | (0.28 | ) | 1.20 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/13 | 15.52 | (0.05 | ) | 1.53 | 1.48 | — | (0.37 | ) | 16.63 | 9.79 | 86,600 | 1.15 | (0.33 | ) | 1.27 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/12 | 15.19 | (0.08 | ) | 0.41 | 0.33 | — | — | 15.52 | 2.17 | 80,961 | 1.16 | (0.55 | ) | 1.28 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Plus Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/16 | 15.00 | (0.01 | ) | 1.16 | 1.15 | — | — | 16.15 | 7.67 | 105,261 | 0.94 | (0.14 | ) | 0.98 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/16 | 19.19 | (0.02 | ) | (1.86 | ) | (1.88 | ) | — | (2.31 | ) | 15.00 | (9.63 | ) | 103,537 | 0.94 | (0.10 | ) | 0.99 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/15 | 19.27 | (0.05 | ) | 2.43 | 2.38 | — | (2.46 | ) | 19.19 | 13.18 | 119,004 | 0.92 | (0.25 | ) | 1.01 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/14 | 16.68 | (0.02 | ) | 4.13 | 4.11 | — | (1.52 | ) | 19.27 | 24.65 | 117,219 | 0.89 | (0.08 | ) | 1.01 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/13 | 15.53 | (0.01 | ) | 1.53 | 1.52 | — | (0.37 | ) | 16.68 | 10.05 | 47,119 | 0.90 | (0.07 | ) | 1.02 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/12(e) | 13.31 | (0.01 | ) | 2.23 | 2.22 | — | — | 15.53 | 16.68 | 42,774 | 0.93 | (0.13 | ) | 1.05 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SMALL COMPANY FUND | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/16 | $23.17 | $0.02 | $2.35 | $2.37 | $— | $— | $25.54 | 10.23 | % | $126,340 | 1.19 | % | 0.15 | % | 1.31 | % | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/16 | 24.06 | 0.02 | (0.20 | ) | (0.18 | ) | (0.04 | ) | (0.67 | ) | 23.17 | (0.65 | ) | 51,527 | 1.18 | 0.10 | 1.34 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/15 | 24.39 | 0.02 | 1.65 | 1.67 | (0.01 | ) | (1.99 | ) | 24.06 | 6.97 | 51,296 | 1.20 | 0.09 | 1.31 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/14 | 19.98 | 0.03 | 4.81 | 4.84 | (0.11 | ) | (0.32 | ) | 24.39 | 24.26 | 42,855 | 1.19 | 0.13 | 1.32 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/13 | 19.11 | 0.18 | 1.63 | 1.81 | (0.09 | ) | (0.85 | ) | 19.98 | 10.11 | 78,688 | 1.22 | 0.97 | 1.35 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/12 | 19.37 | 0.09 | 0.59 | 0.68 | (0.07 | ) | (0.87 | ) | 19.11 | 4.25 | 60,370 | 1.22 | 0.47 | 1.35 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Plus Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09/30/16 | 23.20 | 0.00 | (d) | 2.40 | 2.40 | — | — | 25.60 | 10.34 | 242,560 | 0.99 | 0.00 | 1.05 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/16 | 24.12 | 0.07 | (0.21 | ) | (0.14 | ) | (0.11 | ) | (0.67 | ) | 23.20 | (0.48 | ) | 220,980 | 0.99 | 0.30 | 1.07 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/15 | 24.43 | 0.08 | 1.64 | 1.72 | (0.04 | ) | (1.99 | ) | 24.12 | 7.17 | 217,291 | 0.98 | 0.34 | 1.09 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/14 | 20.04 | 0.09 | 4.81 | 4.90 | (0.19 | ) | (0.32 | ) | 24.43 | 24.53 | 163,481 | 0.96 | 0.39 | 1.09 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/13 | 19.16 | 0.23 | 1.64 | 1.87 | (0.14 | ) | (0.85 | ) | 20.04 | 10.43 | 90,628 | 0.97 | 1.23 | 1.10 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03/31/12 | 19.38 | 0.13 | 0.60 | 0.73 | (0.08 | ) | (0.87 | ) | 19.16 | 4.51 | 84,974 | 0.96 | 0.74 | 1.10 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Ratios excluding contractual and voluntary waivers. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Per share data calculated using average share method | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | Not annualized for a period less than one year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) | Annualized for a period less than one year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(d) | Amount represents less than $0.005. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(e) | Commencement of operations of Institutional Plus Class shares was as follows: Short-Intermediate Bond Fund, Balanced Fund and Growth Opportunities Fund – October 14, 2011; Income Fund – October 28, 2011; Nebraska Tax-Free Fund – January 1, 2016. |
See accompanying Notes to Financial Statements. | ||
32 |
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 an open-end management investment company issuing its shares in series. The Company consists of six series, Short-Intermediate Bond Fund, Income Fund, Nebraska Tax-Free Fund, Balanced Fund, Growth Opportunities Fund and Small Company Fund (collectively, the "Funds" and individually, a "Fund"). Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Growth Opportunities Fund and Small Company Fund are all diversified series. Nebraska Tax-Free Fund is a non-diversified series. Each series represents a distinct portfolio with its own investment objectives and policies. Refer to the prospectus for each Fund's investment objective.
All Funds offer Institutional Plus Class shares without a sales charge and Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Growth Opportunities Fund and Small Company Fund also offer Institutional Class shares. 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.
On January 1, 2016, the Nebraska Tax-Free Fund commenced operations through a reorganization of the Nebraska Tax-Free Common Trust Fund ("CTF"). The CTF was previously managed by First National Bank of Omaha. It was determined to be beneficial to both the shareholders of the CTF and the Company to reorganize the CTF into a newly created series of the Company. This CTF was organized and commenced operations on December 31, 2007. The CTF had an investment objective and strategies that were, in all material respects, identical to those of the Nebraska Tax-Free Fund. The net assets and unrealized gain received by the Nebraska Tax-Free Fund from this tax-free reorganization were as follows:
NOTES TO FINANCIAL STATEMENTS
September 30, 2016 (Unaudited)
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 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 the Treasurer, who serves on the committee as a non-voting member. 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 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 securities 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 in active markets, 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 backtesting 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.
The following is a summary of the inputs used to value each Fund's investments as of September 30, 2016, by category:
34 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2016 (Unaudited)
LEVEL 1 – Quoted Prices | LEVEL 2 – Significant Observable Inputs | LEVEL 3 – Significant Unobservable Inputs | Total | |||||
Short-Intermediate Bond Fund | ||||||||
Non-U.S. Government Agency Asset-Backed Securities | $ | - | $ | 54,267,775 | $ | - | $ | 54,267,775 |
Corporate Bonds | - | 44,122,836 | - | 44,122,836 | ||||
Government & Agency Obligations | - | 32,940,705 | - | 32,940,705 | ||||
Preferred Stocks | 477,549 | - | - | 477,549 | ||||
Short-Term Investments | 1,956,689 | - | - | 1,956,689 | ||||
Total | $ | 2,434,238 | $ | 131,331,316 | $ | - | $ | 133,765,554 |
Income Fund | ||||||||
Non-U.S. Government Agency Asset-Backed Securities | $ | - | $ | 60,528,748 | $ | - | $ | 60,528,748 |
Corporate Bonds | - | 62,410,460 | - | 62,410,460 | ||||
Government & Agency Obligations | - | 98,121,502 | - | 98,121,502 | ||||
Preferred Stocks | 503,597 | - | - | 503,597 | ||||
Exchange Traded Fund | 649,825 | - | - | 649,825 | ||||
Investment Company | 1,348,076 | - | - | 1,348,076 | ||||
Short-Term Investments | 4,967,640 | - | - | 4,967,640 | ||||
Total | $ | 7,469,138 | $ | 221,060,710 | $ | - | $ | 228,529,848 |
Nebraska Tax-Free Fund | ||||||||
Government & Agency Obligations | $ | - | $ | 66,537,496 | $ | - | $ | 66,537,496 |
Short-Term Investments | 3,316,716 | - | - | 3,316,716 | ||||
Total | $ | 3,316,716 | $ | 66,537,496 | $ | - | $ | 69,854,212 |
Balanced Fund | ||||||||
Common Stocks | $ | 59,821,386 | $ | - | $ | - | $ | 59,821,386 |
Non-U.S. Government Agency Asset-Backed Securities | - | 6,036,673 | - | 6,036,673 | ||||
Corporate Bonds | - | 12,494,590 | - | 12,494,590 | ||||
Government & Agency Obligations | - | 18,664,155 | - | 18,664,155 | ||||
Short-Term Investments | 1,069,203 | - | - | 1,069,203 | ||||
Total | $ | 60,890,589 | $ | 37,195,418 | $ | - | $ | 98,086,007 |
Growth Opportunities Fund | ||||||||
Common Stocks | $ | 143,999,018 | $ | - | $ | 143,999,018 | ||
Short-Term Investments | 3,951,171 | - | - | 3,951,171 | ||||
Total | $ | 147,950,189 | $ | - | $ | - | $ | 147,950,189 |
Small Company Fund | ||||||||
Common Stocks | $ | 356,720,166 | $ | - | $ | - | $ | 356,720,166 |
Short-Term Investments | 15,844,560 | - | - | 15,844,560 | ||||
Total | $ | 372,564,726 | $ | - | $ | - | $ | 372,564,726 |
The Funds recognize transfers between levels as of the beginning of the year. There were no transfers into or out of Level 1, 2 or 3 during the period ended September 30, 2016.
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.
35 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2016 (Unaudited)
Security 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.
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.
Distributions to Shareholders
Dividends from net investment income are declared daily and paid monthly for the Short-Intermediate Bond, Income, and Nebraska Tax-Free Funds. The Balanced Fund declares and pays dividends from net investment income, if any, quarterly. The 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 exceed 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" or "Adviser"), 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, 0.40% for the Nebraska Tax-Free Fund, 0.75% for each of the Balanced Fund and Growth Opportunities Fund, and 0.85% for the Small Company Fund. First National Fund Advisers ("FNFA" or "Sub-Adviser"), a division of FNBO, serves as the investment sub-adviser for the Short-Intermediate Bond Fund, Income Fund, Nebraska Tax-Free Fund, Balanced Fund and Growth Opportunities Fund. Sub-advisory fees paid to FNFA are paid by Tributary.
Tributary has contractually agreed to waive advisory fees and reduce the administration fee payable to the Adviser and/or reimburse other expenses of each Fund to the extent necessary to limit the total operating expenses of each Fund, exclusive of shareholder servicing fees (Institutional Class only), brokerage costs, interest, taxes and dividend and extraordinary expenses, to an annual rate of the percentage of each Fund's average daily net assets as follows.
Expense Caps | ||
Short-Intermediate Bond Fund | 0.54% | |
Income Fund | 0.64 | |
Nebraska Tax-Free Fund | 0.45 | |
Balanced Fund | 0.99 | |
Growth Opportunities Fund | 0.94 | |
Small Company Fund | 0.99 |
36 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2016 (Unaudited)
The amounts waived for each Fund are recorded as expenses waived in each Fund's Statement of Operations. Other Fund service providers have also contractually agreed to waive a portion of their fees. For the period ended September 30, 2016, fees waived were as follows:
Investment Adviser Fees Waived | Other Waivers | Total Fees Waived | |||
Short-Intermediate Bond Fund | $ 156,915 | $ 2,980 | $ 159,895 | ||
Income Fund | 216,692 | 4,742 | 221,434 | ||
Nebraska Tax-Free Fund | 75,633 | 3,031 | 78,664 | ||
Balanced Fund | 33,367 | 2,362 | 35,729 | ||
Growth Opportunities Fund | 40,118 | 3,436 | 43,554 | ||
Small Company Fund | 117,163 | 7,038 | 124,201 |
Tributary may recover fees waived or expenses reimbursed after August 1, 2014, for a period up to three years from the end of the fiscal year in which fees were waived or a reimbursement took place. At September 30, 2016, the amount of potentially recoverable expenses are as follows:
Period Ended | Recoverable Amount | Expiration date to Recover Fees Waived and/or Expenses Reimbursed | |||
Short-Intermediate Bond Fund | March 31, 2015 | $ | 196,209 | March 31, 2018 | |
March 31, 2016 | 272,725 | March 31, 2019 | |||
September 30, 2016 | 156,915 | March 31, 2020 | |||
Income Fund | March 31, 2015 | $ | 208,811 | March 31, 2018 | |
March 31, 2016 | 350,610 | March 31, 2019 | |||
September 30, 2016 | 216,692 | March 31, 2020 | |||
Nebraska Tax-Free Fund | March 31, 2016 | $ | 51,958 | March 31, 2019 | |
September 30, 2016 | 75,633 | March 31, 2020 | |||
Balanced Fund | March 31, 2015 | $ | 49,264 | March 31, 2018 | |
March 31, 2016 | 51,492 | March 31, 2019 | |||
September 30, 2016 | 33,367 | March 31, 2020 | |||
Growth Opportunities Fund | March 31, 2015 | $ | 77,261 | March 31, 2018 | |
March 31, 2016 | 90,141 | March 31, 2019 | |||
September 30, 2016 | 40,118 | March 31, 2020 | |||
Small Company Fund | March 31, 2015 | $ | 156,283 | March 31, 2018 | |
March 31, 2016 | 211,065 | March 31, 2019 | |||
September 30, 2016 | 117,163 | March 31, 2020 |
MUFG Union 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 Atlantic Fund Services, LLC ("Co- Administrators") serve as co-administrators of the Funds. Certain officers of the Funds are also officers or employees of the above named service providers, and during their terms of office received no compensation from 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. Foreside Fund Officer Services, LLC 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 at an annual rate of up to 0.25% of the average daily net assets 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. One of the Servicing Agreements the Funds maintain is with FNBO. For the period ended September 30, 2016, the Funds paid FNBO as follows: Short-Intermediate Bond Fund – $1,264; Income Fund – $1,551; Balanced Fund – $575; Growth Opportunities Fund – $46; Small Company Fund – $3,100. The amounts accrued for shareholder service fees are included under Shareholder service fees – Institutional Class within the Statements of Operations.
37 |
NOTES TO FINANCIAL STATEMENTS
September 30, 2016 (Unaudited)
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, 2016, were as follows:
Purchases | Sales | ||||
Short-Intermediate Bond Fund | $ | 28,405,491 | $ | 13,872,967 | |
Income Fund | 27,771,728 | 14,011,762 | |||
Nebraska Tax-Free Fund | 13,973,192 | 1,575,000 | |||
Balanced Fund | 9,452,112 | 16,425,648 | |||
Growth Opportunities Fund | 29,508,621 | 40,106,456 | |||
Small Company Fund | 106,942,753 | 47,872,182 |
The aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities for the period ended September 30, 2016, were as follows:
Purchases | Sales | ||||
Short-Intermediate Bond Fund | $ | 5,619,365 | $ | 5,533,874 | |
Income Fund | 35,200,330 | 11,748,757 | |||
Balanced Fund | 1,293,016 | 3,080,821 |
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 net taxable income, including any net realized gains on investments, to its shareholders sufficient to relieve it from all, or substantially all, federal income and excise taxes. Therefore, no provision is made for federal income or excise 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, 2016, the cost of investments and the components of net unrealized appreciation/(depreciation) were as follows:
NOTES TO FINANCIAL STATEMENTS
September 30, 2016 (Unaudited)
At March 31, 2016, the Funds' last fiscal year end, the components of distributable taxable earnings for U.S. federal income tax purposes were as follows:
NOTES TO FINANCIAL STATEMENTS
September 30, 2016 (Unaudited)
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, 2013 through March 31, 2016, 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, 2016.
7. Subsequent Events
Management has evaluated subsequent events for the Funds through the date the financial statements are issued, and has concluded there were no events that require adjustments to the financial statements or disclosure in the notes.
40 |
ADDITIONAL FUND INFORMATION
September 30, 2016 (Unaudited)
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 from April 1, 2016, through September 30, 2016.
Actual Expenses – The first line under each Fund of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes – The second line under each Fund of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
ADDITIONAL FUND INFORMATION
September 30, 2016 (Unaudited)
Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available without charge, upon request, by writing to the Company at P.O. Box 219022, Kansas City, Missouri, 64141-6002, by calling 1-800-662-4203 and on the SEC'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.
42 |
INVESTMENT ADVISORY AGREEMENT APPROVAL
September 30, 2016 (Unaudited)
Review and Approval of the Funds' Advisory and Sub-Advisory Agreements
On May 24, 2016, 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 ("Tributary Agreement"), between the Funds and Tributary Capital Management, LLC ("Tributary"), the investment adviser to the Funds, and (ii) the Investment Sub-Advisory Agreement dated November 17, 2011 ("FNFA Agreement"), between Tributary and First National Fund Advisers ("FNFA") with respect to the Tributary Balanced Fund, Tributary Growth Opportunities Fund, Tributary Income Fund, Tributary Short-Intermediate Bond Fund and the Tributary Nebraska Tax-Free Fund (collectively, 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 to be provided to the Funds by Tributary under the Tributary Agreement. The Board reviewed biographical information for each portfolio manager to be employed by Tributary who would be providing services under the Tributary Agreement and noted the breadth and depth of experience presented. The Board carefully evaluated the nature, extent, and quality of Tributary's advisory services. The Board also evaluated Tributary's organizational structure and resources. The Board requested and evaluated Tributary's organizational documents, and its current Form ADV. Based on Tributary's balance sheet and income statement for the twelve-months ended December 15, 2015, the Board concluded that Tributary would be sufficiently capitalized to satisfy its obligations to the Funds. The Board also noted the historic financial stability of First National Bank of Omaha and its parent company as it relates to the operation of Tributary. After reviewing the foregoing information and further information in Tributary's responses (e.g., Tributary's overall business and clients, descriptions of Tributary's trading and brokerage practices and its compliance programs), the Board concluded that, in light of all the facts and circumstances, the nature, extent, and quality of the services to be provided by Tributary were satisfactory and adequate for the Funds.
Investment Performance.
The Board recognized that the investment objective and principal investment strategies of the Funds are expected to continue substantially unchanged under the extended Tributary Agreement. It was noted that the portfolio management team at Tributary managing the Small Company Fund would continue to manage the Small Company Fund. The Board reviewed the Morningstar and Lipper "peer groups" as an appropriate benchmark for evaluating the performance to be achieved by Tributary for the Funds. The Board noted that each of the Fund's performance, for both the Institutional Class and the Institutional Plus Class, outperformed some comparable funds and underperformed others within the Lipper peer group. The Board noted that the Small Company Fund (Institutional Class and Institutional Plus Class) outperformed its Lipper peer group average and Morningstar peer group average for the one-year, three-year and five-year periods ended March 31, 2016. Additionally, the Board noted that the performance data for the Balanced Fund, Growth Opportunities Fund, Income Fund, Short-Intermediate Bond Fund and Nebraska Tax-Free Fund which Tributary advises will be next discussed during the review of FNFA, the sub-adviser to those Funds.
After reviewing and discussing the performance of the Funds further, Tributary's portfolio managers' experience managing the Funds, and Tributary's historical investment performance, 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 Tributary's current advisory fee in relation to the nature, extent, and quality of services to be provided by Tributary. The Board noted that the Funds' advisory fees and expense ratios (Institutional Class) were within the range of advisory fees and expense ratios of funds in their respective Lipper peer group. The Board noted that the advisory fees charged by Tributary to each of the Funds would remain the same. The Board considered that the Small Company Fund's advisory fee and total expense ratio are lower than the respective Lipper peer group averages. The Expense Cap Agreement, as currently in place, was reviewed and it is noted will be continued;
43 |
INVESTMENT ADVISORY AGREEMENT APPROVAL
September 30, 2016 (Unaudited)
this Agreement allows for overall expenses for Small Company Fund shareholders to remain competitive. 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 did not consider break-points in advisory fees as appropriate at this time, noting that economies of scale could be achieved through break-points at higher Fund asset levels. Currently, fee waivers are in place with both Tributary and FNFA in order to maintain expenses at competitive levels.
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 individual's biographies. The Board also considered Tributary's method for determining the compensation of each of the portfolio managers proposed to continue to manage the Funds. It was noted that Tributary offers a competitive compensation package that includes a base salary, incentive bonus payments, and voluntary contributions to 401(k) plans. 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 Considerations.
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 increased assets under management, resulting in Tributary's ability to recruit high quality staff, obtain more favorable commission rates and greater access to general research, as well as enhanced marketing.
Based on the Board's deliberations and its evaluation of the information described above, the Board unanimously, including all of its Independent Directors concluded (a) that the terms of the Tributary Agreement are fair and reasonable; and (b) that Tributary fees under the Tributary 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 to the the FNFA Funds under the FNFA Agreement. The Board reviewed biographical information for each portfolio manager to be employed by FNFA who would be providing services under the FNFA Agreement and noted the breadth and depth of experience presented (including that of the personnel servicing the FNFA Funds). The Board carefully evaluated the nature, extent and quality of FNFA's advisory services, including its services as sub-adviser to Tributary on behalf of the FNFA Funds. The Board also evaluated FNFA's organizational structure and resources, which the Board noted were consistent with those of Tributary. The Board requested and evaluated FNFA's organizational documents, and its current Form ADV. Based on a profit and loss statement for First National Bank's Wealth Management Group (of which FNFA is a department of) as of December 31, 2015, the Board concluded that FNFA would be sufficiently capitalized to satisfy its obligations to the FNFA Funds. The Board also noted the historical financial stability of First National Bank of Omaha and its parent company as it relates to the operations of FNFA. After reviewing the foregoing information and further information in FNFA's responses (e.g., descriptions of FNFA's overall business and clients, its trading and brokerage practices, and its compliance programs), the Board concluded that, in light of all the facts and circumstances, the nature, extent, and quality of the services to be provided by FNFA were satisfactory and adequate for the FNFA Funds.
44 |
INVESTMENT ADVISORY AGREEMENT APPROVAL
September 30, 2016 (Unaudited)
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 extended FNFA Agreement. It was noted that the portfolio management teams at FNFA managing the FNFA Funds would continue to manage the FNFA Funds. The Board reviewed the Morningstar and Lipper "peer groups" as an appropriate benchmark for evaluating the performance to be achieved by FNFA for the FNFA Funds. The Board noted that each of the FNFA Fund's performance, for both the Institutional Class and the Institutional Plus Class, outperformed some comparable funds and underperformed others within the Lipper peer group. The Board considered that the Balanced Fund (Institutional Class) outperformed its Lipper and Morningstar peer group averages for the three-year and five-year periods ended March 31, 2016 and that the Balanced Fund (Institutional Plus Class) outperformed its Lipper and Morningstar peer group averages for the one-year, three-year and five-year periods ended March 31, 2016. The Board also noted that the Balanced Fund (Institutional Class) outperformed its Lipper peer group average but underperformed its Morningstar peer group average, for the one-year period ended March 31, 2016. The Board next considered that the Growth Opportunities Fund (Institutional Class) underperformed its Lipper and Morningstar peer group averages for the one-year, three-year and five-year periods ended March 31, 2016. The Board also noted that the Growth Opportunities Fund (Institutional Plus Class) underperformed its Lipper peer group average and Morningstar peer group average for the one-year and five-year periods ended March 31, 2016, but outperformed its Lipper peer group average and Morningstar peer group average for the three-year period ended March 31, 2016. The Board next considered that the Income Fund (Institutional Class and Institutional Plus Class) outperformed its Lipper peer group average and Morningstar peer group average for the one-year and three-year periods ended March 31, 2016, and outperformed its Morningstar peer group average for the five-year period ended March 31, 2016, but underperformed its Lipper peer group average for the five-year period ended March 31, 2016. The Board next considered that the Short-Intermediate Bond Fund (Institutional Class) outperformed its Lipper peer group average for the one-year and five-year periods ended March 31, 2016, but underperformed its Lipper peer group average for the three-year period ended March 31, 2016. The Board also noted that the Short-Intermediate Bond Fund (Institutional Plus Class) outperformed its Lipper peer group average and Morningstar peer group average for the one-year, three-year and five-year periods ended March 31, 2016. The Board next considered that the Nebraska Tax-Free Fund outperformed its Morningstar peer group average for the one-year and three-year periods ended March 31, 2016, but underperformed its Morningstar peer group for the five-year period ended March 31, 2016. After reviewing and discussing the performance of the FNFA Funds further, FNFA's portfolio managers' experience managing the FNFA Funds, FNFA's historical investment performance, 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 FNFA Fund's advisory fees and expense ratios (Institutional Class) were within the range of advisory fees and expense ratios of funds in their respective Lipper peer group. The Board noted that the fees charged by FNFA would remain the same and that Tributary – not the FNFA Funds – would pay the proposed sub-advisory fees to FNFA. The Board considered that the Balanced Fund's advisory fee and total expense ratio is higher than the respective Lipper peer group averages. The Board considered that the Growth Opportunities Fund's advisory fee and total expense ratio is lower than the Lipper peer group average. The Board considered that the Income Fund's advisory fee is lower than its Lipper peer group average, but that its total expense ratio is higher than its Lipper peer group average; however, when excluding the Fund's shareholder service fee and any shareholder service fee or distribution fee charged by funds in the Lipper peer group, the Fund's total expense ratio is lower than the Lipper peer group average. The Board considered that the Short-Intermediate Bond Fund's advisory fee is lower than the Lipper peer group average, but that the total expense ratio is slightly higher than its Lipper peer group average; however, when excluding the Fund's shareholder service fee and any shareholder service fee or distribution fee charged by funds in the Lipper peer group, the Fund's total expense ratio is lower than the Lipper peer group average. The Board considered that the Nebraska Tax-Free Fund's advisory fee and total expense ratio are lower than the respective Lipper peer group averages. The Expense Cap Agreement, as currently in place, was reviewed and it is noted will be continued; this Agreement allows for overall expenses for Fund shareholders to remain competitive. Based on the foregoing, the Board concluded that the fees to be paid to Tributary and FNFA, the costs of the services to be provided, and the profits that may be realized by Tributary and 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 Tributary and FNFA and that they reflected charges within a range of what could have been negotiated at arm's length.
Economies of Scale.
The Board did not consider break-points in sub-advisory fees as appropriate at this time, noting that economies of scale could be achieved through break-points at higher Fund asset levels. Currently, fee waivers are in place with both Tributary and FNFA in order to maintain expenses at competitive levels.
45 |
INVESTMENT ADVISORY AGREEMENT APPROVAL
September 30, 2016 (Unaudited)
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 proposed to continue to manage the FNFA Funds. It was noted that FNFA offers a competitive compensation package that includes a base salary, incentive bonus payments, and firm contributions to 401(k) plans. The Board found this method to be consistent with methodologies used by Tributary.
Legal Considerations.
The Board noted that it was not aware of any pending or anticipated legal proceedings or investigations involving FNFA. The Board noted that an affiliate of FNFA, First National Capital Markets ("FNCM") was subject to an enforcement action by the U.S. Securities and Exchange Commission in June 2015 relating to the offer and sale of municipal securities on the basis of materially misleading disclosures. FNCM was subject to a civil monetary penalty and a cease and desist order. The Board noted that FNCM provided no services to the FNFA Funds.
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 increased assets under management, FNFA's ability to recruit high quality staff, and enhanced ability to obtain research and more favorable execution of portfolio transactions.
Based on the Board's deliberations and its evaluation of the information described above, the Board unanimously, including all of its Independent Directors, concluded (a) that the terms of the FNFA Agreement are fair and reasonable; and (b) that FNFA's fees under the FNFA Agreement are reasonable in light of the services that FNFA provided to the FNFA Funds.
46 |
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) | Included as part of the report to shareholders 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 that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the 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.
(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibits filed herewith).
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).
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.
Registrant Tributary Funds, Inc.
By | /s/ Karen Shaw |
Karen Shaw, Treasurer | |
Date | November 18, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By | /s/ Stephen C. Wade |
Stephen C. Wade, President | |
Date | November 18, 2016 |
By | /s/ Karen Shaw |
Karen Shaw, Treasurer | |
Date | November 18, 2016 |