Tributary Funds N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on November 27, 2019

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

Apex Fund Services

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, 2019 – September 30, 2019

ITEM 1. REPORT TO STOCKHOLDERS.

SEMI-ANNUAL REPORT 2019

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	41
Investment Advisory Agreement Approval	43

SEMI-ANNUAL REPORT 2019

PORTFOLIO COMPOSITION*

September 30, 2019 (Unaudited)

Short-Intermediate Bond Fund	Percentage of Total Investments
Corporate Bonds		31.4	%
U.S. Treasury Securities		29.0	%
Asset Backed Securities		14.1	%
Non-Agency Residential Mortgage Backed Securities		8.6	%
U.S. Government Mortgage Backed Securities		7.1	%
Non-Agency Commercial Mortgage Backed Securities		6.4	%
Short-Term Investments		2.9	%
Municipals		0.3	%
Preferred Stocks		0.2	%
		100.0	%

Income Fund	Percentage of Total Investments
Corporate Bonds		29.3	%
U.S. Government Mortgage Backed Securities		29.2	%
U.S. Treasury Securities		16.5	%
Non-Agency Residential Mortgage Backed Securities		9.5	%
Non-Agency Commercial Mortgage Backed Securities		7.3	%
Asset Backed Securities		6.6	%
Municipals		1.5	%
Short-Term Investments		0.1	%
		100.0	%

Nebraska Tax-Free Fund	Percentage of Total Investments
Municipals		96.7	%
Short-Term Investments		2.4	%
U.S. Government Mortgage Backed Securities		0.9	%
		100.0	%

Balanced Fund	Percentage of Total Investments
Government Securities		18.0	%
Information Technology		14.1	%
Financials		12.7	%
Health Care		8.8	%
Communication Services		7.6	%
Industrials		7.2	%
Consumer Discretionary		6.8	%
Consumer Staples		5.2	%
Short-Term Investments		3.0	%
Real Estate		2.9	%
Energy		2.7	%
Utilities		2.6	%
Materials		1.9	%
Non-Agency Commercial Mortgage Backed Securities		1.9	%
Asset Backed Securities		1.7	%
U.S. Government Mortgage Backed Securities		1.5	%
Non-Agency Residential Mortgage Backed Securities		1.4	%
		100.0	%

Growth Opportunities Fund	Percentage of Total Investments
Information Technology		31.1	%
Industrials		16.9	%
Consumer Discretionary		15.2	%
Health Care		14.1	%
Communication Services		4.5	%
Real Estate		4.2	%
Financials		4.1	%
Consumer Staples		3.0	%
Materials		2.7	%
Short-Term Investments		2.4	%
Utilities		1.3	%
Energy		0.5	%
		100.0	%

Small/Mid Cap Fund	Percentage of Total Investments
Industrials		16.9	%
Information Technology		16.5	%
Financials		16.4	%
Health Care		13.8	%
Consumer Discretionary		11.5	%
Materials		7.3	%
Real Estate		6.2	%
Short-Term Investments		3.3	%
Energy		3.2	%
Utilities		2.6	%
Communication Services		2.3	%
		100.0	%

Small Company Fund	Percentage of Total Investments
Financials		20.3	%
Information Technology		20.0	%
Industrials		13.9	%
Health Care		12.0	%
Consumer Discretionary		8.3	%
Real Estate		8.2	%
Materials		4.8	%
Short-Term Investments		3.9	%
Utilities		3.6	%
Energy		2.8	%
Communication Services		2.2	%
		100.0	%

* Portfolio composition is as of September 30, 2019 and is subject to change.

1

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

SHORT-INTERMEDIATE BOND FUND

Principal Amount		Security Description	Value
Non-U.S. Government Agency Asset Backed Securities - 29.2%
Asset Backed Securities - 14.1%
$	48,718	AmeriCredit Automobile Receivables Trust, 1.53%, 07/08/21	$	48,708
	1,325,696	Ascentium Equipment Receivables Trust, 3.27%, 10/12/21 (a)		1,335,233
	692,638	Ascentium Equipment Receivables Trust, 2.29%, 06/10/21 (a)		692,788
	527,366	Brazos Higher Education Authority, Inc. (USD 3 Month LIBOR + 0.85%), 3.13%, 07/25/29 (b)		529,818
	818,585	Canadian Pacer Auto Receivables Trust, 2.05%, 03/19/21 (a)		818,224
	1,330,000	Capital One Multi-Asset Execution Trust, 2.08%, 03/15/23		1,330,399
	366,467	CCG Receivables Trust REMIC, 2.50%, 06/16/25 (a)		367,224
	1,450,375	CCG Receivables Trust REMIC, 3.09%, 12/15/25 (a)		1,462,128
	1,321,651	Cloud Pass-Through Trust, 3.55%, 12/05/22 (a)(c)		1,338,063
	873,269	Flagstar Mortgage Trust, 4.00%, 07/25/48 (a)(c)		876,182
	1,155,000	Ford Credit Floorplan Master Owner Trust A, 2.16%, 11/15/21		1,154,666
	308,146	Goal Capital Funding Trust (USD 3 Month LIBOR + 0.70%), 2.83%, 08/25/48 (a)(b)		306,957
	1,370,000	Great American Auto Leasing, Inc., 2.97%, 06/15/21 (a)		1,375,990
	1,760,000	Honda Auto Receivables 2019-1 Owner Trust, 2.75%, 09/20/21		1,767,367
	670,752	Missouri Higher Education Loan Authority (USD 1 Month LIBOR + 0.83%), 2.85%, 01/26/26 (b)		670,530
	621,632	MMAF Equipment Finance, LLC, 2.57%, 06/09/33 (a)		622,234
	1,355,000	MMAF Equipment Finance, LLC, 2.84%, 11/13/23 (a)		1,377,377
	1,856,941	Panhandle-Plains Higher Education Authority, Inc. (USD 3 Month LIBOR + 0.95%), 3.27%, 10/01/37 (b)		1,857,025
	619,019	Preferred Term Securities XII, Ltd./ Preferred Term Securities XII, Inc. (USD 3 Month LIBOR + 0.70%), 2.84%, 12/24/33 (a)(b)		612,643
	156,964	Preferred Term Securities XII, Ltd./ Preferred Term Securities XII, Inc. (USD 3 Month LIBOR + 0.53%), 2.67%, 12/24/33 (a)(b)		154,834

Principal Amount		Security Description	Value
$	973,415	SLM Student Loan Trust (USD 3 Month LIBOR + 1.00%), 3.28%, 10/25/21 (b)	$	966,573
	1,318,311	SLM Student Loan Trust (USD 3 Month LIBOR + 1.65%), 3.93%, 07/25/22 (b)		1,331,678
	641,658	SLM Student Loan Trust (USD 3 Month LIBOR + 1.70%), 3.98%, 07/25/23 (b)		647,813
	611,861	SLM Student Loan Trust (USD 3 Month LIBOR + 1.50%), 3.78%, 04/25/23 (b)		615,471
	733,708	Social Professional Loan Program Trust, 2.64%, 08/25/47 (a)		735,466
	73,983	Social Professional Loan Program Trust, 1.75%, 07/25/40 (a)		73,899
	950,000	Sofi Consumer Loan Program Trust, 3.35%, 04/26/27 (a)		958,057
	152,268	Sofi Consumer Loan Program Trust, 2.93%, 04/26/27 (a)		152,405
	1,138,016	SoFi Consumer Loan Program Trust, 2.77%, 05/25/26 (a)		1,141,480
	1,000,000	Sofi Professional Loan Program Trust, 3.59%, 01/25/48 (a)		1,041,639
	710,829	Stack Infrastructure Issuer, LLC, 4.54%, 02/25/44 (a)		745,043
	634,788	Vantage Data Centers Issuer, LLC, 4.07%, 02/16/43 (a)		659,817
				27,767,731
Non-Agency Commercial Mortgage Backed Securities - 6.4%
	1,630,000	BANK 2019-BNK16, 3.93%, 02/15/52		1,739,462
	900,000	Cantor Commercial Real Estate Lending, 3.62%, 04/15/24		955,514
	1,723,788	Citigroup Commercial Mortgage Trust Interest Only REMIC, 1.93%, 09/10/45 (a)(c)		73,102
	1,169,592	COMM Mortgage Trust Interest Only REMIC, 1.19%, 03/10/46 (c)		30,673
	619,630	COMM Mortgage Trust REMIC, 3.39%, 08/10/47		635,519
	1,265,000	Cosmopolitan Hotel Mortgage Trust REMIC (USD 1 Month LIBOR + 0.93%), 2.96%, 11/15/36 (a)(b)		1,264,996
	36,900	DBUBS Mortgage Trust Interest Only REMIC, 0.36%, 08/10/44 (a)(c)		138
	193,806,034	FREMF Mortgage Trust Interest Only, 0.10%, 08/25/44 (a)		291,852
	4,291,422	GS Mortgage Securities Trust Interest Only REMIC, 1.50%, 08/10/44 (a)(c)		75,800
	1,307,966	Key Commercial Mortgage Securities Trus, 2.66%, 06/15/52 (a)		1,316,505

See accompanying Notes to Financial Statements.

2

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

SHORT-INTERMEDIATE BOND FUND

Principal Amount		Security Description	Value
$	252,594	LSTAR Commercial Mortgage Trust REMIC, 3.13%, 04/20/48 (a)(c)	$	252,827
	613,903	LSTAR Commercial Mortgage Trust REMIC, 1.82%, 03/10/49 (a)		610,213
	1,279,805	Morgan Stanley Bank of America Merrill Lynch Trust Interest Only REMIC, 1.12%, 12/15/48 (c)		32,939
	949,251	Morgan Stanley Bank of America Merrill Lynch Trust REMIC, 3.48%, 06/15/47		975,731
	915,421	Sutherland Commercial Mortgage Trust, 2.86%, 12/25/35 (a)(c)		918,134
	646,826	Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45		649,405
	1,010,000	Wells Fargo Commercial Mortgage Trust REMIC, 2.97%, 09/15/48		1,010,976
	122,586	Wells Fargo-RBS Commercial Mortgage Trust Interest Only REMIC, 0.97%, 02/15/44 (a)(c)		990
	81,940	Wells Fargo-RBS Commercial Mortgage Trust REMIC, 4.00%, 03/15/44 (a)		82,251
	434,079	Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.30%, 06/15/45		433,791
	33,076	Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.70%, 03/15/45		33,466
	1,200,000	Wells Fargo-RBS Commercial Mortgage Trust REMIC, 3.65%, 12/15/46		1,215,702
				12,599,986
Non-Agency Residential Mortgage Backed Securities - 8.7%
	702,170	Asset Backed Securities Corp. Home Equity Loan Trust (USD 1 Month LIBOR + 0.80%), 2.81%, 07/25/35 (b)		702,684
	358,121	Bayview Commercial Asset Trust REMIC (USD 1 Month LIBOR + 0.87%), 2.89%, 12/25/33 (a)(b)		353,281
	517,277	Bayview Commercial Mortgage Pass- Through Trust REMIC (USD 1 Month LIBOR + 0.86%), 2.87%, 04/25/36 (a)(b)		517,123
	1,096,661	Bayview Financial Acquisition Trust REMIC (USD 1 Month LIBOR + 2.33%), 4.37%, 05/28/44 (b)		1,096,874
	500,000	Bayview Financial Acquisition Trust REMIC (USD 1 Month LIBOR + 2.10%), 4.14%, 04/28/39 (b)		500,423
	231,385	Bayview Financial Acquisition Trust REMIC, 6.21%, 05/28/37 (d)		231,297
	613,019	Cascade Funding Mortgage Trust, 4.00%, 10/25/68 (a)(c)		633,463

Principal Amount		Security Description	Value
$	1,100,000	Cascade Funding Mortgage Trust, 2.80%, 06/25/69 (a)(c)	$	1,113,605
	3,540	Citicorp Residential Mortgage Trust REMIC, 5.07%, 07/25/36 (d)		3,569
	999,944	Citigroup Mortgage Loan Trust, 3.50%, 01/25/66 (a)(c)		1,024,845
	125,610	Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (a)(c)		130,186
	517,049	Conseco Finance Corp. REMIC (USD 1 Month LIBOR + 2.75%), 4.78%, 04/15/32 (b)		520,153
	1,214	Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20		1,089
	159,521	Credit-Based Asset Servicing & Securitization, LLC REMIC (USD 1 Month LIBOR + 0.75%), 2.77%, 02/25/33 (b)		160,682
	262,236	Credit-Based Asset Servicing & Securitization, LLC REMIC, 5.40%, 12/25/37 (a)(d)		265,996
	892,621	EverBank Mortgage Loan Trust, 3.50%, 02/25/48 (a)(c)		903,744
	483,897	Flagstar Mortgage Trust, 3.50%, 10/25/47 (a)(c)		491,741
	435,330	Goldman Sachs Alternative Mortgage Products Trust REMIC (USD 1 Month LIBOR + 0.50%), 2.52%, 05/25/36 (a)(b)		432,759
	595,763	GSAMP Trust (USD 1 Month LIBOR + 0.52%), 2.54%, 01/25/35 (a)(b)		595,982
	70,000	JPMorgan Mortgage Acquisition Trust REMIC (USD 1 Month LIBOR + 0.23%), 2.25%, 07/25/36 (b)		69,984
	879,154	JPMorgan Mortgage Trust, 3.50%, 12/25/48 (a)(c)		890,065
	61,146	New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (a)(c)		63,223
	134,889	New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (a)(c)		139,159
	193,552	New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (a)(c)		200,444
	110,943	NovaStar Home Equity Loan Trust REMIC (USD 1 Month LIBOR + 1.73%), 3.74%, 03/25/35 (b)		111,846
	212,742	Oakwood Mortgage Investors, Inc. REMIC (USD 1 Month LIBOR + 0.38%), 2.40%, 03/15/21 (a)(b)		211,528
	180,238	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates REMIC (USD 1 Month LIBOR + 0.98%), 2.99%, 10/25/34 (b)		180,894

See accompanying Notes to Financial Statements.

3

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

SHORT-INTERMEDIATE BOND FUND

Principal Amount		Security Description	Value
$	11,679	Residential Accredit Loans, Inc. Trust REMIC (USD 1 Month LIBOR + 14.76%), 11.06%, 03/25/20 (b)	$	11,682
	54,297	Residential Accredit Loans, Inc. Trust REMIC, 5.50%, 02/25/35		55,393
	25,244	Residential Asset Securities Corp. Trust REMIC, 5.96%, 09/25/31 (c)		26,214
	8,562	Residential Asset Securities Corp. Trust REMIC, 3.87%, 05/25/33 (c)		8,679
	8,448	Residential Asset Securitization Trust REMIC, 3.75%, 10/25/21		8,396
	94,749	Salomon Brothers Mortgage Securities, 6.93%, 08/25/28		95,688
	461,335	Sequoia Mortgage Trust REMIC, 3.50%, 08/25/47 (a)(c)		463,556
	1,356,299	Towd Point Mortgage Trust, 3.25%, 07/25/58 (a)(c)		1,378,828
	474,504	Towd Point Mortgage Trust, 3.25%, 07/25/58 (a)(c)		481,240
	1,077,000	Towd Point Mortgage Trust, 3.00%, 11/25/58 (a)(c)		1,083,858
	174,746	Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (a)(c)		176,793
	362,234	Towd Point Mortgage Trust REMIC, 2.75%, 04/25/57 (a)(c)		364,981
	37,704	Truman Capital Mortgage Loan Trust REMIC (USD 1 Month LIBOR + 0.43%), 2.45%, 03/25/37 (a)(b)		39,106
	1,303,135	Wells Fargo Mortgage Backed Securities REMIC, 3.50%, 07/25/47 (a)(c)		1,313,866
				17,054,919
Total Non-U.S. Government Agency Asset Backed Securities (Cost $57,095,323)				57,422,636
Corporate Bonds - 31.5%
Communication Services - 1.5%
	1,780,000	AT&T, Inc. (USD 3 Month LIBOR + 1.18%), 3.31%, 06/12/24 (b)		1,812,574
	1,100,000	Verizon Communications, Inc., 5.15%, 09/15/23		1,230,238
				3,042,812
Consumer Discretionary - 4.7%
	800,000	AMC Networks, Inc., 4.75%, 12/15/22		811,248
	1,649,000	CBS Corp., 3.38%, 03/01/22		1,686,096
	1,740,000	Comcast Corp., 3.45%, 10/01/21		1,791,845
	1,923,000	Dollar General Corp., 3.25%, 04/15/23		1,986,734
	380,000	Hanesbrands, Inc., 4.63%, 05/15/24 (a)		400,429
	380,000	Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25		391,400
	815,000	Levi Strauss & Co., 5.00%, 05/01/25		846,426

Principal Amount		Security Description	Value
$	470,000	The Goodyear Tire & Rubber Co., 5.13%, 11/15/23	$	475,875
	940,000	Whirlpool Corp., MTN, 3.70%, 03/01/23		969,124
				9,359,177
Consumer Staples - 2.9%
	665,000	Church & Dwight Co., Inc., 2.45%, 12/15/19		664,867
	1,011,000	Church & Dwight Co., Inc., 2.88%, 10/01/22		1,025,872
	82,000	Kraft Heinz Foods Co., 4.88%, 02/15/25 (a)		84,418
	395,000	Land O'Lakes Capital Trust I, 7.45%, 03/15/28 (a)		424,625
	1,875,000	Reckitt Benckiser Treasury Services PLC, 2.75%, 06/26/24 (a)		1,909,877
	1,615,000	Walmart, Inc., 3.40%, 06/26/23		1,700,447
				5,810,106
Financials - 13.3%
	670,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, 01/15/25		683,810
	1,910,000	Bank of America Corp., 2.88%, 04/24/23 (c)		1,938,756
	1,130,000	BB&T Corp., MTN, 2.15%, 02/01/21		1,131,831
	475,000	BB&T Corp., MTN, 3.20%, 09/03/21		484,815
	475,000	CBRE Services, Inc., 5.25%, 03/15/25		531,906
	1,229,000	Chubb INA Holdings, Inc., 2.30%, 11/03/20		1,232,945
	1,935,000	Citigroup, Inc., 2.88%, 07/24/23 (c)		1,961,323
	1,785,000	Hartford Financial Services Group, Inc., 5.50%, 03/30/20		1,814,039
	1,797,000	Intercontinental Exchange, Inc., 4.00%, 10/15/23		1,918,388
	1,880,000	JPMorgan Chase & Co., 3.25%, 09/23/22		1,943,638
	1,865,000	KeyCorp, MTN, 2.90%, 09/15/20		1,878,968
	755,000	Metropolitan Life Global Funding I, 3.60%, 01/11/24 (a)		798,246
	1,935,000	Morgan Stanley, MTN, 2.63%, 11/17/21		1,952,636
	1,480,000	Prudential Financial, Inc., MTN, 5.38%, 06/21/20		1,514,281
	1,915,000	Regions Financial Corp., 3.20%, 02/08/21		1,938,584
	1,090,000	The Charles Schwab Corp., 3.25%, 05/21/21		1,112,447
	1,935,000	The Goldman Sachs Group, Inc. (USD 3 Month LIBOR + 1.11%), 3.38%, 04/26/22 (b)		1,951,612

See accompanying Notes to Financial Statements.

4

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

SHORT-INTERMEDIATE BOND FUND

Principal Amount		Security Description	Value
$	864,000	Wells Fargo & Co., Series K (callable at 100 beginning 12/15/19), 5.89%, 03/15/49 (c)(e)	$	874,800
				25,663,025
Health Care - 0.2%
	461,000	Becton Dickinson and Co., 2.68%, 12/15/19		461,135
Industrials - 5.2%
	2,595,000	BMW Finance NV, 2.40%, 08/14/24 (a)		2,596,421
	1,740,000	Huntington Ingalls Industries, Inc., 5.00%, 11/15/25 (a)		1,822,650
	1,907,000	Roper Technologies, Inc., 2.80%, 12/15/21		1,937,542
	1,805,000	Textron, Inc., 3.65%, 03/01/21		1,839,456
	1,160,000	TTX Co., 3.60%, 01/15/25 (a)		1,227,031
	545,000	Union Pacific Corp., 3.20%, 06/08/21		554,432
	400,000	Waste Management, Inc., 2.95%, 06/15/24		413,604
				10,391,136
Information Technology - 2.7%
	1,928,000	eBay, Inc., 2.75%, 01/30/23		1,951,407
	1,240,000	Harman International Industries, Inc., 4.15%, 05/15/25		1,310,711
	1,907,000	QUALCOMM, Inc., 2.90%, 05/20/24		1,958,401
				5,220,519
Materials - 0.6%
	1,172,000	Albemarle Corp., 4.15%, 12/01/24		1,250,847
Real Estate - 0.4%
	845,000	National Retail Properties, Inc., 3.80%, 10/15/22		877,323
Total Corporate Bonds (Cost $60,720,013)				62,076,080
Government & Agency Obligations - 36.4%
GOVERNMENT SECURITIES - 29.3%
Municipals - 0.3%
	500,000	City of Bellevue NE, Nebraska GO, 2.95%, 12/15/21		502,025
Treasury Inflation Index Securities - 0.9%
	1,854,643	U.S. Treasury Inflation Indexed Bonds, 0.13%, 04/15/22 (f)		1,838,228
U.S. Treasury Securities - 28.1%
	7,810,000	U.S. Treasury Note, 1.13%, 03/31/20		7,781,322
	22,475,000	U.S. Treasury Note, 2.00%, 02/28/21		22,553,136
	20,090,000	U.S. Treasury Note, 1.63%, 11/15/22		20,119,821
	3,630,000	U.S. Treasury Note, 2.75%, 11/15/23		3,799,873
	1,130,000	U.S. Treasury Note, 2.13%, 05/15/25		1,162,090
				55,416,242
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 7.1%
Federal Home Loan Mortgage Corp. - 2.7%
	1,550,000	Federal Home Loan Mortgage Corp., 2.11%, 12/15/25		1,537,228

Principal Amount		Security Description	Value
$	592,769	Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 09/15/45	$	104,796
	385,286	Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 11/15/43		50,453
	250,054	Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 08/15/45		40,538
	7,036	Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/20		7,050
	286,792	Federal Home Loan Mortgage Corp. REMIC, 2.25%, 03/15/30		287,710
	751,733	Federal Home Loan Mortgage Corp. REMIC, 3.00%, 09/15/37		763,681
	438,153	Federal Home Loan Mortgage Corp. REMIC, 3.00%, 04/15/37		442,016
	1,008,035	Federal Home Loan Mortgage Corp. REMIC, 3.50%, 06/15/50		1,042,718
	402,678	Federal Whole Loan Securities Trust, 3.50%, 05/25/47		408,115
	568,387	FRESB Mortgage Trust, 2.16%, 04/25/22 (c)		571,320
				5,255,625
Federal National Mortgage Association - 1.5%
	1,807,925	Federal National Mortgage Association, 4.00%, 08/25/42		1,873,177
	372,588	Federal National Mortgage Association #AJ4087, 3.00%, 10/01/26		382,424
	1,788,057	Federal National Mortgage Association Interest Only, 0.80%, 02/25/22 (c)		22,375
	2,003,450	Federal National Mortgage Association Interest Only, 0.32%, 01/25/22 (c)		8,594
	2,466,190	Federal National Mortgage Association Interest Only, 0.48%, 07/25/22 (c)		19,278
	463,814	Federal National Mortgage Association Interest Only, 2.71%, 01/25/39 (c)		38,334
	58,658	Federal National Mortgage Association REMIC, 4.00%, 02/25/26		59,633
	1,844	Federal National Mortgage Association REMIC, 4.00%, 07/25/21		1,845
	6,297	Federal National Mortgage Association REMIC, 3.00%, 04/25/37		6,289
	282,408	Federal National Mortgage Association REMIC, 3.50%, 05/25/41		290,005
	295,243	Federal National Mortgage Association REMIC, 2.50%, 09/25/39		296,708
				2,998,662
Government National Mortgage Association - 2.9%
	1,460,719	Government National Mortgage Association #511039, 6.30%, 12/15/40		1,461,154

See accompanying Notes to Financial Statements.

5

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

SHORT-INTERMEDIATE BOND FUND

Principal Amount		Security Description	Value
$	134,060	Government National Mortgage Association #559205, 7.25%, 09/15/31	$	134,192
	175,889	Government National Mortgage Association #559220, 7.00%, 01/15/33		176,077
	120,464	Government National Mortgage Association #610022, 5.60%, 08/15/34		120,564
	375,407	Government National Mortgage Association #632798, 5.13%, 11/15/34		375,736
	1,129,323	Government National Mortgage Association #675589, 7.13%, 04/15/35		1,224,873
	907,352	Government National Mortgage Association REMIC, 5.50%, 07/16/34		1,012,819
	60,468	Government National Mortgage Association REMIC, 3.47%, 10/16/44 (c)		60,428
	899,381	Government National Mortgage Association REMIC, 3.25%, 11/16/52 (c)		912,536
	291,271	Government National Mortgage Association REMIC, 2.67%, 02/16/44		291,117
	2,251	Government National Mortgage Association REMIC #751404, 5.11%, 06/20/61 (c)		2,289
				5,771,785
Total Government & Agency Obligations (Cost $70,999,443)				71,782,567

Shares		Security Description	Value
Preferred Stocks - 0.3%
Financials - 0.3%
	550	U.S. Bancorp, Series A (USD 3 Month LIBOR + 1.02%) (callable at 1,000 beginning 10/30/19), 3.50% (b)(e)		459,250
Total Preferred Stocks (Cost $564,328)				459,250
Short-Term Investments - 2.9%
Investment Company - 2.9%
	5,711,962	BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 1.81% (g)		5,711,962
Total Short-Term Investments (Cost $5,711,962)				5,711,962
Investments, at value - 100.3% (Cost $195,091,069)				197,452,495
Other liabilities in excess of assets - (0.3)%				(500,401	)
NET ASSETS - 100.0%			$	196,952,094

(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, 2019, the aggregate value of these liquid securities were $44,267,560 or 22.5% of net assets.

(b) Floating rate security. Rate presented is as of September 30, 2019.

(c) Variable or adjustable rate security, the interest rate of which adjusts periodically based on changes in current interest rates. Rate represented is as of September 30, 2019.

(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, 2019.

(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, 2019.

GO General Obligation

LIBOR London Interbank Offered Rate

LLC Limited Liability Company

MTN Medium Term Note

PLC Public Limited Company

RB Revenue Bond

REMIC Real Estate Mortgage Investment Conduit

See accompanying Notes to Financial Statements.

6

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

INCOME FUND

Principal Amount		Security Description	Value
Non-U.S. Government Agency Asset Backed Securities - 23.3%
Asset Backed Securities - 6.6%
$	1,455,000	Cabela's Credit Card Master Note Trust, 2.71%, 02/17/26 (a)	$	1,482,465
	1,475,000	Ford Credit Floorplan Master Owner Trust A, 2.16%, 11/15/21		1,474,574
	565,082	Preferred Term Securities XII, Ltd./ Preferred Term Securities XII, Inc. (USD 3 Month LIBOR + 0.70%), 2.84%, 12/24/33 (a)(b)		559,262
	1,707,412	Seasoned Credit Risk Transfer Trust, 3.50%, 03/25/58		1,778,433
	1,184,579	SLM Student Loan Trust (USD 3 Month LIBOR + 1.00%), 3.28%, 10/25/21 (b)		1,176,253
	1,783,251	SLM Student Loan Trust (USD 3 Month LIBOR + 1.65%), 3.93%, 07/25/22 (b)		1,801,332
	467,070	SLM Student Loan Trust (USD 3 Month LIBOR + 1.50%), 3.78%, 04/25/23 (b)		469,825
	1,020,377	Social Professional Loan Program, 2.34%, 04/25/33 (a)		1,022,989
	965,296	Social Professional Loan Program, 2.49%, 01/25/36 (a)		969,174
	875,000	Sofi Consumer Loan Program Trust, 3.35%, 04/26/27 (a)		882,421
	400,593	SoFi Consumer Loan Program Trust, 2.77%, 05/25/26 (a)		401,812
	305,248	SoFi Consumer Loan Program Trust, 2.50%, 05/26/26 (a)		305,626
	676,033	Stack Infrastructure Issuer, LLC, 4.54%, 02/25/44 (a)		708,572
	831,621	Vantage Data Centers Issuer, LLC, 4.07%, 02/16/43 (a)		864,411
				13,897,149
Non-Agency Commercial Mortgage Backed Securities - 7.3%
	1,200,000	American Tower Trust #1, 3.07%, 03/15/23 (a)		1,219,336
	905,000	BANK 2019-BNK16, 3.90%, 02/15/52		989,804
	960,000	CD Commercial Mortgage Trust, 4.21%, 08/15/51		1,068,359
	566,945	CFCRE Commercial Mortgage Trust REMIC, 3.83%, 12/15/47		582,072
	2,616,685	Citigroup Commercial Mortgage Trust Interest Only REMIC, 1.93%, 09/10/45 (a)(c)		110,967
	1,169,592	COMM Mortgage Trust Interest Only REMIC, 1.19%, 03/10/46 (c)		30,673

Principal Amount		Security Description	Value
$	1,620,000	Cosmopolitan Hotel Mortgage Trust REMIC (USD 1 Month LIBOR + 0.93%), 2.96%, 11/15/36 (a)(b)	$	1,619,995
	36,900	DBUBS Mortgage Trust Interest Only REMIC, 0.36%, 08/10/44 (a)(c)		138
	206,820,898	FREMF Mortgage Trust Interest Only, 0.10%, 08/25/44 (a)		311,452
	6,500,119	GS Mortgage Securities Trust Interest Only REMIC, 1.50%, 08/10/44 (a)(c)		114,813
	1,575,000	Hudson Yards Mortgage Trust, 3.23%, 07/10/39 (a)		1,671,534
	485,758	LSTAR Commercial Mortgage Trust REMIC, 3.13%, 04/20/48 (a)(c)		486,205
	975,000	Morgan Stanley Capital I Trust, 3.30%, 06/15/50		1,016,914
	1,050,000	Seasoned Loans Structured Transaction Trust, 2.75%, 09/25/29 (d)		1,059,730
	938,893	Sutherland Commercial Mortgage Trust, 2.86%, 12/25/35 (a)(c)		941,676
	830,000	UBS Commercial Mortgage Trust, 4.19%, 08/15/51		916,504
	840,272	Wells Fargo Commercial Mortgage Trust Interest Only REMIC, 1.92%, 10/15/45 (a)(c)		36,186
	493,295	Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45		495,262
	2,691,775	Wells Fargo-RBS Commercial Mortgage Trust Interest Only REMIC, 2.06%, 11/15/45 (a)(c)		128,790
	685,546	Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.63%, 03/15/45		691,718
	1,735,000	Wells Fargo-RBS Commercial Mortgage Trust REMIC, 3.65%, 12/15/46		1,757,703
				15,249,831
Non-Agency Residential Mortgage Backed Securities - 9.4%
	423,881	Bayview Commercial Asset Trust REMIC (USD 1 Month LIBOR + 0.87%), 2.89%, 12/25/33 (a)(b)		418,153
	597,435	Bayview Financial Acquisition Trust REMIC (USD 1 Month LIBOR + 2.33%), 4.37%, 05/28/44 (b)		597,551
	789,957	Bayview Financial Acquisition Trust REMIC (USD 1 Month LIBOR + 1.88%), 3.92%, 08/28/44 (b)		796,149
	560,000	Bayview Financial Acquisition Trust REMIC (USD 1 Month LIBOR + 2.10%), 4.14%, 04/28/39 (b)		560,474
	4,242	Citicorp Residential Mortgage Trust REMIC, 5.07%, 07/25/36 (e)		4,277
	1,079,010	Citigroup Mortgage Loan Trust, 3.50%, 01/25/66 (a)(c)		1,105,879

See accompanying Notes to Financial Statements.

7

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

INCOME FUND

Principal Amount		Security Description	Value
$	867,016	Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (a)(c)	$	898,599
	201,573	Citigroup Mortgage Loan Trust, Inc. REMIC, 6.50%, 07/25/34		220,344
	26,918	Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.75%, 04/25/33		27,940
	1,215	Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20		1,091
	159,521	Credit-Based Asset Servicing & Securitization, LLC REMIC (USD 1 Month LIBOR + 0.75%), 2.77%, 02/25/33 (b)		160,682
	234,632	Credit-Based Asset Servicing & Securitization, LLC REMIC, 5.40%, 12/25/37 (a)(e)		237,996
	590,105	CSMLT Trust, 3.00%, 10/25/30 (a)(c)		598,759
	884,120	EverBank Mortgage Loan Trust, 3.50%, 02/25/48 (a)(c)		895,137
	636,535	Flagstar Mortgage Trust, 3.50%, 10/25/47 (a)(c)		646,854
	313,800	Goldman Sachs Alternative Mortgage Products Trust REMIC (USD 1 Month LIBOR + 0.50%), 2.52%, 05/25/36 (a)(b)		311,947
	71,667	JPMorgan Mortgage Acquisition Trust REMIC (USD 1 Month LIBOR + 0.23%), 2.25%, 07/25/36 (b)		71,650
	1,064,239	JPMorgan Mortgage Trust, 3.50%, 12/25/48 (a)(c)		1,077,447
	766,252	JPMorgan Mortgage Trust, 3.50%, 12/25/48 (a)(c)		773,982
	508,197	Mill City Mortgage Loan Trust, 2.75%, 11/25/58 (a)(c)		509,509
	697,145	New Residential Mortgage Loan Trust, 4.00%, 12/25/57 (a)(c)		723,051
	337,252	New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (a)(c)		348,710
	343,353	New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (a)(c)		354,224
	689,787	New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (a)(c)		714,348
	131,547	NovaStar Home Equity Loan Trust REMIC (USD 1 Month LIBOR + 1.73%), 3.74%, 03/25/35 (b)		132,617
	13,711	Residential Accredit Loans, Inc. Trust REMIC (USD 1 Month LIBOR + 14.76%), 11.06%, 03/25/20 (b)		13,715
	36,577	Residential Accredit Loans, Inc. Trust REMIC, 5.50%, 02/25/35		37,315

Principal Amount		Security Description	Value
$	21,205	Residential Asset Securities Corp. Trust REMIC, 5.96%, 09/25/31 (c)	$	22,020
	319,078	Salomon Brothers Mortgage Securities, 6.93%, 08/25/28		322,241
	835,407	Seasoned Credit Risk Transfer Trust, 2.75%, 05/25/57 (e)		855,620
	1,094,773	Sequoia Mortgage Trust REMIC, 3.50%, 03/25/48 (a)(c)		1,111,152
	779,622	Sequoia Mortgage Trust REMIC, 3.50%, 05/25/48 (a)(c)		793,586
	983,900	Sequoia Mortgage Trust REMIC, 3.00%, 11/25/30 (a)(c)		1,000,695
	706,338	Sequoia Mortgage Trust REMIC, 3.50%, 08/25/47 (a)(c)		709,738
	544,218	Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (a)(c)		550,592
	476,020	Towd Point Mortgage Trust REMIC, 2.75%, 10/25/56 (a)(c)		480,357
	505,443	Towd Point Mortgage Trust REMIC, 2.75%, 04/25/57 (a)(c)		509,276
	1,145,791	Wells Fargo Mortgage Backed Securities, 3.50%, 07/25/47 (a)(c)		1,167,116
				19,760,793
Total Non-U.S. Government Agency Asset Backed Securities (Cost $48,201,131)				48,907,773
Corporate Bonds - 29.2%
Communication Services - 1.3%
	1,180,000	AT&T, Inc., 5.15%, 03/15/42		1,357,278
	1,264,000	Verizon Communications, Inc., 4.27%, 01/15/36		1,423,575
				2,780,853
Consumer Discretionary - 5.6%
	1,010,000	AMC Networks, Inc., 4.75%, 12/15/22		1,024,201
	370,000	Comcast Corp., 4.15%, 10/15/28		415,148
	770,000	Comcast Corp., Class A, 3.30%, 02/01/27		813,666
	1,289,000	Dollar General Corp., 3.25%, 04/15/23		1,331,722
	700,000	Hanesbrands, Inc., 4.63%, 05/15/24 (a)		737,632
	580,000	Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25		597,400
	920,000	Levi Strauss & Co., 5.00%, 05/01/25		955,475
	615,000	Newell Brands, Inc., 4.00%, 06/15/22		632,555
	410,000	Newell Brands, Inc., 4.20%, 04/01/26		428,298
	1,065,000	NIKE, Inc., 3.88%, 11/01/45		1,217,977
	860,000	The Goodyear Tire & Rubber Co., 5.13%, 11/15/23		870,750
	1,197,000	The Walt Disney Co., Class E, 4.13%, 12/01/41		1,409,031
	1,065,000	Whirlpool Corp., 4.70%, 06/01/22		1,131,853
				11,565,708

See accompanying Notes to Financial Statements.

8

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

INCOME FUND

Principal Amount		Security Description	Value
Consumer Staples - 2.0%
$	1,100,000	Church & Dwight Co., Inc., 2.88%, 10/01/22	$	1,116,181
	530,000	Land O'Lakes Capital Trust I, 7.45%, 03/15/28 (a)		569,750
	1,365,000	Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/27 (a)		1,403,281
	965,000	Walmart, Inc., 3.70%, 06/26/28		1,070,473
				4,159,685
Financials - 10.7%
	1,235,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, 01/15/25		1,260,455
	327,367	Altitude Investments 16, LLC, 2.49%, 03/14/26		333,374
	1,290,000	Bank of America Corp., MTN, 3.56%, 04/23/27 (c)		1,361,810
	1,045,000	CBRE Services, Inc., 5.25%, 03/15/25		1,170,193
	1,248,000	Citigroup, Inc., 3.89%, 01/10/28 (c)		1,335,529
	920,000	CME Group, Inc., 3.00%, 03/15/25		963,671
	494,000	Crown Castle International Corp., 4.88%, 04/15/22		525,172
	1,074,000	Hartford Financial Services Group, Inc., 5.50%, 03/30/20		1,091,472
	930,000	Intercontinental Exchange, Inc., 4.25%, 09/21/48		1,112,315
	1,295,000	JPMorgan Chase & Co., 3.20%, 06/15/26		1,345,842
	1,155,000	KeyCorp, MTN, 2.90%, 09/15/20		1,163,650
	785,000	Metropolitan Life Global Funding I, 3.60%, 01/11/24 (a)		829,965
	1,270,000	Morgan Stanley, GMTN, 3.75%, 02/25/23		1,328,838
	1,285,000	Regions Financial Corp., 3.80%, 08/14/23		1,355,561
	1,225,000	The Charles Schwab Corp., 3.85%, 05/21/25		1,320,216
	1,097,000	The Chubb Corp., 6.80%, 11/15/31		1,520,975
	1,295,000	The Goldman Sachs Group, Inc., 3.85%, 01/26/27		1,373,601
	1,270,000	U.S. Bancorp, Series J (callable at 100 beginning 04/15/27), 5.30%, 10/15/49 (c)(f)		1,361,059
	1,350,000	Wells Fargo & Co., 3.00%, 04/22/26		1,384,506
	244,000	Wells Fargo & Co., Series K (callable at 100 beginning 12/15/19), 5.89%, 03/15/49 (c)(f)		247,050
				22,385,254
Health Care - 0.6%
	1,109,000	Becton Dickinson and Co., 3.73%, 12/15/24		1,173,581

Principal Amount		Security Description	Value
Industrials - 4.2%
$	1,340,000	BMW Finance NV, 2.85%, 08/14/29 (a)	$	1,347,677
	1,200,000	Burlington Northern Santa Fe, LLC, 4.55%, 09/01/44		1,441,514
	1,184,000	Huntington Ingalls Industries, Inc., 5.00%, 11/15/25 (a)		1,240,240
	1,132,000	Raytheon Co., 4.88%, 10/15/40		1,428,182
	1,123,000	Textron, Inc., 3.65%, 03/01/21		1,144,437
	645,000	TTX Co., 4.60%, 02/01/49 (a)		794,329
	1,275,000	Waste Management, Inc., 3.45%, 06/15/29		1,375,164
				8,771,543
Information Technology - 2.5%
	1,058,000	eBay, Inc., 3.60%, 06/05/27		1,101,744
	1,331,000	Harman International Industries, Inc., 4.15%, 05/15/25		1,406,900
	1,035,000	Oracle Corp., 5.38%, 07/15/40		1,346,690
	1,325,000	QUALCOMM, Inc., 3.25%, 05/20/27		1,386,002
				5,241,336
Materials - 1.1%
	1,126,000	Albemarle Corp., 5.45%, 12/01/44		1,278,708
	959,000	The Mosaic Co., 5.45%, 11/15/33		1,086,173
				2,364,881
Real Estate - 0.6%
	1,150,000	National Retail Properties, Inc., 4.30%, 10/15/28		1,272,040
Utilities - 0.6%
	954,000	PacifiCorp, 6.25%, 10/15/37		1,346,687
Total Corporate Bonds (Cost $57,045,902)				61,061,568
Government & Agency Obligations - 47.1%
GOVERNMENT SECURITIES - 18.0%
Municipals - 1.5%
	500,000	City of Bellevue NE, Nebraska GO, 2.95%, 12/15/21		502,025
	307,352	Florida Housing Finance Corp., Florida RB FHLMC, 3.00%, 01/01/36		311,036
	530,000	New York City Transitional Finance Authority Future Tax Secured Revenue, New York RB, 5.77%, 08/01/36		674,997
	340,000	New York City Water & Sewer System, New York RB, 5.72%, 06/15/42		487,788
	225,000	State of Connecticut, Connecticut GO, 4.95%, 12/01/20		232,000
	225,000	State of Connecticut, Connecticut GO, 5.63%, 12/01/29		279,056
	410,000	West Haymarket Joint Public Agency, Nebraska GO, 6.00%, 12/15/39		589,609
				3,076,511

See accompanying Notes to Financial Statements.

9

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

INCOME FUND

Principal Amount		Security Description	Value
Treasury Inflation Index Securities - 2.0%
$	2,737,071	U.S. Treasury Inflation Indexed Bond, 1.75%, 01/15/28 (g)	$	3,029,983
	1,132,920	U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (g)		1,122,824
				4,152,807
U.S. Treasury Securities - 14.5%
	1,660,000	U.S. Treasury Bond, 5.38%, 02/15/31		2,288,920
	1,400,000	U.S. Treasury Bond, 4.75%, 02/15/37		2,007,414
	10,250,000	U.S. Treasury Bond, 3.63%, 08/15/43		13,228,906
	460,000	U.S. Treasury Note, 1.63%, 11/15/22		460,683
	12,070,000	U.S. Treasury Note, 2.13%, 05/15/25		12,412,769
				30,398,692
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 29.1%
Federal Home Loan Mortgage Corp. - 11.2%
	1,350,000	Federal Home Loan Mortgage Corp., 3.46%, 11/25/32		1,495,083
	1,111,771	Federal Home Loan Mortgage Corp., 4.00%, 04/15/51		1,177,056
	930,000	Federal Home Loan Mortgage Corp., 3.78%, 10/25/28 (c)		1,044,537
	708,970	Federal Home Loan Mortgage Corp. #A96132, 4.50%, 01/01/41		768,747
	413,609	Federal Home Loan Mortgage Corp. #C91345, 4.50%, 11/01/30		443,721
	350,681	Federal Home Loan Mortgage Corp. #C91386, 4.50%, 08/01/31		377,133
	1,039,889	Federal Home Loan Mortgage Corp. #G07801, 4.00%, 10/01/44		1,101,359
	31,408	Federal Home Loan Mortgage Corp. #G14820, 3.50%, 12/01/26		32,495
	1,745,853	Federal Home Loan Mortgage Corp. #G60344, 4.00%, 12/01/45		1,865,562
	2,026,891	Federal Home Loan Mortgage Corp. #SB8006, 3.00%, 09/01/34		2,072,908
	1,994,126	Federal Home Loan Mortgage Corp. #V80169, 3.00%, 07/01/43		2,056,397
	1,459,123	Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 09/15/45		257,959
	797,173	Federal Home Loan Mortgage Corp. REMIC, 4.50%, 07/15/41		864,332
	48,735	Federal Home Loan Mortgage Corp. REMIC, 4.50%, 06/15/21		48,914
	238,879	Federal Home Loan Mortgage Corp. REMIC, 4.00%, 06/15/37		241,960
	761,601	Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/40		794,641
	251,736	Federal Home Loan Mortgage Corp. REMIC, 4.00%, 02/15/39		259,038
	322,850	Federal Home Loan Mortgage Corp. REMIC, 3.50%, 06/15/50		333,958

Principal Amount		Security Description	Value
$	454,055	Federal Home Loan Mortgage Corp. REMIC, 4.00%, 04/15/41	$	469,387
	289,678	Federal Home Loan Mortgage Corp. REMIC, 3.50%, 11/15/42		299,485
	1,038,023	Federal Home Loan Mortgage Corp. REMIC, 3.50%, 07/15/42		1,080,941
	1,551,649	Federal Home Loan Mortgage Corp. REMIC, 3.00%, 01/15/55		1,610,053
	613,053	Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/43		638,227
	960,000	Federal Home Loan Mortgage Corp. REMIC, 3.50%, 06/15/37		1,045,099
	509,080	FRESB Mortgage Trust, 3.70%, 10/25/28 (c)		552,029
	1,479,266	Seasoned Credit Risk Transfer Trust, 4.50%, 06/25/57		1,577,033
	784,673	Seasoned Credit Risk Transfer Trust, 3.00%, 07/25/56 (e)		810,848
				23,318,902
Federal National Mortgage Association - 15.4%
	999,488	Federal National Mortgage Association, 4.14%, 04/25/29 (c)		1,105,538
	1,025,505	Federal National Mortgage Association #386641, 5.80%, 12/01/33		1,023,743
	23,211	Federal National Mortgage Association #679256, 7.50%, 08/01/22		23,338
	185,507	Federal National Mortgage Association #725705, 5.00%, 08/01/34		204,832
	182,499	Federal National Mortgage Association #890310, 4.50%, 12/01/40		197,714
	14,869	Federal National Mortgage Association #933279, 5.50%, 08/01/37		16,074
	27,792	Federal National Mortgage Association #AA5564, 4.00%, 06/01/24		28,914
	138,137	Federal National Mortgage Association #AA7002, 4.50%, 06/01/39		149,699
	720,619	Federal National Mortgage Association #AB9814, 3.00%, 07/01/43		742,756
	49,871	Federal National Mortgage Association #AC0559, 4.00%, 10/01/24		51,897
	301,384	Federal National Mortgage Association #AD0575, 4.50%, 01/01/40		331,865
	55,761	Federal National Mortgage Association #AE0336, 6.00%, 09/01/38		64,058
	678,876	Federal National Mortgage Association #AL0240, 4.00%, 04/01/41		725,301
	202,090	Federal National Mortgage Association #AL2382, 4.00%, 02/01/42		217,593
	363,484	Federal National Mortgage Association #AL5404, 4.16%, 08/01/21		371,236
	899,891	Federal National Mortgage Association #AL9970, 3.41%, 02/01/27		971,244

See accompanying Notes to Financial Statements.

10

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

INCOME FUND

Principal Amount		Security Description	Value
$	2,189,731	Federal National Mortgage Association #AM2127, 3.31%, 01/01/33	$	2,363,022
	1,326,830	Federal National Mortgage Association #AM2922, 3.75%, 04/01/43		1,431,928
	1,880,000	Federal National Mortgage Association #AN8526, 3.53%, 03/01/28		2,027,017
	931,714	Federal National Mortgage Association #AS0784, 4.00%, 10/01/43		991,162
	1,024,944	Federal National Mortgage Association #AS3175, 4.50%, 08/01/44		1,117,637
	1,839,652	Federal National Mortgage Association #AS3909, 4.00%, 11/01/44		1,947,266
	704,520	Federal National Mortgage Association #AS5235, 3.50%, 06/01/45		744,170
	2,775,167	Federal National Mortgage Association #AS6994, 4.00%, 04/01/46		2,928,632
	1,306,198	Federal National Mortgage Association #BH9216, 4.00%, 01/01/48		1,382,508
	934,001	Federal National Mortgage Association #CA0684, 3.50%, 11/01/47		981,651
	1,074,424	Federal National Mortgage Association #MA3384, 4.00%, 06/01/48		1,120,420
	1,397,344	Federal National Mortgage Association Interest Only, 0.80%, 02/25/22 (c)		17,486
	3,562,275	Federal National Mortgage Association Interest Only, 0.48%, 07/25/22 (c)		27,845
	720,392	Federal National Mortgage Association Interest Only, 2.71%, 01/25/39 (c)		59,540
	1,975,000	Federal National Mortgage Association Interest Only #AM7762, 3.49%, 01/01/35		2,151,669
	12,545	Federal National Mortgage Association REMIC, 3.00%, 04/25/37		12,529
	255,344	Federal National Mortgage Association REMIC, 3.50%, 05/25/41		262,213
	414,167	Federal National Mortgage Association REMIC, 4.00%, 01/25/33		446,247
	253,528	Federal National Mortgage Association REMIC, 5.00%, 02/25/32		280,035
	595,412	Federal National Mortgage Association REMIC, 4.00%, 07/25/39		610,162
	603,905	Federal National Mortgage Association REMIC, 2.50%, 09/25/39		606,903
	886,628	Federal National Mortgage Association REMIC, 1.50%, 01/25/40		877,876
	1,274,496	Federal National Mortgage Association REMIC, 3.00%, 08/25/43		1,314,573
	1,242,895	Federal National Mortgage Association REMIC, 3.00%, 08/25/45		1,273,698
	955,000	Federal National Mortgage Association REMIC, 4.00%, 11/25/37		1,081,913
				32,283,904

Principal Amount			Security Description	Value
Government National Mortgage Association - 2.5%
$	1,360,555		Government National Mortgage Association, 2.85%, 04/16/50	$	1,380,477
	974,672		Government National Mortgage Association, 3.50%, 01/20/69 (c)		1,027,504
	865,465		Government National Mortgage Association #AD8811, 3.00%, 03/20/43		893,899
	1,789,235		Government National Mortgage Association REMIC, 5.50%, 07/16/34		1,997,209
	4,501		Government National Mortgage Association REMIC #751404, 5.11%, 06/20/61 (c)		4,579
					5,303,668
Small Business Administration Participation Certificates - 0.0%
	24,417	��	SBA Small Business Investment Cos., 2.88%, 09/10/21		24,529
Total Government & Agency Obligations (Cost $93,645,187)					98,559,013

Shares		Security Description	Value
Short-Term Investments - 0.0%
Investment Company - 0.0%
	117,058	BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 1.81% (h)		117,058
Total Short-Term Investments (Cost $117,058)				117,058
Investments, at value - 99.6% (Cost $199,009,278)				208,645,412
Other assets in excess of liabilities - 0.4%				739,590
NET ASSETS - 100.0%			$	209,385,002

(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, 2019, the aggregate value of these liquid securities were $36,697,805 or 17.5% of net assets.

(b) Floating rate security. Rate presented is as of September 30, 2019.

(c) Variable or adjustable rate security, the interest rate of which adjusts periodically based on changes in current interest rates. Rate represented is as of September 30, 2019.

(d) Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $1,059,730 or 0.5% of net assets.

(e) 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, 2019.

(f) Perpetual maturity security.

(g) U.S. Treasury inflation indexed security, par amount is adjusted for inflation.

(h) Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

See accompanying Notes to Financial Statements.

11

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

INCOME FUND

FHLMC Federal Home Loan Mortgage Corporation

GMTN Global Medium Term Note

GO General Obligation

LIBOR London Interbank Offered Rate

LLC Limited Liability Company

MTN Medium Term Note

PLC Public Limited Company

RB Revenue Bond

REMIC Real Estate Mortgage Investment Conduit

See accompanying Notes to Financial Statements.

12

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

NEBRASKA TAX-FREE FUND

Principal Amount		Security Description	Value
Government & Agency Obligations - 98.6%
GOVERNMENT SECURITIES - 97.8%
Municipals - 97.8%
Iowa - 0.2%
$	100,000	Xenia Rural Water District, Iowa RB, 3.00%, 12/01/20	$	101,182
Nebraska - 96.3%
	250,000	Adams County School District No. 18, Nebraska GO, 4.00%, 12/15/33		293,637
	300,000	Adams County School District No. 18, Nebraska GO, 4.00%, 12/15/26		350,901
	210,000	Cass County Sanitary & Improvement District No. 1, Nebraska GO, 2.30%, 10/15/23		210,317
	185,000	Cass County Sanitary & Improvement District No. 1, Nebraska GO, 2.40%, 10/15/24		185,683
	175,000	Cass County Sanitary & Improvement District No. 9, Nebraska GO, 2.90%, 05/15/22		177,163
	250,000	Cass County School District No. 56 Conestoga, Nebraska GO, 1.20%, 12/15/19		249,937
	100,000	Cass County School District No. 56 Conestoga, Nebraska GO, 1.30%, 12/15/20		100,023
	500,000	City of Bellevue NE, Nebraska GO, 1.65%, 12/15/20		501,480
	215,000	City of Blair NE, Nebraska GO, 2.15%, 09/15/23		218,240
	220,000	City of Blair NE, Nebraska GO, 2.30%, 09/15/24		223,978
	650,000	City of Columbus NE Combined Utilities System Revenue, Nebraska RB, 5.00%, 06/15/29		829,517
	630,000	City of Columbus NE Sales Tax Revenue, Nebraska RB, 5.00%, 09/15/23		713,992
	345,000	City of Fremont NE Combined Utility System Revenue, Nebraska RB, 3.00%, 10/15/25		356,240
	65,000	City of Grand Island NE Electric System Revenue, Nebraska RB, 5.00%, 08/15/27		74,134
	275,000	City of Hastings NE Combined Utility Revenue, Nebraska RB, 4.50%, 10/15/21		275,660
	300,000	City of Hastings NE Combined Utility Revenue, Nebraska RB, 4.50%, 10/15/26		300,699

Principal Amount		Security Description	Value
$	375,000	City of La Vista NE, Nebraska COP, 3.00%, 12/15/25	$	394,538
	130,000	City of La Vista NE, Nebraska GO, 1.00%, 05/01/21		129,849
	235,000	City of La Vista NE, Nebraska GO, 3.00%, 09/01/27		246,896
	515,000	City of Lincoln NE, Nebraska RB, 2.50%, 04/01/20		517,796
	700,000	City of Lincoln NE, Nebraska RB, 4.50%, 08/15/22		729,519
	480,000	City of Lincoln NE, Nebraska RB, 4.00%, 08/15/26		515,256
	500,000	City of Lincoln NE, Nebraska RB, 3.55%, 04/01/27		519,790
	250,000	City of Lincoln NE Electric System Revenue, Nebraska RB, 3.13%, 09/01/30		258,045
	110,000	City of Lincoln NE Electric System Revenue, Nebraska RB, 5.00%, 09/01/28		121,133
	55,000	City of Lincoln NE Electric System Revenue, Nebraska RB, 5.00%, 09/01/28		60,650
	360,000	City of North Platte NE, Nebraska GO, 3.00%, 12/15/26		381,654
	29,000	City of Ogallala NE, Nebraska COP, 1.15%, 10/15/19		28,996
	575,000	City of Omaha NE, Nebraska GO, 5.25%, 04/01/20		586,368
	500,000	City of Omaha NE, Nebraska GO, 5.00%, 01/15/29		619,665
	500,000	City of Omaha NE, Nebraska GO, 6.50%, 12/01/30		713,455
	200,000	City of Omaha NE, Nebraska GO, 5.00%, 05/01/33		234,920
	470,000	City of Omaha NE, Nebraska GO, 4.00%, 04/15/22		502,049
	190,000	City of Omaha NE, Nebraska RB, 5.00%, 02/01/26		206,405
	355,000	City of Omaha NE, Nebraska Special Tax Bond, 5.00%, 01/15/28		441,244
	200,000	City of Omaha NE Sewer Revenue, Nebraska RB, 5.00%, 04/01/24		231,484
	350,000	City of Papillion NE, Nebraska GO, 3.00%, 09/15/26		366,684
	285,000	City of Papillion NE, Nebraska GO, 3.00%, 09/15/27		297,600
	105,000	City of Papillion NE Water Revenue, Nebraska RB, 1.80%, 10/01/20		105,065
	105,000	City of Papillion NE Water Revenue, Nebraska RB, 2.05%, 10/01/21		105,088

See accompanying Notes to Financial Statements.

13

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

NEBRASKA TAX-FREE FUND

Principal Amount		Security Description	Value
$	275,000	County of Buffalo NE, Nebraska GO, 4.00%, 12/15/31	$	289,366
	375,000	County of Butler NE, Nebraska GO, 2.10%, 01/15/26		375,874
	120,000	County of Douglas NE, Nebraska RB, 3.60%, 10/01/27		120,137
	250,000	County of Sarpy NE, Nebraska COP, 2.80%, 12/15/20		253,805
	105,000	Douglas County Hospital Authority No. 1, Nebraska RB, AMBAC, 5.25%, 09/01/21		110,725
	500,000	Douglas County Hospital Authority No. 2, Nebraska RB, 5.50%, 01/01/30		504,585
	1,000,000	Douglas County Hospital Authority No. 2, Nebraska RB, 4.00%, 05/15/32		1,110,740
	220,000	Douglas County Hospital Authority No. 2, Nebraska RB, 5.00%, 05/15/26		267,300
	750,000	Douglas County Public Facilities Corp., Nebraska RB, 2.00%, 05/01/24		756,330
	200,000	Douglas County Sanitary & Improvement District No. 453, Nebraska GO, 2.80%, 10/01/31		196,878
	580,000	Douglas County Sanitary & Improvement District No. 464, Nebraska GO, 3.65%, 03/15/33		580,412
	260,000	Douglas County Sanitary & Improvement District No. 484, Nebraska GO, 3.00%, 08/15/29		262,896
	105,000	Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.85%, 03/15/33		105,911
	295,000	Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.90%, 03/15/34		297,623
	210,000	Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.95%, 03/15/35		211,865
	190,000	Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 4.00%, 03/15/36		191,723
	95,000	Douglas County Sanitary & Improvement District No. 535, Nebraska GO, 2.55%, 10/15/20		95,039
	115,000	Douglas County Sanitary & Improvement District No. 541, Nebraska GO, 2.95%, 07/15/24		115,845
	85,000	Douglas County Sanitary & Improvement District No. 549, Nebraska GO, 3.10%, 05/15/30		85,666
	100,000	Douglas County Sanitary & Improvement District No. 549, Nebraska GO, 3.05%, 05/15/29		100,750

Principal Amount		Security Description	Value
$	100,000	Douglas County Sanitary & Improvement District No. 557, Nebraska GO, 4.25%, 11/15/34	$	101,579
	750,000	Douglas County School District No. 59, Nebraska GO, 3.00%, 12/15/35		773,775
	750,000	Douglas County School District No. 59/ NE, Nebraska GO, 4.00%, 06/15/27		829,485
	700,000	Elkhorn School District, Nebraska GO, 5.00%, 01/15/30		758,471
	665,000	Elkhorn School District, Nebraska GO, 4.00%, 12/15/34		744,334
	1,430,000	Elkhorn School District, Nebraska GO, 4.00%, 12/15/35		1,623,608
	325,000	Elkhorn School District, Nebraska GO, 5.00%, 12/15/28		421,678
	300,000	Elkhorn School District, Nebraska GO, 5.00%, 12/15/28		389,241
	350,000	Elkhorn School District, Nebraska GO, 5.00%, 12/15/29		449,120
	250,000	Elkhorn School District, Nebraska GO, 4.00%, 01/15/32		265,267
	47,000	Elm Creek Rural Fire Protection District No. 7, Nebraska GO, 1.40%, 10/15/20		47,032
	370,000	Fremont School District, Nebraska GO, 5.00%, 12/15/29		480,001
	265,000	Grand Island Public Schools, Nebraska GO, 5.00%, 12/15/39		313,434
	185,000	Grand Island Public Schools, Nebraska GO, 4.00%, 12/15/24		195,686
	730,000	Gretna Public Schools, Nebraska GO, 4.00%, 06/15/31		863,911
	455,000	Gretna Public Schools, Nebraska GO, 5.00%, 06/15/33		578,055
	700,000	Gretna Public Schools, Nebraska GO, 4.00%, 06/15/34		810,838
	735,000	Gretna Public Schools, Nebraska GO, 4.00%, 12/15/24		828,771
	265,000	Gretna Public Schools, Nebraska GO, 4.00%, 12/15/25		304,453
	105,000	Knox County School District No. 501, Nebraska GO, 2.00%, 12/15/19		105,022
	900,000	Lancaster County Correctional Facility Joint Public Agency, Nebraska GO, 5.00%, 12/01/27		1,153,314
	500,000	Lancaster County School District 001, Nebraska GO, 4.00%, 01/15/31		582,950
	750,000	Lancaster County School District 001, Nebraska GO, 4.00%, 01/15/26		859,320
	500,000	Lincoln County Hospital Authority No. 1, Nebraska RB, 5.00%, 11/01/32		528,750

See accompanying Notes to Financial Statements.

14

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

NEBRASKA TAX-FREE FUND

Principal Amount		Security Description	Value
$	200,000	Lincoln County Hospital Authority No. 1, Nebraska RB, 5.00%, 11/01/25	$	212,934
	500,000	Lincoln-Lancaster County Public Building Commission, Nebraska RB, 3.00%, 12/01/26		546,610
	1,000,000	Loup River Public Power District, Nebraska RB, 2.00%, 12/01/26		1,018,570
	415,000	Metropolitan Community College Area, Nebraska COP, 4.00%, 03/01/20		419,694
	500,000	Metropolitan Community College Area, Nebraska COP, 3.00%, 03/01/26		537,655
	500,000	Metropolitan Utilities District of Omaha Gas System Revenue, Nebraska RB, 4.00%, 12/01/26		563,380
	1,000,000	Metropolitan Utilities District of Omaha Water System Revenue, Nebraska RB, 5.00%, 12/01/21		1,078,940
	180,000	Mid-Plains Community College Area Facilities Corp., Nebraska RB, 3.00%, 10/15/25		183,607
	1,475,000	Municipal Energy Agency of Nebraska, Nebraska RB, 5.00%, 04/01/30		1,599,328
	140,000	Municipal Energy Agency of Nebraska, Nebraska RB, 5.00%, 04/01/31		151,726
	210,000	Municipal Energy Agency of Nebraska, Nebraska RB, 5.00%, 04/01/25		234,520
	200,000	Municipal Energy Agency of Nebraska, Nebraska RB, 5.00%, 04/01/26		216,484
	540,000	Municipal Energy Agency of Nebraska, Nebraska RB, 5.00%, 04/01/27		584,091
	330,000	Nebraska Investment Finance Authority, Nebraska RB, 2.45%, 09/01/24		342,533
	230,000	Nebraska Investment Finance Authority, Nebraska RB, 2.80%, 09/01/26		245,139
	540,000	Nebraska Investment Finance Authority, Nebraska RB FHLMC, 1.40%, 09/01/20		540,146
	445,000	Nebraska Investment Finance Authority, Nebraska RB FHLMC, 1.50%, 03/01/21		445,182
	500,000	Nebraska Investment Finance Authority, Nebraska RB FHLMC, 2.00%, 03/01/24		508,120
	175,000	Nebraska Investment Finance Authority, Nebraska RB, 2.35%, 09/01/24		180,908
	1,050,000	Nebraska Public Power District, Nebraska RB, 5.00%, 01/01/32		1,129,033
	540,000	Nebraska Public Power District, Nebraska RB, 5.00%, 01/01/34		580,370
	150,000	Nebraska Public Power District, Nebraska RB, 5.00%, 01/01/26		161,595

Principal Amount		Security Description	Value
$	200,000	Nebraska Public Power District, Nebraska RB, 5.00%, 01/01/27	$	215,322
	600,000	Nebraska Public Power District, Nebraska RB, 5.00%, 01/01/29		644,862
	1,995,000	Nebraska Public Power District, Nebraska RB, 5.00%, 01/01/31		2,079,289
	1,000,000	Nebraska State College Facilities Corp., Nebraska RB, 5.00%, 07/15/26		1,220,590
	315,000	Nebraska State Colleges, Nebraska RB, 3.00%, 07/01/25		315,293
	785,000	Omaha Public Facilities Corp., Nebraska RB, 4.00%, 06/01/27		911,338
	525,000	Omaha Public Facilities Corp., Nebraska RB, 4.00%, 06/01/28		614,849
	700,000	Omaha Public Facilities Corp., Nebraska RB, 5.00%, 06/01/21		743,323
	1,000,000	Omaha Public Facilities Corp., Nebraska RB, 4.00%, 06/01/28		1,142,790
	250,000	Omaha Public Power District, Nebraska RB, 5.00%, 02/01/30		316,588
	205,000	Omaha Public Power District, Nebraska RB, 4.00%, 02/01/31		216,416
	200,000	Omaha Public Power District, Nebraska RB, 4.00%, 02/01/34		210,406
	810,000	Omaha Public Power District, Nebraska RB, 5.00%, 02/01/30		849,609
	500,000	Omaha Public Power District, Nebraska RB, 5.00%, 02/01/29		524,450
	500,000	Omaha School District, Nebraska GO, 4.00%, 12/15/32		586,155
	180,000	Omaha School District, Nebraska GO, 3.00%, 12/15/32		186,359
	620,000	Omaha School District, Nebraska GO, 3.13%, 12/15/33		643,796
	1,500,000	Omaha School District, Nebraska GO, 4.00%, 12/15/39		1,637,130
	650,000	Omaha School District, Nebraska GO, 4.00%, 12/15/22		658,788
	590,000	Omaha-Douglas Public Building Commission, Nebraska GO, 4.50%, 05/01/22		591,534
	245,000	Omaha-Douglas Public Building Commission, Nebraska GO, 4.50%, 05/01/23		245,637
	400,000	Papillion-La Vista School District No. 27, Nebraska GO, 1.75%, 12/01/22		404,340
	350,000	Papillion-La Vista School District No. 27, Nebraska GO, 3.00%, 12/01/26		369,397
	750,000	Papillion-La Vista School District No. 27, Nebraska GO, 4.00%, 12/01/29		891,952

See accompanying Notes to Financial Statements.

15

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

NEBRASKA TAX-FREE FUND

Principal Amount		Security Description	Value
$	125,000	Platte County School District No. 1 Columbus Public Schools, Nebraska GO, 5.00%, 12/15/26	$	145,315
	280,000	Platte County School District No. 1 Columbus Public Schools, Nebraska GO, 5.00%, 12/15/28		325,116
	160,000	Sarpy County Sanitary & Improvement District No. 191, Nebraska GO, 3.55%, 10/15/32		160,130
	55,000	Sarpy County Sanitary & Improvement District No. 191, Nebraska GO, 2.45%, 10/15/22		55,025
	80,000	Sarpy County Sanitary & Improvement District No. 242, Nebraska GO, 3.00%, 03/15/27		80,097
	110,000	Sarpy County Sanitary & Improvement District No. 279, Nebraska GO, 3.95%, 02/15/32		110,179
	110,000	Sarpy County Sanitary & Improvement District No. 279, Nebraska GO, 5.15%, 02/15/34		110,104
	100,000	Sarpy County Sanitary & Improvement District No. 291, Nebraska GO, 4.25%, 09/15/38		104,415
	150,000	Sarpy County Sanitary & Improvement District No. 68, Nebraska GO, 2.75%, 12/15/23		150,183
	385,000	Scotts Bluff County School District/ Gering School District, Nebraska GO, 5.00%, 12/01/23		422,345
	220,000	Southeast Community College, Nebraska COP, 5.00%, 12/15/25		268,222
	225,000	Southeast Community College, Nebraska COP, 5.00%, 12/15/26		281,441
	300,000	Southern Public Power District, Nebraska RB, 4.00%, 12/15/25		342,750
	400,000	Southern Public Power District, Nebraska RB, 4.00%, 12/15/26		457,532
	200,000	State of Nebraska, Nebraska COP, 1.40%, 03/15/20		199,852
	200,000	State of Nebraska, Nebraska COP, 1.60%, 03/15/21		200,264
	500,000	State of Nebraska, Nebraska COP, 3.00%, 12/15/22		526,360
	350,000	University of Nebraska, Nebraska RB, 5.00%, 05/15/24		408,058
	350,000	University of Nebraska, Nebraska RB, 5.00%, 05/15/25		419,948
	1,000,000	University of Nebraska, Nebraska RB, 4.00%, 07/01/31		1,131,620
	500,000	University of Nebraska Facilities Corp., Nebraska RB, 4.00%, 07/15/30		582,160

Principal Amount		Security Description	Value
$	500,000	University of Nebraska Facilities Corp., Nebraska RB, 5.00%, 07/15/25	$	603,650
	500,000	University of Nebraska Facilities Corp., Nebraska RB, 5.00%, 07/15/26		619,740
	1,000,000	Village of Boys Town NE, Nebraska RB, 3.00%, 09/01/28		1,084,670
	100,000	West Haymarket Joint Public Agency, Nebraska GO, 5.00%, 12/15/22		108,057
	200,000	West Haymarket Joint Public Agency, Nebraska GO, 5.00%, 12/15/26		215,840
	105,000	West Haymarket Joint Public Agency, Nebraska GO, 4.00%, 12/15/28		111,316
	200,000	Westside Community Schools, Nebraska GO, 4.00%, 06/01/24		220,154
	200,000	Westside Community Schools, Nebraska GO, 4.00%, 06/01/25		219,546
	230,000	Westside Community Schools, Nebraska GO, 4.00%, 06/01/27		251,733
				71,033,915
North Dakota - 0.7%
	500,000	City of Fargo ND, North Dakota GO, 3.00%, 05/01/34		517,355
South Dakota - 0.6%
	425,000	City of Brandon SD Sales Tax Revenue, South Dakota RB, 3.00%, 12/01/26		459,918
				72,112,370
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 0.8%
Federal Home Loan Mortgage Corp. - 0.8%
	600,000	Federal Home Loan Mortgage Corp. #WE5001, 2.65%, 04/01/29		624,670
Total Government & Agency Obligations (Cost $70,695,414)				72,737,040

Shares		Security Description	Value
Short-Term Investments - 2.5%
Investment Company - 2.5%
	1,807,602	BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 1.81% (a)		1,807,602
Total Short-Term Investments (Cost $1,807,602)				1,807,602
Investments, at value - 101.1% (Cost $72,503,016)				74,544,642
Other liabilities in excess of assets - (1.1)%				(781,210	)
NET ASSETS - 100.0%			$	73,763,432

(a) Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

AMBAC American Municipal Bond Assurance Corporation

COP Certificate of Participation

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General Obligation

RB Revenue Bond

See accompanying Notes to Financial Statements.

16

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

BALANCED FUND

Shares		Security Description	Value
Common Stocks - 61.9%
Communication Services - 6.7%
	8,600	Activision Blizzard, Inc.	$	455,112
	1,320	Alphabet, Inc., Class C (a)		1,609,080
	20,000	Comcast Corp., Class A		901,600
	5,300	Facebook, Inc., Class A (a)		943,824
	16,400	Verizon Communications, Inc.		989,904
				4,899,520
Consumer Discretionary - 5.9%
	510	Amazon.com, Inc. (a)		885,314
	290	Booking Holdings, Inc. (a)		569,157
	6,300	NIKE, Inc., Class B		591,696
	1,340	O'Reilly Automotive, Inc. (a)		534,003
	3,950	Royal Caribbean Cruises, Ltd.		427,904
	4,300	The Home Depot, Inc.		997,686
	1,300	Ulta Beauty, Inc. (a)		325,845
				4,331,605
Consumer Staples - 4.4%
	6,700	Church & Dwight Co., Inc.		504,108
	2,750	Constellation Brands, Inc., Class A		570,020
	2,760	Costco Wholesale Corp.		795,183
	7,780	Lamb Weston Holdings, Inc.		565,762
	7,000	Walmart, Inc.		830,760
				3,265,833
Energy - 2.7%
	2,800	Diamondback Energy, Inc.		251,748
	3,750	EOG Resources, Inc.		278,325
	11,700	Exxon Mobil Corp.		826,137
	3,400	Phillips 66		348,160
	8,000	Schlumberger, Ltd.		273,360
				1,977,730
Financials - 7.8%
	955	BlackRock, Inc.		425,586
	10,100	CenterState Bank Corp.		242,248
	3,750	Chubb, Ltd.		605,400
	3,180	CME Group, Inc.		672,061
	9,100	First American Financial Corp.		536,991
	18,400	Huntington Bancshares, Inc.		262,568
	7,450	JPMorgan Chase & Co.		876,791
	14,800	KeyCorp		264,032
	19,900	Manulife Financial Corp.		365,364
	5,150	Northern Trust Corp.		480,598
	8,200	U.S. Bancorp		453,788
	10,800	Wells Fargo & Co.		544,752
				5,730,179
Health Care - 8.5%
	7,300	AMN Healthcare Services, Inc. (a)		420,188
	6,000	Baxter International, Inc.		524,820
	1,480	Biogen, Inc. (a)		344,574
	11,900	Boston Scientific Corp. (a)		484,211
	3,100	Cigna Corp.		470,549
	2,260	Edwards Lifesciences Corp. (a)		496,997

Shares		Security Description	Value
	5,500	Eli Lilly & Co.	$	615,065
	1,950	Humana, Inc.		498,556
	4,700	Integer Holdings Corp. (a)		355,132
	2,100	Laboratory Corp. of America Holdings (a)		352,800
	3,339	LHC Group, Inc. (a)		379,177
	2,490	Thermo Fisher Scientific, Inc.		725,262
	4,800	Zoetis, Inc.		598,032
				6,265,363
Industrials - 5.6%
	2,375	FedEx Corp.		345,729
	10,500	IAA, Inc. (a)		438,165
	9,300	MasTec, Inc. (a)		603,849
	3,100	Raytheon Co.		608,189
	1,455	Roper Technologies, Inc.		518,853
	9,200	Southwest Airlines Co.		496,892
	9,000	The Timken Co.		391,590
	6,050	Waste Management, Inc.		695,750
				4,099,017
Information Technology - 13.2%
	1,970	Adobe, Inc. (a)		544,212
	8,950	Apple, Inc.		2,004,531
	2,200	Broadcom, Inc.		607,354
	3,000	Cabot Microelectronics Corp.		423,630
	4,400	CDW Corp.		542,256
	15,500	Cisco Systems, Inc.		765,855
	4,550	Citrix Systems, Inc.		439,166
	1,760	FleetCor Technologies, Inc. (a)		504,733
	3,150	Mastercard, Inc., Class A		855,445
	5,150	Microchip Technology, Inc.		478,487
	15,450	Microsoft Corp.		2,148,014
	1,600	Paycom Software, Inc. (a)		335,184
				9,648,867
Materials - 1.6%
	5,200	Berry Global Group, Inc. (a)		204,204
	5,600	FMC Corp.		491,008
	1,650	Martin Marietta Materials, Inc.		452,265
				1,147,477
Real Estate - 2.9%
	3,900	American Tower Corp. REIT		862,407
	15,300	First Industrial Realty Trust, Inc. REIT		605,268
	4,230	Sun Communities, Inc. REIT		627,944
				2,095,619
Utilities - 2.6%
	5,350	Atmos Energy Corp.		609,311
	3,700	NextEra Energy, Inc.		862,063
	4,800	Southwest Gas Holdings, Inc.		436,992
				1,908,366
Total Common Stocks (Cost $28,775,536)				45,369,576

See accompanying Notes to Financial Statements.

17

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

BALANCED FUND

Principal Amount		Security Description	Value
Non-U.S. Government Agency Asset Backed Securities - 5.0%
Asset Backed Securities - 1.7%
$	380,000	Cabela's Credit Card Master Note Trust, 2.71%, 02/17/26 (b)	$	387,173
	90,670	Missouri Higher Education Loan Authority (USD 1 Month LIBOR + 0.83%), 2.85%, 01/26/26 (c)		90,640
	97,706	PHEAA Student Loan Trust (USD 3 Month LIBOR + 1.10%), 3.21%, 06/25/38 (b)(c)		98,082
	104,259	Preferred Term Securities XII, Ltd./ Preferred Term Securities XII, Inc. (USD 3 Month LIBOR + 0.70%), 2.84%, 12/24/33 (b)(c)		103,185
	200,101	SLM Student Loan Trust (USD 3 Month LIBOR + 1.65%), 3.93%, 07/25/22 (c)		202,130
	107,372	Social Professional Loan Program Trust, 2.64%, 08/25/47 (b)		107,629
	85,940	SoFi Consumer Loan Program Trust, 2.77%, 05/25/26 (b)		86,202
	84,504	Stack Infrastructure Issuer, LLC, 4.54%, 02/25/44 (b)		88,571
	98,417	Vantage Data Centers Issuer, LLC, 4.07%, 02/16/43 (b)		102,297
				1,265,909
Non-Agency Commercial Mortgage Backed Securities - 1.9%
	375,000	American Tower Trust #1, 3.07%, 03/15/23 (b)		381,043
	125,000	CD Commercial Mortgage Trust, 4.21%, 08/15/51		139,109
	25,500,794	FREMF Mortgage Trust Interest Only, 0.10%, 08/25/44 (b)		38,402
	200,000	Hudson Yards Mortgage Trust, 3.23%, 07/10/39 (b)		212,258
	247,721	Key Commercial Mortgage Securities Trust, 2.66%, 06/15/52 (b)		249,338
	130,000	Seasoned Loans Structured Transaction Trust, 2.75%, 09/25/29 (d)		131,205
	154,917	Sutherland Commercial Mortgage Trust, 2.86%, 12/25/35 (b)(e)		155,376
	75,000	UBS Commercial Mortgage Trust, 4.19%, 08/15/51		82,817
				1,389,548
Non-Agency Residential Mortgage Backed Securities - 1.4%
	100,721	Bayview Commercial Asset Trust REMIC (USD 1 Month LIBOR + 0.87%), 2.89%, 12/25/33 (b)(c)		99,359

Principal Amount		Security Description	Value
$	160,000	Bayview Financial Acquisition Trust REMIC (USD 1 Month LIBOR + 2.10%), 4.14%, 04/28/39 (c)	$	160,135
	116,273	Citigroup Mortgage Loan Trust, 3.50%, 01/25/66 (b)(e)		119,168
	39,062	Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (b)(e)		40,485
	127,517	EverBank Mortgage Loan Trust, 3.50%, 02/25/48 (b)(e)		129,106
	136,041	Goldman Sachs Alternative Mortgage Products Trust REMIC (USD 1 Month LIBOR + 0.50%), 2.52%, 05/25/36 (b)(c)		135,237
	67,949	New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (b)(e)		70,369
	52,185	Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (b)(e)		52,797
	207,124	Wells Fargo Mortgage Backed Securities, 3.50%, 07/25/47 (b)(e)		210,979
				1,017,635
Total Non-U.S. Government Agency Asset Backed Securities (Cost $3,589,761)				3,673,092
Corporate Bonds - 10.4%
Communication Services - 0.9%
	348,000	AT&T, Inc., 4.30%, 02/15/30		382,993
	237,000	Verizon Communications, Inc., 4.33%, 09/21/28		268,833
				651,826
Consumer Discretionary - 0.9%
	250,000	Dollar General Corp., 3.25%, 04/15/23		258,286
	100,000	Hanesbrands, Inc., 4.63%, 05/15/24 (b)		105,376
	50,000	Newell Brands, Inc., 4.20%, 04/01/26		52,231
	215,000	Whirlpool Corp., 4.70%, 06/01/22		228,496
				644,389
Consumer Staples - 0.7%
	175,000	Church & Dwight Co., Inc., 2.88%, 10/01/22		177,574
	150,000	Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/27 (b)		154,207
	185,000	Walmart, Inc., 3.40%, 06/26/23		194,788
				526,569
Financials - 4.9%
	250,000	Bank of America Corp., MTN, 3.56%, 04/23/27 (e)		263,917
	180,000	CBRE Services, Inc., 5.25%, 03/15/25		201,564
	240,000	Citigroup, Inc., 3.89%, 01/10/28 (e)		256,832
	395,000	CME Group, Inc., 3.00%, 03/15/25		413,750
	175,000	Hartford Financial Services Group, Inc., 5.50%, 03/30/20		177,847
	245,000	Intercontinental Exchange, Inc., 3.75%, 12/01/25		264,160

See accompanying Notes to Financial Statements.

18

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

BALANCED FUND

Principal Amount		Security Description	Value
$	230,000	JPMorgan Chase & Co., 3.25%, 09/23/22	$	237,785
	120,000	Metropolitan Life Global Funding I, 3.60%, 01/11/24 (b)		126,874
	260,000	Morgan Stanley, GMTN, 3.75%, 02/25/23		272,046
	235,000	Regions Financial Corp., 3.80%, 08/14/23		247,904
	220,000	The Charles Schwab Corp., 3.85%, 05/21/25		237,100
	265,000	The Goldman Sachs Group, Inc., 3.00%, 04/26/22		267,947
	230,000	U.S. Bancorp, Series J (callable at 100 beginning 04/15/27), 5.30%, 10/15/49 (e)(f)		246,491
	270,000	Wells Fargo & Co., 3.00%, 04/22/26		276,901
				3,491,118
Health Care - 0.2%
	132,000	Becton Dickinson and Co., 3.73%, 12/15/24		139,687
Industrials - 1.6%
	225,000	BMW Finance NV, 2.85%, 08/14/29 (b) 226,289
	240,000	Huntington Ingalls Industries, Inc., 3.48%, 12/01/27		249,456
	150,000	Roper Technologies, Inc., 2.80%, 12/15/21		152,402
	200,000	Textron, Inc., 3.65%, 03/01/21		203,818
	170,000	TTX Co., 3.60%, 01/15/25 (b)		179,823
	225,000	Union Pacific Corp., 3.95%, 09/10/28		248,412
				1,260,200
Information Technology - 0.9%
	215,000	eBay, Inc., 3.60%, 06/05/27		223,889
	200,000	Oracle Corp., 3.40%, 07/08/24		211,077
	220,000	QUALCOMM, Inc., 3.25%, 05/20/27		230,129
				665,095
Materials - 0.3%
	209,000	Albemarle Corp., 4.15%, 12/01/24		223,060
Total Corporate Bonds (Cost $7,243,820)				7,601,944
Government & Agency Obligations - 19.4%
GOVERNMENT SECURITIES - 18.0%
Municipals - 1.3%
	350,000	California State University, California RB, 5.45%, 11/01/22		386,561
	250,000	City of Industry CA, California RB, 7.00%, 01/01/21		253,320
	200,000	Santa Monica Community College District, California GO, 5.73%, 08/01/24		206,064

Principal Amount		Security Description	Value
$	100,000	Vista Community Development Commission, California Tax Allocation Bond, 7.61%, 09/01/21	$	104,855
				950,800
Treasury Inflation Index Securities - 1.3%
	230,608	U.S. Treasury Inflation Indexed Bond, 1.75%, 01/15/28 (g)		254,794
	690,875	U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (g)		684,923
				939,717
U.S. Treasury Securities - 15.4%
	2,935,000	U.S. Treasury Note, 2.00%, 02/28/21		2,945,204
	3,715,000	U.S. Treasury Note, 1.63%, 11/15/22		3,720,514
	3,770,000	U.S. Treasury Note, 2.13%, 05/15/25		3,877,062
	700,000	U.S. Treasury Note, 2.25%, 02/15/27		730,324
				11,273,104
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 1.4%
Federal Home Loan Mortgage Corp. - 0.8%
	115,000	Federal Home Loan Mortgage Corp., 3.78%, 10/25/28 (e)		129,163
	197,745	Federal Home Loan Mortgage Corp. #SB8006, 3.00%, 09/01/34		202,235
	122,906	Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/40		128,238
	109,165	Federal Home Loan Mortgage Corp. REMIC, 3.50%, 06/15/50		112,921
				572,557
Federal National Mortgage Association - 0.4%
	149,923	Federal National Mortgage Association, 4.14%, 04/25/29 (e)		165,831
	63,794	Federal National Mortgage Association #AL1321, 3.50%, 12/01/26		65,946
	91,704	Federal National Mortgage Association REMIC, 2.50%, 09/25/39		92,159
				323,936
Government National Mortgage Association - 0.2%
	164,945	Government National Mortgage Association, 3.50%, 01/20/69 (e)		173,885
Total Government & Agency Obligations (Cost $13,792,878)				14,233,999

See accompanying Notes to Financial Statements.

19

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

BALANCED FUND

Shares		Security Description	Value
Short-Term Investments - 3.0%
Investment Company - 3.0%
	2,181,523	BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 1.81% (h)	$	2,181,523
Total Short-Term Investments (Cost $2,181,523)				2,181,523
Investments, at value - 99.7% (Cost $55,583,518)				73,060,134
Other assets in excess of liabilities - 0.3%				210,231
NET ASSETS - 100.0%			$	73,270,365

(a) Non-income producing security.

(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, 2019, the aggregate value of these liquid securities were $3,659,625 or 5.0% of net assets.

(c) Floating rate security. Rate presented is as of September 30, 2019.

(d) Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $131,205 or 0.2% of net assets.

(e) Variable or adjustable rate security, the interest rate of which adjusts periodically based on changes in current interest rates. Rate represented is as of September 30, 2019.

(f) Perpetual maturity security.

(g) U.S. Treasury inflation indexed security, par amount is adjusted for inflation.

(h) Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

GMTN Global Medium Term Note

GO General Obligation

LIBOR London Interbank Offered Rate

LLC Limited Liability Company

MTN Medium Term Note

PLC Public Limited Company

RB Revenue Bond

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

See accompanying Notes to Financial Statements.

20

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

GROWTH OPPORTUNITIES FUND

Shares		Security Description	Value
Common Stocks - 97.4%
Communication Services - 4.5%
	10,500	IAC/InterActiveCorp. (a)	$	2,288,685
	65,400	Twitter, Inc. (a)		2,694,480
	249,400	Zynga, Inc. (a)		1,451,508
				6,434,673
Consumer Discretionary - 15.2%
	3,200	Advance Auto Parts, Inc.		529,280
	7,400	Burlington Stores, Inc. (a)		1,478,668
	24,100	Dollar General Corp.		3,830,454
	19,500	DR Horton, Inc.		1,027,845
	13,700	Expedia Group, Inc.		1,841,417
	13,200	Five Below, Inc. (a)		1,664,520
	9,900	Grand Canyon Education, Inc. (a)		972,180
	12,520	Lululemon Athletica, Inc. (a)		2,410,476
	5,400	O'Reilly Automotive, Inc. (a)		2,151,954
	25,500	Restaurant Brands International, Inc.		1,814,070
	13,400	Ross Stores, Inc.		1,471,990
	2,700	Ulta Beauty, Inc. (a)		676,755
	39,900	Yum China Holdings, Inc.		1,812,657
				21,682,266
Consumer Staples - 3.0%
	25,500	Church & Dwight Co., Inc.		1,918,620
	8,500	Lamb Weston Holdings, Inc.		618,120
	16,000	Post Holdings, Inc. (a)		1,693,440
				4,230,180
Energy - 0.4%
	14,900	Apergy Corp. (a)		403,045
	3,700	Concho Resources, Inc.		251,230
				654,275
Financials - 4.1%
	9,600	E*TRADE Financial Corp.		419,424
	5,780	FactSet Research Systems, Inc.		1,404,367
	15,200	First American Financial Corp.		896,952
	18,220	NASDAQ, Inc.		1,810,157
	3,700	Northern Trust Corp.		345,284
	26,300	OneMain Holdings, Inc.		964,684
				5,840,868
Health Care - 14.1%
	9,500	Bio-Techne Corp.		1,858,865
	23,200	Centene Corp. (a)		1,003,632
	41,000	DENTSPLY SIRONA, Inc.		2,185,710
	9,100	Edwards Lifesciences Corp. (a)		2,001,181
	20,300	Incyte Corp. (a)		1,506,869
	12,510	Insulet Corp. (a)		2,063,274
	22,700	Integer Holdings Corp. (a)		1,715,212
	5,600	Intercept Pharmaceuticals, Inc. (a)		371,616
	15,000	LHC Group, Inc. (a)		1,703,400
	8,300	PerkinElmer, Inc.		706,911

Shares		Security Description	Value
	800	Sarepta Therapeutics, Inc. (a)	$	60,256
	17,300	Seattle Genetics, Inc. (a)		1,477,420
	6,200	Teleflex, Inc.		2,106,450
	4,800	The Cooper Cos., Inc.		1,425,600
				20,186,396
Industrials - 16.9%
	10,100	Cintas Corp.		2,707,810
	22,900	Dover Corp.		2,279,924
	31,100	IAA, Inc. (a)		1,297,803
	28,800	ITT, Inc.		1,762,272
	14,500	L3Harris Technologies, Inc.		3,025,280
	29,400	MasTec, Inc. (a)		1,908,942
	9,100	Old Dominion Freight Line, Inc.		1,546,727
	12,200	Oshkosh Corp.		924,760
	32,900	Quanta Services, Inc.		1,243,620
	4,800	Roper Technologies, Inc.		1,711,680
	4,630	TransDigm Group, Inc. (a)		2,410,702
	23,500	TransUnion		1,906,085
	19,200	XPO Logistics, Inc. (a)		1,374,144
				24,099,749
Information Technology - 31.0%
	58,500	ACI Worldwide, Inc. (a)		1,832,513
	72,100	Advanced Micro Devices, Inc. (a)		2,090,179
	22,000	Akamai Technologies, Inc. (a)		2,010,360
	7,600	Atlassian Corp. PLC, Class A (a)		953,344
	11,400	Broadridge Financial Solutions, Inc.		1,418,502
	14,600	CDW Corp.		1,799,304
	15,100	DocuSign, Inc. (a)		934,992
	3,700	Fair Isaac Corp. (a)		1,123,024
	34,700	Fiserv, Inc. (a)		3,594,573
	8,740	FleetCor Technologies, Inc. (a)		2,506,457
	14,100	Fortinet, Inc. (a)		1,082,316
	38,200	Inphi Corp. (a)		2,332,110
	9,900	Jack Henry & Associates, Inc.		1,445,103
	10,600	Lam Research Corp.		2,449,766
	7,800	Microchip Technology, Inc.		724,698
	6,200	Palo Alto Networks, Inc. (a)		1,263,746
	31,000	Paychex, Inc.		2,565,870
	37,500	Pure Storage, Inc., Class A (a)		635,250
	6,700	RingCentral, Inc., Class A (a)		841,922
	17,900	Science Applications International Corp.		1,563,565
	7,700	ServiceNow, Inc. (a)		1,954,645
	9,200	Splunk, Inc. (a)		1,084,312
	24,620	Square, Inc. (a)		1,525,209
	21,900	SS&C Technologies Holdings, Inc.		1,129,383
	21,200	Twilio, Inc. (a)		2,331,152
	19,500	Xilinx, Inc.		1,870,050
	6,200	Zebra Technologies Corp. (a)		1,279,494
				44,341,839

See accompanying Notes to Financial Statements.

21

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

GROWTH OPPORTUNITIES FUND

Shares		Security Description	Value
Materials - 2.7%
	44,400	Element Solutions, Inc. (a)	$	451,992
	16,800	FMC Corp.		1,473,024
	7,100	Martin Marietta Materials, Inc.		1,946,110
				3,871,126
Real Estate - 4.2%
	40,200	Americold Realty Trust REIT		1,490,214
	26,600	CBRE Group, Inc., Class A (a)		1,410,066
	11,715	Digital Realty Trust, Inc. REIT		1,520,724
	10,980	Sun Communities, Inc. REIT		1,629,981
				6,050,985
Utilities - 1.3%
	16,300	Atmos Energy Corp.		1,856,407
Total Common Stocks (Cost $94,063,110)				139,248,764

Shares		Security Description	Value
Short-Term Investments - 2.4%
Investment Company - 2.4%
	3,379,633	BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 1.81% (b)		3,379,633
Total Short-Term Investments (Cost $3,379,633)				3,379,633
Investments, at value - 99.8% (Cost $97,442,743)				142,628,397
Other assets in excess of liabilities - 0.2%				311,068
NET ASSETS - 100.0%			$	142,939,465

(a) Non-income producing security.

(b) Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

PLC Public Limited Company

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

22

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

SMALL/MID CAP FUND

Shares		Security Description	Value
Common Stocks - 99.3%
Communication Services - 2.4%
	139	Nexstar Media Group, Inc., Class A	$	14,221
Consumer Discretionary - 11.8%
	342	Big Lots, Inc.		8,379
	79	Burlington Stores, Inc. (a)		15,786
	141	Dorman Products, Inc. (a)		11,215
	144	Dunkin' Brands Group, Inc.		11,428
	376	LKQ Corp. (a)		11,825
	131	Tractor Supply Co.		11,848
				70,481
Energy - 3.3%
	1,443	Callon Petroleum Co. (a)		6,263
	376	Matador Resources Co. (a)		6,215
	436	Parsley Energy, Inc.		7,325
				19,803
Financials - 16.9%
	67	Affiliated Managers Group, Inc.		5,584
	196	Arthur J Gallagher & Co.		17,556
	210	Columbia Banking System, Inc.		7,749
	101	Cullen/Frost Bankers, Inc.		8,943
	233	Great Western Bancorp, Inc.		7,689
	151	Selective Insurance Group, Inc.		11,354
	146	South State Corp.		10,994
	250	Stifel Financial Corp.		14,345
	114	UMB Financial Corp.		7,362
	238	United Bankshares, Inc.		9,013
				100,589
Health Care - 14.2%
	260	AMN Healthcare Services, Inc. (a)		14,966
	106	ICON PLC (a)		15,618
	238	Integra LifeSciences Holdings Corp. (a)		14,297
	72	Masimo Corp. (a)		10,713
	191	Omnicell, Inc. (a)		13,803
	181	PerkinElmer, Inc.		15,416
				84,813
Industrials - 17.3%
	177	Barnes Group, Inc.		9,123
	92	Carlisle Cos., Inc.		13,390
	168	Fortune Brands Home & Security, Inc.		9,190
	161	Forward Air Corp.		10,259
	208	Franklin Electric Co., Inc.		9,944
	248	Granite Construction, Inc.		7,968
	134	Oshkosh Corp.		10,157
	238	Quanta Services, Inc.		8,996
	175	Robert Half International, Inc.		9,740
	168	Tetra Tech, Inc.		14,576
				103,343
Information Technology - 16.9%
	141	Ambarella, Inc. (a)		8,860
	134	Broadridge Financial Solutions, Inc.		16,673
	52	CACI International, Inc., Class A (a)		12,025

Shares		Security Description	Value
	30	Coherent, Inc. (a)	$	4,611
	173	ExlService Holdings, Inc. (a)		11,584
	67	Littelfuse, Inc.		11,880
	149	MAXIMUS, Inc.		11,512
	191	MTS Systems Corp.		10,553
	116	National Instruments Corp.		4,871
	121	PTC, Inc. (a)		8,250
				100,819
Materials - 7.5%
	99	Balchem Corp.		9,820
	228	RPM International, Inc.		15,689
	139	Sensient Technologies Corp.		9,542
	163	Sonoco Products Co.		9,488
				44,539
Real Estate - 6.4%
	540	Easterly Government Properties, Inc. REIT		11,502
	57	Jones Lang LaSalle, Inc.		7,927
	114	Lamar Advertising Co., Class A REIT		9,340
	178	LTC Properties, Inc. REIT		9,117
				37,886
Utilities - 2.6%
	139	IDACORP, Inc.		15,661
Total Common Stocks (Cost $568,212)				592,155

Shares		Security Description	Value
Short-Term Investments - 3.4%
Investment Company - 3.4%
	20,224	BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 1.81% (b)		20,224
Total Short-Term Investments (Cost $20,224)				20,224
Investments, at value - 102.7% (Cost $588,436)				612,379
Other liabilities in excess of assets - (2.7)%				(16,183	)
NET ASSETS - 100.0%			$	596,196

(a) Non-income producing security.

(b) Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

PLC Public Limited Company

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

23

SEMI-ANNUAL REPORT 2019

SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 2019 (Unaudited)

SMALL COMPANY FUND

Shares		Security Description	Value
Common Stocks - 96.3%
Communication Services - 2.2%
	173,900	Nexstar Media Group, Inc., Class A	$	17,791,709
Consumer Discretionary - 8.3%
	348,100	Big Lots, Inc.		8,528,450
	217,600	Dorman Products, Inc. (a)		17,307,904
	416,200	G-III Apparel Group, Ltd. (a)		10,725,474
	283,200	La-Z-Boy, Inc.		9,512,688
	335,800	Movado Group, Inc.		8,347,988
	280,431	Standard Motor Products, Inc.		13,614,925
				68,037,429
Energy - 2.8%
	1,492,000	Callon Petroleum Co. (a)		6,475,280
	719,900	Carrizo Oil & Gas, Inc. (a)		6,180,342
	625,900	Matador Resources Co. (a)		10,346,127
				23,001,749
Financials - 20.4%
	193,400	Argo Group International Holdings, Ltd.		13,584,416
	486,600	Atlantic Union Bankshares Corp.		18,123,417
	334,500	Carolina Financial Corp.		11,888,130
	241,500	Columbia Banking System, Inc.		8,911,350
	360,800	Great Western Bancorp, Inc.		11,906,400
	251,000	Mercantile Bank Corp.		8,232,800
	944,500	Old National Bancorp		16,250,123
	242,900	Selective Insurance Group, Inc.		18,263,651
	207,400	South State Corp.		15,617,220
	319,600	Stifel Financial Corp.		18,338,648
	118,800	UMB Financial Corp.		7,672,104
	484,300	United Bankshares, Inc.		18,340,441
				167,128,700
Health Care - 12.0%
	340,400	AMN Healthcare Services, Inc. (a)		19,593,424
	450,400	AngioDynamics, Inc. (a)		8,296,368
	324,300	Integra LifeSciences Holdings Corp. (a)		19,480,701
	172,000	LHC Group, Inc. (a)		19,532,320
	127,600	Medpace Holdings, Inc. (a)		10,723,504
	179,200	Omnicell, Inc. (a)		12,950,784
	270,682	Varex Imaging Corp. (a)		7,725,264
				98,302,365
Industrials - 14.0%
	165,800	American Woodmark Corp. (a)		14,741,278
	232,800	Barnes Group, Inc.		11,998,512
	278,700	Forward Air Corp.		17,758,764
	279,100	Franklin Electric Co., Inc.		13,343,771
	333,700	Granite Construction, Inc.		10,721,781
	107,900	ICF International, Inc.		9,114,313
	337,800	Kforce, Inc.		12,780,663
	277,300	Tetra Tech, Inc.		24,058,548
				114,517,630
Information Technology - 20.0%
	202,700	Ambarella, Inc. (a)		12,736,654

Shares		Security Description	Value
	171,600	Anixter International, Inc. (a)	$	11,860,992
	377,300	Benchmark Electronics, Inc.		10,964,338
	74,600	CACI International, Inc., Class A (a)		17,251,996
	607,900	CalAmp Corp. (a)		7,003,008
	336,000	CTS Corp.		10,872,960
	234,500	ExlService Holdings, Inc. (a)		15,702,120
	71,100	Littelfuse, Inc.		12,606,741
	326,100	Methode Electronics, Inc.		10,970,004
	285,000	MTS Systems Corp.		15,746,250
	268,500	Nanometrics, Inc. (a)		8,758,470
	252,200	PC Connection, Inc. (a)		9,810,580
	216,200	Silicon Motion Technology Corp., ADR		7,642,670
	399,000	Sykes Enterprises, Inc. (a)		12,225,360
				164,152,143
Materials - 4.8%
	142,800	Balchem Corp.		14,164,332
	227,500	Carpenter Technology Corp.		11,752,650
	196,800	Sensient Technologies Corp.		13,510,320
				39,427,302
Real Estate - 8.2%
	155,200	Agree Realty Corp. REIT		11,352,880
	855,100	Easterly Government Properties, Inc. REIT		18,213,630
	260,500	Getty Realty Corp. REIT		8,351,630
	285,000	LTC Properties, Inc. REIT		14,597,700
	426,100	Marcus & Millichap, Inc. (a)		15,122,289
				67,638,129
Utilities - 3.6%
	179,800	IDACORP, Inc.		20,258,066
	142,300	Unitil Corp.		9,027,512
				29,285,578
Total Common Stocks (Cost $651,743,394)				789,282,734

Shares		Security Description	Value
Short-Term Investments - 3.9%
Investment Company - 3.9%
	31,614,970	BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 1.81% (b)		31,614,970
Total Short-Term Investments (Cost $31,614,970)				31,614,970
Investments, at value - 100.2% (Cost $683,358,364)				820,897,704
Other liabilities in excess of assets - (0.2)%				(1,387,732	)
NET ASSETS - 100.0%			$	819,509,972

(a) Non-income producing security.

(b) Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

24

SEMI-ANNUAL REPORT 2019

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2019 (Unaudited)

	SHORT-INTERMEDIATE BOND FUND			INCOME FUND
Assets:
Investments, at cost	$	195,091,069		$	199,009,278
Unrealized appreciation of investments		2,361,426			9,636,134
Total investments, at value		197,452,495			208,645,412
Cash		–			28,684
Receivable for capital shares issued		23,256			18,537
Receivable for investments sold		–			–
Interest and dividends receivable		956,840			1,218,389
Receivable from investment advisor		–			–
Prepaid expenses		13,498			12,252
Total Assets		198,446,089			209,923,274
Liabilities:
Distributions payable		291,860			402,306
Payable for investments purchased		1,086,730			–
Payable for capital shares redeemed		9,480			21,715
Accrued expenses and other payables:
Investment advisory fees		44,389			53,486
Administration fees payable to non-related parties		7,678			8,190
Administration fees payable to related parties		11,278			12,028
Shareholder service fees		4,019			2,159
Other fees		38,561			38,388
Total Liabilities		1,493,995			538,272
Net Assets	$	196,952,094		$	209,385,002
Composition of Net Assets:
Paid-In Capital	$	197,368,021		$	203,602,779
Distributable earnings		(415,927	)		5,782,223
Net Assets	$	196,952,094		$	209,385,002
Institutional Class:
Net assets		11,046,672			6,222,385
Shares of beneficial interest (See note 5)		1,178,565			586,286
Net asset value, offering and redemption price per share	$	9.37		$	10.61
Institutional Plus Class:
Net assets		185,905,422			203,162,617
Shares of beneficial interest (See note 5)		19,773,345			19,143,391
Net asset value, offering and redemption price per share	$	9.40		$	10.61

See accompanying Notes to Financial Statements.

25

SEMI-ANNUAL REPORT 2019

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2019 (Unaudited)

NEBRASKA TAX-FREE FUND		BALANCED FUND		GROWTH OPPORTUNITIES FUND		SMALL/MID CAP FUND		SMALL COMPANY FUND
$	72,503,016	$	55,583,518	$	97,442,743	$	588,436	$	683,358,364
	2,041,626		17,476,616		45,185,654		23,943		137,539,340
	74,544,642		73,060,134		142,628,397		612,379		820,897,704
	–		622		–		44		–
	–		64,079		363,728		–		1,714,899
	–		–		–		18,689		–
	751,398		204,401		73,804		246		599,135
	6,397		–		–		–		–
	1,011		15,650		16,531		3,628		26,080
	75,303,448		73,344,886		143,082,460		634,986		823,237,818
	97,120		–		–		–		–
	1,387,035		–		–		14,753		–
	4,834		699		16,967		–		3,012,379
	–		30,601		81,616		7,233		511,591
	2,927		2,886		5,628		23		31,855
	4,294		4,234		8,251		34		46,639
	–		7,990		4,254		5		18,985
	43,806		28,111		26,279		16,742		106,397
	1,540,016		74,521		142,995		38,790		3,727,846
$	73,763,432	$	73,270,365	$	142,939,465	$	596,196	$	819,509,972
$	73,574,459	$	53,348,843	$	90,403,240	$	571,502	$	675,681,709
	188,973		19,921,522		52,536,225		24,694		143,828,263
$	73,763,432	$	73,270,365	$	142,939,465	$	596,196	$	819,509,972
	–		38,434,436		14,104,200		22,770		86,223,732
	–		2,164,770		837,624		2,198		3,053,279
$	–	$	17.75	$	16.84	$	10.36	$	28.24
	73,763,432		34,835,929		128,835,265		573,426		733,286,240
	7,585,524		1,981,373		7,461,936		55,283		25,770,402
$	9.72	$	17.58	$	17.27	$	10.37	$	28.45

See accompanying Notes to Financial Statements.

26

SEMI-ANNUAL REPORT 2019

STATEMENTS OF OPERATIONS

For the Six Months Ended September 30, 2019 (Unaudited)

	SHORT-INTERMEDIATE BOND FUND			INCOME FUND
Investment Income:
Interest	$	2,593,646		$	3,158,159
Dividend		37,630			30,375
Foreign tax withholding		–			–
Total Income		2,631,276			3,188,534
Expenses:
Investment advisory fees (Note 3)		473,620			610,471
Administration fees		110,806			119,020
Shareholder service fees - Institutional Class		10,759			5,876
Custodian fees		9,334			9,995
Chief compliance officer fees		5,365			5,765
Director fees		5,020			5,392
Registration and filing fees		11,857			12,762
Transfer agent fees		30,724			29,948
Other Fees		54,321			56,290
Total expenses before waivers		711,806			855,519
Expenses waived by adviser (Note 3)		(196,032	)		(256,618	)
Total Expenses		515,774			598,901
Net Investment Income (Loss)		2,115,502			2,589,633
Realized and Unrealized Gain (Loss) On Investments:
Net realized gain (loss) on investments transactions		46,494			413,772
Change in unrealized appreciation (depreciation) on investments		2,166,569			7,543,099
Net realized and unrealized gain on investments		2,213,063			7,956,871
Net increase in net assets from operations	$	4,328,565		$	10,546,504

* Includes $1,150,534 of premium amortization on securities transferred in as part of the common trust conversion in 2016.

See accompanying Notes to Financial Statements.

27

SEMI-ANNUAL REPORT 2019

STATEMENTS OF OPERATIONS

For the Six Months Ended September 30, 2019 (Unaudited)

NEBRASKA TAX-FREE FUND			BALANCED FUND			GROWTH OPPORTUNITIES FUND			SMALL/MID CAP FUND			SMALL COMPANY FUND
$	(36,656	)*	$	386,102		$	–		$	–		$	–
	17,519			376,633			689,403			1,623			5,700,319
	–			(1,153	)		(3,855	)		(2	)		–
	(19,137	)		761,582			685,548			1,621			5,700,319
	149,018			273,129			542,383			719			3,466,129
	43,581			42,601			84,599			99			477,044
	–			37,610			12,713			5			103,339
	2,877			3,135			5,776			874			32,405
	2,116			2,069			4,099			10			23,066
	1,980			1,942			3,868			5			21,951
	1,014			12,183			12,402			2,048			30,794
	9,995			24,799			31,762			3,698			218,235
	35,723			33,764			29,801			14,337			71,907
	246,304			431,232			727,403			21,795			4,444,870
	(78,664	)		(84,076	)		(34,909	)		(20,986	)		(304,511	)
	167,640			347,156			692,494			809			4,140,359
	(186,777	)		414,426			(6,946	)		812			1,559,960
	(95,845	)		1,426,141			5,870,948			(61	)		3,928,805
	2,241,605			2,386,182			(1,062,674	)		23,943			25,505,681
	2,145,760			3,812,323			4,808,274			23,882			29,434,486
$	1,958,983		$	4,226,749		$	4,801,328		$	24,694		$	30,994,446

See accompanying Notes to Financial Statements.

28

SEMI-ANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	SHORT-INTERMEDIATE BOND FUND						INCOME FUND						NEBRASKA TAX-FREE FUND
	For the Six Months Ended September 30, 2019			For the Year Ended March 31, 2019			For the Six Months Ended September 30, 2019			For the Year Ended March 31, 2019			For the Six Months Ended September 30, 2019
Operations:
Net investment income (loss)	$	2,115,502		$	3,771,317		$	2,589,633		$	5,074,394		$	(186,777	)
Net realized gain (loss) on investment transactions		46,494			(458,292	)		413,772			(722,984	)		(95,845	)
Net change in unrealized appreciation (depreciation) on investments		2,166,569			1,845,975			7,543,099			3,977,777			2,241,605
Net increase in net assets from operations		4,328,565			5,159,000			10,546,504			8,329,187			1,958,983
Distributions to Shareholders:
Institutional Class		(115,780	)		(334,436	)		(86,080	)		(191,515	)		–
Institutional Plus Class		(2,080,202	)		(3,721,286	)		(2,829,756	)		(5,752,279	)		(923,255	)
Return of Capital
Institutional Plus Class		–			–			–			–			–
Change in net assets from distributions to shareholders		(2,195,982	)		(4,055,722	)		(2,915,836	)		(5,943,794	)		(923,255	)
Capital Transactions:
Proceeds from shares issued
Institutional Class		1,150,350			3,335,867			338,942			269,705			–
Institutional Plus Class		23,454,770			47,643,785			16,951,692			29,286,868			6,180,836
Proceeds from dividends reinvested
Institutional Class		91,168			192,225			85,837			191,275			–
Institutional Plus Class		401,615			751,656			387,054			754,540			145,107
Cost of shares redeemed
Institutional Class		(888,475	)		(8,314,061	)		(763,788	)		(1,097,974	)		–
Institutional Plus Class		(11,618,974	)		(25,017,947	)		(11,847,812	)		(34,143,903	)		(6,543,140	)
Change in net assets from capital transactions		12,590,454			18,591,525			5,151,925			(4,739,489	)		(217,197	)
Change in net assets		14,723,037			19,694,803			12,782,593			(2,354,096	)		818,531
Net Assets:
Beginning of Period		182,229,057			162,534,254			196,602,409			198,956,505			72,944,901
End of Period	$	196,952,094		$	182,229,057		$	209,385,002		$	196,602,409		$	73,763,432
Share Transactions Institutional Class:
Shares issued		123,436			363,674			32,749			26,981			–
Shares reinvested		9,758			20,920			8,207			19,138			–
Shares redeemed		(95,273	)		(902,822	)		(73,216	)		(109,695	)		–
Change in shares		37,921			(518,228	)		(32,260	)		(63,576	)		–
Share Transactions Institutional Plus
Class:
Shares issued		2,503,397			5,166,572			1,625,230			2,927,218			638,797
Shares reinvested		42,858			81,544			36,995			75,475			14,993
Shares redeemed		(1,242,124	)		(2,715,227	)		(1,136,463	)		(3,418,489	)		(674,807	)
Change in shares		1,304,131			2,532,889			525,762			(415,796	)		(21,017	)

* Commencement of operations.

See accompanying Notes to Financial Statements.

29

SEMI-ANNUAL REPORT 2019

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

			BALANCED FUND						GROWTH OPPORTUNITIES FUND						SMALL/MID CAP FUND			SMALL COMPANY FUND
For the Year Ended March 31, 2019			For the Six Months Ended September 30, 2019			For the Year Ended March 31, 2019			For the Six Months Ended September 30, 2019			For the Year Ended March 31, 2019			August 1, 2019* Through September 30, 2019			For the Six Months Ended September 30, 2019			For the Year Ended March 31, 2019
$	1,722,303		$	414,426		$	692,713		$	(6,946	)	$	(211,951	)	$	812		$	1,559,960		$	2,046,395
	(37,571	)		1,426,141			2,440,610			5,870,948			8,663,259			(61	)		3,928,805			33,124,779
	1,310,968			2,386,182			1,704,434			(1,062,674	)		7,148,950			23,943			25,505,681			(15,604,091	)
	2,995,700			4,226,749			4,837,757			4,801,328			15,600,258			24,694			30,994,446			19,567,083
	–			(193,775	)		(2,703,104	)		–			(1,519,803	)		–			–			(4,536,409	)
	(1,732,027	)		(215,284	)		(2,143,360	)		–			(12,031,449	)		–			–			(26,857,264	)
	(561,894	)		–			–			–			–			–			–			–
	(2,293,921	)		(409,059	)		(4,846,464	)		–			(13,551,252	)		–			–			(31,393,673	)
	–			567,640			2,557,873			150,510			874,244			23,051			10,474,094			29,232,702
	12,553,191			2,306,374			4,400,142			6,968,474			18,903,033			549,500			175,717,895			370,943,274
	–			177,415			2,506,444			–			1,383,739			–			–			4,190,150
	357,022			183,221			1,859,934			–			6,390,096			–			–			17,577,803
	–			(3,401,262	)		(7,419,936	)		(1,370,603	)		(4,625,639	)		(1,049	)		(21,090,608	)		(111,975,067	)
	(6,192,682	)		(1,906,177	)		(2,367,661	)		(10,193,844	)		(18,550,810	)		–			(192,574,418	)		(174,615,302	)
	6,717,531			(2,072,789	)		1,536,796			(4,445,463	)		4,374,663			571,502			(27,473,037	)		135,353,560
	7,419,310			1,744,901			1,528,089			355,865			6,423,669			596,196			3,521,409			123,526,970
	65,525,591			71,525,464			69,997,375			142,583,600			136,159,931			–			815,988,563			692,461,593
$	72,944,901		$	73,270,365		$	71,525,464		$	142,939,465		$	142,583,600		$	596,196		$	819,509,972		$	815,988,563
	–			32,753			149,596			8,948			53,755			2,298			382,846			1,044,934
	–			10,072			155,678			–			96,227			–			–			164,642
	–			(196,167	)		(442,756	)		(81,657	)		(281,948	)		(100	)		(776,635	)		(3,835,822	)
	–			(153,342	)		(137,482	)		(72,709	)		(131,966	)		2,198			(393,789	)		(2,626,246	)
	1,327,450			135,637			262,116			406,118			1,153,836			55,283			6,381,944			13,396,018
	37,781			10,500			116,413			–			434,110			–			–			686,633
	(655,692	)		(111,035	)		(139,960	)		(592,947	)		(1,145,807	)		–			(6,913,574	)		(6,160,102	)
	709,539			35,102			238,569			(186,829	)		442,139			55,283			(531,630	)		7,922,549

See accompanying Notes to Financial Statements.

30

SEMI-ANNUAL REPORT 2019

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			Return of Capital			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)(d)			Portfolio Turnover(b)
SHORT-INTERMEDIATE BOND FUND
Institutional Class
09/30/19	$	9.27	$	0.10		$	0.10		$	0.20		$	(0.10	)	$	—		$	—		$	9.37		2.16	%	$	11,047		0.73	%		2.05	%		1.23	%		18	%
03/31/19		9.21		0.19			0.07			0.26			(0.19	)		(0.01	)		—			9.27		2.88			10,569		0.76			2.03			1.17			43
03/31/18		9.32		0.16			(0.07	)		0.09			(0.19	)		(0.01	)		—			9.21		0.93			15,281		0.77			1.71			1.22			43
03/31/17		9.38		0.16			(0.03	)		0.13			(0.18	)		(0.01	)		—			9.32		1.48			9,933		0.75			1.75			1.28			48
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			—			0.12			(0.14	)		(0.01	)		—			9.45		1.33			23,000		0.79			1.24			1.04			51
Institutional Plus Class
09/30/19		9.29		0.11			0.11			0.22			(0.11	)		—			—			9.40		2.37			185,905		0.53			2.24			0.72			18
03/31/19		9.24		0.21			0.06			0.27			(0.21	)		(0.01	)		—			9.29		2.99			171,660		0.54			2.25			0.73			43
03/31/18		9.35		0.18			(0.07	)		0.11			(0.21	)		(0.01	)		—			9.24		1.17			147,253		0.54			1.94			0.73			43
03/31/17		9.41		0.19			(0.03	)		0.16			(0.21	)		(0.01	)		—			9.35		1.70			118,220		0.54			1.98			0.75			48
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
INCOME FUND
Institutional Class
09/30/19		10.22		0.12			0.41			0.53			(0.14	)		—			—			10.61		5.22			6,222		0.77			2.37			1.54			14
03/31/19		10.09		0.25			0.18			0.43			(0.29	)		(0.01	)		—			10.22		4.31			6,322		0.80			2.49			1.48			33
03/31/18		10.22		0.24			(0.08	)		0.16			(0.28	)		(0.01	)		—			10.09		1.61			6,884		0.82			2.33			1.48			33
03/31/17		10.41		0.24			(0.14	)		0.10			(0.28	)		(0.01	)		—			10.22		0.89			6,621		0.82			2.29			1.62			44
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
Institutional Plus Class
09/30/19		10.22		0.13			0.41			0.54			(0.15	)		—			—			10.61		5.31			203,163		0.58			2.55			0.82			14
03/31/19		10.09		0.27			0.17			0.44			(0.30	)		(0.01	)		—			10.22		4.50			190,280		0.61			2.67			0.82			33
03/31/18		10.22		0.26			(0.08	)		0.18			(0.30	)		(0.01	)		—			10.09		1.80			192,073		0.64			2.52			0.82			33
03/31/17		10.41		0.26			(0.15	)		0.11			(0.29	)		(0.01	)		—			10.22		1.07			193,808		0.64			2.47			0.83			44
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
NEBRASKA TAX-FREE FUND
Institutional Plus Class
09/30/19		9.59		(0.02	)(e)		0.27			0.25			(0.12	)		—			—			9.72		2.62			73,763		0.45			(0.50	)		0.66			8
03/31/19		9.50		0.24			0.17			0.41			(0.25	)		—			(0.07	)		9.59		4.39			72,945		0.45			2.52			0.66			17
03/31/18		9.69		0.25			(0.12	)		0.13			(0.32	)		—			—			9.50		1.31			65,526		0.45			2.56			0.67			5
03/31/17		10.05		0.26			(0.30	)		(0.04	)		(0.32	)		—			—			9.69		(0.43	)		71,709		0.45			2.66			0.69			11
03/31/16(f)		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
09/30/19		16.85		0.09			0.90			0.99			(0.09	)		—			—			17.75		5.87			38,434		1.04			1.05			1.30			10
03/31/19		16.87		0.15			1.00			1.15			(0.15	)		(1.02	)		—			16.85		7.22			39,049		1.09			0.90			1.28			23
03/31/18		16.86		0.13			1.29			1.42			(0.14	)		(1.27	)		—			16.87		8.46			41,426		1.18			0.76			1.27			15
03/31/17		16.71		0.13			1.11			1.24			(0.13	)		(0.96	)		—			16.86		7.71			49,241		1.18			0.75			1.26			22
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

See accompanying Notes to Financial Statements.

31

SEMI-ANNUAL REPORT 2019

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			Return of Capital		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)(d)			Portfolio Turnover(b)
Institutional Plus Class
09/30/19	$	16.69	$	0.11		$	0.89		$	1.00		$	(0.11	)	$	—		$	—	$	17.58		6.00	%	$	34,836		0.85	%		1.24	%		1.05	%		10	%
03/31/19		16.73		0.19			0.98			1.17			(0.19	)		(1.02	)		—		16.69		7.43			32,477		0.90			1.10			1.04			23
03/31/18		16.74		0.16			1.28			1.44			(0.18	)		(1.27	)		—		16.73		8.66			28,571		0.99			0.95			1.03			15
03/31/17		16.61		0.16			1.10			1.26			(0.17	)		(0.96	)		—		16.74		7.90			33,209		0.99			0.94			1.03			22
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
GROWTH OPPORTUNITIES FUND
Institutional Class
09/30/19		16.30		(0.01	)		0.55			0.54			—			—			—		16.84		3.31			14,104		1.11			(0.16	)		1.36			32
03/31/19		16.22		(0.05	)		1.83			1.78			—			(1.70	)		—		16.30		12.37			14,840		1.11			(0.31	)		1.34			42
03/31/18		16.48		(0.04	)		2.35			2.31			—			(2.57	)		—		16.22		14.66			16,906		1.13			(0.25	)		1.33			50
03/31/17		14.82		(0.05	)		2.65			2.60			—			(0.94	)		—		16.48		17.89			17,999		1.14			(0.31	)		1.25			36
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
Institutional Plus Class
09/30/19		16.70		0.00			0.57			0.57			—			—			—		17.27		3.41			128,835		0.94			0.01			0.96			32
03/31/19		16.55		(0.02	)		1.87			1.85			—			(1.70	)		—		16.70		12.56			127,744		0.94			(0.13	)		0.97			42
03/31/18		16.74		(0.01	)		2.39			2.38			—			(2.57	)		—		16.55		14.86			119,254		0.94			(0.06	)		0.97			50
03/31/17		15.00		(0.01	)		2.69			2.68			—			(0.94	)		—		16.74		18.21			110,522		0.94			(0.08	)		0.98			36
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
SMALL/MID CAP FUND
Institutional Class
09/30/19(g)		10.00		0.01			0.35			0.36			—			—			—		10.36		3.60			23		1.20			0.75			203.62			4
Institutional Plus Class
09/30/19(g)		10.00		0.02			0.35			0.37			—			—			—		10.37		3.70			573		0.90			0.91			20.32			4
SMALL COMPANY FUND
Institutional Class
09/30/19		27.27		0.03			0.94			0.97			—			—			—		28.24		3.56			86,224		1.22			0.18			1.33			17
03/31/19		28.21		0.03			0.35			0.38			—			(1.32	)		—		27.27		1.67			94,013		1.20			0.11			1.30			26
03/31/18		28.28		(0.02	)(h)		1.45			1.43			—			(1.50	)		—		28.21		5.11			171,338		1.22			(0.06	)		1.29			28
03/31/17		23.17		0.07			5.45			5.52			(0.06	)		(0.35	)		—		28.28		23.87			210,573		1.20			0.27			1.31			33
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
Institutional Plus Class
09/30/19		27.45		0.06			0.94			1.00			—			—			—		28.45		3.64			733,286		0.99			0.41			1.06			17
03/31/19		28.35		0.09			0.35			0.44			(0.02	)		(1.32	)		—		27.45		1.90			721,976		0.99			0.32			1.08			26
03/31/18		28.35		0.05			1.45			1.50			—			(1.50	)		—		28.35		5.34			521,124		0.99			0.17			1.08			28
03/31/17		23.20		0.12			5.47			5.59			(0.09	)		(0.35	)		—		28.35		24.14			379,675		0.99			0.47			1.06			33
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

(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) Ratios excluding contractual and voluntary waivers.

(e) Includes premium amortization on securities transferred in as part of the common trust conversion in 2016 of $(0.15) per share.

(f) Commencement of operations of Tributary Nebraska Tax-Free Fund - Institutional Plus Class shares was January 1, 2016.

(g) Commencement of operations of Tributary Small/Mid Cap Fund – Institutional and Institutional Plus Class shares was August 2, 2019 and August 1, 2019, respectively.

(h) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

See accompanying Notes to Financial Statements.

32

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

1. Organization

Tributary Funds, Inc. (the “Company”) was organized in October 1994 as a Nebraska corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company issuing its shares in series. The Company consists of seven series, Short-Intermediate Bond Fund, Income Fund, Nebraska Tax-Free Fund, Balanced Fund, Growth Opportunities Fund, Small/Mid Cap Fund and Small Company Fund (collectively, the “Funds” and individually, a “Fund”). Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Growth Opportunities Fund, Small/Mid Cap 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 the Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Growth Opportunities Fund, Small/Mid Cap 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.

1. Significant Accounting Policies

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

Security Valuation

The net asset value (“NAV”) per share of each Fund is determined each business day as of the close of the New York Stock Exchange (“NYSE”), which is normally 4 p.m. Eastern Time. In valuing a Fund’s assets for calculating the NAV, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available, including traded over the counter securities, are valued at the official closing price on the primary exchange or market on which they traded or, if there is no such reported price on the valuation date, at the most recent quoted sale price or bid price. Investments in investment companies are valued at the NAV per share determined as of the close of the NYSE. Short-term debt investments (maturing within 60 days) may be valued on an amortized cost basis, unless such value does not approximate fair value. Debt securities (other than short-term investments) are valued at prices furnished by pricing services and generally reflect last reported sales price if the security is actively traded or an evaluated bid price obtained by employing methodologies that utilize actual market transactions; broker supplied valuations; or factors such as yield, maturity, call features, credit ratings, or developments relating to specific securities in arriving at the valuation. Prices provided by pricing services are subject to review and determination of the appropriate price whenever a furnished price is significantly different from the previous day’s furnished price.

Securities for which quotations are not readily available are valued at fair value as determined in good faith by the Company’s Fair Value Committee (“Fair Value Committee”) pursuant to procedures established by the Company’s Board of Directors (“Board”). Situations that may require an investment to be fair valued include instances where a security is thinly traded, halted, or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings, or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Fair Value Committee's own assumptions in determining fair value. Factors used in determining fair value include, but are not limited to: type of security or asset, trading activity of similar markets or securities, fundamental analytical data relating to the investment, evaluation of the forces that 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

33

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

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 adopted by the Board, the Fair Value Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Fair Valuation Committee’s determinations are subject to review by the Funds’ Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

The Funds use a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (exit price). One component of fair value is a three-tier fair value hierarchy. The basis of the tiers is dependent upon various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

Level 1 – includes valuations based on quoted prices of identical securities in active markets including valuations for securities listed on a 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, 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, 2019, by category:

	LEVEL 1 – Quoted Prices		LEVEL 2 -Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Short-Intermediate Bond Fund
Asset Backed Securities	$	–	$	27,767,731	$	–	$	27,767,731
Non-Agency Commercial Mortgage Backed Securities		–		12,599,986		–		12,599,986
Non-Agency Residential Mortgage Backed Securities		–		17,054,919		–		17,054,919
Corporate Bonds		–		62,076,080		–		62,076,080
Government & Agency Obligations		–		71,782,567		–		71,782,567
Preferred Stocks		459,250		–		–		459,250
Short-Term Investments		5,711,962		–		–		5,711,962
Total	$	6,171,212	$	191,281,283	$	–	$	197,452,495

34

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

	LEVEL 1 – Quoted Prices		LEVEL 2 - Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Income Fund
Asset Backed Securities	$	–	$	13,897,149	$	–	$	13,897,149
Non-Agency Commercial Mortgage Backed Securities		–		15,249,831		–		15,249,831
Non-Agency Residential Mortgage Backed Securities		–		19,760,793		–		19,760,793
Corporate Bonds		–		61,061,568		–		61,061,568
Government & Agency Obligations		–		98,559,013		–		98,559,013
Short-Term Investments		117,058		–		–		117,058
Total	$	117,058	$	208,528,354	$	–	$	208,645,412

	LEVEL 1 – Quoted Prices		LEVEL 2 - Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Nebraska Tax-Free Fund
Government & Agency Obligations	$	–	$	72,737,040	$	–	$	72,737,040
Short-Term Investments		1,807,602		–		–		1,807,602
Total	$	1,807,602	$	72,737,040	$	–	$	74,544,642

	LEVEL 1 – Quoted Prices		LEVEL 2 - Significant Observable Inputs			LEVEL 3 - Significant Unobservable Inputs		Total
Balanced Fund
Common Stocks	$	45,369,576	$	–		$	–	$	45,369,576
Asset Backed Securities		–		1,265,909			–		1,265,909
Non-Agency Commercial Mortgage Backed Securities		–		1,389,548			–		1,389,548
Non-Agency Residential Mortgage Backed Securities		–		1,017,635			–		1,017,635
Corporate Bonds		–		7,601,944	��		–		7,601,944
Government & Agency Obligations		–		14,233,999			–		14,233,999
Short-Term Investments		2,181,523		–			–		2,181,523
Total	$	47,551,099	$	25,509,035		$	–	$	73,060,134

	LEVEL 1 – Quoted Prices		LEVEL 2 - Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Growth Opportunities Fund
Common Stocks	$	139,248,764	$	–	$	–	$	139,248,764
Short-Term Investments		3,379,633		–		–		3,379,633
Total	$	142,628,397	$	–	$	–	$	142,628,397

35

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

	LEVEL 1 – Quoted Prices		LEVEL 2 - Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Small/Mid Cap Fund
Common Stocks	$	592,155	$	–	$	–	$	592,155
Short-Term Investments		20,224		–		–		20,224
Total	$	612,379	$	–	$	–	$	612,379

	LEVEL 1 – Quoted Prices		LEVEL 2 - Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Small Company Fund
Common Stocks	$	789,282,734	$	–	$	–	$	789,282,734
Short-Term Investments		31,614,970		–		–		31,614,970
Total	$	820,897,704	$	–	$	–	$	820,897,704

* See Schedules of Portfolio Investments for further industry classification.

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.

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, using the effective interest method. 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. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country’s tax rules and rates.

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, Small/Mid Cap 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

36

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

carryovers. The amount and timing of distributions are determined in accordance with federal income tax regulations which may differ from GAAP and are recorded on the ex-dividend date.

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 each of the Small/Mid Cap Fund and 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. For the services provided and expenses assumed under the FNFA Sub-Advisory Agreement, Tributary pays FNFA a fee equal to 0.25% of the average daily net assets of the Short-Intermediate Bond Fund, 0.30% of the average daily net assets of the Income Fund, 0.20% of the average daily net assets of the Nebraska Tax-Free Fund, 0.375% of the average daily net assets of the Balanced Fund, and 0.375% of the average daily net assets of the Growth Opportunities Fund.

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	0.52%
Income Fund	0.55
Nebraska Tax-Free Fund	0.45
Balanced Fund	0.85
Growth Opportunities Fund	0.94
Small/Mid Cap Fund	0.95
Small Company Fund	0.99

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, 2019, fees waived were as follows:

	Investment Adviser Fees Waived		Other Waivers		Total Fees Waived and Expenses Reimbursed
Short-Intermediate Bond Fund	$	195,558	$	474	$	196,032
Income Fund		256,110		508		256,618
Nebraska Tax-Free Fund		78,478		186		78,664
Balanced Fund		83,894		182		84,076
Growth Opportunities Fund		34,547		362		34,909
Small/Mid Cap Fund		20,986		–		20,986
Small Company Fund		302,472		2,039		304,511

Tributary may recover fees waived or expenses reimbursed, if such payment is made within three years of the fee waiver or expense reimbursement. At September 30, 2019, the amount of potentially recoverable expenses are as follows: Short-Intermediate Bond Fund – $1,178,736; Income Fund – $1,444,777; Nebraska Tax-Free Fund – $527,374; Balanced Fund – $307,196; Growth Opportunities Fund – $233,511; Small/Mid Cap Fund – $20,986; Small Company Fund – $2,042,450.

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 Administration, LLC, a wholly owned subsidiary of Apex US Holdings, LLC (d/b/a Apex Fund Services) (“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

37

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

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 six months ended September 30, 2019, the Funds paid FNBO as follows: Short-Intermediate Bond Fund – $1,446; Income Fund – $2,215; Balanced Fund – $486; Small Company Fund – $339. The amounts accrued for shareholder service fees are included under Shareholder service fees – Institutional Class within the Statements of Operations.

4. Investment Transactions

The aggregate cost of purchases and proceeds from sales of securities, excluding U.S. Government securities and short-term investments (maturing less than one year from acquisition), for the six months ended September 30, 2019, were as follows:

	Purchases		Sales
Short-Intermediate Bond Fund	$	26,470,486	$	17,981,478
Income Fund		16,522,775		14,839,595
Nebraska Tax-Free Fund		5,721,699		6,146,203
Balanced Fund		5,491,191		6,565,894
Growth Opportunities Fund		45,139,441		50,486,586
Small/Mid Cap Fund		593,352		25,035
Small Company Fund		133,706,303		152,418,322

The aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities for the six months ended September 30, 2019, were as follows:

	Purchases		Sales
Short-Intermediate Bond Fund	$	16,795,401	$	15,408,876
Income Fund		19,117,245		12,657,561
Nebraska Tax-Free Fund		611,250		–
Balanced Fund		1,358,118		2,130,803

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.

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

38

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

reclassification. Permanent differences may include but are not limited to the following: reclassifications related to net operating losses and equalization. These reclassifications have no impact on net assets.

_	Net Increase (Decrease)
	Distributable Earnings			Paid-in-Capital
Short-Intermediate Bond Fund	$	–		$	–
Income Fund		–			–
Nebraska Tax-Free Fund		–			–
Balanced Fund		–			–
Growth Opportunities Fund		(107,463	)		107,463
Small Company Fund		(2,700,000	)		2,700,000

As of September 30, 2019, the cost of investments and the components of net unrealized appreciation/(depreciation) were as follows:

	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Short-Intermediate Bond Fund	$	195,091,069	$	2,880,633	$	(519,207	)	$	2,361,426
Income Fund		199,009,278		10,393,383		(757,249	)		9,636,134
Nebraska Tax-Free Fund		72,503,016		2,072,617		(30,991	)		2,041,626
Balanced Fund		55,583,518		18,068,251		(591,635	)		17,476,616
Growth Opportunities Fund		97,442,743		46,924,654		(1,739,000	)		45,185,654
Small/Mid Cap Fund		588,436		29,167		(5,224	)		23,943
Small Company Fund		683,358,364		174,938,834		(37,399,494	)		137,539,340

At March 31, 2019, the components of distributable taxable earnings for U.S. federal income tax purposes were as follows:

	Undistributed Net Investment Income*		Undistributed Net Long-Term Capital Gains		Other Temporary Differences			Unrealized Gain (Loss)**			Capital Loss Carry Forward***
Short-Intermediate Bond Fund	$	417,681	$	–	$	(279,348	)	$	(542,615	)	$	(2,144,228	)
Income Fund		898,242		–		(408,209	)		768,949			(3,107,427	)
Nebraska Tax-Free Fund		–		–		–			(955,779	)		(452,870	)
Balanced Fund		21,722		1,145,287		–			14,936,823			–
Growth Opportunities Fund		–		1,461,548		–			46,314,755			(41,406	)
Small Company Fund		1,323,239		2,137,875		–			109,372,703			–

* Undistributed net investment income includes any undistributed net short-term capital gains, if any.

** Unrealized gains (loss) are adjusted for open wash sale loss deferrals, market discount/premium amortization, return of capital paid by REIT securities, adjustments on inflation indexed securities and equity return of capital securities.

*** Capital loss carry forward includes deferred post October loss and late year losses.

At September 30, 2019, the components of distributable taxable earnings for U.S. federal income tax purposes were as follows for the Small/ Mid Cap Fund:

Undistributed Net Investment Income*		Unrealized Gain (Loss)**		Capital Loss Carry Forward***
$	812	$	23,918	$	(36	)

* Undistributed net investment income includes any undistributed net short-term capital gains, if any.

** Unrealized gains (loss) are adjusted for open wash sale loss deferrals, market discount/premium amortization, return of capital paid by REIT securities, adjustments on inflation indexed securities and equity return of capital securities.

*** Capital loss carry forward includes deferred post October loss and late year losses.

39

SEMI-ANNUAL REPORT 2019

NOTES TO FINANCIAL STATEMENTS

September 30, 2019 (Unaudited)

The tax character of dividends and distributions paid during the Funds’ fiscal years ended March 31, 2019 and March 31, 2018, were as follows:

	Net Ordinary Income*				Tax Exempt Income				Net Long Term Capital Gains**				Return of Capital				Total Distributions Paid***
	2019		2018		2019		2018		2019		2018		2019		2018		2019		2018
Short-Intermediate Bond Fund	$	4,015,041	$	3,347,078	$	–	$	–	$	–	$	–	$	–	$	–	$	4,015,041	$	3,347,078
Income Fund		5,954,743		6,103,546		–		–		–		–		–		–		5,954,743		6,103,546
Nebraska Tax-Free Fund		39,441		14,012		1,692,586		2,294,989		–		–		561,894		–		2,293,921		2,309,001
Balanced Fund		702,416		690,469		–		–		4,144,048		5,477,086		–		–		4,846,464		6,167,555
Growth Opportunities Fund		–		–		–		–		13,876,252		19,267,400		–		–		13,876,252		19,267,400
Small Company Fund		1,594,767		5,682,919		–		–		32,498,906		30,023,507		–		–		34,093,673		35,706,426

* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

** The Funds designated as long-term dividend, pursuant to the Internal Revenue code section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gains to zero for the fiscal year ended March 31, 2019. Equalization debits included in the long term distributions were $325,000 and $2,700,000 for Growth Opportunities Fund and Small Company Fund, respectively.

*** Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

At March 31, 2019, the following Funds had net capital loss carryforwards available for U.S. federal income tax purposes to offset future net realized capital gains. Details of the capital loss carryforwards are listed in the table below.

	No Expiration
	Short Term		Long Term		Total
Short-Intermediate Bond Fund	$	396,173	$	1,748,055	$	2,144,228
Income Fund		1,152,874		1,954,553		3,107,427
Nebraska Tax-Free Fund		32,733		420,137		452,870

Under current tax law, certain capital losses realized after October 31, and certain ordinary losses realized after December 31 but before the end of the fiscal year ("Post-October losses" and “Late Year Losses”, respectively) may be deferred and treated as occurring on the first business day of the following fiscal year. For the year ended March 31, 2019, the Funds deferred losses to April 1, 2019 as follows:

	Late Year Losses/Post-October Losses
Growth Opportunities Fund	$	41,406

The Funds comply with FASB ASC Topic 740, “Income Taxes.” FASB ASC Topic 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Funds with tax positions not deemed to meet the "more-likely-than-not" threshold would be required to record a tax expense in the current year. 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 year ended March 31, 2019. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

8. Recent Accounting Pronouncements

In March 2017, the FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Funds have adopted ASU No. 2017-08 within these financial statements.

9. 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

SEMI-ANNUAL REPORT 2019

ADDITIONAL FUND INFORMATION

September 30, 2019 (Unaudited)

Proxy Voting Policy

Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-662-4203. The information also is included in the Company’s Statement of Additional Information, which is available on the Funds' website at www.tributaryfunds.com and on the Securities and Exchange Commission’s (the "SEC") website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available 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-PORT. Forms N-PORT are available free of charge on the SEC’s website at www.sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Table of Shareholder Expenses

As a shareholder of the Funds, you incur ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2019, through September 30, 2019.

Actual Expenses – The first set of columns next to 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 set of columns 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 set of columns next to 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 set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

41

SEMI-ANNUAL REPORT 2019

ADDITIONAL FUND INFORMATION

September 30, 2019 (Unaudited)

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 4/1/19		Ending Account Value 9/30/19		Expense Paid During Period*		Expense Ratio During Period*			Beginning Account Value 4/1/19		Ending Account Value 9/30/19		Expenses Paid During Period*		Expense Ratio During Period*
Short-Intermediate Bond Fund
Institutional Class	$	1,000.00	$	1,021.61	$	3.69		0.73	%	$	1,000.00	$	1,021.35	$	3.69		0.73	%
Institutional Plus Class		1,000.00		1,023.71		2.68		0.53			1,000.00		1,022.35		2.68		0.53
Income Fund
Institutional Class	$	1,000.00	$	1,052.16	$	3.95		0.77	%	$	1,000.00	$	1,021.15	$	3.89		0.77	%
Institutional Plus Class		1,000.00		1,053.13		2.98		0.58			1,000.00		1,022.10		2.93		0.58
Nebraska Tax-Free Fund
Institutional Plus Class	$	1,000.00	$	1,026.21	$	2.28		0.45	%	$	1,000.00	$	1,022.75	$	2.28		0.45	%
Balanced Fund
Institutional Class	$	1,000.00	$	1,058.66	$	5.35		1.04	%	$	1,000.00	$	1,019.80	$	5.25		1.04	%
Institutional Plus Class		1,000.00		1,059.95		4.38		0.85			1,000.00		1,020.75		4.29		0.85
Growth Opportunities Fund
Institutional Class	$	1,000.00	$	1,033.13	$	5.64		1.11	%	$	1,000.00	$	1,019.45	$	5.60		1.11	%
Institutional Plus Class		1,000.00		1,034.13		4.78		0.94			1,000.00		1,020.30		4.75		0.94
Small/Mid Cap Fund
Institutional Class	$	1,000.00	$	1,036.00	$	1.97		1.20	%	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Institutional Plus Class		1,000.00		1,037.00		1.59		0.95			1,000.00		1,020.25		4.80		0.95
Small Company Fund
Institutional Class	$	1,000.00	$	1,035.56	$	6.21		1.22	%	$	1,000.00	$	1,018.90	$	6.16		1.22	%
Institutional Plus Class		1,000.00		1,036.43		5.04		0.99			1,000.00		1,020.05		5.00		0.99

* Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183) divided by 366 to reflect the half-year period (except for the Small/Mid Cap Fund's actual return information which reflects the 60-day period between August 1, 2019, the commencement of operations for the Institutional Shares, and the 59-day period between August 2, 2019, the commencement of operations for the Institutional Plus Shares, through September 30, 2019).

42

SEMI-ANNUAL REPORT 2019

INVESTMENT ADVISORY AGREEMENT APPROVAL

September 30, 2019 (Unaudited)

Review and Approval of the Funds’ Advisory and Sub-Advisory Agreements

On May 21, 2019, 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, as amended (“Investment Advisory 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, as amended (“Investment Sub-Advisory 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 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 information pertaining to the nature, extent, and quality of services to be provided to the Funds by Tributary under the Investment Advisory Agreement. The Board reviewed biographical information for each portfolio manager to be employed by Tributary who would be providing services under the Investment Advisory Agreement and noted the breadth and depth of their experience, as well as the methods of determining compensation for the Funds’ portfolio managers. The Board carefully evaluated the nature, extent, and quality of Tributary’s advisory services. The Board also evaluated Tributary’s organizational structure and resources, noting that Tributary was a wholly-owned subsidiary of First National Bank of Omaha. The Board requested and evaluated Tributary’s current Form ADV. Based on Tributary’s income statement and statement of financial condition for the twelve-months ended December 31, 2018, 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 FNB and its parent company as it relates to the operation of Tributary. After reviewing the foregoing information and further information in Tributary’s responses, including Tributary’s overall business and clients, descriptions of Tributary’s trading and brokerage practices, Tributary’s coordination of certain intermediary agreements and certain revenue sharing arrangements, and its cyber security and disaster recovery plans, 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 Tributary’s Investment Advisory Agreement. It was noted that the portfolio management team at Tributary currently managing the Small Company Fund would continue to manage the Small Company Fund. The Board reviewed the Lipper and Morningstar “peer groups” as an appropriate benchmark for evaluating the performance to be achieved by Tributary for the Funds, and also considered the Small Company Fund’s performance as compared to its broad-based securities market indices, the Russell 2000 Index and the Russell 2000 Value Index. The Board noted that each Fund’s performance with respect to the Institutional Plus Class outperformed some comparable funds and underperformed others within the Lipper peer group.

The Board noted that the Small Company Fund’s Institutional Plus Class outperformed its Lipper peer group average for the one-year and five-year periods ended March 31, 2019, while the Small Company Fund slightly underperformed its Lipper peer group average during the three-year period ended March 31, 2019. Further, the Board noted that the Small Company Fund’s Institutional Plus Class outperformed its Morningstar peer group average for the one-year and five-year periods ended March 31, 2019, while the Small Company Fund slightly underperformed its Morningstar peer group average during the three-year period ended March 31, 2019. The Board further considered that the Small Company Fund’s Institutional Plus Class underperformed the Russell 2000 Index during the one-year and three-year periods ended March 31, 2019, while outperforming the Russell 2000 Index for the five-year period ended March 31, 2019. Further, the Small Company Fund’s Institutional Plus Class outperformed the Russell 2000 Value Index during the one-year and five-year periods ended March 31, 2019, while the Small Company Fund underperformed the Russell 2000 Value Index during the three-year period ended March 31, 2019. The Board also considered the Small Company Fund’s performance as compared to certain accounts managed by Tributary with comparable investment strategies. 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 Plus 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, although Tributary proposed a reduction in the expense caps for both the Tributary Short-Intermediate Bond Fund and the Tributary Income Fund effective August 1, 2019.

43

SEMI-ANNUAL REPORT 2019

INVESTMENT ADVISORY AGREEMENT APPROVAL

September 30, 2019 (Unaudited)

The Board considered that the Small Company Fund’s advisory fee and total expense ratio are higher than the respective Lipper peer group averages. The Expense Waiver Agreement as currently in place was reviewed and it is noted will be continued without change; this Agreement allows for overall expenses for Small Company Fund shareholders to remain competitive. The Board also considered advisory fees paid to Tributary for management of certain accounts with investment policies similar to that of the Small Company Fund, which advisory fees were lower than the advisory fees paid by the Fund. However, the Board noted certain revenue sharing payments made to intermediaries by Tributary on behalf of the Fund, which payments are not made with respect to such other accounts. The Board considered Tributary’s profitability with respect to advisory services provided to the Funds. 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. Considering the recent growth in assets of the Small Company Fund, the Board discussed with Tributary appropriate assets levels at which any break-points in advisory fees may be considered. Currently, fee waivers are in place with both Tributary and FNFA in order to maintain expenses at competitive levels.

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 accessibility of the Funds’ investment strategy through other accounts managed by Tributary, as well as certain soft-dollar and research benefits. Tributary also serves as co-administrator to the Funds under a Co-Administration Agreement, pursuant to which Tributary receives a monthly fee from the Funds.

Legal Considerations.

The Board noted that it was not aware of any pending or anticipated legal proceedings or investigations involving Tributary.

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 Investment Advisory Agreement are fair and reasonable; and (b) that fees under the Investment Advisory 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 information pertaining to the nature, extent, and quality of services to be provided to the FNFA Funds under the FNFA’s Investment Sub-Advisory Agreement. The Board reviewed biographical information for each portfolio manager to be employed by FNFA who would be providing services under the Investment Sub-Advisory Agreement and noted the breadth and depth of their experience, as well as the methods of determining compensation for the Funds’ portfolio managers. 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 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, 2018, 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 FNB and its parent company as it relates to the operations of FNFA. After reviewing the foregoing information and further information in FNFA’s responses, including descriptions of FNFA’s overall business and clients, its trading and brokerage practices, and its cyber security and disaster recovery plans, 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.

Investment Performance.

The Board recognized that the investment objective and principal investment strategies of the FNFA Funds are expected to continue substantially unchanged under FNFA’s Investment Sub-Advisory Agreement. It was noted that the portfolio management teams at FNFA currently managing the FNFA Funds would continue to manage the FNFA Funds. The Board reviewed the Lipper and Morningstar “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 Funds’ performance for the Institutional Plus Class outperformed some comparable funds and underperformed others within the Lipper peer group. The Board also considered the performance of the Tributary Short-Intermediate Bond Fund, Tributary Income Fund and the Tributary Growth Opportunities Fund as compared to certain accounts managed by FNFA with comparable investment strategies.

Tributary Balanced Fund. The Board considered that the Balanced Fund’s Institutional Plus Class outperformed its Lipper peer group average during the one-year and five-year periods ended March 31, 2019, while the Fund underperformed its Lipper peer group average for the three-year period ended March 31,

44

SEMI-ANNUAL REPORT 2019

INVESTMENT ADVISORY AGREEMENT APPROVAL

September 30, 2019 (Unaudited)

2019. The Board further considered that the Balanced Fund’s Institutional Plus Class outperformed its Morningstar peer group averages for each of the one-year, three-year and five-year periods ended March 31, 2019.

Tributary Growth Opportunities Fund. The Board considered that the Growth Opportunities Fund’s Institutional Plus Class outperformed its Lipper peer group averages for the one-year and five-year periods ended March 31, 2019, while the Fund matched the performance of its Lipper peer group during the three-year period ended March 31, 2019. The Board further considered that the Growth Opportunities Fund’s Institutional Plus Class outperformed its Morningstar peer group averages for each of the one-year, three-year and five-year periods ended March 31, 2019.

Tributary Income Fund. The Board considered that the Income Fund’s Institutional Plus Class outperformed its Lipper peer group average for the one-year period ended March 31, 2019, but underperformed its Lipper peer group average during the three-year and five-year periods ended March 31, 2019. The Fund outperformed its Morningstar peer group average for each of these periods.

Tributary Short-Intermediate Bond Fund. The Board considered that the Short-Intermediate Bond Fund’s Institutional Plus Class underperformed its Lipper peer group average for the one-year, three-year and five-year periods ended March 31, 2019, but outperformed its Morningstar peer group average for each of these periods.

Tributary Nebraska Tax-Free Fund. The Board considered that the Nebraska Tax-Free Fund’s Institutional Plus Class outperformed its Lipper and Morningstar peer group averages for the one-year period ended March 31, 2019.

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 fees 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 Plus 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 sub-advisory fees to FNFA.

Tributary Balanced Fund. The Board considered that the Balanced Fund’s advisory fee with respect to its Institutional Plus Class is the same as the average advisory fee charged by funds in its Lipper peer group, while the total expense ratio with respect to the Fund’s Institutional Plus Class is lower than its Lipper peer group average.

Tributary Growth Opportunities Fund. The Board considered that the Growth Opportunities Fund’s advisory fee and total expense ratio with respect to its Institutional Plus Class are higher than its Lipper peer group averages.

Tributary Income Fund. The Board considered that the Income Fund’s advisory fee and total expense ratio with respect to its Institutional Plus Class are higher than its Lipper peer group averages.

Tributary Short-Intermediate Bond Fund. The Board considered that the Short-Intermediate Bond Fund’s advisory fee and total expense ratio are higher than its Lipper peer group averages.

Tributary Nebraska Tax-Free Fund. The Board considered that the Nebraska Tax-Free Fund’s advisory fee and total expense ratio are lower than its Lipper peer group averages.

The Expense Waiver Agreement as currently in place was reviewed and it is noted will be continued with the current expense caps, except that the expense cap for each of the Tributary Short-Intermediate Bond Fund and the Tributary Income Fund are to be lowered to 0.52% and 0.55%, respectively, effective August 1, 2019. The Board considered that the Expense Waiver 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.

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 soft dollar and research benefits.

Legal Considerations.

The Board noted that it was not aware of any pending or anticipated legal proceedings or investigations involving FNFA.

 45

SEMI-ANNUAL REPORT 2019

INVESTMENT ADVISORY AGREEMENT APPROVAL

September 30, 2019 (Unaudited)

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 FNFA’s Investment Sub-Advisory Agreement are fair and reasonable; and (b) that FNFA’s fees under the Investment Sub-Advisory 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. 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.

RegistrantTributary Funds, Inc.

By       /s/ Karen Shaw                          

Karen Shaw

Treasurer

DateNovember 26, 2019                      

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

DateNovember 26, 2019                      

By       /s/ Karen Shaw                          

Karen Shaw

Treasurer

DateNovember 26, 2019