As filed with the Securities and Exchange Commission on June 8, 2021
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, 2020 – March 31, 2021
ITEM 1. REPORT TO STOCKHOLDERS.
Tributary
Funds
®
Annual
Report
March
31,
2021
Tributary
Short-Intermediate
Bond
Fund
Institutional
Class:
FOSIX
Institutional
Plus
Class:
FOSPX
Tributary
Income
Fund
Institutional
Class:
FOINX
Institutional
Plus
Class:
FOIPX
Tributary
Nebraska
Tax-Free
Fund
Institutional
Plus
Class:
FONPX
Tributary
Balanced
Fund
Institutional
Class:
FOBAX
Institutional
Plus
Class:
FOBPX
Tributary
Growth
Opportunities
Fund
Institutional
Class:
FOGRX
Institutional
Plus
Class:
FOGPX
Tributary
Small/Mid
Cap
Fund
Institutional
Class:
FSMCX
Institutional
Plus
Class:
FSMBX
Tributary
Small
Company
Fund
Institutional
Class:
FOSCX
Institutional
Plus
Class:
FOSBX
Investors
should
carefully
consider
the
investment
objectives,
risks,
charges
and
expenses
of
the
Tributary
Funds.
Mutual
funds
involve
risk
including
loss
of
principal.
This
and
other
important
information
about
the
Tributary
Funds
is
contained
in
the
prospectus,
which
can
be
obtained
by
calling
1-800-662-4203
or
by
visiting
www.tributaryfunds.com.
The
prospectus
should
be
read
carefully
before
investing.
The
Tributary
Funds
are
distributed
by
Northern
Lights
Distributors,
LLC
member
FINRA.
Northern
Lights
Distributors,
LLC
and
the
Tributary
Funds’
investment
adviser
are
not
affiliated.
Notice
to
Investors
Shares
of
Tributary
Funds:
Are
Not
FDIC
Insured
May
Lose
Value
Have
No
Bank
Guarantee
Annual
Report
2021
Table
of
Contents
Management
Discussion
and
Analysis
4
Schedules
of
Portfolio
Investments
18
Statements
of
Assets
and
Liabilities
43
Statements
of
Operations
45
Statements
of
Changes
in
Net
Assets
47
Financial
Highlights
51
Notes
to
Financial
Statements
53
Report
of
Independent
Registered
Public
Accounting
Firm
61
Additional
Fund
Information
62
Directors
and
Officers
65
SHORT-INTERMEDIATE
BOND
FUND
(Unaudited)
Annual
Report
2021
4
Investment
Objective
The
Tributary
Short-Intermediate
Bond
Fund
seeks
to
maximize
total
return
in
a
manner
consistent
with
the
generation
of
current
income,
preservation
of
capital
and
reduced
price
volatility.
Manager
Commentary
The
COVID-19
pandemic
dominated
the
narrative
and
financial
market
performance
over
the
past
year,
through
its
obvious
and
direct
health
impact,
but
also
through
the
historic
policy
response
it
elicited.
As
the
novel
coronavirus
worked
its
way
across
the
country
and
the
initial
panic
subsided,
the
financial
markets
roared
back
from
the
lows
seen
at
the
end
of
the
previous
fiscal
year.
Despite
regional
examples
of
worsening
COVID
trends,
the
virus
data
generally
indicated
improvement
throughout
the
year,
and
promising
vaccine
trial
results
reported
in
November
gave
the
markets
confidence
that
the
worst
was
likely
behind
us.
The
historic
stimulus
delivered
by
the
Federal
Reserve
and
Congress
provided
a
strong
tailwind
to
risk
assets.
Not
only
did
the
Federal
Reserve
proceed
with
its
$120
billion
monthly
balance
sheet
expansion,
but
in
April
it
announced
that
high
yield
bonds
would
be
included
on
its
list
of
approved
corporate
bonds
purchases,
a
truly
unprecedented
move.
In
the
event,
the
actual
dollar
amount
of
corporate
bonds
purchased
wasn’t
significant,
but
the
signal
it
sent
certainly
was.
On
the
fiscal
side,
the
response
was
equally
impressive.
After
passing
the
$2+
trillion
CARES
act
a
year
ago,
Congress
passed
another
$900
billion
stimulus
bill
in
December,
and
followed
that
with
the
$1.9
trillion
American
Rescue
Plan
in
March
2021.
Perhaps
not
surprising
given
the
impact
of
the
virus
and
subsequent
stimulus,
some
of
economic
data
reported
over
the
past
year
was
genuinely
hard
to
believe.
Weekly
jobless
claims
spiked
to
nearly
7
million
in
early
April
and
the
unemployment
rate
jumped
to
14.7%,
the
highest
level
since
the
Great
Depression.
Second
quarter
2020
GDP
dropped
over
31%
annualized,
but
then
rebounded
by
over
33%
the
following
quarter.
As
the
fiscal
year
ended,
the
data
reflected
broad
improvement
across
the
economy.
The
unemployment
rate
has
fallen
to
6%,
capital
goods
orders
have
surpassed
pre-pandemic
levels
and
the
housing
market
is
booming
on
the
back
of
historically
low
mortgage
rates.
The
largest
driver
of
return
in
the
bond
market
over
the
past
year
was
the
significant
outperformance
of
the
credit
spread
sectors
(led
by
corporate
bonds)
followed
by
the
dramatic
steepening
in
the
U.S.
Treasury
yield
curve.
Given
the
massive
stimulus
detailed
above,
risk
assets
rallied
sharply.
High
yield
corporate
bonds
returned
nearly
24%
over
the
trailing
12
months,
easily
the
best
performing
area
of
the
bond
market.
Within
the
investment
grade
space,
corporate
bonds
were
by
the
far
the
best
performing
sector.
Industrial
and
utility
corporate
bonds
posted
a
16%
excess
return
compared
to
similar
maturity
Treasuries,
followed
by
financial
corporates
at
12%,
non-corporate
credit
at
7%,
CMBS
at
7%,
ABS
at
4%
and
Agency
MBS
at
just
under
a
1%
excess
return.
The
yield
curve
steepened
as
the
2-year
yield
fell
9
basis
points
(bps)
to
close
at
0.16%
and
the
10-year
rose
107
bps
to
close
at
1.74%,
leading
to
a
-1.3%
loss
for
the
intermediate
U.S.
Treasury
index
over
the
period.
Government
bonds
weren’t
entirely
a
losing
bet,
however.
Given
the
rapid
economic
improvement
and
growing
budget
deficits,
inflation
fears
grew
throughout
the
year,
leading
to
significant
outperformance
of
Treasury
Inflation
Protected
Securities
(TIPS).
The
Tributary
Short
Intermediate
Fund
returned
3.63%
(net,
Institutional
Plus)
for
the
year
ended
March
31,
2021
compared
to
1.57%
for
the
Bloomberg
Barclay’s
1-3Y
Government/Credit
Index
and
1.90%
for
the
Bloomberg
Barclay’s
1-5Y
Government/Credit
Index.
The
Fund
outperformed
both
benchmarks
this
year
due
largely
to
our
sector
allocation
decision.
The
Fund’s
overweight
to
corporate
bonds
and
non-agency
securitized
product,
combined
with
a
modest
lower
quality
bias,
boosted
returns
as
those
sectors
outperformed.
As
in
prior
periods,
the
Fund’s
yield
advantage
over
the
benchmark
was
also
a
positive
contributor.
On
the
negative
side,
the
primary
detractor
was
our
duration
exposure
and
yield
curve
positioning
as
our
overweight
to
the
3-5
year
maturity
bucket
hampered
relative
return
compared
to
the
1-3Y
Index.
This
year
the
Fund
changed
its
formal
benchmark
to
be
the
Bloomberg
Barclays
1-3Y
Government/Credit
Index,
instead
of
the
longer
1-5Y
Index.
This
decision
was
based
on
two
primary
factors.
First,
consistent
with
our
stated
objective
to
offer
reduced
price
volatility
to
our
investors
and
second,
in
light
of
the
fact
that
the
universe
of
peer
mutual
funds
is
predominantly
compared
to
the
1-3Y
Index,
we
felt
changing
the
benchmark
was
a
logical
and
prudent
decision.
During
the
year
the
Fund’s
overall
sector
allocation
shifted
more
towards
non-
agency
securitized
product
and
corporate
credit
and
away
from
the
Treasury
and
agency
MBS
sectors,
due
to
the
attractive
spreads
on
offer
throughout
much
of
the
fiscal
year.
In
the
securitized
space
we
were
most
active
in
the
non-agency
CMBS
sector,
adding
positions
in
single-family
rental,
data
warehousing,
and
traditional
conduit
securities.
We
were
less
active
in
the
non-agency
RMBS
sector
given
rapid
prepayment
expectations,
while
in
the
ABS
space
we
found
value
in
the
private
label
student
loan
and
equipment
sectors.
In
terms
of
credit
quality
there
was
no
significant
change
during
the
year,
as
the
Fund
maintained
a
Aa2
weighted
average
credit
rating.
The
apparent
dichotomy
between
asset
prices
and
underlying
fundamentals
observed
for
much
of
the
previous
year
now
appears
to
be
resolving,
as
economic
data
catches
up
to
the
market.
The
Atlanta
Fed
forecast
for
calendar
Q1
GDP
is
over
8%
annualized,
and
the
full-year
2021
consensus
forecast
is
for
6.2%
growth,
an
annual
figure
not
seen
since
the
mid-1980s.
The
key
question
for
bond
investors
remains
whether
the
market
has
already
priced
in
this
historically
robust
economic
environment
we
are
entering.
When
viewed
alongside
historically
tight
spreads
on
credit-sensitive
assets,
the
rapid
move
higher
in
bond
yields
and
inflation
expectations
witnessed
recently
begs
the
question—will
this
be
a
“sell
the
rumor,
buy
the
fact”
event
for
the
bond
market?
For
our
part,
we
expect
the
massive
fiscal
and
monetary
stimulus
combined
with
accelerating
vaccination
rates
and
“re-openings”
will
continue
to
move
the
economy
and
the
markets
in
a
positive
direction
over
the
near
term.
Consistent
with
that
guardedly
positive
outlook
for
risk
assets,
we
remain
overweight
spread
product
but
simultaneously
cautious
on
the
lowest
quality
buckets,
as
we
adhere
to
our
discipline
of
not
chasing
yield
by
sacrificing
quality
when
spreads
are
historically
tight.
With
respect
to
overall
duration
exposure
we
remain
slightly
long
compared
to
the
new
1-3
Year
benchmark
but
will
be
closely
watching
how
Federal
Reserve
policy
evolves
and
adjust
accordingly.
Regarding
sector
allocation,
the
non-agency
securitized
sectors
SHORT-INTERMEDIATE
BOND
FUND
(Unaudited)
Annual
Report
2021
5
continue
to
be
our
biggest
overweight
relative
to
the
benchmark,
given
our
view
that
relative
yields
more
than
compensate
for
the
risk
involved
in
the
senior
tranches
where
we
are
most
active.
We
are
also
overweight
the
corporate
sector,
with
overweight
allocations
to
the
industrial
and
financial
subsectors,
offset
by
an
underweight
in
the
utility
sector.
Lastly,
we
maintain
a
modest
but
opportunistically
growing
exposure
to
the
agency
MBS
sector,
while
remaining
underweight
in
the
traditional
U.S.
government
bond
sector.
As
always,
we
remain
committed
to
seeking
prudent,
value-enhancing
investment
opportunities
consistent
with
our
disciplined
approach
of
managing
for
the
long-term.
Return
of
a
$10,000
Investment
as
of
March
31,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
to
higher.
Total
returns
include
change
in
share
price,
reinvestment
of
dividends
and
capital
gains.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month
end,
please
visit
our
website
at
www.tributaryfunds.com.
(†)
The
expense
ratios
are
from
the
Fund’s
prospectus
dated
August
1,
2020.
Net
expense
ratios
are
net
of
contractual
waivers
which
are
in
effect
through
August
1,
2021.
(††)
Commencement
date
for
the
Institutional
Plus
Class
was
October
14,
2011.
(*)
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Investment
performance
reflects
contractual
fee
waivers
in
effect
for
certain
periods.
Without
these
fee
waivers,
the
performance
would
have
been
lower.
The
line
chart
assumes
an
initial
investment
of
$10,000
made
on
March
31,
2011.
Total
return
is
based
on
net
change
in
net
asset
value
(“NAV”)
assuming
reinvestment
of
all
dividends
and
other
distributions.
The
performance
of
Institutional
Plus
Class
will
be
different
than
Institutional
Class
based
on
differences
in
fees
borne
by
each
class.
Bloomberg
Barclays
1-3
Year
U.S.
Government/Credit
Index
is
a
broad
based
benchmark
that
measures
the
non-securitized
component
of
the
US
Aggregate
Index.
Bloomberg
Barclays
U.S.
Government/Credit
1-5
Year
Index
is
an
unmanaged
index
which
measures
the
performance
of
U.S.
Treasury
and
agency
securities,
and
corporate
bonds
with
1-5
year
maturities.
The
indices
are
unmanaged
and
do
not
reflect
the
deduction
of
fees
or
taxes
associated
with
a
mutual
fund,
such
as
investment
management,
administration
and
other
operational
fees.
Investors
cannot
directly
invest
in
the
index.
Portfolio
Composition
as
of
March
31,
2021
Percentage
Based
on
Total
Value
of
Investments
(Portfolio
composition
is
subject
to
change)
Corporate
Bonds
37.3%
Asset
Backed
Securities
16.9%
Non-Agency
Residential
Mortgage
Backed
Securities
14.2%
U.S.
Treasury
Securities
13.0%
Non-Agency
Commercial
Mortgage
Backed
Securities
10.5%
U.S.
Government
Mortgage
Backed
Securities
4.6%
Short-Term
Investments
1.7%
Municipals
1.6%
Preferred
Stocks
0.2%
100.0%
Portfolio
Analysis
as
of
March
31,
2021
(Portfolio
composition
is
subject
to
change)
Weighted
Average
to
Maturity:
5.2
years
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
5
Year
10
Year
Tributary
Short-Intermediate
Bond
Fund
—
Institutional
Class
3.44%
2.26%
2.06%
Bloomberg
Barclays
1-3
Year
U.S.
Government/Credit
Index
1.57%
2.00%
1.57%
Bloomberg
Barclays
U.S.
Government/
Credit
1-5
Year
Index
1.90%
2.33%
2.10%
Prospectus
Expense
Ratio
(Gross/Net)†
1.21%
0.67%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
1.21%
0.68%
1
Year
5
Year
Since
Inception
††
Tributary
Short-Intermediate
Bond
Fund
—
Institutional
Plus
Class
3.63%
2.47%
2.40%
Bloomberg
Barclays
1-3
Year
U.S.
Government/Credit
Index
1.57%
2.00%
1.54%
Bloomberg
Barclays
U.S.
Government/
Credit
1-5
Year
Index
1.90%
2.33%
1.98%
Prospectus
Expense
Ratio
(Gross/Net)†
0.72%
0.49%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
0.73%
0.49%
INCOME
FUND
(Unaudited)
Annual
Report
2021
6
Investment
Objective
The
Tributary
Income
Fund
seeks
the
generation
of
current
income
in
a
manner
consistent
with
preserving
capital
and
maximizing
total
return.
Manager
Commentary
The
COVID-19
pandemic
dominated
the
narrative
and
financial
market
performance
over
the
past
year,
through
its
obvious
and
direct
health
impact,
but
also
through
the
historic
policy
response
it
elicited.
As
the
novel
coronavirus
worked
its
way
across
the
country
and
the
initial
panic
subsided,
the
financial
markets
roared
back
from
the
lows
seen
at
the
end
of
the
previous
fiscal
year.
Despite
regional
examples
of
worsening
COVID
trends,
the
virus
data
generally
indicated
improvement
throughout
the
year,
and
promising
vaccine
trial
results
reported
in
November
gave
the
markets
confidence
that
the
worst
was
likely
behind
us.
The
historic
stimulus
delivered
by
the
Federal
Reserve
and
Congress
provided
a
strong
tailwind
to
risk
assets.
Not
only
did
the
Federal
Reserve
proceed
with
its
$120
billion
monthly
balance
sheet
expansion,
but
in
April
it
announced
that
high
yield
bonds
would
be
included
on
its
list
of
approved
corporate
bonds
purchases,
a
truly
unprecedented
move.
In
the
event,
the
actual
dollar
amount
of
corporate
bonds
purchased
wasn’t
significant,
but
the
signal
it
sent
certainly
was.
On
the
fiscal
side,
the
response
was
equally
impressive.
After
passing
the
$2+
trillion
CARES
act
a
year
ago,
Congress
passed
another
$900
billion
stimulus
bill
in
December,
and
followed
that
with
the
$1.9
trillion
American
Rescue
Plan
in
March
2021.
Perhaps
not
surprising
given
the
impact
of
the
virus
and
subsequent
stimulus,
some
of
economic
data
reported
over
the
past
year
was
genuinely
hard
to
believe.
Weekly
jobless
claims
spiked
to
nearly
7
million
in
early
April
and
the
unemployment
rate
jumped
to
14.7%,
the
highest
level
since
the
Great
Depression.
Second
quarter
2020
GDP
dropped
over
31%
annualized,
but
then
rebounded
by
over
33%
the
following
quarter.
As
the
fiscal
year
ended,
the
data
reflected
broad
improvement
across
the
economy.
The
unemployment
rate
has
fallen
to
6%,
capital
goods
orders
have
surpassed
pre-pandemic
levels
and
the
housing
market
is
booming
on
the
back
of
historically
low
mortgage
rates.
The
largest
driver
of
return
in
the
bond
market
over
the
past
year
was
the
significant
outperformance
of
the
credit
spread
sectors
(led
by
corporate
bonds)
followed
by
the
dramatic
steepening
in
the
U.S.
Treasury
yield
curve.
Given
the
massive
stimulus
detailed
above,
risk
assets
rallied
sharply.
High
yield
corporate
bonds
returned
nearly
24%
over
the
trailing
12
months,
easily
the
best
performing
area
of
the
bond
market.
Within
the
investment
grade
space,
corporate
bonds
were
by
the
far
the
best
performing
sector.
Industrial
and
utility
corporate
bonds
posted
a
16%
excess
return
compared
to
similar
maturity
Treasuries,
followed
by
financial
corporates
at
12%,
non-corporate
credit
at
7%,
CMBS
at
7%,
ABS
at
4%
and
Agency
MBS
at
just
under
a
1%
excess
return.
The
yield
curve
steepened
as
the
2-year
yield
fell
9
basis
points
(bps)
to
close
at
0.16%
and
the
30-year
rose
109
bps
to
close
at
2.41%,
leading
to
a
-4.41%
loss
for
the
U.S.
Treasury
index
over
the
period.
Government
bonds
weren’t
entirely
a
losing
bet,
however.
Given
the
rapid
economic
improvement
and
growing
budget
deficits,
inflation
fears
grew
throughout
the
year,
leading
to
significant
outperformance
of
Treasury
Inflation
Protected
Securities
(TIPS).
The
Tributary
Income
Fund
returned
1.52%
(net,
Institutional
Plus)
for
the
year
ended
March
31,
2021
compared
to
0.71%
for
the
Bloomberg
Barclay’s
Aggregate
Index.
The
Fund
outperformed
the
benchmark
this
year
due
primarily
to
our
decisions
on
sector
allocation
and
duration
exposure.
The
Fund’s
overweight
to
industrial
corporate
bonds
and
non-agency
CMBS,
combined
with
a
neutral
quality
bias,
boosted
returns,
while
our
lower
overall
duration
exposure
benefited
performance
as
yields
rose
significantly.
Our
superior
prepayment
experience
in
the
Agency
MBS
sector
was
also
a
positive
impact,
while
the
Fund’s
yield
advantage
over
the
benchmark
continued
to
generate
positive
excess
return.
On
the
negative
side,
the
primary
detractor
was
our
yield
curve
positioning
as
our
overweight
to
the
10
and
20-year
segments
of
the
curve
underperformed.
Additionally,
some
negative
security
selection
in
the
corporate
portfolio
was
a
drag
on
relative
performance.
During
the
year
the
Fund’s
overall
sector
allocation
shifted
more
towards
corporate
credit
and
away
from
the
Treasury
and
agency
MBS
sectors,
due
to
the
attractive
spreads
on
offer
(specifically
in
the
industrial
subsector)
earlier
in
the
fiscal
year.
In
the
securitized
space
we
were
most
active
in
the
non-agency
CMBS
sector,
adding
positions
in
single-family
rental,
data
warehousing,
and
traditional
conduit
securities.
We
were
less
active
in
the
non-agency
RMBS
sector
given
rapid
prepayment
expectations,
while
in
the
ABS
space
we
found
value
in
the
private
label
student
loan
sector.
In
terms
of
credit
quality
there
was
no
significant
change
during
the
year,
as
the
Fund
maintained
a
Aa2
weighted
average
credit
rating.
The
apparent
dichotomy
between
asset
prices
and
underlying
fundamentals
observed
for
much
of
the
previous
year
now
appears
to
be
resolving,
as
economic
data
catches
up
to
the
market.
The
Atlanta
Fed
forecast
for
calendar
Q1
GDP
is
over
8%
annualized,
and
the
full-year
2021
consensus
forecast
is
for
6.2%
growth,
an
annual
figure
not
seen
since
the
mid-1980s.
The
key
question
for
bond
investors
remains
whether
the
market
has
already
priced
in
this
historically
robust
economic
environment
we
are
entering.
When
viewed
alongside
historically
tight
spreads
on
credit-sensitive
assets,
the
rapid
move
higher
in
bond
yields
and
inflation
expectations
witnessed
recently
begs
the
question—will
this
be
a
“sell
the
rumor,
buy
the
fact”
event
for
the
bond
market?
For
our
part,
we
expect
the
massive
fiscal
and
monetary
stimulus
combined
with
accelerating
vaccination
rates
and
“re-openings”
will
continue
to
move
the
economy
and
the
markets
in
a
positive
direction
over
the
near
term.
Consistent
with
that
guardedly
positive
outlook
for
risk
assets,
we
remain
overweight
spread
product
but
simultaneously
cautious
on
the
lowest
quality
buckets,
as
we
adhere
to
our
discipline
of
not
chasing
yield
by
sacrificing
quality
when
spreads
are
historically
tight.
Our
duration
exposure
remains
slightly
short
the
benchmark,
and
although
we
remain
underweight
the
long-
end
of
the
yield
curve,
we
are
moving
gradually
to
a
more
neutral
positioning
as
Federal
Reserve
policy
evolves.
Regarding
specific
sector
allocation,
we
remain
underweight
the
traditional
U.S.
government
sectors
and
the
agency
MBS
space.
The
non-agency
securitized
sectors
remain
our
biggest
overweight
relative
to
the
benchmark,
given
our
view
that
relative
yields
more
than
compensate
for
the
risk
involved
in
the
senior
tranches
where
we
are
most
active.
We
are
overweight
the
corporate
sector,
with
a
larger
overweight
allocation
to
the
industrial
subsector,
a
small
overweight
to
financials,
offset
by
an
underweight
in
the
utility
subsector.
INCOME
FUND
(Unaudited)
Annual
Report
2021
7
As
always,
we
remain
committed
to
seeking
prudent,
value-enhancing
investment
opportunities
consistent
with
our
disciplined
approach
of
managing
for
the
long-term.
Return
of
a
$10,000
Investment
as
of
March
31,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
to
higher.
Total
returns
include
change
in
share
price,
reinvestment
of
dividends
and
capital
gains.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month
end,
please
visit
our
website
at
www.tributaryfunds.com.
(†)
The
expense
ratios
are
from
the
Fund’s
prospectus
dated
August
1,
2020.
Net
expense
ratios
are
net
of
contractual
waivers
which
are
in
effect
through
August
1,
2021.
(††)
Commencement
date
for
the
Institutional
Plus
Class
was
October
28,
2011.
(*)
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Investment
performance
reflects
contractual
fee
waivers
in
effect
for
certain
periods.
Without
these
fee
waivers,
the
performance
would
have
been
lower.
The
line
chart
assumes
an
initial
investment
of
$10,000
made
on
March
31,
2011.
Total
return
is
based
on
net
change
in
net
asset
value
(“NAV”)
assuming
reinvestment
of
all
dividends
and
other
distributions.
The
performance
of
Institutional
Plus
Class
will
be
different
than
Institutional
Class
based
on
differences
in
fees
borne
by
each
class.
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
is
an
unmanaged
index
and
covers
the
USD-
denominated,
investment-grade,
fixed-rate,
taxable
bond
market
of
SEC-
registered
securities.
The
index
includes
bonds
from
the
Treasury,
Government
Related,
Corporate,
MBS
(agency
fixed-rate
and
hybrid
ARM
passthroughs),
ABS
and
CMS
sectors.
The
index
is
unmanaged
and
does
not
reflect
the
deduction
of
fees
or
taxes
associated
with
a
mutual
fund,
such
as
investment
management,
administration
and
other
operational
fees.
Investors
cannot
directly
invest
in
the
index.
Portfolio
Composition
as
of
March
31,
2021
Percentage
Based
on
Total
Value
of
Investments
(Portfolio
composition
is
subject
to
change)
Corporate
Bonds
36.1%
U.S.
Government
Mortgage
Backed
Securities
27.8%
U.S.
Treasury
Securities
10.4%
Non-Agency
Residential
Mortgage
Backed
Securities
8.2%
Asset
Backed
Securities
7.1%
Non-Agency
Commercial
Mortgage
Backed
Securities
6.7%
Municipals
2.6%
Short-Term
Investments
1.1%
100.0%
Portfolio
Analysis
as
of
March
31,
2021
(Portfolio
composition
is
subject
to
change)
Weighted
Average
to
Maturity:
11.9
years
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
5
Year
10
Year
Tributary
Income
Fund
—
Institutional
Class
1.34%
3.06%
3.52%
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
0.71%
3.10%
3.44%
Prospectus
Expense
Ratio
(Gross/Net)†
1.52
%
0.73
%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
1.52
%
0.72
%
1
Year
5
Year
Since
Inception
††
Tributary
Income
Fund
—
Institutional
Plus
Class
1.52%
3.24%
3.43%
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
0.71%
3.10%
3.03%
Prospectus
Expense
Ratio
(Gross/Net)†
0.82
%
0.55
%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
0.82
%
0.55
%
NEBRASKA
TAX-FREE
FUND
(Unaudited)
Annual
Report
2021
8
Investment
Objective
The
Tributary
Nebraska
Tax-Free
Fund
seeks
as
high
a
level
of
current
income
exempt
from
both
federal
and
Nebraska
income
tax
as
is
consistent
with
the
preservation
of
capital.
Manager
Commentary
The
COVID-19
pandemic
dominated
the
narrative
and
financial
market
performance
over
the
past
year,
through
its
obvious
and
direct
health
impact,
but
also
through
the
historic
policy
response
it
elicited.
As
the
novel
coronavirus
worked
its
way
across
the
country
and
the
initial
panic
subsided,
the
financial
markets
roared
back
from
the
lows
seen
at
the
end
of
the
previous
fiscal
year.
Despite
regional
examples
of
worsening
COVID
trends,
the
virus
data
generally
indicated
improvement
throughout
the
year,
and
promising
vaccine
trial
results
reported
in
November
gave
the
markets
confidence
that
the
worst
was
likely
behind
us.
The
historic
stimulus
delivered
by
the
Federal
Reserve
and
Congress
provided
a
strong
tailwind
to
risk
assets.
Not
only
did
the
Federal
Reserve
proceed
with
its
$120
billion
monthly
balance
sheet
expansion,
but
in
April
it
announced
that
high
yield
bonds
would
be
included
on
its
list
of
approved
corporate
bonds
purchases,
a
truly
unprecedented
move.
In
the
event,
the
actual
dollar
amount
of
corporate
bonds
purchased
wasn’t
significant,
but
the
signal
it
sent
certainly
was.
On
the
fiscal
side,
the
response
was
equally
impressive.
After
passing
the
$2+
trillion
CARES
act
a
year
ago,
Congress
passed
another
$900
billion
stimulus
bill
in
December,
and
followed
that
with
the
$1.9
trillion
American
Rescue
Plan
in
March
2021.
Perhaps
not
surprising
given
the
impact
of
the
virus
and
subsequent
stimulus,
some
of
economic
data
reported
over
the
past
year
was
genuinely
hard
to
believe.
Weekly
jobless
claims
spiked
to
nearly
7
million
in
early
April
and
the
unemployment
rate
jumped
to
14.7%,
the
highest
level
since
the
Great
Depression.
Second
quarter
2020
GDP
dropped
over
31%
annualized,
but
then
rebounded
by
over
33%
the
following
quarter.
As
the
fiscal
year
ended,
the
data
reflected
broad
improvement
across
the
economy.
The
unemployment
rate
has
fallen
to
6%,
capital
goods
orders
have
surpassed
pre-pandemic
levels
and
the
housing
market
is
booming
on
the
back
of
historically
low
mortgage
rates.
The
largest
driver
of
return
in
the
market
over
the
past
year
was
the
significant
outperformance
of
credit
sensitive
sectors,
and
municipal
bonds
were
certainly
in
that
group.
Despite
the
fact
that
U.S.
Treasury
yields
rose
dramatically
over
the
past
year,
the
municipal
yield
curve
actually
bull-steepened.
2-year
municipal
yields
fell
98
basis
points
(bps)
and
30-year
yields
fell
26
bps,
leading
to
a
+5.5%
return
for
the
broad
municipal
bond
index
(compared
to
a
-4.4%
loss
for
the
U.S.
Treasury
index).
Better
than
expected
tax
revenue
in
many
states
and
an
almost-unprecedented
amount
of
fiscal
support
from
the
federal
government
as
noted
above
helped
municipals
handily
outperform
their
taxable
counterparts.
The
outperformance
wasn’t
a
straight
line
up,
however.
The
first
six
months
of
the
fiscal
year
saw
municipal
bonds
cheapen
compared
to
U.S.
Treasuries,
with
yield
ratios
significantly
cheaper
than
their
3-
and
5-
year
averages.
Starting
in
November,
however,
the
market
swiftly
turned
and
continued
to
grind
tighter,
ultimately
reaching
the
richest
ratio
levels
in
history
by
February.
Not
surprising
given
the
environment,
lower
quality
credits
significantly
outperformed,
with
BBB-rated
bonds
returning
over
11%
for
the
fiscal
year
compared
to
top-rated
AAA
credits
which
returned
only
4%.
The
Tributary
Nebraska
Tax-free
Fund
returned
3.08%
(net,
Institutional
Plus)
for
the
year
ended
March
31,
2021
compared
to
a
4.91%
return
for
the
Bloomberg
Barclay’s
1-15Y
Blend
Index.
The
Fund
trailed
its
benchmark
this
year,
largely
due
to
the
dramatic
outperformance
of
lower
rated
credits.
Our
7%
underweight
in
A-rated
bonds
and
8%
underweight
in
BBB-rated
bonds
accounted
for
nearly
all
our
underperformance
for
the
year.
Due
to
the
generally
strong
credit
quality
of
most
Nebraska
issuers,
it
is
challenging
to
find
compelling
investments
in
lower
rated
credits.
On
the
positive
side
of
the
ledger,
the
overall
duration
of
the
portfolio
boosted
performance
as
yields
declined.
During
the
year
the
Fund’s
overall
sector
allocation
changed
as
a
large
number
of
issuers
pre-refunded
their
bonds
by
issuing
taxable
securities.
Our
allocation
to
pre-refunded
bonds
rose
to
12%,
with
NPPD
making
up
a
large
portion
of
that,
which
lowered
our
revenue
sector
holdings
from
52%
to
44%.
With
regard
to
purchase
activity,
we
intentionally
sought
out
securities
with
longer
call
protection
to
increase
our
exposure
to
the
7-10-year
segment
of
the
curve,
given
that
the
majority
of
municipal
issuance
in
the
state
comes
with
a
5-year
call
structure.
In
terms
of
credit
quality
there
was
no
significant
change
during
the
year,
as
the
Fund
maintained
its
AA-
weighted
average
credit
rating.
The
apparent
dichotomy
between
asset
prices
and
underlying
fundamentals
observed
for
much
of
the
previous
year
now
appears
to
be
resolving,
as
economic
data
catches
up
to
the
market.
The
Atlanta
Fed
forecast
for
calendar
Q1
GDP
is
over
8%
annualized,
and
the
full-year
2021
consensus
forecast
is
for
6.2%
growth,
an
annual
figure
not
seen
since
the
mid-1980s.
The
key
question
for
bond
investors
remains
whether
the
market
has
already
priced
in
this
historically
robust
economic
environment
we
are
entering.
When
viewed
alongside
historically
tight
spreads
on
credit-sensitive
assets,
the
rapid
move
higher
in
bond
yields
and
inflation
expectations
witnessed
recently
begs
the
question—will
this
be
a
“sell
the
rumor,
buy
the
fact”
event
for
the
bond
market?
For
our
part,
we
expect
the
massive
fiscal
and
monetary
stimulus
combined
with
accelerating
vaccination
rates
and
“re-openings”
will
continue
to
move
the
economy
and
the
markets
in
a
positive
direction
over
the
near
term.
For
the
municipal
market,
the
outlook
is
vastly
improved
from
last
year
at
this
time.
While
many
states
and
localities
saw
revenue
increases
despite
the
pandemic,
many
did
not,
as
much
of
a
state’s
performance
was
dependent
on
their
mix
of
revenues
(property
tax,
sales
tax,
income
tax)
and
their
primary
industries.
For
the
states
where
revenues
lagged,
they
have
the
stimulus
to
help
fill
budgetary
holes.
A
recent
analysis
by
FHN
Financial
projected
that
monies
received
by
the
states
through
the
American
Rescue
Plan
should
be
more
than
enough
to
plug
budget
shortfalls
for
all
but
three
states.
The
better
than
expected
results
for
many
issuers
and
the
stimulus
kept
us
from
seeing
a
full-
on
downward
re-rating
of
the
market.
Yes,
there
were
sectors
like
education
and
transportation
that
saw
more
downgrades,
but
overall
ratings
held
their
ground
better
than
we
expected
last
year.
With
respect
to
Nebraska,
the
economy
was
one
of,
if
not
the
most,
resilient
states
over
the
past
12
months.
The
state
continually
had
the
lowest
unemployment
rate
in
the
country
and
currently
we
are
back
to
pre-COVID
levels
of
unemployment.
According
to
the
report
mentioned
above,
the
state
saw
revenue
increase
year
over
year
in
NEBRASKA
TAX-FREE
FUND
(Unaudited)
Annual
Report
2021
9
the
second
through
fourth
quarters.
The
state
also
saw
the
agriculture
sector
get
a
boost
in
the
form
of
government
payments
and
the
surging
prices
of
commodities.
Corn
and
Soybeans,
the
state’s
two
largest
crops,
saw
prices
increase
66%
and
62%
respectively,
while
cattle
and
hog
prices
rose
by
19%
and
94%,
respectively.
The
increase
in
farm
incomes
should
be
a
credit
positive
for
the
state
as
a
whole
and
especially
for
local
entities
that
derive
much
of
their
revenues
from
property
taxes
on
farmland.
Despite
the
generally
positive
outlook
for
the
state
overall,
there
could
be
pockets
of
the
Nebraska
economy
and
geography
that
struggle,
necessitating
continued
diligence
on
our
part.
We
are
committed
to
uncovering
value
in
the
current
market
and
to
identify
issuers
that
pose
greater
risk,
ensuring
we
preserve
capital
over
the
cycle.
Consistent
with
that,
our
preference
for
higher
quality
general
obligation
and
essential-service
revenue
bonds
remains
unchanged.
As
always,
we
remain
committed
to
seeking
prudent,
value-enhancing
investment
opportunities
consistent
with
our
disciplined
approach
of
managing
for
the
long-term.
Return
of
a
$10,000
Investment
as
of
March
31,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
to
higher.
Total
returns
include
change
in
share
price,
reinvestment
of
dividends
and
capital
gains.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month
end,
please
visit
our
website
at
www.tributaryfunds.com.
(†)
The
Fund’s
Institutional
Plus
Class
performance
for
periods
prior
to
the
commencement
of
operations
(1/1/16)
is
that
of
a
common
trust
fund
managed
by
First
National
Bank
of
Omaha.
The
common
trust
fund
commenced
operations
on
December
31,
2007.
(††)
The
expense
ratios
are
from
the
Fund’s
prospectus
dated
August
1,
2020.
Net
expense
ratios
are
net
of
contractual
waivers
which
are
in
effect
through
August
1,
2021.
(*)
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Investment
performance
reflects
contractual
fee
waivers
in
effect
for
certain
periods.
Without
these
fee
waivers,
the
performance
would
have
been
lower.
The
line
chart
assumes
an
initial
investment
of
$10,000
made
on
March
31,
2011.
Total
return
is
based
on
net
change
in
net
asset
value
(“NAV”)
assuming
reinvestment
of
all
dividends
and
other
distributions.
The
Bloomberg
Barclays
1-15
Year
Municipal
Blend
Index
represents
the
performance
of
municipal
bonds
with
maturities
from
1
to
17
years.
The
Bloomberg
Barclays
Municipal
Bond
Index
is
a
broad-based
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed
tax
exempt
bond
market.
The
index
includes
state
and
local
general
obligation,
revenue,
insured,
and
pre-refunded
bonds.
The
Bloomberg
Barclays
Municipal
Bond
Index
was
incepted
in
January
1980.
The
index
does
not
reflect
the
fees
and
expenses
associated
with
a
mutual
fund,
such
as
investment
management,
administration
and
other
operational
fees.
Investors
cannot
invest
directly
in
the
index.
Portfolio
Composition
as
of
March
31,
2021
Percentage
Based
on
Total
Value
of
Investments
(Portfolio
composition
is
subject
to
change)
Municipals
98.2%
Short-Term
Investments
0.9%
U.S.
Government
Mortgage
Backed
Securities
0.9%
100.0%
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
5
Year
10
Year
Tributary
Nebraska
Tax-Free
Fund
—
Institutional
Plus
Class
3.08%
2.40%
3.13%
Bloomberg
Barclays
1-15
Year
Municipal
Blend
Index
(1-17)
4.91%
3.03%
3.72%
Bloomberg
Barclays
Municipal
Bond
Index
5.51%
3.49%
4.54%
Prospectus
Expense
Ratio
(Gross/Net)†
0.65%
0.45%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
0.67%
0.45%
BALANCED
FUND
(Unaudited)
Annual
Report
2021
10
Investment
Objective
The
Tributary
Balanced
Fund
seeks
capital
appreciation
and
current
income.
Manager
Commentary
For
the
fiscal
year
ended
March
31,
2021,
the
Tributary
Balanced
Fund
return
was
+31.76%
(Institutional
Plus
Class
at
NAV).
The
Fund
underperformed
the
Composite
Index
(60%
Russell
3000;
40%
Barclays
Capital
U.S.
Intermediate
Government/Credit)
benchmark
return
of
+35.56%.
There
are
three
primary
drivers
of
relative
performance.
First,
the
asset
allocation
mix
between
stocks,
bonds
and
cash.
For
most
of
the
fiscal
year,
the
portfolio
management
team
overweighted
equities
with
an
average
allocation
of
61.6%,
and
underweighted
bonds
with
an
average
exposure
of
35.3%.
Although
equities
massively
outperformed
bonds,
this
tactical
decision
had
a
negligible
impact
on
relative
performance.
Due
to
the
COVID
related
stock
market
downturn
in
February
and
March
2020,
we
entered
last
year
underweight
equities
and
did
not
overweight
equities
until
May
2020.
Second,
fixed
income
returns
positively
impacted
relative
performance.
Individual
bond
holdings
returned
+2.82%,
ahead
of
the
Barclays
Capital
U.S.
intermediate
return
of
+2.01%.
Third,
the
primary
reason
for
the
relative
underperformance
of
the
Fund
was
weak
stock
selection.
Individual
stock
holdings
returned
+56.11%,
well
below
the
Russell
3000
Index
return
of
+62.53%.
The
equity
holdings
performed
in
line
with
the
S&P
500
Index
return
of
56.35%.
In
equities,
we
strive
to
participate
in
up
markets
and
preserve
capital
in
down
markets.
Our
participation
rate
over
the
last
year
was
90%,
which
is
slightly
below
historical
levels.
In
last
year’s
annual
report,
we
reviewed
the
Fund’s
modestly
defensive
bias
which
helped
protect
capital
in
early
2020.
Government
stimulus
activities,
both
the
Federal
Reserve
and
federal
government,
resulted
in
a
mass
infusion
of
liquidity
into
the
stock
market
and
an
emphasis
on
cyclical,
lower
quality
companies.
As
the
year
progressed,
speculative
growth
companies
came
into
favor.
Not
owning
Tesla
for
example,
negatively
impacted
relative
equity
performance
by
1.13%.
For
the
last
year,
our
sector
allocation
negatively
impacted
returns,
primarily
from
the
overweight
allocation
to
consumer
staples
and
utilities,
and
the
low
exposure
to
consumer
discretionary.
Stock
selection
was
positive
in
industrials
and
consumer
staples.
The
top
five
contributors
were
Mastek
(industrials),
Timken
(industrials),
Microchip
(information
technology),
Apple
(information
technology)
and
Horizon
Therapeutics
(healthcare).
Stock
selection
was
negative
in
consumer
discretionary,
information
technology,
basic
materials,
financials
and
utilities.
The
bottom
five
detractors
from
performance
include
Atmos
Energy
(utilities),
Citrix
Systems
(information
technology),
Biogen
(healthcare),
Baxter
International
(healthcare)
and
Southwest
Gas
(utilities).
In
fixed
income,
the
largest
driver
of
returns
over
the
past
year
was
the
significant
outperformance
of
the
credit
spread
sectors
(led
by
corporate
bonds)
followed
by
the
steepening
of
the
U.S.
Treasury
yield
curve.
Give
the
massive
stimulus,
risk
assets
rallied
sharply
with
industrial
and
utility
corporate
bonds
the
best
performing
sectors
within
investment
grade
bonds.
Financials,
not-
corporate
credit,
CMBS,
ABS
and
Agency
MBS
also
provided
excess
returns
relative
to
Treasuries.
Early
in
the
fiscal
year,
the
Fund’s
sector
allocation
shifted
toward
corporate
credit
and
away
from
the
Treasury
and
agency
MBS
sectors
due
to
the
attractive
spreads.
As
a
result
of
this
sector
allocation
and
duration
exposure,
individual
bonds
in
the
Balanced
Fund
outperformed
the
benchmark.
In
terms
of
credit
quality,
there
was
no
significant
change
during
the
year,
as
the
Fund
maintained
an
Aa3
weighted
average
credit
rating.
As
we
enter
this
fiscal
year,
global
economic
activity
continues
to
improve
as
vaccine
rollouts
accelerate
and
government
restrictions
on
activity
are
reduced.
The
savings
rate
of
U.S.
consumers
is
high
due
to
federal
government
stimulus
packages
targeted
to
low-mid
income
individuals
and
lower
discretionary
spending
by
upper
income
individuals.
The
unemployment
rate
has
fallen
to
6%,
capital
goods
orders
have
surpassed
pre-pandemic
levels
and
the
housing
market
is
booming
due
to
low
mortgage
rates.
Pent
up
demand
for
services
is
expected
to
drive
solid
economic
growth
in
the
second
half
of
2021.
Interest
rates
and
commodity
prices
have
risen
this
year
as
economic
forecasts
have
increased
expectations
for
inflation.
Higher
rates
are
confirmation
of
a
strengthening
economy,
but
a
rapid
increase
can
create
uncertainty
in
the
stock
market
and
the
sustainability
of
the
recovery.
One
result
of
the
increase
in
equity
and
bond
prices
over
the
last
year
is
the
high
valuation
in
both
asset
classes.
As
of
March
31st
,
the
U.S.
broad
market
price-to-earnings
ratio
was
close
to
22x,
well
above
the
historic
average
of
15x.
The
10-year
Treasury
yield
of
1.74%,
albeit
well
above
the
low
in
2020,
is
fairly
expensive
relative
to
historical
yields.
Strong
profit
growth,
estimated
at
24%
for
the
U.S.
market,
will
likely
lead
to
a
continued
“risk-on”
market.
Historically,
a
robust
economy,
strong
corporate
profit
growth,
and
an
accommodative
Federal
Reserve
has
been
positive
for
equity
returns
and
credit
sectors
within
the
bond
market.
Based
on
our
stock/bond
allocation
model,
we
continue
to
overweight
equities
with
the
stock
allocation
64.5%
as
of
March
31st,
above
the
60%
target
in
the
Composite
Index.
Within
equities,
our
sector
tilt
favor
economic
sensitive
sectors
like
financials
and
energy.
Our
exposure
to
economically
stable
industries
such
as
consumer
staples
and
utilities
have
been
reduced.
As
always,
we
continue
to
pursue
stocks
of
companies
with
an
improving
profit
outlook
trading
at
reasonable
valuations.
In
fixed
income,
our
focus
is
on
credit,
specifically
Industrial
corporates,
and
non-agency
securitized
sectors.
Although
we
remain
overweight
credit,
we
are
adhering
to
our
discipline
of
not
chasing
yield
by
sacrificing
quality.
We
continue
to
closely
monitor
the
macro-environment
and
remain
committed
to
owning
value-enhancing
equity
and
bond
investment
opportunities
consistent
with
our
disciplined
approach
of
managing
for
the
long-term.
BALANCED
FUND
(Unaudited)
Annual
Report
2021
11
Return
of
a
$10,000
Investment
as
of
March
31,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
to
higher.
Total
returns
include
change
in
share
price,
reinvestment
of
dividends
and
capital
gains.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month
end,
please
visit
our
website
at
www.tributaryfunds.com.
(†)
The
expense
ratios
are
from
the
Fund’s
prospectus
dated
August
1,
2020.
Net
expense
ratios
are
net
of
contractual
waivers
which
are
in
effect
through
August
1,
2021.
(††)
Commencement
date
for
the
Institutional
Plus
Class
was
October
14,
2011.
(*)
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Investment
performance
reflects
contractual
fee
waivers
in
effect
for
certain
periods.
Without
these
fee
waivers,
the
performance
would
have
been
lower.
The
line
chart
assumes
an
initial
investment
of
$10,000
made
on
March
31,
2011.
Total
return
is
based
on
net
change
in
net
asset
value
(“NAV”)
assuming
reinvestment
of
all
dividends
and
other
distributions.
The
performance
of
Institutional
Plus
Class
will
be
different
than
Institutional
Class
based
on
differences
in
fees
borne
by
each
class.
The
Composite
Index
is
intended
to
provide
a
single
benchmark
that
more
accurately
reflects
the
composition
of
securities
held
by
the
Fund.
Sixty
percent
of
the
Composite
Index
is
comprised
of
the
Russell
3000
Index
and
forty
percent
of
the
Composite
index
is
comprised
of
the
Bloomberg
Barclays
U.S.
Intermediate
Government/Credit
Bond
Index.
The
Russell
3000
Index
seeks
to
be
a
benchmark
of
the
entire
U.S.
stock
market.
More
specifically,
this
index
encompasses
the
3,000
largest
U.S.-traded
stocks,
in
which
the
underlying
companies
are
all
incorporated
in
the
U.S.
The
Bloomberg
Barclays
U.S.
Intermediate
Government/Credit
Bond
Index
is
a
market
value
weighted
performance
benchmark
for
government
and
corporate
fixed-rate
debt
issues
(rated
Baa/BBB
or
higher)
with
maturities
between
one
and
ten
years.
The
indices
are
unmanaged
and
do
not
reflect
the
deduction
of
fees
or
taxes
associated
with
a
mutual
fund,
such
as
investment
management,
administration
and
other
operational
fees.
Investors
cannot
directly
invest
in
the
indices.
Portfolio
Composition
as
of
March
31,
2021
Percentage
Based
on
Total
Value
of
Investments
(Portfolio
composition
is
subject
to
change)
Information
Technology
19.5%
Financials
12.2%
Government
Securities
11.1%
Consumer
Discretionary
9.5%
Industrials
8.7%
Health
Care
8.3%
Communication
Services
7.7%
Consumer
Staples
4.2%
Short-Term
Investments
3.6%
Asset
Backed
Securities
2.5%
Materials
2.5%
Non-Agency
Commercial
Mortgage
Backed
Securities
2.5%
Energy
2.0%
Real
Estate
1.6%
U.S.
Government
Mortgage
Backed
Securities
1.6%
Utilities
1.4%
Non-Agency
Residential
Mortgage
Backed
Securities
1.1%
100.0%
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
5
Year
10
Year
Tributary
Balanced
Fund
—
Institutional
Class
31.47%
10.15%
8.84%
60%
Russell
3000,
40%
Barclays
US
Intermediate
Gov
/Credit
35.56%
11.22%
9.58%
Bloomberg
Barclays
US
Intermediate
Government/Credit
Bond
Index
2.01%
2.75%
2.88%
Russell
3000
Index
62.53%
16.64%
13.79%
Prospectus
Expense
Ratio
(Gross/Net)†
1.28
%
1.04
%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
1.30
%
1.02
%
1
Year
5
Year
Since
Inception
††
Tributary
Balanced
Fund
—
Institutional
Plus
Class
31.76%
10.36%
9.81%
60%
Russell
3000,
40%
Barclays
US
Intermediate
Gov
/Credit
35.56%
11.22%
10.63%
Bloomberg
Barclays
US
Intermediate
Government/Credit
Bond
Index
2.01%
2.75%
2.61%
Russell
3000
Index
62.53%
16.64%
15.64%
Prospectus
Expense
Ratio
(Gross/Net)†
1.03
%
0.85
%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
1.05
%
0.84
%
GROWTH
OPPORTUNITIES
FUND
(Unaudited)
Annual
Report
2021
12
Investment
Objective
The
Tributary
Growth
Opportunities
Fund
seeks
long-term
capital
appreciation.
Manager
Commentary
For
the
fiscal
year
ending
March
31,
2021,
the
Tributary
Growth
Opportunities
Fund
delivered
a
return
of
66.55%
(Institutional
Plus
Class
at
NAV)
compared
to
the
Russell
Midcap
Growth
Index
return
of
68.61%,
underperforming
the
benchmark
by
roughly
2%.
In
terms
of
what
drove
this
performance,
our
2.65%
average
holding
in
cash
had
the
most
impact--
and
while
this
portion
cash
held
doesn’t
seem
like
much--
the
penalty
for
holding
this
asset
in
a
market
environment
of
massive
equity
gains
can
be
quite
costly.
The
total
impact
of
cash
on
returns
this
year,
in
fact,
was
almost
2%.
We
also
had
a
couple
of
underperforming
sector
groups
that
had
an
impact.
Communication
services
was
perhaps
our
worst
relative
performing
sector,
with
the
benchmark’s
125%
gain
too
great
a
hurdle
versus
the
Funds’
respectable
90%
return.
When
comparing
these
high
returns,
it
usually
becomes
a
function
of
what
you
did
not
own
than
what
you
did—and
not
owning
index
names
like
Roku
(up
272%)
and
Pinterest
(up
242%)
certainly
had
an
impact.
Financials
was
also
a
weak
group
for
us,
as
significant
losses
in
eHealth
(down
48%)
stood
in
contrast
in
a
market
segment
with
very
strong
early
cycle
performance.
We
did
have
some
bright
spots
in
the
Fund,
with
information
technology
being
our
standout
contributor,
as
our
80.4%
return
was
about
5.5%
better
than
the
index.
Twilio
and
Square
were
two
companies
that
had
exceptional
years,
with
the
former
gaining
215%
and
the
latter
a
whopping
281%.
We
also
performed
very
well
in
industrials,
an
area
we
began
to
overweight
in
the
early
fall
as
we
correctly
anticipated
an
early
cycle
recovery.
We
had
the
best
of
all
worlds
here,
as
both
our
allocation
and
stock
selection
were
strongly
positive.
Our
long
time
holding
in
utilities
construction
provider
Quanta
Services
(up
178%)
was
a
highlight
within
this
cyclical
group.
As
we
started
the
fiscal
year,
the
equity
markets
began
a
process
of
recovering
after
significant
losses
in
February
and
March,
as
the
market
quickly
discounted
the
effects
of
the
economic
shock
surrounding
the
COVID-19
pandemic.
The
Fund
was
positioned
with
more
of
a
defensive
and
high-quality
bias
at
the
time.
Ironically,
April
was
one
of
our
worst
performing
months,
as
markets
staged
a
brief
technical
snapback
from
what
was
a
very
deep
sell-off,
with
the
RMIDG
gaining
over
15.6%
compared
to
the
13.4%
return
for
the
Fund.
Our
preference
for
higher
quality
securities
hurt
us
that
month,
but
the
positioning
served
us
very
well
for
several
months
thereafter,
with
well-timed
holdings
in
“work-from-home”
cloud
technology
companies
(such
as
Twilio)
as
well
as
telehealth
(Livongo)
and
COVID
testing
players
(Quidel)
in
the
healthcare
space—provided
a
very
nice
boost
to
first-half
performance.
At
the
low
point
of
this
period,
the
Fund
was
trailing
the
benchmark
by
roughly
4
percentage
points.
By
the
end
of
October,
the
Fund
had
essentially
caught
up
to
the
benchmark.
All
that
changed
suddenly
in
November,
when
a
very
strong
post-election
rally
favored
cyclicals,
post-COVID
recovery
plays,
as
well
as
lower
quality
companies.
As
our
previous
discussion
on
industrials
suggested,
we
positioned
ourselves
quite
well
on
the
strong
cyclical
trade.
We
also
had
nice
positive
contributions
for
the
year
in
consumer
discretionary
and
energy.
And
even
though
finanicals
was
a
mixed
bag
for
the
year,
our
second
half
performance
was
much
better
than
the
first.
We
unfortunately
weren’t
as
well
positioned
in
healthcare
post-November,
as
early
post-COVID
winners
such
as
vaccine
maker
Moderna
(up
337%)
and
clear
dental
aligner
company
Align
Technology
(up
211%)
were
absent
from
the
portfolio--
in
favor
of
companies
like
Quidel
(down
42%)
which
sold
millions
of
COVID
testing
kits
in
2020.
And
while
we
smartly
moved
the
portfolio
to
a
more
cyclical
bias
overall,
we
still
maintained
a
higher
quality
portfolio
in
healthcare—and
many
of
those
companies
did
not
benefit
immediately
from
the
early
post-COVID
recovery
environment.
Looking
ahead,
we
intend
to
remain
well-diversified,
but
keep
the
portfolio
with
a
notable
cyclical
bias
during
the
year.
While
higher
interest
rates
did
play
into
some
mixed
sentiment
early
this
year
(mainly
affecting
higher
multiple
high
growth
stocks)
we
think
the
Federal
Reserve
and
other
global
central
banks
will
remain
accommodative.
Simply
put,
the
setup
for
an
improving
trend
of
corporate
profits
is
excellent,
with
a
small
handful
of
COVID-19
beneficiaries
perhaps
being
the
most
vulnerable
from
a
growth
perspective.
The
only
meaningful
impediment
we
see
today
is
valuation
levels,
as
the
broader
equity
market
ended
the
year
with
a
price-to-earnings
ratio
close
to
22
times,
which
is
well
above
the
historical
average
of
15
times.
Many
managers
in
our
peer
group
have
perhaps
been
much
more
aggressive
in
their
cyclical
positioning,
preferring
to
own
lower
quality
companies
with
more
financial
and
operational
leverage.
We
believe,
however,
that
owning
higher
quality,
reasonably
valued
companies
with
a
solid
secular
growth
prospects
are
important
factors
that
will
position
the
Fund
for
long
term
outperformance.
We
expect
this
disciplined
approach
will
serve
investors
well
as
we
move
though
the
rest
of
the
2021
fiscal
year.
GROWTH
OPPORTUNITIES
FUND
(Unaudited)
Annual
Report
2021
13
Return
of
a
$10,000
Investment
as
of
March
31,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
to
higher.
Total
returns
include
change
in
share
price,
reinvestment
of
dividends
and
capital
gains.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month
end,
please
visit
our
website
at
www.tributaryfunds.com.
(†)
The
expense
ratios
are
from
the
Fund’s
prospectus
dated
August
1,
2020.
Net
expense
ratios
are
net
of
contractual
waivers
which
are
in
effect
through
August
1,
2021.
(††)
Commencement
date
for
the
Institutional
Plus
Class
was
October
14,
2011.
(*)
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Investment
performance
reflects
contractual
fee
waivers
in
effect
for
certain
periods.
Without
these
fee
waivers,
the
performance
would
have
been
lower.
The
line
chart
assumes
an
initial
investment
of
$10,000
made
on
March
31,
2011.
Total
return
is
based
on
net
change
in
net
asset
value
(“NAV”)
assuming
reinvestment
of
all
dividends
and
other
distributions.
The
performance
of
Institutional
Plus
Class
will
be
different
than
Institutional
Class
based
on
differences
in
fees
borne
by
each
class.
The
Russell
Midcap
Growth
Index
measures
the
performance
of
the
mid-cap
growth
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
Midcap
Index
companies
with
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
The
Fund’s
primary
index
is
the
Russell
Midcap
Growth
Index,
however
to
provide
a
broader
market
comparative,
the
S&P
500
Index
is
a
secondary
benchmark.
The
S&P
500
Index
is
a
broad
based
index
of
500
selected
common
stocks,
most
of
which
are
listed
on
the
New
York
Stock
Exchange,
that
measures
the
U.S.
stock
market
as
a
whole.
The
index
is
heavily
weighted
towards
stocks
with
large
market
capitalizations
and
represents
approximately
two-thirds
of
the
total
market
value
of
all
domestic
common
stocks.
The
indices
are
unmanaged
and
do
not
reflect
the
deduction
of
fees
or
taxes
associated
with
a
mutual
fund,
such
as
investment
management,
administration
and
other
operational
fees.
Investors
cannot
directly
invest
in
the
indices.
Portfolio
Composition
as
of
March
31,
2021
Percentage
Based
on
Total
Value
of
Investments
(Portfolio
composition
is
subject
to
change)
Information
Technology
35.9%
Health
Care
18.5%
Industrials
13.6%
Consumer
Discretionary
12.1%
Financials
5.7%
Communication
Services
5.6%
Materials
2.7%
Consumer
Staples
2.1%
Real
Estate
1.3%
Energy
0.6%
Short-Term
Investments
1.9%
100.0%
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
5
Year
10
Year
Tributary
Growth
Opportunities
Fund
—
Institutional
Class
66.34%
17.35%
12.20%
Russell
Midcap
Growth
Index
68.61%
18.39%
14.11%
S&P
500®
Index
56.35%
16.29%
13.91%
Prospectus
Expense
Ratio
(Gross/Net)†
1.36
%
1.06%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
1.34
%
1.06
%
1
Year
5
Year
Since
Inception
††
Tributary
Growth
Opportunities
Fund
—
Institutional
Plus
Class
66.55%
17.57%
14.75%
Russell
Midcap
Growth
Index
68.61%
18.39%
16.23%
S&P
500®
Index
56.35%
16.29%
15.59%
Prospectus
Expense
Ratio
(Gross/Net)†
0.96
%
0.89
%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
0.97
%
0.90
%
SMALL/MID
CAP
FUND
(Unaudited)
Annual
Report
2021
14
Investment
Objective
The
Tributary
Small/Mid
Cap
Fund
seeks
long-term
capital
appreciation.
Manager
Commentary
For
the
year
ended
March
31,
2021,
the
Tributary
Small/Mid
Cap
Fund
returned
+73.22%
(Institutional
Plus
Class
at
NAV)
compared
to
+89.40%
for
the
Russell
2500
Index
and
+87.47%
for
the
Russell
2500
Value
Index.
For
the
trailing
year,
absolute
returns
were
high,
but
it
must
be
noted
that
the
pandemic-driven
market
crash
ended
in
late
March
2020.
As
such,
the
returns
for
the
past
twelve
months
include
almost
the
entirety
of
the
post-
crash
recovery
but
include
none
of
the
precipitous
decline
that
occurred
in
February
and
March
2020.
Furthermore,
it
should
be
noted
that
the
Tributary
Small/Mid
Cap
Fund
declined
somewhat
less
than
the
Russell
2500
during
the
crash,
consistent
with
our
expectations
for
our
quality
and
valuation-focused
discipline.
Twelve
months
ago,
on
March
31,
2020,
little
did
investors
know
that
the
market
had
bottomed
in
the
prior
weeks.
While
in
hindsight
one
can
look
at
market
charts
and
conclude
that
the
low
appears
obvious,
at
the
time
many
expected
the
dismal
reality
of
the
pandemic
and
a
shut-down
economy
to
force
the
market
back
toward
its
lows,
or
worse.
As
we
know
now,
those
fears
never
materialized.
The
absolute
return
for
the
Tributary
Small/Mid
Cap
Fund
in
the
past
twelve
months
was
strong,
but
the
relative
performance
versus
the
Russell
2500
was
disappointing.
Fueled
by
“do
whatever
it
takes”
stimulus
initiatives
from
the
Federal
Reserve
and
federal
government,
riskier
equities
flourished
for
significant
stretches
of
2020.
High
growth
and
high
valuation
were
a
winning
combination.
This
acted
as
a
headwind
for
our
investment
strategy,
which
is
focused
on
higher
quality
companies
trading
at
attractive
prices.
A
major
part
of
the
Fund’s
underperformance
was
the
roughly
one-month
period
from
April
9th
through
May
13th.
During
this
time,
the
market
witnessed
a
noteworthy
rally
in
higher
risk,
growthier
companies.
While
it
is
not
unusual
for
our
investment
strategy
to
slightly
trail
the
benchmarks
in
the
initial
stages
of
a
post-crash
recovery,
in
this
period
our
relative
return
was
unusually
weak.
We
believe
this
underperformance
was
driven
by
the
Federal
Reserve’s
announcement
on
April
9,
2020
that
they
intended
to
expand
their
rescue
efforts
by
purchasing
certain
categories
of
junk
bonds,
including
the
potential
purchase
of
junk
bond
ETFs
(exchange
traded
funds).
This
announcement
surprised
many
investors
and
had
a
dual
impact
on
small
and
mid-cap
stocks.
First,
by
reducing
fears
that
the
capital
markets
could
seize
up,
companies
that
may
have
been
in
dire
situations
rallied
in
relief.
Furthermore,
it
ignited
a
‘risk-on’
sentiment
shift
among
investors,
based
on
the
notion
of
an
even
more
significant
Fed
backstop.
In
essence,
a
byproduct
of
the
Fed’s
action
was
to
suppress
risk
aversion
for
many
market
participants.
After
May
13,
2020,
relative
performance
for
the
rest
of
the
fiscal
year
was
more
in-line
with
how
we
would
anticipate
performing
in
a
post-crash
market
recovery.
Especially
encouraging
were
the
last
two
months,
February
and
March
of
2021,
where
investors
focused
on
the
progress
being
made
with
COVID
vaccinations
and
a
broader
re-opening
of
the
U.S.
economy.
In
addition,
higher-growth
and
higher-valuation
stocks
that
are
not
the
types
of
investments
we
typically
own
have
begun
to
see
their
valuations
contract
as
the
10-year
U.S.
Treasury
yield
has
begun
to
trend
higher.
The
Tributary
Small/Mid
Cap
Fund’s
strongest
relative
performance
over
the
past
twelve
months
came
from
the
communication
services
and
energy
economic
sectors.
In
the
communication
services
sector,
Nexstar
Media
Group
benefitted
from
the
recent
political
ad
spending
cycle
and
is
expected
to
generate
significant
cash
flow
with
its
Tribune
Media
acquisition,
leading
to
further
deleveraging
of
the
balance
sheet.
In
the
energy
sector,
Parsley
Energy
benefitted
from
a
recovery
in
oil
prices,
and
received
a
takeout
bid
from
Pioneer
Natural
Resources.
The
Fund’s
weakest
relative
performance
over
the
last
year
came
from
the
consumer
discretionary
and
healthcare
sectors.
It
should
be
noted,
however,
that
during
the
February/March
2020
crash
the
consumer
discretionary
sector
posted
the
portfolio’s
best
relative
performance
versus
the
Russell
2500,
and
the
portfolio’s
healthcare
holdings
outperformed
the
respective
market
sector
as
well.
In
the
consumer
discretionary
sector,
stocks
that
were
negatively
impacted
the
most
in
the
market
crash
rallied
the
hardest
in
early
stages
of
the
rebound.
Essentially,
stocks
the
Fund
benefitted
from
not
owning
in
the
market
crash
were
among
the
biggest
relative
detractors
in
the
recovery.
In
the
healthcare
sector,
Fund
holdings
such
as
LHC
Group,
AMN
Healthcare,
Masimo
and
Integra
Lifesciences
were
unable
to
keep
up
with
the
market’s
massive
rally.
The
U.S
economy
continues
to
recover
from
COVID-induced
shutdowns.
Vaccinations
should
enable
businesses
and
individuals
to
return
to
some
sense
of
normalcy
and
are
a
catalyst
for
better
economic
growth
over
the
next
year.
In
addition,
the
Federal
Reserve
continues
to
promise
low
rates
until
its
inflation
and
employment
objectives
are
reached,
and
federal
stimulus
efforts
persist.
President
Biden
passed
a
$1.9
trillion
COVID
relief
package
and
is
currently
working
on
an
infrastructure
bill
that
may
exceed
$2
trillion
(but
corporate
taxes
may
rise
to
help
pay
for
the
spending).
While
these
efforts
should
boost
growth
in
the
short
term,
they
may
also
have
detrimental
longer-
term
impacts,
which
the
market
may
be
beginning
to
reflect
through
higher
interest
rates
and
some
valuation
compression
in
the
most
richly
valued
areas
of
the
market.
We
feel
our
portfolio
of
fundamentally-sound,
attractively
valued
companies
will
benefit
from
a
re-energized
economy,
and
may
realize
a
further
advantage
if
valuations
in
the
higher-growth
areas
of
the
market
retreat
to
more
normalized
levels.
SMALL/MID
CAP
FUND
(Unaudited)
Annual
Report
2021
15
Return
of
a
$10,000
Investment
as
of
March
31,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
to
higher.
Total
returns
include
change
in
share
price,
reinvestment
of
dividends
and
capital
gains.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month
end,
please
visit
our
website
at
www.tributaryfunds.com.
(†)
The
expense
ratios
are
from
the
Fund’s
prospectus
dated
August
1,
2020.
Net
expense
ratios
are
net
of
contractual
waivers
which
are
in
effect
through
August
1,
2021.
(††)
Commencement
date
for
the
Institutional
and
Institutional
Plus
Class
was
August
2,
2019
and
August
1,
2019,
respectively.
(*)
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Investment
performance
reflects
contractual
fee
waivers
in
effect
for
certain
periods.
Without
these
fee
waivers,
the
performance
would
have
been
lower.
The
line
chart
assumes
an
initial
investment
of
$10,000
made
on
August
2,
2019.
Total
return
is
based
on
net
change
in
net
asset
value
(“NAV”)
assuming
reinvestment
of
all
dividends
and
other
distributions.
The
performance
of
Institutional
Plus
Class
will
be
different
than
Institutional
Class
based
on
differences
in
fees
borne
by
each
class.
The
Russell
2500
Index
measures
the
performance
of
the
small
to
midcap
segment
of
the
U.S.
equity
universe,
commonly
referred
to
as
“smid”
cap.
The
Russell
2500
Index
is
a
subset
of
the
Russell
3000®Index.
It
includes
approximately
2500
of
the
smallest
securities
based
on
a
combination
of
their
market
cap
and
current
index
membership.
The
Russell
2500
Index
is
constructed
to
provide
a
comprehensive
and
unbiased
barometer
for
the
small
to
mid-cap
segment.
The
index
is
completely
reconstituted
annually
to
ensure
larger
stocks
do
not
distort
the
performance
and
characteristics
of
the
true
small
to
mid-cap
opportunity
set.
The
Russell
2500
Value
Index
measures
the
performance
of
the
small
to
mid-cap
value
segment
of
the
U.S.
equities
universe.
It
includes
those
Russell
2500
companies
that
are
considered
more
value
oriented
relative
to
the
overall
market
as
defined
by
Russell’s
leading
style
methodology.
The
Russell
2500
Value
Index
is
constructed
to
provide
a
comprehensive
and
unbiased
barometer
of
the
small
to
mid-cap
growth
market.
The
index
is
completely
reconstituted
annually
to
ensure
larger
stocks
do
not
distort
the
performance
and
characteristics
of
the
true
small
to
mid-cap
opportunity
set
and
that
the
represented
companies
continue
to
reflect
value
characteristics.
The
indices
are
unmanaged
and
do
not
reflect
the
deduction
of
fees
or
taxes
associated
with
a
mutual
fund,
such
as
investment
management,
administration
and
other
operational
fees.
Investors
cannot
directly
invest
in
the
indices.
Portfolio
Composition
as
of
March
31,
2021
Percentage
Based
on
Total
Value
of
Investments
(Portfolio
composition
is
subject
to
change)
Industrials
20.8%
Financials
15.4%
Information
Technology
14.0%
Health
Care
13.6%
Consumer
Discretionary
12.8%
Real
Estate
6.9%
Consumer
Staples
4.0%
Materials
3.8%
Communication
Services
2.8%
Utilities
2.6%
Energy
2.4%
Short-Term
Investments
0.9%
100.0%
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
Since
Inception
††
Tributary
Small/Mid
Cap
Fund
—
Institutional
Class
72.66%
21.64%
Russell
2500
Index
89.40%
24.90%
Russell
2500
Value
Index
87.47%
19.34%
Prospectus
Expense
Ratio
(Gross/Net)†
70.42%
1.20%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
77.98%
1.19%
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
Since
Inception
††
Tributary
Small/Mid
Cap
Fund
—
Institutional
Plus
Class
73.22%
21.98%
Russell
2500
Index
89.40%
24.13%
Russell
2500
Value
Index
87.47%
18.72%
Prospectus
Expense
Ratio
(Gross/Net)†
6.52%
0.95%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
3.02%
0.95%
SMALL
COMPANY
FUND
(Unaudited)
Annual
Report
2021
16
Investment
Objective
The
Tributary
Small
Company
Fund
seeks
long-term
capital
appreciation.
Manager
Commentary
For
the
year
ended
March
31,
2021,
Tributary
Small
Company
Fund
returned
67.37%
(Institutional
Plus
Class
at
NAV)
compared
to
94.85%
for
the
Russell
2000
Index
and
97.05%
for
the
Russell
2000
Value
Index.
Considering
the
restrictions
on
everyday
living
and
economic
activity
around
the
world
in
reaction
to
the
COVID-19
threat,
the
12-month
return
for
U.S.
small
cap
stocks
ending
March
31,
2021
was
remarkable.
As
the
Tributary
Small
Company
Fund
closed
its
fiscal
year
twelve
months
ago
on
March
31,
2020,
little
did
we
know
that
the
COVID-19
market
crash
had
bottomed
approximately
two
weeks
earlier
and
a
significant
rally
in
stocks
was
underway.
While
the
absolute
return
for
the
Tributary
Small
Company
Fund
in
the
past
twelve
months
was
very
strong,
the
relative
performance
versus
the
Russell
2000
was
disappointing.
Fueled
by
a
“do
whatever
it
takes”
mentality
from
the
Federal
Reserve
and
federal
government,
through
fiscal
stimulus
initiatives,
riskier
equities
flourished
throughout
2020.
Higher
valuations,
unprofitable
companies,
higher
beta,
faster
sales
growth
and
no/low
dividends
generally
were
the
style
factors
that
worked
the
best
in
2020.
For
the
majority
of
the
last
fiscal
year,
this
tended
to
act
a
headwind
for
our
investment
strategy,
which
is
focused
on
higher
quality
companies
trading
at
attractive
prices.
A
major
part
of
the
Fund’s
underperformance
versus
the
benchmark
was
a
result
of
a
one-month
period
from
April
9th
through
May
13th.
During
this
time,
the
market
witnessed
a
noteworthy
rally
in
higher
risk,
growthier
companies.
While
it
is
not
unusual
for
our
investment
strategy
to
slightly
trail
the
Russell
2000
in
the
initial
stages
of
a
strong
up
market,
this
period’s
low
participation
rate
was
outside
of
the
norm.
We
believe
part
of
this
underperformance
was
driven
by
the
Federal
Reserve’s
announcement
on
April
9,
2020
that
they
would
expand
efforts
to
help
the
economy
by
providing
up
to
$2.3
trillion
in
loans.
More
surprising,
the
Fed
also
indicated
that
it
would
be
supporting
selective
speculative
grade
corporate
debt
(junk
bonds)
by
purchasing
shares
of
exchange
traded
funds.
This
announcement
surprised
many
investors
and
had
a
dual
impact
on
small
cap
stocks.
First,
by
reducing
fears
that
the
capital
markets
could
seize
up,
companies
that
may
have
been
in
dire
situations
rallied
in
relief.
Furthermore,
it
ignited
a
‘risk-on’
sentiment
shift
among
investors,
based
on
the
notion
of
an
even
more
significant
Fed
backstop.
In
essence,
a
byproduct
of
the
Fed’s
action
was
to
suppress
risk
aversion
for
many
market
participants.
After
May
13,
2020,
relative
performance
for
the
rest
of
the
fiscal
year
was
within
expectations
for
how
we
would
anticipate
performing
in
a
period
of
strong
market
returns.
Especially
encouraging
were
the
last
two
months,
February
and
March
of
2021,
where
investors
focused
on
the
progress
being
made
with
COVID
vaccinations
and
a
broader
re-opening
of
the
U.S.
economy.
In
addition,
longer
duration,
higher-growth
assets
were
punished
as
the
yield
on
U.S.
10-year
bonds
began
to
rise
significantly
beginning
in
February.
The
best
performing
sectors
in
the
Russell
2000
over
the
last
12
months
were
consumer
discretionary
(+200%),
energy
(+140%)
and
materials
(+130%).
The
weakest
performing
sectors
in
the
Russell
2000
over
the
last
12
months
were
utilities
(+17%),
real
estate
(+56%)
and
communication
services
(+68%).
The
Tributary
Small
Company
Fund’s
strongest
relative
performance
came
from
the
communication
services
and
energy
economic
sectors.
In
the
communication
services
sector,
Nexstar
Media
Group
benefitted
from
the
recent
political
ad
spending
cycle
and
is
expected
to
generate
significant
cash
flow
with
its
Tribune
acquisition,
leading
to
further
deleveraging
of
the
balance
sheet.
In
the
energy
sector,
Fund
holding
Parsley
Energy
received
a
takeout
bid
from
Pioneer
Natural
Resources.
The
Tributary
Small
Company
Fund’s
weakest
relative
performance
came
from
the
consumer
discretionary
and
industrials
economic
sectors.
In
the
consumer
discretionary
sector,
stocks
that
were
negatively
impacted
the
most
in
the
market
crash
during
February/March
of
2020
rallied
the
hardest
off
the
bottom.
In
particular,
hotel,
restaurant
and
casino
stocks
were
some
the
strongest
performers.
While
the
Fund
benefitted
from
not
owning
any
of
the
companies
in
these
industry
groups
in
the
market
crash,
it
gave
up
performance
as
they
rallied.
In
the
industrials
sector,
many
of
the
deeper
cyclical
industries
such
as
electrical
equipment,
airlines
and
building
products,
performed
very
well.
The
Fund’s
exposure
to
deep
cyclicals
is
limited,
as
the
majority
of
our
companies
tend
to
have
steadier
business
models
over
time.
The
U.S
economy
is
recovering
from
a
COVID-induced
shutdown.
As
more
people
get
vaccinated,
individuals
and
companies
will
likely
want
to
get
back
to
some
semblance
of
life
prior
to
the
pandemic.
This
will
be
a
catalyst
for
better
results
from
companies
spanning
the
broader
economy,
particularly
those
negatively
impacted
the
most
–
namely
cyclicals.
Vaccinations
are
not
the
only
catalyst
for
better
economic
growth
over
the
next
year.
The
Federal
Reserve
continues
to
promise
low
rates
and
bond
purchases
at
its
current
rate
until
inflation
and
employment
objectives
are
reached.
Additionally,
President
Biden
signed
a
$1.9
trillion
COVID
relief
bill
into
law
and
is
currently
working
on
an
infrastructure
bill
that
approximates
$2
trillion
(but
corporate
taxes
may
rise
to
help
pay
for
the
spending).
While
easy
monetary
policy
and
large
fiscal
spending
initiatives
could
be
detrimental
to
the
economy
over
the
long
term,
they
should
boost
growth
in
the
short
term.
Our
portfolio
of
fundamentally-sound,
well-run
companies
will
benefit
and
continue
growing
their
intrinsic
value
for
shareholders
as
the
economy
stabilizes
and
grows.
SMALL
COMPANY
FUND
(Unaudited)
Annual
Report
2021
17
Return
of
a
$10,000
Investment
as
of
March
31,
2021
Past
performance
does
not
guarantee
future
results.
The
performance
data
quoted
represents
past
performance
and
current
returns
may
be
lower
to
higher.
Total
returns
include
change
in
share
price,
reinvestment
of
dividends
and
capital
gains.
The
investment
return
and
principal
value
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed
may
be
worth
more
or
less
than
the
original
cost.
To
obtain
performance
information
current
to
the
most
recent
month
end,
please
visit
our
website
at
www.tributaryfunds.com.
(†)
The
expense
ratios
are
from
the
Fund’s
prospectus
dated
August
1,
2020.
Net
expense
ratios
are
net
of
contractual
waivers
which
are
in
effect
through
August
1,
2021.
(††)
Commencement
date
for
the
Institutional
Plus
Class
was
December
17,
2010.
(*)
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Investment
performance
reflects
contractual
fee
waivers
in
effect
for
certain
periods.
Without
these
fee
waivers,
the
performance
would
have
been
lower.
The
line
chart
assumes
an
initial
investment
of
$10,000
made
on
March
31,
2011.
Total
return
is
based
on
net
change
in
net
asset
value
(“NAV”)
assuming
reinvestment
of
all
dividends
and
other
distributions.
The
performance
of
Institutional
Plus
Class
will
be
different
than
Institutional
Class
based
on
differences
in
fees
borne
by
each
class.
The
Russell
2000
Index
measures
the
performance
of
the
small-cap
segment
of
the
U.S.
equity
universe.
The
Russell
2000
Index
is
a
subset
of
the
Russell
3000®Index
representing
approximately
10%
of
the
total
market
capitalization
of
that
index.
It
includes
approximately
2000
of
the
smallest
securities
based
on
a
combination
of
their
market
cap
and
current
index
membership.
The
Russell
2000
Value
Index
measures
the
performance
of
small-cap
value
segment
of
the
U.S.
equities
universe.
It
includes
those
Russell
2000
companies
with
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
The
indices
are
unmanaged
and
do
not
reflect
the
deduction
of
fees
or
taxes
associated
with
a
mutual
fund,
such
as
investment
management,
administration
and
other
operational
fees.
Investors
cannot
directly
invest
in
the
indices.
Portfolio
Composition
as
of
March
31,
2021
Percentage
Based
on
Total
Value
of
Investments
(Portfolio
composition
is
subject
to
change)
Financials
17.3%
Industrials
17.0%
Information
Technology
14.7%
Consumer
Discretionary
12.3%
Health
Care
11.1%
Real
Estate
4.8%
Materials
3.5%
Utilities
3.5%
Consumer
Staples
2.8%
Communication
Services
2.2%
Energy
1.7%
Exchange
Traded
Fund
6.3%
Short-Term
Investments
2.8%
100.0%
Average
Annual
Total
Returns
for
the
Year
Ended
March
31,
2021*
1
Year
5
Year
10
Year
Tributary
Small
Company
Fund
—
Institutional
Class
67.03%
10.73%
9.70%
Russell
2000
Index
94.85%
16.35%
11.68%
Russell
2000
Value
Index
97.05%
13.56%
10.06%
Prospectus
Expense
Ratio
(Gross/Net)†
1.34
%
1.19
%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
1.34
%
1.17
%
1
Year
5
Year
10
Year
Tributary
Small
Company
Fund
—
Institutional
Plus
Class
67.37%
10.97%
9.94%
Russell
2000
Index
94.85%
16.35%
11.68%
Russell
2000
Value
Index
97.05%
13.56%
10.06%
Prospectus
Expense
Ratio
(Gross/Net)†
1.05
%
0.96
%
Expense
Ratio
for
the
Year
Ended
March
31,
2021
(Gross/Net)
1.05
%
0.96
%
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SHORT-INTERMEDIATE
BOND
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
18
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
41.4%
Asset
Backed
Securities
-
16.9%
$
1,100,000
AMSR
Trust,
1.63%,
07/17/37 (a)
$
1,109,358
282,111
Brazos
Higher
Education
Authority,
Inc.
(USD
3
Month
LIBOR
+
0.85%),
1.07%,
07/25/29 (b)
282,930
1,920,440
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(c)
2,000,236
361,763
CCG
Receivables
Trust
REMIC,
3.09%,
12/15/25 (a)
364,280
1,480,000
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
1,483,134
1,269,324
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,278,813
297,712
Cloud
Pass-Through
Trust,
3.55%,
12/05/22 (a)(c)
300,554
1,810,229
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
1,839,496
641,120
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
632,397
929,974
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
953,867
801,891
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
825,732
780,000
Dell
Equipment
Finance
Trust,
0.57%,
10/23/23 (a)
782,046
1,500,000
DLL
Securitization
Trust,
2.08%,
02/21/23 (a)
1,515,523
1,332,128
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (a)
1,346,562
1,410,000
FirstKey
Homes
Trust,
1.34%,
09/17/25 (a)
1,406,442
228,422
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
0.89%,
08/25/48 (a)(b)
229,068
390,406
GTE
Auto
Receivables
Trust,
2.17%,
12/15/22 (a)
391,119
559,682
Missouri
Higher
Education
Loan
Authority
(USD
1
Month
LIBOR
+
0.83%),
0.94%,
01/26/26 (b)
558,270
1,355,000
MMAF
Equipment
Finance,
LLC,
2.84%,
11/13/23 (a)
1,380,535
840,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.71%,
10/15/31 (a)(b)
854,673
1,450,000
NMEF
Funding
2015-A,
LLC,
0.81%,
12/15/27 (a)
1,447,765
1,244,555
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51 (a)
1,239,076
1,206,434
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (a)
1,221,170
Principal
Amount
Security
Description
Value
$
555,064
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.88%,
12/24/33 (a)(b)
$
553,799
138,735
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
0.71%,
12/24/33 (a)(b)
136,830
875,000
Progress
Residential
Trust,
2.69%,
10/17/36 (a)
896,770
1,755,000
Progress
Residential
Trust,
1.05%,
04/17/38 (a)
1,718,939
1,229,908
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.22%,
10/25/21 (b)
1,229,905
1,088,246
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.87%,
07/25/22 (b)
1,098,125
634,948
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.70%),
1.92%,
07/25/23 (b)
639,657
788,491
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.72%,
04/25/23 (b)
794,703
1,287,171
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (a)
1,324,758
389,365
SoFi
Consumer
Loan
Program
Trust,
2.02%,
01/25/29 (a)
393,116
1,281,044
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
1,329,944
1,036,159
Sofi
Professional
Loan
Program,
LLC
(USD
1
Month
LIBOR
+
1.20%),
1.31%,
06/25/33 (a)(b)
1,042,453
700,104
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
746,053
873,068
Toyota
Auto
Receivables
Owner
Trust,
1.67%,
11/15/22
876,870
2,390,000
UNIFY
Auto
Receivables
Trust
2021-1,
0.98%,
07/15/26 (a)
2,386,141
1,420,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (a)
1,420,868
40,031,977
Non-Agency
Commercial
Mortgage
Backed
Securities
-
10.4%
1,630,000
BANK
2019-BNK16,
3.93%,
02/15/52
1,738,111
1,840,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,940,607
1,615,000
BPR
Trust
(USD
1
Month
LIBOR
+
1.25%),
1.36%,
02/15/29 (a)(b)
1,615,000
1,300,000
BX
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
1.00%),
1.11%,
11/15/32 (a)(b)
1,302,086
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SHORT-INTERMEDIATE
BOND
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
19
Principal
Amount
Security
Description
Value
$
510,000
BX
Trust
(USD
1
Month
LIBOR
+
0.70%),
0.81%,
01/15/34 (a)(b)
$
508,569
900,000
Cantor
Commercial
Real
Estate
Lending,
3.62%,
04/15/24
963,393
1,166,000
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
1,249,814
934,897
Citigroup
Commercial
Mortgage
Trust,
3.85%,
11/10/46
991,414
1,570,522
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.74%,
09/10/45 (a)(c)
28,236
949,551
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.01%,
03/10/46 (c)
9,779
415,609
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
431,618
1,265,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.04%,
11/15/36 (a)(b)
1,265,380
21,009
DBUBS
Mortgage
Trust
Interest
Only
REMIC,
0.16%,
08/10/44 (a)(c)
0
1,600,000
GCT
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.91%,
02/15/38 (a)(b)
1,600,302
2,314,622
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
1.20%,
08/10/44 (a)(c)
585
868,434
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(c)
873,523
666,761
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/15/49
706,967
459,001
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
468,630
1,178,975
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
1,223,809
2,025,125
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
2,023,556
2,200,000
KKR
Industrial
Portfolio
Trust
(USD
1
Month
LIBOR
+
0.55%),
0.66%,
12/15/37 (a)(b)
2,197,356
1,284,699
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
3.25%,
12/15/47
1,352,572
1,220,012
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Interest
Only
REMIC,
0.97%,
12/15/48 (c)
15,440
903,115
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
940,921
1,058,376
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (a)(c)
1,064,039
288,544
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
291,663
Principal
Amount
Security
Description
Value
$
16,625
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.70%,
03/15/45
$
16,954
24,820,324
Non-Agency
Residential
Mortgage
Backed
Securities
-
14.1%
256,777
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
0.98%,
12/25/33 (a)(b)
254,046
1,096,661
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.43%,
05/28/44 (b)
1,097,177
106,717
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.21%,
04/28/39 (b)
106,749
1,670,859
BRAVO
Residential
Funding
Trust,
0.77%,
01/25/70 (a)(b)
1,670,859
733,766
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(c)
758,257
525,000
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (a)(c)
500,534
2,060,984
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(c)
2,107,457
1,006,626
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30 (a)(c)
1,006,884
2,130,599
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (a)(c)
2,127,742
63
Citicorp
Residential
Mortgage
Trust
REMIC,
5.06%,
07/25/36 (d)
63
1,274,821
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
1,329,016
728,805
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(c)
765,106
78,446
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(c)
82,590
1,185
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
1,039
444,524
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(c)
450,681
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
1.23%,
02/25/33 (b)
156,760
111,039
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.94%,
12/25/37 (a)(d)
113,066
345,517
CSMLT
Trust,
3.00%,
10/25/30 (a)(c)
351,720
302,812
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (a)(c)
304,033
1,438,183
Finance
of
America
HECM
Buyout,
0.88%,
02/25/31 (a)(c)
1,437,862
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SHORT-INTERMEDIATE
BOND
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
20
Principal
Amount
Security
Description
Value
$
736,107
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45 (c)
$
745,308
69,523
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.78%),
0.89%,
01/25/35 (a)(b)
69,514
84,756
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.86%,
05/25/36 (a)(b)
84,664
829,231
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50 (a)(c)
842,338
1,097,154
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59 (a)(c)
1,114,120
279,442
JPMorgan
Mortgage
Trust,
3.50%,
01/25/47 (a)(c)
279,839
2,710
JPMorgan
Mortgage
Trust,
3.00%,
11/25/48 (a)(c)
2,708
48,679
JPMorgan
Mortgage
Trust,
3.50%,
12/25/48 (a)(c)
48,712
1,050,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.91%,
11/25/53 (a)(b)
1,050,934
1,420,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.70%),
0.81%,
02/25/55 (a)(b)
1,419,888
1,172,766
MFA
Trust,
0.85%,
01/25/56 (a)(c)
1,169,138
1,075,659
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(c)
1,091,849
487,408
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58 (a)(c)
528,265
43,477
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(c)
46,311
83,446
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(c)
88,247
124,048
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(c)
131,525
37,084
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.83%,
03/25/35 (b)
37,260
1,343,187
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)(c)
1,353,504
53,664
Park
Place
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates
REMIC
(USD
1
Month
LIBOR
+
0.98%),
1.08%,
10/25/34 (b)
53,879
11,679
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.56%,
03/25/22 (b)
11,098
Principal
Amount
Security
Description
Value
$
1,860
Residential
Asset
Securities
Corp.
Trust
REMIC,
3.87%,
05/25/33 (c)
$
1,926
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
10/25/21
4,852
19,718
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
19,768
476,145
Sequoia
Mortgage
Trust
REMIC,
3.50%,
11/25/46 (a)(c)
479,333
31,734
Sequoia
Mortgage
Trust
REMIC,
3.50%,
08/25/47 (a)(c)
31,738
1,660,000
Station
Place
Securitization
Trust
(USD
1
Month
LIBOR
+
0.65%),
0.76%,
01/26/54 (a)(b)
1,659,894
2,044,259
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(c)
2,107,876
1,574,014
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
1,639,622
318,133
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
326,263
635,719
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(c)
650,921
129,484
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (a)(c)
130,332
1,234,778
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(c)
1,255,854
205,594
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(c)
208,671
134,790
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (a)(c)
135,220
33,443,012
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$97,647,843)
98,295,313
Corporate
Bonds
-
37.2%
Communication
Services
-
1.6%
2,300,000
AT&T,
Inc.
(USD
3
Month
LIBOR
+
1.18%),
1.36%,
06/12/24 (b)
2,348,325
1,538,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30 (a)
1,426,858
3,775,183
Consumer
Discretionary
-
7.3%
1,070,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
1,040,575
283,000
Dollar
General
Corp.,
3.25%,
04/15/23
297,783
2,125,000
Dollar
General
Corp.,
3.88%,
04/15/27
2,361,036
380,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (a)
403,144
2,275,000
Lennar
Corp.,
4.50%,
04/30/24
2,474,677
226,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31 (a)
218,090
324,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
330,311
2,081,000
McDonald's
Corp.,
MTN,
3.70%,
01/30/26
2,293,495
1,390,000
Starbucks
Corp.,
3.10%,
03/01/23
1,457,788
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SHORT-INTERMEDIATE
BOND
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
21
Principal
Amount
Security
Description
Value
$
420,000
The
Goodyear
Tire
&
Rubber
Co.,
5.13%,
11/15/23
$
421,449
1,220,000
The
TJX
Cos.,
Inc.,
3.50%,
04/15/25
1,329,957
2,261,000
The
Walt
Disney
Co.,
1.75%,
01/13/26
2,312,591
824,000
TWDC
Enterprises
18
Corp.,
2.75%,
08/16/21
831,505
1,439,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
1,523,515
17,295,916
Consumer
Staples
-
1.7%
1,011,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
1,046,263
395,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
458,200
2,405,000
Reckitt
Benckiser
Treasury
Services
PLC,
2.75%,
06/26/24 (a)
2,544,789
4,049,252
Financials
-
11.9%
670,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
702,587
1,965,000
Bank
of
America
Corp.,
2.88%,
04/24/23 (c)
2,012,012
775,000
Bank
of
America
Corp.,
MTN,
3.46%,
03/15/25 (c)
832,172
2,011,000
Citigroup,
Inc.,
2.88%,
07/24/23 (c)
2,071,442
2,155,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
2,367,422
2,195,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (c)
2,143,871
1,035,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
1,079,816
2,003,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (a)
2,160,084
985,000
Morgan
Stanley,
MTN,
2.63%,
11/17/21
999,570
960,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
1,017,795
1,490,000
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,487,097
1,890,000
Regions
Financial
Corp.,
3.80%,
08/14/23
2,027,217
1,400,000
The
Charles
Schwab
Corp.,
3.25%,
05/21/21
1,402,896
2,810,000
The
Goldman
Sachs
Group,
Inc.,
0.67%,
03/08/24 (c)
2,807,795
2,150,000
The
Goldman
Sachs
Group,
Inc.
(USD
3
Month
LIBOR
+
1.11%),
1.33%,
04/26/22 (b)
2,151,228
475,000
Truist
Financial
Corp.,
MTN,
3.20%,
09/03/21
479,638
Principal
Amount
Security
Description
Value
$
2,100,000
Wells
Fargo
&
Co.,
3.75%,
01/24/24
$
2,270,868
28,013,510
Health
Care
-
1.0%
2,165,000
Agilent
Technologies,
Inc.,
3.88%,
07/15/23
2,307,359
Industrials
-
5.8%
2,310,000
BMW
US
Capital,
LLC,
2.80%,
04/11/26 (a)
2,441,231
2,305,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
2,514,885
1,907,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
1,935,629
1,200,000
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,179,451
1,525,000
TTX
Co.,
3.60%,
01/15/25 (a)
1,658,571
1,330,000
Union
Pacific
Corp.,
3.20%,
06/08/21
1,336,886
2,453,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
2,633,815
13,700,468
Information
Technology
-
6.6%
1,060,000
Applied
Materials,
Inc.,
3.90%,
10/01/25
1,181,256
1,928,000
eBay,
Inc.,
2.75%,
01/30/23
2,007,660
250,000
eBay,
Inc.,
3.45%,
08/01/24
269,451
2,265,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
2,486,471
982,000
QUALCOMM,
Inc.,
2.90%,
05/20/24
1,047,026
1,218,000
QUALCOMM,
Inc.,
3.45%,
05/20/25
1,332,574
2,549,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
2,639,082
2,610,000
TSMC
Global,
Ltd.,
0.75%,
09/28/25 (a)
2,548,159
2,310,000
Xilinx,
Inc.,
2.95%,
06/01/24
2,451,934
15,963,613
Materials
-
0.9%
2,047,000
Albemarle
Corp.,
4.15%,
12/01/24
2,249,354
Utilities
-
0.4%
880,000
Berkshire
Hathaway
Energy
Co.,
3.75%,
11/15/23
944,337
Total
Corporate
Bonds
(Cost
$87,116,408)
88,298,992
Government
&
Agency
Obligations
-
19.1%
GOVERNMENT
SECURITIES
-
14.5%
Municipals
-
1.6%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
500,921
550,000
County
of
El
Paso
CO,
Colorado
RB,
1.20%,
06/01/25
550,248
250,000
Douglas
County
School
District
No.
17/
NE,
Nebraska
GO,
1.23%,
06/15/25
251,613
240,000
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
235,646
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SHORT-INTERMEDIATE
BOND
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
22
Principal
Amount
Security
Description
Value
$
370,000
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.,
Indiana
Special
Purpose
Bond,
1.58%,
11/01/24
$
368,847
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,404,118
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
232,207
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
169,081
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
165,132
3,877,813
Treasury
Inflation
Index
Securities
-
0.6%
1,353,538
U.S.
Treasury
Inflation
Indexed
Bonds,
0.13%,
04/15/22 (e)
1,393,743
U.S.
Treasury
Securities
-
12.3%
13,745,000
U.S.
Treasury
Note,
1.63%,
11/15/22
14,074,128
12,830,000
U.S.
Treasury
Note,
2.75%,
11/15/23
13,662,948
1,390,000
U.S.
Treasury
Note,
2.13%,
05/15/25
1,471,337
29,208,413
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
4.6%
Federal
Home
Loan
Mortgage
Corp.
-
2.5%
603,912
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
592,584
785,501
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (d)
816,668
1,510,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,549,589
471,462
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
83,787
247,471
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
21,829
175,034
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
26,312
111,591
Federal
Home
Loan
Mortgage
Corp.
REMIC,
2.25%,
03/15/30
113,101
302,724
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
09/15/37
307,730
620,813
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
645,101
148,844,590
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (a)
819
335,755
FRESB
Multifamily
Mortgage
Pass-
Through
Trust,
2.16%,
04/25/22 (c)
337,252
Principal
Amount
Security
Description
Value
$
1,216,599
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (c)
$
1,285,468
5,780,240
Federal
National
Mortgage
Association
-
0.6%
214,919
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
227,058
794,432
Federal
National
Mortgage
Association
Interest
Only,
0.76%,
02/25/22 (c)
1,885
1,102,701
Federal
National
Mortgage
Association
Interest
Only,
0.19%,
01/25/22 (c)
1,942
1,943,548
Federal
National
Mortgage
Association
Interest
Only,
0.44%,
07/25/22 (c)
5,764
392,363
Federal
National
Mortgage
Association
Interest
Only,
2.66%,
01/25/39 (c)
20,939
797,557
Federal
National
Mortgage
Association
REMIC,
4.00%,
08/25/42
822,321
20,223
Federal
National
Mortgage
Association
REMIC,
4.00%,
02/25/26
20,616
170,067
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
178,093
193,360
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
198,224
1,476,842
Government
National
Mortgage
Association
-
1.5%
1,393,095
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,394,767
123,273
Government
National
Mortgage
Association
#559205,
7.25%,
09/15/31
123,421
163,680
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
163,877
112,525
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
112,660
349,251
Government
National
Mortgage
Association
#632798,
5.13%,
11/15/34
349,670
653,384
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
733,511
634,945
Government
National
Mortgage
Association
REMIC,
3.25%,
11/16/52 (c)
658,300
400
Government
National
Mortgage
Association
REMIC
#751404,
5.20%,
06/20/61 (c)
401
3,536,607
Total
Government
&
Agency
Obligations
(Cost
$44,311,507)
45,273,658
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SHORT-INTERMEDIATE
BOND
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
23
Shares
Security
Description
Value
Preferred
Stocks
-
0.2%
Financials
-
0.2%
550
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
04/30/21),
8.75% (c)(f)
$
508,761
Total
Preferred
Stocks
(Cost
$564,328)
508,761
Short-Term
Investments
-
1.7%
Investment
Company
-
1.7%
4,008,976
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.03% (g)
4,008,976
Total
Short-Term
Investments
(Cost
$4,008,976)
4,008,976
Investments,
at
value
-
99.6%
(Cost
$233,649,062)
236,385,700
Other
assets
in
excess
of
liabilities
-
0.4%
950,626
NET
ASSETS
-
100.0%
$
237,336,326
(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
March
31,
2021,
the
aggregate
value
of
these
liquid
securities
were
$97,441,948
or
41.0%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
March
31,
2021.
(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
March
31,
2021.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
March
31,
2021.
(e)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(f)
Perpetual
maturity
security.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2021.
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
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
INCOME
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
24
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
21.9%
Asset
Backed
Securities
-
7.1%
$
840,000
CF
Hippolyta,
LLC,
1.53%,
03/15/61
(a)
$
836,933
1,119,494
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52
(a)
1,104,263
1,540,801
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53
(a)
1,519,184
800,000
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45
(a)
791,872
1,100,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.71%,
10/15/31
(a)(b)
1,119,215
506,701
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.88%,
12/24/33
(a)(b)
505,545
996,052
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.22%,
10/25/21
(b)
996,050
1,472,046
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.87%,
07/25/22
(b)
1,485,410
366,011
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.72%,
04/25/23
(b)
368,894
755,513
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31
(a)
777,575
413,325
Social
Professional
Loan
Program,
2.34%,
04/25/33
(a)
421,018
257,054
Social
Professional
Loan
Program,
2.49%,
01/25/36
(a)
259,819
5,981
SoFi
Consumer
Loan
Program
Trust,
2.50%,
05/26/26
(a)
5,990
665,833
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44
(a)
709,533
595,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46
(a)
595,000
1,420,000
Tricon
American
Homes
Trust,
1.48%,
11/17/39
(a)
1,376,548
1,632,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45
(a)
1,632,997
14,505,846
Non-Agency
Commercial
Mortgage
Backed
Securities
-
6.6%
1,200,000
American
Tower
Trust
#1,
3.07%,
03/15/23
(a)
1,214,110
905,000
BANK
2019-BNK16,
3.90%,
02/15/52
1,012,051
960,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
1,082,419
Principal
Amount
Security
Description
Value
$
376,678
CFCRE
Commercial
Mortgage
Trust
REMIC,
3.83%,
12/15/47
$
378,124
2,384,030
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.74%,
09/10/45
(a)(c)
42,862
949,551
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.01%,
03/10/46
(c)
9,779
1,620,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.04%,
11/15/36
(a)(b)
1,620,487
21,009
DBUBS
Mortgage
Trust
Interest
Only
REMIC,
0.16%,
08/10/44
(a)(c)
0
975,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
1,007,428
3,505,906
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
1.20%,
08/10/44
(a)(c)
887
1,575,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39
(a)
1,677,513
975,000
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
1,045,487
1,117,174
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35
(a)(c)
1,123,152
830,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
933,270
1,575,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
1,696,169
754,455
Wells
Fargo
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.74%,
10/15/45
(a)(c)
14,681
220,055
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
222,434
2,532,813
Wells
Fargo-RBS
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.87%,
11/15/45
(a)(c)
52,781
373,744
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.63%,
03/15/45
379,942
13,513,576
Non-Agency
Residential
Mortgage
Backed
Securities
-
8.2%
303,928
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
0.98%,
12/25/33
(a)(b)
300,696
597,435
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.43%,
05/28/44
(b)
597,716
58,802
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
1.88%),
1.98%,
08/28/44
(b)
58,848
119,523
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.21%,
04/28/39
(b)
119,559
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
INCOME
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
25
Principal
Amount
Security
Description
Value
$
1,460,000
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63
(a)(c)
$
1,391,962
1,245,643
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30
(a)(c)
1,245,961
76
Citicorp
Residential
Mortgage
Trust
REMIC,
5.06%,
07/25/36
(d)
76
882,993
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53
(a)
920,530
786,432
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66
(a)(c)
825,603
541,470
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35
(a)(c)
570,075
136,689
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
141,709
23,555
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
24,211
1,185
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
1,039
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
1.23%,
02/25/33
(b)
156,760
99,350
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.94%,
12/25/37
(a)(d)
101,164
332,228
CSMLT
Trust,
3.00%,
10/25/30
(a)(c)
338,192
247,267
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48
(a)(c)
248,264
767,939
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45
(c)
777,538
61,095
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.86%,
05/25/36
(a)(b)
61,028
315,898
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50
(a)(c)
320,890
577,188
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59
(a)(c)
586,113
58,927
JPMorgan
Mortgage
Trust,
3.50%,
12/25/48
(a)(c)
58,967
575,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.91%,
11/25/53
(a)(b)
575,511
241,123
Mill
City
Mortgage
Loan
Trust,
2.75%,
11/25/58
(a)(c)
243,785
575,401
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57
(a)(c)
614,237
Principal
Amount
Security
Description
Value
$
431,650
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59
(a)(c)
$
455,594
239,799
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54
(a)(c)
255,432
212,407
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52
(a)(c)
224,628
442,084
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55
(a)(c)
468,731
43,971
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.83%,
03/25/35
(b)
44,180
1,770,000
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
1,816,739
13,711
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.56%,
03/25/22
(b)
13,029
66,404
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
66,571
84,343
Sequoia
Mortgage
Trust
REMIC,
3.50%,
03/25/48
(a)(c)
84,348
580,241
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30
(a)(c)
593,641
48,587
Sequoia
Mortgage
Trust
REMIC,
3.50%,
08/25/47
(a)(c)
48,593
1,135,515
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58
(a)(c)
1,182,846
159,023
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55
(a)(c)
160,065
331,799
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56
(a)(c)
337,463
286,876
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57
(a)(c)
291,169
260,930
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47
(a)(c)
261,764
16,585,227
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$43,939,614)
44,604,649
Corporate
Bonds
-
36.0%
Communication
Services
-
2.2%
1,850,000
Alphabet,
Inc.,
2.25%,
08/15/60
1,509,673
1,255,000
AT&T,
Inc.,
5.15%,
03/15/42
1,515,791
1,264,000
Verizon
Communications,
Inc.,
4.27%,
01/15/36
1,428,679
4,454,143
Consumer
Discretionary
-
8.0%
840,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
816,900
690,000
Comcast
Corp.,
4.15%,
10/15/28
789,658
620,000
Comcast
Corp.,
Class
A,
3.30%,
02/01/27
676,512
1,190,000
Dollar
General
Corp.,
3.50%,
04/03/30
1,282,978
700,000
Hanesbrands,
Inc.,
4.63%,
05/15/24
(a)
742,633
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
INCOME
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
26
Principal
Amount
Security
Description
Value
$
1,450,000
Lennar
Corp.,
4.50%,
04/30/24
$
1,577,267
1,220,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(a)
1,177,300
312,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
318,078
1,490,000
McDonald's
Corp.,
3.63%,
09/01/49
1,555,360
615,000
Newell
Brands,
Inc.,
4.00%,
06/15/22
629,606
410,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
452,390
1,285,000
NIKE,
Inc.,
3.88%,
11/01/45
1,465,544
875,000
Starbucks
Corp.,
2.00%,
03/12/27
895,316
925,000
The
TJX
Cos.,
Inc.,
3.75%,
04/15/27
1,029,942
1,322,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,511,952
1,130,000
Whirlpool
Corp.,
4.70%,
06/01/22
1,182,096
16,103,532
Consumer
Staples
-
1.9%
800,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
827,903
926,000
Costco
Wholesale
Corp.,
1.75%,
04/20/32
880,192
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28
(a)
614,800
1,455,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27
(a)
1,557,170
3,880,065
Financials
-
9.2%
1,235,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
1,295,067
1,350,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27
(c)
1,469,033
320,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
310,140
1,343,000
Citigroup,
Inc.,
3.89%,
01/10/28
(c)
1,476,203
650,000
CME
Group,
Inc.,
3.00%,
03/15/25
694,969
1,489,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,429,219
1,420,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30
(c)
1,443,174
1,050,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,076,892
785,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24
(a)
846,563
1,355,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29
(c)
1,482,018
600,000
Regions
Financial
Corp.,
3.80%,
08/14/23
643,561
575,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
635,545
1,097,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,509,361
1,390,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
1,524,775
1,385,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49
(c)(e)
1,518,999
Principal
Amount
Security
Description
Value
$
1,425,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
$
1,522,773
18,878,292
Health
Care
-
0.6%
1,109,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
1,211,389
Industrials
-
5.6%
1,569,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
1,534,885
1,430,000
BMW
Finance
NV,
2.85%,
08/14/29
(a)
1,481,450
1,230,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,454,318
1,397,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,507,238
1,197,000
Raytheon
Technologies
Corp.,
4.88%,
10/15/40
1,435,663
815,000
TTX
Co.,
4.60%,
02/01/49
(a)
969,591
1,593,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25
(a)
1,710,423
1,310,000
Waste
Management,
Inc.,
3.90%,
03/01/35
1,486,157
11,579,725
Information
Technology
-
5.7%
1,465,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
1,410,552
1,333,000
eBay,
Inc.,
3.60%,
06/05/27
1,451,987
1,411,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
1,548,967
1,406,000
NVIDIA
Corp.,
2.85%,
04/01/30
1,476,582
1,225,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,442,125
1,500,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
1,553,010
1,248,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30
(a)
1,156,946
1,540,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,505,069
11,545,238
Materials
-
1.4%
1,311,000
Albemarle
Corp.,
5.45%,
12/01/44
1,512,340
959,000
The
Mosaic
Co.,
5.45%,
11/15/33
1,151,202
2,663,542
Real
Estate
-
0.7%
1,255,000
National
Retail
Properties,
Inc.,
4.30%,
10/15/28
1,398,739
Utilities
-
0.7%
1,099,000
PacifiCorp,
6.25%,
10/15/37
1,492,576
Total
Corporate
Bonds
(Cost
$70,520,968)
73,207,241
Government
&
Agency
Obligations
-
40.7%
GOVERNMENT
SECURITIES
-
13.0%
Municipals
-
2.6%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
500,921
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
INCOME
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
27
Principal
Amount
Security
Description
Value
$
350,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
1.75%,
09/01/32
$
330,964
255,000
City
of
Omaha
NE,
Nebraska
GO,
1.77%,
04/15/31
249,054
675,000
Elkhorn
School
District,
Nebraska
GO,
1.64%,
12/15/30
659,302
209,826
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
214,613
285,000
Kearney
School
District,
Nebraska
GO,
1.38%,
12/15/28
273,748
530,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
665,583
340,000
New
York
City
Water
&
Sewer
System,
New
York
RB,
5.72%,
06/15/42
479,397
290,000
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
353,659
125,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.71%,
12/01/30
119,692
170,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.16%,
12/01/27
164,924
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
280,924
420,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
2.60%,
12/15/31
433,893
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
580,082
5,306,756
Treasury
Inflation
Index
Securities
-
1.1%
1,871,202
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28
(f)
2,214,806
U.S.
Treasury
Securities
-
9.3%
1,760,000
U.S.
Treasury
Bond,
5.38%,
02/15/31
2,354,481
715,000
U.S.
Treasury
Bond,
4.75%,
02/15/37
977,874
7,315,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
8,978,305
1,540,000
U.S.
Treasury
Note,
2.13%,
05/15/25
1,630,114
1,580,000
U.S.
Treasury
Note,
2.25%,
02/15/27
1,678,133
250,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
246,924
3,250,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
2,972,100
18,837,931
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
27.7%
Federal
Home
Loan
Mortgage
Corp.
-
14.3%
1,350,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
1,514,936
1,695,000
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
1,724,450
Principal
Amount
Security
Description
Value
$
730,386
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
$
800,075
930,000
Federal
Home
Loan
Mortgage
Corp.,
3.78%,
10/25/28
(c)
1,058,347
18,176
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
19,403
915,039
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
965,772
270,528
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
298,286
235,706
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
259,870
1,450,541
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
1,542,366
521,397
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
587,919
601,711
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
662,872
1,151,075
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
1,276,090
1,160,521
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
206,245
316,232
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
344,725
468,536
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
10/15/41
477,857
135,755
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
137,815
5,800
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
02/15/39
5,798
198,832
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
206,611
243,313
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
04/15/41
250,897
124,073
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
126,603
404,632
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
07/15/42
414,245
1,058,434
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
01/15/55
1,091,222
293,912
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/43
304,092
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
1,043,414
158,578,764
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44
(a)
872
454,631
FRESB
Mortgage
Trust,
3.70%,
10/25/28
(c)
478,363
1,122,956
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56
(d)
1,188,317
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
INCOME
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
28
Principal
Amount
Security
Description
Value
$
641,404
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
05/25/57
(d)
$
679,127
977,251
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
1,088,262
553,000
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57
(c)
584,304
1,581,687
Seasoned
Credit
Risk
Transfer
Trust,
3.50%,
03/25/58
1,699,899
952,440
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
08/25/59
990,507
1,280,364
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
1,335,349
952,501
Seasoned
Credit
Risk
Transfer
Trust,
2.00%,
05/25/60
974,355
586,864
Seasoned
Credit
Risk
Transfer
Trust,
3.25%,
07/25/56
(d)
626,365
1,253,824
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
1,277,510
776,680
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
794,615
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,559,568
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
533,464
29,130,787
Federal
National
Mortgage
Association
-
11.6%
6,864
Federal
National
Mortgage
Association
#679256,
7.50%,
08/01/22
6,927
131,526
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
152,663
110,765
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
123,180
14,092
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
15,754
13,175
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
14,025
98,230
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
110,759
534,670
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
568,516
23,227
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
24,717
221,955
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
252,035
41,318
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
49,380
477,167
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
528,128
147,490
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
163,476
102,145
Federal
National
Mortgage
Association
#AL5404,
3.87%,
08/01/21
(c)
102,153
Principal
Amount
Security
Description
Value
$
495,252
Federal
National
Mortgage
Association
#AL9970,
3.42%,
02/01/27
(c)
$
516,978
2,112,129
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
2,250,254
1,285,377
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,411,203
540,550
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
595,670
720,059
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
808,151
1,022,761
Federal
National
Mortgage
Association
#AS3909,
4.00%,
11/01/44
1,121,480
518,833
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
549,221
1,134,507
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
1,233,207
904,900
Federal
National
Mortgage
Association
#BH9216,
4.00%,
01/01/48
992,858
626,399
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
657,428
606,958
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
654,174
348,270
Federal
National
Mortgage
Association
#MA3384,
4.00%,
06/01/48
374,366
620,838
Federal
National
Mortgage
Association
Interest
Only,
0.76%,
02/25/22
(c)
1,473
2,807,347
Federal
National
Mortgage
Association
Interest
Only,
0.44%,
07/25/22
(c)
8,325
609,415
Federal
National
Mortgage
Association
Interest
Only,
2.66%,
01/25/39
(c)
32,522
1,975,000
Federal
National
Mortgage
Association
Interest
Only
#AM7762,
3.49%,
01/01/35
2,109,930
710,000
Federal
National
Mortgage
Association
REMIC,
3.50%,
12/25/37
746,475
1,514,792
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
1,617,781
800,001
Federal
National
Mortgage
Association
REMIC,
4.01%,
04/25/29
(c)
866,725
153,769
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
161,026
262,945
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
294,191
160,379
Federal
National
Mortgage
Association
REMIC,
5.00%,
02/25/32
180,564
395,508
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
405,457
297,279
Federal
National
Mortgage
Association
REMIC,
1.50%,
01/25/40
298,852
753,994
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/43
777,062
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
INCOME
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
29
Principal
Amount
Security
Description
Value
$
833,359
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/45
$
862,238
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
1,068,563
957,564
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
957,188
23,665,075
Government
National
Mortgage
Association
-
1.8%
788,467
Government
National
Mortgage
Association,
2.85%,
04/16/50
809,244
658,920
Government
National
Mortgage
Association,
3.50%,
01/20/69
(c)
703,509
633,148
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
675,157
1,288,428
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
1,446,432
800
Government
National
Mortgage
Association
REMIC
#751404,
5.20%,
06/20/61
(c)
802
3,635,144
Total
Government
&
Agency
Obligations
(Cost
$79,023,857)
82,790,499
Shares
Security
Description
Value
Short-Term
Investments
-
1.1%
Investment
Company
-
1.1%
2,150,845
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.03%
(g)
2,150,845
Total
Short-Term
Investments
(Cost
$2,150,845)
2,150,845
Investments,
at
value
-
99.7%
(Cost
$195,635,284)
202,753,234
Other
assets
in
excess
of
liabilities
-
0.3%
653,887
NET
ASSETS
-
100.0%
$
203,407,121
(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
March
31,
2021,
the
aggregate
value
of
these
liquid
securities
were
$42,243,704
or
20.8%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
March
31,
2021.
(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
March
31,
2021.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
March
31,
2021.
(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
March
31,
2021.
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
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
NEBRASKA
TAX-FREE
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
30
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
98.7%
GOVERNMENT
SECURITIES
-
97.8%
Municipals
-
97.8%
Nebraska
-
96.5%
$
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
$
293,918
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
350,975
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
312,492
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
389,733
210,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
211,331
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
186,175
175,000
Cass
County
Sanitary
&
Improvement
District
No.
9,
Nebraska
GO,
2.90%,
05/15/22
178,214
250,000
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
257,113
215,000
City
of
Blair
NE,
Nebraska
GO,
2.15%,
09/15/23
218,958
220,000
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
223,817
180,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
175,877
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
116,375
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
390,435
650,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
832,391
80,000
City
of
Columbus
NE
Sales
Tax
Revenue,
Nebraska
RB,
5.00%,
09/15/23
88,773
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
351,751
150,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
181,970
400,000
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
396,468
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
395,777
Principal
Amount
Security
Description
Value
$
65,000
City
of
La
Vista
NE,
Nebraska
GO,
1.00%,
05/01/21
$
65,037
235,000
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
246,888
260,000
City
of
Lincoln
NE,
Nebraska
GO,
5.00%,
06/01/30
347,697
480,000
City
of
Lincoln
NE,
Nebraska
RB,
4.00%,
08/15/26
504,374
500,000
City
of
Lincoln
NE,
Nebraska
RB,
3.55%,
04/01/27
511,241
400,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/30
531,094
250,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
3.13%,
09/01/30
260,114
110,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
117,391
55,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
58,655
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
383,212
450,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/31
544,743
200,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
223,749
500,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
01/15/29
615,430
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
689,827
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
05/01/33
236,678
470,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/22
488,676
190,000
City
of
Omaha
NE,
Nebraska
RB,
5.00%,
02/01/26
197,666
355,000
City
of
Omaha
NE,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
439,029
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
5.00%,
04/01/24
227,561
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
4.00%,
04/01/29
245,975
350,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/26
370,824
535,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/27
566,831
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
270,282
275,000
County
of
Buffalo
NE,
Nebraska
GO,
4.00%,
12/15/31
279,717
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
NEBRASKA
TAX-FREE
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
31
Principal
Amount
Security
Description
Value
$
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
$
387,049
285,000
County
of
Cherry
NE,
Nebraska
GO,
3.00%,
12/15/25
309,499
120,000
County
of
Douglas
NE,
Nebraska
RB,
3.60%,
10/01/27
120,177
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
347,857
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
199,731
265,000
Cuming
County
Public
Power
District
Operation
Round-Up
Fund,
Nebraska
RB,
1.50%,
12/15/25
270,312
260,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/27
323,668
50,000
Douglas
County
Hospital
Authority
No.
1,
Nebraska
RB,
AMBAC,
5.25%,
09/01/21
51,025
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,277,283
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
214,269
220,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
264,372
750,000
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
751,639
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
202,443
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
580,582
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
260,619
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
271,711
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
221,288
85,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.10%,
05/15/30
85,109
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.05%,
05/15/29
100,137
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
791,504
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
824,018
Principal
Amount
Security
Description
Value
$
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
$
322,011
250,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
308,455
665,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/34
771,511
830,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/35
942,086
300,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/28
389,157
350,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/29
453,539
370,000
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
479,857
65,000
Grand
Island
Electric
Department,
Nebraska
RB,
5.00%,
08/15/27
73,161
265,000
Grand
Island
Public
Schools,
Nebraska
GO,
5.00%,
12/15/39
310,511
185,000
Grand
Island
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
190,020
730,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
881,702
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
461,178
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
584,290
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
831,042
760,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
857,433
265,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/25
306,583
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
316,928
550,000
Lancaster
County
Correctional
Facility
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/01/27
701,752
500,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
583,769
765,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/26
876,688
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
331,039
475,000
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
561,977
500,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/32
513,454
200,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/25
205,382
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
NEBRASKA
TAX-FREE
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
32
Principal
Amount
Security
Description
Value
$
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
$
554,527
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
1,041,876
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
577,398
500,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
563,419
1,000,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/21
1,031,697
180,000
Mid-Plains
Community
College
Area
Facilities
Corp.,
Nebraska
RB,
3.00%,
10/15/25
181,268
1,475,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/30
1,541,409
140,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/31
146,286
210,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
229,366
200,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/26
209,200
540,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/27
564,509
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
520,740
350,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB,
FHLMC,
1.55%,
03/01/23
356,897
500,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB,
FHLMC,
2.00%,
03/01/24
519,547
200,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
236,647
500,000
Nebraska
Public
Power
District,
Nebraska
RB,
0.60%,
01/01/51
(a)
501,588
5,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/26
5,167
370,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
383,274
230,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
237,698
1,050,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
1,085,540
540,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/34
558,111
700,000
Nebraska
State
College
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
851,294
Principal
Amount
Security
Description
Value
$
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
$
315,579
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
470,609
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
367,574
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
474,995
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
727,278
785,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/27
930,024
525,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
631,921
300,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
06/01/21
302,219
1,010,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,164,668
600,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
771,155
270,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/32
346,812
205,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/31
211,586
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
916,759
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
597,698
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
190,594
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
657,328
1,500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
1,654,334
150,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/30
194,552
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
322,674
400,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/30
495,223
245,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/31
299,073
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
368,400
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
916,569
125,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/26
143,706
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
NEBRASKA
TAX-FREE
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
33
Principal
Amount
Security
Description
Value
$
280,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/28
$
321,902
160,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
160,176
30,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
2.45%,
10/15/22
30,038
60,000
Sarpy
County
Sanitary
&
Improvement
District
No.
242,
Nebraska
GO,
3.00%,
03/15/27
60,098
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
103,918
90,000
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
90,165
420,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
553,567
385,000
Scotts
Bluff
County
School
District/
Gering
School
District,
Nebraska
GO,
5.00%,
12/01/23
406,452
220,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/25
265,483
225,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/26
279,636
300,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
344,972
400,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
459,962
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
313,181
500,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/22
523,060
270,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
287,714
200,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/24
229,220
100,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/25
118,512
650,000
University
of
Nebraska,
Nebraska
RB,
4.00%,
07/01/31
764,909
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
581,998
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/25
597,585
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
613,876
400,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
440,516
Principal
Amount
Security
Description
Value
$
1,700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
$
1,909,516
200,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/15/26
206,816
105,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
4.00%,
12/15/28
107,849
450,000
York
County
NE
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
472,405
69,695,365
North
Dakota
-
0.7%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
523,986
South
Dakota
-
0.6%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
472,751
70,692,102
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.9%
Federal
Home
Loan
Mortgage
Corp.
-
0.9%
600,000
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
643,145
Total
Government
&
Agency
Obligations
(Cost
$68,477,194)
71,335,247
Shares
Security
Description
Value
Short-Term
Investments
-
0.9%
Investment
Company
-
0.9%
639,717
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.03%
(b)
639,717
Total
Short-Term
Investments
(Cost
$639,717)
639,717
Investments,
at
value
-
99.6%
(Cost
$69,116,911)
71,974,964
Other
assets
in
excess
of
liabilities
-
0.4%
279,709
NET
ASSETS
-
100.0%
$
72,254,673
(a)
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
March
31,
2021.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2021.
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
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
BALANCED
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
34
Shares
Security
Description
Value
Common
Stocks
-
64.7%
Communication
Services
-
6.6%
7,250
Activision
Blizzard,
Inc.
$
674,250
985
Alphabet,
Inc.,
Class C (a)
2,037,600
11,700
Comcast
Corp.,
Class A
633,087
4,430
Facebook,
Inc.,
Class A (a)
1,304,768
10,000
Verizon
Communications,
Inc.
581,500
5,231,205
Consumer
Discretionary
-
7.9%
713
Amazon.com,
Inc. (a)
2,206,079
228
Booking
Holdings,
Inc. (a)
531,204
11,400
Gentex
Corp.
406,638
5,290
NIKE,
Inc.,
Class B
702,988
940
O'Reilly
Automotive,
Inc. (a)
476,815
1,015
Pool
Corp.
350,419
3,750
Royal
Caribbean
Cruises,
Ltd. (a)
321,037
2,640
The
Home
Depot,
Inc.
805,860
1,400
Ulta
Beauty,
Inc. (a)
432,838
6,233,878
Consumer
Staples
-
3.6%
4,825
Church
&
Dwight
Co.,
Inc.
421,464
2,710
Constellation
Brands,
Inc.,
Class A
617,880
1,690
Costco
Wholesale
Corp.
595,691
7,130
Lamb
Weston
Holdings,
Inc.
552,432
4,590
Walmart,
Inc.
623,460
2,810,927
Energy
-
2.0%
3,300
Diamondback
Energy,
Inc.
242,517
5,100
EOG
Resources,
Inc.
369,903
8,200
Exxon
Mobil
Corp.
457,806
2,750
Phillips
66
224,235
11,300
Schlumberger
NV
307,247
1,601,708
Financials
-
7.9%
815
BlackRock,
Inc.
614,477
3,065
Chubb,
Ltd.
484,178
2,145
CME
Group,
Inc.
438,073
13,500
Equitable
Holdings,
Inc.
440,370
5,850
First
American
Financial
Corp.
331,403
7,000
JPMorgan
Chase
&
Co.
1,065,610
21,800
KeyCorp
435,564
7,600
Morgan
Stanley
590,216
4,290
Northern
Trust
Corp.
450,922
5,880
South
State
Corp.
461,639
9,950
U.S.
Bancorp
550,335
9,100
Wells
Fargo
&
Co.
355,537
6,218,324
Health
Care
-
7.9%
3,600
Abbott
Laboratories
431,424
6,700
AMN
Healthcare
Services,
Inc. (a)
493,790
5,700
Baxter
International,
Inc.
480,738
1,280
Biogen,
Inc. (a)
358,080
Shares
Security
Description
Value
7,025
Edwards
Lifesciences
Corp. (a)
$
587,571
3,350
Eli
Lilly
and
Co.
625,847
5,850
Horizon
Therapeutics
PLC (a)
538,434
1,010
Humana,
Inc.
423,442
5,650
Integer
Holdings
Corp. (a)
520,365
1,879
LHC
Group,
Inc. (a)
359,284
1,710
Thermo
Fisher
Scientific,
Inc.
780,410
4,040
Zoetis,
Inc.
636,219
6,235,604
Industrials
-
6.5%
4,750
AMETEK,
Inc.
606,717
1,450
Cintas
Corp.
494,900
8,200
CSX
Corp.
790,644
6,650
IAA,
Inc. (a)
366,681
8,300
MasTec,
Inc. (a)
777,710
9,837
Raytheon
Technologies
Corp.
760,105
8,050
The
Timken
Co.
653,419
5,050
Waste
Management,
Inc.
651,551
5,101,727
Information
Technology
-
17.2%
1,655
Adobe,
Inc. (a)
786,737
25,935
Apple,
Inc.
3,167,960
1,840
Broadcom,
Inc.
853,134
4,005
CDW
Corp.
663,829
12,600
Cisco
Systems,
Inc./Delaware
651,546
3,160
Citrix
Systems,
Inc.
443,538
3,325
CMC
Materials,
Inc.
587,827
1,875
FleetCor
Technologies,
Inc. (a)
503,681
2,620
Mastercard,
Inc.,
Class A
932,851
4,325
Microchip
Technology,
Inc.
671,327
12,425
Microsoft
Corp.
2,929,442
1,735
NVIDIA
Corp.
926,369
1,100
Paycom
Software,
Inc. (a)
407,066
13,525,307
Materials
-
2.2%
8,090
Berry
Global
Group,
Inc. (a)
496,726
4,650
FMC
Corp.
514,336
2,505
Linde
PLC
701,751
1,712,813
Real
Estate
-
1.5%
1,980
American
Tower
Corp.
REIT
473,339
9,690
First
Industrial
Realty
Trust,
Inc.
REIT
443,705
1,985
Sun
Communities,
Inc.
REIT
297,829
1,214,873
Utilities
-
1.4%
3,575
Atmos
Energy
Corp.
353,389
5,570
NextEra
Energy,
Inc.
421,147
4,300
Southwest
Gas
Holdings,
Inc.
295,453
1,069,989
Total
Common
Stocks
(Cost
$27,687,457)
50,956,355
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
BALANCED
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
35
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
6.1%
Asset
Backed
Securities
-
2.5%
$
146,417
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (b)(c)
$
152,500
95,438
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
96,151
75,000
CF
Hippolyta,
LLC,
1.53%,
03/15/61 (b)
74,726
151,801
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
154,256
82,012
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
84,450
93,422
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (b)
94,434
75,656
Missouri
Higher
Education
Loan
Authority
(USD
1
Month
LIBOR
+
0.83%),
0.94%,
01/26/26 (d)
75,465
130,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.71%,
10/15/31 (b)(d)
132,271
156,836
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (b)
158,752
74,526
PHEAA
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.10%),
1.30%,
06/25/38 (b)(d)
75,195
93,487
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.88%,
12/24/33 (b)(d)
93,274
165,180
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.87%,
07/25/22 (d)
166,680
116,233
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (b)
119,627
83,229
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
88,692
70,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46 (b)
70,000
140,000
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (b)
135,716
180,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (b)
180,110
1,952,299
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.4%
375,000
American
Tower
Trust
#1,
3.07%,
03/15/23 (b)
379,409
190,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
200,389
125,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
140,940
Principal
Amount
Security
Description
Value
$
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
$
180,820
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
213,018
223,291
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
231,782
217,146
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
216,978
114,139
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (b)(c)
114,749
75,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
84,332
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
161,540
1,923,957
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.2%
72,218
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
0.98%,
12/25/33 (b)(d)
71,450
34,150
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.21%,
04/28/39 (d)
34,159
200,000
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (b)(c)
190,680
124,908
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(c)
127,725
125,899
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (b)(c)
125,730
84,745
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(c)
88,966
24,395
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(c)
25,684
26,877
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (b)(c)
26,985
87,537
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45 (c)
88,631
26,486
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.86%,
05/25/36 (b)(d)
26,457
43,549
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(c)
46,173
15,249
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (b)(c)
15,349
33,878
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (b)(c)
33,986
901,975
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$4,696,341)
4,778,231
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
BALANCED
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
36
Principal
Amount
Security
Description
Value
Corporate
Bonds
-
12.7%
Communication
Services
-
1.0%
$
348,000
AT&T,
Inc.,
4.30%,
02/15/30
$
391,769
317,000
Verizon
Communications,
Inc.,
4.33%,
09/21/28
362,923
754,692
Consumer
Discretionary
-
1.6%
100,000
Dollar
General
Corp.,
3.50%,
04/03/30
107,813
186,000
Dollar
General
Corp.,
3.25%,
04/15/23
195,716
100,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (b)
106,090
265,000
McDonald's
Corp.,
2.13%,
03/01/30
258,736
50,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
55,169
50,000
Starbucks
Corp.,
2.00%,
03/12/27
51,161
265,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
270,495
215,000
Whirlpool
Corp.,
4.70%,
06/01/22
224,912
1,270,092
Consumer
Staples
-
0.6%
175,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
181,104
270,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
288,959
470,063
Financials
-
4.3%
250,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (c)
272,043
240,000
Citigroup,
Inc.,
3.89%,
01/10/28 (c)
263,804
395,000
CME
Group,
Inc.,
3.00%,
03/15/25
422,328
270,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
259,160
305,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (c)
297,895
130,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
135,629
110,000
KeyCorp,
MTN,
2.25%,
04/06/27
112,817
120,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (b)
129,411
200,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29 (c)
218,748
70,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
74,214
245,000
Regions
Financial
Corp.,
3.80%,
08/14/23
262,787
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
243,165
265,000
The
Goldman
Sachs
Group,
Inc.,
3.00%,
04/26/22
265,415
230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (c)(e)
252,253
270,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
288,525
3,498,194
Principal
Amount
Security
Description
Value
Health
Care
-
0.4%
$
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
$
118,957
132,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
144,187
263,144
Industrials
-
2.2%
135,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
132,065
250,000
BMW
Finance
NV,
2.85%,
08/14/29 (b)
258,995
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
280,517
150,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
152,252
170,000
TTX
Co.,
3.60%,
01/15/25 (b)
184,890
235,000
Union
Pacific
Corp.,
3.95%,
09/10/28
263,296
250,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (b)
268,428
250,000
Waste
Management,
Inc.,
1.50%,
03/15/31
231,122
1,771,565
Information
Technology
-
2.3%
260,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
250,337
215,000
eBay,
Inc.,
3.60%,
06/05/27
234,191
200,000
NVIDIA
Corp.,
2.85%,
04/01/30
210,040
200,000
Oracle
Corp.,
3.40%,
07/08/24
214,891
293,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
290,489
200,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
207,068
310,000
Xilinx,
Inc.,
2.38%,
06/01/30
302,969
1,709,985
Materials
-
0.3%
209,000
Albemarle
Corp.,
4.15%,
12/01/24
229,661
Total
Corporate
Bonds
(Cost
$9,674,039)
9,967,396
Government
&
Agency
Obligations
-
12.7%
GOVERNMENT
SECURITIES
-
11.1%
Municipals
-
0.9%
350,000
California
State
University,
California
RB,
5.45%,
11/01/22
378,420
115,000
Elkhorn
School
District,
Nebraska
GO,
1.64%,
12/15/30
112,325
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
117,405
100,000
Vista
Community
Development
Commission,
California
Tax
Allocation
Bond,
7.61%,
09/01/21
100,515
708,665
Treasury
Inflation
Index
Securities
-
1.1%
235,034
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
277,789
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
BALANCED
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
37
Principal
Amount
Security
Description
Value
$
588,804
U.S.
Treasury
Inflation
Indexed
Note,
0.13%,
01/15/22 (f)
$
602,719
880,508
U.S.
Treasury
Securities
-
9.1%
2,160,000
U.S.
Treasury
Note,
1.63%,
11/15/22
2,211,722
3,175,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,360,787
1,465,000
U.S.
Treasury
Note,
2.25%,
02/15/27
1,555,990
7,128,499
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.6%
Federal
Home
Loan
Mortgage
Corp.
-
1.2%
200,000
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
203,475
145,147
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (g)
150,906
115,000
Federal
Home
Loan
Mortgage
Corp.,
3.78%,
10/25/28 (c)
130,871
89,272
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
94,222
21,908
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
22,240
67,231
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
69,861
19,567,354
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (b)
108
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
247,878
919,561
Federal
National
Mortgage
Association
-
0.3%
39,747
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
42,401
120,000
Federal
National
Mortgage
Association
REMIC,
4.01%,
04/25/29 (c)
130,009
60,059
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
61,569
233,979
Government
National
Mortgage
Association
-
0.1%
111,510
Government
National
Mortgage
Association,
3.50%,
01/20/69 (c)
119,055
Total
Government
&
Agency
Obligations
(Cost
$9,495,981)
9,990,267
Shares
Security
Description
Value
Short-Term
Investments
-
3.6%
Investment
Company
-
3.6%
2,863,527
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.03% (h)
$
2,863,527
Total
Short-Term
Investments
(Cost
$2,863,527)
2,863,527
Investments,
at
value
-
99.8%
(Cost
$54,417,345)
78,555,776
Other
assets
in
excess
of
liabilities
-
0.2%
157,086
NET
ASSETS
-
100.0%
$
78,712,862
(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
March
31,
2021,
the
aggregate
value
of
these
liquid
securities
were
$4,882,156
or
6.2%
of
net
assets.
(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
March
31,
2021.
(d)
Floating
rate
security.
Rate
presented
is
as
of
March
31,
2021.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
March
31,
2021.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2021.
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
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
GROWTH
OPPORTUNITIES
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
38
Shares
Security
Description
Value
Common
Stocks
-
98.1%
Communication
Services
-
5.6%
60,400
Altice
USA,
Inc.,
Class A (a)
$
1,964,812
10,900
IAC/InterActiveCorp (a)
2,357,779
9,400
Spotify
Technology
SA (a)
2,518,730
210,600
Zynga,
Inc. (a)
2,150,226
8,991,547
Consumer
Discretionary
-
12.1%
8,900
Burlington
Stores,
Inc. (a)
2,659,320
5,000
Domino's
Pizza,
Inc.
1,838,950
18,000
DR
Horton,
Inc.
1,604,160
9,310
Five
Below,
Inc. (a)
1,776,255
7,700
Hilton
Worldwide
Holdings,
Inc. (a)
931,084
7,000
Lululemon
Athletica
,
Inc. (a)
2,146,970
6,800
Ollie's
Bargain
Outlet
Holdings,
Inc. (a)
591,600
3,500
O'Reilly
Automotive,
Inc. (a)
1,775,375
17,700
Planet
Fitness,
Inc.,
Class A (a)
1,368,210
7,100
Restaurant
Brands
International,
Inc.
461,500
45,400
Stitch
Fix,
Inc.,
Class A (a)
2,249,116
29,600
YETI
Holdings,
Inc. (a)
2,137,416
19,539,956
Consumer
Staples
-
2.1%
22,000
Church
&
Dwight
Co.,
Inc.
1,921,700
6,700
Post
Holdings,
Inc. (a)
708,324
21,400
The
Kroger
Co.
770,186
3,400,210
Energy
-
0.6%
13,400
Diamondback
Energy,
Inc.
984,766
Financials
-
5.7%
7,200
eHealth,
Inc. (a)
523,656
2,300
FactSet
Research
Systems,
Inc.
709,757
17,900
LPL
Financial
Holdings,
Inc.
2,544,664
3,600
MarketAxess
Holdings,
Inc.
1,792,512
5,200
MSCI,
Inc.
2,180,256
27,400
OneMain
Holdings,
Inc.
1,471,928
9,222,773
Health
Care
-
18.5%
15,200
Alexion
Pharmaceuticals,
Inc. (a)
2,324,232
6,100
Bio-
Techne
Corp.
2,329,773
26,600
Horizon
Therapeutics
PLC (a)
2,448,264
5,600
IDEXX
Laboratories,
Inc. (a)
2,740,136
15,000
Incyte
Corp. (a)
1,219,050
6,100
Insulet
Corp. (a)
1,591,612
7,400
LHC
Group,
Inc. (a)
1,414,954
8,800
Masimo
Corp. (a)
2,021,008
5,900
McKesson
Corp.
1,150,736
4,400
PerkinElmer,
Inc.
564,476
4,700
Quidel
Corp. (a)
601,271
15,300
Sage
Therapeutics,
Inc. (a)
1,145,205
Shares
Security
Description
Value
6,300
Seagen
,
Inc. (a)
$
874,818
181,300
SmileDirectClub
,
Inc. (a)
1,869,203
10,425
Teladoc
Health,
Inc. (a)
1,894,744
3,100
Teleflex,
Inc.
1,287,926
5,200
The
Cooper
Cos.,
Inc.
1,997,268
8,700
Veeva
Systems,
Inc.,
Class A (a)
2,272,788
29,747,464
Industrials
-
13.6%
17,200
AMETEK,
Inc.
2,196,956
4,200
Cintas
Corp.
1,433,502
2,950
CoStar
Group,
Inc. (a)
2,424,575
11,400
Dover
Corp.
1,563,282
30,000
IAA,
Inc. (a)
1,654,200
21,900
ITT,
Inc.
1,990,929
9,500
Old
Dominion
Freight
Line,
Inc.
2,283,895
24,300
Quanta
Services,
Inc.
2,137,914
1,830
TransDigm
Group,
Inc. (a)
1,075,894
19,300
TransUnion
1,737,000
23,600
Trex
Co.,
Inc. (a)
2,160,344
9,300
XPO
Logistics,
Inc. (a)
1,146,690
21,805,181
Information
Technology
-
35.9%
12,000
Broadridge
Financial
Solutions,
Inc.
1,837,200
9,670
CDW
Corp.
1,602,802
15,000
DocuSign,
Inc. (a)
3,036,750
46,200
Dropbox,
Inc.,
Class A (a)
1,231,692
24,000
Dynatrace
,
Inc. (a)
1,157,760
4,400
EPAM
Systems,
Inc. (a)
1,745,436
3,180
Fair
Isaac
Corp. (a)
1,545,639
9,900
FleetCor
Technologies,
Inc. (a)
2,659,437
13,400
Fortinet,
Inc. (a)
2,471,228
10,600
KLA
Corp.
3,502,240
36,200
LivePerson
,
Inc. (a)
1,909,188
15,200
Microchip
Technology,
Inc.
2,359,344
13,600
MKS
Instruments,
Inc.
2,521,712
4,800
Monolithic
Power
Systems,
Inc.
1,695,408
9,100
Palo
Alto
Networks,
Inc. (a)
2,930,746
14,150
Paychex,
Inc.
1,386,983
8,200
Paycom
Software,
Inc. (a)
3,034,492
89,600
Pure
Storage,
Inc.,
Class A (a)
1,929,984
10,250
RingCentral,
Inc.,
Class A (a)
3,053,270
44,200
Smartsheet
,
Inc.,
Class A (a)
2,825,264
7,800
SolarEdge
Technologies,
Inc. (a)
2,242,032
10,000
Splunk
,
Inc. (a)
1,354,800
10,000
Synopsys,
Inc. (a)
2,477,800
29,300
Tenable
Holdings,
Inc. (a)
1,060,221
8,300
Twilio
,
Inc. (a)
2,828,308
10,500
Xilinx,
Inc.
1,300,950
4,500
Zebra
Technologies
Corp. (a)
2,183,310
57,883,996
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
GROWTH
OPPORTUNITIES
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
39
Shares
Security
Description
Value
Materials
-
2.7%
21,900
Ball
Corp.
$
1,855,806
31,200
Berry
Global
Group,
Inc. (a)
1,915,680
5,100
FMC
Corp.
564,111
4,335,597
Real
Estate
-
1.3%
27,100
Americold
Realty
Trust
REIT
1,042,537
6,800
Sun
Communities,
Inc.
REIT
1,020,272
2,062,809
Total
Common
Stocks
(Cost
$104,918,911)
157,974,299
Shares
Security
Description
Value
Short-Term
Investments
-
1.9%
Investment
Company
-
1.9%
3,096,256
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.03% (b)
3,096,256
Total
Short-Term
Investments
(Cost
$3,096,256)
3,096,256
Investments,
at
value
-
100.0%
(Cost
$108,015,167)
161,070,555
Other
assets
in
excess
of
liabilities
-
0.0%
66,249
NET
ASSETS
-
100.0%
$
161,136,804
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2021.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SMALL/MID
CAP
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
40
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2021.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
99.7%
Communication
Services
-
2.8%
760
Nexstar
Media
Group,
Inc.,
Class A
$
106,727
Consumer
Discretionary
-
12.9%
390
Burlington
Stores,
Inc.
(a)
116,532
870
Dorman
Products,
Inc.
(a)
89,297
1,560
G-III
Apparel
Group,
Ltd.
(a)
47,018
406
LGI
Homes,
Inc.
(a)
60,620
897
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
78,039
521
Tractor
Supply
Co.
92,259
483,765
Consumer
Staples
-
4.0%
356
Casey's
General
Stores,
Inc.
76,963
260
Coca-Cola
Consolidated,
Inc.
75,083
152,046
Energy
-
2.4%
3,306
CNX
Resources
Corp.
(a)
48,598
263
Pioneer
Natural
Resources
Co.
41,770
90,368
Financials
-
15.5%
790
Arthur
J
Gallagher
&
Co.
98,568
717
Cullen/Frost
Bankers,
Inc.
77,981
62
Markel
Corp.
(a)
70,656
920
Selective
Insurance
Group,
Inc.
66,737
959
South
State
Corp.
75,291
1,317
Stifel
Financial
Corp.
84,367
653
UMB
Financial
Corp.
60,292
1,260
United
Bankshares
,
Inc.
48,611
582,503
Health
Care
-
13.7%
1,363
AMN
Healthcare
Services,
Inc.
(a)
100,453
445
ICON
PLC
(a)
87,385
1,591
Integra
LifeSciences
Holdings
Corp.
(a)
109,922
308
LHC
Group,
Inc.
(a)
58,893
450
Omnicell
,
Inc.
(a)
58,441
785
PerkinElmer,
Inc.
100,708
515,802
Industrials
-
20.9%
263
CACI
International,
Inc.,
Class A
(a)
64,872
422
Carlisle
Cos.,
Inc.
69,453
626
EnerSys
56,841
610
Fortune
Brands
Home
&
Security,
Inc.
58,450
509
Forward
Air
Corp.
45,204
710
Franklin
Electric
Co.,
Inc.
56,047
621
ICF
International,
Inc.
54,275
521
Leidos
Holdings,
Inc.
50,162
728
Oshkosh
Corp.
86,385
938
Quanta
Services,
Inc.
82,525
991
Robert
Half
International,
Inc.
77,367
623
Tetra
Tech,
Inc.
84,554
786,135
Shares
Security
Description
Value
Information
Technology
-
14.1%
651
Ambarella
,
Inc.
(a)
$
65,354
1,151
Bottomline
Technologies
DE,
Inc.
(a)
52,083
402
Broadridge
Financial
Solutions,
Inc.
61,546
703
ExlService
Holdings,
Inc.
(a)
63,382
308
Littelfuse
,
Inc.
81,448
306
MKS
Instruments,
Inc.
56,739
662
PTC,
Inc.
(a)
91,124
548
Qualys
,
Inc.
(a)
57,419
529,095
Materials
-
3.9%
457
Balchem
Corp.
57,312
954
RPM
International,
Inc.
87,625
144,937
Real
Estate
-
6.9%
1,158
American
Campus
Communities,
Inc.
REIT
49,991
1,050
Duke
Realty
Corp.
REIT
44,026
2,489
Easterly
Government
Properties,
Inc.
REIT
51,597
263
Jones
Lang
LaSalle,
Inc.
(a)
47,088
719
Lamar
Advertising
Co.,
Class A
REIT
67,528
260,230
Utilities
-
2.6%
970
IDACORP,
Inc.
96,971
Total
Common
Stocks
(Cost
$2,706,044)
3,748,579
Shares
Security
Description
Value
Short-Term
Investments
-
0.9%
Investment
Company
-
0.9%
34,195
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.03%
(b)
34,195
Total
Short-Term
Investments
(Cost
$34,195)
34,195
Investments,
at
value
-
100.6%
(Cost
$2,740,239)
3,782,774
Other
liabilities
in
excess
of
assets
-
(0.6)%
(21,450)
NET
ASSETS
-
100.0%
$
3,761,324
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SMALL
COMPANY
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
41
Shares
Security
Description
Value
Common
Stocks
-
91.2%
Communication
Services
-
2.2%
124,061
Nexstar
Media
Group,
Inc.,
Class A
$
17,421,886
Consumer
Discretionary
-
12.3%
296,600
Boot
Barn
Holdings,
Inc.
(a)
18,481,146
160,661
Dorman
Products,
Inc.
(a)
16,490,245
374,471
G-III
Apparel
Group,
Ltd.
(a)
11,286,556
306,970
La-Z-Boy,
Inc.
13,040,085
64,593
LGI
Homes,
Inc.
(a)
9,644,381
478,975
Movado
Group,
Inc.
13,626,839
93,934
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
8,172,258
78,185
Patrick
Industries,
Inc.
6,645,725
97,387,235
Consumer
Staples
-
2.9%
47,008
Coca-Cola
Consolidated,
Inc.
13,574,970
57,889
J
&
J
Snack
Foods
Corp.
9,090,310
22,665,280
Energy
-
1.7%
919,437
CNX
Resources
Corp.
(a)
13,515,724
Financials
-
17.3%
374,947
Atlantic
Union
Bankshares
Corp.
14,382,967
244,356
Mercantile
Bank
Corp.
7,934,239
233,875
Moelis
&
Co.,
Class A
12,835,060
967,091
Old
National
Bancorp
18,703,540
272,475
Selective
Insurance
Group,
Inc.
19,765,337
192,931
South
State
Corp.
15,147,013
182,848
Stewart
Information
Services
Corp.
9,513,581
310,295
Stifel
Financial
Corp.
19,877,498
79,013
UMB
Financial
Corp.
7,295,270
303,498
United
Bankshares
,
Inc.
11,708,953
137,163,458
Health
Care
-
11.2%
245,961
AMN
Healthcare
Services,
Inc.
(a)
18,127,326
286,898
Integra
LifeSciences
Holdings
Corp.
(a)
19,821,783
38,235
LHC
Group,
Inc.
(a)
7,310,914
93,708
Medpace
Holdings,
Inc.
(a)
15,372,797
124,871
Omnicell
,
Inc.
(a)
16,216,997
81,293
Pacira
BioSciences
,
Inc.
(a)
5,697,826
213,877
Supernus
Pharmaceuticals,
Inc.
(a)
5,599,300
88,146,943
Industrials
-
17.0%
121,689
American
Woodmark
Corp.
(a)
11,996,102
170,269
Barnes
Group,
Inc.
8,435,126
38,081
CACI
International,
Inc.,
Class A
(a)
9,393,059
157,432
Comfort
Systems
USA,
Inc.
11,771,191
81,580
CSW
Industrials,
Inc.
11,013,300
111,761
EnerSys
10,147,899
170,523
Forward
Air
Corp.
15,144,148
173,713
Franklin
Electric
Co.,
Inc.
13,712,904
179,682
ICF
International,
Inc.
15,704,207
253,796
Kforce
,
Inc.
13,603,465
Shares
Security
Description
Value
222,297
Korn
Ferry
$
13,864,664
134,786,065
Information
Technology
-
14.8%
92,101
Ambarella
,
Inc.
(a)
9,246,019
414,865
Benchmark
Electronics,
Inc.
12,827,626
116,356
Blackbaud
,
Inc.
(a)
8,270,585
198,878
Bottomline
Technologies
DE,
Inc.
(a)
8,999,230
172,064
Cass
Information
Systems,
Inc.
7,961,401
277,669
CTS
Corp.
8,624,399
103,204
Diodes,
Inc.
(a)
8,239,807
133,951
ExlService
Holdings,
Inc.
(a)
12,077,022
249,175
Onto
Innovation,
Inc.
(a)
16,373,289
182,842
Silicon
Motion
Technology
Corp.,
ADR
10,858,986
52,602
SPS
Commerce,
Inc.
(a)
5,223,905
183,111
Sykes
Enterprises,
Inc.
(a)
8,071,533
116,773,802
Materials
-
3.5%
104,958
Balchem
Corp.
13,162,783
133,441
Kaiser
Aluminum
Corp.
14,745,230
27,908,013
Real
Estate
-
4.8%
141,132
Agree
Realty
Corp.
REIT
9,499,595
472,833
Easterly
Government
Properties,
Inc.
REIT
9,801,828
255,593
Getty
Realty
Corp.
REIT
7,238,394
348,831
Marcus
&
Millichap,
Inc.
(a)
11,755,605
38,295,422
Utilities
-
3.5%
68,069
Chesapeake
Utilities
Corp.
7,901,450
132,507
IDACORP,
Inc.
13,246,725
143,941
Unitil
Corp.
6,576,664
27,724,839
Total
Common
Stocks
(Cost
$440,540,151)
721,788,667
Shares
Security
Description
Value
Exchange
Traded
Fund
-
6.4%
228,038
iShares
Russell
2000
ETF
50,382,716
Total
Exchange
Traded
Fund
(Cost
$51,033,812)
50,382,716
Short-Term
Investments
-
2.8%
Investment
Company
-
2.8%
22,039,724
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.03%
(b)
22,039,724
Total
Short-Term
Investments
(Cost
$22,039,724)
22,039,724
Investments,
at
value
-
100.4%
(Cost
$513,613,687)
794,211,107
Other
liabilities
in
excess
of
assets
-
(0.4)%
(3,240,695)
NET
ASSETS
-
100.0%
$
790,970,412
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
March
31,
2021
SMALL
COMPANY
FUND
Annual
Report
2021
See
accompanying
Notes
to
Financial
Statements.
42
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2021.
ADR
American
Depositary
Receipt
ETF
Exchange
Traded
Fund
REIT
Real
Estate
Investment
Trust
Annual
Report
2021
STATEMENTS
OF
ASSETS
AND
LIABILITIES
March
31,
2021
43
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
INCOME
FUND
Assets:
Investments,
at
cost
$
233,649,062
$
195,635,284
Unrealized
appreciation
of
investments
2,736,638
7,117,950
Total
investments,
at
value
236,385,700
202,753,234
Receivable
for
capital
shares
issued
182,527
86,367
Receivable
for
investments
sold
446,359
–
Interest
and
dividends
receivable
1,170,519
1,153,117
Receivable
from
investment
adviser
–
–
Prepaid
expenses
17,528
19,697
Total
Assets
238,202,633
204,012,415
Liabilities:
Distributions
payable
305,183
358,277
Payable
for
investments
purchased
370,000
–
Payable
for
capital
shares
redeemed
64,957
123,285
Accrued
expenses
and
other
payables:
Investment
advisory
fees
54,231
56,520
Co-a
dministration
fees
payable
to
related
parties
9,134
7,921
Administration
fees
payable
to
related
parties
14,065
12,198
Shareholder
service
fees
2,790
1,850
Other
fees
45,947
45,243
Total
Liabilities
866,307
605,294
Net
Assets
$
237,336,326
$
203,407,121
Composition
of
Net
Assets:
Paid-In
Capital
$
237,109,273
$
198,283,003
Distributable
earnings
227,053
5,124,118
Net
Assets
$
237,336,326
$
203,407,121
Institutional
Class:
Net
assets
10,518,403
4,959,365
Shares
of
beneficial
interest
(See
note
5
)
1,116,789
469,462
Net
asset
value,
offering
and
redemption
price
per
share
$
9.42
$
10.56
Institutional
Plus
Class:
Net
assets
226,817,923
198,447,756
Shares
of
beneficial
interest
(See
note
5
)
24,007,517
18,786,273
Net
asset
value,
offering
and
redemption
price
per
share
$
9.45
$
10.56
Annual
Report
2021
STATEMENTS
OF
ASSETS
AND
LIABILITIES
March
31,
2021
44
See
accompanying
Notes
to
Financial
Statements.
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
GROWTH
OPPORTUNITIES
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
69,116,911
$
54,417,345
$
108,015,167
$
2,740,239
$
513,613,687
2,858,053
24,138,431
53,055,388
1,042,535
280,597,420
71,974,964
78,555,776
161,070,555
3,782,774
794,211,107
52,494
66,700
217,506
–
1,643,387
–
102,302
–
–
5,643,146
691,342
177,127
34,395
1,107
483,278
–
–
–
1,540
–
5,863
11,391
15,797
1,304
58,116
72,724,663
78,913,296
161,338,253
3,786,725
802,039,034
86,024
–
–
–
–
324,459
–
–
–
9,766,608
9,183
116,684
50,264
–
575,319
12,511
35,701
96,126
–
540,613
2,849
3,031
6,236
143
31,288
4,388
4,667
9,603
220
48,180
–
7,560
4,360
48
17,070
30,576
32,791
34,860
24,990
89,544
469,990
200,434
201,449
25,401
11,068,622
$
72,254,673
$
78,712,862
$
161,136,804
$
3,761,324
$
790,970,412
$
69,414,470
$
51,652,788
$
93,083,098
$
2,621,174
$
476,591,778
2,840,203
27,060,074
68,053,706
1,140,150
314,378,634
$
72,254,673
$
78,712,862
$
161,136,804
$
3,761,324
$
790,970,412
–
36,650,291
13,856,047
35,549
69,895,846
–
1,864,355
735,109
2,571
2,064,944
$
–
$
19.66
$
18.85
$
13.83
$
33.85
72,254,673
42,062,571
147,280,757
3,725,775
721,074,566
7,327,896
2,165,315
7,548,543
268,910
21,186,411
$
9.86
$
19.43
$
19.51
$
13.86
$
34.03
Annual
Report
2021
Statements
of
Operations
Year
Ended
March
31,
2021
45
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
INCOME
FUND
Investment
Income:
Interest
$
4,528,361
$
5,341,785
Dividend
21,502
1,706
Foreign
tax
withholding
–
–
Total
Income
4,549,863
5,343,491
Expenses:
Investment
advisory
fees
(Note
3)
1,076,193
1,318,420
Administration
fees
251,665
257,096
Shareholder
service
fees
-
Institutional
Class
20,697
10,513
Custodian
fees
20,106
21,579
Chief
compliance
officer
fees
14,589
14,679
Director
fees
20,513
20,995
Registration
and
filing
fees
23,819
22,832
Transfer
agent
fees
62,672
62,360
Other
Fees
126,687
123,196
Total
expenses
before
waivers
1,616,941
1,851,670
Expenses
waived
by
investment
adviser
(Note
3)
(528,812)
(638,125)
Total
Expenses
1,088,129
1,213,545
Net
Investment
Income
(Loss)
3,461,734
4,129,946
Realized
and
Unrealized
Gain
(Loss)
On
Investments:
Net
realized
gain
on
investments
transactions
1,503,615
3,343,637
Change
in
unrealized
appreciation
(depreciation)
on
investments
2,218,686
(3,819,932)
Net
realized
and
unrealized
gain
(loss)
on
investments
3,722,301
(476,295)
Net
increase
in
net
assets
from
operations
$
7,184,035
$
3,653,651
Annual
Report
2021
Statements
of
Operations
Year
Ended
March
31,
2021
46
See
accompanying
Notes
to
Financial
Statements.
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
GROWTH
OPPORTUNITIES
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
1,570,218
$
651,276
$
–
$
–
$
–
784
620,465
907,331
31,767
11,059,626
–
(1,961)
(4,215)
–
–
1,571,002
1,269,780
903,116
31,767
11,059,626
301,428
548,889
1,142,501
22,756
6,483,805
88,167
85,560
177,968
3,120
890,747
–
65,547
23,598
48
133,630
5,588
6,461
11,300
5,000
55,978
5,058
4,950
10,185
186
50,354
7,217
6,911
14,241
242
70,168
2,254
23,553
22,815
4,168
55,924
19,706
42,450
62,485
21,194
293,036
77,602
76,729
64,842
38,768
162,343
507,020
861,050
1,529,935
95,482
8,195,985
(170,209)
(177,519)
(134,600)
(70,084)
(724,119)
336,811
683,531
1,395,335
25,398
7,471,866
1,234,191
586,249
(492,219)
6,369
3,587,760
347,087
5,156,200
39,954,428
159,348
104,892,024
676,953
13,783,777
33,183,232
1,290,266
298,870,292
1,024,040
18,939,977
73,137,660
1,449,614
403,762,316
$
2,258,231
$
19,526,226
$
72,645,441
$
1,455,983
$
407,350,076
Annual
Report
2021
Statements
of
Changes
in
Net
Assets
47
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
For
the
Year
Ended
March
31,
2021
For
the
Year
Ended
March
31,
2020
Operations:
Net
investment
income
$
3,461,734
$
4,406,539
Net
realized
gain
(loss)
on
investment
transactions
1,503,615
498,702
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
2,218,686
323,095
Net
increase
(decrease)
in
net
assets
from
operations
7,184,035
5,228,336
Distributions
to
Shareholders:
Institutional
Class
(231,060)
(245,658)
Institutional
Plus
Class
(4,687,965)
(4,472,125)
Change
in
net
assets
from
distributions
to
shareholders
(4,919,025)
(4,717,783)
Capital
Transactions:
Proceeds
from
shares
issued
Institutional
Class
1,866,259
1,596,447
Institutional
Plus
Class
63,322,046
46,270,678
Proceeds
from
dividends
reinvested
Institutional
Class
176,991
193,801
Institutional
Plus
Class
910,695
868,591
Cost
of
shares
redeemed
Institutional
Class
(2,314,724)
(1,748,764)
Institutional
Plus
Class
(29,268,586)
(29,541,728)
Change
in
net
assets
from
capital
transactions
34,692,681
17,639,025
Change
in
net
assets
36,957,691
18,149,578
Net
Assets:
Beginning
of
Year
200,378,635
182,229,057
End
of
Year
$
237,336,326
$
200,378,635
Share
Transactions
Institutional
Class:
Shares
issued
196,765
171,275
Shares
reinvested
18,642
20,703
Shares
redeemed
(244,056)
(187,184)
Change
in
shares
(28,649)
4,794
Share
Transactions
Institutional
Plus
Class:
Shares
issued
6,646,815
4,929,077
Shares
reinvested
95,641
92,512
Shares
redeemed
(3,077,896)
(3,147,846)
Change
in
shares
3,664,560
1,873,743
Annual
Report
2021
Statements
of
Changes
in
Net
Assets
48
See
accompanying
Notes
to
Financial
Statements.
INCOME
FUND
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
For
the
Year
Ended
March
31,
2021
For
the
Year
Ended
March
31,
2020
For
the
Year
Ended
March
31,
2021
For
the
Year
Ended
March
31,
2020
For
the
Year
Ended
March
31,
2021
For
the
Year
Ended
March
31,
2020
$
4,129,946
$
5,172,748
$
1,234,191
$
1,572,777
$
586,249
$
798,266
3,343,637
958,471
347,087
(51,331)
5,156,200
3,287,909
(3,819,932)
8,844,847
676,953
2,381,079
13,783,777
(4,735,780)
3,653,651
14,976,066
2,258,231
3,902,525
19,526,226
(649,605)
(139,592)
(166,935)
–
–
(2,049,966)
(1,803,989)
(5,460,994)
(5,889,633)
(1,291,609)
(1,646,438)
(2,316,672)
(1,749,752)
(5,600,586)
(6,056,568)
(1,291,609)
(1,646,438)
(4,366,638)
(3,553,741)
359,336
653,225
–
–
2,246,969
1,526,871
32,745,165
38,192,608
13,428,291
11,054,567
6,134,287
5,285,256
139,407
166,403
–
–
1,908,275
1,680,316
750,008
819,497
221,697
272,209
1,949,881
1,490,812
(1,380,498)
(1,529,500)
–
–
(7,923,484)
(7,333,369)
(44,129,698)
(26,953,804)
(18,031,215)
(9,707,953)
(5,031,197)
(5,703,461)
(11,516,280)
11,348,429
(4,381,227)
1,618,823
(715,269)
(3,053,575)
(13,463,215)
20,267,927
(3,414,605)
3,874,910
14,444,319
(7,256,921)
216,870,336
196,602,409
75,669,278
71,794,368
64,268,543
71,525,464
$
203,407,121
$
216,870,336
$
72,254,673
$
75,669,278
$
78,712,862
$
64,268,543
33,011
62,559
–
–
116,576
86,805
12,789
15,772
–
–
101,582
95,528
(127,725)
(145,490)
–
–
(427,023)
(427,225)
(81,925)
(67,159)
–
–
(208,865)
(244,892)
3,002,573
3,624,681
1,350,860
1,137,410
329,972
307,893
68,805
77,600
22,351
27,993
105,015
85,859
(4,056,470)
(2,548,545)
(1,818,896)
(998,363)
(277,680)
(332,015)
(985,092)
1,153,736
(445,685)
167,040
157,307
61,737
Annual
Report
2021
Statements
of
Changes
in
Net
Assets
49
See
accompanying
Notes
to
Financial
Statements.
GROWTH
OPPORTUNITIES
FUND
For
the
Year
Ended
March
31,
2021
For
the
Year
Ended
March
31,
2020
Operations:
Net
investment
income
(loss)
$
(492,219)
$
(31,774)
Net
realized
gain
(loss)
on
investment
transactions
39,954,428
11,447,990
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
33,183,232
(26,376,172)
Net
increase
(decrease)
in
net
assets
from
operations
72,645,441
(14,959,956)
Distributions
to
Shareholders:
Institutional
Class
(2,567,689)
(803,304)
Institutional
Plus
Class
(24,521,804)
(7,251,010)
Change
in
net
assets
from
distributions
to
shareholders
(27,089,493)
(8,054,314)
Capital
Transactions:
Proceeds
from
shares
issued
Institutional
Class
856,995
323,327
Institutional
Plus
Class
16,496,874
15,262,256
Proceeds
from
dividends
reinvested
Institutional
Class
2,480,480
765,846
Institutional
Plus
Class
13,081,182
3,856,918
Cost
of
shares
redeemed
Institutional
Class
(4,387,872)
(3,151,785)
Institutional
Plus
Class
(27,611,278)
(21,961,417)
Change
in
net
assets
from
capital
transactions
916,381
(4,904,855)
Change
in
net
assets
46,472,329
(27,919,125)
Net
Assets:
Beginning
of
Year
114,664,475
142,583,600
End
of
Year
$
161,136,804
$
114,664,475
Share
Transactions
Institutional
Class:
Shares
issued
45,871
19,418
Shares
reinvested
134,809
45,290
Shares
redeemed
(232,476)
(188,136)
Change
in
shares
(51,796)
(123,428)
Share
Transactions
Institutional
Plus
Class:
Shares
issued
840,295
883,185
Shares
reinvested
687,037
222,045
Shares
redeemed
(1,441,209)
(1,291,575)
Change
in
shares
86,123
(186,345)
*
Commencement
of
operations.
Annual
Report
2021
Statements
of
Changes
in
Net
Assets
50
See
accompanying
Notes
to
Financial
Statements.
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
For
the
Year
Ended
March
31,
2021
August
1,
2019
*
Through
March
31,
2020
For
the
Year
Ended
March
31,
2021
For
the
Year
Ended
March
31,
2020
$
6,369
$
4,008
$
3,587,760
$
3,833,077
159,348
(62,566)
104,892,024
(63,182,388)
1,290,266
(247,731)
298,870,292
(130,306,531)
1,455,983
(306,289)
407,350,076
(189,655,842)
–
(36)
(13,226)
(1,130,610)
(7,356)
(2,152)
(2,623,734)
(11,261,847)
(7,356)
(2,188)
(2,636,960)
(12,392,457)
18,053
24,901
15,457,786
19,583,511
749,087
1,837,926
338,549,582
301,966,907
–
36
11,679
1,007,202
4,484
1,222
1,354,490
7,182,603
(11,834)
(1,049)
(33,288,490)
(38,693,082)
(1,417)
(235)
(514,706,927)
(326,108,229)
758,373
1,862,801
(192,621,880)
(35,061,088)
2,207,000
1,554,324
212,091,236
(237,109,387)
1,554,324
–
578,879,176
815,988,563
$
3,761,324
$
1,554,324
$
790,970,412
$
578,879,176
1,455
2,510
644,420
725,055
–
3
398
34,600
(1,297)
(100)
(1,337,404)
(1,449,193)
158
2,413
(692,586)
(689,538)
77,232
191,334
14,087,928
11,203,250
370
113
45,915
245,307
(117)
(22)
(18,584,804)
(12,113,217)
77,485
191,425
(4,450,961)
(664,660)
Financial
Highlights
For
a
Share
Outstanding
Annual
Report
2021
51
See
accompanying
Notes
to
Financial
Statements.
Investment
Activities
Ratios/Supplemental
Data
Distributions
to
Shareholders
from:
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
03/31/21
$
9.30
$
0.14
$
0.18
$
0.32
$
(0.18)
$
(0.02)
$
—
$
9.42
3.44
%
$
10,518
0.68
%
1.43
%
1.21
%
50
%
03/31/20
9.27
0.20
0.04
0.24
(0.20)
(0.01)
—
9.30
2.60
10,650
0.71
2.09
1.21
50
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
Institutional
Plus
Class
03/31/21
9.33
0.15
0.19
0.34
(0.20)
(0.02)
—
9.45
3.63
226,818
0.49
1.61
0.73
50
03/31/20
9.29
0.21
0.06
0.27
(0.22)
(0.01)
—
9.33
0.00
189,728
0.52
2.27
0.72
50
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
INCOME
FUND
Institutional
Class
03/31/21
10.67
0.19
(0.04)
0.15
(0.25)
(0.01)
—
10.56
1.34
4,959
0.72
1.70
1.52
34
03/31/20
10.22
0.24
0.50
0.74
(0.28)
(0.01)
—
10.67
7.27
5,884
0.75
2.29
1.52
30
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
Institutional
Plus
Class
03/31/21
10.67
0.20
(0.03)
0.17
(0.27)
(0.01)
—
10.56
1.52
198,448
0.55
1.88
0.82
34
03/31/20
10.22
0.26
0.50
0.76
(0.30)
(0.01)
—
10.67
7.47
210,986
0.56
2.48
0.82
30
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
NEBRASKA
TAX-FREE
FUND
Institutional
Plus
Class
03/31/21
9.73
0.16
0.14
0.30
(0.16)
(0.01)
—
9.86
3.08
72,255
0.45
1.63
0.67
15
03/31/20
9.59
0.20
0.15
0.35
(0.21)
—
—
9.73
3.71
75,669
0.45
2.10
0.65
39
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
BALANCED
FUND
Institutional
Class
03/31/21
15.83
0.13
4.80
4.93
(0.13)
(0.97)
—
19.66
31.47
36,650
1.02
0.71
1.30
21
03/31/20
16.85
0.18
(0.35)
(0.17)
(0.17)
(0.68)
—
15.83
(1.52)
32,819
1.04
1.00
1.28
19
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
Institutional
Plus
Class
03/31/21
15.66
0.16
4.76
4.92
(0.18)
(0.97)
—
19.43
31.76
42,063
0.84
0.89
1.05
21
03/31/20
16.69
0.21
(0.35)
(0.14)
(0.21)
(0.68)
—
15.66
(1.34)
31,450
0.85
1.19
1.03
19
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
Financial
Highlights
For
a
Share
Outstanding
Annual
Report
2021
52
See
accompanying
Notes
to
Financial
Statements.
Investment
Activities
Ratios/Supplemental
Data
Distributions
to
Shareholders
from:
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)
GROWTH
OPPORTUNITIES
FUND
Institutional
Class
03/31/21
$
13.56
$
(0.09)
$
9.00
$
8.91
$
—
$
(3.62)
$
—
$
18.85
66.34
%
$
13,856
1.06
%
(0.47)
%
1.34
%
64
%
03/31/20
16.30
(0.03)
(1.72)
(1.75)
—
(0.99)
—
13.56
(11.93)
10,670
1.11
(0.18)
1.36
66
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
Institutional
Plus
Class
03/31/21
13.94
(0.06)
9.25
9.19
—
(3.62)
—
19.51
66.55
147,281
0.90
(0.31)
0.97
64
03/31/20
16.70
0.00
(1.77)
(1.77)
—
(0.99)
—
13.94
(11.76)
103,995
0.94
0.00
0.96
66
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
SMALL/MID
CAP
FUND
Institutional
Class
03/31/21
8.01
0.00
(e
)
5.82
5.82
—
—
—
13.83
72.66
36
1.19
(0.01)
77.98
28
03/31/20
(f)
10.00
0.03
(2.00)
(1.97)
(0.02)
—
—
8.01
(19.78)
19
1.17
0.41
70.42
13
Institutional
Plus
Class
03/31/21
8.02
0.03
5.84
5.87
(0.03)
—
—
13.86
73.22
3,726
0.95
0.24
3.02
28
03/31/20
(f)
10.00
0.04
(2.00)
(1.96)
(0.02)
—
—
8.02
(19.63)
1,535
0.93
0.61
6.52
13
SMALL
COMPANY
FUND
Institutional
Class
03/31/21
20.27
0.07
13.52
13.59
(0.01)
—
—
33.85
67.03
69,896
1.17
0.28
1.34
64
03/31/20
27.27
0.08
(6.70)
(6.62)
—
(0.38)
—
20.27
(24.71)
55,890
1.21
0.28
1.34
33
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)
(
g
)
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
Institutional
Plus
Class
03/31/21
20.40
0.13
13.60
13.73
(0.10)
—
—
34.03
67.37
721,075
0.96
0.49
1.05
64
03/31/20
27.45
0.14
(6.74)
(6.60)
(0.07)
(0.38)
—
20.40
(24.55)
522,989
0.98
0.50
1.05
33
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
(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)
Amount
represents
less
than
$0.005.
(f)
Commencement
of
operations
of
Tributary
Small/Mid
Cap
Fund
–
Institutional
and
Institutional
Plus
Class
shares
was
August
2,
2019
and
August
1,
2019,
respectively.
(g)
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.
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
53
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.
2.
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
increases
and
decreases
in
net
assets
from
operations
during
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
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
54
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
March
31,
2021,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
40,031,977
$
–
$
40,031,977
Non-Agency
Commercial
Mortgage
Backed
Securities
–
24,820,324
–
24,820,324
Non-Agency
Residential
Mortgage
Backed
Securities
–
33,443,012
–
33,443,012
Corporate
Bonds
–
88,298,992
–
88,298,992
Government
&
Agency
Obligations
–
45,273,658
–
45,273,658
Preferred
Stocks
508,761
–
–
508,761
Short-Term
Investments
4,008,976
–
–
4,008,976
Total
$
4,517,737
$
231,867,963
$
–
$
236,385,700
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
55
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
14,505,846
$
–
$
14,505,846
Non-Agency
Commercial
Mortgage
Backed
Securities
–
13,513,576
–
13,513,576
Non-Agency
Residential
Mortgage
Backed
Securities
–
16,585,227
–
16,585,227
Corporate
Bonds
–
73,207,241
–
73,207,241
Government
&
Agency
Obligations
–
82,790,499
–
82,790,499
Short-Term
Investments
2,150,845
–
–
2,150,845
Total
$
2,150,845
$
200,602,389
$
–
$
202,753,234
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–
$
71,335,247
$
–
$
71,335,247
Short-Term
Investments
639,717
–
–
639,717
Total
$
639,717
$
71,335,247
$
–
$
71,974,964
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
50,956,355
$
–
$
–
$
50,956,355
Asset
Backed
Securities
–
1,952,299
–
1,952,299
Non-Agency
Commercial
Mortgage
Backed
Securities
–
1,923,957
–
1,923,957
Non-Agency
Residential
Mortgage
Backed
Securities
–
901,975
–
901,975
Corporate
Bonds
–
9,967,396
–
9,967,396
Government
&
Agency
Obligations
–
9,990,267
–
9,990,267
Short-Term
Investments
2,863,527
–
–
2,863,527
Total
$
53,819,882
$
24,735,894
$
–
$
78,555,776
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Growth
Opportunities
Fund
Common
Stocks*
$
157,974,299
$
–
$
–
$
157,974,299
Short-Term
Investments
3,096,256
–
–
3,096,256
Total
$
161,070,555
$
–
$
–
$
161,070,555
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
56
*
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.
Interest
only
stripped
mortgage
backed
securities
(“IO
Strips”)
are
securities
that
receive
only
interest
payments
from
a
pool
of
mortgage
loans.
Little
to
no
principal
will
be
received
by
the
Funds
upon
maturity
from
an
IO
Strip.
Periodic
adjustments
are
recorded
to
reduce
the
cost
of
the
security
until
maturity,
which
are
included
in
interest
income.
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.
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
3,748,579
$
–
$
–
$
3,748,579
Short-Term
Investments
34,195
–
–
34,195
Total
$
3,782,774
$
–
$
–
$
3,782,774
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
721,788,667
$
–
$
–
$
721,788,667
Exchange
Traded
Fund
50,382,716
–
–
50,382,716
Short-Term
Investments
22,039,724
–
–
22,039,724
Total
$
794,211,107
$
–
$
–
$
794,211,107
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
57
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
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.
Prior
to
August
1,
2020,
the
expense
caps
for
Short-Intermediate
Bond
Fund,
Growth
Opportunities
Fund
and
Small
Company
Fund
were
0.52%,
0.94%
and
0.99%,
respectively.
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
year
ended
March
31,
2021,
fees
waived
were
as
follows:
Tributary
may
recover
fees
waived
or
expenses
reimbursed,
if
such
payment
is
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement.
At
March
31,
2021,
the
amount
of
potentially
recoverable
expenses
are
as
follows:
Short-Intermediate
Bond
Fund
–
$1,291,262;
Income
Fund
Expense
Caps
Short-Intermediate
Bond
Fund
0.49
%
Income
Fund
0.55
Nebraska
Tax-Free
Fund
0.45
Balanced
Fund
0.85
Growth
Opportunities
Fund
0.89
Small/Mid
Cap
Fund
0.95
Small
Company
Fund
0.96
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
Short-Intermediate
Bond
Fund
$
527,733
$
–
$
1,079
$
528,812
Income
Fund
637,020
–
1,105
638,125
Nebraska
Tax-Free
Fund
169,830
–
379
170,209
Balanced
Fund
177,152
–
367
177,519
Growth
Opportunities
Fund
133,839
–
761
134,600
Small/Mid
Cap
Fund
22,756
40,565
6,763
70,084
Small
Company
Fund
720,322
–
3,797
724,119
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
58
–
$1,617,746;
Nebraska
Tax-Free
Fund
–
$466,243;
Balanced
Fund
–
$457,394;
Growth
Opportunities
Fund
–
$267,125;
Small/Mid
Cap
Fund
–
$108,864;
Small
Company
Fund
–
$1,935,406.
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
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
a
Distribution
and
Service
Plan
(“Plan”)
under
Rule
12b-1
of
the
1940
Act
pursuant
to
which
each
Fund
is
authorized
to
make
payments
to
banks,
the
Distributor,
broker-dealers,
and
other
institutions
for
providing
distribution
or
shareholder
service
assistance.
The
Plan
authorizes
each
Fund
to
make
payments
with
respect
to
certain
classes
of
shares
in
an
amount
not
in
excess,
on
an
annual
basis,
of
up
to
0.25%
of
the
average
daily
net
assets
of
that
Fund.
The
Company
has
no
class
of
shares
outstanding
to
which
the
Plan
is
applicable.
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
year
ended
March
31,
2021,
the
Funds
paid
FNBO
as
follows:
Short-Intermediate
Bond
Fund
–
$3,097;
Income
Fund
–
$4,276;
Balanced
Fund
–
$529;
Growth
Opportunities
Fund
–
$13;
Small
Company
Fund
–
$377.
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
year
ended
March
31,
2021,
were
as
follows:
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
long-term
U.S.
Government
securities
for
the
year
ended
March
31,
2021,
were
as
follows:
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.
Purchases
Sales
Short-Intermediate
Bond
Fund
$
129,385,641
$
80,509,517
Income
Fund
60,164,846
44,997,256
Nebraska
Tax-Free
Fund
11,172,754
15,215,398
Balanced
Fund
14,390,134
16,203,975
Growth
Opportunities
Fund
93,128,501
117,3
64
,
691
Small/Mid
Cap
Fund
1,490,220
740,602
Small
Company
Fund
465,390,504
651,302,324
Purchases
Sales
Short-Intermediate
Bond
Fund
$
5,946,054
$
24,093,992
Income
Fund
13,454,768
39,848,618
Balanced
Fund
584,981
3,835,355
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
59
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
reclassification.
The
permanent
differences
in
the
current
year
are
due
to
the
utilization
of
equalization.
These
reclassifications
have
no
impact
on
net
assets.
As
of
March
31,
2021,
the
cost
of
investments
and
the
components
of
net
unrealized
appreciation/(depreciation)
were
as
follows:
At
March
31,
2021,
the
components
of
distributable
taxable
earnings
for
U.S.
federal
income
tax
purposes
were
as
follows:
Net
Increase
(Decrease)
Distributable
Earnings
Paid-in-Capital
Short-Intermediate
Bond
Fund
$
–
$
–
Income
Fund
–
–
Nebraska
Tax-Free
Fund
–
–
Balanced
Fund
–
–
Growth
Opportunities
Fund
(1,830,000)
1,830,000
Small/Mid
Cap
Fund
–
–
Small
Company
Fund
(645,000)
645,000
Tax
Cost
of
Investments
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
Short-Intermediate
Bond
Fund
$
234,139,084
$
3,176,143
$
(929,527)
$
2,246,616
Income
Fund
196,791,737
8,265,159
(2,303,662)
5,961,497
Nebraska
Tax-Free
Fund
69,205,965
2,891,216
(122,217)
2,768,999
Balanced
Fund
54,547,742
24,667,685
(659,651)
24,008,034
Growth
Opportunities
Fund
108,105,792
54,300,347
(1,335,584)
52,964,763
Small/Mid
Cap
Fund
2,744,355
1,053,533
(15,114)
1,038,419
Small
Company
Fund
522,555,141
275,123,475
(3,467,509)
271,655,966
Undistributed
Net
Investment
Income*
Undistributed
Tax
Exempt
Income
Undistributed
Net
Long-Term
Capital
Gains
Other
Temporary
Differences
Unrealized
Gain**
Capital
Loss
Carry
Forward
Short-Intermediate
Bond
Fund
$
396,960
$
–
$
–
$
(305,183)
$
2,246,616
$
(2,111,340)
Income
Fund
867,537
–
–
(358,277)
5,961,497
(1,346,639)
Nebraska
Tax-Free
Fund
1,020
85,012
71,196
(86,024)
2,768,999
–
Balanced
Fund
199,139
–
2,852,901
–
24,008,034
–
Growth
Opportunities
Fund
1,666,543
–
13,422,400
–
52,964,763
–
Small/Mid
Cap
Fund
35,656
–
66,075
–
1,038,419
–
Small
Company
Fund
40,334,267
–
2,388,401
–
271,655,966
–
*
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
and
equity
return
of
capital
securities.
Notes
to
Financial
Statements
March
31,
2021
Annual
Report
2021
60
*
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,
2020
and
March
31,
2021.
Equalization
debits
included
in
the
long
term
distributions
were
$475,000
for
Growth
Opportunities
Fund
and
included
in
ordinary
income
were
$475,000
for
Small
Company
Fund,
for
the
year
ended
March
31,
2020.
Equalization
debits
included
in
the
long
term
distributions
were
$1,830,000
and
$645,000
for
Growth
Opportunities
Fund
and
Small
Company
Fund,
respectively,
for
the
year
ended
March
31,
2021.
***
Total
distributions
paid
may
differ
from
the
Statements
of
Changes
in
Net
Assets
because
distributions
are
recognized
when
actually
paid
for
tax
purposes.
The
tax
character
of
dividends
and
distributions
paid
during
the
Funds’
fiscal
years
or
periods
ended
March
31,
2021
and
March
31,
2020,
were
as
follows:
At
March
31,
2021,
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.
During
the
year
ended
March
31,
2021,
the
following
Funds
utilized
capital
loss
carryforwards
to
offset
capital
gains
amounting
to:
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,
2021,
the
Funds
had
no
deferred
losses.
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,
2021.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statements
of
Operations,
as
incurred.
During
the
period,
the
Funds
did
not
incur
any
interest
or
penalties.
7.
Subsequent
Events
Management
has
evaluated
subsequent
events
for
the
Funds
through
the
date
the
financial
statements
are
issued,
and
has
concluded
that
were
no
events
that
require
adjustments
to
the
financial
statements
or
disclosure
in
the
notes.
Net
Ordinary
Income*
Tax
Exempt
Income
Net
Long
Term
Capital
Gains**
Return
of
Capital
Total
Distributions
Paid***
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Short-Intermediate
Bond
Fund
$
4,928,861
$4,682,112
$
–
$
–
$
–
$–
$–
$–
$
4,928,861
$4,682,112
Income
Fund
5,662,423
6,044,663
–
–
–
–
–
–
5,662,423
6,044,663
Nebraska
Tax-Free
Fund
13,610
34,127
1,13
4
,549
1,538,000
57,426
–
–
74,311
1,205,585
1,646,438
Balanced
Fund
600,631
780,937
–
–
3,766,007
2,772,804
–
–
4,366,638
3,553,741
Growth
Opportunities
Fund
9,248,020
–
–
–
19,671,473
8,529,314
–
–
28,919,493
8,529,314
Small/Mid
Cap
Fund
7,356
2,188
–
–
–
–
–
–
7,356
2,188
Small
Company
Fund
2,636,960
3,399,868
–
–
645,000
9,467,589
–
–
3,281,960
12,867,457
No
Expiration
Short
Term
Long
Term
Total
Short-Intermediate
Bond
Fund
$
343,519
$
1,767,821
$
2,111,340
Income
Fund
761,688
584,951
1,346,639
Fund
Short-Intermediate
Bond
Fund
$
279,705
Income
Fund
1,747,381
Nebraska
Tax-Free
Fund
181,860
Small/Mid
Cap
Fund
60,472
Report
of
Independent
Registered
Public
Accounting
Firm
Annual
Report
2021
61
To
the
Shareholders
and
Board
of
Directors
of
Tributary
Funds,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
portfolio
investments,
of
Tributary
Funds,
Inc.,
comprising
Tributary
Short-Intermediate
Bond
Fund,
Tributary
Income
Fund,
Tributary
Nebraska
Tax-Free
Fund,
Tributary
Balanced
Fund,
Tributary
Growth
Opportunities
Fund,
Tributary
Small/Mid
Cap
Fund
and
Tributary
Small
Company
Fund
(the
“Funds”)
as
of
March
31,
2021,
and
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended
for
Tributary
Short-Intermediate
Bond
Fund,
Tributary
Income
Fund,
Tributary
Nebraska
Tax-Free
Fund,
Tributary
Balanced
Fund,
Tributary
Growth
Opportunities
Fund,
and
Tributary
Small
Company
Fund,
and
the
related
statement
of
operations
for
the
year
then
ended,
and
the
statements
of
changes
in
net
assets,
and
financial
highlights
for
each
of
the
two
periods
in
the
period
then
ended,
and
the
related
notes,
for
Tributary
Small/
Mid
Cap
Fund
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
March
31,
2021,
the
results
of
their
operations,
the
changes
in
their
net
assets,
and
the
financial
highlights
for
each
of
the
periods
indicated
above,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2021,
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
Funds’
auditor
since
2015.
COHEN
&
COMPANY,
LTD.
Cleveland,
Ohio
May
28,
2021
Additional
Fund
Information
March
31,
2021
(Unaudited)
Annual
Report
2021
62
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.
Other
Federal
Income
Tax
Information
The
information
reported
below
is
for
the
year
ended
March
31,
2021.
Foreign
tax
and
qualified
dividend
information
for
the
calendar
year
2021
will
be
provided
on
your
2021
Form
1099-DIV.
For
the
year
ended
March
31,
2021,
certain
dividends
paid
by
the
Funds
may
be
subject
to
a
maximum
tax
rate
of
20%
as
provided
for
by
the
American
Taxpayer
Relief
Act
of
2012.
Complete
information
for
calendar
year
2021
will
be
reported
in
conjunction
with
your
2021
Form
1099-DIV.
For
the
year
ended
March
31,
2021,
the
following
Funds
hereby
designate
the
following
percentages,
or
the
maximum
amount
allowable
under
the
Internal
Revenue
Code
(“Code”),
as
qualified
dividends:
For
the
year
ended
March
31,
2021,
the
following
Funds
hereby
designate
the
following
percentages,
or
the
maximum
amount
allowable
under
the
Code,
as
distributions
eligible
for
the
dividends
received
deduction
for
corporations:
For
the
year
ended
March
31,
2021,
the
following
Funds
hereby
designate
the
following
percentages,
or
the
maximum
amount
allowable
under
the
Code,
as
qualified
interest
income
exempt
from
U.S.
tax
for
foreign
shareholders:
For
the
year
ended
March
31,
2021,
Growth
Opportunities
Fund
and
Small/Mid
Cap
Fund
designate
100.00%
and
16.65%,
respectively,
of
its
income
dividends
as
short-term
capital
gain
dividends
exempt
from
U.S.
tax
for
foreign
shareholders
and
Nebraska
Tax-Free
Fund
designates
98.81%
of
its
income
dividend
distributed
as
tax-exempt
dividends.
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.
Qualified
Dividend
Income
Short-Intermediate
Bond
Fund
0.41%
Balanced
Fund
76.80%
Growth
Opportunities
Fund
6.51%
Small/Mid
Cap
Fund
69.66%
Small
Company
Fund
56.73%
Dividends
Received
Deduction
Short-Intermediate
Bond
Fund
0.41%
Balanced
Fund
72.43%
Growth
Opportunities
Fund
6.26%
Small/Mid
Cap
Fund
69.68%
Small
Company
Fund
56.32%
Qualified
Interest
Income
Short-Intermediate
Bond
Fund
77.69%
Income
Fund
76.91%
Nebraska
Tax-Free
Fund
1.03%
Balanced
Fund
55.14%
Additional
Fund
Information
March
31,
2021
(Unaudited)
Annual
Report
2021
63
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
October
1,
2020,
through
March
31,
2021.
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.
Additional
Fund
Information
March
31,
2021
(Unaudited)
Annual
Report
2021
64
Expenses
Using
Actual
Fund
Return
Expenses
Using
Hypothetical
5%
Return
Beginning
Account
Value
10/1/20
Ending
Account
Value
3/31/21
Expense
Paid
During
Period*
Expense
Ratio
During
Period*
Beginning
Account
Value
10/1/20
Ending
Account
Value
3/31/21
Expenses
Paid
During
Period*
Expense
Ratio
During
Period*
Short-Intermediate
Bond
Fund
Institutional
Class
$
1,000.00
$
1,000.38
$
3.29
0.66%
$
1,000.00
$
1,021.64
$
3.33
0.66%
Institutional
Plus
Class
1,000.00
1,001.33
2.35
0.47
1,000.00
1,022.59
2.37
0.47
Income
Fund
Institutional
Class
$
1,000.00
$
972.99
$
3.59
0.73%
$
1,000.00
$
1,021.29
$
3.68
0.73%
Institutional
Plus
Class
1,000.00
973.89
2.71
0.55
1,000.00
1,022.19
2.77
0.55
Nebraska
Tax-Free
Fund
Institutional
Plus
Class
$
1,000.00
$
999.75
$
2.24
0.45%
$
1,000.00
$
1,022.69
$
2.27
0.45%
Balanced
Fund
Institutional
Class
$
1,000.00
$
1,105.68
$
5.35
1.02%
$
1,000.00
$
1,019.85
$
5.14
1.02%
Institutional
Plus
Class
1,000.00
1,107.14
4.41
0.84
1,000.00
1,020.74
4.23
0.84
Growth
Opportunities
Fund
Institutional
Class
$
1,000.00
$
1,162.08
$
5.50
1.02%
$
1,000.00
$
1,019.85
$
5.14
1.02%
Institutional
Plus
Class
1,000.00
1,162.58
4.69
0.87
1,000.00
1,020.59
4.38
0.87
Small/Mid
Cap
Fund
Institutional
Class
$
1,000.00
$
1,399.80
$
7.66
1.28%
$
1,000.00
$
1,018.55
$
6.44
1.28%
Institutional
Plus
Class
1,000.00
1,401.88
5.69
0.95
1,000.00
1,020.19
4.78
0.95
Small
Company
Fund
Institutional
Class
$
1,000.00
$
1,475.25
$
7.04
1.14%
$
1,000.00
$
1,019.25
$
5.74
1.14%
Institutional
Plus
Class
1,000.00
1,476.09
5.80
0.94
1,000.00
1,020.24
4.73
0.94
*
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
365
to
reflect
the
half-year
period.
Directors
and
Officers
March
31,
2021
(Unaudited)
Annual
Report
2021
65
Overall,
responsibility
for
management
of
the
Company
rests
with
its
Board,
which
is
elected
by
the
shareholders
of
the
Company.
The
Company
is
managed
by
the
Directors
in
accordance
with
the
laws
governing
corporations
in
Nebraska.
The
Board
oversees
all
of
the
Funds.
Directors
serve
until
their
respective
successors
have
been
elected
and
qualified
or
until
their
earlier
death,
resignation
or
removal.
The
Directors
elect
the
officers
of
the
Company
to
supervise
its
day-to-day
operations.
Information
about
the
Directors
and
officers
of
the
Company
is
set
forth
below.
The
Funds’
Statement
of
Additional
Information
includes
additional
information
about
the
Directors
and
is
available,
without
charge,
upon
request,
by
calling
1-800-662-4203
or
on
the
Funds’
website
www.tributaryfunds.com
.
1
The
address
for
all
Directors
is
1620
Dodge
Street,
Omaha,
Nebraska
68197.
Name,
Address
(1)
,
Age
and
Position(s)
Held
with
Funds
Term
of
Office
and
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
Interested
Directors
Stephen
C.
Wade
(2)
Age:
55
Indefinite;
Since
2016.
Senior
Vice
President
-
Investment
Services,
First
National
Bank
of
Omaha
(December
2013
to
present);
Managing
Director
-
Institutional
Trust,
First
National
Bank
of
Omaha
(February
2011
to
December
2013).
7
Director,
First
National
Capital
Markets,
Inc.
Director,
Chairman
of
the
Board
and
President
Brittany
A.
Fahrenkrog
(2)
Age:
42
Indefinite;
Since
2016
Director,
Client
Services,
Tributary
Capital
Management,
LLC
(since
May
2010).
7
None.
Director
and
Senior
Vice
President
Independent
Directors
Robert
A.
Reed
Age:
80
Indefinite;
Since
1994
Chairman
of
the
Board,
Physicians
Mutual
Life
Insurance
Company
(since
2015).
President
and
Chief
Executive
Officer,
Physicians
Mutual
Insurance
Company
and
Physicians
Life
Insurance
Company
(1974
to
December
2014).
7
None.
Director;
Chairman
Corporate
Governance
and
Nominations
Committee
Gary
D.
Parker
Age:
75
Indefinite;
Since
2005
Retired
since
2000.
7
None.
Director;
Chairman
Audit
Committee
David
F.
Larrabee
Age:
60
Indefinite;
Since
2016
Retired
since
2012.
Senior
Vice
President,
Intermediary
Sales,
American
Century
Investments,
Inc.
and
President
and
CEO,
American
Century
Investment
Services,
Inc.
(broker/dealer
subsidiary)
(2009
to
May
2012);
prior
to
2009,
Mr.
Larrabee
held
various
senior
positions
with
American
Century
Investments,
Inc.
7
None.
Lead
Independent
Director
Directors
and
Officers
March
31,
2021
(Unaudited)
Annual
Report
2021
66
2
As
defined
in
the
1940
Act,
Mr.
Wade
is
an
“interested”
Director
because
he
is
an
officer
of
First
National
Bank
of
Omaha,
the
parent
of
the
Funds'
investment
adviser,
and
an
owner
of
securities
issued
by
First
National
of
Nebraska,
Inc.,
and
Ms.
Fahrenkrog
is
an
"interested"
Director
because
she
is
an
employee
of
Tributary
Capital
Management,
LLC,
the
Funds'
investment
adviser,
and
an
officer
of
First
National
Bank
of
Omaha.
1
The
address
for
all
Directors
is
1620
Dodge
Street,
Omaha,
Nebraska
68197.
3
The
address
for
Ms.
Shaw
and
Mr.
Tackett
is
Three
Canal
Plaza,
Suite
600,
Portland,
ME
04101.
4
The
address
for
Mr.
Ruehle
is
690
Taylor
Road,
Suite
210,
Columbus,
OH
43230.
Name,
Address
(1)
,
Age
and
Position(s)
Held
with
Funds
Term
of
Office
and
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
Independent
Directors
(continued)
Donna
Walsh
Age:
57
Indefinite;
Since
2018
Industry
Advisor,
Panorama
Point
Partners
(since
2018);
Advisor,
Tenaska
Capital
Management
(2008-
2017);
Co-Founder
and
Managing
Director,
Odin
Capital
Management
(1999
to
2016).
7
None.
Director
Name,
Address,
Age
and
Position(s)
Held
with
Funds
Term
of
Office
and
Length
of
Time
Served
Principal
Occupation(s)
During
Past
5
Years
Officers
Karen
Shaw
(3)
Age:
48
Indefinite;
Since
August
2015
Senior
Vice
President,
Apex
Fund
Services
(since
2019);
Senior
Vice
President,
Atlantic
Fund
Services
(2008-2019).
Treasurer,
Principal
Financial
Officer
Rodney
L.
Ruehle
(4)
Age:
52
Indefinite;
Since
August
2009
Director,
Foreside
Management
Services,
LLC
(2008
to
present);
Chief
Compliance
Officer
of
Praxis
Mutual
Funds
(May
2015
to
present);
Chief
Compliance
Officer
of
Absolute
Shares
Trust
(November
2017
to
present);
Chief
Compliance
Officer
of
Horizons
ETF
Trust
(December
2016
to
February
2019);
Chief
Compliance
Officer
of
Context
Capital
Funds
(November
2015
to
March
2018);
Chief
Compliance
Officer
of
Asset
Management
Fund
(November
2009-April
2016);
Chief
Compliance
Officer
of
Advisers
Investment
Trust
(July
2011-December
2016
and
March
2019
to
present);
Chief
Compliance
Officer
of
Penn
Series
Funds,
Inc.
(February
2012-November
2014).
Chief
Compliance
and
Anti-Money
Laundering
Officer
Zachary
Tackett
(3)
Age:
33
Indefinite;
Since
November
2019
Senior
Counsel,
Apex
Fund
Services
(since
2019);
Counsel,
Atlantic
Fund
Services
(2014-2019).
Secretary
6190-NLD-04/30/2021
TF-ANR-0321
Investment
Adviser
Tributary
Capital
Management,
LLC
1620
Dodge
Street,
Stop
1089
Omaha,
Nebraska
68197
Investment
Sub-Adviser
(Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund,
Balanced
Fund
and
Growth
Opportunities
Fund
only)
First
National
Fund
Advisers
205
West
Oak
Street,
3rd
Floor
Fort
Collins,
Colorado
80521
Custodian
MUFG
Union
Bank,
N.A.
350
California
Street
San
Francisco,
California
94104
Co-Administrators
Apex
Fund
Services
Three
Canal
Plaza
Portland,
Maine
04101
Tributary
Capital
Management,
LLC
1620
Dodge
Street,
Stop
1089
Omaha,
Nebraska
68197
Distributor
Northern
Lights
Distributors,
LLC
4221
North
203rd
Street,
Suite
100
Elkhorn,
Nebraska
68022
Legal
Counsel
Husch
Blackwell
LLP
13330
California
Street,
Suite
200
Omaha,
Nebraska
68154
Compliance
Services
Foreside
Fund
Officer
Services,
LLC
690
Taylor
Road,
Suite
210
Gahanna,
Ohio
43230
This
report
has
been
prepared
for
the
general
information
of
Tributary
Funds’
shareholders.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
accompanied
or
preceded
by
an
effective
Tributary
Funds’
prospectus.
The
prospectus
contains
more
complete
information
about
Tributary
Funds’
investment
objectives,
management
fees
and
expenses,
risks
and
operating
policies.
Please
read
the
prospectus
carefully
before
investing
or
sending
money.
For
more
information
call
1-800-662-4203
or
write
to:
Tributary
Funds
Service
Center
P.O.
Box
219022
Kansas
City,
Missouri
64121-9022
or
go
to:
www.tributaryfunds.com
or
email:
ClientServices@tributarycapital.com
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 13(a)(1) on this Form N-CSR. There were no substantive amendments or waivers to this code of ethics during the period covered by this report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Directors. The audit committee financial expert is Donna Walsh who is “independent” for purposes of this Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $101,500 in 2020 and $101,500 in 2021.
(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2020 and $0 in 2021.
(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $21,000 in 2020 and $21,000 in 2021. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.
(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2020 and $0 in 2021.
(e) (1) Audit Committee Pre-Approval Policies and Procedures: The registrant’s Audit Committee has not adopted pre-approval policies and procedures. Instead, the Audit Committee approves each audit and non-audit service before the accountant is engaged to provide such service.
(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable
(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2020 and $0 in 2021. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant’s investment adviser or any Affiliate.
(h) 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) Code of Ethics.
(a)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Tributary Funds, Inc.
By /s/ Karen Shaw
Karen Shaw
Treasurer
Date May 25, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ Stephen C. Wade
Stephen C. Wade
President
Date May 25, 2021
By /s/ Karen Shaw
Karen Shaw
Treasurer
Date May 25, 2021