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

As filed with the Securities and Exchange Commission on December 1, 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, 2021 – September 30, 2021

ITEM 1. REPORT TO STOCKHOLDERS.

Tributary

Funds

®

Semi-Annual

Report

September

30,

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

Semi-Annual

Report

2021

Table

of

Contents

Portfolio

Composition

1

Schedules

of

Portfolio

Investments

2

Statements

of

Assets

and

Liabilities

27

Statements

of

Operations

29

Statements

of

Changes

in

Net

Assets

31

Financial

Highlights

35

Notes

to

Financial

Statements

37

Additional

Fund

Information

45

Investment

Advisory

Agreement

Approval

47

PORTFOLIO

COMPOSITION*

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

1

*

Portfolio

composition

is

as

of

September

30,

2021

and

is

subject

to

change.

Short-Intermediate

Bond

Fund

Percentage

of

Total

Investments

Corporate

Bonds

29.1‌%

Asset

Backed

Securities

21.4‌%

U.S.

Treasury

Securities

15.8‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

15.5‌%

Non-Agency

Residential

Mortgage

Backed

Securities

11.3‌%

U.S.

Government

Mortgage

Backed

Securities

3.6‌%

Municipals

1.6‌%

Short-Term

Investments

1.5‌%

Preferred

Stocks

0.2‌%

100.0‌%

Income

Fund

Percentage

of

Total

Investments

Corporate

Bonds

33.9‌%

U.S.

Government

Mortgage

Backed

Securities

22.7‌%

Non-Agency

Residential

Mortgage

Backed

Securities

11.4‌%

Asset

Backed

Securities

10.6‌%

U.S.

Treasury

Securities

9.6‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

8.6‌%

Municipals

1.9‌%

Short-Term

Investments

1.3‌%

100.0‌%

Nebraska

Tax-Free

Fund

Percentage

of

Total

Investments

Municipals

97.8‌%

Short-Term

Investments

1.3‌%

U.S.

Government

Mortgage

Backed

Securities

0.9‌%

100.0‌%

Balanced

Fund

Percentage

of

Total

Investments

Information

Technology

19.5‌%

Financials

11.5‌%

Government

Securities

10.7‌%

Consumer

Discretionary

9.3‌%

Industrials

8.7‌%

Health

Care

8.2‌%

Communication

Services

7.6‌%

Short-Term

Investments

5.3‌%

Consumer

Staples

3.6‌%

Asset

Backed

Securities

3.3‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

3.1‌%

Materials

2.1‌%

Real

Estate

2.1‌%

Energy

1.6‌%

Utilities

1.3‌%

Non-Agency

Residential

Mortgage

Backed

Securities

1.1‌%

U.S.

Government

Mortgage

Backed

Securities

1.0‌%

100.0‌%

Growth

Opportunities

Fund

Percentage

of

Total

Investments

Information

Technology

35.3‌%

Health

Care

17.0‌%

Consumer

Discretionary

15.2‌%

Industrials

14.7‌%

Financials

6.6‌%

Communication

Services

2.6‌%

Materials

2.3‌%

Energy

1.6‌%

Consumer

Staples

1.2‌%

Real

Estate

1.1‌%

Short-Term

Investments

2.4‌%

100.0‌%

Small/Mid

Cap

Fund

Percentage

of

Total

Investments

Information

Technology

17.9‌%

Industrials

17.8‌%

Financials

14.8‌%

Health

Care

14.7‌%

Consumer

Discretionary

11.5‌%

Real

Estate

7.5‌%

Consumer

Staples

4.0‌%

Materials

3.5‌%

Communication

Services

2.9‌%

Utilities

2.5‌%

Energy

2.1‌%

Short-Term

Investments

0.8‌%

100.0‌%

Small

Company

Fund

Percentage

of

Total

Investments

Industrials

17.4‌%

Financials

15.9‌%

Information

Technology

15.7‌%

Health

Care

14.7‌%

Consumer

Discretionary

12.4‌%

Real

Estate

6.6‌%

Materials

3.9‌%

Consumer

Staples

3.6‌%

Utilities

3.6‌%

Communication

Services

2.5‌%

Energy

2.2‌%

Short-Term

Investments

1.5‌%

100.0‌%

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

2

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

48.3%

Asset

Backed

Securities

-

21.4%

$

1,730,065‌

Affirm

Asset

Securitization

Trust,

1.07%,

08/15/25 (a)

$

1,733,853‌

2,020,000‌

AMSR

Trust,

1.63%,

07/17/37 (a)

2,035,904‌

1,735,000‌

Amur

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (a)

1,735,311‌

1,000,000‌

ARM

Master

Trust

LLC,

1.42%,

01/15/24 (a)

1,000,149‌

196,948‌

Brazos

Higher

Education

Authority,

Inc.

(USD

3

Month

LIBOR

+

0.85%),

0.98%,

07/25/29 (b)

197,340‌

1,100,000‌

Carvana

Auto

Receivables

Trust,

0.49%,

03/10/26

1,098,980‌

1,588,710‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (a)(c)

1,648,361‌

1,118,302‌

CCG

Receivables

Trust

REMIC,

0.54%,

12/14/27 (a)

1,120,969‌

1,831,160‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (a)

1,855,972‌

79,964‌

Cloud

Pass-Through

Trust,

3.55%,

12/05/22 (a)(c)

80,246‌

1,596,828‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (a)

1,621,913‌

618,047‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52 (a)

612,237‌

747,697‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41 (a)

761,205‌

601,517‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (a)

620,618‌

780,000‌

Dell

Equipment

Finance

Trust,

0.57%,

10/23/23 (a)

782,059‌

828,881‌

DLL

Securitization

Trust,

2.08%,

02/21/23 (a)

832,744‌

1,036,854‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (a)

1,042,032‌

1,408,369‌

FirstKey

Homes

Trust,

1.34%,

08/17/37 (a)

1,409,195‌

801,159‌

Freed

ABS

Trust,

5.50%,

06/18/27 (a)

816,510‌

210,019‌

Goal

Capital

Funding

Trust

(USD

3

Month

LIBOR

+

0.70%),

0.83%,

08/25/48 (a)(b)

210,351‌

1,650,000‌

Iowa

Student

Loan

Liquidity

Corp.

(USD

1

Month

LIBOR

+

0.67%),

0.75%,

08/25/70 (b)

1,659,577‌

862,895‌

MMAF

Equipment

Finance,

LLC,

2.84%,

11/13/23 (a)

869,190‌

1,640,500‌

Navient

Private

Education

Refi

Loan

Trust

2021-E,

0.97%,

12/16/69 (a)

1,634,589‌

Principal

Amount

Security

Description

Value

$

1,292,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

1.68%,

10/15/31 (a)(b)

$

1,315,614‌

1,600,000‌

NMEF

Funding,

LLC,

0.81%,

12/15/27 (a)

1,600,127‌

1,510,000‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

0.68%,

09/25/61 (b)

1,510,000‌

1,228,222‌

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51 (a)

1,225,890‌

1,607,114‌

Pawnee

Equipment

Receivables,

2.29%,

10/15/24 (a)

1,620,905‌

359,409‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

0.82%,

12/24/33 (a)(b)

357,619‌

89,832‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.53%),

0.65%,

12/24/33 (a)(b)

88,912‌

298,425‌

Progress

Residential

2019-SFR3

Trust,

2.27%,

09/17/36 (a)

301,982‌

875,000‌

Progress

Residential

Trust,

2.69%,

10/17/36 (a)

891,147‌

1,755,000‌

Progress

Residential

Trust,

1.05%,

04/17/38 (a)

1,723,312‌

1,174,425‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

1.13%,

10/25/21 (b)

1,177,739‌

1,027,593‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

1.78%,

07/25/22 (b)

1,036,690‌

595,426‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.70%),

1.83%,

07/25/23 (b)

601,374‌

739,441‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

1.63%,

04/25/23 (b)

745,081‌

1,091,893‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (a)

1,116,896‌

184,098‌

SoFi

Consumer

Loan

Program

Trust,

2.02%,

01/25/29 (a)

185,247‌

958,771‌

Sofi

Professional

Loan

Program

2019-B,

LLC,

3.09%,

08/17/48 (a)

986,223‌

1,160,000‌

SoFi

Professional

Loan

Program

2021-B

Trust,

1.14%,

02/15/47 (a)

1,158,724‌

992,750‌

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43 (a)

991,414‌

932,542‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48 (a)

961,927‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

3

Principal

Amount

Security

Description

Value

$

836,978‌

Sofi

Professional

Loan

Program,

LLC

(USD

1

Month

LIBOR

+

1.20%),

1.29%,

06/25/33 (a)(b)

$

841,091‌

1,115,421‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (a)

1,173,016‌

104,614‌

Toyota

Auto

Receivables

Owner

Trust,

1.67%,

11/15/22

104,681‌

2,390,000‌

UNIFY

Auto

Receivables

Trust,

0.98%,

07/15/26 (a)

2,396,214‌

1,420,000‌

Vantage

Data

Centers,

LLC,

1.65%,

09/15/45 (a)

1,415,685‌

50,906,815‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

15.5%

1,630,000‌

BANK

2019-BNK16,

3.93%,

02/15/52

1,717,087‌

1,840,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

1,922,107‌

1,615,000‌

BPR

Trust

(USD

1

Month

LIBOR

+

1.25%),

1.33%,

02/15/29 (a)(b)

1,614,999‌

1,253,793‌

BX

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

1.00%),

1.08%,

11/15/32 (a)(b)

1,256,142‌

1,475,000‌

BX

Commercial

Mortgage

Trust

2021-

VOLT

(USD

1

Month

LIBOR

+

0.95%),

1.05%,

09/15/36 (a)(b)

1,475,713‌

510,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.70%),

0.78%,

01/15/34 (a)(b)

510,320‌

2,000,000‌

BXHPP

Trust

2021-FILM

(USD

1

Month

LIBOR

+

0.65%),

0.73%,

08/15/36 (a)(b)

2,001,255‌

900,000‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

04/15/24

952,675‌

1,166,000‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

1,244,182‌

934,897‌

Citigroup

Commercial

Mortgage

Trust,

3.85%,

11/10/46

988,801‌

1,542,823‌

Citigroup

Commercial

Mortgage

Trust

Interest

Only

REMIC,

1.89%,

09/10/45 (a)(c)

14,190‌

935,991‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

1.14%,

03/10/46 (c)

6,227‌

347,353‌

COMM

Mortgage

Trust

REMIC,

3.39%,

08/10/47

358,362‌

1,265,000‌

Cosmopolitan

Hotel

Mortgage

Trust

REMIC

(USD

1

Month

LIBOR

+

0.93%),

1.01%,

11/15/36 (a)(b)

1,266,140‌

1,600,000‌

GCT

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

0.88%,

02/15/38 (a)(b)

1,601,612‌

775,475‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.09%,

08/10/44 (a)(c)

8‌

Principal

Amount

Security

Description

Value

$

1,800,000‌

GS

Mortgage

Securities

Corportation

Trust

2021-IP

(USD

1

Month

LIBOR

+

0.95%),

0.00%,

10/15/36 (a)(b)

$

1,800,000‌

662,375‌

Harvest

Commercial

Capital

Loan

Trust,

3.29%,

09/25/46 (a)(c)

665,040‌

599,308‌

JPMBB

Commercial

Mortgage

Securities

Trust,

3.32%,

03/15/49

631,960‌

400,941‌

JPMDB

Commercial

Mortgage

Securities

Trust,

2.04%,

11/13/52

408,001‌

1,131,918‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (a)

1,167,944‌

1,710,707‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (a)

1,709,278‌

2,200,000‌

KKR

Industrial

Portfolio

Trust

(USD

1

Month

LIBOR

+

0.55%),

0.63%,

12/15/37 (a)(b)

2,202,055‌

1,785,000‌

KNDR

2021-KIND

A

(USD

1

Month

LIBOR

+

0.95%),

1.03%,

08/15/38 (a)(b)

1,785,560‌

1,000,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

0.88%,

04/15/38 (a)(b)

1,000,903‌

1,175,454‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

3.25%,

12/15/47

1,230,492‌

1,140,942‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Interest

Only

REMIC,

1.04%,

12/15/48 (c)

10,517‌

757,171‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

REMIC,

3.48%,

06/15/47

783,296‌

1,730,000‌

STWD

Trust

2021-FLWR

(USD

1

Month

LIBOR

+

0.58%),

0.66%,

07/15/36 (a)(b)

1,726,711‌

981,647‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

12/25/35 (a)(c)

984,102‌

956,058‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41 (a)(c)

955,485‌

1,450,000‌

VASA

Trust

(USD

1

Month

LIBOR

+

0.90%),

0.98%,

07/15/39 (a)(b)

1,450,413‌

1,394,309‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (a)(c)

1,385,271‌

166,172‌

Wells

Fargo

Commercial

Mortgage

Trust

REMIC,

2.53%,

10/15/45

167,002‌

36,993,850‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

11.4%

212,753‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

0.96%,

12/25/33 (a)(b)

211,679‌

817,227‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.33%),

2.41%,

05/28/44 (b)

817,951‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

4

Principal

Amount

Security

Description

Value

$

657,699‌

BRAVO

Residential

Funding

Trust,

0.80%,

11/25/69 (a)(b)

$

657,699‌

1,343,475‌

BRAVO

Residential

Funding

Trust,

0.80%,

01/25/70 (a)(b)

1,343,475‌

626,096‌

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59 (a)(c)

639,879‌

506,032‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (a)(c)

484,639‌

1,811,130‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (a)(c)

1,837,046‌

846,795‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30 (a)(c)

848,325‌

1,815,310‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (a)(c)

1,815,889‌

2‌

Citicorp

Residential

Mortgage

Trust

REMIC,

4.92%,

07/25/36 (d)

2‌

919,588‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53 (a)

954,751‌

623,312‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (a)(c)

648,547‌

61,691‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (a)(c)

63,570‌

1,184‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/21

1,091‌

353,377‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28 (a)(c)

356,184‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

1.21%,

02/25/33 (b)

159,282‌

61,762‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

4.83%,

12/25/37 (a)(d)

62,182‌

258,977‌

CSMLT

Trust,

3.00%,

10/25/30 (a)(c)

263,284‌

1,263,381‌

Finance

of

America

HECM

Buyout,

0.88%,

02/25/31 (a)(c)

1,263,368‌

576,884‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

576,130‌

606,859‌

Freddie

Mac

Whole

Loan

Securities,

3.65%,

09/25/45 (c)

612,980‌

413,793‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50 (a)(c)

416,228‌

652,878‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59 (a)(c)

660,495‌

1,050,000‌

Mello

Warehouse

Securitization

Trust

(USD

1

Month

LIBOR

+

0.80%),

0.89%,

11/25/53 (a)(b)

1,052,536‌

Principal

Amount

Security

Description

Value

$

1,420,000‌

Mello

Warehouse

Securitization

Trust

(USD

1

Month

LIBOR

+

0.70%),

0.78%,

02/25/55 (a)(b)

$

1,423,251‌

935,880‌

MFRA

Trust,

0.85%,

01/25/56 (a)(c)

933,900‌

729,797‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

07/25/59 (a)(c)

738,823‌

425,117‌

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58 (a)(c)

459,155‌

37,111‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54 (a)(c)

39,350‌

64,919‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52 (a)(c)

68,312‌

107,840‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (a)(c)

113,762‌

6,364‌

NovaStar

Home

Equity

Loan

Trust

REMIC

(USD

1

Month

LIBOR

+

1.73%),

1.81%,

03/25/35 (b)

6,372‌

988,984‌

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50 (a)(c)

993,598‌

7,548‌

Park

Place

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

REMIC

(USD

1

Month

LIBOR

+

0.98%),

1.06%,

10/25/34 (b)

7,844‌

11,679‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

14.60%,

03/25/22 (b)

10,219‌

533‌

Residential

Asset

Securities

Corp.

Trust

REMIC,

3.87%,

05/25/33 (c)

573‌

5,085‌

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

10/25/21

4,948‌

162,193‌

Sequoia

Mortgage

Trust

REMIC,

3.50%,

11/25/46 (a)(c)

162,470‌

1,660,000‌

Station

Place

Securitization

Trust

(USD

1

Month

LIBOR

+

0.65%),

0.74%,

01/26/54 (a)(b)

1,660,426‌

1,580,120‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57 (a)(c)

1,614,592‌

1,284,088‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(c)

1,322,939‌

233,747‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(c)

237,595‌

499,274‌

Towd

Point

Mortgage

Trust,

3.00%,

11/25/58 (a)(c)

506,297‌

11,445‌

Towd

Point

Mortgage

Trust

REMIC,

3.50%,

02/25/55 (a)(c)

11,439‌

832,734‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56 (a)(c)

843,977‌

137,980‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57 (a)(c)

139,646‌

27,046,700‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$114,597,904)

114,947,365‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

5

Principal

Amount

Security

Description

Value

Corporate

Bonds

-

29.2%

Communication

Services

-

1.3%

$

2,364,000‌

AT&T,

Inc.,

1.70%,

03/25/26

$

2,393,266‌

738,000‌

Verizon

Communications,

Inc.,

1.68%,

10/30/30

701,789‌

3,095,055‌

Consumer

Discretionary

-

5.0%

1,320,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

1,313,400‌

283,000‌

Dollar

General

Corp.,

3.25%,

04/15/23

293,425‌

1,660,000‌

Dollar

General

Corp.,

3.88%,

04/15/27

1,851,694‌

680,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (a)

716,910‌

2,275,000‌

Lennar

Corp.,

4.50%,

04/30/24

2,459,798‌

1,261,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31 (a)

1,273,610‌

1,706,000‌

McDonald's

Corp.,

MTN,

3.70%,

01/30/26

1,875,589‌

565,000‌

Starbucks

Corp.,

3.10%,

03/01/23

585,326‌

1,439,000‌

Whirlpool

Corp.,

MTN,

3.70%,

03/01/23

1,503,081‌

11,872,833‌

Consumer

Staples

-

1.4%

361,000‌

Church

&

Dwight

Co.,

Inc.,

2.88%,

10/01/22

369,941‌

395,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28 (a)

455,238‌

2,205,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

2.75%,

06/26/24 (a)

2,314,788‌

3,139,967‌

Energy

-

0.4%

945,000‌

Valero

Energy

Corp.,

1.20%,

03/15/24

955,565‌

Financials

-

8.8%

670,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

704,981‌

1,965,000‌

Bank

of

America

Corp.,

2.88%,

04/24/23 (c)

1,991,909‌

775,000‌

Bank

of

America

Corp.,

MTN,

3.46%,

03/15/25 (c)

824,532‌

2,011,000‌

Citigroup,

Inc.,

2.88%,

07/24/23 (c)

2,050,448‌

2,005,000‌

Intercontinental

Exchange,

Inc.,

3.75%,

12/01/25

2,199,261‌

2,195,000‌

JPMorgan

Chase

&

Co.,

1.05%,

11/19/26 (c)

2,161,708‌

1,035,000‌

JPMorgan

Chase

&

Co.,

3.25%,

09/23/22

1,065,297‌

985,000‌

Morgan

Stanley,

MTN,

2.63%,

11/17/21

987,823‌

960,000‌

Morgan

Stanley,

GMTN,

3.75%,

02/25/23

1,003,791‌

1,490,000‌

Principal

Life

Global

Funding

II,

1.25%,

06/23/25 (a)

1,492,484‌

Principal

Amount

Security

Description

Value

$

1,284,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (c)(e)

$

1,426,845‌

2,810,000‌

The

Goldman

Sachs

Group,

Inc.,

0.67%,

03/08/24 (c)

2,813,344‌

2,100,000‌

Wells

Fargo

&

Co.,

3.75%,

01/24/24

2,245,060‌

20,967,483‌

Industrials

-

6.2%

2,085,000‌

BMW

US

Capital,

LLC,

2.80%,

04/11/26 (a)

2,218,641‌

2,265,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

2,475,639‌

2,305,000‌

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25

2,496,470‌

1,907,000‌

Roper

Technologies,

Inc.,

2.80%,

12/15/21

1,912,634‌

1,200,000‌

Roper

Technologies,

Inc.,

1.00%,

09/15/25

1,193,589‌

1,850,000‌

TTX

Co.,

3.60%,

01/15/25 (a)

1,995,888‌

2,453,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (a)

2,622,526‌

14,915,387‌

Information

Technology

-

5.1%

928,000‌

eBay,

Inc.,

2.75%,

01/30/23

954,846‌

250,000‌

eBay,

Inc.,

3.45%,

08/01/24

267,049‌

2,325,000‌

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.,

2.70%,

05/01/25 (a)

2,428,326‌

995,000‌

Oracle

Corp.,

3.40%,

07/08/24

1,062,392‌

2,549,000‌

Telefonaktiebolaget

LM

Ericsson,

4.13%,

05/15/22

2,601,102‌

2,410,000‌

TSMC

Global,

Ltd.,

0.75%,

09/28/25 (a)

2,350,901‌

2,310,000‌

Xilinx,

Inc.,

2.95%,

06/01/24

2,435,118‌

12,099,734‌

Materials

-

1.0%

2,167,000‌

Albemarle

Corp.,

4.15%,

12/01/24

2,365,156‌

Total

Corporate

Bonds

(Cost

$68,515,041)

69,411,180‌

Government

&

Agency

Obligations

-

20.9%

GOVERNMENT

SECURITIES

-

17.4%

Municipals

-

1.6%

500,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.95%,

12/15/21

500,961‌

550,000‌

County

of

El

Paso

CO,

Colorado

RB,

1.20%,

06/01/25

551,879‌

250,000‌

Douglas

County

School

District

No.

17/

NE,

Nebraska

GO,

1.23%,

06/15/25

251,944‌

240,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

0.95%,

12/15/25

236,313‌

370,000‌

Little

Co.

of

Mary

Hospital

of

Indiana,

Inc.,

Indiana,

1.58%,

11/01/24

376,488‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

6

Principal

Amount

Security

Description

Value

$

1,425,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

$

1,412,157‌

235,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

234,345‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

0.76%,

12/01/24

168,978‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

166,268‌

3,899,333‌

Treasury

Inflation

Index

Securities

-

0.6%

1,412,721‌

U.S.

Treasury

Inflation

Indexed

Bonds,

0.13%,

04/15/22 (f)

1,434,182‌

U.S.

Treasury

Securities

-

15.2%

13,745,000‌

U.S.

Treasury

Note,

1.63%,

11/15/22

13,976,947‌

12,830,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

13,490,544‌

8,230,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

8,649,216‌

36,116,707‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

3.5%

Federal

Home

Loan

Mortgage

Corp.

-

1.9%

406,035‌

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

416,373‌

604,383‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (d)

624,210‌

1,495,000‌

Federal

Home

Loan

Mortgage

Corp.,

2.11%,

12/15/25

1,533,047‌

434,357‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

73,352‌

186,410‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

13,963‌

141,795‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

18,998‌

51,426‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

2.25%,

03/15/30

51,783‌

160,258‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

09/15/37

162,052‌

446,733‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

459,800‌

1,060,506‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57 (c)

1,104,058‌

4,457,636‌

Federal

National

Mortgage

Association

-

0.4%

169,677‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

178,577‌

477,747‌

Federal

National

Mortgage

Association

Interest

Only,

0.81%,

02/25/22 (c)

327‌

628,251‌

Federal

National

Mortgage

Association

Interest

Only,

0.29%,

01/25/22 (c)

417‌

Principal

Amount

Security

Description

Value

$

1,427,504‌

Federal

National

Mortgage

Association

Interest

Only,

0.61%,

07/25/22 (c)

$

1,324‌

350,592‌

Federal

National

Mortgage

Association

Interest

Only,

2.70%,

01/25/39 (c)

14,978‌

473,810‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

08/25/42

482,957‌

10,188‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

02/25/26

10,304‌

139,222‌

Federal

National

Mortgage

Association

REMIC,

3.50%,

05/25/41

144,889‌

164,721‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

09/25/39

168,744‌

1,002,517‌

Government

National

Mortgage

Association

-

1.2%

1,369,040‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,370,683‌

119,391‌

Government

National

Mortgage

Association

#559205,

7.25%,

09/15/31

119,534‌

159,297‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

159,488‌

109,721‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

109,853‌

340,032‌

Government

National

Mortgage

Association

#632798,

5.13%,

11/15/34

340,440‌

579,887‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

644,943‌

243,616‌

Government

National

Mortgage

Association

REMIC,

3.25%,

11/16/52 (c)

249,621‌

2,994,562‌

Total

Government

&

Agency

Obligations

(Cost

$49,275,536)

49,904,937‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.2%

Financials

-

0.2%

550‌

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

11/01/21),

8.94% (c)(e)

529,375‌

Total

Preferred

Stocks

(Cost

$564,328)

529,375‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

7

Shares

Security

Description

Value

Short-Term

Investments

-

1.5%

Investment

Company

-

1.5%

3,459,629‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.01% (g)

$

3,459,629‌

Total

Short-Term

Investments

(Cost

$3,459,629)

3,459,629‌

Investments,

at

value

-

100.1%

(Cost

$236,412,438)

238,252,486‌

Other

liabilities

in

excess

of

assets

-

(0.1)%

(277,023‌)

NET

ASSETS

-

100.0%

$

237,975,463‌

(a)

144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933.

The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds’

Board

of

Directors.

As

of

September

30,

2021,

the

aggregate

value

of

these

liquid

securities

were

$112,067,114

or

47.1%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

September

30,

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

September

30,

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

September

30,

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

September

30,

2021.

ABS

Asset

Backed

Security

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

September

30,

2021

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

8

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

30.6%

Asset

Backed

Securities

-

10.6%

$

960,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46

(a)

$

964,763‌

400,000‌

AMSR

Trust,

1.63%,

07/17/37

(a)

403,149‌

1,250,000‌

ARM

Master

Trust,

2.43%,

11/15/27

(a)

1,244,523‌

590,000‌

CARS-DB5

LP,

1.44%,

08/15/51

(a)

589,740‌

835,079‌

CF

Hippolyta,

LLC,

1.53%,

03/15/61

(a)

840,558‌

1,079,205‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52

(a)

1,069,060‌

570,000‌

Commonbond

Student

Loan

Trust

2021-B-GS,

1.17%,

09/25/51

(a)

569,886‌

1,307,198‌

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53

(a)

1,295,798‌

718,005‌

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45

(a)

715,357‌

498,018‌

Freed

ABS

Trust,

5.50%,

06/18/27

(a)

507,561‌

915,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38

(a)

910,580‌

700,000‌

Navient

Student

Loan

Trust,

1.11%,

02/18/70

(a)

697,450‌

1,100,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

1.68%,

10/15/31

(a)(b)

1,120,105‌

924,207‌

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62

(a)

923,336‌

328,092‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

0.82%,

12/24/33

(a)(b)

326,459‌

814,000‌

Progress

Residential

Trust,

1.52%,

07/17/38

(a)

812,525‌

435,000‌

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46

(a)

435,045‌

951,119‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

1.13%,

10/25/21

(b)

953,802‌

1,390,003‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

1.78%,

07/25/22

(b)

1,402,309‌

343,242‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

1.63%,

04/25/23

(b)

345,860‌

640,894‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31

(a)

655,569‌

276,855‌

Social

Professional

Loan

Program,

2.34%,

04/25/33

(a)

281,399‌

125,654‌

Social

Professional

Loan

Program,

2.49%,

01/25/36

(a)

126,563‌

Principal

Amount

Security

Description

Value

$

662,433‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44

(a)

$

696,638‌

595,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46

(a)

593,902‌

1,413,851‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39

(a)

1,389,369‌

1,632,000‌

Vantage

Data

Centers,

LLC,

1.65%,

09/15/45

(a)

1,627,041‌

21,498,347‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

8.6%

1,200,000‌

American

Tower

Trust

#1,

3.07%,

03/15/23

(a)

1,201,196‌

1,150,000‌

BAMLL

Commercial

Mortgage

Securities

Trust

2013-WBRK,

3.65%,

03/10/37

(a)(c)

1,217,990‌

905,000‌

BANK

2019-BNK16,

3.90%,

02/15/52

998,168‌

1,255,000‌

BX

Commercial

Mortgage

Trust

2021-

VOLT

(USD

1

Month

LIBOR

+

0.95%),

1.05%,

09/15/36

(a)(b)

1,255,607‌

960,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

1,070,165‌

2,341,983‌

Citigroup

Commercial

Mortgage

Trust

Interest

Only

REMIC,

1.89%,

09/10/45

(a)(c)

21,541‌

935,991‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

1.14%,

03/10/46

(c)

6,227‌

1,620,000‌

Cosmopolitan

Hotel

Mortgage

Trust

REMIC

(USD

1

Month

LIBOR

+

0.93%),

1.01%,

11/15/36

(a)(b)

1,621,460‌

975,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

1,012,731‌

1,174,594‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.09%,

08/10/44

(a)(c)

12‌

1,575,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39

(a)

1,702,402‌

1,325,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.85%),

0.93%,

05/15/23

(a)(b)

1,326,591‌

975,000‌

Morgan

Stanley

Capital

I

Trust,

3.30%,

06/15/50

1,035,896‌

1,036,183‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

12/25/35

(a)(c)

1,038,774‌

737,530‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41

(a)(c)

737,089‌

830,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

923,492‌

1,575,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

1,688,637‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

9

Principal

Amount

Security

Description

Value

$

742,101‌

Wells

Fargo

Commercial

Mortgage

Trust

Interest

Only

REMIC,

1.89%,

10/15/45

(a)(c)

$

8,185‌

126,729‌

Wells

Fargo

Commercial

Mortgage

Trust

REMIC,

2.53%,

10/15/45

127,362‌

2,434,307‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

Interest

Only

REMIC,

2.02%,

11/15/45

(a)(c)

28,656‌

270,981‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

REMIC,

2.63%,

03/15/45

274,404‌

17,296,585‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

11.4%

251,819‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

0.96%,

12/25/33

(a)(b)

250,549‌

445,206‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.33%),

2.41%,

05/28/44

(b)

445,600‌

881,856‌

BRAVO

Residential

Funding

Trust,

0.80%,

11/25/69

(a)(b)

881,856‌

1,407,251‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63

(a)(c)

1,347,757‌

1,047,860‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30

(a)(c)

1,049,754‌

2‌

Citicorp

Residential

Mortgage

Trust

REMIC,

4.92%,

07/25/36

(d)

2‌

636,944‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53

(a)

661,300‌

672,597‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66

(a)(c)

699,827‌

425,818‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35

(a)(c)

438,791‌

125,458‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

132,216‌

20,671‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

21,288‌

1,184‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/21

1,091‌

1,001,574‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47

(a)(c)

1,049,115‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

1.21%,

02/25/33

(b)

159,282‌

55,261‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

4.83%,

12/25/37

(a)(d)

55,637‌

249,017‌

CSMLT

Trust,

3.00%,

10/25/30

(a)(c)

253,158‌

Principal

Amount

Security

Description

Value

$

872,477‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

$

871,337‌

805,129‌

Flagstar

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

820,018‌

931,866‌

Flagstar

Mortgage

Trust

2021-5INV,

2.50%,

07/25/51

(a)(c)

952,833‌

633,102‌

Freddie

Mac

Whole

Loan

Securities,

3.65%,

09/25/45

(c)

639,487‌

157,635‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50

(a)(c)

158,563‌

343,464‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59

(a)(c)

347,471‌

1,300,789‌

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51

(a)(c)

1,333,373‌

1,052,708‌

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51

(a)(c)

1,077,709‌

575,000‌

Mello

Warehouse

Securitization

Trust

(USD

1

Month

LIBOR

+

0.80%),

0.89%,

11/25/53

(a)(b)

576,389‌

123,108‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

11/25/58

(a)(c)

123,670‌

495,862‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57

(a)(c)

529,189‌

371,326‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59

(a)(c)

387,925‌

204,685‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54

(a)(c)

217,034‌

165,249‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52

(a)(c)

173,885‌

384,324‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55

(a)(c)

405,427‌

7,546‌

NovaStar

Home

Equity

Loan

Trust

REMIC

(USD

1

Month

LIBOR

+

1.73%),

1.81%,

03/25/35

(b)

7,555‌

1,676,480‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

1,714,117‌

1,007,713‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

1,031,646‌

1,275,000‌

PSMC

2021-3

Trust,

2.50%,

08/25/51

(a)(c)

1,295,370‌

13,711‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

14.60%,

03/25/22

(b)

11,997‌

1,033,100‌

Sequoia

Mortgage

Trust

2021-4,

2.50%,

06/25/51

(a)(c)

1,054,744‌

456,823‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30

(a)(c)

466,133‌

926,358‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58

(a)(c)

954,386‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

10

Principal

Amount

Security

Description

Value

$

14,056‌

Towd

Point

Mortgage

Trust

REMIC,

3.50%,

02/25/55

(a)(c)

$

14,049‌

223,765‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56

(a)(c)

226,787‌

192,531‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57

(a)(c)

194,855‌

23,033,172‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$61,271,949)

61,828,104‌

Corporate

Bonds

-

33.8%

Communication

Services

-

2.1%

1,700,000‌

Alphabet,

Inc.,

2.25%,

08/15/60

1,485,347‌

1,180,000‌

AT&T,

Inc.,

5.15%,

03/15/42

1,462,317‌

1,224,000‌

Verizon

Communications,

Inc.,

4.27%,

01/15/36

1,437,848‌

4,385,512‌

Consumer

Discretionary

-

7.0%

1,130,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

1,124,350‌

525,000‌

Comcast

Corp.,

4.15%,

10/15/28

603,768‌

620,000‌

Comcast

Corp.,

Class

A,

3.30%,

02/01/27

676,615‌

1,340,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

1,473,946‌

700,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24

(a)

737,996‌

1,450,000‌

Lennar

Corp.,

4.50%,

04/30/24

1,567,784‌

1,265,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(a)

1,277,650‌

1,365,000‌

McDonald's

Corp.,

3.63%,

09/01/49

1,488,369‌

615,000‌

Newell

Brands,

Inc.,

4.00%,

06/15/22

621,150‌

410,000‌

Newell

Brands,

Inc.,

4.70%,

04/01/26

452,037‌

1,235,000‌

NIKE,

Inc.,

3.88%,

11/01/45

1,465,637‌

195,000‌

Starbucks

Corp.,

2.00%,

03/12/27

200,064‌

1,242,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,473,109‌

1,130,000‌

Whirlpool

Corp.,

4.70%,

06/01/22

1,162,138‌

14,324,613‌

Consumer

Staples

-

0.8%

800,000‌

Church

&

Dwight

Co.,

Inc.,

2.88%,

10/01/22

819,813‌

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28

(a)

610,825‌

150,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27

(a)

161,516‌

1,592,154‌

Financials

-

9.2%

575,000‌

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

605,021‌

1,275,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27

(c)

1,387,493‌

1,375,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

1,384,763‌

1,308,000‌

Citigroup,

Inc.,

3.89%,

01/10/28

(c)

1,445,379‌

Principal

Amount

Security

Description

Value

$

1,489,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

$

1,467,711‌

1,420,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30

(c)

1,470,583‌

920,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

950,608‌

785,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24

(a)

837,692‌

1,295,000‌

Morgan

Stanley,

GMTN,

3.77%,

01/24/29

(c)

1,432,938‌

675,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

666,996‌

1,317,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65

(c)(e)

1,463,516‌

947,000‌

The

Chubb

Corp.,

6.80%,

11/15/31

1,348,854‌

1,300,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

1,428,350‌

1,290,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49

(c)(e)

1,474,341‌

1,325,000‌

Wells

Fargo

&

Co.,

3.00%,

04/22/26

1,421,580‌

18,785,825‌

Health

Care

-

0.1%

256,000‌

Becton

Dickinson

and

Co.,

3.73%,

12/15/24

276,639‌

Industrials

-

6.5%

1,509,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

1,493,779‌

1,430,000‌

BMW

Finance

NV,

2.85%,

08/14/29

(a)

1,516,469‌

1,160,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

1,463,901‌

1,411,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

1,542,219‌

1,397,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,507,712‌

1,197,000‌

Raytheon

Technologies

Corp.,

4.88%,

10/15/40

1,533,132‌

815,000‌

TTX

Co.,

4.60%,

02/01/49

(a)

1,049,987‌

1,368,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25

(a)

1,462,542‌

1,410,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

1,324,738‌

12,894,479‌

Information

Technology

-

5.3%

455,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

447,969‌

1,333,000‌

eBay,

Inc.,

3.60%,

06/05/27

1,475,246‌

1,340,000‌

NVIDIA

Corp.,

3.50%,

04/01/50

1,501,381‌

1,175,000‌

Oracle

Corp.,

2.30%,

03/25/28

1,201,403‌

1,255,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

1,557,563‌

1,500,000‌

Telefonaktiebolaget

LM

Ericsson,

4.13%,

05/15/22

1,530,660‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

11

Principal

Amount

Security

Description

Value

$

1,488,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30

(a)

$

1,386,689‌

1,465,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

1,494,683‌

10,595,594‌

Materials

-

1.4%

1,211,000‌

Albemarle

Corp.,

5.45%,

12/01/44

1,540,581‌

959,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

1,202,093‌

2,742,674‌

Real

Estate

-

0.7%

1,255,000‌

National

Retail

Properties,

Inc.,

4.30%,

10/15/28

1,418,085‌

Utilities

-

0.7%

1,039,000‌

PacifiCorp,

6.25%,

10/15/37

1,466,790‌

Total

Corporate

Bonds

(Cost

$64,493,468)

68,482,365‌

Government

&

Agency

Obligations

-

34.1%

GOVERNMENT

SECURITIES

-

11.4%

Municipals

-

1.9%

500,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.95%,

12/15/21

500,961‌

350,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

1.75%,

09/01/32

341,117‌

173,876‌

Florida

Housing

Finance

Corp.,

Florida

RB

FHLMC,

3.00%,

01/01/36

178,101‌

300,000‌

Golden

State

Tobacco

Securitization

Corp.,

California

RB,

0.99%,

06/01/24

301,008‌

530,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.77%,

08/01/36

673,549‌

340,000‌

New

York

City

Water

&

Sewer

System,

New

York

RB,

5.72%,

06/15/42

506,193‌

290,000‌

New

York

State

Urban

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

361,342‌

125,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

1.71%,

12/01/30

122,370‌

225,000‌

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

278,695‌

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

592,797‌

3,856,133‌

Treasury

Inflation

Index

Securities

-

0.9%

1,552,825‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28

(f)

1,842,352‌

U.S.

Treasury

Securities

-

8.6%

6,925,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

8,888,616‌

950,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

996,461‌

1,740,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

1,828,631‌

95,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

100,908‌

Principal

Amount

Security

Description

Value

$

5,695,000‌

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

$

5,594,893‌

17,409,509‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

22.7%

Federal

Home

Loan

Mortgage

Corp.

-

11.0%

740,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32

852,549‌

874,809‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

07/15/36

879,023‌

588,666‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

638,592‌

14,608‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

15,603‌

662,256‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

698,838‌

215,493‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

234,900‌

197,145‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

215,145‌

1,265,595‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

1,359,960‌

447,635‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

501,860‌

480,925‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

530,046‌

955,588‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

1,060,060‌

1,069,185‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

180,559‌

225,793‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

241,506‌

235,947‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

10/15/41

238,555‌

143,078‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

147,263‌

132,375‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

04/15/41

134,938‌

67,915‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

11/15/42

68,707‌

195,659‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

07/15/42

197,944‌

800,779‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

01/15/55

821,051‌

186,321‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

03/15/43

190,673‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

1,029,947‌

388,467‌

FRESB

Mortgage

Trust,

3.70%,

10/25/28

(c)

414,463‌

943,222‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

08/25/56

(d)

983,056‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

12

Principal

Amount

Security

Description

Value

$

559,666‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

05/25/57

(d)

$

583,738‌

805,632‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

892,394‌

482,048‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57

(c)

501,845‌

1,338,205‌

Seasoned

Credit

Risk

Transfer

Trust,

3.50%,

03/25/58

1,402,389‌

813,642‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

08/25/59

837,366‌

1,103,649‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

11/25/59

1,147,703‌

805,678‌

Seasoned

Credit

Risk

Transfer

Trust,

2.00%,

05/25/60

814,370‌

496,438‌

Seasoned

Credit

Risk

Transfer

Trust,

3.25%,

07/25/56

(d)

518,718‌

1,106,818‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

1,129,259‌

681,887‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

694,298‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,595,174‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

528,362‌

22,280,854‌

Federal

National

Mortgage

Association

-

10.1%

3,752‌

Federal

National

Mortgage

Association

#679256,

7.50%,

08/01/22

3,782‌

113,459‌

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

129,253‌

87,830‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

97,991‌

13,814‌

Federal

National

Mortgage

Association

#933279,

5.50%,

08/01/37

15,463‌

9,475‌

Federal

National

Mortgage

Association

#AA5564,

4.00%,

06/01/24

10,035‌

83,212‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

93,293‌

460,910‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

495,277‌

17,412‌

Federal

National

Mortgage

Association

#AC0559,

4.00%,

10/01/24

18,446‌

190,675‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

216,127‌

33,892‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

39,949‌

409,421‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

455,552‌

125,360‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

139,990‌

490,404‌

Federal

National

Mortgage

Association

#AL9970,

3.42%,

02/01/27

(c)

513,674‌

Principal

Amount

Security

Description

Value

$

2,085,473‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

$

2,260,532‌

1,271,110‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,404,829‌

428,977‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

472,988‌

586,307‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

656,535‌

863,719‌

Federal

National

Mortgage

Association

#AS3909,

4.00%,

11/01/44

955,039‌

443,882‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

469,477‌

851,121‌

Federal

National

Mortgage

Association

#AS6994,

4.00%,

04/01/46

925,247‌

718,992‌

Federal

National

Mortgage

Association

#BH9216,

4.00%,

01/01/48

791,253‌

517,331‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

547,480‌

514,958‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

562,144‌

232,718‌

Federal

National

Mortgage

Association

#MA3384,

4.00%,

06/01/48

249,502‌

373,353‌

Federal

National

Mortgage

Association

Interest

Only,

0.81%,

02/25/22

(c)

256‌

2,061,950‌

Federal

National

Mortgage

Association

Interest

Only,

0.61%,

07/25/22

(c)

1,913‌

544,537‌

Federal

National

Mortgage

Association

Interest

Only,

2.70%,

01/25/39

(c)

23,263‌

1,975,000‌

Federal

National

Mortgage

Association

Interest

Only

#AM7762,

3.49%,

01/01/35

2,144,227‌

710,000‌

Federal

National

Mortgage

Association

REMIC,

3.50%,

12/25/37

722,743‌

1,320,333‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

1,405,192‌

553,499‌

Federal

National

Mortgage

Association

REMIC,

4.15%,

04/25/29

(c)

605,502‌

125,880‌

Federal

National

Mortgage

Association

REMIC,

3.50%,

05/25/41

131,003‌

228,008‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

241,694‌

131,352‌

Federal

National

Mortgage

Association

REMIC,

5.00%,

02/25/32

146,487‌

336,930‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

09/25/39

345,158‌

23,347‌

Federal

National

Mortgage

Association

REMIC,

1.50%,

01/25/40

23,338‌

447,460‌

Federal

National

Mortgage

Association

REMIC,

3.00%,

08/25/43

458,233‌

694,270‌

Federal

National

Mortgage

Association

REMIC,

3.00%,

08/25/45

719,954‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

13

Principal

Amount

Security

Description

Value

$

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

$

1,047,133‌

933,361‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

933,038‌

20,472,992‌

Government

National

Mortgage

Association

-

1.6%

643,654‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

658,464‌

550,505‌

Government

National

Mortgage

Association,

3.50%,

01/20/69

(c)

583,920‌

562,356‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

604,324‌

1,143,497‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

1,271,783‌

3,118,491‌

Total

Government

&

Agency

Obligations

(Cost

$65,187,649)

68,980,331‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.3%

Investment

Company

-

1.3%

2,643,235‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.01%

(g)

2,643,235‌

Total

Short-Term

Investments

(Cost

$2,643,235)

2,643,235‌

Investments,

at

value

-

99.8%

(Cost

$193,596,301)

201,934,035‌

Other

assets

in

excess

of

liabilities

-

0.2%

470,257‌

NET

ASSETS

-

100.0%

$

202,404,292‌

(a)

144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933.

The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds’

Board

of

Directors.

As

of

September

30,

2021,

the

aggregate

value

of

these

liquid

securities

were

$58,740,562

or

29.0%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

September

30,

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

September

30,

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

September

30,

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

September

30,

2021.

ABS

Asset

Backed

Security

FHLMC

Federal

Home

Loan

Mortgage

Corporation

GMTN

Global

Medium

Term

Note

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

14

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

98.6%

GOVERNMENT

SECURITIES

-

97.7%

Municipals

-

97.7%

Nebraska

-

96.3%

$

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

$

292,053‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/26

346,626‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

310,951‌

400,000‌

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

390,178‌

210,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.30%,

10/15/23

210,192‌

185,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.40%,

10/15/24

185,184‌

175,000‌

Cass

County

Sanitary

&

Improvement

District

No.

9,

Nebraska

GO,

2.90%,

05/15/22

176,780‌

250,000‌

City

of

Beatrice

NE,

Nebraska

GO,

1.70%,

12/15/23

255,931‌

350,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

362,245‌

215,000‌

City

of

Blair

NE,

Nebraska

GO,

2.15%,

09/15/23

217,142‌

220,000‌

City

of

Blair

NE,

Nebraska

GO,

2.30%,

09/15/24

222,154‌

55,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

53,844‌

120,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

116,539‌

325,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

392,363‌

650,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

5.00%,

06/15/29

821,694‌

80,000‌

City

of

Columbus

NE

Sales

Tax

Revenue,

Nebraska

RB,

5.00%,

09/15/23

87,014‌

345,000‌

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

348,226‌

150,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/31

180,515‌

400,000‌

City

of

Kearney

NE,

Nebraska

RB,

1.25%,

12/15/27

396,520‌

Principal

Amount

Security

Description

Value

$

375,000‌

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

$

392,021‌

235,000‌

City

of

La

Vista

NE,

Nebraska

GO,

3.00%,

09/01/27

245,090‌

480,000‌

City

of

Lincoln

NE,

Nebraska

RB,

4.00%,

08/15/26

495,395‌

375,000‌

City

of

Lincoln

NE,

Nebraska

RB,

3.55%,

04/01/27

381,152‌

400,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

5.00%,

09/01/30

523,317‌

250,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

3.13%,

09/01/30

256,725‌

110,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

5.00%,

09/01/28

114,861‌

55,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

5.00%,

09/01/28

57,353‌

350,000‌

City

of

Norfolk

NE,

Nebraska

GO,

0.65%,

05/15/24

350,197‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

380,067‌

450,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/31

539,540‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/32

222,801‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

01/15/29

606,446‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

684,591‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

05/01/33

232,545‌

470,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/22

479,675‌

190,000‌

City

of

Omaha

NE,

Nebraska

RB,

5.00%,

02/01/26

193,012‌

355,000‌

City

of

Omaha

NE,

Nebraska

Special

Tax

Bond,

5.00%,

01/15/28

431,791‌

200,000‌

City

of

Omaha

NE

Sewer

Revenue,

Nebraska

RB,

5.00%,

04/01/24

223,176‌

200,000‌

City

of

Omaha

NE

Sewer

Revenue,

Nebraska

RB,

4.00%,

04/01/29

243,364‌

350,000‌

City

of

Papillion

NE,

Nebraska

GO,

3.00%,

09/15/26

365,796‌

410,000‌

City

of

Papillion

NE,

Nebraska

GO,

3.00%,

09/15/27

428,504‌

250,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

3.00%,

12/15/27

270,744‌

375,000‌

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

385,632‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

15

Principal

Amount

Security

Description

Value

$

285,000‌

County

of

Cherry

NE,

Nebraska

GO,

3.00%,

12/15/25

$

306,624‌

435,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

526,923‌

245,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.00%,

09/01/27

271,706‌

120,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.60%,

10/01/27

120,235‌

325,000‌

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

347,000‌

200,000‌

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

199,666‌

265,000‌

Cuming

County

Public

Power

District

Operation

Round-Up

Fund,

Nebraska

RB,

1.50%,

12/15/25

269,868‌

260,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/27

319,577‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,306,819‌

200,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

3.00%,

05/15/24

212,390‌

220,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

05/15/26

263,010‌

750,000‌

Douglas

County

Public

Facilities

Corp.,

Nebraska

RB,

2.00%,

05/01/24

750,907‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

202,158‌

580,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

580,716‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

260,304‌

280,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

272,160‌

215,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

521,

Nebraska

GO,

2.20%,

02/15/25

220,939‌

85,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

549,

Nebraska

GO,

3.10%,

05/15/30

85,085‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

549,

Nebraska

GO,

3.05%,

05/15/29

100,115‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

798,476‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

811,654‌

300,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

321,849‌

Principal

Amount

Security

Description

Value

$

250,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/32

$

306,487‌

665,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/34

761,549‌

830,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/35

927,360‌

300,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/28

383,676‌

350,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/29

448,152‌

370,000‌

Fremont

School

District,

Nebraska

GO,

5.00%,

12/15/29

474,518‌

65,000‌

Grand

Island

Electric

Department,

Nebraska

RB,

5.00%,

08/15/27

71,643‌

265,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

5.00%,

12/15/39

304,509‌

185,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

4.00%,

12/15/24

186,419‌

730,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

873,559‌

400,000‌

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

459,552‌

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

578,734‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

825,415‌

760,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

12/15/24

846,027‌

265,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

12/15/25

302,530‌

300,000‌

Kearney

School

District,

Nebraska

GO,

2.00%,

12/15/25

315,226‌

550,000‌

Lancaster

County

Correctional

Facility

Joint

Public

Agency,

Nebraska

GO,

5.00%,

12/01/27

690,338‌

500,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/31

581,586‌

765,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/26

865,416‌

320,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/28

329,721‌

200,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

263,250‌

475,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

4.00%,

07/01/27

557,609‌

225,000‌

Lincoln

County

Hospital

Authority

No.

1,

Nebraska

RB,

5.00%,

11/01/32

225,807‌

200,000‌

Lincoln

County

Hospital

Authority

No.

1,

Nebraska

RB,

5.00%,

11/01/25

200,718‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

16

Principal

Amount

Security

Description

Value

$

500,000‌

Lincoln-Lancaster

County

Public

Building

Commission,

Nebraska

RB,

3.00%,

12/01/26

$

549,381‌

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

1,036,270‌

525,000‌

Metropolitan

Community

College

Area,

Nebraska

COP,

3.00%,

03/01/26

572,570‌

500,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

555,035‌

1,000,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

5.00%,

12/01/21

1,007,654‌

1,475,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/30

1,508,224‌

140,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/31

143,137‌

210,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/25

224,449‌

200,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/26

204,548‌

540,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/27

552,117‌

500,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

518,362‌

350,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

1.55%,

03/01/23

354,772‌

500,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

2.00%,

03/01/24

515,623‌

400,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/31

528,866‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

233,063‌

500,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

0.60%,

01/01/51

(a)

501,617‌

5,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/26

5,058‌

370,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/29

374,324‌

230,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/29

232,688‌

1,050,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

1,062,272‌

540,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/34

546,311‌

700,000‌

Nebraska

State

College

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/26

837,215‌

315,000‌

Nebraska

State

Colleges,

Nebraska

RB,

3.00%,

07/01/25

315,675‌

Principal

Amount

Security

Description

Value

$

475,000‌

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

$

470,719‌

325,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

365,679‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

471,069‌

600,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

721,775‌

785,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/27

918,257‌

525,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

624,596‌

1,010,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

1,150,375‌

600,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/31

763,127‌

270,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/32

342,427‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

909,495‌

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

592,992‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

189,980‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

655,889‌

1,500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

1,637,479‌

150,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/30

192,427‌

250,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

319,041‌

400,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/30

492,465‌

245,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/31

301,202‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

365,026‌

750,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/29

907,133‌

125,000‌

Platte

County

School

District

No.

1

Columbus

Public

Schools,

Nebraska

GO,

5.00%,

12/15/26

140,842‌

160,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

160,215‌

30,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

2.45%,

10/15/22

30,039‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

17

Principal

Amount

Security

Description

Value

$

60,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

242,

Nebraska

GO,

3.00%,

03/15/27

$

60,112‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

103,264‌

90,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

68,

Nebraska

GO,

2.75%,

12/15/23

90,177‌

420,000‌

Sarpy

County

School

District

No.

1,

Nebraska

GO,

5.00%,

12/15/29

546,974‌

220,000‌

Southeast

Community

College,

Nebraska

COP,

5.00%,

12/15/25

260,971‌

225,000‌

Southeast

Community

College,

Nebraska

COP,

5.00%,

12/15/26

274,942‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/25

340,614‌

400,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/26

453,898‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

311,673‌

500,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/22

516,384‌

270,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/24

285,823‌

200,000‌

University

of

Nebraska,

Nebraska

RB,

5.00%,

05/15/24

224,567‌

100,000‌

University

of

Nebraska,

Nebraska

RB,

5.00%,

05/15/25

116,448‌

650,000‌

University

of

Nebraska,

Nebraska

RB,

4.00%,

07/01/31

754,480‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

576,734‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/25

585,817‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/26

603,231‌

400,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

439,860‌

1,700,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

09/01/28

1,895,858‌

75,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

5.00%,

12/15/26

75,723‌

105,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

4.00%,

12/15/28

105,805‌

450,000‌

York

County

NE

School

District

No.

12,

Nebraska

GO,

2.00%,

12/15/25

469,945‌

68,392,708‌

North

Dakota

-

0.7%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

526,215‌

Principal

Amount

Security

Description

Value

South

Dakota

-

0.7%

$

425,000‌

City

of

Brandon

SD

Sales

Tax

Revenue,

South

Dakota

RB,

3.00%,

12/01/26

$

469,796‌

69,388,719‌

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

639,552‌

Total

Government

&

Agency

Obligations

(Cost

$67,433,569)

70,028,271‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.4%

Investment

Company

-

1.4%

948,159‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.01%

(b)

948,159‌

Total

Short-Term

Investments

(Cost

$948,159)

948,159‌

Investments,

at

value

-

100.0%

(Cost

$68,381,728)

70,976,430‌

Other

assets

in

excess

of

liabilities

-

0.0%

31,439‌

NET

ASSETS

-

100.0%

$

71,007,869‌

(a)

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

September

30,

2021.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2021.

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

September

30,

2021

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

18

Shares

Security

Description

Value

Common

Stocks

-

62.7%

Communication

Services

-

6.7%

6,725‌

Activision

Blizzard,

Inc.

$

520,448‌

922‌

Alphabet,

Inc.,

Class C (a)

2,457,416‌

11,300‌

Comcast

Corp.,

Class A

632,009‌

4,175‌

Facebook,

Inc.,

Class A (a)

1,416,953‌

9,450‌

Verizon

Communications,

Inc.

510,394‌

5,537,220‌

Consumer

Discretionary

-

7.7%

668‌

Amazon.com,

Inc. (a)

2,194,407‌

258‌

Booking

Holdings,

Inc. (a)

612,458‌

10,800‌

Gentex

Corp.

356,184‌

3,990‌

NIKE,

Inc.,

Class B

579,468‌

915‌

O'Reilly

Automotive,

Inc. (a)

559,120‌

1,010‌

Pool

Corp.

438,754‌

6,400‌

Rent-A-Center,

Inc./TX,

Class A

359,744‌

4,750‌

Royal

Caribbean

Cruises,

Ltd. (a)

422,512‌

2,510‌

The

Home

Depot,

Inc.

823,933‌

6,346,580‌

Consumer

Staples

-

3.2%

4,625‌

Church

&

Dwight

Co.,

Inc.

381,886‌

2,580‌

Constellation

Brands,

Inc.,

Class A

543,580‌

1,245‌

Costco

Wholesale

Corp.

559,441‌

6,830‌

Lamb

Weston

Holdings,

Inc.

419,157‌

5,290‌

Walmart,

Inc.

737,320‌

2,641,384‌

Energy

-

1.6%

1,800‌

Diamondback

Energy,

Inc.

170,406‌

3,450‌

EOG

Resources,

Inc.

276,932‌

7,700‌

Exxon

Mobil

Corp.

452,914‌

2,600‌

Phillips

66

182,078‌

6,500‌

Schlumberger

NV

192,660‌

1,274,990‌

Financials

-

7.0%

765‌

BlackRock,

Inc.

641,575‌

3,065‌

Chubb,

Ltd.

531,716‌

2,055‌

CME

Group,

Inc.

397,396‌

12,500‌

Equitable

Holdings,

Inc.

370,500‌

6,700‌

First

American

Financial

Corp.

449,235‌

5,575‌

JPMorgan

Chase

&

Co.

912,572‌

14,800‌

KeyCorp

319,976‌

6,100‌

Morgan

Stanley

593,591‌

3,940‌

Northern

Trust

Corp.

424,771‌

4,080‌

SouthState

Corp.

304,654‌

7,450‌

U.S.

Bancorp

442,828‌

8,500‌

Wells

Fargo

&

Co.

394,485‌

5,783,299‌

Health

Care

-

8.0%

6,800‌

Abbott

Laboratories

803,284‌

6,200‌

AMN

Healthcare

Services,

Inc. (a)

711,450‌

1,200‌

Biogen,

Inc. (a)

339,588‌

5,425‌

Edwards

Lifesciences

Corp. (a)

614,164‌

Shares

Security

Description

Value

3,105‌

Eli

Lilly

&

Co.

$

717,410‌

5,350‌

Horizon

Therapeutics

PLC (a)

586,039‌

960‌

Humana,

Inc.

373,584‌

5,375‌

Integer

Holdings

Corp. (a)

480,203‌

1,804‌

LHC

Group,

Inc. (a)

283,066‌

1,645‌

Thermo

Fisher

Scientific,

Inc.

939,838‌

3,915‌

Zoetis,

Inc.

760,058‌

6,608,684‌

Industrials

-

5.7%

4,500‌

AMETEK,

Inc.

558,045‌

1,400‌

Cintas

Corp.

532,924‌

20,000‌

CSX

Corp.

594,800‌

10,150‌

IAA,

Inc. (a)

553,885‌

5,100‌

MasTec,

Inc. (a)

440,028‌

9,137‌

Raytheon

Technologies

Corp.

785,417‌

7,600‌

The

Timken

Co.

497,192‌

4,775‌

Waste

Management,

Inc.

713,194‌

4,675,485‌

Information

Technology

-

17.1%

1,620‌

Adobe,

Inc. (a)

932,666‌

24,285‌

Apple,

Inc.

3,436,328‌

785‌

Broadcom,

Inc.

380,670‌

3,105‌

CDW

Corp.

565,172‌

3,010‌

Citrix

Systems,

Inc.

323,184‌

3,075‌

CMC

Materials,

Inc.

378,932‌

2,385‌

FleetCor

Technologies,

Inc. (a)

623,129‌

2,680‌

Mastercard,

Inc.,

Class A

931,782‌

4,125‌

Microchip

Technology,

Inc.

633,146‌

11,675‌

Microsoft

Corp.

3,291,416‌

6,630‌

NVIDIA

Corp.

1,373,471‌

1,545‌

Paycom

Software,

Inc. (a)

765,934‌

3,220‌

QUALCOMM,

Inc.

415,316‌

14,051,146‌

Materials

-

1.8%

5,590‌

Berry

Global

Group,

Inc. (a)

340,319‌

4,350‌

FMC

Corp.

398,286‌

1,925‌

Linde

PLC

564,757‌

11,300‌

PureCycle

Technologies,

Inc. (a)

150,064‌

1,453,426‌

Real

Estate

-

2.1%

1,970‌

American

Tower

Corp.

REIT

522,858‌

11,090‌

First

Industrial

Realty

Trust,

Inc.

REIT

577,567‌

3,225‌

Sun

Communities,

Inc.

REIT

596,947‌

1,697,372‌

Utilities

-

1.8%

5,175‌

Atmos

Energy

Corp.

456,435‌

7,620‌

NextEra

Energy,

Inc.

598,322‌

6,500‌

Southwest

Gas

Holdings,

Inc.

434,720‌

1,489,477‌

Total

Common

Stocks

(Cost

$27,034,060)

51,559,063‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

19

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

7.5%

Asset

Backed

Securities

-

3.3%

$

155,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46 (b)

$

155,769‌

50,000‌

AMSR

Trust,

1.63%,

07/17/37 (b)

50,394‌

125,000‌

Amur

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (b)

125,022‌

121,125‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (b)(c)

125,673‌

237,197‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (b)

240,411‌

74,561‌

CF

Hippolyta,

LLC,

1.53%,

03/15/61 (b)

75,050‌

133,906‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (b)

136,009‌

61,519‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (b)

63,472‌

72,714‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (b)

73,078‌

135,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38 (b)

134,348‌

130,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

1.68%,

10/15/31 (b)(d)

132,376‌

130,000‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

0.68%,

09/25/61 (d)

130,000‌

97,743‌

Pawnee

Equipment

Receivables,

2.29%,

10/15/24 (b)

98,581‌

60,534‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

0.82%,

12/24/33 (b)(d)

60,232‌

120,000‌

Progress

Residential

Trust,

1.52%,

07/17/38 (b)

119,783‌

155,974‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

1.78%,

07/25/22 (d)

157,355‌

98,599‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (b)

100,857‌

265,000‌

SoFi

Professional

Loan

Program

2021-B

Trust,

1.14%,

02/15/47 (b)

264,708‌

82,804‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (b)

87,080‌

70,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46 (b)

69,871‌

139,394‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39 (b)

136,980‌

Principal

Amount

Security

Description

Value

$

180,000‌

Vantage

Data

Centers,

LLC,

1.65%,

09/15/45 (b)

$

179,453‌

2,716,502‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

3.1%

375,000‌

American

Tower

Trust

#1,

3.07%,

03/15/23 (b)

375,374‌

150,000‌

BAMLL

Commercial

Mortgage

Securities

Trust

2013-WBRK,

3.65%,

03/10/37 (b)(c)

158,868‌

190,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

198,478‌

160,000‌

BX

Commercial

Mortgage

Trust

2021-

VOLT

(USD

1

Month

LIBOR

+

0.95%),

1.05%,

09/15/36 (b)(d)

160,077‌

125,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

139,344‌

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

181,772‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39 (b)

216,178‌

214,378‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (b)

221,202‌

183,432‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (b)

183,279‌

145,000‌

KNDR

2021-KIND

A

(USD

1

Month

LIBOR

+

0.95%),

1.03%,

08/15/38 (b)(d)

145,046‌

75,000‌

STWD

Trust

2021-FLWR

(USD

1

Month

LIBOR

+

0.58%),

0.66%,

07/15/36 (b)(d)

74,857‌

105,864‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

12/25/35 (b)(c)

106,129‌

75,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

83,448‌

150,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

160,823‌

146,256‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (b)(c)

145,308‌

2,550,183‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.1%

59,836‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

0.96%,

12/25/33 (b)(d)

59,534‌

192,774‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (b)(c)

184,624‌

109,765‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (b)(c)

111,336‌

107,268‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (b)(c)

107,303‌

72,478‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (b)(c)

75,412‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

20

Principal

Amount

Security

Description

Value

$

19,184‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (b)(c)

$

19,769‌

131,260‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47 (b)(c)

137,491‌

95,928‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

95,803‌

72,167‌

Freddie

Mac

Whole

Loan

Securities,

3.65%,

09/25/45 (c)

72,895‌

37,859‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (b)(c)

39,938‌

1,348‌

Towd

Point

Mortgage

Trust

REMIC,

3.50%,

02/25/55 (b)(c)

1,347‌

905,452‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$6,110,306)

6,172,137‌

Corporate

Bonds

-

12.8%

Communication

Services

-

0.9%

348,000‌

AT&T,

Inc.,

4.30%,

02/15/30

399,357‌

317,000‌

Verizon

Communications,

Inc.,

4.33%,

09/21/28

364,400‌

763,757‌

Consumer

Discretionary

-

1.6%

140,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

153,994‌

166,000‌

Dollar

General

Corp.,

3.25%,

04/15/23

172,115‌

100,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (b)

105,428‌

265,000‌

McDonald's

Corp.,

2.13%,

03/01/30

267,470‌

50,000‌

Newell

Brands,

Inc.,

4.70%,

04/01/26

55,126‌

50,000‌

Starbucks

Corp.,

2.00%,

03/12/27

51,299‌

265,000‌

The

Walt

Disney

Co.,

2.65%,

01/13/31

276,620‌

215,000‌

Whirlpool

Corp.,

4.70%,

06/01/22

221,115‌

1,303,167‌

Consumer

Staples

-

0.4%

175,000‌

Church

&

Dwight

Co.,

Inc.,

2.88%,

10/01/22

179,334‌

165,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27 (b)

177,668‌

357,002‌

Financials

-

4.5%

250,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27 (c)

272,057‌

301,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

303,137‌

240,000‌

Citigroup,

Inc.,

3.89%,

01/10/28 (c)

265,207‌

270,000‌

CME

Group,

Inc.,

3.00%,

03/15/25

287,445‌

270,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

266,140‌

305,000‌

JPMorgan

Chase

&

Co.,

1.05%,

11/19/26 (c)

300,374‌

130,000‌

JPMorgan

Chase

&

Co.,

3.25%,

09/23/22

133,805‌

110,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

113,660‌

Principal

Amount

Security

Description

Value

$

120,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24 (b)

$

128,055‌

230,000‌

Morgan

Stanley,

GMTN,

3.77%,

01/24/29 (c)

254,499‌

70,000‌

Morgan

Stanley,

GMTN,

3.75%,

02/25/23

73,193‌

130,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

128,459‌

220,000‌

The

Charles

Schwab

Corp.,

3.85%,

05/21/25

240,773‌

240,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

263,695‌

230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49 (c)(e)

262,867‌

270,000‌

Wells

Fargo

&

Co.,

3.00%,

04/22/26

289,681‌

3,583,047‌

Health

Care

-

0.2%

125,000‌

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

122,507‌

37,000‌

Becton

Dickinson

and

Co.,

3.73%,

12/15/24

39,983‌

162,490‌

Industrials

-

2.5%

255,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

252,428‌

250,000‌

BMW

Finance

NV,

2.85%,

08/14/29 (b)

265,117‌

300,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

327,899‌

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

280,605‌

150,000‌

Roper

Technologies,

Inc.,

2.80%,

12/15/21

150,443‌

170,000‌

TTX

Co.,

3.60%,

01/15/25 (b)

183,406‌

175,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

198,306‌

250,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (b)

267,277‌

250,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

234,883‌

2,160,364‌

Information

Technology

-

2.4%

170,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

167,373‌

235,000‌

eBay,

Inc.,

3.60%,

06/05/27

260,077‌

140,000‌

NVIDIA

Corp.,

2.85%,

04/01/30

150,024‌

200,000‌

Oracle

Corp.,

3.40%,

07/08/24

213,546‌

293,000‌

QUALCOMM,

Inc.,

2.15%,

05/20/30

297,459‌

250,000‌

Telefonaktiebolaget

LM

Ericsson,

4.13%,

05/15/22

255,110‌

295,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30 (b)

274,915‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

21

Principal

Amount

Security

Description

Value

$

310,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

$

316,281‌

1,934,785‌

Materials

-

0.3%

209,000‌

Albemarle

Corp.,

4.15%,

12/01/24

228,112‌

Total

Corporate

Bonds

(Cost

$10,156,980)

10,492,724‌

Government

&

Agency

Obligations

-

11.8%

GOVERNMENT

SECURITIES

-

10.7%

Municipals

-

0.6%

350,000‌

California

State

University,

California

RB,

5.45%,

11/01/22

369,766‌

125,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

1.69%,

12/15/31

120,685‌

50,000‌

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

50,023‌

540,474‌

Treasury

Inflation

Index

Securities

-

1.0%

245,120‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28 (f)

290,072‌

493,916‌

U.S.

Treasury

Inflation

Indexed

Note,

0.13%,

01/15/22 (f)

498,144‌

788,216‌

U.S.

Treasury

Securities

-

9.1%

1,655,000‌

U.S.

Treasury

Note,

1.63%,

11/15/22

1,682,928‌

475,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

499,455‌

2,865,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

3,010,936‌

1,685,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

1,789,786‌

500,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

503,184‌

7,486,289‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.1%

Federal

Home

Loan

Mortgage

Corp.

-

0.7%

103,222‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

07/15/36

103,720‌

111,679‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (g)

115,343‌

64,610‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

68,179‌

48,379‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

49,794‌

240,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

253,538‌

590,574‌

Federal

National

Mortgage

Association

-

0.2%

30,261‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

32,298‌

83,025‌

Federal

National

Mortgage

Association

REMIC,

4.15%,

04/25/29 (c)

90,825‌

51,163‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

09/25/39

52,413‌

175,536‌

Principal

Amount

Security

Description

Value

Government

National

Mortgage

Association

-

0.2%

$

93,162‌

Government

National

Mortgage

Association,

3.50%,

01/20/69 (c)

$

98,817‌

Total

Government

&

Agency

Obligations

(Cost

$9,309,216)

9,679,906‌

Shares

Security

Description

Value

Short-Term

Investments

-

5.3%

Investment

Company

-

5.3%

4,379,059‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.01% (h)

4,379,059‌

Total

Short-Term

Investments

(Cost

$4,379,059)

4,379,059‌

Investments,

at

value

-

100.1%

(Cost

$56,989,621)

82,282,889‌

Other

liabilities

in

excess

of

assets

-

(0.1)%

(76,589‌)

NET

ASSETS

-

100.0%

$

82,206,300‌

(a)

Non-income

producing

security.

(b)

144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933.

The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds’

Board

of

Directors.

As

of

September

30,

2021,

the

aggregate

value

of

these

liquid

securities

were

$6,354,085

or

7.7%

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

September

30,

2021.

(d)

Floating

rate

security.

Rate

presented

is

as

of

September

30,

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

September

30,

2021.

(h)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

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

September

30,

2021

(Unaudited)

GROWTH

OPPORTUNITIES

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

22

Shares

Security

Description

Value

Common

Stocks

-

98.4%

Communication

Services

-

2.7%

24,500‌

Altice

USA,

Inc.,

Class A (a)

$

507,640‌

6,500‌

IAC/InterActiveCorp (a)

846,885‌

8,000‌

Spotify

Technology

SA (a)

1,802,720‌

12,723‌

Vimeo,

Inc. (a)

373,674‌

123,300‌

Zynga,

Inc. (a)

928,449‌

4,459,368‌

Consumer

Discretionary

-

15.3%

7,500‌

Burlington

Stores,

Inc. (a)

2,126,775‌

4,800‌

Domino's

Pizza,

Inc.

2,289,408‌

18,000‌

DR

Horton,

Inc.

1,511,460‌

27,500‌

DraftKings

,

Inc.,

Class A (a)

1,324,400‌

11,510‌

Five

Below,

Inc. (a)

2,035,083‌

19,600‌

Floor

&

Decor

Holdings,

Inc.,

Class A (a)

2,367,484‌

18,300‌

Hilton

Worldwide

Holdings,

Inc. (a)

2,417,613‌

7,100‌

Lululemon

Athletica

,

Inc. (a)

2,873,370‌

18,900‌

Ollie's

Bargain

Outlet

Holdings,

Inc. (a)

1,139,292‌

3,300‌

O'Reilly

Automotive,

Inc. (a)

2,016,498‌

17,700‌

Planet

Fitness,

Inc.,

Class A (a)

1,390,335‌

4,300‌

Pool

Corp.

1,867,963‌

10,800‌

Stitch

Fix,

Inc.,

Class A (a)

431,460‌

21,200‌

YETI

Holdings,

Inc. (a)

1,816,628‌

25,607,769‌

Consumer

Staples

-

1.2%

10,000‌

Church

&

Dwight

Co.,

Inc.

825,700‌

3,750‌

Post

Holdings,

Inc. (a)

413,100‌

20,700‌

The

Kroger

Co.

836,901‌

2,075,701‌

Energy

-

1.6%

27,600‌

Diamondback

Energy,

Inc.

2,612,892‌

Financials

-

6.6%

7,200‌

eHealth,

Inc. (a)

291,600‌

65,200‌

Equitable

Holdings,

Inc.

1,932,528‌

17,200‌

LPL

Financial

Holdings,

Inc.

2,696,272‌

2,640‌

MarketAxess

Holdings,

Inc.

1,110,622‌

5,100‌

MSCI,

Inc.

3,102,534‌

36,100‌

OneMain

Holdings,

Inc.

1,997,413‌

11,130,969‌

Health

Care

-

17.1%

5,700‌

10X

Genomics,

Inc.,

Class A (a)

829,806‌

3,800‌

AdaptHealth

Corp. (a)

88,502‌

5,200‌

Bio-

Techne

Corp.

2,519,764‌

24,300‌

Horizon

Therapeutics

PLC (a)

2,661,822‌

5,600‌

IDEXX

Laboratories,

Inc. (a)

3,482,640‌

12,000‌

Incyte

Corp. (a)

825,360‌

6,100‌

Insulet

Corp. (a)

1,733,803‌

4,700‌

LHC

Group,

Inc. (a)

737,477‌

Shares

Security

Description

Value

40,900‌

Maravai

LifeSciences

Holdings,

Inc. (a)

$

2,007,372‌

8,200‌

Masimo

Corp. (a)

2,219,822‌

9,000‌

Quidel

Corp. (a)

1,270,350‌

10,000‌

Sage

Therapeutics,

Inc. (a)

443,100‌

13,400‌

Seagen

,

Inc. (a)

2,275,320‌

15,900‌

Tandem

Diabetes

Care,

Inc. (a)

1,898,142‌

3,000‌

Teladoc

Health,

Inc. (a)

380,430‌

2,300‌

Teleflex,

Inc.

866,065‌

4,000‌

The

Cooper

Cos.,

Inc.

1,653,240‌

9,900‌

Veeva

Systems,

Inc.,

Class A (a)

2,852,883‌

28,745,898‌

Industrials

-

14.8%

13,200‌

AMETEK,

Inc.

1,636,932‌

5,900‌

Cintas

Corp.

2,245,894‌

22,700‌

CoStar

Group,

Inc. (a)

1,953,562‌

10,200‌

Dover

Corp.

1,586,100‌

24,600‌

GXO

Logistics,

Inc. (a)

1,929,624‌

36,900‌

IAA,

Inc. (a)

2,013,633‌

18,200‌

ITT,

Inc.

1,562,288‌

10,400‌

Old

Dominion

Freight

Line,

Inc.

2,974,192‌

18,900‌

Quanta

Services,

Inc.

2,151,198‌

1,730‌

TransDigm

Group,

Inc. (a)

1,080,506‌

20,300‌

TransUnion

2,279,893‌

23,600‌

Trex

Co.,

Inc. (a)

2,405,548‌

13,800‌

XPO

Logistics,

Inc. (a)

1,098,204‌

24,917,574‌

Information

Technology

-

35.6%

12,000‌

Broadridge

Financial

Solutions,

Inc.

1,999,680‌

7,870‌

CDW

Corp.

1,432,498‌

9,700‌

Coupa

Software,

Inc. (a)

2,126,046‌

12,800‌

DocuSign,

Inc. (a)

3,295,104‌

73,000‌

Dropbox,

Inc.,

Class A (a)

2,133,060‌

47,800‌

Dynatrace

,

Inc. (a)

3,392,366‌

6,300‌

EPAM

Systems,

Inc. (a)

3,594,024‌

4,480‌

Fair

Isaac

Corp. (a)

1,782,726‌

4,100‌

FleetCor

Technologies,

Inc. (a)

1,071,207‌

9,700‌

Fortinet,

Inc. (a)

2,832,788‌

2,600‌

KLA

Corp.

869,726‌

33,300‌

LivePerson

,

Inc. (a)

1,963,035‌

17,700‌

Microchip

Technology,

Inc.

2,716,773‌

12,800‌

MKS

Instruments,

Inc.

1,931,648‌

4,800‌

Monolithic

Power

Systems,

Inc.

2,326,464‌

6,600‌

Palo

Alto

Networks,

Inc. (a)

3,161,400‌

19,750‌

Paychex,

Inc.

2,220,888‌

6,100‌

Paycom

Software,

Inc. (a)

3,024,075‌

86,700‌

Pure

Storage,

Inc.,

Class A (a)

2,181,372‌

7,400‌

RingCentral,

Inc.,

Class A (a)

1,609,500‌

41,300‌

Smartsheet

,

Inc.,

Class A (a)

2,842,266‌

6,970‌

SolarEdge

Technologies,

Inc. (a)

1,848,583‌

15,800‌

Splunk

,

Inc. (a)

2,286,418‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

GROWTH

OPPORTUNITIES

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

23

Shares

Security

Description

Value

9,000‌

Synopsys,

Inc. (a)

$

2,694,690‌

45,500‌

Tenable

Holdings,

Inc. (a)

2,099,370‌

4,500‌

Zebra

Technologies

Corp. (a)

2,319,390‌

59,755,097‌

Materials

-

2.4%

24,200‌

Ball

Corp.

2,177,274‌

29,200‌

Berry

Global

Group,

Inc. (a)

1,777,696‌

3,954,970‌

Real

Estate

-

1.1%

31,000‌

Opendoor

Technologies,

Inc. (a)

636,430‌

6,800‌

Sun

Communities,

Inc.

REIT

1,258,680‌

1,895,110‌

Total

Common

Stocks

(Cost

$112,522,013)

165,155,348‌

Shares

Security

Description

Value

Short-Term

Investments

-

2.4%

Investment

Company

-

2.4%

3,994,523‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.01% (b)

3,994,523‌

Total

Short-Term

Investments

(Cost

$3,994,523)

3,994,523‌

Investments,

at

value

-

100.8%

(Cost

$116,516,536)

169,149,871‌

Other

liabilities

in

excess

of

assets

-

(0.8)%

(1,306,331‌)

NET

ASSETS

-

100.0%

$

167,843,540‌

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2021.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SMALL/MID

CAP

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

24

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2021.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

99.5%

Communication

Services

-

2.9%

874‌

Nexstar

Media

Group,

Inc.,

Class A

$

132,813‌

Consumer

Discretionary

-

11.6%

386‌

Burlington

Stores,

Inc.

(a)

109,458‌

1,001‌

Dorman

Products,

Inc.

(a)

94,765‌

2,818‌

G-III

Apparel

Group,

Ltd.

(a)

79,749‌

467‌

LGI

Homes,

Inc.

(a)

66,272‌

1,032‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

62,209‌

599‌

Tractor

Supply

Co.

121,363‌

533,816‌

Consumer

Staples

-

4.0%

362‌

Casey's

General

Stores,

Inc.

68,219‌

299‌

Coca-Cola

Consolidated,

Inc.

117,860‌

186,079‌

Energy

-

2.1%

3,803‌

CNX

Resources

Corp.

(a)

47,994‌

302‌

Pioneer

Natural

Resources

Co.

50,286‌

98,280‌

Financials

-

14.9%

760‌

Arthur

J

Gallagher

&

Co.

112,974‌

825‌

Cullen/Frost

Bankers,

Inc.

97,862‌

71‌

Markel

Corp.

(a)

84,854‌

1,058‌

Selective

Insurance

Group,

Inc.

79,911‌

1,103‌

SouthState

Corp.

82,361‌

1,515‌

Stifel

Financial

Corp.

102,959‌

751‌

UMB

Financial

Corp.

72,629‌

1,450‌

United

Bankshares

,

Inc.

52,751‌

686,301‌

Health

Care

-

14.7%

920‌

AMN

Healthcare

Services,

Inc.

(a)

105,570‌

374‌

ICON

PLC

(a)

97,996‌

1,830‌

Integra

LifeSciences

Holdings

Corp.

(a)

125,318‌

652‌

LHC

Group,

Inc.

(a)

102,305‌

517‌

Omnicell

,

Inc.

(a)

76,738‌

806‌

Pacira

BioSciences

,

Inc.

(a)

45,136‌

730‌

PerkinElmer,

Inc.

126,502‌

679,565‌

Industrials

-

17.8%

302‌

CACI

International,

Inc.,

Class A

(a)

79,154‌

486‌

Carlisle

Cos.,

Inc.

96,612‌

720‌

EnerSys

53,597‌

701‌

Fortune

Brands

Home

&

Security,

Inc.

62,683‌

586‌

Forward

Air

Corp.

48,650‌

817‌

Franklin

Electric

Co.,

Inc.

65,237‌

714‌

ICF

International,

Inc.

63,753‌

748‌

Oshkosh

Corp.

76,573‌

822‌

Quanta

Services,

Inc.

93,560‌

908‌

Robert

Half

International,

Inc.

91,100‌

625‌

Tetra

Tech,

Inc.

93,338‌

824,257‌

Shares

Security

Description

Value

Information

Technology

-

17.9%

597‌

Ambarella

,

Inc.

(a)

$

92,977‌

980‌

Blackbaud

,

Inc.

(a)

68,943‌

1,633‌

Bottomline

Technologies

DE,

Inc.

(a)

64,144‌

462‌

Broadridge

Financial

Solutions,

Inc.

76,988‌

1,723‌

Cambium

Networks

Corp.

(a)

62,355‌

809‌

ExlService

Holdings,

Inc.

(a)

99,604‌

410‌

Littelfuse

,

Inc.

112,041‌

595‌

MKS

Instruments,

Inc.

89,791‌

762‌

PTC,

Inc.

(a)

91,280‌

630‌

Qualys

,

Inc.

(a)

70,113‌

828,236‌

Materials

-

3.5%

525‌

Balchem

Corp.

76,162‌

1,098‌

RPM

International,

Inc.

85,260‌

161,422‌

Real

Estate

-

7.6%

1,331‌

American

Campus

Communities,

Inc.

REIT

64,487‌

1,208‌

Duke

Realty

Corp.

REIT

57,827‌

2,862‌

Easterly

Government

Properties,

Inc.

REIT

59,129‌

302‌

Jones

Lang

LaSalle,

Inc.

(a)

74,923‌

827‌

Lamar

Advertising

Co.,

Class A

REIT

93,823‌

350,189‌

Utilities

-

2.5%

1,116‌

IDACORP,

Inc.

115,372‌

Total

Common

Stocks

(Cost

$3,371,151)

4,596,330‌

Shares

Security

Description

Value

Short-Term

Investments

-

0.8%

Investment

Company

-

0.8%

36,809‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.01%

(b)

36,809‌

Total

Short-Term

Investments

(Cost

$36,809)

36,809‌

Investments,

at

value

-

100.3%

(Cost

$3,407,960)

4,633,139‌

Other

liabilities

in

excess

of

assets

-

(0.3)%

(12,371‌)

NET

ASSETS

-

100.0%

$

4,620,768‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SMALL

COMPANY

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

25

Shares

Security

Description

Value

Common

Stocks

-

98.4%

Communication

Services

-

2.5%

117,876‌

Nexstar

Media

Group,

Inc.,

Class A

$

17,912,437‌

Consumer

Discretionary

-

12.4%

173,682‌

Boot

Barn

Holdings,

Inc.

(a)

15,435,119‌

151,310‌

Dorman

Products,

Inc.

(a)

14,324,518‌

434,407‌

G-III

Apparel

Group,

Ltd.

(a)

12,293,718‌

289,035‌

La-Z-Boy,

Inc.

9,315,598‌

60,850‌

LGI

Homes,

Inc.

(a)

8,635,223‌

436,181‌

Movado

Group,

Inc.

13,735,340‌

112,738‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

6,795,847‌

112,181‌

Patrick

Industries,

Inc.

9,344,677‌

89,880,040‌

Consumer

Staples

-

3.6%

44,254‌

Coca-Cola

Consolidated,

Inc.

17,444,042‌

54,504‌

J

&

J

Snack

Foods

Corp.

8,329,301‌

25,773,343‌

Energy

-

2.2%

1,259,456‌

CNX

Resources

Corp.

(a)

15,894,335‌

Financials

-

15.9%

394,221‌

Atlantic

Union

Bankshares

Corp.

14,527,044‌

228,674‌

Mercantile

Bank

Corp.

7,324,428‌

219,481‌

Moelis

&

Co.,

Class A

13,579,290‌

261,783‌

Seacoast

Banking

Corp.

of

Florida

8,850,883‌

258,936‌

Selective

Insurance

Group,

Inc.

19,557,436‌

209,475‌

SouthState

Corp.

15,641,498‌

172,543‌

Stewart

Information

Services

Corp.

10,915,070‌

104,534‌

Stifel

Financial

Corp.

7,104,131‌

75,086‌

UMB

Financial

Corp.

7,261,567‌

285,537‌

United

Bankshares

,

Inc.

10,387,836‌

115,149,183‌

Health

Care

-

14.6%

144,721‌

AMN

Healthcare

Services,

Inc.

(a)

16,606,735‌

219,319‌

Avanos

Medical,

Inc.

(a)

6,842,753‌

81,594‌

Integer

Holdings

Corp.

(a)

7,289,608‌

269,674‌

Integra

LifeSciences

Holdings

Corp.

(a)

18,467,275‌

35,875‌

LHC

Group,

Inc.

(a)

5,629,146‌

88,264‌

Medpace

Holdings,

Inc.

(a)

16,706,610‌

299,855‌

Natus

Medical,

Inc.

(a)

7,520,363‌

93,064‌

Omnicell

,

Inc.

(a)

13,813,490‌

126,243‌

Pacira

BioSciences

,

Inc.

(a)

7,069,608‌

230,464‌

Supernus

Pharmaceuticals,

Inc.

(a)

6,146,475‌

106,092,063‌

Industrials

-

17.4%

144,233‌

American

Woodmark

Corp.

(a)

9,428,511‌

204,432‌

Barnes

Group,

Inc.

8,530,947‌

28,716‌

CACI

International,

Inc.,

Class A

(a)

7,526,464‌

181,042‌

Comfort

Systems

USA,

Inc.

12,911,916‌

76,469‌

CSW

Industrials,

Inc.

9,765,091‌

129,319‌

EnerSys

9,626,506‌

155,947‌

Forward

Air

Corp.

12,946,720‌

163,676‌

Franklin

Electric

Co.,

Inc.

13,069,529‌

169,126‌

ICF

International,

Inc.

15,101,261‌

Shares

Security

Description

Value

206,547‌

Kforce

,

Inc.

$

12,318,463‌

208,987‌

Korn

Ferry

15,122,299‌

126,347,707‌

Information

Technology

-

15.7%

63,460‌

Ambarella

,

Inc.

(a)

9,883,260‌

391,129‌

Benchmark

Electronics,

Inc.

10,447,056‌

130,078‌

Blackbaud

,

Inc.

(a)

9,150,987‌

252,103‌

Bottomline

Technologies

DE,

Inc.

(a)

9,902,606‌

214,882‌

Cambium

Networks

Corp.

(a)

7,776,580‌

161,398‌

Cass

Information

Systems,

Inc.

6,754,506‌

261,946‌

CTS

Corp.

8,096,751‌

120,886‌

Diodes,

Inc.

(a)

10,951,063‌

126,255‌

ExlService

Holdings,

Inc.

(a)

15,544,516‌

234,206‌

Onto

Innovation,

Inc.

(a)

16,921,383‌

49,379‌

SPS

Commerce,

Inc.

(a)

7,965,326‌

113,394,034‌

Materials

-

3.9%

98,840‌

Balchem

Corp.

14,338,719‌

125,197‌

Kaiser

Aluminum

Corp.

13,641,465‌

27,980,184‌

Real

Estate

-

6.6%

132,844‌

Agree

Realty

Corp.

REIT

8,798,258‌

444,332‌

Easterly

Government

Properties,

Inc.

REIT

9,179,899‌

240,144‌

Getty

Realty

Corp.

REIT

7,038,621‌

374,209‌

Marcus

&

Millichap,

Inc.

(a)

15,200,369‌

646,567‌

Sunstone

Hotel

Investors,

Inc.

REIT

(a)

7,720,010‌

47,937,157‌

Utilities

-

3.6%

64,022‌

Chesapeake

Utilities

Corp.

7,685,841‌

124,465‌

IDACORP,

Inc.

12,867,192‌

135,285‌

Unitil

Corp.

5,787,492‌

26,340,525‌

Total

Common

Stocks

(Cost

$457,205,220)

712,701,008‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.5%

Investment

Company

-

1.5%

11,155,029‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.01%

(b)

11,155,029‌

Total

Short-Term

Investments

(Cost

$11,155,029)

11,155,029‌

Investments,

at

value

-

99.9%

(Cost

$468,360,249)

723,856,037‌

Other

assets

in

excess

of

liabilities

-

0.1%

763,268‌

NET

ASSETS

-

100.0%

$

724,619,305‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2021

(Unaudited)

SMALL

COMPANY

FUND

Semi-Annual

Report

2021

See

accompanying

Notes

to

Financial

Statements.

26

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2021.

REIT

Real

Estate

Investment

Trust

Semi-Annual

Report

2021

STATEMENTS

OF

ASSETS

AND

LIABILITIES

September

30,

2021

(Unaudited)

27

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

Assets:

Investments,

at

cost

$

236,412,438‌

$

193,596,301‌

Unrealized

appreciation

of

investments

1,840,048‌

8,337,734‌

Total

investments,

at

value

238,252,486‌

201,934,035‌

Receivable

for

capital

shares

issued

964,665‌

300,138‌

Receivable

for

investments

sold

–‌

295,640‌

Interest

and

dividends

receivable

1,022,647‌

1,041,584‌

Receivable

from

investment

advisor

–‌

–‌

Prepaid

expenses

4,126‌

5,473‌

Total

Assets

240,243,924‌

203,576,870‌

Liabilities:

Distributions

payable

263,915‌

322,989‌

Payable

for

investments

purchased

1,800,000‌

671,274‌

Payable

for

capital

shares

redeemed

86,125‌

66,557‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

49,704‌

48,524‌

Administration

fees

payable

to

non-related

parties

8,687‌

7,439‌

Administration

fees

payable

to

related

parties

13,680‌

11,715‌

Shareholder

service

fees

5,072‌

2,752‌

Other

fees

41,278‌

41,328‌

Total

Liabilities

2,268,461‌

1,172,578‌

Net

Assets

$

237,975,463‌

$

202,404,292‌

Composition

of

Net

Assets:

Paid-In

Capital

$

238,798,617‌

$

195,429,467‌

Distributable

earnings

(823,154‌)

6,974,825‌

Net

Assets

$

237,975,463‌

$

202,404,292‌

Institutional

Class:

Net

assets

10,316,175‌

3,075,062‌

Shares

of

beneficial

interest

(See

note

5

)

1,100,169‌

288,413‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.38‌

$

10.66‌

Institutional

Plus

Class:

Net

assets

227,659,288‌

199,329,230‌

Shares

of

beneficial

interest

(See

note

5

)

24,203,074‌

18,699,294‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.41‌

$

10.66‌

Semi-Annual

Report

2021

STATEMENTS

OF

ASSETS

AND

LIABILITIES

September

30,

2021

(Unaudited)

28

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

GROWTH

OPPORTUNITIES

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

68,381,728‌

$

56,989,621‌

$

116,516,536‌

$

3,407,960‌

$

468,360,249‌

2,594,702‌

25,293,268‌

52,633,335‌

1,225,179‌

255,495,788‌

70,976,430‌

82,282,889‌

169,149,871‌

4,633,139‌

723,856,037‌

9,672‌

334,849‌

99,272‌

–‌

1,213,888‌

–‌

–‌

1,587,516‌

–‌

–‌

669,508‌

175,143‌

28,203‌

1,399‌

439,262‌

–‌

–‌

–‌

2,529‌

–‌

1,217‌

6,151‌

5,684‌

1,767‌

27,336‌

71,656,827‌

82,799,032‌

170,870,546‌

4,638,834‌

725,536,523‌

75,169‌

–‌

–‌

–‌

–‌

534,944‌

493,170‌

2,667,339‌

–‌

–‌

57‌

20,020‌

212,504‌

–‌

285,742‌

10,060‌

33,465‌

95,758‌

–‌

448,903‌

2,600‌

3,071‌

6,420‌

173‌

26,808‌

4,097‌

4,830‌

10,110‌

270‌

42,242‌

–‌

13,568‌

6,531‌

50‌

22,724‌

22,031‌

24,608‌

28,344‌

17,573‌

90,799‌

648,958‌

592,732‌

3,027,006‌

18,066‌

917,218‌

$

71,007,869‌

$

82,206,300‌

$

167,843,540‌

$

4,620,768‌

$

724,619,305‌

$

68,413,154‌

$

50,812,606‌

$

89,091,708‌

$

3,230,102‌

$

377,900,656‌

2,594,715‌

31,393,694‌

78,751,832‌

1,390,666‌

346,718,649‌

$

71,007,869‌

$

82,206,300‌

$

167,843,540‌

$

4,620,768‌

$

724,619,305‌

–‌

37,417,970‌

14,162,269‌

34,448‌

58,135,280‌

–‌

1,802,700‌

705,166‌

2,340‌

1,649,726‌

$

–‌

$

20.76‌

$

20.08‌

$

14.72‌

$

35.24‌

71,007,869‌

44,788,330‌

153,681,271‌

4,586,320‌

666,484,025‌

7,226,673‌

2,184,385‌

7,385,381‌

310,525‌

18,788,815‌

$

9.83‌

$

20.50‌

$

20.81‌

$

14.77‌

$

35.47‌

Semi-Annual

Report

2021

Statements

of

Operations

Six

months

ended

September

30,

2021

(Unaudited)

29

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

Investment

Income:

Interest

$

2,086,580‌

$

2,427,591‌

Dividend

10,036‌

151‌

Foreign

tax

withholding

–‌

–‌

Total

Income

2,096,616‌

2,427,742‌

Expenses:

Investment

advisory

fees

(Note

3)

595,414‌

611,542‌

Administration

fees

138,551‌

118,587‌

Shareholder

service

fees

-

Institutional

Class

10,061‌

3,700‌

Custodian

fees

10,518‌

9,941‌

Chief

compliance

officer

fees

7,779‌

6,658‌

Director

fees

11,430‌

9,783‌

Registration

and

filing

fees

5,743‌

5,056‌

Transfer

agent

fees

31,675‌

29,580‌

Other

Fees

63,961‌

61,982‌

Total

expenses

before

waivers

875,132‌

856,829‌

Expenses

waived

by

adviser

(Note

3)

(285,892‌)

(301,604‌)

Total

Expenses

589,240‌

555,225‌

Net

Investment

Income

(Loss)

1,507,376‌

1,872,517‌

Realized

and

Unrealized

Gain

(Loss)

On

Investments:

Net

realized

gain

on

investments

transactions

472,373‌

1,159,383‌

Change

in

unrealized

appreciation

(depreciation)

on

investments

(896,590‌)

1,219,784‌

Net

realized

and

unrealized

gain

(loss)

on

investments

(424,217‌)

2,379,167‌

Net

increase

in

net

assets

from

operations

$

1,083,159‌

$

4,251,684‌

Semi-Annual

Report

2021

Statements

of

Operations

Six

months

ended

September

30,

2021

(Unaudited)

30

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

GROWTH

OPPORTUNITIES

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

722,129‌

$

332,813‌

$

–‌

$

–‌

$

–‌

23‌

294,201‌

457,117‌

19,654‌

4,538,972‌

–‌

–‌

(2,441‌)

–‌

–‌

722,152‌

627,014‌

454,676‌

19,654‌

4,538,972‌

143,729‌

308,689‌

639,525‌

18,548‌

3,138,827‌

41,805‌

47,890‌

99,202‌

2,539‌

429,622‌

–‌

36,608‌

13,697‌

50‌

70,629‌

2,676‌

3,608‌

6,337‌

2,692‌

29,059‌

2,347‌

2,689‌

5,574‌

144‌

24,112‌

3,448‌

3,952‌

8,189‌

210‌

35,494‌

1,395‌

8,466‌

8,169‌

1,945‌

17,536‌

9,697‌

21,442‌

32,278‌

11,613‌

147,471‌

36,509‌

39,308‌

33,210‌

21,028‌

77,231‌

241,606‌

472,652‌

846,181‌

58,769‌

3,969,981‌

(80,474‌)

(95,501‌)

(76,412‌)

(38,022‌)

(374,593‌)

161,132‌

377,151‌

769,769‌

20,747‌

3,595,388‌

561,020‌

249,863‌

(315,093‌)

(1,093‌)

943,584‌

17,869‌

3,189,558‌

11,435,272‌

68,965‌

56,498,063‌

(263,351‌)

1,154,837‌

(422,053‌)

182,644‌

(25,101,632‌)

(245,482‌)

4,344,395‌

11,013,219‌

251,609‌

31,396,431‌

$

315,538‌

$

4,594,258‌

$

10,698,126‌

$

250,516‌

$

32,340,015‌

Semi-Annual

Report

2021

Statements

of

Changes

in

Net

Assets

(Unaudited)

31

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

For

the

Six

Months

Ended

September

30,

2021

For

the

Year

Ended

March

31,

2021

Operations:

Net

investment

income

$

1,507,376‌

$

3,461,734‌

Net

realized

gain

on

investment

transactions

472,373‌

1,503,615‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(896,590‌)

2,218,686‌

Net

increase

in

net

assets

from

operations

1,083,159‌

7,184,035‌

Distributions

to

Shareholders:

Institutional

Class

(83,887‌)

(231,060‌)

Institutional

Plus

Class

(2,049,479‌)

(4,687,965‌)

Change

in

net

assets

from

distributions

to

shareholders

(2,133,366‌)

(4,919,025‌)

Capital

Transactions:

Proceeds

from

shares

issued

Institutional

Class

531,929‌

1,866,259‌

Institutional

Plus

Class

19,816,810‌

63,322,046‌

Proceeds

from

dividends

reinvested

Institutional

Class

61,037‌

176,991‌

Institutional

Plus

Class

392,735‌

910,695‌

Cost

of

shares

redeemed

Institutional

Class

(749,949‌)

(2,314,724‌)

Institutional

Plus

Class

(18,363,218‌)

(29,268,586‌)

Change

in

net

assets

from

capital

transactions

1,689,344‌

34,692,681‌

Change

in

net

assets

639,137‌

36,957,691‌

Net

Assets:

Beginning

of

Period

237,336,326‌

200,378,635‌

End

of

Period

$

237,975,463‌

$

237,336,326‌

Share

Transactions

Institutional

Class:

Shares

issued

56,498‌

196,765‌

Shares

reinvested

6,485‌

18,642‌

Shares

redeemed

(79,603‌)

(244,056‌)

Change

in

shares

(16,620‌)

(28,649‌)

Share

Transactions

Institutional

Plus

Class:

Shares

issued

2,097,802‌

6,646,815‌

Shares

reinvested

41,593‌

95,641‌

Shares

redeemed

(1,943,838‌)

(3,077,896‌)

Change

in

shares

195,557‌

3,664,560‌

Semi-Annual

Report

2021

Statements

of

Changes

in

Net

Assets

(Unaudited)

32

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

For

the

Six

Months

Ended

September

30,

2021

For

the

Year

Ended

March

31,

2021

For

the

Six

Months

Ended

September

30,

2021

For

the

Year

Ended

March

31,

2021

For

the

Six

Months

Ended

September

30,

2021

For

the

Year

Ended

March

31,

2021

$

1,872,517‌

$

4,129,946‌

$

561,020‌

$

1,234,191‌

$

249,863‌

$

586,249‌

1,159,383‌

3,343,637‌

17,869‌

347,087‌

3,189,558‌

5,156,200‌

1,219,784‌

(3,819,932‌)

(263,351‌)

676,953‌

1,154,837‌

13,783,777‌

4,251,684‌

3,653,651‌

315,538‌

2,258,231‌

4,594,258‌

19,526,226‌

(34,459‌)

(139,592‌)

–‌

–‌

(92,485‌)

(2,049,966‌)

(2,366,518‌)

(5,460,994‌)

(561,026‌)

(1,291,609‌)

(168,153‌)

(2,316,672‌)

(2,400,977‌)

(5,600,586‌)

(561,026‌)

(1,291,609‌)

(260,638‌)

(4,366,638‌)

80,387‌

359,336‌

–‌

–‌

1,335,722‌

2,246,969‌

12,771,609‌

32,745,165‌

3,698,907‌

13,428,291‌

2,427,644‌

6,134,287‌

33,190‌

139,407‌

–‌

–‌

86,333‌

1,908,275‌

335,449‌

750,008‌

87,798‌

221,697‌

142,249‌

1,949,881‌

(2,034,978‌)

(1,380,498‌)

–‌

–‌

(2,661,191‌)

(7,923,484‌)

(14,039,193‌)

(44,129,698‌)

(4,788,021‌)

(18,031,215‌)

(2,170,939‌)

(5,031,197‌)

(2,853,536‌)

(11,516,280‌)

(1,001,316‌)

(4,381,227‌)

(840,182‌)

(715,269‌)

(1,002,829‌)

(13,463,215‌)

(1,246,804‌)

(3,414,605‌)

3,493,438‌

14,444,319‌

203,407,121‌

216,870,336‌

72,254,673‌

75,669,278‌

78,712,862‌

64,268,543‌

$

202,404,292‌

$

203,407,121‌

$

71,007,869‌

$

72,254,673‌

$

82,206,300‌

$

78,712,862‌

7,474‌

33,011‌

–‌

–‌

63,705‌

116,576‌

3,102‌

12,789‌

–‌

–‌

4,126‌

101,582‌

(191,625‌)

(127,725‌)

–‌

–‌

(129,486‌)

(427,023‌)

(181,049‌)

(81,925‌)

–‌

–‌

(61,655‌)

(208,865‌)

1,194,423‌

3,002,573‌

373,467‌

1,350,860‌

118,199‌

329,972‌

31,346‌

68,805‌

8,875‌

22,351‌

6,879‌

105,015‌

(1,312,748‌)

(4,056,470‌)

(483,565‌)

(1,818,896‌)

(106,008‌)

(277,680‌)

(86,979‌)

(985,092‌)

(101,223‌)

(445,685‌)

19,070‌

157,307‌

Semi-Annual

Report

2021

Statements

of

Changes

in

Net

Assets

(Unaudited)

33

See

accompanying

Notes

to

Financial

Statements.

GROWTH

OPPORTUNITIES

FUND

For

the

Six

Months

Ended

September

30,

2021

For

the

Year

Ended

March

31,

2021

Operations:

Net

investment

income

(loss)

$

(315,093‌)

$

(492,219‌)

Net

realized

gain

on

investment

transactions

11,435,272‌

39,954,428‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(422,053‌)

33,183,232‌

Net

increase

in

net

assets

from

operations

10,698,126‌

72,645,441‌

Distributions

to

Shareholders:

Institutional

Class

–‌

(2,567,689‌)

Institutional

Plus

Class

–‌

(24,521,804‌)

Change

in

net

assets

from

distributions

to

shareholders

–‌

(27,089,493‌)

Capital

Transactions:

Proceeds

from

shares

issued

Institutional

Class

31,361‌

856,995‌

Institutional

Plus

Class

5,939,282‌

16,496,874‌

Proceeds

from

dividends

reinvested

Institutional

Class

–‌

2,480,480‌

Institutional

Plus

Class

–‌

13,081,182‌

Cost

of

shares

redeemed

Institutional

Class

(624,040‌)

(4,387,872‌)

Institutional

Plus

Class

(9,337,993‌)

(27,611,278‌)

Change

in

net

assets

from

capital

transactions

(3,991,390‌)

916,381‌

Change

in

net

assets

6,706,736‌

46,472,329‌

Net

Assets:

Beginning

of

Period

161,136,804‌

114,664,475‌

End

of

Period

$

167,843,540‌

$

161,136,804‌

Share

Transactions

Institutional

Class:

Shares

issued

1,596‌

45,871‌

Shares

reinvested

–‌

134,809‌

Shares

redeemed

(31,539‌)

(232,476‌)

Change

in

shares

(29,943‌)

(51,796‌)

Share

Transactions

Institutional

Plus

Class:

Shares

issued

289,007‌

840,295‌

Shares

reinvested

–‌

687,037‌

Shares

redeemed

(452,169‌)

(1,441,209‌)

Change

in

shares

(163,162‌)

86,123‌

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Semi-Annual

Report

2021

Statements

of

Changes

in

Net

Assets

(Unaudited)

34

See

accompanying

Notes

to

Financial

Statements.

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

For

the

Six

Months

Ended

September

30,

2021

For

the

Year

Ended

March

31,

2021

For

the

Six

Months

Ended

September

30,

2021

For

the

Year

Ended

March

31,

2021

$

(1,093‌)

$

6,369‌

$

943,584‌

$

3,587,760‌

68,965‌

159,348‌

56,498,063‌

104,892,024‌

182,644‌

1,290,266‌

(25,101,632‌)

298,870,292‌

250,516‌

1,455,983‌

32,340,015‌

407,350,076‌

–‌

–‌

–‌

(13,226‌)

–‌

(7,356‌)

–‌

(2,623,734‌)

–‌

(7,356‌)

–‌

(2,636,960‌)

9,328‌

18,053‌

3,304,720‌

15,457,786‌

612,372‌

749,087‌

64,784,664‌

338,549,582‌

–‌

–‌

–‌

11,679‌

–‌

4,484‌

–‌

1,354,490‌

(12,772‌)

(11,834‌)

(17,991,845‌)

(33,288,490‌)

–‌

(1,417‌)

(148,788,661‌)

(514,706,927‌)

608,928‌

758,373‌

(98,691,122‌)

(192,621,880‌)

859,444‌

2,207,000‌

(66,351,107‌)

212,091,236‌

3,761,324‌

1,554,324‌

790,970,412‌

578,879,176‌

$

4,620,768‌

$

3,761,324‌

$

724,619,305‌

$

790,970,412‌

635‌

1,455‌

93,670‌

644,420‌

–‌

–‌

–‌

398‌

(866‌)

(1,297‌)

(508,888‌)

(1,337,404‌)

(231‌)

158‌

(415,218‌)

(692,586‌)

41,615‌

77,232‌

1,814,790‌

14,087,928‌

–‌

370‌

–‌

45,915‌

–‌

(117‌)

(4,212,386‌)

(18,584,804‌)

41,615‌

77,485‌

(2,397,596‌)

(4,450,961‌)

Financial

Highlights

(Unaudited)

For

a

Share

Outstanding

Semi-Annual

Report

2021

35

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

09/30/21

$

9.42‌

$

0.05‌

$

(0.01‌)

$

0.04‌

$

(0.08‌)

$

—‌

$

—‌

$

9.38‌

0.38‌

%

$

10,316‌

0.68‌

%

1.08‌

%

1.12‌

%

21‌

%

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

09/30/21

9.45‌

0.06‌

(0.01‌)

0.05‌

(0.09‌)

—‌

—‌

9.41‌

0.48‌

227,659‌

0.49‌

1.27‌

0.72‌

21‌

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

09/30/21

10.56‌

0.09‌

0.12‌

0.21‌

(0.11‌)

—‌

—‌

10.66‌

2.03‌

3,075‌

0.77‌

1.61‌

1.65‌

19‌

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

09/30/21

10.56‌

0.10‌

0.13‌

0.23‌

(0.13‌)

—‌

—‌

10.66‌

2.15‌

199,329‌

0.54‌

1.84‌

0.83‌

19‌

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

09/30/21

9.86‌

0.08‌

(0.03‌)

0.05‌

(0.08‌)

—‌

—‌

9.83‌

0.48‌

71,008‌

0.45‌

1.56‌

0.67‌

3‌

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

09/30/21

19.66‌

0.05‌

1.10‌

1.15‌

(0.05‌)

—‌

—‌

20.76‌

5.86‌

37,418‌

1.02‌

0.50‌

1.28‌

12‌

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

Financial

Highlights

(Unaudited)

For

a

Share

Outstanding

Semi-Annual

Report

2021

36

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)

Institutional

Plus

Class

09/30/21

$

1

9.43‌

$

0.07‌

$

1.08‌

$

1.15‌

$

(0.08‌)

$

—‌

$

—‌

$

20.50‌

5.91‌%

$

44,788‌

0.83‌%

0.70‌%

1.03‌%

12‌%

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

GROWTH

OPPORTUNITIES

FUND

Institutional

Class

09/30/21

18.85‌

(0.05‌)

1.28‌

1.23‌

—‌

—‌

—‌

20.08‌

6.53‌

14,162‌

1.08‌

(0.54‌)

1.34‌

27‌

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

09/30/21

19.51‌

(0.04‌)

1.34‌

1.30‌

—‌

—‌

—‌

20.81‌

6.66‌

153,681‌

0.89‌

(0.35‌)

0.96‌

27‌

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

(e)

(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

09/30/21

13.83‌

(0.02‌)

0.91‌

0.89‌

—‌

—‌

—‌

14.72‌

6.44‌

34‌

1.20‌

(0.29‌)

40.96‌

7‌

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

09/30/21

13.86‌

0.00‌

(e)

0.91‌

0.91‌

—‌

—‌

—‌

14.77‌

6.57‌

4,586‌

0.95‌

(0.05‌)

2.34‌

7‌

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

09/30/21

33.85‌

0.01‌

1.38‌

1.39‌

—‌

—‌

—‌

35.24‌

4.11‌

58,135‌

1.18‌

0.05‌

1.33‌

16‌

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

09/30/21

34.03‌

0.05‌

1.39‌

1.44‌

—‌

—‌

—‌

35.47‌

4.23‌

666,484‌

0.95‌

0.27‌

1.05‌

16‌

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.

(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.

(b)

Not

annualized

for

a

period

less

than

one

year.

(c)

Annualized

for

a

period

less

than

one

year.

(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.

(d)

Ratios

excluding

contractual

and

voluntary

waivers.

(e)

Amount

represents

less

than

$0.005.

Notes

to

Financial

Statements

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

37

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

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

38

on

the

committee

as

a

non-voting

member.

The

Fair

Value

Committee

is

responsible

for

determining

fair

valuations

for

any

security

for

which

market

quotations

are

not

readily

available.

For

those

securities

fair

valued

under

procedures

adopted

by

the

Board,

the

Fair

Value

Committee

reviews

and

affirms

the

reasonableness

of

the

fair

valuation

determinations

after

considering

all

relevant

information

that

is

reasonably

available.

The

Fair

Valuation

Committee’s

determinations

are

subject

to

review

by

the

Funds’

Board

at

its

next

regularly

scheduled

meeting

covering

the

calendar

quarter

in

which

the

fair

valuation

was

determined.

The

Funds

use

a

framework

for

measuring

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

(exit

price).

One

component

of

fair

value

is

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

various

“inputs”

used

to

determine

the

value

of

the

Funds’

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

includes

valuations

based

on

quoted

prices

of

identical

securities

in

active

markets

including

valuations

for

securities

listed

on

a

securities

exchange

or

investments

in

mutual

funds.

Level

2

–

includes

valuations

for

which

all

significant

inputs

are

observable,

either

directly

or

indirectly.

Direct

observable

inputs

include

broker

quotes

in

active

markets,

closing

prices

of

similar

securities

in

active

markets,

closing

prices

for

identical

or

similar

securities

in

non-active

markets,

or

corporate

action

or

reorganization

entitlement

values.

Indirect

significant

observable

inputs

include

factors

such

as

interest

rates,

yield

curves,

prepayment

speeds

or

credit

ratings.

Level

2

includes

valuations

for

fixed

income

securities

priced

by

pricing

services,

broker

quotes

in

active

markets,

or

ADRs

and

GDRs

for

which

quoted

prices

in

active

markets

are

not

available.

Level

3

–

includes

valuations

based

on

inputs

that

are

unobservable

and

significant

to

the

fair

value

measurement,

including

the

Fair

Value

Committee's

own

assumptions

in

determining

the

fair

value

of

the

investment.

Inputs

used

to

determine

the

fair

value

of

Level

3

securities

include

security

specific

inputs

such

as:

credit

quality,

issuer

news,

trading

characteristics,

or

industry

specific

inputs

such

as:

trading

activity

of

similar

markets

or

securities,

changes

in

the

security’s

underlying

index,

or

comparable

securities’

models.

Level

3

valuations

include

securities

that

are

priced

based

on

single

source

broker

quotes,

where

prices

may

be

unavailable

due

to

halted

trading,

restricted

to

resale

due

to

market

events,

newly

issued

or

investments

for

which

reliable

quotes

are

not

available.

To

assess

the

continuing

appropriateness

of

security

valuations,

the

co-administrator

regularly

compares

current

day

prices

with

prior

day

prices,

transaction

prices,

and

alternative

vendor

prices.

When

the

comparison

results

exceed

pre-defined

thresholds,

the

co-administrator

challenges

the

prices

exceeding

tolerance

levels

with

the

pricing

service

or

broker.

To

substantiate

Level

3

unobservable

inputs,

the

adviser

and

co-administrator

use

a

variety

of

techniques

as

appropriate,

including,

transaction

backtesting

or

disposition

analysis

and

review

of

related

market

activity.

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund’s

investments

as

of

September

30,

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

$

–‌

$

50,906,815‌

$

–‌

$

50,906,815‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

36,993,850‌

–‌

36,993,850‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

27,046,700‌

–‌

27,046,700‌

Corporate

Bonds

–‌

69,411,180‌

–‌

69,411,180‌

Government

&

Agency

Obligations

–‌

49,904,937‌

–‌

49,904,937‌

Preferred

Stocks

529,375‌

–‌

–‌

529,375‌

Short-Term

Investments

3,459,629‌

–‌

–‌

3,459,629‌

Total

$

3,989,004‌

$

234,263,482‌

$

–‌

$

238,252,486‌

Notes

to

Financial

Statements

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

39

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

21,498,347‌

$

–‌

$

21,498,347‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

17,296,585‌

–‌

17,296,585‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

23,033,172‌

–‌

23,033,172‌

Corporate

Bonds

–‌

68,482,365‌

–‌

68,482,365‌

Government

&

Agency

Obligations

–‌

68,980,331‌

–‌

68,980,331‌

Short-Term

Investments

2,643,235‌

–‌

–‌

2,643,235‌

Total

$

2,643,235‌

$

199,290,800‌

$

–‌

$

201,934,035‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

70,028,271‌

$

–‌

$

70,028,271‌

Short-Term

Investments

948,159‌

–‌

–‌

948,159‌

Total

$

948,159‌

$

70,028,271‌

$

–‌

$

70,976,430‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks*

$

51,559,063‌

$

–‌

$

–‌

$

51,559,063‌

Asset

Backed

Securities

–‌

2,716,502‌

–‌

2,716,502‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

2,550,183‌

–‌

2,550,183‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

905,452‌

–‌

905,452‌

Corporate

Bonds

–‌

10,492,724‌

–‌

10,492,724‌

Government

&

Agency

Obligations

–‌

9,679,906‌

–‌

9,679,906‌

Short-Term

Investments

4,379,059‌

–‌

–‌

4,379,059‌

Total

$

55,938,122‌

$

26,344,767‌

$

–‌

$

82,282,889‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Growth

Opportunities

Fund

Common

Stocks*

$

165,155,348‌

$

–‌

$

–‌

$

165,155,348‌

Short-Term

Investments

3,994,523‌

–‌

–‌

3,994,523‌

Total

$

169,149,871‌

$

–‌

$

–‌

$

169,149,871‌

Notes

to

Financial

Statements

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

40

*

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.

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,

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

4,596,330‌

$

–‌

$

–‌

$

4,596,330‌

Short-Term

Investments

36,809‌

–‌

–‌

36,809‌

Total

$

4,633,139‌

$

–‌

$

–‌

$

4,633,139‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

712,701,008‌

$

–‌

$

–‌

$

712,701,008‌

Short-Term

Investments

11,155,029‌

–‌

–‌

11,155,029‌

Total

$

723,856,037‌

$

–‌

$

–‌

$

723,856,037‌

Notes

to

Financial

Statements

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

41

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

Advisers

(“FNA”

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

FNA

are

paid

by

Tributary.

For

the

services

provided

and

expenses

assumed

under

the

FNA

Sub-Advisory

Agreement,

Tributary

pays

FNA

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.

The

amounts

waived

for

each

Fund

are

recorded

as

expenses

waived

in

each

Fund’s

Statement

of

Operations.

Other

Fund

service

providers

have

also

contractually

agreed

to

waive

a

portion

of

their

fees.

For

the

period

ended

September

30,

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

September

30,

2021,

the

amount

of

potentially

recoverable

expenses

are

as

follows:

Short-Intermediate

Bond

Fund

–

$1,225,946;

Income

Fund

–

$1,495,537;

Nebraska

Tax-Free

Fund

–

$403,076;

Balanced

Fund

–

$432,880;

Growth

Opportunities

Fund

–

$277,861;

Small/Mid

Cap

Fund

–

$146,875;

Small

Company

Fund

–

$1,651,619.

U.S.

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

Expense

Caps

Short-Intermediate

Bond

Fund

0.49

%

Income

Fund

0.53

Nebraska

Tax-Free

Fund

0.45

Balanced

Fund

0.80

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

$

285,296‌

$

–‌

$

596‌

$

285,892‌

Income

Fund

301,094‌

–‌

510‌

301,604‌

Nebraska

Tax-Free

Fund

80,294‌

–‌

180‌

80,474‌

Balanced

Fund

95,295‌

–‌

206‌

95,501‌

Growth

Opportunities

Fund

75,986‌

–‌

426‌

76,412‌

Small/Mid

Cap

Fund

18,548‌

19,463‌

11‌

38,022‌

Small

Company

Fund

372,746‌

–‌

1,847‌

374,593‌

Notes

to

Financial

Statements

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

42

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

six

months

ended

September

30,

2021,

the

Funds

paid

FNBO

as

follows:

Short-Intermediate

Bond

Fund

–

$35;

Income

Fund

–

$96;

Balanced

Fund

–

$3;

Growth

Opportunities

Fund

–

$62;

Small

Company

Fund

–

$4.

The

amounts

accrued

for

shareholder

service

fees

are

included

under

Shareholder

service

fees

–

Institutional

Class

within

the

Statements

of

Operations.

4.

Investment

Transactions

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

U.S.

Government

securities

and

short-term

investments

(maturing

less

than

one

year

from

acquisition),

for

the

six

months

ended

September

30,

2021,

were

as

follows:

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

long-term

U.S.

Government

securities

for

the

six

months

ended

September

30,

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.

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.

Purchases

Sales

Short-Intermediate

Bond

Fund

$

44,114,245‌

$

46,306,246‌

Income

Fund

32,027,271‌

24,516,385‌

Nebraska

Tax-Free

Fund

2,331,580‌

2,942,643‌

Balanced

Fund

7,019,318‌

9,098,719‌

Growth

Opportunities

Fund

44,669,564‌

47,999,572‌

Small/Mid

Cap

Fund

912,455‌

316,313‌

Small

Company

Fund

117,574,668‌

208,441,473‌

Purchases

Sales

Short-Intermediate

Bond

Fund

$

8,727,534‌

$

2,982,749‌

Income

Fund

4,978,866‌

15,547,371‌

Balanced

Fund

2,615,371‌

2,682,140‌

Notes

to

Financial

Statements

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

43

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

September

30,

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:

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:

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

$

236,412,438‌

$

2,380,991‌

$

(540,943‌)

$

1,840,048‌

Income

Fund

193,596,301‌

9,494,298‌

(1,156,564‌)

8,337,734‌

Nebraska

Tax-Free

Fund

68,381,728‌

2,702,290‌

(107,587‌)

2,594,703‌

Balanced

Fund

56,989,621‌

25,788,005‌

(494,737‌)

25,293,268‌

Growth

Opportunities

Fund

116,516,536‌

54,800,473‌

(2,167,138‌)

52,633,335‌

Small/Mid

Cap

Fund

3,407,960‌

1,285,424‌

(60,245‌)

1,225,179‌

Small

Company

Fund

468,360,249‌

264,143,261‌

(8,647,473‌)

255,495,788‌

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.

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

Notes

to

Financial

Statements

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

44

*

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.

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.

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

Additional

Fund

Information

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

45

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program,

as

required

by

Rule22e-4

(the

“Liquidity

Rule”)

under

the

Investment

Company

Act

of

1940,

as

amended.

The

liquidity

risk

management

program

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration,

among

other

factors,

each

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources.

The

Board

approved

the

formation

of

a

Liquidity

Committee

to

serve

as

the

administrator

of

the

liquidity

risk

management

program

(the

“Program

Administrator”).

The

Program

Administrator

is

responsible

for

the

administration

and

oversight

of

the

program

and

for

reporting

to

the

Board

on

at

least

an

annual

basis

regarding,

among

other

things,

the

program’s

operation,

adequacy,

and

effectiveness.

The

Program

Administrator

assessed

each

Fund’s

liquidity

risk

profile

based

on

information

gathered

for

the

period

April

1,

2020

through

March

31,

2021

in

order

to

prepare

a

written

report

to

the

Board

for

review

at

its

meeting

held

on

May

26,

2021.

The

Program

Administrator’s

report

stated

that:

(i)

each

Fund

is

able

to

meet

redemptions

in

normal

and

reasonably

foreseeable

stressed

conditions

and

without

significant

dilution

of

remaining

shareholders’

interests

in

the

Fund;

(ii)

each

Fund’s

strategy

is

appropriate

for

an

open-end

mutual

fund;

(iii)

the

liquidity

classification

determinations

regarding

each

Fund’s

portfolio

investments,

which

take

into

account

a

variety

of

factors

and

may

incorporate

analysis

from

one

or

more

third-party

data

vendors,

remained

appropriate;

(iv)

the

Funds

did

not

approach

the

internal

triggers

set

forth

in

the

liquidity

risk

management

program

or

the

regulatory

percentage

limitation

(15%)

on

holdings

in

illiquid

investments;

(v)

it

continues

to

be

appropriate

to

not

set

a

“highly

liquid

investment

minimum”

for

the

Funds

because

the

Funds

primarily

hold

“highly

liquid

investments”;

and

(vi)

the

liquidity

risk

management

program

remains

reasonably

designed

and

adequately

implemented

to

prevent

violations

of

the

Liquidity

Rule.

No

significant

liquidity

events

impacting

the

Funds

were

noted

in

the

report.

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.

Table

of

Shareholder

Expenses

As

a

shareholder

of

the

Funds

,

you

incur

ongoing

costs,

including

management

fees,

shareholder

servicing

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

April

1,

2021,

through

September

30,

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

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

46

Expenses

Using

Actual

Fund

Return

Expenses

Using

Hypothetical

5%

Return

Beginning

Account

Value

4/1/21

Ending

Account

Value

9/30/21

Expense

Paid

During

Period*

Expense

Ratio

During

Period*

Beginning

Account

Value

4/1/21

Ending

Account

Value

9/30/21

Expenses

Paid

During

Period*

Expense

Ratio

During

Period*

Short-Intermediate

Bond

Fund

Institutional

Class

$

1,000.00‌

$

1,003.82‌

$

3.42‌

0.68‌%

$

1,000.00‌

$

1,021.66‌

$

3.45‌

0.68‌%

Institutional

Plus

Class

1,000.00‌

1,004.78‌

2.46‌

0.49‌

1,000.00‌

1,022.61‌

2.48‌

0.49‌

Income

Fund

Institutional

Class

$

1,000.00‌

$

1,020.30‌

$

3.90‌

0.77‌%

$

1,000.00‌

$

1,021.21‌

$

3.90‌

0.77‌%

Institutional

Plus

Class

1,000.00‌

1,021.47‌

2.74‌

0.54‌

1,000.00‌

1,022.36‌

2.74‌

0.54‌

Nebraska

Tax-Free

Fund

Institutional

Plus

Class

$

1,000.00‌

$

1,004.80‌

$

2.26‌

0.45‌%

$

1,000.00‌

$

1,022.81‌

$

2.28‌

0.45‌%

Balanced

Fund

Institutional

Class

$

1,000.00‌

$

1,058.55‌

$

5.26‌

1.02‌%

$

1,000.00‌

$

1,019.95‌

$

5.16‌

1.02‌%

Institutional

Plus

Class

1,000.00‌

1,059.05‌

4.28‌

0.83‌

1,000.00‌

1,020.91‌

4.20‌

0.83‌

Growth

Opportunities

Fund

Institutional

Class

$

1,000.00‌

$

1,065.77‌

$

5.59‌

1.08‌%

$

1,000.00‌

$

1,019.65‌

$

5.47‌

1.08‌%

Institutional

Plus

Class

1,000.00‌

1,066.64‌

4.61‌

0.89‌

1,000.00‌

1,020.61‌

4.51‌

0.89‌

Small/Mid

Cap

Fund

Institutional

Class

$

1,000.00‌

$

1,064.36‌

$

6.21‌

1.20‌%

$

1,000.00‌

$

1,019.05‌

$

6.07‌

1.20‌%

Institutional

Plus

Class

1,000.00‌

1,065.66‌

4.92‌

0.95‌

1,000.00‌

1,020.31‌

4.81‌

0.95‌

Small

Company

Fund

Institutional

Class

$

1,000.00‌

$

1,041.06‌

$

6.04‌

1.18‌%

$

1,000.00‌

$

1,019.15‌

$

5.97‌

1.18‌%

Institutional

Plus

Class

1,000.00‌

1,042.32‌

4.86‌

0.95‌

1,000.00‌

1,020.31‌

4.81‌

0.95‌

*

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.

Investment

Advisory

Agreement

Approval

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

47

Review

and

Approval

of

the

Funds’

Advisory

and

Sub-Advisory

Agreements

On

May

26,

2021,

the

Board

of

Directors

(the

“Board”)

of

Tributary

Funds,

Inc.

(the

“Funds”),

including

all

of

the

Directors

who

are

not

parties

to

any

of

the

investment

advisory

or

sub-advisory

agreements

for

the

Company

or

“interested

persons,”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

of

any

party

to

such

agreements

(the

“Independent

Directors”)

voted

to

continue

(i)

the

Investment

Advisory

Agreement

dated

May

3,

2010,

as

amended

(“Investment

Advisory

Agreement”),

between

the

Funds

and

Tributary

Capital

Management,

LLC

(“Tributary”),

the

investment

adviser

to

the

Funds,

and

(ii)

the

Investment

Sub-Advisory

Agreement

dated

November

17,

2011,

as

amended

(“Investment

Sub-Advisory

Agreement”),

between

Tributary

and

First

National

Fund

Advisers

(“FNA”)

with

respect

to

the

Tributary

Balanced

Fund,

Tributary

Growth

Opportunities

Fund,

Tributary

Income

Fund,

Tributary

Short-Intermediate

Bond

Fund

and

the

Tributary

Nebraska

Tax-Free

Fund

(collectively,

the

“FNA

Funds”).

Tributary

Capital

Management,

LLC

In

its

deliberations,

the

Board

did

not

identify

any

single

piece

of

information

that

was

controlling

or

determinative

for

its

decision

respecting

the

investment

agreement

with

Tributary.

However,

the

following

are

the

Board’s

conclusions

respecting

the

material

factors

the

Board

considered

when

approving

the

continuance

of

the

investment

advisory

agreement

with

Tributary.

Nature,

Extent,

and

Quality

of

Services

to

be

Provided.

The

Board

received

and

considered

information

pertaining

to

the

nature,

extent,

and

quality

of

services

to

be

provided

to

the

Funds

by

Tributary

under

the

Investment

Advisory

Agreement.

The

Board

reviewed

biographical

information

for

each

portfolio

manager

to

be

employed

by

Tributary

who

would

be

providing

services

under

the

Investment

Advisory

Agreement

and

noted

the

breadth

and

depth

of

their

experience,

as

well

as

the

methods

of

determining

compensation

for

the

Funds’

portfolio

managers.

The

Board

carefully

evaluated

the

nature,

extent,

and

quality

of

Tributary’s

advisory

services.

The

Board

also

evaluated

Tributary’s

organizational

structure

and

resources,

noting

that

Tributary

was

a

wholly

owned

subsidiary

of

First

National

Bank

of

Omaha.

The

Board

requested

and

evaluated

Tributary’s

current

Form

ADV.

Based

on

Tributary’s

income

statement

and

statement

of

financial

condition

for

the

twelve-months

ended

December

31,

2020,

the

Board

concluded

that

Tributary

would

be

sufficiently

capitalized

to

satisfy

its

obligations

to

the

Funds.

The

Board

also

noted

the

historic

financial

stability

of

FNBO

and

its

parent

company

as

it

relates

to

the

operation

of

Tributary.

After

reviewing

the

foregoing

information

and

further

information

in

Tributary’s

responses,

including

Tributary’s

overall

business

and

clients,

descriptions

of

Tributary’s

trading

and

brokerage

practices,

Tributary’s

coordination

of

certain

intermediary

agreements

and

certain

revenue

sharing

arrangements,

and

its

cyber

security

and

disaster

recovery

plans,

the

Board

concluded

that,

in

light

of

all

the

facts

and

circumstances,

the

nature,

extent,

and

quality

of

the

services

to

be

provided

by

Tributary

were

satisfactory

and

adequate

for

the

Funds.

Investment

Performance.

The

Board

recognized

that

the

investment

objective

and

principal

investment

strategies

of

the

Funds

are

expected

to

continue

substantially

unchanged

under

Tributary’s

Investment

Advisory

Agreement.

It

was

noted

that

the

portfolio

management

team

at

Tributary

currently

managing

the

Funds

would

continue

to

manage

the

Funds.

The

Board

reviewed

the

Lipper

and

Morningstar

“peer

groups”

as

an

appropriate

benchmark

for

evaluating

the

performance

to

be

achieved

by

Tributary

for

the

Funds,

and

also

considered

the

performance

of

the

Small

Company

Fund

and

Small/Mid-Cap

Fund

as

compared

to

their

respective

broad-

based

securities

market

indices.

The

Board

observed

that

the

Small

Company

Fund

underperformed

each

of

its

Lipper

peer

group

average

and

its

Morningstar

peer

group

average

for

the

one-,

three-,

five-,

and

10-year

periods

ended

March

31,

2021.

The

Board

also

observed

that

the

Small

Company

Fund

underperformed

the

Russell

2000®

Index

and

Russell

2000®

Value

Index

over

the

one-,

three-,

five-,

and

10-year

periods

ended

March

31,

2021.

The

Board

considered

Tributary’s

explanation

regarding

the

Small

Company

Fund’s

relative

performance,

including

the

factors

contributing

to

and

detracting

from

performance

relative

to

the

peers

and

indices.

The

Board

also

evaluated

the

Small

Company

Fund’s

performance

as

compared

to

certain

accounts

managed

by

Tributary

with

comparable

investment

strategies.

The

Board

noted

that

the

Small/Mid-Cap

Fund

commenced

operations

on

August

1,

2019

and,

as

such,

long

term

performance

is

unavailable.

The

Board

observed

that

the

Small/Mid-Cap

Fund

underperformed

its

Morningstar

peer

group

average

for

the

one-year

period

ended

March

31,

2021,

and

performed

in

line

with

the

average

of

its

Lipper

peer

group

for

the

one-year

period

ended

March

31,

2021.

The

Board

also

observed

that

the

Small/Mid-Cap

Fund

underperformed

both

the

Russell

2500®

Index

and

Russell

2500®

Value

Index

for

the

one-year

period

ended

March

31,

2021.

The

Board

considered

Tributary’s

explanation

regarding

the

Small/Mid-Cap

Fund’s

relative

performance,

including

the

factors

contributing

to

and

detracting

from

performance

relative

to

the

peers

and

indices.

The

Board

also

considered

the

Small/Mid-Cap

Fund’s

performance

as

compared

to

certain

accounts

managed

by

Tributary

with

comparable

investment

strategies.

The

Board

noted

that

the

performance

data

for

the

Balanced

Fund,

Growth

Opportunities

Fund,

Income

Fund,

Short-Intermediate

Bond

Fund

and

Nebraska

Tax-Free

Fund,

which

Tributary

advises,

will

be

next

discussed

during

the

review

of

FNA,

the

sub-adviser

to

those

Funds.

After

reviewing

and

further

discussing

the

performance

of

the

Funds,

Tributary’s

portfolio

managers’

experience

managing

the

Funds,

and

Tributary’s

historical

investment

performance,

and

other

relevant

factors,

the

Board

concluded

that

the

shareholders

of

the

Funds

could

benefit

from

Tributary’s

continued

management

of

the

Funds

and

that

the

performance

of

the

Funds

was

reasonable

in

light

of

all

the

facts

and

circumstances.

Cost

of

Services

Provided

and

Profitability.

The

Board

reviewed

Tributary’s

current

advisory

fee

in

relation

to

the

nature,

extent,

and

quality

of

services

to

be

provided

by

Tributary.

The

Board

noted

that

the

Funds’

advisory

fees

and

expense

ratios

were

within

the

range

of

advisory

fees

and

expense

ratios

of

funds

in

their

respective

Lipper

peer

group.

The

Board

Investment

Advisory

Agreement

Approval

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

48

noted

that

the

advisory

fees

charged

by

Tributary

to

each

of

the

Funds

would

remain

the

same,

although

Tributary

proposed

a

reduction

in

the

expense

caps

for

the

Tributary

Income

Fund

and

Tributary

Balanced

Fund

effective

August

1,

2021.

With

respect

to

the

Small

Company

Fund,

the

Board

considered

that

although

the

total

expense

ratio

is

slightly

higher

than

the

median

of

its

Lipper

peer

group,

the

advisory

fee

was

in

line

with

its

Lipper

peer

group

and

noted

the

Adviser’s

representation

that

the

advisory

fee

and

total

expense

ratio

were

believed

to

be

within

a

reasonable

range

of

the

Lipper

peer

group

averages.

The

Board

observed

that

the

Small

Company

Fund’s

expense

cap

was

lowered

August

1,

2020

and

considered

the

Adviser’s

representation

that

overall

expenses

for

Small

Company

Fund

shareholders

were

believed

to

be

competitive.

The

Board

also

considered

advisory

fees

paid

to

Tributary

for

management

of

certain

accounts

with

investment

policies

similar

to

that

of

the

Small

Company

Fund,

which

advisory

fees

were

lower

than

the

advisory

fees

paid

by

the

Fund.

However,

the

Board

noted

certain

distinguishing

factors

in

the

compensation

arrangements,

including

that

Tributary

subsidizes

certain

intermediary

expenses

on

behalf

of

the

Fund,

which

payments

are

not

made

with

respect

to

such

other

accounts.

With

respect

to

the

Small/Mid-Cap

Fund,

the

Board

observed

that

the

advisory

fee

and

total

expense

ratio

were

lower

than

its

Lipper

peer

group

averages.

The

Board

noted

the

Adviser’s

representation

that

there

were

limitations

inherent

in

a

direct

comparison

of

the

Small/Mid-Cap

Fund

to

its

Lipper

peers

due

to

the

relatively

small

size

of

the

Small/Mid-Cap

Fund.

The

Board

also

noted

that

the

Expense

Waiver

Agreement

in

place

for

the

Small/Mid-Cap

Fund

could

allow

for

overall

expenses

for

Small/Mid-Cap

Fund

shareholders

to

remain

competitive,

and

that

the

Adviser

was

currently

subsidizing

the

Small/Mid-Cap

Fund’s

operations

in

view

of

the

Small/Mid-Cap

Fund’s

relatively

low

assets

and

the

Adviser’s

obligations

under

the

Expense

Waiver

Agreement.

The

Board

considered

Tributary’s

profitability

with

respect

to

advisory

services

provided

to

the

Funds.

Based

on

the

foregoing,

among

other

relevant

considerations,

the

Board

concluded

that

the

fees

to

be

paid

to

Tributary,

the

costs

of

the

services

to

be

provided,

and

the

profits

that

may

be

realized

by

Tributary,

in

light

of

all

the

facts

and

circumstances,

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

the

services

provided

by

Tributary

and

that

they

reflected

charges

within

a

range

of

what

could

have

been

negotiated

at

arm’s

length.

Economies

of

Scale.

The

Board

considered

whether

the

Funds

could

benefit

from

any

economies

of

scale.

In

this

regard,

the

Board

considered

the

Funds’

fee

structures,

asset

sizes,

net

expense

ratios,

and

the

fees

of

comparable

advisers,

recognizing

that

an

analysis

of

economies

of

scale

is

most

relevant

when

a

fund

has

achieved

a

substantial

size

and

has

growing

assets

and

that,

if

a

fund’s

assets

are

stable

or

decreasing,

the

significance

of

economies

of

scale

may

be

reduced.

Noting

the

relatively

stable

asset

levels

in

the

Funds,

the

Board

did

not

consider

break-points

in

advisory

fees

as

appropriate

at

this

time,

noting

that

economies

of

scale

could

be

achieved

through

break-points

at

higher

Fund

asset

levels.

The

Board

discussed

with

Tributary

appropriate

assets

levels

at

which

any

break-points

in

advisory

fees

may

be

considered.

Currently,

fee

waivers

are

in

place

with

both

Tributary

and

FNA

in

order

to

maintain

expenses

at

competitive

levels. 

Other

Considerations.

The

Board

also

identified

and

considered

benefits

that

could

be

anticipated

to

accrue

to

Tributary

because

of

its

relationship

with

the

Funds,

including

accessibility

of

the

Funds’

investment

strategy

through

other

accounts

managed

by

Tributary,

as

well

as

certain

soft-dollar

and

research

benefits.

Tributary

also

serves

as

co-administrator

to

the

Funds

under

a

Co-Administration

Agreement,

pursuant

to

which

Tributary

receives

a

monthly

fee

from

the

Funds.

Legal

Considerations.

The

Board

noted

that

it

was

not

aware

of

any

pending

or

anticipated

legal

proceedings

or

investigations

involving

Tributary.

Based

on

the

Board’s

deliberations

and

its

evaluation

of

the

information

described

above,

the

Board

unanimously,

including

all

of

its

Independent

Directors

concluded

(a)

that

the

terms

of

the

Investment

Advisory

Agreement

are

fair

and

reasonable;

and

(b)

that

fees

under

the

Investment

Advisory

Agreement

are

reasonable

in

light

of

the

services

that

Tributary

will

provide

to

the

Funds.

First

National

Advisers

In

its

deliberations,

the

Board

did

not

identify

any

single

piece

of

information

that

was

controlling

or

determinative

for

its

decision

respecting

the

investment

sub-advisory

agreement

with

FNA.

However,

the

following

are

the

Board’s

conclusions

respecting

the

material

factors

the

Board

considered

when

approving

the

continuance

of

the

investment

sub-advisory

agreement

with

FNA.

Nature,

Extent,

and

Quality

of

Services

to

be

Provided.

The

Board

received

and

considered

information

pertaining

to

the

nature,

extent,

and

quality

of

services

to

be

provided

to

the

FNA

Funds

under

FNA’s

Investment

Sub-Advisory

Agreement.

The

Board

reviewed

biographical

information

for

each

portfolio

manager

to

be

employed

by

FNA

who

would

continue

providing

services

under

the

Investment

Sub-Advisory

Agreement

and

noted

the

breadth

and

depth

of

their

experience,

as

well

as

the

methods

of

determining

compensation

for

the

Funds’

portfolio

managers.

The

Board

carefully

evaluated

the

nature,

extent

and

quality

of

FNA’s

advisory

services,

including

its

services

as

sub-adviser

to

Tributary

on

behalf

of

the

FNA

Funds.

The

Board

also

evaluated

FNA’s

organizational

structure

and

resources,

which

the

Board

noted

were

consistent

with

those

of

Tributary.

The

Board

requested

and

evaluated

FNA’s

current

Form

ADV.

The

Board

concluded,

based

on

the

materials

reviewed,

that

FNA

would

be

sufficiently

capitalized

to

satisfy

its

obligations

to

the

FNA

Funds.

The

Board

also

noted

the

historical

financial

stability

of

FNBO,

FNA’s

parent

company,

as

it

relates

to

the

operations

of

FNA.

After

reviewing

the

foregoing

information

and

further

information

in

FNA’s

responses,

including

descriptions

of

FNA’s

overall

business

and

clients,

its

trading

and

brokerage

practices,

and

its

cyber

security

and

disaster

recovery

plans,

the

Board

concluded

that,

in

light

of

all

the

facts

and

circumstances,

the

nature,

extent,

and

quality

of

the

services

to

be

provided

by

FNA

were

satisfactory

and

adequate

for

the

FNA

Funds.

Investment

Advisory

Agreement

Approval

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

49

Investment

Performance.

The

Board

recognized

that

the

investment

objective

and

principal

investment

strategies

of

the

FNA

Funds

are

expected

to

continue

unchanged

under

FNA’s

Investment

Sub-Advisory

Agreement.

It

was

noted

that

the

portfolio

management

teams

at

FNA

currently

managing

the

FNA

Funds

would

continue

to

manage

the

FNA

Funds.

The

Board

reviewed

the

Lipper

and

Morningstar

“peer

groups”

as

an

appropriate

benchmark

for

evaluating

the

performance

to

be

achieved

by

FNA

for

the

FNA

Funds.

The

Board

noted

that

each

of

the

FNA

Funds’

performance

for

the

Institutional

Plus

Class

outperformed

some

comparable

funds

and

underperformed

others

within

the

Lipper

peer

group.

The

Board

also

considered

the

performance

of

the

Short-Intermediate

Bond

Fund,

Income

Fund

and

the

Growth

Opportunities

Fund

as

compared

to

certain

accounts

managed

by

FNA

with

comparable

investment

strategies.

With

respect

to

the

Balanced

Fund,

the

Board

observed

that

the

Fund

underperformed

its

Lipper

peer

group

average

during

the

one-

and

five-year

periods

ended

March

31,

2021,

and

outperformed

its

Lipper

peer

group

average

for

the

three-

and

ten-year

periods

ended

March

31,

2021.

The

Board

observed

that

the

Balanced

Fund

underperformed

its

Morningstar

peer

group

average

for

the

one-year

period

ended

March

31,

2021

and

outperformed

its

Morningstar

peer

group

average

over

the

three-,

five-,

and

ten-year

periods

ended

March

31,

2021.

The

Board

also

observed

that

the

Balanced

Fund

underperformed

its

composite

index,

60%

of

which

is

comprised

of

the

Russell

3000

Index

and

40%

of

which

is

comprised

of

the

Barclays

U.S.

Intermediate

Government/Credit

Index,

during

the

one-,

three-,

five-,

and

10-year

periods

ended

March

31,

2021.

With

respect

to

the

Growth

Opportunities

Fund,

the

Board

observed

that,

although

the

Fund

underperformed

each

of

its

Lipper

peer

group

and

Morningstar

peer

group

averages

during

the

one-,

three-,

five-,

and

ten-year

periods

ended

March

31,

2021,

the

Fund’s

performance

was

within

a

reasonable

range

of

each

peer

group

average.

The

Board

also

observed

that,

although

the

Growth

Opportunities

Fund

underperformed

the

Russell

Midcap

Growth

Index

during

the

one-,

three-,

five-,

and

ten-year

periods

ended

March

31,

2021,

the

Fund’s

performance

was

within

a

reasonable

range

of

the

index.

With

respect

to

the

Income

Fund,

the

Board

observed

that

the

Fund

underperformed

its

Lipper

peer

group

average

during

the

one-,

three-,

five-year,

and

ten-

year

periods

ended

March

31,

2021.

The

Board

also

observed

that

the

Income

Fund

underperformed

its

Morningstar

peer

group

average

during

the

one-

and

three-

year

periods

ended

March

31,

2021

and

outperformed

its

Morningstar

peer

group

average

during

the

five-

and

ten-year

periods

ended

March

31,

2021.

The

Board

further

observed

that

the

Income

Fund

outperformed

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

during

the

one-,

five-,

and

ten-year

periods

ended

March

31,

2021

and

underperformed

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

during

the

three-year

period

ended

March

31,

2021.

With

respect

to

the

Short-Intermediate

Bond

Fund,

the

Board

observed

that,

although

the

Fund

underperformed

its

Lipper

peer

group

average

during

the

one-,

three-,

five-,

and

ten-year

periods

ended

March

31,

2021,

the

Fund’s

performance

was

within

a

reasonable

range

of

the

Lipper

peer

group

average.

The

Board

also

observed

that,

although

the

Short-Intermediate

Bond

Fund

underperformed

its

Morningstar

peer

group

average

during

the

one-,

three-,

and

five-year

periods

ended

March

31,

2021,

the

Fund’s

performance

over

those

periods

was

within

a

reasonable

range

of

the

Morningstar

peer

group

average.

The

Board

further

observed

that

the

Short-Intermediate

Bond

Fund

outperformed

its

Morningstar

peer

group

average

during

the

ten-year

period

ended

March

31,

2021.

The

Board

further

observed

that

the

Short-Intermediate

Bond

Fund

outperformed

the

Barclays

U.S.

Government/Credit

1-3

Year

Index

during

the

one-,

three-,

five-,

and

ten-year

periods

ended

March

31,

2021.

The

Board

noted

the

benchmark

index

for

the

Short-Intermediate

Bond

Fund

was

changed

from

the

Barclays

U.S

Government/Credit

1-5

Year

Index

to

the

Barclays

U.S.

Government/Credit

1-3

Year

Index

in

May

2020.

In

that

regard,

the

Board

also

observed

that

the

Short-Intermediate

Bond

Fund

outperformed

the

Barclays

U.S

Government/Credit

1-5

Year

Index

over

the

one-,

five-,

and

10-year

periods

ended

March

31,

2021

and

underperformed

the

Barclays

U.S

Government/Credit

1-5

Year

Index

for

the

three-year

period

ended

March

31,

2021.

With

respect

to

the

Nebraska

Tax-Free

Fund,

the

Board

observed

that

the

Fund

underperformed

its

Lipper

peer

group

average

during

the

one-year

period

ended

March

31,

2021

and

outperformed

its

Lipper

peer

group

averages

during

the

three-,

five-,

and

10-year

periods

ended

March

31,

2021.

The

Board

also

observed

that

the

Nebraska

Tax-Free

Fund

underperformed

its

Morningstar

peer

group

average

during

the

one-

and

10-year

periods

ended

March

31,

2021

and

outperformed

the

Morningstar

peer

group

averages

during

the

three-

and

five-year

periods

ended

March

31,

2021.

The

Board

also

observed

that

the

Nebraska

Tax-Free

Fund

underperformed

the

Bloomberg

Barclays

1-15

Year

Municipal

Index

during

the

one-,

three-,

five-,

and

10-year

periods

ended

March

31,

2021.

The

Board

also

considered

Tributary’s

recommendation

that

the

Board

approve

the

continuance

of

FNA’s

Investment

Sub-Advisory

Agreement

with

respect

to

the

FNA

Funds.

After

reviewing

and

further

discussing

the

performance

of

the

FNA

Funds,

FNA’s

portfolio

managers’

experience

managing

the

FNA

Funds,

FNA’s

historical

investment

performance,

and

other

relevant

factors,

and

after

considering

Tributary’s

recommendation

that

the

Board

approve

the

continuance

of

FNA’s

Investment

Sub-Advisory

Agreement

with

respect

to

the

FNA

Funds,

the

Board

concluded

that

the

shareholders

of

the

FNA

Funds

could

benefit

from

FNA’s

continued

management

of

the

FNA

Funds

and

that

the

performance

of

the

FNA

Funds

was

reasonable

in

light

of

all

the

facts

and

circumstances.

Cost

of

Services

Provided

and

Profitability.

The

Board

reviewed

the

rate

of

FNA’s

sub-advisory

fees

in

relation

to

the

nature,

extent,

and

quality

of

services

to

be

provided

by

FNA.

The

Board

noted

the

FNA

Fund’s

advisory

fees

and

expense

ratios

were

within

the

range

of

advisory

fees

and

expense

ratios

of

funds

in

their

respective

Lipper

peer

group.

The

Board

noted

that

the

fees

charged

by

FNA

would

remain

the

same

and

that

Tributary

–

not

the

FNA

Funds

–

would

pay

the

sub-advisory

fees

to

FNA.

With

respect

to

the

Balanced

Fund,

the

Board

observed

that

the

advisory

fee

and

total

expense

ratio

with

respect

to

its

Institutional

Plus

Class

were

each

slightly

lower

than

its

Lipper

peer

group

averages

and

noted

Tributary’s

proposal

to

further

reduce

the

contractual

expense

cap

in

place

for

the

Fund.

With

respect

to

the

Growth

Opportunities

Fund,

the

Board

observed

that

the

advisory

fee

with

respect

to

its

Institutional

Plus

Class

was

in

line

with

its

Lipper

peer

group

average,

while

the

total

expense

ratio

with

respect

to

the

Fund’s

Institutional

Plus

Class

was

lower

than

its

Lipper

peer

group

average.

Investment

Advisory

Agreement

Approval

September

30,

2021

(Unaudited)

Semi-Annual

Report

2021

50

With

respect

to

the

Income

Fund,

the

Board

observed

that

the

advisory

fee

and

total

expense

ratio

with

respect

to

its

Institutional

Plus

Class

were

each

lower

than

its

Lipper

peer

group

averages

and

noted

Tributary’s

proposal

to

further

reduce

the

contractual

expense

cap

in

place

for

the

Fund.

With

respect

to

the

Short-Intermediate

Bond

Fund,

the

Board

observed

that

the

advisory

fee

with

respect

to

its

Institutional

Plus

Class

was

higher

than

its

Lipper

peer

group

average,

while

the

total

expense

ratio

with

respect

to

the

Fund’s

Institutional

Plus

Class

was

lower

than

its

Lipper

peer

group

average.

With

respect

to

the

Nebraska

Tax-Free

Fund,

the

Board

observed

that

each

of

the

advisory

fee

and

total

expense

ratio

with

respect

to

its

Institutional

Plus

Class

was

lower

than

its

Lipper

peer

group

averages.

The

Board

considered

that

the

Expense

Waiver

Agreement

allows

for

overall

expenses

for

Fund

shareholders

to

remain

competitive.

The

Board

considered

also

the

Adviser’s

representation

that

the

expense

caps

for

the

Income

Fund

and

Balanced

Fund

were

being

lowered,

effective

August

1,

2021,

which

would

allow

for

overall

expenses

for

the

Income

Fund

and

Balanced

Fund

shareholders

to

remain

competitive.

Based

on

the

foregoing,

the

Board

concluded

that

the

fees

to

be

paid

to

Tributary

and

FNA,

the

costs

of

the

services

to

be

provided,

and

the

profits

that

may

be

realized

by

Tributary

and

FNA,

in

light

of

all

the

facts

and

circumstances,

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

the

services

provided

by

Tributary

and

FNA

and

that

they

reflected

charges

within

a

range

of

what

could

have

been

negotiated

at

arm’s

length.

Economies

of

Scale.

The

Board

did

not

consider

break-points

in

sub-advisory

fees

as

appropriate

at

this

time,

noting

that

the

sub-advisory

fees

were

paid

directly

by

Tributary

and

not

the

FNA

Funds

such

that

any

breakpoints

in

the

sub-advisory

fee

would

inure

to

the

benefit

of

Tributary.

The

Board

further

noted

that

currently,

fee

waivers

are

in

place

with

both

Tributary

and

FNA

in

order

to

maintain

expenses

at

competitive

levels. 

Other

Considerations.

The

Board

also

identified

and

considered

benefits

that

could

be

anticipated

to

accrue

to

FNA

because

of

its

relationship

with

the

FNA

Funds,

including

soft

dollar

and

research

benefits.

Legal

Considerations.

The

Board

noted

that

it

was

not

aware

of

any

pending

or

anticipated

legal

proceedings

or

investigations

involving

FNA.

Based

on

the

Board’s

deliberations

and

its

evaluation

of

the

information

described

above,

the

Board

unanimously,

including

all

of

its

Independent

Directors,

concluded

(a)

that

the

terms

of

FNA’s

Investment

Sub-Advisory

Agreement

are

fair

and

reasonable;

and

(b)

that

FNA’s

fees

under

the

Investment

Sub-Advisory

Agreement

are

reasonable

in

light

of

the

services

that

FNA

provided

to

the

FNA

Funds.

TF-SAR-0921

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

Advisers

205

West

Oak

Street,

3rd

Floor

Fort

Collins,

Colorado

80521

Custodian

U.S.

Bank,

N.A.

1155

N.

Rivercenter

Dr.

MK-WI-S302

Milwaukee,

WI

53212

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.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)Included as part of the report to shareholders under Item 1.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors since the registrant last disclosed such procedures.

ITEM 11. CONTROLS AND PROCEDURES

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

 (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in

Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3)  Not applicable.

(b)      Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant              Tributary Funds, Inc.

By	/s/ Karen Shaw
	Karen Shaw Treasurer
Date	November 19, 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	November 19, 2021

By	/s/ Karen Shaw
	Karen Shaw Treasurer
Date	November 19, 2021