As filed with the Securities and Exchange Commission on December 1, 2017
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, 2017 – September 30, 2017
Table of Contents | |
Portfolio Composition | 1 |
Schedules of Portfolio Investments | 2 |
Statements of Assets and Liabilities | 25 |
Statements of Operations | 27 |
Statements of Changes in Net Assets | 29 |
Financial Highlights | 31 |
Notes to Financial Statements | 33 |
Additional Fund Information | 40 |
Investment Advisory Agreement Approval | 42 |
PORTFOLIO COMPOSITION*
September 30, 2017 (Unaudited)
AFA
Short-Intermediate Bond Fund | Percentage of Total Investments | |
Corporate Bonds | 33.0 | % |
U.S. Treasury Securities | 26.2 | % |
Asset Backed Securities | 12.4 | % |
Non-Agency Residential Mortgage Backed Securities | 10.2 | % |
Non-Agency Commercial Mortgage Backed Securities | 9.9 | % |
U.S. Government Mortgage Backed-Securities | 4.6 | % |
Short-Term Investments | 3.2 | % |
Preferred Stocks | 0.3 | % |
Municipals | 0.2 | % |
100.0 | % |
AFA
Income Fund | Percentage of Total Investments | |
Corporate Bonds | 30.4 | % |
U.S. Government Mortgage Backed-Securities | 25.8 | % |
U.S. Treasury Securities | 14.8 | % |
Non-Agency Residential Mortgage Backed Securities | 10.6 | % |
Asset Backed Securities | 6.9 | % |
Non-Agency Commercial Mortgage Backed Securities | 6.8 | % |
Short-Term Investments | 2.2 | % |
Municipals | 1.8 | % |
Investment Company | 0.7 | % |
100.0 | % |
AFA
Nebraska Tax-Free Fund | Percentage of Total Investments | |
Municipals | 97.5 | % |
Short-Term Investments | 2.5 | % |
100.0 | % |
AFA
Balanced Fund | Percentage of Total Investments | |
Information Technology | 16.0 | % |
Financials | 15.5 | % |
Government Securities | 13.6 | % |
Health Care | 9.8 | % |
Consumer Discretionary | 8.9 | % |
Industrials | 8.6 | % |
Consumer Staples | 5.6 | % |
Energy | 4.9 | % |
Short-Term Investments | 3.6 | % |
Materials | 2.7 | % |
Telecommunication Services | 2.2 | % |
Utilities | 1.8 | % |
Non-Agency Commercial Mortgage Backed Securities | 1.7 | % |
Asset Backed Securities | 1.6 | % |
Real Estate | 1.6 | % |
Non-Agency Residential Mortgage Backed Securities | 1.3 | % |
U.S. Government Mortgage Backed-Securities | 0.6 | % |
100.0 | % |
AFA
Growth Opportunities Fund | Percentage of Total Investments | |
Information Technology | 23.0 | % |
Consumer Discretionary | 18.4 | % |
Industrials | 18.2 | % |
Health Care | 13.6 | % |
Financials | 6.4 | % |
Materials | 5.3 | % |
Real Estate | 4.6 | % |
Consumer Staples | 4.4 | % |
Energy | 2.0 | % |
Utilities | 0.8 | % |
Short-Term Investments | 3.3 | % |
100.0 | % |
AFA
Small Company Fund | Percentage of Total Investments | |
Financials | 20.1 | % |
Information Technology | 17.6 | % |
Industrials | 15.9 | % |
Health Care | 11.3 | % |
Consumer Discretionary | 10.9 | % |
Real Estate | 6.1 | % |
Materials | 6.0 | % |
Energy | 3.9 | % |
Utilities | 2.0 | % |
Short-Term Investments | 6.2 | % |
100.0 | % |
*Portfolio composition is as of September 30, 2017 and is subject to change.
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal Amount | Security Description | Value |
Non-U.S. Government Agency Asset-Backed Securities - 32.4% | ||||||
Asset Backed Securities - 12.3% | ||||||
$ | 533,233 | Ally Auto Receivables Trust, 1.53%, 04/15/19 | $ | 533,357 | ||
865,000 | American Express Credit Account Master Trust, 1.60% (USD 1 Month LIBOR +0.37%), 12/15/21 (a) | 868,787 | ||||
674,696 | AmeriCredit Automobile Receivables Trust, 1.92%, 11/08/19 | 675,033 | ||||
1,205,000 | Ascentium Equipment Receivables Trust, 2.29%, 06/10/21 (b) | 1,204,080 | ||||
648,015 | Ascentium Equipment Receivables, LLC, 1.93%, 03/11/19 (b) | 648,462 | ||||
685,000 | Ascentium Equipment Receivables, LLC, 5.92%, 06/12/23 (b) | 692,404 | ||||
1,215,000 | Cabela's Credit Card Master Note Trust, 2.17%, 08/16/21 (b) | 1,220,191 | ||||
27,113 | Chrysler Capital Auto Receivables Trust, 1.47%, 04/15/19 (b) | 27,113 | ||||
950,000 | Eaton Vance CLO, Ltd., 2.50% (USD 3 Month LIBOR +1.20%), 07/15/26 (a)(b) | 950,924 | ||||
1,155,000 | Ford Credit Floorplan Master Owner Trust A, 2.16%, 11/15/21 | 1,152,721 | ||||
635,000 | GreatAmerica Leasing Receivables Funding, LLC, 1.72%, 04/22/19 (b) | 635,060 | ||||
940,000 | Magnetite IX, Ltd., 2.31% (USD 3 Month LIBOR +1.00%), 07/25/26 (a)(b) | 940,764 | ||||
57 | OneMain Financial Issuance Trust, 2.43%, 06/18/24 (b) | 57 | ||||
627,756 | Preferred Term Securities XI Ltd / Preferred Term Securities XI, Inc., 1.97% (USD 3 Month LIBOR +0.65%), 09/24/33 (a)(b) | 583,813 | ||||
698,888 | Preferred Term Securities XII, Ltd. / Preferred Term Securities XII, Inc., 2.02% (USD 3 Month LIBOR +0.70%), 12/24/33 (a)(b) | 642,977 | ||||
434,432 | Preferred Term Securities XIV, Ltd. / Preferred Term Securities XIV, Inc., 1.80% (USD 3 Month LIBOR +0.48%), 06/24/34 (a)(b) | 388,817 | ||||
625,257 | Preferred Term Securities XXIV, Ltd. / Preferred Term Securities XXIV, Inc., 1.62% (USD 3 Month LIBOR +0.30%), 03/22/37 (a)(b) | 518,963 | ||||
61,214 | Santander Drive Auto Receivables Trust, 1.97%, 11/15/19 | 61,226 | ||||
581,908 | Santander Drive Auto Receivables Trust, 1.34%, 11/15/19 | 581,721 | ||||
369,534 | SLM Student Loan Trust, 2.96% (USD 3 Month LIBOR +1.65%), 07/25/22 (a) | 379,339 | ||||
1,224,198 | SLM Student Loan Trust, 2.81% (USD 3 Month LIBOR +1.50%), 04/25/23 (a) | 1,252,967 |
Principal Amount | Security Description | Value |
$ | 1,219,859 | SLM Student Loan Trust, 3.01% (USD 3 Month LIBOR +1.70%), 07/25/23 (a) | $ | 1,255,958 | |||
1,451,589 | SoFi Consumer Loan Program, LLC, 2.77%, 05/25/26 (b) | 1,457,494 | |||||
887,833 | SoFi Professional Loan Program, LLC, 1.75%, 07/25/40 (b) | 887,040 | |||||
850,000 | Verizon Owner Trust, 1.42%, 01/20/21 (b) | 845,963 | |||||
18,405,231 | |||||||
Non-Agency Commercial Mortgage Backed Securities - 9.9% | |||||||
114,103 | 7 WTC Depositor LLC Trust REMIC, 4.08%, 03/13/31 (b) | 114,923 | |||||
1,950,632 | Citigroup Commercial Mortgage Trust Interest Only REMIC, 1.98%, 09/10/45 (b)(c) | 120,183 | |||||
1,663,339 | COMM Mortgage Trust Interest Only REMIC, 1.48%, 03/10/46 (c) | 51,034 | |||||
630,000 | COMM Mortgage Trust REMIC, 3.39%, 08/10/47 | 656,374 | |||||
44,447 | DBUBS Mortgage Trust Interest Only REMIC, 0.44%, 08/10/44 (b)(c) | 486 | |||||
540,000 | FREMF Mortgage Trust REMIC, 4.30%, 09/25/44 (b)(c) | 549,150 | |||||
4,541,047 | GS Mortgage Securities Trust Interest Only REMIC, 1.52%, 08/10/44 (b)(c) | 190,960 | |||||
953,758 | JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 2.67%, 01/15/46 | 960,361 | |||||
527,270 | JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 4.11%, 07/15/46 (b) | 533,434 | |||||
163,626 | JPMBB Commercial Mortgage Securities Trust REMIC, 1.25%, 02/15/47 | 163,256 | |||||
892,607 | JPMBB Commercial Mortgage Securities Trust REMIC, 1.63%, 05/15/48 | 889,045 | |||||
818,361 | Lehman Brothers Small Balance Commercial Mortgage Trust, 1.49% (USD 1 Month LIBOR +0.25%), 09/25/30 (a)(b) | 810,846 | |||||
650,000 | LSTAR Commercial Mortgage Trust REMIC, 3.13% , 04/20/48 (b)(c) | 656,396 | |||||
1,105,437 | LSTAR Commercial Mortgage Trust REMIC, 1.82%, 03/10/49 (b) | 1,093,428 | |||||
1,370,052 | Morgan Stanley Bank of America Merrill Lynch Trust Interest Only REMIC, 1.16%, 12/15/48 (c) | 58,871 | |||||
1,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust REMIC, 3.48%, 06/15/47 | 1,039,902 | |||||
889,000 | WaMu Commercial Mortgage Securities Trust, 2.32%, 12/27/49 (b)(c) | 888,018 | |||||
466,997 | Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45 | 469,589 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal Amount | Security Description | Value |
$ | 1,010,000 | Wells Fargo Commercial Mortgage Trust REMIC, 2.97%, 09/15/48 | $ | 1,028,746 | |||
143,319 | Wells Fargo-RBS Commercial Mortgage Trust Interest Only REMIC, 0.98%, 02/15/44 (b)(c) | 3,072 | |||||
980,802 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 4.00%, 03/15/44 (b) | 995,958 | |||||
459,517 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 4.39%, 06/15/44 (b) | 469,317 | |||||
210,000 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.70%, 03/15/45 | 211,058 | |||||
1,402,229 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.30%, 06/15/45 | 1,407,138 | |||||
110,936 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 1.12%, 03/15/46 | 110,573 | |||||
1,200,000 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 3.65%, 12/15/46 | 1,246,359 | |||||
98,941 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 1.23%, 03/15/47 | 98,768 | |||||
14,817,245 | |||||||
Non-Agency Residential Mortgage Backed Securities - 10.2% | |||||||
578,622 | Bayview Commercial Asset Trust REMIC, 2.11% (USD 1 Month LIBOR +0.87%), 12/25/33 (a)(b) | 553,899 | |||||
779,256 | Bayview Commercial Asset Trust REMIC, 1.46% (USD 1 Month LIBOR +0.23%), 12/25/36 (a)(b) | 733,186 | |||||
1,060,000 | Bayview Commercial Mortgage Pass-Through Trust REMIC, 1.81% (USD 1 Month LIBOR +0.57%), 04/25/36 (a)(b) | 1,048,501 | |||||
79,753 | Bayview Financial Acquisition Trust REMIC, 6.21%, 05/28/37 (d) | 82,566 | |||||
1,096,661 | Bayview Financial Acquisition Trust REMIC, 3.56% (USD 1 Month LIBOR +2.33%), 05/28/44 (a) | 1,093,198 | |||||
500,000 | Bayview Financial Mortgage Pass-Through Trust REMIC, 2.63% (USD 1 Month LIBOR +1.40%), 04/28/39 (a) | 497,829 | |||||
147,717 | Citicorp Residential Mortgage Trust REMIC, 5.40%, 07/25/36 (d) | 148,160 | |||||
41,317 | Citicorp Residential Mortgage Trust REMIC, 5.40%, 07/25/36 (d) | 42,140 | |||||
278,292 | Citicorp Residential Mortgage Trust REMIC, 5.58%, 09/25/36 (d) | 280,862 |
Principal Amount | Security Description | Value |
$ | 178,265 | Citigroup Global Markets Mortgage Securities VII, Inc. REMIC, 6.93%, 08/25/28 | $ | 180,854 | ||
220,932 | Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (b)(c) | 229,983 | ||||
48,756 | Citigroup Mortgage Loan Trust REMIC, 1.39% (USD 1 Month LIBOR +0.15%), 08/25/36 (a) | 48,735 | ||||
26,166 | CitiMortgage Alternative Loan Trust REMIC, 5.25%, 03/25/21 | 26,309 | ||||
1,111,727 | Conseco Finance Corp. REMIC, 3.98% (USD 1 Month LIBOR +2.75%), 04/15/32 (a) | 1,100,835 | ||||
84,910 | Conseco Finance Corp., 7.30%, 09/15/26 (c) | 85,264 | ||||
16,630 | Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20 | 16,128 | ||||
159,521 | Credit-Based Asset Servicing and Securitization, LLC REMIC, 2.36% (USD 1 Month LIBOR +1.13%), 02/25/33 (a) | 160,307 | ||||
506,303 | Credit-Based Asset Servicing and Securitization, LLC REMIC, 6.02%, 12/25/37 (b)(d) | 520,402 | ||||
654,354 | Fremont Home Loan Trust REMIC, 2.11% (USD 1 Month LIBOR +0.87%), 11/25/34 (a) | 628,357 | ||||
121,810 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.89% (USD 1 Month LIBOR +0.65%), 03/25/34 (a) | 121,874 | ||||
1,013,912 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.74% (USD 1 Month LIBOR +0.50%), 05/25/36 (a)(b) | 1,000,595 | ||||
72,915 | HSBC Home Equity Loan Trust USA, 2.74% (USD 1 Month LIBOR +1.50%), 11/20/36 (a) | 73,009 | ||||
588,700 | JP Morgan Mortgage Acquisition Trust REMIC, 1.47% (USD 1 Month LIBOR +0.23%), 07/25/36 (a) | 586,695 | ||||
146,997 | Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40 | 148,647 | ||||
735,224 | Long Beach Mortgage Loan Trust REMIC, 2.14% (USD 1 Month LIBOR +0.90%), 10/25/34 (a) | 718,974 | ||||
213,440 | New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (b)(c) | 220,954 | ||||
99,605 | New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (b)(c) | 100,596 | ||||
298,457 | New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (b)(c) | 308,562 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal Amount | Security Description | Value |
$ | 144,197 | Nomura Asset Acceptance Corp. Alternative Loan Trust REMIC, 6.00%, 03/25/47 (d) | $ | 126,360 | |||
210,000 | NovaStar Mortgage Funding Trust REMIC, 2.96% (USD 1 Month LIBOR +1.73%), 03/25/35 (a) | 210,248 | |||||
547,932 | Oakwood Mortgage Investors, Inc. REMIC, 1.61% (USD 1 Month LIBOR +0.38%), 03/15/18 (a)(b) | 530,743 | |||||
354,841 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates REMIC, 2.21% (USD 1 Month LIBOR +0.98%), 10/25/34 (a) | 356,084 | |||||
57,805 | Renaissance Home Equity Loan Trust REMIC, 4.88%, 02/25/35 (d) | 58,112 | |||||
46,636 | Residential Accredit Loans, Inc. Trust REMIC, 12.49% (USD 1 Month LIBOR * -1.8333 +14.76%), 03/25/18(a) | 48,306 | |||||
43,748 | Residential Accredit Loans, Inc. Trust REMIC, 6.00%, 10/25/34 | 44,583 | |||||
77,447 | Residential Accredit Loans, Inc. Trust REMIC, 5.50%, 02/25/35 | 76,176 | |||||
357,698 | Residential Asset Mortgage Products, Inc. Trust REMIC, 2.00% (USD 1 Month LIBOR +0.77%), 06/25/35 (a) | 357,763 | |||||
64,100 | Residential Asset Securities Corp. Trust REMIC, 5.96%, 09/25/31 (c) | 66,644 | |||||
42,220 | Residential Asset Securities Corp. Trust REMIC, 3.87%, 05/25/33 (c) | 42,549 | |||||
52,661 | Residential Asset Securities Corp. Trust REMIC, 4.54%, 12/25/33 (c) | 53,765 | |||||
48,924 | Residential Asset Securitization Trust REMIC, 3.75%, 10/25/18 | 48,860 | |||||
885,000 | Sequoia Mortgage Trust, 3.50%, 10/25/47 (b)(c) | 900,432 | |||||
353,553 | Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (b)(c) | 360,746 | |||||
597,723 | Towd Point Mortgage Trust REMIC, 2.75%, 04/25/57 (b)(c) | 600,853 | |||||
634,422 | Truman Capital Mortgage Loan Trust REMIC, 1.67% (USD 1 Month LIBOR +0.43%), 03/25/37 (a)(b) | 629,137 | |||||
15,268,782 | |||||||
Total Non-U.S. Government Agency Asset-Backed Securities (Cost $48,217,313) | 48,491,258 |
Corporate Bonds - 32.9% | ||||||
Consumer Discretionary - 5.9% | ||||||
660,000 | AMC Networks, Inc., 4.75%, 12/15/22 | 678,770 | ||||
1,469,000 | CBS Corp., 3.38%, 03/01/22 | 1,520,951 | ||||
380,000 | Hanesbrands, Inc., 4.63%, 05/15/24 (b) | 395,675 |
Principal Amount | Security Description | Value |
$ | 380,000 | Hilton Worldwide Finance, LLC / Hilton Worldwide Finance Corp., 4.63%, 04/01/25 | $ | 391,400 | |||
625,000 | Levi Strauss & Co., 5.00%, 05/01/25 | 658,594 | |||||
1,260,000 | Newell Brands, Inc., 2.05%, 12/01/17 | 1,260,985 | |||||
1,460,000 | Newell Brands, Inc., 3.15%, 04/01/21 | 1,493,319 | |||||
682,000 | PVH Corp., 4.50%, 12/15/22 | 697,345 | |||||
470,000 | The Goodyear Tire & Rubber Co., 5.13%, 11/15/23 | 491,738 | |||||
1,305,000 | Whirlpool Corp., 1.65%, 11/01/17 | 1,305,046 | |||||
8,893,823 | |||||||
Consumer Staples - 2.4% | |||||||
845,000 | Anheuser-Busch InBev Finance, Inc., 3.30%, 02/01/23 | 875,794 | |||||
665,000 | Church & Dwight Co., Inc., 2.45%, 12/15/19 | 671,076 | |||||
1,011,000 | Church & Dwight Co., Inc., 2.88%, 10/01/22 | 1,022,222 | |||||
119,000 | Kraft Heinz Foods Co., 4.88%, 02/15/25 (b) | 127,167 | |||||
395,000 | Land O'Lakes Capital Trust I, 7.45%, 03/15/28 (b) | 449,313 | |||||
475,000 | PepsiCo., Inc., 1.50%, 02/22/19 | 474,320 | |||||
3,619,892 | |||||||
Financials - 14.5% | |||||||
370,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.95%, 02/01/22 | 385,021 | |||||
1,410,000 | American Honda Finance Corp., 1.60%, 02/16/18 (b) | 1,410,144 | |||||
1,575,000 | Bank of America Corp., MTN, 5.65%, 05/01/18 | 1,610,947 | |||||
1,486,000 | CBRE Services, Inc., 5.00%, 03/15/23 | 1,539,714 | |||||
1,229,000 | Chubb INA Holdings, Inc., 2.30%, 11/03/20 | 1,237,760 | |||||
1,680,000 | Citigroup, Inc., 2.55%, 04/08/19 | 1,694,309 | |||||
1,454,000 | JPMorgan Chase & Co., Series 1, 7.90% (USD 3 Month LIBOR +3.47%), (callable at 100 beginning 04/30/18) (a)(e) | 1,497,620 | |||||
1,535,000 | KeyCorp, MTN, 2.90%, 09/15/20 | 1,568,038 | |||||
1,655,000 | Metropolitan Life Global Funding I, 2.30%, 04/10/19 (b) | 1,666,380 | |||||
1,510,000 | Morgan Stanley, MTN, 2.63%, 11/17/21 | 1,514,504 | |||||
1,400,000 | Prudential Financial, Inc., MTN, 5.38%, 06/21/20 | 1,520,542 | |||||
1,455,000 | Regions Financial Corp., 3.20%, 02/08/21 | 1,486,588 | |||||
1,525,000 | The Goldman Sachs Group, Inc., 2.42% (USD 3 Month LIBOR +1.11%), 04/26/22 (a) | 1,541,646 | |||||
1,310,000 | The Hartford Financial Services Group, Inc., 5.50%, 03/30/20 | 1,410,596 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Principal Amount | Security Description | Value |
$ | 1,535,000 | Wells Fargo & Co., Series K, 7.98% (USD 3 Month LIBOR +3.77%), (callable at 100 beginning 03/15/18) (a)(e) | $ | 1,581,050 | |||
21,664,859 |
Health Care - 0.9% | |||||||
$ | 1,283,000 | Becton Dickinson and Co., 2.68%, 12/15/19 | $ | 1,298,231 | |||
Industrials - 3.6% | |||||||
1,479,000 | Burlington Northern Santa Fe, LLC, 5.75%, 03/15/18 | 1,506,855 | |||||
290,000 | General Electric Co., MTN, 1.58% (USD 3 Month LIBOR +0.27%), 08/07/18 (a) | 290,661 | |||||
670,000 | Huntington Ingalls Industries, Inc., 5.00%, 11/15/25 (b) | 723,600 | |||||
1,410,000 | Roper Technologies, Inc., 2.80%, 12/15/21 | 1,421,503 | |||||
1,370,000 | Textron, Inc., 3.65%, 03/01/21 | 1,418,548 | |||||
5,361,167 | |||||||
Information Technology - 2.8% | |||||||
1,580,000 | eBay, Inc., 2.75%, 01/30/23 | 1,574,501 | |||||
1,050,000 | Oracle Corp., 2.25%, 10/08/19 | 1,062,889 | |||||
1,517,000 | QUALCOMM, Inc., 3.00%, 05/20/22 | 1,560,058 | |||||
4,197,448 | |||||||
Telecommunication Services - 2.1% | |||||||
1,481,000 | AT&T, Inc., 3.80%, 03/15/22 | 1,542,285 | |||||
1,512,000 | Verizon Communications, Inc., 2.95%, 03/15/22 | 1,537,256 | |||||
3,079,541 |
Utilities - 0.7% | |||||||
1,060,000 | PacifiCorp, 5.50%, 01/15/19 | 1,108,344 | |||||
Total Corporate Bonds (Cost $49,041,036) | 49,223,305 |
Government & Agency Obligations - 30.8% | |||||||
GOVERNMENT SECURITIES - 26.2% | |||||||
Municipals - 0.1% | |||||||
245,000 | North Carolina Housing Finance Agency, North Carolina RB, 2.34%, 01/01/19 | 244,681 | |||||
U.S. Treasury Securities - 26.1% | |||||||
2,500,000 | U.S. Treasury Note, 2.63%, 04/30/18 | 2,519,629 | |||||
4,070,000 | U.S. Treasury Note, 1.25%, 01/31/19 | 4,060,779 | |||||
26,975,000 | U.S. Treasury Note, 2.00%, 02/28/21 | 27,228,944 | |||||
5,330,000 | U.S. Treasury Note, 1.63%, 11/15/22 | 5,245,886 | |||||
39,055,238 |
U.S. GOVERNMENT MORTGAGE BACKED-SECURITIES - 4.6% | ||||||
Federal Home Loan Mortgage Corp. - 2.5% | ||||||
79,832 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/20 | 81,405 | ||||
514,287 | Federal Home Loan Mortgage Corp. REMIC, 2.25%, 03/15/30 | 516,697 |
Principal Amount | Security Description | Value |
$ | 1,123,278 | Federal Home Loan Mortgage Corp. REMIC, 3.00%, 09/15/37 | $ | 1,148,117 | |||
489,512 | Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 11/15/43 | 81,997 | |||||
306,791 | Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 08/15/45 | 59,918 | |||||
759,123 | Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 09/15/45 | 164,216 | |||||
713,997 | Federal Whole Loan Securities Trust, 3.50%, 05/25/47 | 728,059 | |||||
997,007 | FRESB Mortgage Trust, 2.16%, 04/25/22 (c) | 993,123 | |||||
3,773,532 | |||||||
Federal National Mortgage Association - 1.4% | |||||||
2,882,037 | Federal National Mortgage Association Interest Only, 0.41%, 01/25/22 (c) | 30,353 | |||||
2,509,709 | Federal National Mortgage Association Interest Only, 0.82%, 02/25/22 (c) | 61,601 | |||||
3,176,057 | Federal National Mortgage Association Interest Only, 0.65%, 07/25/22 (c) | 70,479 | |||||
617,726 | Federal National Mortgage Association, 3.00%, 10/01/26 | 636,308 | |||||
1,108,892 | Federal National Mortgage Association Interest Only, 2.80%, 01/25/39 (c) | 131,303 | |||||
35,338 | Federal National Mortgage Association REMIC, 4.00%, 07/25/21 | 35,904 | |||||
128,382 | Federal National Mortgage Association REMIC, 4.00%, 02/25/26 | 133,068 | |||||
130,298 | Federal National Mortgage Association REMIC, 3.00%, 04/25/37 | 130,933 | |||||
17,324 | Federal National Mortgage Association Interest Only REMIC, 5.00%, 03/25/39 | 114 | |||||
422,524 | Federal National Mortgage Association REMIC, 2.50%, 09/25/39 | 423,536 | |||||
470,463 | Federal National Mortgage Association REMIC, 3.50%, 05/25/41 | 487,405 | |||||
2,141,004 | |||||||
Government National Mortgage Association - 0.6% | |||||||
209,062 | Government National Mortgage Association, 4.74%, 06/20/61 (c) | 212,789 | |||||
680,936 | Government National Mortgage Association REMIC, 2.67%, 02/16/44 | 683,181 | |||||
895,970 | |||||||
Small Business Administration Participation Certificates - 0.1% | |||||||
67,990 | U.S. Small Business Administration, Series 98-B, 6.15%, 02/01/18 | 68,746 | |||||
Total Government & Agency Obligations (Cost $46,271,031) | 46,179,171 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
SHORT-INTERMEDIATE BOND FUND
Shares | Security Description | Value |
Preferred Stocks - 0.3% | |||||||
Financials - 0.3% | |||||||
550 | U.S. Bancorp., Series A, 3.50% (USD 3 Month LIBOR +1.02%), (callable at 1,000 beginning on 10/30/17) (a)(e) | 475,755 | |||||
Total Preferred Stocks (Cost $564,328) | 475,755 |
Short-Term Investments - 3.2% | |||||||
Investment Company - 3.2% | |||||||
4,802,038 | BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.91% (f) | 4,802,038 | |||||
Total Short-Term Investments (Cost $4,802,038) | 4,802,038 |
Total Investments - 99.6% (Cost $148,895,746) | 149,171,527 |
Other assets in excess of liabilities – 0.4% | 580,039 | ||
NET ASSETS – 100.0% | $ | 149,751,566 |
(a) | Floating rate security. Rate presented is as of September 30, 2017. |
(b) | 144a Security, which is exempt from registration under the Securities Act of 1933. The Sub-Adviser has deemed this security to be liquid based on procedures approved by Tributary Funds' Board of Directors. As of September 30, 2017, the aggregate value of these liquid securities were $30,581,161 or 20.4% of net assets. |
(c) | Adjustable or variable rate security, the interest rate of which adjusts periodically based on changes in current interest rates. Rate presented is as of September 30, 2017. |
(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, 2017. |
(e) | Perpetual maturity security. |
(f) | Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2017. |
ABS | Asset Backed Security |
AMBAC | AMBAC Indemnity Corp. |
CLO | Collateralized Loan Obligation |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
MTN | Medium Term Note |
RB | Revenue Bond |
REMIC | Real Estate Mortgage Investment Conduit |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
INCOME FUND
Principal Amount | Security Description | Value |
Non-U.S. Government Agency Asset-Backed Securities - 24.2% | |||||||
Asset Backed Securities - 6.9% | |||||||
$ | 1,455,000 | Cabela's Credit Card Master Note Trust, 2.71%, 02/17/26 (a) | $ | 1,462,735 | |||
1,150,000 | Eaton Vance CLO, Ltd., 2.50% (USD 3 Month LIBOR +1.20%), 07/15/26 (a)(b) | 1,151,119 | |||||
1,475,000 | Ford Credit Floorplan Master Owner Trust A, 2.16%, 11/15/21 | 1,472,090 | |||||
1,300,000 | Magnetite IX CLO, Ltd., 2.31% (USD 3 Month LIBOR +1.00%), 07/25/26 (a)(b) | 1,301,057 | |||||
295 | OneMain Financial Issuance Trust, 2.43%, 06/18/24 (a) | 295 | |||||
386,505 | Preferred Term Securities XI, Ltd/Preferred Term Securities XI, Inc., 1.97% (USD 3 Month LIBOR +0.65%), 09/24/33 (a)(b) | 359,449 | |||||
1,035,342 | Preferred Term Securities XII, Ltd./Preferred Term Securities XII, Inc., 2.02% (USD 3 Month LIBOR +0.70%), 12/24/33 (a)(b) | 952,515 | |||||
434,432 | Preferred Term Securities XIV, Ltd./Preferred Term Securities XIV, Inc., 1.80% (USD 3 Month LIBOR +0.48%), 06/24/34 (a)(b) | 388,817 | |||||
874,432 | Preferred Term Securities XXI, Ltd./Preferred Term Securities XXI, Inc., 1.97% (USD 3 Month LIBOR +0.65%), 03/22/38 (a)(b) | 533,403 | |||||
671,918 | Preferred Term Securities XXIV, Ltd./Preferred Term Securities XXIV, Inc., 1.62% (USD 3 Month LIBOR +0.30%), 03/22/37 (a)(b) | 557,692 | |||||
188,903 | Santander Drive Auto Receivables Trust, 1.34%, 11/15/19 | 188,842 | |||||
850,794 | SLM Student Loan Trust, 2.81% (USD 3 Month LIBOR +1.50%), 04/25/23 (b) | 870,788 | |||||
940,527 | SoFi Consumer Loan Program, LLC, 2.77%, 05/25/26 (a) | 944,353 | |||||
946,084 | SoFi Consumer Loan Program, LLC, 2.50%, 05/26/26 (a) | 945,546 | |||||
1,315,000 | SoFi Professional Loan Program, LLC, 2.34%, 04/25/33 (a) | 1,303,593 | |||||
1,230,000 | SoFi Professional Loan Program, LLC, 2.49%, 01/25/36 (a) | 1,225,965 | |||||
13,658,259 | |||||||
Non-Agency Commercial Mortgage Backed Securities - 6.8% | |||||||
238,167 | 7 WTC Depositor, LLC Trust, 4.08%, 03/13/31 (a) | 239,879 | |||||
1,200,000 | American Tower Trust #1, 3.07%, 03/15/23 (a) | 1,202,728 |
Principal Amount | Security Description | Value |
$ | 590,000 | CFCRE Commercial Mortgage Trust REMIC, 3.83%, 12/15/47 | $ | 616,087 | |||
2,961,031 | Citigroup Commercial Mortgage Trust Interest Only REMIC, 1.98%, 09/10/45 (a)(c) | 182,436 | |||||
1,663,339 | COMM Mortgage Trust Interest Only REMIC, 1.48%, 03/10/46 (c) | 51,034 | |||||
1,490,000 | Cosmopolitan Hotel Trust, 2.63% (USD 1 Month LIBOR +1.40%), 11/15/33 (a)(b) | 1,499,115 | |||||
900,000 | Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.74%, 05/15/36 (a)(c) | 923,128 | |||||
44,447 | DBUBS Mortgage Trust Interest Only REMIC, 0.44%, 08/10/44 (a)(c) | 486 | |||||
735,000 | FREMF Mortgage Trust REMIC, 4.30%, 09/25/44 (a)(c) | 747,454 | |||||
6,878,219 | Goldman Sachs Mortgage Securities Trust Interest Only REMIC, 1.52%, 08/10/44 (a)(c) | 289,242 | |||||
1,026,749 | JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 2.67%, 01/15/46 | 1,033,858 | |||||
753,243 | JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 4.11%, 07/15/46 (a) | 762,049 | |||||
589,171 | JPMBB Commercial Mortgage Securities Trust REMIC, 2.42%, 07/15/45 | 591,060 | |||||
1,250,000 | LSTAR Commercial Mortgage Trust, 3.13%, 04/20/48 (a)(c) | 1,262,299 | |||||
200,000 | WaMu Commercial Mortgage Securities Trust, 2.32%, 12/27/49 (a)(c) | 199,779 | |||||
919,894 | Wells Fargo Commercial Mortgage Trust Interest Only REMIC, 1.96%, 10/15/45 (a)(c) | 67,295 | |||||
889,995 | Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45 | 894,935 | |||||
617,571 | Wells Fargo-RBS Commercial Mortgage Trust Interest Only REMIC, 2.17%, 11/15/45 (a)(c) | 45,216 | |||||
995,000 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.63%, 03/15/45 | 1,003,381 | |||||
1,735,000 | Wells Fargo-RBS Commercial Mortgage Trust REMIC, 3.65%, 12/15/46 | 1,802,028 | |||||
13,413,489 | |||||||
Non-Agency Residential Mortgage Backed Securities - 10.5% | |||||||
684,871 | Bayview Commercial Asset Trust REMIC, 2.11% (USD 1 Month LIBOR +0.87%), 12/25/33 (a)(b) | 655,609 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
INCOME FUND
Principal Amount | Security Description | Value |
$ | 1,039,008 | Bayview Commercial Asset Trust REMIC, 1.46% (USD 1 Month LIBOR +0.23%), 12/25/36 (a)(b) | $ | 977,581 | ||
597,435 | Bayview Financial Acquisition Trust REMIC, 3.56% (USD 1 Month LIBOR +2.33%), 05/28/44 (b) | 595,548 | ||||
811,199 | Bayview Financial Mortgage Pass-Through Certificates REMIC, 3.11% (USD 1 Month LIBOR +1.88%), 08/28/44 (b) | 809,610 | ||||
1,583 | Bayview Financial Mortgage Pass-Through Trust REMIC, 5.70%, 02/28/41 (d) | 1,640 | ||||
560,000 | Bayview Financial Mortgage Pass-Through Trust, REMIC, 2.63% (USD 1 Month LIBOR +1.40%), 04/28/39 (b) | 557,569 | ||||
160,326 | Citicorp Residential Mortgage Trust REMIC, 5.40%, 07/25/36 (d) | 160,808 | ||||
49,517 | Citicorp Residential Mortgage Trust REMIC, 5.40%, 07/25/36 (d) | 50,503 | ||||
500,701 | Citicorp Residential Mortgage Trust REMIC, 5.58%, 09/25/36 (d) | 505,327 | ||||
600,325 | Citigroup Global Markets Mortgage Securities VII, Inc. REMIC, 6.93%, 08/25/28 | 609,043 | ||||
279,806 | Citigroup Mortgage Loan Trust REMIC, 6.50%, 07/25/34 | 315,482 | ||||
1,524,971 | Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (a)(c) | 1,587,446 | ||||
51,322 | Citigroup Mortgage Loan Trust REMIC, 1.39% (USD 1 Month LIBOR +0.15%), 08/25/36 (b) | 51,300 | ||||
38,626 | CitiMortgage Alternative Loan Trust REMIC, 5.25%, 03/25/21 | 38,837 | ||||
132,902 | Conseco Financial Corp., 7.30%, 09/15/26 (c) | 133,457 | ||||
16,630 | Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20 | 16,128 | ||||
50,505 | Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.75%, 04/25/33 | 51,913 | ||||
159,521 | Credit-Based Asset Servicing and Securitization, LLC REMIC, 2.36% (USD 1 Month LIBOR +1.13%), 02/25/33 (b) | 160,307 | ||||
453,008 | Credit-Based Asset Servicing and Securitization, LLC REMIC, 6.02%, 12/25/37 (a)(d) | 465,623 | ||||
914,547 | CSMLT Trust, 3.00%, 10/25/30 (a)(c) | 920,013 | ||||
463,501 | Fremont Home Loan Trust, 2.11% (USD 1 Month LIBOR +0.87%), 11/25/34 (b) | 445,087 |
Principal Amount | Security Description | Value |
$ | 84,330 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.89% (USD 1 Month LIBOR +0.65%), 03/25/34 (b) | $ | 84,374 | ||
730,861 | Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.74% (USD 1 Month LIBOR +0.50%), 05/25/36 (a)(b) | 721,263 | ||||
437,299 | Greenpoint Manufactured Housing, 7.27%, 06/15/29 | 448,517 | ||||
56,898 | HSBC Home Equity Loan Trust USA, 2.74% (USD 1 Month LIBOR +1.50%), 11/20/36 (b) | 56,972 | ||||
602,717 | JP Morgan Mortgage Acquisition Trust REMIC, 1.47% (USD 1 Month LIBOR +0.23%), 07/25/36 (b) | 600,664 | ||||
215,089 | Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40 | 217,503 | ||||
877,259 | Mill City Mortgage Loan Trust, 2.75%, 11/25/58 (a)(c) | 881,525 | ||||
543,303 | New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (a)(c) | 562,428 | ||||
549,376 | New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (a)(c) | 554,839 | ||||
1,063,649 | New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (a)(c) | 1,099,660 | ||||
156,213 | Nomura Asset Acceptance Corp. Alternative Loan Trust REMIC, 6.00%, 03/25/47 (d) | 136,890 | ||||
249,000 | NovaStar Mortgage Funding Trust REMIC, 2.96% (USD 1 Month LIBOR +1.73%), 03/25/35 (b) | 249,294 | ||||
33,263 | NovaStar Mortgage Funding Trust REMIC, 2.89% (USD 1 Month LIBOR +1.65%), 03/25/35 (b) | 33,316 | ||||
96,341 | Renaissance Home Equity Loan Trust REMIC, 4.88%, 02/25/35 (d) | 96,854 | ||||
54,752 | Residential Accredit Loans, Inc. Trust REMIC, 12.49% (USD 1 Month LIBOR * -1.8333 +14.76%), 03/25/18 (b) | 56,713 | ||||
216,038 | Residential Accredit Loans, Inc. Trust REMIC, 6.00%, 10/25/34 | 220,161 | ||||
52,172 | Residential Accredit Loans, Inc. Trust REMIC, 5.50%, 02/25/35 | 51,315 | ||||
366,115 | Residential Asset Mortgage Products, Inc. Trust REMIC, 2.00% (USD 1 Month LIBOR +0.77%), 06/25/35 (b) | 366,181 | ||||
53,844 | Residential Asset Securities Corp. Trust REMIC, 5.96%, 09/25/31 (c) | 55,981 | ||||
66,681 | Residential Asset Securities Corp. Trust REMIC, 4.54%, 12/25/33 (c) | 68,079 | ||||
1,133,486 | Sequoia Mortgage Trust REMIC, 3.00%, 11/25/30 (a)(c) | 1,153,085 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
INCOME FUND
Principal Amount | Security Description | Value |
$ | 1,355,000 | Sequoia Mortgage Trust REMIC, 3.50%, 10/25/47 (a)(c) | $ | 1,378,628 | ||
4,523 | Structured Asset Securities Corp. Mortgage Pass-Through Certificates REMIC, 2.29% (USD 1 Month LIBOR +1.05%), 11/25/34 (b) | 4,521 | ||||
1,101,081 | Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (a)(c) | 1,123,483 | ||||
746,323 | Towd Point Mortgage Trust REMIC, 2.75%, 10/25/56 (a)(c) | 750,160 | ||||
834,032 | Towd Point Mortgage Trust REMIC, 2.75%, 04/25/57 (a)(c) | 838,400 | ||||
20,919,637 |
Total Non-U.S. Government Agency Asset-Backed Securities (Cost $48,080,024) | 47,991,385 |
Corporate Bonds - 30.3% | |||||||
Consumer Discretionary - 7.2% | |||||||
959,000 | AMC Networks, Inc., 4.75%, 12/15/22 | 986,274 | |||||
1,315,000 | CBS Corp., 4.00%, 01/15/26 | 1,358,235 | |||||
1,370,000 | Comcast Corp., Class A, 3.30%, 02/01/27 | 1,388,354 | |||||
1,179,000 | Dollar General Corp., 3.25%, 04/15/23 | 1,204,546 | |||||
700,000 | Hanesbrands, Inc., 4.63%, 05/15/24 (a) | 728,875 | |||||
580,000 | Hilton Worldwide Finance, LLC / Hilton Worldwide Finance Corp., 4.63%, 04/01/25 | 597,400 | |||||
960,000 | Levi Strauss & Co., 5.00%, 05/01/25 | 1,011,600 | |||||
615,000 | Newell Brands, Inc., 4.00%, 06/15/22 | 645,166 | |||||
320,000 | Newell Brands, Inc., 4.00%, 12/01/24 | 334,143 | |||||
410,000 | Newell Brands, Inc., 4.20%, 04/01/26 | 431,585 | |||||
1,340,000 | NIKE, Inc., 3.88%, 11/01/45 | 1,353,706 | |||||
870,000 | PVH Corp., 4.50%, 12/15/22 | 889,575 | |||||
860,000 | The Goodyear Tire & Rubber Co., 5.13%, 11/15/23 | 899,775 | |||||
1,320,000 | The Walt Disney Co., Series E, 4.13%, 12/01/41 | 1,364,193 | |||||
930,000 | Whirlpool Corp., 4.70%, 06/01/22 | 1,012,286 | |||||
14,205,713 | |||||||
Consumer Staples - 3.1% | |||||||
1,360,000 | Anheuser-Busch InBev Finance, Inc., 3.30%, 02/01/23 | 1,409,562 | |||||
1,165,000 | Church & Dwight Co., Inc., 2.88%, 10/01/22 | 1,177,931 | |||||
165,000 | Kraft Heinz Foods Co., 4.88%, 02/15/25 (a) | 176,325 | |||||
530,000 | Land O'Lakes Capital Trust I, 7.45%, 03/15/28 (a) | 602,875 | |||||
1,187,000 | PepsiCo, Inc., 4.88%, 11/01/40 | 1,388,186 | |||||
1,100,000 | Wal-Mart Stores, Inc., 5.63%, 04/15/41 | 1,426,033 | |||||
6,180,912 |
Principal Amount | Security Description | Value |
Energy - 1.5% | ||||||
$ | 805,000 | Anadarko Petroleum Corp., 3.45%, 07/15/24 | $ | 797,154 | ||
1,050,000 | EOG Resources, Inc., 4.15%, 01/15/26 | 1,112,317 | ||||
731,000 | Tosco Corp., 8.13%, 02/15/30 | 1,006,172 | ||||
2,915,643 | ||||||
Financials - 11.2% | ||||||
630,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.95%, 02/01/22 | 655,576 | ||||
419,018 | Altitude Investments 16, LLC, 2.49%, 03/14/26 | 421,578 | ||||
890,000 | American Honda Finance Corp., 1.60%, 02/16/18 (a) | 890,091 | ||||
1,281,000 | Bank of America Corp., MTN, 4.13%, 01/22/24 | 1,362,950 | ||||
1,345,000 | CBRE Services, Inc., 5.00%, 03/15/23 | 1,393,617 | ||||
1,275,000 | Citigroup, Inc., 3.89% (USD 3 Month LIBOR +1.56%), 01/10/28 (b) | 1,308,359 | ||||
1,266,000 | CME Group, Inc., 3.00%, 03/15/25 | 1,285,763 | ||||
494,000 | Crown Castle International Corp., 4.88%, 04/15/22 | 537,605 | ||||
1,375,000 | JPMorgan Chase & Co., Series 1, 7.90% (USD 3 Month LIBOR +3.47%), (callable at 100 beginning 04/30/18) (b)(e) | 1,416,250 | ||||
1,280,000 | KeyCorp, MTN, 2.90%, 09/15/20 | 1,307,550 | ||||
1,285,000 | Metropolitan Life Global Funding I, 2.30%, 04/10/19 (a) | 1,293,836 | ||||
1,295,000 | Morgan Stanley, GMTN, 3.75%, 02/25/23 | 1,351,792 | ||||
1,195,000 | Prudential Financial, Inc., MTN, Series D, 7.38%, 06/15/19 | 1,303,046 | ||||
1,180,000 | Regions Financial Corp., 3.20%, 02/08/21 | 1,205,617 | ||||
1,097,000 | The Chubb Corp., 6.80%, 11/15/31 | 1,466,444 | ||||
1,205,000 | The Goldman Sachs Group, Inc., 3.85%, 01/26/27 | 1,230,851 | ||||
1,229,000 | The Hartford Financial Services Group, Inc., 5.50%, 03/30/20 | 1,323,376 | ||||
1,145,000 | US Bancorp., Series J, 5.30% (USD 3 Month LIBOR +2.91%), (callable at 100 beginning 04/15/27) (b)(e) | 1,248,050 | ||||
1,214,000 | Wells Fargo & Co., Series K, 7.98% (USD 3 Month LIBOR +3.77%), (callable at 100 beginning 03/15/18) (b)(e) | 1,250,420 | ||||
22,252,771 | ||||||
Health Care - 0.3% | ||||||
634,000 | Becton Dickinson and Co., 3.73%, 12/15/24 | 647,388 | ||||
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
INCOME FUND
Principal Amount | Security Description | Value |
Industrials - 2.2% | |||||||
$ | 1,220,000 | Burlington Northern Santa Fe, LLC, 4.55%, 09/01/44 | $ | 1,352,311 | |||
940,000 | Huntington Ingalls Industries, Inc., 5.00%, 11/15/25 (a) | 1,015,200 | |||||
665,000 | Roper Technologies, Inc., 3.80%, 12/15/26 | 684,247 | |||||
1,198,000 | Textron, Inc., 3.65%, 03/01/21 | 1,240,453 | |||||
4,292,211 | |||||||
Information Technology - 1.9% | |||||||
1,000,000 | eBay, Inc., 3.60%, 06/05/27 | 994,213 | |||||
1,080,000 | Oracle Corp., 5.38%, 07/15/40 | 1,340,031 | |||||
1,335,000 | QUALCOMM, Inc., 3.25%, 05/20/27 | 1,345,824 | |||||
3,680,068 | |||||||
Materials - 0.9% | |||||||
405,000 | Martin Marietta Materials, Inc., 6.60%, 04/15/18 | 415,348 | |||||
1,294,000 | The Mosaic Co., 5.45%, 11/15/33 | 1,336,909 | |||||
1,752,257 | |||||||
Telecommunication Services - 1.2% | |||||||
1,205,000 | AT&T, Inc., 5.15%, 03/15/42 | 1,217,236 | |||||
1,244,000 | Verizon Communications, Inc., 4.27%, 01/15/36 | 1,221,549 | |||||
2,438,785 | |||||||
Utilities - 0.8% | |||||||
315,000 | Alabama Power Co., Series Q, 5.50%, 10/15/17 | 315,378 | |||||
1,024,000 | PacifiCorp, 6.25%, 10/15/37 | 1,372,082 | |||||
1,687,460 |
Total Corporate Bonds (Cost $58,915,441) | 60,053,208 |
Government & Agency Obligations - 42.2% | ||||||
GOVERNMENT SECURITIES - 16.5% | ||||||
Municipals - 1.8% | ||||||
456,555 | Florida Housing Finance Corp., Series A, Florida RB, 3.00%, 01/01/36 | 456,683 | ||||
340,000 | Montana Board of Housing, Series A-2, Montana RB, 2.38%, 06/01/20 | 348,718 | ||||
530,000 | New York City Transitional Finance Authority Future Tax Secured Revenue, New York RB, 5.77%, 08/01/36 | 651,407 | ||||
340,000 | New York City Water & Sewer System, New York RB, 5.72%, 06/15/42 | 450,836 | ||||
225,000 | State of Connecticut, Connecticut GO, 4.95%, 12/01/20 | 241,713 | ||||
225,000 | State of Connecticut, Connecticut GO, 5.63%, 12/01/29 | 258,190 | ||||
240,000 | University of Michigan, Series D, Michigan RB, 6.01%, 04/01/25 | 253,949 | ||||
350,000 | University of Nebraska, Series B2, Nebraska RB, 5.70%, 07/01/29 | 358,785 |
Principal Amount | Security Description | Value |
$ | 410,000 | West Haymarket Joint Public Agency, Nebraska GO, 6.00%, 12/15/39 | $ | 509,035 | |||
3,529,316 |
Treasury Inflation Index Securities - 0.6% | |||||||
889,567 | U.S. Treasury Inflation Indexed Bond, 1.75%, 01/15/28 (f) | 980,368 | |||||
324,166 | U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (f) | 325,354 | |||||
1,305,722 |
U.S. Treasury Securities - 14.1% | |||||||
3,245,000 | U.S. Treasury Bond, 5.38%, 02/15/31 | 4,342,976 | |||||
2,965,000 | U.S. Treasury Bond, 4.75%, 02/15/37 | 3,935,343 | |||||
10,165,000 | U.S. Treasury Bond, 3.63%, 08/15/43 | 11,655,602 | |||||
1,450,000 | U.S. Treasury Note, 2.00%, 02/28/21 | 1,463,650 | |||||
2,905,000 | U.S. Treasury Note, 1.63%, 11/15/22 | 2,859,156 | |||||
3,655,000 | U.S. Treasury Note, 2.13%, 05/15/25 | 3,630,157 | |||||
27,886,884 |
U.S. GOVERNMENT MORTGAGE BACKED-SECURITIES - 25.7% | ||||||
Federal Home Loan Mortgage Corp. - 9.3% | ||||||
52,498 | Federal Home Loan Mortgage Corp., 3.50%, 12/01/26 | 54,866 | ||||
604,103 | Federal Home Loan Mortgage Corp., 4.50%, 11/01/30 | 649,666 | ||||
527,107 | Federal Home Loan Mortgage Corp., 4.50%, 08/01/31 | 566,885 | ||||
957,005 | Federal Home Loan Mortgage Corp., 4.50%, 01/01/41 | 1,029,699 | ||||
2,546,799 | Federal Home Loan Mortgage Corp., 3.00%, 07/01/43 | 2,569,174 | ||||
2,403,123 | Federal Home Loan Mortgage Corp., 4.00%, 12/01/45 | 2,558,688 | ||||
1,427,373 | Federal Home Loan Mortgage Corp., 4.00%, 10/01/44 | 1,514,829 | ||||
1,868,611 | Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 09/15/45 | 404,224 | ||||
2,851,549 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Interest Only, 2.12%, 08/25/18 (c) | 30,620 | ||||
11,017,535 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Interest Only, 1.59%, 01/25/19 (c) | 162,435 | ||||
92,563 | Federal Home Loan Mortgage Corp. REMIC, 4.50%, 04/15/19 | 93,027 | ||||
615,760 | Federal Home Loan Mortgage Corp. REMIC, 4.50%, 06/15/21 | 628,600 | ||||
534,025 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 06/15/37 | 551,046 | ||||
472,016 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 02/15/39 | 495,686 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
INCOME FUND
Principal Amount | Security Description | Value |
$ | 1,193,597 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/40 | $ | 1,253,115 | ||
726,314 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 04/15/41 | 759,017 | ||||
1,553,823 | Federal Home Loan Mortgage Corp. REMIC, 3.50%, 07/15/42 | 1,598,549 | ||||
412,307 | Federal Home Loan Mortgage Corp. REMIC, 3.50%, 11/15/42 | 426,615 | ||||
913,437 | Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/43 | 964,331 | ||||
2,139,505 | Federal Home Loan Mortgage Corp. REMIC, 3.00%, 01/15/55 | 2,218,975 | ||||
18,530,047 | ||||||
Federal National Mortgage Association - 15.5% | ||||||
3,318 | Federal National Mortgage Association, 4.50%, 12/01/18 | 3,393 | ||||
688,799 | Federal National Mortgage Association, 4.16%, 08/01/21 | 724,253 | ||||
112,346 | Federal National Mortgage Association, 7.50%, 08/01/22 | 117,942 | ||||
50,554 | Federal National Mortgage Association, 4.00%, 06/01/24 | 52,949 | ||||
92,293 | Federal National Mortgage Association, 4.00%, 10/01/24 | 96,243 | ||||
1,611,828 | Federal National Mortgage Association, 3.41%, 02/01/27 | 1,672,870 | ||||
2,284,918 | Federal National Mortgage Association, 3.31%, 01/01/33 | 2,276,436 | ||||
1,106,123 | Federal National Mortgage Association, 5.80%, 12/01/33 | 1,152,521 | ||||
272,460 | Federal National Mortgage Association, 5.00%, 08/01/34 | 299,433 | ||||
18,337 | Federal National Mortgage Association, 5.50%, 08/01/37 | 20,265 | ||||
89,233 | Federal National Mortgage Association, 6.00%, 09/01/38 | 101,610 | ||||
182,158 | Federal National Mortgage Association, 4.50%, 06/01/39 | 198,595 | ||||
388,263 | Federal National Mortgage Association, 4.50%, 01/01/40 | 425,176 | ||||
252,884 | Federal National Mortgage Association, 4.50%, 12/01/40 | 273,596 | ||||
861,740 | Federal National Mortgage Association, 4.00%, 04/01/41 | 919,335 | ||||
268,643 | Federal National Mortgage Association, 4.00%, 02/01/42 | 287,359 | ||||
924,845 | Federal National Mortgage Association, 3.00%, 07/01/43 | 932,440 | ||||
1,289,643 | Federal National Mortgage Association, 4.00%, 10/01/43 | 1,367,442 | ||||
1,429,074 | Federal National Mortgage Association, 4.50%, 08/01/44 | 1,562,914 | ||||
2,552,951 | Federal National Mortgage Association, 4.00%, 11/01/44 | 2,709,484 |
Principal Amount | Security Description | Value |
$ | 970,182 | Federal National Mortgage Association, 3.50%, 06/01/45 | $ | 1,000,073 | ||
4,115,042 | Federal National Mortgage Association, 4.00%, 04/01/46 | 4,333,570 | ||||
1,961,305 | Federal National Mortgage Association Interest Only, 0.82%, 02/25/22 (c) | 48,141 | ||||
4,587,637 | Federal National Mortgage Association Interest Only, 0.65%, 07/25/22 (c) | 101,802 | ||||
1,722,321 | Federal National Mortgage Association Interest Only, 2.80%, 01/25/39 (c) | 203,939 | ||||
358,581 | Federal National Mortgage Association REMIC, 5.00%, 02/25/32 | 395,505 | ||||
612,009 | Federal National Mortgage Association REMIC, 4.00%, 01/25/33 | 653,406 | ||||
138,688 | Federal National Mortgage Association REMIC, 5.50%, 08/25/34 | 140,742 | ||||
259,578 | Federal National Mortgage Association REMIC, 3.00%, 04/25/37 | 260,844 | ||||
955,000 | Federal National Mortgage Association REMIC, 4.00%, 11/25/37 | 1,027,920 | ||||
1,026,216 | Federal National Mortgage Association REMIC, 4.00%, 07/25/39 | 1,043,467 | ||||
864,253 | Federal National Mortgage Association REMIC, 2.50%, 09/25/39 | 866,323 | ||||
1,552,798 | Federal National Mortgage Association REMIC, 1.50%, 01/25/40 | 1,521,876 | ||||
425,377 | Federal National Mortgage Association REMIC, 3.50%, 05/25/41 | 440,695 | ||||
1,649,688 | Federal National Mortgage Association REMIC, 3.00%, 08/25/43 | 1,680,995 | ||||
1,770,455 | Federal National Mortgage Association REMIC, 3.00%, 08/25/45 | 1,809,192 | ||||
30,722,746 |
Government National Mortgage Association - 0.8% | |||||||
1,123,706 | Government National Mortgage Association, 3.00%, 03/20/43 | 1,142,956 | |||||
418,123 | Government National Mortgage Association REMIC, 4.74%, 06/20/61 (c) | 425,578 | |||||
1,568,534 | |||||||
Small Business Administration Participation Certificates - 0.1% | |||||||
156,032 | Small Business Administration Participation Certificates, 2.88%, 09/10/21 | 159,071 | |||||
Total Government & Agency Obligations (Cost $82,966,076) | 83,702,320 |
SCHEDULES OF PORTFOLIO INVESTMENTS
September 30, 2017 (Unaudited)
INCOME FUND
Shares | Security Description | Value |
Investment Company - 0.7% | |||||||
144,121 | Federated Institutional High-Yield Bond Fund, Institutional Shares | $ | 1,459,946 | ||||
Total Investment Company (Cost $1,318,895) | 1,459,946 |
Short-Term Investments - 2.2% | |||||||
Investment Company - 2.2% | |||||||
4,290,237 | BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.91% (g) | 4,290,237 | |||||
Total Short-Term Investments (Cost $4,290,237) | 4,290,237 |
Total Investments - 99.6% (Cost $195,570,673) | 197,497,096 |
Other assets in excess of liabilities – 0.4% | 839,920 | ||
NET ASSETS – 100.0% | $ | 198,337,016 |
(a) | 144a Security, which is exempt from registration under the Securities Act of 1933. The Sub-Adviser has deemed this security to be liquid based on procedures approved by Tributary Funds' Board of Directors. As of September 30, 2017, the aggregate value of these liquid securities were $36,924,590 or 18.6% of net assets. |
(b) | Floating rate security. Rate presented is as of September 30, 2017. |
(c) | Adjustable or variable rate security, the interest rate of which adjusts periodically based on changes in current interest rates. Rate presented is as of September 30, 2017. |
(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, 2017. |
(e) | Perpetual maturity security |
(f) | U.S. Treasury inflation indexed security, 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, 2017 |
ABS | Asset Backed Security |
AMBAC | AMBAC Indemnity Corp. |
CLO | Collateralized Loan Obligation |
GMTN | Global Medium Term Note |
GO | General Obligation |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
MTN | Medium Term Note |
RB | Revenue Bond |
REMIC | Real Estate Mortgage Investment Conduit |