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

As filed with the Securities and Exchange Commission on November 29, 2022

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, 2022 – September 30, 2022

ITEM 1. REPORT TO STOCKHOLDERS.

Tributary

Funds

®

Semi-Annual

Report

September

30,

2022

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

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

2022

Table

of

Contents

Portfolio

Composition

1

Schedules

of

Portfolio

Investments

2

Statements

of

Assets

and

Liabilities

25

Statements

of

Operations

27

Statements

of

Changes

in

Net

Assets

29

Financial

Highlights

31

Notes

to

Financial

Statements

33

Additional

Fund

Information

42

Investment

Advisory

Agreement

Approval

44

PORTFOLIO

COMPOSITION*

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

1

*

Portfolio

composition

is

as

of

September

30,

2022

and

is

subject

to

change.

Short-Intermediate

Bond

Fund

Percentage

of

Total

Investments

Corporate

Bonds

29.3‌%

Asset

Backed

Securities

22.9‌%

U.S.

Treasury

Securities

18.8‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

15.6‌%

Non-Agency

Residential

Mortgage

Backed

Securities

8.5‌%

U.S.

Government

Mortgage

Backed

Securities

2.7‌%

Municipals

1.4‌%

Short-Term

Investments

0.6‌%

Preferred

Stocks

0.2‌%

100.0‌%

Income

Fund

Percentage

of

Total

Investments

Corporate

Bonds

27.2‌%

U.S.

Government

Mortgage

Backed

Securities

22.9‌%

U.S.

Treasury

Securities

19.7‌%

Asset

Backed

Securities

10.2‌%

Non-Agency

Residential

Mortgage

Backed

Securities

9.8‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

8.4‌%

Municipals

1.6‌%

Short-Term

Investments

0.2‌%

100.0‌%

Nebraska

Tax-Free

Fund

Percentage

of

Total

Investments

Municipals

97.0‌%

Short-Term

Investments

1.6‌%

U.S.

Government

Mortgage

Backed

Securities

1.4‌%

100.0‌%

Balanced

Fund

Percentage

of

Total

Investments

Information

Technology

16.2‌%

Government

Securities

14.9‌%

Financials

10.8‌%

Health

Care

9.0‌%

Consumer

Discretionary

7.7‌%

Industrials

7.4‌%

Communication

Services

6.0‌%

Asset

Backed

Securities

4.6‌%

Consumer

Staples

4.6‌%

Short-Term

Investments

4.5‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

4.0‌%

Real

Estate

2.2‌%

Energy

2.1‌%

Utilities

2.1‌%

Materials

1.6‌%

Non-Agency

Residential

Mortgage

Backed

Securities

1.6‌%

U.S.

Government

Mortgage

Backed

Securities

0.7‌%

100.0‌%

Small/Mid

Cap

Fund

Percentage

of

Total

Investments

Industrials

19.5‌%

Information

Technology

19.4‌%

Financials

15.8‌%

Health

Care

11.6‌%

Consumer

Discretionary

10.1‌%

Real

Estate

6.0‌%

Materials

4.1‌%

Energy

4.0‌%

Consumer

Staples

3.7‌%

Utilities

2.7‌%

Communication

Services

2.0‌%

Short-Term

Investments

1.1‌%

100.0‌%

Small

Company

Fund

Percentage

of

Total

Investments

Industrials

19.0‌%

Financials

17.4‌%

Information

Technology

16.1‌%

Health

Care

13.1‌%

Consumer

Discretionary

12.1‌%

Real

Estate

6.3‌%

Energy

4.3‌%

Utilities

3.1‌%

Materials

3.0‌%

Consumer

Staples

2.7‌%

Communication

Services

1.6‌%

Short-Term

Investments

1.3‌%

100.0‌%

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

2

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

46.8%

Asset

Backed

Securities

-

22.8%

$

831,794‌

Affirm

Asset

Securitization

Trust,

1.07%,

08/15/25 (a)

$

806,195‌

1,667,136‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (a)

1,607,032‌

2,020,000‌

AMSR

Trust,

1.63%,

07/17/37 (a)

1,850,830‌

1,470,307‌

Amur

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (a)

1,413,098‌

2,380,000‌

Amur

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (a)

2,365,612‌

1,615,656‌

Atalaya

Equipment

Leasing

Trust,

1.23%,

05/15/26 (a)

1,569,093‌

1,240,000‌

Carvana

Auto

Receivables

Trust,

0.49%,

03/10/26

1,200,652‌

1,154,825‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (a)(b)

1,113,892‌

2,100,000‌

CCG

Receivables

Trust,

3.91%,

07/16/29 (a)

2,075,747‌

559,662‌

CCG

Receivables

Trust

REMIC,

0.54%,

12/14/27 (a)

548,167‌

2,112,556‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (a)

1,876,446‌

1,267‌

Cloud

Pass-Through

Trust,

3.55%,

12/05/22 (a)(b)

1,265‌

772,331‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (a)

722,505‌

562,671‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52 (a)

496,007‌

504,917‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41 (a)

494,108‌

401,197‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (a)

384,953‌

447,673‌

Dell

Equipment

Finance

Trust,

0.57%,

10/23/23 (a)

442,244‌

1,190,000‌

DLLMT,

LLC,

1.00%,

07/21/25 (a)

1,122,894‌

810,794‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (a)

697,765‌

1,779,005‌

FirstKey

Homes

Trust,

1.34%,

08/17/37 (a)

1,580,025‌

459,300‌

Freed

ABS

Trust,

1.41%,

03/20/28 (a)

454,040‌

140,760‌

Goal

Capital

Funding

Trust

(USD

3

Month

LIBOR

+

0.70%),

3.70%,

08/25/48 (a)(c)

139,753‌

1,436,568‌

Iowa

Student

Loan

Liquidity

Corp.

(USD

1

Month

LIBOR

+

0.67%),

3.11%,

08/25/70 (c)

1,387,289‌

68,083‌

MMAF

Equipment

Finance,

LLC,

2.84%,

11/13/23 (a)

68,032‌

1,289,900‌

Navient

Student

Loan

Trust,

0.97%,

12/16/69 (a)

1,081,065‌

Principal

Amount

Security

Description

Value

$

1,292,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

4.42%,

10/15/31 (a)(c)

$

1,287,770‌

736,378‌

NMEF

Funding,

LLC,

0.81%,

12/15/27 (a)

720,956‌

1,000,000‌

NMEF

Funding,

LLC,

2.58%,

10/16/28 (a)

968,734‌

1,293,501‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

3.65%,

09/25/61 (c)

1,263,243‌

1,195,554‌

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51 (a)

1,056,179‌

103,309‌

Pawnee

Equipment

Receivables,

2.29%,

10/15/24 (a)

103,212‌

1,081,865‌

Pawneee

Equipment

Receivables,

1.10%,

07/15/27 (a)

1,035,655‌

1,755,000‌

PenFed

Auto

Receivables

Owner

Trust

2022-A,

3.96%,

04/15/26 (a)

1,729,189‌

110,465‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

4.23%,

12/24/33 (a)(c)

106,680‌

27,610‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.53%),

4.06%,

12/24/33 (a)(c)

27,380‌

297,019‌

Progress

Residential

Trust,

2.27%,

09/17/36 (a)

280,717‌

875,000‌

Progress

Residential

Trust,

2.69%,

10/17/36 (a)

831,837‌

1,753,448‌

Progress

Residential

Trust,

1.05%,

04/17/38 (a)

1,512,424‌

1,026,923‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

3.78%,

10/25/22 (c)

999,199‌

888,879‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

4.43%,

04/15/29 (c)

888,062‌

513,836‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.70%),

4.48%,

07/25/23 (c)

511,484‌

639,580‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

4.28%,

04/25/23 (c)

634,512‌

671,663‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (a)

650,245‌

737,870‌

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43 (a)

627,047‌

545,224‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48 (a)

529,307‌

923,281‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (a)

768,729‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

3

Principal

Amount

Security

Description

Value

$

582,497‌

Sofi

Professional

Loan

Program,

LLC,

3.09%,

08/17/48 (a)

$

550,589‌

460,030‌

Sofi

Professional

Loan

Program,

LLC

(USD

1

Month

LIBOR

+

1.20%),

4.28%,

06/25/33 (a)(c)

459,976‌

1,827,096‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (a)

1,804,281‌

223,806‌

Tricon

American

Homes

Trust,

2.75%,

03/17/38 (a)

205,780‌

2,390,000‌

UNIFY

Auto

Receivables

Trust,

0.98%,

07/15/26 (a)

2,275,816‌

2,380,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (a)

2,091,136‌

49,418,848‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

15.6%

1,548,699‌

BANK

2019-BNK16,

3.93%,

02/15/52

1,527,164‌

1,840,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

1,758,620‌

1,615,000‌

BPR

Trust

(USD

1

Month

LIBOR

+

1.25%),

4.07%,

02/15/29 (a)(c)

1,567,230‌

1,475,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

09/15/36 (a)(c)

1,382,644‌

950,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.90%),

3.72%,

10/15/36 (a)(c)

901,206‌

860,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.85%),

3.67%,

11/15/38 (a)(c)

825,542‌

510,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.70%),

3.52%,

01/15/34 (a)(c)

490,501‌

2,000,000‌

BXHPP

Trust

(USD

1

Month

LIBOR

+

0.65%),

3.47%,

08/15/36 (a)(c)

1,886,009‌

900,000‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

05/15/52

873,780‌

1,070,888‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

1,024,747‌

888,648‌

Citigroup

Commercial

Mortgage

Trust,

3.85%,

11/10/46

876,982‌

907,637‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

1.12%,

03/10/46 (b)

24‌

203,015‌

COMM

Mortgage

Trust

REMIC,

3.39%,

08/10/47

200,358‌

1,600,000‌

GCT

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

3.62%,

02/15/38 (a)(c)

1,543,236‌

1,800,000‌

Goldman

Sachs

Mortgage

Securities

Corp.

Trust

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

10/15/36 (a)(c)

1,696,647‌

652,616‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.09%,

08/10/44 (a)(b)

7‌

354,539‌

Harvest

Commercial

Capital

Loan

Trust,

3.29%,

09/25/46 (a)(b)

337,426‌

Principal

Amount

Security

Description

Value

$

457,368‌

JPMBB

Commercial

Mortgage

Securities

Trust,

3.32%,

03/17/49

$

442,908‌

277,954‌

JPMDB

Commercial

Mortgage

Securities

Trust,

2.04%,

11/13/52

268,497‌

515,843‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (a)

495,734‌

1,246,471‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (a)

1,171,130‌

624,883‌

KKR

Industrial

Portfolio

Trust

(USD

1

Month

LIBOR

+

0.55%),

3.37%,

12/15/37 (a)(c)

599,812‌

1,772,192‌

KNDR

2021-KIND

A

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

08/15/38 (a)(c)

1,680,339‌

610,000‌

MED

Trust

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

11/15/38 (a)(c)

585,549‌

1,000,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

3.62%,

04/15/38 (a)(c)

962,452‌

1,102,832‌

MHP

2022-MHIL,

3.66%,

01/15/27 (a)

(c)

1,053,136‌

1,130,265‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

3.25%,

12/15/47

1,084,805‌

671,734‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Interest

Only

REMIC,

1.08%,

12/15/48 (b)

635‌

441,221‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

REMIC,

3.48%,

06/15/47

434,390‌

750,000‌

Ready

Capital

Mortgage

Financing,

LLC,

3.95%,

01/25/37 (a)(c)

739,865‌

1,730,000‌

SREIT

Trust

(USD

1

Month

LIBOR

+

0.58%),

3.39%,

07/15/36 (a)(c)

1,647,626‌

791,434‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (a)(b)

718,904‌

655,529‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41 (a)(b)

565,703‌

925,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (a)

853,616‌

1,290,000‌

TRTX

Issuer,

Ltd.,

3.94%,

02/15/39 (a)

(c)

1,264,056‌

1,450,000‌

VASA

Trust

(USD

1

Month

LIBOR

+

0.90%),

3.72%,

07/15/39 (a)(c)

1,380,310‌

1,150,470‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (a)(b)

900,423‌

33,742,013‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

8.4%

823,466‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (a)(b)

738,784‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

4

Principal

Amount

Security

Description

Value

$

139,116‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

3.95%,

12/25/33 (a)(c)

$

131,244‌

92,821‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.33%),

5.44%,

05/28/44 (c)

92,669‌

445,554‌

BRAVO

Residential

Funding

Trust,

3.03%,

11/25/69 (a)(c)

440,152‌

902,869‌

BRAVO

Residential

Funding

Trust,

3.03%,

01/25/70 (a)(c)

892,417‌

423,716‌

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59 (a)(b)

402,927‌

389,080‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (a)(b)

331,947‌

970,521‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (a)(b)

942,460‌

457,886‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30 (a)(b)

444,008‌

1,124,980‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (a)(b)

1,081,855‌

451,458‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53 (a)

437,190‌

567,782‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (a)(b)

537,587‌

48,510‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (a)(b)

45,620‌

1,182‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/22

1,117‌

253,726‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28 (a)(b)

236,009‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

4.21%,

02/25/33 (c)

154,654‌

178,784‌

CSMLT

Trust,

3.00%,

10/25/30 (a)(b)

164,307‌

1,435,844‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (a)(b)

1,387,801‌

545,861‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

512,849‌

254,722‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45 (b)

249,636‌

64,989‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50 (a)(b)

63,994‌

128,709‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59 (a)(b)

128,101‌

376,937‌

MFRA

Trust,

1.79%,

08/25/49 (a)(b)

364,612‌

488,672‌

MFRA

Trust,

0.85%,

01/25/56 (a)(b)

449,852‌

616,701‌

MFRA

Trust,

3.91%,

04/25/66 (a)(d)

583,475‌

Principal

Amount

Security

Description

Value

$

364,339‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

07/25/59 (a)(b)

$

360,484‌

325,640‌

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58 (a)(b)

314,420‌

29,466‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54 (a)(b)

27,453‌

48,749‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52 (a)(b)

45,766‌

81,743‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (a)(b)

76,024‌

579,477‌

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50 (a)(b)

549,172‌

11,679‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

9.10%,

12/31/22 (c)

8,534‌

23‌

Residential

Asset

Securities

Corp.

Trust

REMIC,

3.87%,

05/25/33 (b)

23‌

5,085‌

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

12/31/22

5,218‌

875,439‌

RMF

Buyout

Issuance

Trust,

1.26%,

11/25/31 (a)(b)

833,133‌

650,000‌

Towd

Point

Mortgage

Trust,

3.75%,

10/25/56 (a)(b)

604,659‌

1,035,273‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57 (a)(b)

992,234‌

974,057‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(b)

908,393‌

143,509‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(b)

139,069‌

263,313‌

Towd

Point

Mortgage

Trust,

3.00%,

11/25/58 (a)(b)

258,074‌

995,036‌

Towd

Point

Mortgage

Trust,

2.25%,

02/25/60 (a)(b)

923,275‌

1,136,572‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (a)(b)

1,015,450‌

308,129‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56 (a)(b)

303,430‌

50,887‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57 (a)(b)

50,414‌

18,230,492‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$107,676,941)

101,391,353‌

Corporate

Bonds

-

29.2%

Communication

Services

-

2.4%

2,364,000‌

AT&T,

Inc.,

1.70%,

03/25/26

2,102,279‌

750,000‌

Meta

Platforms,

Inc.,

3.50%,

08/15/27 (a)

701,335‌

885,000‌

Netflix,

Inc.,

4.38%,

11/15/26

835,471‌

1,000,000‌

The

Walt

Disney

Co.,

1.75%,

01/13/26

905,317‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

5

Principal

Amount

Security

Description

Value

$

738,000‌

Verizon

Communications,

Inc.,

1.68%,

10/30/30

$

553,081‌

5,097,483‌

Consumer

Discretionary

-

5.9%

1,320,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

975,956‌

283,000‌

Dollar

General

Corp.,

3.25%,

04/15/23

282,634‌

1,660,000‌

Dollar

General

Corp.,

3.88%,

04/15/27

1,568,755‌

950,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

845,876‌

680,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (a)

648,380‌

1,875,000‌

Lennar

Corp.,

4.50%,

04/30/24

1,840,155‌

1,261,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31 (a)

983,580‌

1,826,000‌

McDonald's

Corp.,

MTN,

3.70%,

01/30/26

1,760,350‌

547,000‌

Newell

Brands,

Inc.,

4.10%,

04/01/23

546,722‌

1,325,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

1,219,000‌

265,000‌

Starbucks

Corp.,

3.10%,

03/01/23

263,535‌

1,819,000‌

Whirlpool

Corp.,

MTN,

3.70%,

03/01/23

1,811,324‌

12,746,267‌

Consumer

Staples

-

1.4%

400,000‌

Cargill,

Inc.,

3.50%,

04/22/25 (a)

385,784‌

440,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28 (a)

443,300‌

2,205,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

2.75%,

06/26/24 (a)

2,123,432‌

2,952,516‌

Financials

-

9.3%

670,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

629,627‌

775,000‌

Bank

of

America

Corp.,

MTN,

3.46%,

03/15/25 (b)

750,501‌

1,485,000‌

Bank

of

America

Corp.,

MTN,

2.02%,

02/13/26 (b)

1,361,274‌

2,145,000‌

Citigroup,

Inc.,

1.46%,

06/09/27 (b)

1,826,251‌

2,115,000‌

Intercontinental

Exchange,

Inc.,

3.75%,

12/01/25

2,042,386‌

2,420,000‌

JPMorgan

Chase

&

Co.,

1.05%,

11/19/26 (b)

2,093,141‌

2,305,000‌

Morgan

Stanley,

2.19%,

04/28/26 (b)

2,114,323‌

418,000‌

National

Retail

Properties,

Inc.,

4.00%,

11/15/25

399,596‌

947,000‌

National

Retail

Properties,

Inc.,

3.60%,

12/15/26

875,331‌

1,490,000‌

Principal

Life

Global

Funding

II,

1.25%,

06/23/25 (a)

1,338,496‌

1,936,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (b)(e)

1,882,760‌

2,810,000‌

The

Goldman

Sachs

Group,

Inc.,

0.67%,

03/08/24 (b)

2,747,107‌

Principal

Amount

Security

Description

Value

$

1,915,000‌

Wells

Fargo

&

Co.,

4.81%,

07/25/28 (b)

$

1,826,384‌

420,000‌

Wells

Fargo

&

Co.,

3.75%,

01/24/24

413,448‌

20,300,625‌

Industrials

-

5.3%

2,085,000‌

BMW

US

Capital,

LLC,

2.80%,

04/11/26 (a)

1,929,447‌

2,125,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

2,075,229‌

2,305,000‌

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25

2,208,883‌

1,450,000‌

Roper

Technologies,

Inc.,

1.00%,

09/15/25

1,286,898‌

1,850,000‌

TTX

Co.,

3.60%,

01/15/25 (a)

1,780,111‌

2,208,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (a)

2,094,337‌

11,374,905‌

Information

Technology

-

3.9%

900,000‌

eBay,

Inc.,

3.45%,

08/01/24

876,007‌

2,325,000‌

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.,

2.70%,

05/01/25

2,155,821‌

1,195,000‌

Oracle

Corp.,

3.40%,

07/08/24

1,161,483‌

2,410,000‌

TSMC

Global,

Ltd.,

0.75%,

09/28/25 (a)

2,134,571‌

2,310,000‌

Xilinx,

Inc.,

2.95%,

06/01/24

2,249,943‌

8,577,825‌

Materials

-

0.8%

1,765,000‌

The

Mosaic

Co.,

4.25%,

11/15/23

1,750,550‌

Utilities

-

0.2%

430,000‌

PacifiCorp,

2.95%,

06/01/23

424,593‌

Total

Corporate

Bonds

(Cost

$68,556,282)

63,224,764‌

Government

&

Agency

Obligations

-

22.8%

GOVERNMENT

SECURITIES

-

20.1%

Municipals

-

1.4%

550,000‌

County

of

El

Paso

CO,

Colorado

RB,

1.20%,

06/01/25

501,194‌

250,000‌

Douglas

County

School

District

No.

17/

NE,

Nebraska

GO,

1.23%,

06/15/25

228,256‌

240,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

0.95%,

12/15/25

213,660‌

370,000‌

Little

Co.

of

Mary

Hospital

of

Indiana,

Inc.,

Indiana,

1.58%,

11/01/24

341,466‌

1,425,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

1,258,536‌

235,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

203,454‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

0.76%,

12/01/24

156,719‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

6

Principal

Amount

Security

Description

Value

$

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

$

146,994‌

3,050,279‌

U.S.

Treasury

Securities

-

18.7%

8,950,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

8,795,123‌

10,650,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

10,179,902‌

16,630,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

15,752,378‌

6,580,000‌

U.S.

Treasury

Note/Bond,

0.50%,

02/28/26

5,806,079‌

40,533,482‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

2.7%

Federal

Home

Loan

Mortgage

Corp.

-

1.4%

280,766‌

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

261,604‌

354,006‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (d)

347,795‌

1,455,000‌

Federal

Home

Loan

Mortgage

Corp.,

2.11%,

12/15/25

1,421,593‌

347,473‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

57,798‌

108,419‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

11,019‌

99,340‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

13,064‌

226,758‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

223,538‌

832,128‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57 (b)

783,639‌

3,120,050‌

Federal

National

Mortgage

Association

-

0.1%

110,991‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

108,014‌

182,573‌

Federal

National

Mortgage

Association

Interest

Only,

2.70%,

01/25/39 (b)

3,133‌

111,147‌

Government

National

Mortgage

Association

-

1.2%

1,318,509‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,317,802‌

150,023‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

150,104‌

103,860‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

103,872‌

320,799‌

Government

National

Mortgage

Association

#632798,

5.13%,

11/15/34

320,771‌

Principal

Amount

Security

Description

Value

$

471,289‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

$

477,494‌

218,515‌

Government

National

Mortgage

Association

REMIC,

3.25%,

11/16/52 (b)

210,394‌

2,580,437‌

Total

Government

&

Agency

Obligations

(Cost

$51,787,351)

49,395,395‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.2%

Financials

-

0.2%

550‌

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

10/31/22),

9.03% (b)(e)

409,750‌

Total

Preferred

Stocks

(Cost

$564,327)

409,750‌

Short-Term

Investments

-

0.6%

Investment

Company

-

0.6%

1,213,411‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

2.81% (f)

1,213,411‌

Total

Short-Term

Investments

(Cost

$1,213,411)

1,213,411‌

Investments,

at

value

-

99.6%

(Cost

$229,798,312)

215,634,673‌

Other

assets

in

excess

of

liabilities

-

0.4%

964,569‌

NET

ASSETS

-

100.0%

$

216,599,242‌

(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,

2022,

the

aggregate

value

of

these

liquid

securities

were

$99,552,075

or

46.0%

of

net

assets.

(b)

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,

2022.

(c)

Floating

rate

security.

Rate

presented

is

as

of

September

30,

2022.

(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,

2022.

(e)

Perpetual

maturity

security.

(f)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2022.

ABS

Asset

Backed

Security

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,

2022

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

7

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

28.3%

Asset

Backed

Securities

-

10.2%

$

960,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46

(a)

$

818,518‌

555,712‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36

(a)

535,677‌

400,000‌

AMSR

Trust,

1.63%,

07/17/37

(a)

366,501‌

1,250,000‌

ARM

Master

Trust,

2.43%,

11/15/27

(a)

1,142,662‌

560,474‌

Capital

Automotive,

1.44%,

08/15/51

(a)

477,183‌

872,877‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61

(a)

750,909‌

982,510‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52

(a)

866,104‌

442,840‌

Commonbond

Student

Loan

Trust,

1.17%,

09/25/51

(a)

386,384‌

901,614‌

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53

(a)

792,465‌

571,107‌

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45

(a)

487,879‌

915,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38

(a)

786,382‌

900,536‌

Home

Partners

of

America

Trust,

2.20%,

01/17/41

(a)

771,952‌

573,429‌

Navient

Student

Loan

Trust,

1.11%,

02/18/70

(a)

484,443‌

1,100,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

4.42%,

10/15/31

(a)(b)

1,096,398‌

384,471‌

Nelnet

Student

Loan

Trust,

1.63%,

04/20/62

(a)

347,839‌

691,735‌

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62

(a)

609,300‌

100,840‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

4.23%,

12/24/33

(a)(b)

97,385‌

813,070‌

Progress

Residential

Trust,

1.52%,

07/17/38

(a)

702,648‌

435,000‌

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46

(a)

368,542‌

831,663‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

3.78%,

10/25/22

(b)

809,211‌

1,202,368‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

4.43%,

04/15/29

(b)

1,201,262‌

296,887‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

4.28%,

04/25/23

(b)

294,535‌

Principal

Amount

Security

Description

Value

$

394,237‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31

(a)

$

381,666‌

123,878‌

Social

Professional

Loan

Program,

2.34%,

04/25/33

(a)

121,691‌

655,633‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44

(a)

647,447‌

595,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46

(a)

511,776‌

1,361,600‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39

(a)

1,122,984‌

1,632,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45

(a)

1,433,922‌

18,413,665‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

8.4%

1,200,000‌

American

Tower

Trust

I,

3.07%,

03/15/23

(a)

1,191,672‌

1,150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.65%,

03/10/37

(a)(c)

1,050,676‌

905,000‌

BANK

2019-BNK16,

3.90%,

02/15/52

862,608‌

1,255,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

09/15/36

(a)(b)

1,176,419‌

200,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.90%),

3.72%,

10/15/36

(a)(b)

189,728‌

860,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

830,679‌

907,637‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

1.12%,

03/10/46

(c)

24‌

975,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

849,069‌

790,000‌

Goldman

Sachs

Mortgage

Securities

Trust

(USD

1

Month

LIBOR

+

0.89%),

3.70%,

11/15/36

(a)(b)

758,347‌

988,503‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.09%,

08/10/44

(a)(c)

10‌

1,575,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39

(a)

1,362,386‌

600,000‌

MED

Trust

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

11/15/38

(a)(b)

575,950‌

1,325,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.85%),

3.67%,

05/15/38

(a)(b)

1,278,510‌

905,216‌

Morgan

Stanley

Capital

I

Trust,

3.30%,

06/15/50

871,775‌

835,402‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41

(a)(c)

758,843‌

505,694‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41

(a)(c)

436,399‌

610,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39

(a)

562,925‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

8

Principal

Amount

Security

Description

Value

$

830,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

$

798,202‌

1,575,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

1,434,171‌

38,433‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

REMIC,

2.63%,

03/15/45

38,351‌

15,026,744‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

9.7%

164,661‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

3.95%,

12/25/33

(a)(b)

155,343‌

50,567‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.33%),

5.44%,

05/28/44

(b)

50,484‌

597,407‌

BRAVO

Residential

Funding

Trust,

3.03%,

11/25/69

(a)(b)

590,164‌

1,082,014‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63

(a)(c)

923,129‌

566,608‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30

(a)(c)

549,435‌

312,698‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53

(a)

302,816‌

465,461‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66

(a)(c)

440,708‌

334,838‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35

(a)(c)

314,892‌

101,257‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

95,116‌

17,008‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

15,750‌

1,182‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/22

1,117‌

893,099‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47

(a)(c)

795,523‌

972,249‌

Credit

Suisse

Mortgage

Trust,

2.50%,

11/25/56

(a)(c)

826,716‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

4.21%,

02/25/33

(b)

154,654‌

171,907‌

CSMLT

Trust,

3.00%,

10/25/30

(a)(c)

157,987‌

825,557‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

775,630‌

713,603‌

Flagstar

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

613,208‌

768,683‌

Flagstar

Mortgage

Trust,

2.50%,

07/25/51

(a)(c)

663,470‌

265,737‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45

(c)

260,431‌

Principal

Amount

Security

Description

Value

$

24,758‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50

(a)(c)

$

24,379‌

67,711‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59

(a)(c)

67,391‌

1,088,848‌

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51

(a)(c)

945,415‌

917,513‌

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51

(a)(c)

788,894‌

654,652‌

MFRA

Trust,

3.91%,

04/25/66

(a)(d)

619,381‌

376,207‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57

(a)(c)

357,588‌

277,208‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59

(a)(c)

258,134‌

162,519‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54

(a)(c)

151,418‌

124,088‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52

(a)(c)

116,495‌

291,318‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55

(a)(c)

270,935‌

682,757‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52

(a)(c)

607,041‌

1,496,360‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

1,295,099‌

879,708‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

752,425‌

1,064,041‌

PSMC

Trust,

2.50%,

08/25/51

(a)(c)

915,408‌

13,711‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

9.10%,

12/31/22

(b)

10,020‌

930,888‌

Sequoia

Mortgage

Trust,

2.50%,

06/25/51

(a)(c)

800,855‌

307,384‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30

(a)(c)

284,816‌

702,698‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58

(a)(c)

655,326‌

82,798‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56

(a)(c)

81,535‌

71,005‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57

(a)(c)

70,345‌

912,127‌

Woodward

Capital

Management,

2.50%,

01/25/52

(a)(c)

781,294‌

17,540,767‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$56,705,626)

50,981,176‌

Corporate

Bonds

-

27.1%

Communication

Services

-

2.1%

1,400,000‌

Alphabet,

Inc.,

2.25%,

08/15/60

787,071‌

1,220,000‌

AT&T,

Inc.,

4.30%,

12/15/42

960,847‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

9

Principal

Amount

Security

Description

Value

$

1,200,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

(a)

$

1,054,953‌

583,000‌

Netflix,

Inc.,

4.38%,

11/15/26

550,372‌

800,000‌

Verizon

Communications,

Inc.,

3.55%,

03/22/51

562,530‌

3,915,773‌

Consumer

Discretionary

-

5.3%

1,130,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

835,477‌

525,000‌

Comcast

Corp.,

4.15%,

10/15/28

495,843‌

620,000‌

Comcast

Corp.,

Class

A,

3.30%,

02/01/27

576,381‌

1,355,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

1,188,470‌

700,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24

(a)

667,450‌

913,000‌

Lennar

Corp.,

4.50%,

04/30/24

896,033‌

1,265,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(a)

986,700‌

1,505,000‌

McDonald's

Corp.,

3.63%,

09/01/49

1,095,747‌

810,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

745,200‌

1,195,000‌

NIKE,

Inc.,

3.88%,

11/01/45

968,196‌

1,267,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,049,428‌

9,504,925‌

Consumer

Staples

-

0.3%

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28

(a)

533,975‌

Financials

-

8.2%

575,000‌

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

540,351‌

1,425,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32

(c)

1,112,546‌

1,330,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

1,012,020‌

1,363,000‌

Citigroup,

Inc.,

3.89%,

01/10/28

(c)

1,254,522‌

1,414,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

1,124,158‌

1,465,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30

(c)

1,191,177‌

920,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

798,600‌

1,370,000‌

Morgan

Stanley,

GMTN,

3.77%,

01/24/29

(c)

1,232,098‌

835,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

686,211‌

1,202,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65

(c)(e)

1,168,945‌

947,000‌

The

Chubb

Corp.,

6.80%,

11/15/31

1,049,906‌

1,050,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33

(c)

833,967‌

385,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

357,729‌

1,230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49

(c)(e)

1,036,093‌

Principal

Amount

Security

Description

Value

$

1,535,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31

(c)

$

1,228,683‌

14,627,006‌

Industrials

-

5.3%

1,299,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

1,018,531‌

1,260,000‌

BMW

Finance

NV,

2.85%,

08/14/29

(a)

1,079,645‌

1,200,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

1,046,089‌

1,146,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

1,119,159‌

1,262,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,131,758‌

1,197,000‌

Raytheon

Technologies

Corp.,

4.88%,

10/15/40

1,078,202‌

815,000‌

TTX

Co.,

4.60%,

02/01/49

(a)

700,127‌

1,113,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25

(a)

1,055,705‌

1,590,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

1,205,462‌

9,434,678‌

Information

Technology

-

3.3%

1,153,000‌

eBay,

Inc.,

3.60%,

06/05/27

1,067,351‌

1,325,000‌

NVIDIA

Corp.,

3.50%,

04/01/50

970,014‌

1,175,000‌

Oracle

Corp.,

2.30%,

03/25/28

981,319‌

1,175,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

996,319‌

1,303,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30

(a)

966,188‌

1,345,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

1,109,283‌

6,090,474‌

Materials

-

1.0%

1,111,000‌

Albemarle

Corp.,

5.45%,

12/01/44

964,769‌

959,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

903,020‌

1,867,789‌

Real

Estate

-

0.6%

1,230,000‌

National

Retail

Properties,

Inc.,

4.30%,

10/15/28

1,133,202‌

Utilities

-

1.0%

1,059,000‌

PacifiCorp,

6.25%,

10/15/37

1,083,706‌

740,000‌

Texas

Electric

Market

Stabilization

Funding

N,

LLC,

4.27%,

08/01/34

(a)

710,362‌

1,794,068‌

Total

Corporate

Bonds

(Cost

$58,261,772)

48,901,890‌

Government

&

Agency

Obligations

-

44.0%

GOVERNMENT

SECURITIES

-

21.2%

Municipals

-

1.6%

350,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

1.75%,

09/01/32

262,940‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

10

Principal

Amount

Security

Description

Value

$

385,000‌

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Texas

RB,

4.37%,

02/01/42

$

325,682‌

127,029‌

Florida

Housing

Finance

Corp.,

Florida

RB

FHLMC,

3.00%,

01/01/36

124,624‌

300,000‌

Golden

State

Tobacco

Securitization

Corp.,

California

RB,

0.99%,

06/01/24

281,637‌

340,000‌

New

York

City

Municipal

Water

Finance

Authority,

New

York

RB,

5.72%,

06/15/42

362,286‌

505,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.77%,

08/01/36

523,352‌

290,000‌

New

York

State

Urban

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

299,830‌

125,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

1.71%,

12/01/30

98,382‌

225,000‌

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

231,769‌

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

447,852‌

2,958,354‌

Treasury

Inflation

Index

Securities

-

0.9%

1,683,355‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28

(f)

1,645,428‌

U.S.

Treasury

Securities

-

18.7%

8,895,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

8,294,240‌

4,790,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

4,537,215‌

3,820,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

3,530,814‌

5,360,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

4,548,881‌

8,625,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

7,308,340‌

7,940,000‌

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

5,454,718‌

33,674,208‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

22.8%

Federal

Home

Loan

Mortgage

Corp.

-

9.3%

740,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32

675,904‌

432,698‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

416,756‌

9,395‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

8,938‌

1,055,952‌

Federal

Home

Loan

Mortgage

Corp.

#RA6436,

2.50%,

12/01/51

892,224‌

447,620‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

416,846‌

Principal

Amount

Security

Description

Value

$

1,836,082‌

Federal

Home

Loan

Mortgage

Corp.

#SD1046,

4.00%,

07/01/52

$

1,711,602‌

152,809‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

148,793‌

142,640‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

137,823‌

1,057,119‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

946,456‌

337,927‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

331,079‌

364,913‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

346,681‌

732,760‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

697,975‌

855,318‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

142,272‌

167,448‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

166,484‌

32,537‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

10/15/41

32,314‌

1,609‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

1,586‌

14,684‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

04/15/41

14,681‌

29,936‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

11/15/42

29,718‌

6,428‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

07/15/42

6,421‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

906,888‌

311,270‌

FRESB

Mortgage

Trust,

3.70%,

10/25/28

(c)

293,868‌

729,623‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

08/25/56

(d)

685,823‌

437,646‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

05/25/57

(d)

409,288‌

617,410‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

605,124‌

378,240‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57

(c)

356,200‌

1,029,260‌

Seasoned

Credit

Risk

Transfer

Trust,

3.50%,

03/25/58

985,250‌

616,792‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

08/25/59

570,816‌

826,381‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

11/25/59

762,979‌

628,142‌

Seasoned

Credit

Risk

Transfer

Trust,

2.00%,

05/25/60

568,915‌

397,162‌

Seasoned

Credit

Risk

Transfer

Trust,

3.25%,

07/25/56

(d)

375,962‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

11

Principal

Amount

Security

Description

Value

$

864,372‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

$

778,150‌

530,842‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

481,474‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,320,650‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

440,148‌

16,666,088‌

Federal

National

Mortgage

Association

-

12.3%

88,374‌

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

89,021‌

68,570‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

67,185‌

8,273‌

Federal

National

Mortgage

Association

#933279,

5.50%,

08/01/37

8,234‌

4,145‌

Federal

National

Mortgage

Association

#AA5564,

4.00%,

06/01/24

4,012‌

64,559‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

63,289‌

391,423‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

350,349‌

10,360‌

Federal

National

Mortgage

Association

#AC0559,

4.00%,

10/01/24

10,025‌

148,571‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

145,598‌

25,874‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

27,185‌

317,952‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

303,060‌

100,658‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

95,943‌

169,462‌

Federal

National

Mortgage

Association

#AL9970,

2.88%,

02/01/27

(c)

158,533‌

2,029,409‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

1,803,913‌

1,240,801‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,145,747‌

316,540‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

300,887‌

452,957‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

443,761‌

648,989‌

Federal

National

Mortgage

Association

#AS3909,

4.00%,

11/01/44

616,670‌

351,157‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

331,771‌

535,391‌

Federal

National

Mortgage

Association

#AS6994,

4.00%,

04/01/46

508,113‌

523,010‌

Federal

National

Mortgage

Association

#BH9216,

4.00%,

01/01/48

492,916‌

413,459‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

363,197‌

Principal

Amount

Security

Description

Value

$

417,359‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

$

381,392‌

1,232,585‌

Federal

National

Mortgage

Association

#CB2094,

3.00%,

11/01/51

1,078,092‌

1,509,426‌

Federal

National

Mortgage

Association

#CB3233,

3.00%,

04/01/52

1,321,240‌

3,334,002‌

Federal

National

Mortgage

Association

#FS0331,

3.00%,

01/01/52

2,919,892‌

2,402,425‌

Federal

National

Mortgage

Association

#FS1555,

3.50%,

04/01/52

2,169,808‌

2,006,361‌

Federal

National

Mortgage

Association

#FS2060,

4.00%,

06/01/52

1,870,743‌

153,948‌

Federal

National

Mortgage

Association

#MA3384,

4.00%,

06/01/48

145,768‌

283,571‌

Federal

National

Mortgage

Association

Interest

Only,

2.70%,

01/25/39

(c)

4,866‌

1,975,000‌

Federal

National

Mortgage

Association

Interest

Only

#AM7762,

3.49%,

01/01/35

1,721,341‌

991,152‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

905,829‌

438,549‌

Federal

National

Mortgage

Association

REMIC,

4.14%,

04/25/29

(c)

408,503‌

189,731‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

185,519‌

2,877‌

Federal

National

Mortgage

Association

REMIC,

3.00%,

08/25/45

2,674‌

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

920,730‌

882,461‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

880,535‌

22,246,341‌

Government

National

Mortgage

Association

-

1.2%

488,801‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

473,651‌

386,802‌

Government

National

Mortgage

Association,

3.50%,

01/20/69

(c)

371,615‌

448,690‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

400,102‌

929,350‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

941,585‌

2,186,953‌

Total

Government

&

Agency

Obligations

(Cost

$87,950,651)

79,377,372‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

INCOME

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

12

Shares

Security

Description

Value

Short-Term

Investments

-

0.2%

Investment

Company

-

0.2%

315,321‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

2.81%

(g)

$

315,321‌

Total

Short-Term

Investments

(Cost

$315,321)

315,321‌

Investments,

at

value

-

99.6%

(Cost

$203,233,370)

179,575,759‌

Other

assets

in

excess

of

liabilities

-

0.4%

715,768‌

NET

ASSETS

-

100.0%

$

180,291,527‌

(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,

2022,

the

aggregate

value

of

these

liquid

securities

were

$49,383,192

or

27.4%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

September

30,

2022.

(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,

2022.

(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,

2022.

(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,

2022.

FHLMC

Federal

Home

Loan

Mortgage

Corporation

GMTN

Global

Medium

Term

Note

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

13

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

98.3%

GOVERNMENT

SECURITIES

-

96.9%

Municipals

-

96.9%

Nebraska

-

95.4%

$

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

$

253,062‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/26

306,103‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

271,635‌

400,000‌

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

330,752‌

210,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.30%,

10/15/23

205,463‌

185,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.40%,

10/15/24

179,848‌

150,000‌

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

01/01/24

151,570‌

250,000‌

City

of

Beatrice

NE,

Nebraska

GO,

1.70%,

12/15/23

242,228‌

350,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

301,294‌

215,000‌

City

of

Blair

NE,

Nebraska

GO,

2.15%,

09/15/23

211,817‌

220,000‌

City

of

Blair

NE,

Nebraska

GO,

2.30%,

09/15/24

213,509‌

55,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

46,365‌

120,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

98,020‌

325,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

332,087‌

650,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

5.00%,

06/15/29

707,537‌

80,000‌

City

of

Columbus

NE

Sales

Tax

Revenue,

Nebraska

RB,

5.00%,

09/15/23

81,220‌

345,000‌

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

337,423‌

150,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/31

153,882‌

430,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/34

430,829‌

Principal

Amount

Security

Description

Value

$

300,000‌

City

of

Kearney

NE,

Nebraska

GO,

4.00%,

05/15/27

$

303,747‌

160,000‌

City

of

Kearney

NE,

Nebraska

GO,

2.75%,

06/15/27

148,781‌

400,000‌

City

of

Kearney

NE,

Nebraska

RB,

1.25%,

12/15/27

332,737‌

375,000‌

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

369,462‌

235,000‌

City

of

La

Vista

NE,

Nebraska

GO,

3.00%,

09/01/27

234,856‌

350,000‌

City

of

Norfolk

NE,

Nebraska

GO,

0.65%,

05/15/24

327,600‌

195,000‌

City

of

Norfolk

NE,

Nebraska

GO,

2.70%,

09/01/25

184,473‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

352,413‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/32

177,674‌

400,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/33

408,704‌

400,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/34

342,037‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

01/15/29

535,746‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

584,014‌

75,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

05/01/33

78,374‌

355,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

01/15/28

379,654‌

200,000‌

City

of

Omaha

NE

Sewer

Revenue,

Nebraska

RB,

5.00%,

04/01/24

205,262‌

200,000‌

City

of

Omaha

NE

Sewer

Revenue,

Nebraska

RB,

4.00%,

04/01/29

207,078‌

175,000‌

City

of

Papillion

NE,

Nebraska

GO,

3.00%,

09/15/26

174,828‌

210,000‌

City

of

Papillion

NE,

Nebraska

GO,

3.00%,

09/15/27

209,794‌

250,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

3.00%,

12/15/27

239,543‌

375,000‌

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

346,706‌

285,000‌

County

of

Cherry

NE,

Nebraska

GO,

3.00%,

12/15/25

282,674‌

300,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/34

287,171‌

435,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

411,355‌

245,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.00%,

09/01/27

235,858‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

14

Principal

Amount

Security

Description

Value

$

125,000‌

County

of

Jefferson

NE,

Nebraska

GO,

2.00%,

12/01/25

$

117,040‌

325,000‌

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

289,844‌

200,000‌

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

169,889‌

400,000‌

Cozad

City

School

District,

Nebraska

GO,

4.00%,

06/15/28

409,308‌

265,000‌

Cuming

County

Public

Power

District,

Nebraska

RB,

1.50%,

12/15/25

240,630‌

280,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/36

301,932‌

260,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/27

278,517‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,112,431‌

200,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

3.00%,

05/15/24

197,591‌

220,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

05/15/26

231,145‌

750,000‌

Douglas

County

Public

Facilities

Corp.,

Nebraska

RB,

2.00%,

05/01/24

726,963‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

165,675‌

580,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

569,598‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

253,770‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

490,

Nebraska

GO,

2.70%,

08/15/28

89,479‌

280,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

227,861‌

215,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

521,

Nebraska

GO,

2.20%,

02/15/25

201,446‌

325,000‌

Douglas

County

School

District

No.

17/

NE,

Nebraska

GO,

4.00%,

12/15/41

318,378‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

623,028‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

757,544‌

300,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

285,651‌

250,000‌

Douglas

County

School

District

No.

59/

NE,

Nebraska

GO,

4.00%,

06/15/34

250,103‌

250,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/32

254,099‌

Principal

Amount

Security

Description

Value

$

465,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/34

$

475,400‌

830,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/35

844,146‌

100,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/28

109,526‌

350,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/29

383,152‌

370,000‌

Fremont

School

District,

Nebraska

GO,

5.00%,

12/15/29

403,382‌

65,000‌

Grand

Island

Electric

Department,

Nebraska

RB,

5.00%,

08/15/27

66,356‌

265,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

5.00%,

12/15/39

274,980‌

530,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

546,580‌

400,000‌

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

350,072‌

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

495,099‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

707,829‌

760,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

12/15/24

772,328‌

265,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

12/15/25

271,107‌

300,000‌

Kearney

School

District,

Nebraska

GO,

2.00%,

12/15/25

283,189‌

350,000‌

Lancaster

County

Correctional

Facility

Joint

Public

Agency,

Nebraska

GO,

5.00%,

12/01/27

378,572‌

500,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/31

512,264‌

415,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/26

423,321‌

370,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/34

287,544‌

320,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/28

288,194‌

200,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

216,910‌

475,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

4.00%,

07/01/27

488,175‌

500,000‌

Lincoln-Lancaster

County

Public

Building

Commission,

Nebraska

RB,

3.00%,

12/01/26

487,565‌

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

919,998‌

260,000‌

Lyons-Decatur

Northeast

Schools,

Nebraska

GO,

5.00%,

12/15/30

271,576‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

15

Principal

Amount

Security

Description

Value

$

525,000‌

Metropolitan

Community

College

Area,

Nebraska

COP,

3.00%,

03/01/26

$

511,957‌

500,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

507,182‌

250,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/31

273,057‌

210,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/25

211,841‌

500,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

449,626‌

295,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.00%,

03/01/52

275,216‌

350,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

1.55%,

03/01/23

347,415‌

500,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

2.00%,

03/01/24

489,458‌

125,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

137,073‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

206,148‌

500,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

0.60%,

01/01/51

(a)

488,977‌

80,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/25

82,893‌

315,000‌

Nebraska

State

Colleges,

Nebraska

RB,

3.00%,

07/01/25

311,460‌

700,000‌

Nebraska

State

Colleges

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/26

740,744‌

475,000‌

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

398,319‌

325,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

296,177‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

408,336‌

600,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

612,047‌

660,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/27

676,039‌

350,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

359,411‌

1,010,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

1,034,079‌

600,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/31

653,079‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/36

383,220‌

Principal

Amount

Security

Description

Value

$

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/46

$

317,637‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

760,674‌

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

509,027‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

158,461‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

540,934‌

1,500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

1,387,908‌

150,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/30

163,974‌

250,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

272,937‌

400,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/30

415,916‌

245,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/31

253,068‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

344,470‌

750,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/29

773,964‌

125,000‌

Platte

County

School

District

No.

1

Columbus

Public

Schools,

Nebraska

GO,

5.00%,

12/15/26

128,797‌

160,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

156,341‌

15,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

2.45%,

10/15/22

14,990‌

105,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

23,

Nebraska

GO,

2.30%,

08/15/34

77,331‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

245,

Nebraska

GO,

3.45%,

11/15/28

96,038‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

97,101‌

60,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

68,

Nebraska

GO,

2.75%,

12/15/23

59,893‌

320,000‌

Sarpy

County

School

District

No.

1,

Nebraska

GO,

5.00%,

12/15/29

353,574‌

220,000‌

Southeast

Community

College

Area,

Nebraska

COP,

5.00%,

12/15/25

232,091‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

16

Principal

Amount

Security

Description

Value

$

175,000‌

Southeast

Community

College

Area,

Nebraska

COP,

5.00%,

12/15/26

$

187,244‌

300,000‌

Southeast

Community

College

Area,

Nebraska

RB,

4.00%,

03/15/31

305,195‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/25

305,515‌

400,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/26

407,825‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

275,167‌

500,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/22

499,828‌

270,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/24

268,241‌

200,000‌

University

of

Nebraska,

Nebraska

RB,

5.00%,

05/15/24

205,795‌

450,000‌

University

of

Nebraska,

Nebraska

RB,

4.00%,

07/01/31

462,156‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

508,101‌

450,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/25

472,101‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/26

532,567‌

400,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

342,773‌

1,700,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

09/01/28

1,625,853‌

100,000‌

Westside

Community

Schools,

Nebraska

GO,

2.30%,

12/01/28

91,349‌

450,000‌

York

County

NE

School

District

No.

12,

Nebraska

GO,

2.00%,

12/15/25

423,648‌

54,426,610‌

North

Dakota

-

0.8%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

438,876‌

South

Dakota

-

0.7%

425,000‌

City

of

Brandon

SD

Sales

Tax

Revenue,

South

Dakota

RB,

3.00%,

12/01/26

411,909‌

55,277,395‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.4%

Federal

Home

Loan

Mortgage

Corp.

-

1.4%

297,906‌

Federal

Home

Loan

Mortgage

Corp.,

2.34%,

07/25/41

(b)

235,768‌

593,775‌

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

531,739‌

767,507‌

Total

Government

&

Agency

Obligations

(Cost

$60,737,186)

56,044,902‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.6%

Investment

Company

-

1.6%

914,929‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

2.81%

(c)

$

914,929‌

Total

Short-Term

Investments

(Cost

$914,929)

914,929‌

Investments,

at

value

-

99.9%

(Cost

$61,652,115)

56,959,831‌

Other

assets

in

excess

of

liabilities

-

0.1%

77,104‌

NET

ASSETS

-

100.0%

$

57,036,935‌

(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,

2022.

(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,

2022,

the

aggregate

value

of

these

liquid

securities

were

$235,768

or

0.4%

of

net

assets.

(c)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2022.

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,

2022

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

17

Shares

Security

Description

Value

Common

Stocks

-

56.9%

Communication

Services

-

4.9%

6,075‌

Activision

Blizzard,

Inc.

$

451,615‌

15,980‌

Alphabet,

Inc.,

Class C (a)

1,536,477‌

12,250‌

Comcast

Corp.,

Class A

359,292‌

3,735‌

Meta

Platforms,

Inc.,

Class A (a)

506,765‌

11,450‌

Verizon

Communications,

Inc.

434,757‌

3,288,906‌

Consumer

Discretionary

-

6.1%

12,040‌

Amazon.com,

Inc. (a)

1,360,520‌

231‌

Booking

Holdings,

Inc. (a)

379,581‌

11,900‌

Gentex

Corp.

283,696‌

3,605‌

NIKE,

Inc.,

Class B

299,648‌

825‌

O'Reilly

Automotive,

Inc. (a)

580,264‌

900‌

Pool

Corp.

286,389‌

8,500‌

Rent-A-Center,

Inc./TX,

Class A

148,835‌

4,250‌

Royal

Caribbean

Cruises,

Ltd. (a)

161,075‌

2,220‌

The

Home

Depot,

Inc.

612,587‌

4,112,595‌

Consumer

Staples

-

4.3%

6,375‌

Church

&

Dwight

Co.,

Inc.

455,430‌

2,280‌

Constellation

Brands,

Inc.,

Class A

523,670‌

1,415‌

Costco

Wholesale

Corp.

668,262‌

6,080‌

Lamb

Weston

Holdings,

Inc.

470,470‌

6,155‌

Walmart,

Inc.

798,304‌

2,916,136‌

Energy

-

2.1%

1,100‌

Diamondback

Energy,

Inc.

132,506‌

2,350‌

EOG

Resources,

Inc.

262,566‌

8,275‌

Exxon

Mobil

Corp.

722,490‌

3,500‌

Phillips

66

282,520‌

1,400,082‌

Financials

-

5.9%

680‌

BlackRock,

Inc.

374,190‌

6,850‌

Brown

&

Brown,

Inc.

414,288‌

3,340‌

Chubb,

Ltd.

607,479‌

1,850‌

CME

Group,

Inc.

327,690‌

5,500‌

Equitable

Holdings,

Inc.

144,925‌

5,900‌

First

American

Financial

Corp.

271,990‌

5,050‌

JPMorgan

Chase

&

Co.

527,725‌

7,750‌

KeyCorp

124,155‌

1,215‌

Moody's

Corp.

295,379‌

4,300‌

Morgan

Stanley

339,743‌

1,635‌

The

PNC

Financial

Services

Group,

Inc.

244,302‌

7,625‌

Wells

Fargo

&

Co.

306,678‌

3,978,544‌

Health

Care

-

8.8%

7,075‌

Abbott

Laboratories

684,577‌

2,600‌

AMN

Healthcare

Services,

Inc. (a)

275,496‌

4,860‌

Edwards

Lifesciences

Corp. (a)

401,582‌

3,200‌

Eli

Lilly

&

Co.

1,034,720‌

8,850‌

Horizon

Therapeutics

PLC (a)

547,727‌

Shares

Security

Description

Value

1,375‌

Humana,

Inc.

$

667,136‌

4,825‌

Integer

Holdings

Corp. (a)

300,260‌

4,400‌

Lantheus

Holdings,

Inc. (a)

309,452‌

2,599‌

LHC

Group,

Inc. (a)

425,352‌

1,480‌

Thermo

Fisher

Scientific,

Inc.

750,641‌

3,505‌

Zoetis,

Inc.

519,756‌

5,916,699‌

Industrials

-

4.9%

4,900‌

AMETEK,

Inc.

555,709‌

1,020‌

Cintas

Corp.

395,954‌

17,900‌

CSX

Corp.

476,856‌

4,650‌

MasTec,

Inc. (a)

295,275‌

7,407‌

Raytheon

Technologies

Corp.

606,337‌

4,700‌

The

Timken

Co.

277,488‌

4,305‌

Waste

Management,

Inc.

689,704‌

3,297,323‌

Information

Technology

-

14.0%

1,465‌

Adobe,

Inc. (a)

403,168‌

20,010‌

Apple,

Inc.

2,765,382‌

2,045‌

CDW

Corp.

319,184‌

2,932‌

Entegris,

Inc.

243,415‌

4,950‌

Fiserv,

Inc. (a)

463,171‌

2,260‌

FleetCor

Technologies,

Inc. (a)

398,144‌

2,405‌

Mastercard,

Inc.,

Class A

683,838‌

5,900‌

Microchip

Technology,

Inc.

360,077‌

10,050‌

Microsoft

Corp.

2,340,645‌

4,580‌

NVIDIA

Corp.

555,966‌

1,030‌

Paycom

Software,

Inc. (a)

339,890‌

1,050‌

Perficient,

Inc. (a)

68,271‌

4,025‌

QUALCOMM,

Inc.

454,744‌

9,395,895‌

Materials

-

1.6%

4,990‌

Berry

Global

Group,

Inc. (a)

232,185‌

2,725‌

FMC

Corp.

288,032‌

1,715‌

Linde

PLC

462,347‌

9,500‌

PureCycle

Technologies,

Inc. (a)

76,665‌

1,059,229‌

Real

Estate

-

2.2%

1,760‌

American

Tower

Corp.

REIT

377,872‌

11,890‌

First

Industrial

Realty

Trust,

Inc.

REIT

532,791‌

4,195‌

Sun

Communities,

Inc.

REIT

567,709‌

1,478,372‌

Utilities

-

2.1%

2,630‌

American

Water

Works

Co.,

Inc.

342,321‌

4,690‌

Atmos

Energy

Corp.

477,676‌

7,470‌

NextEra

Energy,

Inc.

585,723‌

1,405,720‌

Total

Common

Stocks

(Cost

$25,380,155)

38,249,501‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

18

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

10.2%

Asset

Backed

Securities

-

4.6%

$

155,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46 (b)

$

132,157‌

183,812‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (b)

177,186‌

50,000‌

AMSR

Trust,

1.63%,

07/17/37 (b)

45,813‌

134,970‌

AXIS

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (b)

129,718‌

210,000‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (b)

208,730‌

88,045‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (b)(c)

84,924‌

250,000‌

CCG

Receivables

Trust,

3.91%,

07/16/29 (b)

247,113‌

239,331‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (b)

212,582‌

115,741‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61 (b)

99,568‌

64,766‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (b)

60,587‌

36,472‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (b)

34,996‌

105,000‌

DLLMT,

LLC,

1.00%,

07/21/25 (b)

99,079‌

54,053‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (b)

46,518‌

135,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38 (b)

116,023‌

130,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

4.42%,

10/15/31 (b)(d)

129,574‌

135,000‌

NMEF

Funding,

LLC,

2.58%,

10/16/28 (b)

130,779‌

111,361‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

3.65%,

09/25/61 (d)

108,756‌

6,283‌

Pawnee

Equipment

Receivables,

2.29%,

10/15/24 (b)

6,277‌

72,124‌

Pawneee

Equipment

Receivables,

1.10%,

07/15/27 (b)

69,044‌

18,605‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

4.23%,

12/24/33 (b)(d)

17,968‌

119,863‌

Progress

Residential

Trust,

1.52%,

07/17/38 (b)

103,584‌

134,919‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

4.43%,

04/15/29 (d)

134,795‌

60,652‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (b)

58,718‌

Principal

Amount

Security

Description

Value

$

210,922‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (b)

$

175,615‌

144,625‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (b)

142,819‌

70,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46 (b)

60,209‌

134,242‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39 (b)

110,717‌

180,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (b)

158,153‌

3,102,002‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

4.0%

375,000‌

American

Tower

Trust

I,

3.07%,

03/15/23 (b)

372,397‌

150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.65%,

03/10/37 (b)(c)

137,045‌

190,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

181,596‌

98,052‌

BX

Commercial

Mortgage

Trust,

3.93%,

02/15/39 (b)(d)

94,133‌

160,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

09/15/36 (b)(d)

149,982‌

125,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

120,738‌

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

152,397‌

185,000‌

Goldman

Sachs

Mortgage

Securities

Trust

(USD

1

Month

LIBOR

+

0.89%),

3.70%,

11/15/36 (b)(d)

177,587‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39 (b)

173,001‌

97,698‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (b)

93,889‌

133,654‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (b)

125,576‌

143,960‌

KNDR

2021-KIND

A

(USD

1

Month

LIBOR

+

0.95%),

3.77%,

08/15/38 (b)(d)

136,498‌

125,000‌

Ready

Capital

Mortgage

Financing,

LLC,

3.95%,

01/25/37 (b)(d)

123,311‌

75,000‌

SREIT

Trust

(USD

1

Month

LIBOR

+

0.58%),

3.39%,

07/15/36 (b)(d)

71,429‌

85,351‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (b)(c)

77,529‌

130,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (b)

119,968‌

100,000‌

TRTX

Issuer,

Ltd.,

3.94%,

02/15/39 (b)

(d)

97,989‌

75,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

72,127‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

19

Principal

Amount

Security

Description

Value

$

150,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

$

136,588‌

120,679‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (b)(c)

94,450‌

2,708,230‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.6%

109,795‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (b)(c)

98,504‌

39,126‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

3.95%,

12/25/33 (b)(d)

36,912‌

148,221‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (b)(c)

126,456‌

58,819‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (b)(c)

57,119‌

66,476‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (b)(c)

63,928‌

50,157‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (b)(c)

47,490‌

15,085‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (b)(c)

14,187‌

117,044‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47 (b)(c)

104,256‌

80,665‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (b)(c)

77,966‌

90,233‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

84,776‌

30,291‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45 (c)

29,686‌

28,697‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (b)(c)

26,689‌

168,285‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52 (b)(c)

149,623‌

151,817‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (b)(c)

135,638‌

1,053,230‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$7,442,430)

6,863,462‌

Corporate

Bonds

-

12.7%

Communication

Services

-

1.1%

348,000‌

AT&T,

Inc.,

4.30%,

02/15/30

317,958‌

150,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32 (b)

131,869‌

317,000‌

Verizon

Communications,

Inc.,

4.33%,

09/21/28

298,273‌

748,100‌

Consumer

Discretionary

-

1.6%

240,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

210,504‌

166,000‌

Dollar

General

Corp.,

3.25%,

04/15/23

165,786‌

100,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (b)

95,350‌

315,000‌

McDonald's

Corp.,

2.13%,

03/01/30

256,691‌

Principal

Amount

Security

Description

Value

$

50,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

$

46,000‌

50,000‌

Starbucks

Corp.,

2.00%,

03/12/27

43,833‌

265,000‌

The

Walt

Disney

Co.,

2.65%,

01/13/31

219,272‌

75,000‌

Whirlpool

Corp.,

MTN,

3.70%,

03/01/23

74,684‌

1,112,120‌

Consumer

Staples

-

0.2%

165,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27 (b)

150,449‌

Financials

-

4.9%

275,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27 (c)

253,873‌

326,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

248,059‌

280,000‌

Citigroup,

Inc.,

3.89%,

01/10/28 (c)

257,715‌

270,000‌

CME

Group,

Inc.,

3.00%,

03/15/25

258,716‌

310,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

246,456‌

305,000‌

JPMorgan

Chase

&

Co.,

1.05%,

11/19/26 (c)

263,805‌

110,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

95,485‌

50,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24 (b)

49,254‌

290,000‌

Morgan

Stanley,

GMTN,

3.77%,

01/24/29 (c)

260,809‌

70,000‌

Morgan

Stanley,

GMTN,

3.75%,

02/25/23

69,802‌

225,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

184,907‌

100,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (c)(e)

97,250‌

220,000‌

The

Charles

Schwab

Corp.,

3.85%,

05/21/25

214,917‌

275,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

255,521‌

230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49 (c)(e)

193,741‌

255,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31 (c)

204,113‌

55,000‌

Wells

Fargo

&

Co.,

3.00%,

04/22/26

50,398‌

3,204,821‌

Health

Care

-

0.2%

125,000‌

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

95,904‌

37,000‌

Becton

Dickinson

and

Co.,

3.73%,

12/15/24

35,731‌

131,635‌

Industrials

-

2.5%

255,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

199,943‌

250,000‌

BMW

Finance

NV,

2.85%,

08/14/29 (b)

214,215‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

20

Principal

Amount

Security

Description

Value

$

300,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

$

292,974‌

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

233,167‌

170,000‌

TTX

Co.,

3.60%,

01/15/25 (b)

163,578‌

175,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

164,485‌

250,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (b)

237,131‌

335,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

253,981‌

1,759,474‌

Information

Technology

-

2.2%

170,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

134,167‌

235,000‌

eBay,

Inc.,

3.60%,

06/05/27

217,543‌

140,000‌

NVIDIA

Corp.,

2.85%,

04/01/30

119,988‌

130,000‌

Oracle

Corp.,

3.40%,

07/08/24

126,354‌

155,000‌

Oracle

Corp.,

2.30%,

03/25/28

129,451‌

313,000‌

QUALCOMM,

Inc.,

2.15%,

05/20/30

257,992‌

280,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30 (b)

207,623‌

310,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

255,671‌

1,448,789‌

Total

Corporate

Bonds

(Cost

$9,819,183)

8,555,388‌

Government

&

Agency

Obligations

-

15.6%

GOVERNMENT

SECURITIES

-

14.9%

Municipals

-

0.7%

350,000‌

California

State

University,

California

RB,

5.45%,

11/01/22

350,524‌

125,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

1.69%,

12/15/31

97,079‌

50,000‌

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

41,688‌

489,291‌

Treasury

Inflation

Index

Securities

-

0.4%

265,671‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28 (f)

259,067‌

U.S.

Treasury

Securities

-

13.8%

405,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

397,992‌

505,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

482,709‌

3,095,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

2,931,666‌

2,585,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

2,389,308‌

2,605,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

2,210,790‌

1,010,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

855,817‌

9,268,282‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

0.7%

Federal

Home

Loan

Mortgage

Corp.

-

0.5%

65,414‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (g)

64,266‌

Principal

Amount

Security

Description

Value

$

43,670‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

$

40,668‌

24,557‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

24,208‌

240,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

209,905‌

339,047‌

Federal

National

Mortgage

Association

-

0.1%

18,616‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

17,678‌

65,782‌

Federal

National

Mortgage

Association

REMIC,

4.14%,

04/25/29 (c)

61,276‌

78,954‌

Government

National

Mortgage

Association

-

0.1%

65,459‌

Government

National

Mortgage

Association,

3.50%,

01/20/69 (c)

62,889‌

Total

Government

&

Agency

Obligations

(Cost

$11,342,136)

10,497,530‌

Shares

Security

Description

Value

Short-Term

Investments

-

4.5%

Investment

Company

-

4.5%

2,998,546‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

2.81% (h)

2,998,546‌

Total

Short-Term

Investments

(Cost

$2,998,546)

2,998,546‌

Investments,

at

value

-

99.9%

(Cost

$56,982,450)

67,164,427‌

Other

assets

in

excess

of

liabilities

-

0.1%

71,497‌

NET

ASSETS

-

100.0%

$

67,235,924‌

(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,

2022,

the

aggregate

value

of

these

liquid

securities

were

$7,091,472

or

10.5%

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,

2022.

(d)

Floating

rate

security.

Rate

presented

is

as

of

September

30,

2022.

(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,

2022.

(h)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2022.

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

BALANCED

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

21

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,

2022

(Unaudited)

SMALL/MID

CAP

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

22

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

September

30,

2022.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

98.9%

Communication

Services

-

2.0%

1,306‌

Nexstar

Media

Group,

Inc.,

Class A

$

217,906‌

Consumer

Discretionary

-

10.1%

2,027‌

Burlington

Stores,

Inc.

(a)

226,801‌

2,448‌

Dorman

Products,

Inc.

(a)

201,030‌

7,658‌

G-III

Apparel

Group,

Ltd.

(a)

114,487‌

1,270‌

LGI

Homes,

Inc.

(a)

103,340‌

4,125‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

212,850‌

1,463‌

Tractor

Supply

Co.

271,942‌

1,130,450‌

Consumer

Staples

-

3.7%

1,170‌

Casey's

General

Stores,

Inc.

236,949‌

421‌

Coca-Cola

Consolidated,

Inc.

173,338‌

410,287‌

Energy

-

4.0%

10,334‌

CNX

Resources

Corp.

(a)

160,487‌

6,188‌

Marathon

Oil

Corp.

139,725‌

3,825‌

SM

Energy

Co.

143,858‌

444,070‌

Financials

-

15.8%

4,732‌

Atlantic

Union

Bankshares

Corp.

143,758‌

2,669‌

Brown

&

Brown,

Inc.

161,421‌

1,777‌

Cullen/Frost

Bankers,

Inc.

234,955‌

193‌

Markel

Corp.

(a)

209,255‌

3,833‌

Moelis

&

Co.,

Class A

129,594‌

2,876‌

Selective

Insurance

Group,

Inc.

234,106‌

3,376‌

SouthState

Corp.

267,109‌

4,118‌

Stifel

Financial

Corp.

213,765‌

2,041‌

UMB

Financial

Corp.

172,036‌

1,765,999‌

Health

Care

-

11.6%

2,113‌

AMN

Healthcare

Services,

Inc.

(a)

223,894‌

871‌

ICON

PLC

(a)

160,072‌

2,933‌

Integra

LifeSciences

Holdings

Corp.

(a)

124,242‌

607‌

Molina

Healthcare,

Inc.

(a)

200,213‌

2,360‌

Omnicell

,

Inc.

(a)

205,391‌

2,184‌

Pacira

BioSciences

,

Inc.

(a)

116,167‌

2,234‌

PerkinElmer,

Inc.

268,817‌

1,298,796‌

Industrials

-

19.5%

735‌

CACI

International,

Inc.,

Class A

(a)

191,879‌

1,035‌

Carlisle

Cos.,

Inc.

290,225‌

2,519‌

EnerSys

146,530‌

2,855‌

Fortune

Brands

Home

&

Security,

Inc.

153,285‌

1,977‌

Forward

Air

Corp.

178,444‌

3,163‌

Franklin

Electric

Co.,

Inc.

258,449‌

1,941‌

ICF

International,

Inc.

211,608‌

2,034‌

Oshkosh

Corp.

142,970‌

1,877‌

Quanta

Services,

Inc.

239,111‌

2,312‌

Robert

Half

International,

Inc.

176,868‌

Shares

Security

Description

Value

1,427‌

Tetra

Tech,

Inc.

$

183,412‌

2,172,781‌

Information

Technology

-

19.4%

2,883‌

Ambarella

,

Inc.

(a)

161,967‌

2,876‌

Black

Knight,

Inc.

(a)

186,163‌

4,377‌

Blackbaud

,

Inc.

(a)

192,851‌

1,097‌

Broadridge

Financial

Solutions,

Inc.

158,319‌

8,450‌

Cambium

Networks

Corp.

(a)

142,974‌

2,217‌

Diodes,

Inc.

(a)

143,905‌

921‌

ExlService

Holdings,

Inc.

(a)

135,719‌

1,178‌

Littelfuse

,

Inc.

234,057‌

2,227‌

MKS

Instruments,

Inc.

184,039‌

3,169‌

Power

Integrations,

Inc.

203,830‌

2,070‌

PTC,

Inc.

(a)

216,522‌

1,463‌

Qualys

,

Inc.

(a)

203,927‌

2,164,273‌

Materials

-

4.1%

1,406‌

Balchem

Corp.

170,941‌

3,390‌

RPM

International,

Inc.

282,421‌

453,362‌

Real

Estate

-

6.0%

2,819‌

Agree

Realty

Corp.

REIT

190,508‌

9,863‌

Easterly

Government

Properties,

Inc.

REIT

155,540‌

1,078‌

Jones

Lang

LaSalle,

Inc.

(a)

162,853‌

1,934‌

Lamar

Advertising

Co.,

Class A

REIT

159,536‌

668,437‌

Utilities

-

2.7%

3,033‌

IDACORP,

Inc.

300,297‌

Total

Common

Stocks

(Cost

$11,438,186)

11,026,658‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.2%

Investment

Company

-

1.2%

127,939‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

2.81%

(b)

127,939‌

Total

Short-Term

Investments

(Cost

$127,939)

127,939‌

Investments,

at

value

-

100.1%

(Cost

$11,566,125)

11,154,597‌

Other

liabilities

in

excess

of

assets

-

(0.1)%

(5,864‌)

NET

ASSETS

-

100.0%

$

11,148,733‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

SMALL

COMPANY

FUND

Semi-Annual

Report

2022

See

accompanying

Notes

to

Financial

Statements.

23

Shares

Security

Description

Value

Common

Stocks

-

97.8%

Communication

Services

-

1.6%

662,861‌

Gray

Television,

Inc.

$

9,492,170‌

Consumer

Discretionary

-

12.0%

136,972‌

Boot

Barn

Holdings,

Inc.

(a)

8,007,383‌

136,919‌

Dorman

Products,

Inc.

(a)

11,243,788‌

409,917‌

G-III

Apparel

Group,

Ltd.

(a)

6,128,259‌

272,740‌

La-Z-Boy,

Inc.

6,155,742‌

69,778‌

LGI

Homes,

Inc.

(a)

5,677,836‌

183,651‌

Monarch

Casino

&

Resort,

Inc.

(a)

10,310,167‌

310,585‌

Movado

Group,

Inc.

8,752,286‌

230,837‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

11,911,189‌

117,064‌

Patrick

Industries,

Inc.

5,132,086‌

73,318,736‌

Consumer

Staples

-

2.7%

23,183‌

Coca-Cola

Consolidated,

Inc.

9,545,137‌

51,431‌

J

&

J

Snack

Foods

Corp.

6,658,771‌

16,203,908‌

Energy

-

4.3%

704,228‌

CNX

Resources

Corp.

(a)

10,936,661‌

258,509‌

Northern

Oil

and

Gas,

Inc.

7,085,732‌

1,200,884‌

Permian

Resources

Corp.

(a)

8,166,011‌

26,188,404‌

Financials

-

17.2%

405,781‌

Atlantic

Union

Bankshares

Corp.

12,327,627‌

244,337‌

BRP

Group,

Inc.,

Class A

(a)

6,438,280‌

215,782‌

Mercantile

Bank

Corp.

6,410,883‌

273,148‌

Moelis

&

Co.,

Class A

9,235,134‌

169,062‌

Origin

Bancorp,

Inc.

6,503,815‌

247,025‌

Seacoast

Banking

Corp.

of

Florida

7,467,566‌

244,338‌

Selective

Insurance

Group,

Inc.

19,889,113‌

155,212‌

SouthState

Corp.

12,280,373‌

162,815‌

Stewart

Information

Services

Corp.

7,105,247‌

98,641‌

Stifel

Financial

Corp.

5,120,454‌

70,853‌

UMB

Financial

Corp.

5,972,199‌

178,013‌

United

Bankshares

,

Inc.

6,363,965‌

105,114,656‌

Health

Care

-

12.9%

78,284‌

Addus

HomeCare

Corp.

(a)

7,455,768‌

80,372‌

AMN

Healthcare

Services,

Inc.

(a)

8,516,217‌

391,033‌

Avanos

Medical,

Inc.

(a)

8,516,699‌

194,065‌

Integer

Holdings

Corp.

(a)

12,076,665‌

196,054‌

Integra

LifeSciences

Holdings

Corp.

(a)

8,304,848‌

67,326‌

Medpace

Holdings,

Inc.

(a)

10,581,627‌

105,770‌

Omnicell

,

Inc.

(a)

9,205,163‌

118,599‌

Pacira

BioSciences

,

Inc.

(a)

6,308,281‌

239,118‌

Supernus

Pharmaceuticals,

Inc.

(a)

8,094,144‌

79,059,412‌

Industrials

-

18.9%

136,102‌

American

Woodmark

Corp.

(a)

5,969,434‌

278,344‌

Barnes

Group,

Inc.

8,038,575‌

148,036‌

Comfort

Systems

USA,

Inc.

14,408,344‌

Shares

Security

Description

Value

72,158‌

CSW

Industrials,

Inc.

$

8,644,528‌

151,224‌

EnerSys

8,796,700‌

128,105‌

EnPro

Industries,

Inc.

10,886,363‌

127,888‌

Forward

Air

Corp.

11,543,171‌

167,191‌

Franklin

Electric

Co.,

Inc.

13,661,176‌

140,855‌

ICF

International,

Inc.

15,356,012‌

167,575‌

Kforce

,

Inc.

9,828,274‌

174,176‌

Korn

Ferry

8,177,563‌

115,310,140‌

Information

Technology

-

15.9%

119,545‌

Advanced

Energy

Industries,

Inc.

9,253,978‌

109,265‌

Ambarella

,

Inc.

(a)

6,138,508‌

442,081‌

Benchmark

Electronics,

Inc.

10,954,767‌

235,623‌

Blackbaud

,

Inc.

(a)

10,381,549‌

459,659‌

Cambium

Networks

Corp.

(a)

7,777,430‌

181,085‌

Cass

Information

Systems,

Inc.

6,281,839‌

247,178‌

CTS

Corp.

10,294,964‌

151,377‌

Diodes,

Inc.

(a)

9,825,881‌

59,992‌

ExlService

Holdings,

Inc.

(a)

8,840,421‌

164,350‌

Onto

Innovation,

Inc.

(a)

10,526,618‌

56,597‌

SPS

Commerce,

Inc.

(a)

7,031,045‌

97,307,000‌

Materials

-

3.0%

82,632‌

Balchem

Corp.

10,046,399‌

132,033‌

Kaiser

Aluminum

Corp.

8,100,224‌

18,146,623‌

Real

Estate

-

6.3%

171,312‌

Agree

Realty

Corp.

REIT

11,577,265‌

576,954‌

Easterly

Government

Properties,

Inc.

REIT

9,098,564‌

301,296‌

Marcus

&

Millichap,

Inc.

9,876,483‌

810,545‌

Sunstone

Hotel

Investors,

Inc.

REIT

7,635,334‌

38,187,646‌

Utilities

-

3.0%

60,413‌

Chesapeake

Utilities

Corp.

6,971,056‌

117,448‌

IDACORP,

Inc.

11,628,527‌

18,599,583‌

Total

Common

Stocks

(Cost

$516,266,359)

596,928,278‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.3%

Investment

Company

-

1.3%

8,158,699‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

2.81%

(b)

8,158,699‌

Total

Short-Term

Investments

(Cost

$8,158,699)

8,158,699‌

Investments,

at

value

-

99.1%

(Cost

$524,425,058)

605,086,977‌

Other

assets

in

excess

of

liabilities

-

0.9%

5,241,178‌

NET

ASSETS

-

100.0%

$

610,328,155‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

September

30,

2022

(Unaudited)

SMALL

COMPANY

FUND

Semi-Annual

Report

2022

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,

2022.

REIT

Real

Estate

Investment

Trust

Semi-Annual

Report

2022

STATEMENTS

OF

ASSETS

AND

LIABILITIES

September

30,

2022

(Unaudited)

25

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Assets:

Investments,

at

cost

$

229,798,312‌

Unrealized

appreciation

(depreciation)

of

investments

(14,163,639‌)

Total

investments,

at

value

215,634,673‌

Receivable

for

capital

shares

issued

504,290‌

Interest

and

dividends

receivable

1,099,248‌

Receivable

from

investment

advisor

–‌

Prepaid

expenses

27,802‌

Total

Assets

217,266,013‌

Liabilities:

Distributions

payable

327,745‌

Payable

for

investments

purchased

215,070‌

Payable

for

capital

shares

redeemed

31,784‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

38,865‌

Administration

fees

payable

to

non-related

parties

8,221‌

Administration

fees

payable

to

related

parties

12,562‌

Shareholder

service

fees

2,507‌

Other

fees

30,017‌

Total

Liabilities

666,771‌

Net

Assets

$

216,599,242‌

Composition

of

Net

Assets:

Paid-In

Capital

$

234,861,142‌

Distributable

earnings

(18,261,900‌)

Net

Assets

$

216,599,242‌

Institutional

Class:

Net

assets

6,089,644‌

Shares

of

beneficial

interest

(See

note

5

)

702,091‌

Net

asset

value,

offering

and

redemption

price

per

share

$

8.67‌

Institutional

Plus

Class:

Net

assets

210,509,598‌

Shares

of

beneficial

interest

(See

note

5

)

24,195,394‌

Net

asset

value,

offering

and

redemption

price

per

share

$

8.70‌

Semi-Annual

Report

2022

STATEMENTS

OF

ASSETS

AND

LIABILITIES

September

30,

2022

(Unaudited)

26

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

203,233,370‌

$

61,652,115‌

$

56,982,450‌

$

11,566,125‌

$

524,425,058‌

(23,657,611‌)

(4,692,284‌)

10,181,977‌

(411,528‌)

80,661,919‌

179,575,759‌

56,959,831‌

67,164,427‌

11,154,597‌

605,086,977‌

561,169‌

2,000‌

16,328‌

388‌

5,465,923‌

1,041,653‌

556,514‌

171,797‌

3,035‌

516,911‌

–‌

–‌

–‌

1,210‌

–‌

25,059‌

8,444‌

10,837‌

15,738‌

100,663‌

181,203,640‌

57,526,789‌

67,363,389‌

11,174,968‌

611,170,474‌

362,057‌

71,313‌

–‌

–‌

–‌

–‌

389,970‌

64,164‌

–‌

–‌

466,489‌

607‌

4,821‌

–‌

324,224‌

34,068‌

5,664‌

24,734‌

–‌

389,433‌

6,992‌

2,215‌

2,646‌

460‌

24,155‌

10,597‌

3,395‌

4,089‌

677‌

37,051‌

1,125‌

–‌

8,738‌

–‌

15,489‌

30,785‌

16,690‌

18,273‌

25,098‌

51,967‌

912,113‌

489,854‌

127,465‌

26,235‌

842,319‌

$

180,291,527‌

$

57,036,935‌

$

67,235,924‌

$

11,148,733‌

$

610,328,155‌

$

206,261,688‌

$

61,872,360‌

$

53,263,973‌

$

11,416,157‌

$

445,913,559‌

(25,970,161‌)

(4,835,425‌)

13,971,951‌

(267,424‌)

164,414,596‌

$

180,291,527‌

$

57,036,935‌

$

67,235,924‌

$

11,148,733‌

$

610,328,155‌

2,438,403‌

–‌

28,422,102‌

351,663‌

48,097,965‌

274,048‌

–‌

1,720,098‌

27,820‌

1,769,847‌

$

8.90‌

$

–‌

$

16.52‌

$

12.64‌

$

27.18‌

177,853,124‌

57,036,935‌

38,813,822‌

10,797,070‌

562,230,190‌

19,992,316‌

6,526,030‌

2,382,880‌

851,089‌

20,507,705‌

$

8.90‌

$

8.74‌

$

16.29‌

$

12.69‌

$

27.42‌

Semi-Annual

Report

2022

Statements

of

Operations

For

the

Six

Months

Ended

September

30,

2022

(Unaudited)

27

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Investment

Income:

Interest

$

2,256,243‌

Dividend

26,281‌

Total

Income

2,282,524‌

Expenses:

Investment

advisory

fees

(Note

3)

542,847‌

Administration

fees

129,798‌

Shareholder

service

fees

-

Institutional

Class

6,762‌

Custodian

fees

10,100‌

Chief

compliance

officer

fees

9,556‌

Director

fees

13,737‌

Registration

and

filing

fees

5,509‌

Transfer

agent

fees

35,357‌

Other

Fees

68,698‌

Total

expenses

before

waivers

822,364‌

Expenses

waived

by

adviser

(Note

3)

(290,098‌)

Total

Expenses

532,266‌

Net

Investment

Income

(Loss)

1,750,258‌

Realized

and

Unrealized

Gain

(Loss)

On

Investments:

Net

realized

gain

(loss)

on

investments

transactions

(191,511‌)

Change

in

unrealized

appreciation

(depreciation)

on

investments

(7,323,523‌)

Net

realized

and

unrealized

(loss)

on

investments

(7,515,034‌)

Net

decrease

in

net

assets

from

operations

$

(5,764,776‌)

Semi-Annual

Report

2022

Statements

of

Operations

For

the

Six

Months

Ended

September

30,

2022

(Unaudited)

28

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

2,666,693‌

$

640,729‌

$

347,724‌

$

–‌

$

90‌

13,778‌

7,785‌

310,827‌

46,576‌

4,415,025‌

2,680,471‌

648,514‌

658,551‌

46,576‌

4,415,115‌

530,038‌

120,418‌

278,254‌

34,643‌

2,887,947‌

105,656‌

35,988‌

44,348‌

4,880‌

406,135‌

2,090‌

–‌

29,581‌

–‌

59,516‌

10,135‌

2,476‌

3,451‌

2,872‌

26,327‌

7,796‌

2,649‌

3,262‌

363‌

29,878‌

11,167‌

3,807‌

4,707‌

523‌

43,113‌

4,661‌

1,144‌

7,643‌

3,135‌

17,976‌

32,931‌

10,368‌

22,087‌

19,783‌

132,274‌

62,891‌

37,847‌

42,852‌

25,709‌

82,304‌

767,365‌

214,697‌

436,185‌

91,908‌

3,685,470‌

(307,048‌)

(80,001‌)

(113,154‌)

(54,114‌)

(376,852‌)

460,317‌

134,696‌

323,031‌

37,794‌

3,308,618‌

2,220,154‌

513,818‌

335,520‌

8,782‌

1,106,497‌

(412,831‌)

(74,109‌)

939,055‌

31,365‌

34,951,122‌

(18,674,004‌)

(3,582,259‌)

(12,682,087‌)

(1,757,857‌)

(142,874,409‌)

(19,086,835‌)

(3,656,368‌)

(11,743,032‌)

(1,726,492‌)

(107,923,287‌)

$

(16,866,681‌)

$

(3,142,550‌)

$

(11,407,512‌)

$

(1,717,710‌)

$

(106,816,790‌)

Semi-Annual

Report

2022

Statements

of

Changes

in

Net

Assets

(Unaudited)

29

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

For

the

Six

Months

Ended

September

30,

2022

For

the

Year

Ended

March

31,

2022

For

the

Six

Months

Ended

September

30,

2022

For

the

Year

Ended

March

31,

2022

Operations:

Net

investment

income

$

1,750,258‌

$

2,871,492‌

$

2,220,154‌

$

3,699,267‌

Net

realized

gain

(loss)

on

investment

transactions

(191,511‌)

635,054‌

(412,831‌)

1,451,112‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(7,323,523‌)

(9,576,753‌)

(18,674,004‌)

(12,101,557‌)

Net

increase

(decrease)

in

net

assets

from

operations

(5,764,776‌)

(6,070,207‌)

(16,866,681‌)

(6,951,178‌)

Distributions

to

Shareholders:

Institutional

Class

(62,394‌)

(167,418‌)

(34,775‌)

(75,035‌)

Institutional

Plus

Class

(2,224,158‌)

(4,200,000‌)

(2,360,684‌)

(4,805,926‌)

Change

in

net

assets

from

distributions

to

shareholders

(2,286,552‌)

(4,367,418‌)

(2,395,459‌)

(4,880,961‌)

Capital

Transactions:

Proceeds

from

shares

issued

Institutional

Class

337,345‌

1,035,714‌

268,077‌

388,955‌

Institutional

Plus

Class

26,794,375‌

39,169,629‌

35,104,964‌

24,959,818‌

Proceeds

from

dividends

reinvested

Institutional

Class

39,743‌

120,741‌

34,337‌

73,669‌

Institutional

Plus

Class

462,947‌

816,732‌

352,465‌

682,336‌

Cost

of

shares

redeemed

Institutional

Class

(1,915,747‌)

(3,403,173‌)

(602,710‌)

(2,204,848‌)

Institutional

Plus

Class

(22,383,858‌)

(43,322,579‌)

(12,538,317‌)

(38,540,061‌)

Change

in

net

assets

from

capital

transactions

3,334,805‌

(5,582,936‌)

22,618,816‌

(14,640,131‌)

Change

in

net

assets

(4,716,523‌)

(16,020,561‌)

3,356,676‌

(26,472,270‌)

Net

Assets:

Beginning

of

Period

221,315,765‌

237,336,326‌

176,934,851‌

203,407,121‌

End

of

Period

$

216,599,242‌

$

221,315,765‌

$

180,291,527‌

$

176,934,851‌

Share

Transactions

Institutional

Class:

Shares

issued

37,809‌

111,502‌

28,325‌

36,616‌

Shares

reinvested

4,497‌

12,955‌

3,665‌

7,002‌

Shares

redeemed

(214,922‌)

(366,539‌)

(63,170‌)

(207,852‌)

Change

in

shares

(172,616‌)

(242,082‌)

(31,180‌)

(164,234‌)

Share

Transactions

Institutional

Plus

Class:

Shares

issued

3,021,374‌

4,191,769‌

3,738,854‌

2,371,697‌

Shares

reinvested

52,234‌

87,479‌

37,682‌

64,739‌

Shares

redeemed

(2,520,996‌)

(4,643,983‌)

(1,338,839‌)

(3,668,090‌)

Change

in

shares

552,612‌

(364,735‌)

2,437,697‌

(1,231,654‌)

Semi-Annual

Report

2022

Statements

of

Changes

in

Net

Assets

(Unaudited)

30

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

For

the

Six

Months

Ended

September

30,

2022

For

the

Year

Ended

March

31,

2022

For

the

Six

Months

Ended

September

30,

2022

For

the

Year

Ended

March

31,

2022

For

the

Six

Months

Ended

September

30,

2022

For

the

Year

Ended

March

31,

2022

For

the

Six

Months

Ended

September

30,

2022

For

the

Year

Ended

March

31,

2022

$

513,818‌

$

1,105,539‌

$

335,520‌

$

483,704‌

$

8,782‌

$

1,905‌

$

1,106,497‌

$

2,322,010‌

(74,109‌)

36,290‌

939,055‌

6,139,255‌

31,365‌

179,633‌

34,951,122‌

123,598,693‌

(3,582,259‌)

(3,968,078‌)

(12,682,087‌)

(1,274,367‌)

(1,757,857‌)

303,794‌

(142,874,409‌)

(57,061,092‌)

(3,142,550‌)

(2,826,249‌)

(11,407,512‌)

5,348,592‌

(1,717,710‌)

485,332‌

(106,816,790‌)

68,859,611‌

–‌

–‌

(114,680‌)

(2,963,761‌)

–‌

(1,314‌)

–‌

(8,381,078‌)

(513,899‌)

(1,192,930‌)

(211,122‌)

(3,739,640‌)

–‌

(173,882‌)

–‌

(96,402,217‌)

(513,899‌)

(1,192,930‌)

(325,802‌)

(6,703,401‌)

–‌

(175,196‌)

–‌

(104,783,295‌)

–‌

–‌

1,320,665‌

2,009,855‌

115,517‌

270,449‌

5,419,772‌

9,187,390‌

6,311,785‌

6,476,424‌

2,450,213‌

5,098,845‌

5,459,754‌

3,487,213‌

70,672,341‌

193,305,916‌

–‌

–‌

105,181‌

2,793,569‌

–‌

1,314‌

–‌

7,601,878‌

76,819‌

189,719‌

178,767‌

3,170,396‌

–‌

89,540‌

–‌

43,614,208‌

–‌

–‌

(2,705,862‌)

(6,165,885‌)

(671‌)

(12,772‌)

(6,696,733‌)

(26,458,746‌)

(9,326,059‌)

(11,270,798‌)

(2,172,045‌)

(4,472,514‌)

(498,612‌)

(116,749‌)

(96,707,038‌)

(237,840,771‌)

(2,937,455‌)

(4,604,655‌)

(823,081‌)

2,434,266‌

5,075,988‌

3,718,995‌

(27,311,658‌)

(10,590,125‌)

(6,593,904‌)

(8,623,834‌)

(12,556,395‌)

1,079,457‌

3,358,278‌

4,029,131‌

(134,128,448‌)

(46,513,809‌)

63,630,839‌

72,254,673‌

79,792,319‌

78,712,862‌

7,790,455‌

3,761,324‌

744,456,603‌

790,970,412‌

$

57,036,935‌

$

63,630,839‌

$

67,235,924‌

$

79,792,319‌

$

11,148,733‌

$

7,790,455‌

$

610,328,155‌

$

744,456,603‌

–‌

–‌

71,059‌

97,882‌

7,970‌

18,107‌

188,743‌

271,497‌

–‌

–‌

6,119‌

137,981‌

–‌

86‌

–‌

234,626‌

–‌

–‌

(151,200‌)

(306,098‌)

(48‌)

(866‌)

(226,128‌)

(763,835‌)

–‌

–‌

(74,022‌)

(70,235‌)

7,922‌

17,327‌

(37,385‌)

(257,712‌)

692,519‌

659,124‌

136,379‌

253,603‌

385,508‌

234,427‌

2,356,271‌

5,708,750‌

8,484‌

19,417‌

10,546‌

158,772‌

–‌

5,871‌

–‌

1,337,203‌

(1,026,777‌)

(1,154,633‌)

(122,203‌)

(219,532‌)

(35,726‌)

(7,901‌)

(3,231,969‌)

(6,848,961‌)

(325,774‌)

(476,092‌)

24,722‌

192,843‌

349,782‌

232,397‌

(875,698‌)

196,992‌

Financial

Highlights

For

a

Share

Outstanding

Semi-Annual

Report

2022

31

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

09/30/22

$

9.00‌

$

0.06‌

$

(0.31‌)

$

(0.25‌)

$

(0.08‌)

$

—‌

$

—‌

$

8.67‌

(2.74‌)

%

$

6,090‌

0.69‌

%

1.41‌

%

1.31‌

%

18‌

%

03/31/22

9.42‌

0.10‌

(0.36‌)

(0.26‌)

(0.15‌)

(0.01‌)

—‌

9.00‌

(2.80‌)

7,873‌

0.65‌

1.07‌

1.09‌

40‌

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

Institutional

Plus

Class

09/30/22

9.03‌

0.07‌

(0.31‌)

(0.24‌)

(0.09‌)

—‌

—‌

8.70‌

(2.63‌)

210,510‌

0.48‌

1.62‌

0.74‌

18‌

03/31/22

9.45‌

0.12‌

(0.36‌)

(0.24‌)

(0.17‌)

(0.01‌)

—‌

9.03‌

(2.64‌)

213,443‌

0.49‌

1.23‌

0.72‌

40‌

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

INCOME

FUND

Institutional

Class

09/30/22

9.91‌

0.11‌

(1.00‌)

(0.89‌)

(0.12‌)

—‌

—‌

8.90‌

(9.03‌)

2,438‌

0.67‌

2.36‌

1.73‌

11‌

03/31/22

10.56‌

0.18‌

(0.58‌)

(0.40‌)

(0.24‌)

(0.01‌)

—‌

9.91‌

(3.92‌)

3,025‌

0.66‌

1.75‌

1.56‌

28‌

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

Institutional

Plus

Class

09/30/22

9.91‌

0.12‌

(1.00‌)

(0.88‌)

(0.13‌)

—‌

—‌

8.90‌

(8.96‌)

177,853‌

0.52‌

2.52‌

0.86‌

11‌

03/31/22

10.56‌

0.20‌

(0.59‌)

(0.39‌)

(0.25‌)

(0.01‌)

—‌

9.91‌

(3.80‌)

173,910‌

0.53‌

1.88‌

0.83‌

28‌

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

NEBRASKA

TAX-FREE

FUND

Institutional

Plus

Class

09/30/22

9.29‌

0.08‌

(0.55‌)

(0.47‌)

(0.08‌)

—‌

—‌

8.74‌

(5.11‌)

57,037‌

0.45‌

1.71‌

0.71‌

5‌

03/31/22

9.86‌

0.15‌

(0.56‌)

(0.41‌)

(0.15‌)

(0.01‌)

—‌

9.29‌

(4.17‌)

63,631‌

0.45‌

1.57‌

0.68‌

11‌

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

BALANCED

FUND

Institutional

Class

09/30/22

19.37‌

0.07‌

(2.85‌)

(2.78‌)

(0.07‌)

—‌

—‌

16.52‌

(14.39‌)

28,422‌

0.98‌

0.80‌

1.32‌

8‌

03/31/22

19.66‌

0.10‌

1.28‌

1.38‌

(0.10‌)

(1.57‌)

—‌

19.37‌

6.65‌

34,743‌

1.00‌

0.48‌

1.28‌

23‌

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

Financial

Highlights

For

a

Share

Outstanding

Semi-Annual

Report

2022

32

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

09/30/22

$

19.10‌

$

0.09‌

$

(2.81‌)

$

(2.72‌)

$

(0.09‌)

$

—‌

$

—‌

$

16.29‌

(14.27‌)

%

$

38,814‌

0.79‌

%

0.98‌

%

1.07‌

%

8‌

%

03/31/22

19.43‌

0.14‌

1.25‌

1.39‌

(0.15‌)

(1.57‌)

—‌

19.10‌

6.79‌

45,049‌

0.81‌

0.67‌

1.03‌

23‌

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

SMALL/MID

CAP

FUND

Institutional

Class

09/30/22

14.89‌

0.02‌

(2.27‌)

(2.25‌)

—‌

—‌

—‌

12.64‌

(15.11‌)

352‌

0.93‌

0.22‌

10.17‌

19‌

03/31/22

13.83‌

0.01‌

1.60‌

1.61‌

—‌

(0.55‌)

—‌

14.89‌

11.58‌

296‌

0.95‌

0.04‌

33.98‌

22‌

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

09/30/22

14.95‌

0.02‌

(2.28‌)

(2.26‌)

—‌

—‌

—‌

12.69‌

(15.12‌)

10,797‌

0.93‌

0.22‌

1.87‌

19‌

03/31/22

13.86‌

0.01‌

1.63‌

1.64‌

—‌

(0.55‌)

—‌

14.95‌

11.77‌

7,494‌

0.95‌

0.04‌

2.12‌

22‌

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

09/30/22

31.88‌

0.02‌

(4.72‌)

(4.70‌)

—‌

—‌

—‌

27.18‌

(14.74‌)

48,098‌

1.18‌

0.12‌

1.37‌

16‌

03/31/22

33.85‌

0.04‌

3.14‌

3.18‌

—‌

(5.15‌)

—‌

31.88‌

9.16‌

57,610‌

1.18‌

0.11‌

1.33‌

41‌

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

Institutional

Plus

Class

09/30/22

32.12‌

0.05‌

(4.75‌)

(4.70‌)

—‌

—‌

—‌

27.42‌

(14.63‌)

562,230‌

0.96‌

0.34‌

1.06‌

16‌

03/31/22

34.03‌

0.12‌

3.16‌

3.28‌

(0.04‌)

(5.15‌)

—‌

32.12‌

9.41‌

686,847‌

0.96‌

0.33‌

1.05‌

41‌

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

(a)

Per

share

data

calculated

using

average

share

method.

(b)

Not

annualized

for

a

period

less

than

one

year.

(c)

Annualized

for

a

period

less

than

one

year.

(d)

Ratios

excluding

contractual

and

voluntary

waivers.

(e)

Amount

represents

less

than

$0.005.

(f)

Commencement

of

operations

of

Tributary

Small/Mid

Cap

Fund

–

Institutional

and

Institutional

Plus

Class

shares

was

August

2,

2019

and

August

1,

2019,

respectively.

(g)

Realized

and

unrealized

gains

and

losses

per

share

in

this

caption

are

balancing

amounts

necessary

to

reconcile

the

change

in

net

asset

value

per

share

for

the

period,

and

may

not

reconcile

with

the

aggregate

gains

and

losses

in

the

Statement

of

Operations

due

to

share

transactions

for

the

period.

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

33

1.

Organization

Tributary

Funds,

Inc.

(the

“Company”)

was

organized

in

October

1994

as

a

Nebraska

corporation

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company

issuing

its

shares

in

series.

The

Company

consists

of

six

series,

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund,

Balanced

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

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,

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.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Board

has

designated

the

Adviser,

as

defined

in

Note

3,

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

the

Funds’

compliance

program

and

will

review

any

changes

made

to

the

procedures.

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

Adviser’s

own

assumptions

in

determining

fair

value.

Factors

used

in

determining

fair

value

include,

but

are

not

limited

to:

type

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

34

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.

For

those

securities

fair

valued

under

procedures

adopted

by

the

Board,

the

Adviser

reviews

and

affirms

the

reasonableness

of

the

fair

valuation

determinations

after

considering

all

relevant

information

that

is

reasonably

available.

The

Adviser’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.

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

35

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund’s

investments

as

of

September

30,

2022,

by

category:

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Short-Intermediate

Bond

Fund

Asset

Backed

Securities

$

–‌

$

49,418,848‌

$

–‌

$

49,418,848‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

33,742,013‌

–‌

33,742,013‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

18,230,492‌

–‌

18,230,492‌

Corporate

Bonds

–‌

63,224,764‌

–‌

63,224,764‌

Government

&

Agency

Obligations

–‌

49,395,395‌

–‌

49,395,395‌

Preferred

Stocks

409,750‌

–‌

–‌

409,750‌

Short-Term

Investments

1,213,411‌

–‌

–‌

1,213,411‌

Total

$

1,623,161‌

$

214,011,512‌

$

–‌

$

215,634,673‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

18,413,665‌

$

–‌

$

18,413,665‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

15,026,744‌

–‌

15,026,744‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

17,540,767‌

–‌

17,540,767‌

Corporate

Bonds

–‌

48,901,890‌

–‌

48,901,890‌

Government

&

Agency

Obligations

–‌

79,377,372‌

–‌

79,377,372‌

Short-Term

Investments

315,321‌

–‌

–‌

315,321‌

Total

$

315,321‌

$

179,260,438‌

$

–‌

$

179,575,759‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

56,044,902‌

$

–‌

$

56,044,902‌

Short-Term

Investments

914,929‌

–‌

–‌

914,929‌

Total

$

914,929‌

$

56,044,902‌

$

–‌

$

56,959,831‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks*

$

38,249,501‌

$

–‌

$

–‌

$

38,249,501‌

Asset

Backed

Securities

–‌

3,102,002‌

–‌

3,102,002‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

2,708,230‌

–‌

2,708,230‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

1,053,230‌

–‌

1,053,230‌

Corporate

Bonds

–‌

8,555,388‌

–‌

8,555,388‌

Government

&

Agency

Obligations

–‌

10,497,530‌

–‌

10,497,530‌

Short-Term

Investments

2,998,546‌

–‌

–‌

2,998,546‌

Total

$

41,248,047‌

$

25,916,380‌

$

–‌

$

67,164,427‌

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

36

*

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

Small/Mid

Cap

Fund

and

Small

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

11,026,658‌

$

–‌

$

–‌

$

11,026,658‌

Short-Term

Investments

127,939‌

–‌

–‌

127,939‌

Total

$

11,154,597‌

$

–‌

$

–‌

$

11,154,597‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

596,928,278‌

$

–‌

$

–‌

$

596,928,278‌

Short-Term

Investments

8,158,699‌

–‌

–‌

8,158,699‌

Total

$

605,086,977‌

$

–‌

$

–‌

$

605,086,977‌

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

37

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

the

Balanced

Fund,

and

0.85%

for

each

of

the

Small/Mid

Cap

Fund

and

Small

Company

Fund.

First

National

Advisers,

LLC

(“FNA”

or

“Sub-Adviser”),

a

wholly-owned

subsidiary

of

FNBO,

serves

as

the

investment

sub-adviser

for

the

Short-

Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund

and

Balanced

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,

and

0.375%

of

the

average

daily

net

assets

of

the

Balanced

Fund.

Tributary

has

contractually

agreed

to

waive

advisory

fees

and

reduce

the

administration

fee

payable

to

the

Adviser

and/or

reimburse

other

expenses

of

each

Fund

to

the

extent

necessary

to

limit

the

total

operating

expenses

of

each

Fund,

exclusive

of

shareholder

servicing

fees

(Institutional

Class

only),

brokerage

costs,

interest,

taxes

and

dividend

and

extraordinary

expenses,

to

an

annual

rate

of

the

percentage

of

each

Fund’s

average

daily

net

assets

as

follows.

Prior

to

August

1,

2022,

the

expense

caps

for

Short-Intermediate

Bond

Fund,

Income

Fund

and

Small/Mid

Cap

Fund

were

0.49%,

0.53%

and

0.95%,

respectively.

The

amounts

waived

for

each

Fund

are

recorded

as

expenses

waived

in

each

Fund’s

Statement

of

Operations.

Other

Fund

service

providers

have

also

contractually

agreed

to

waive

a

portion

of

their

fees.

For

the

period

ended

September

30,

2022,

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,

2022,

the

amount

of

potentially

recoverable

expenses

are

as

follows:

Short-Intermediate

Bond

Fund

–

$1,601,123;

Income

Fund

–

$1,847,907;

Nebraska

Tax-Free

Fund

–

$484,983;

Balanced

Fund

–

$572,415;

Small/Mid

Cap

Fund

–

$214,625;

Small

Company

Fund

–

$2,096,062.

U.S.

Bank,

N.A.

serves

as

the

custodian

for

each

of

the

Funds.

SS&C

GIDS,

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

0.48

%

Income

Fund

0.50

Nebraska

Tax-Free

Fund

0.45

Balanced

Fund

0.80

Small/Mid

Cap

Fund

0.90

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

$

289,501‌

$

–‌

$

597‌

$

290,098‌

Income

Fund

306,561‌

–‌

487‌

307,048‌

Nebraska

Tax-Free

Fund

79,836‌

–‌

165‌

80,001‌

Balanced

Fund

112,932‌

–‌

222‌

113,154‌

Small

Company

Fund

374,987‌

–‌

1,865‌

376,852‌

Small/Mid

Cap

Fund

34,644‌

19,445‌

25‌

54,114‌

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

38

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

period

ended

September

30,

2022,

the

Funds

paid

FNBO

as

follows:

Short-Intermediate

Bond

Fund

–

$20;

Balanced

Fund

–

$44.

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

period

ended

September

30,

2022,

were

as

follows:

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

long-term

U.S.

Government

securities

for

the

period

ended

September

30,

2022,

were

as

follows:

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser.

Any

such

purchase

or

sale

transaction

must

be

effected

without

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security's

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

For

the

period

ended

September

30,

2022,

the

Nebraska

Tax-Free

Fund

engaged

in

securities

transactions

with

affiliates,

as

set

forth

below.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

of

Directors

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7:

Purchases

Sales

Short-Intermediate

Bond

Fund

$

22,623,526‌

$

34,078,225‌

Income

Fund

9,099,247‌

13,903,733‌

Nebraska

Tax-Free

Fund

2,662,229‌

5,571,250‌

Balanced

Fund

3,338,199‌

4,736,968‌

Small/Mid

Cap

Fund

6,593,511‌

1,577,064‌

Small

Company

Fund

102,478,902‌

123,560,237‌

Purchases

Sales

Short-Intermediate

Bond

Fund

$

21,227,500‌

$

4,784,753‌

Income

Fund

33,459,912‌

5,722,105‌

Nebraska

Tax-Free

Fund

–‌

6,225‌

Balanced

Fund

2,792,078‌

919,963‌

Small/Mid

Cap

Fund

–‌

–‌

Small

Company

Fund

–‌

–‌

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

39

5.

Capital

Share

Transactions

The

Company

is

authorized

to

issue

a

total

of

1,000,000,000

shares

of

common

stock,

999,999,990

of

which

may

be

issued

in

series

with

a

par

value

of

$0.00001

per

share.

The

Board

is

empowered

to

allocate

such

shares

among

different

series

of

the

Company’s

shares

without

shareholder

approval.

6.

Federal

Income

Taxes

The

following

information

is

presented

on

an

income

tax

basis.

It

is

each

Fund’s

policy

to

continue

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

all

of

its

net

taxable

income,

including

any

net

realized

gains

on

investments,

to

its

shareholders

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

and

excise

taxes.

Therefore,

no

provision

is

made

for

federal

income

or

excise

taxes.

Differences

between

amounts

reported

for

financial

statements

and

federal

income

tax

purposes

are

primarily

due

to

timing

and

character

difference

in

recognizing

gains

and

losses

on

investment

transactions.

To

the

extent

the

differences

between

the

amounts

recognized

for

financial

statements

and

federal

income

tax

purposes

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

federal

income

tax

treatment;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

in

the

current

year

are

due

to

the

utilization

of

equalization,

net

operating

loss,

and

non-deductible

excise

tax

paid.

These

reclassifications

have

no

impact

on

net

assets.

As

of

September

30,

2022,

the

cost

of

investments

and

the

components

of

net

unrealized

appreciation/(depreciation)

were

as

follows:

At

March

31,

2022,

the

components

of

distributable

taxable

earnings

for

U.S.

federal

income

tax

purposes

were

as

follows:

Purchases

Sales

Net

Realized

Gains

(Losses)

$

314,793‌

$

972,226‌

$

5,282‌

Net

Increase

(Decrease)

Distributable

Earnings

Paid-in-Capital

Short-Intermediate

Bond

Fund

$

–‌

$

–‌

Income

Fund

–‌

–‌

Nebraska

Tax-Free

Fund

–‌

–‌

Balanced

Fund

–‌

–‌

Small/Mid

Cap

Fund

–‌

–‌

Small

Company

Fund

(7,223,564‌)

7,223,564‌

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Short-Intermediate

Bond

Fund

$

229,798,312‌

$

38,868‌

$

(14,202,507‌)

$

(14,163,639‌)

Income

Fund

203,233,370‌

67,664‌

(23,725,275‌)

(23,657,611‌)

Nebraska

Tax-Free

Fund

61,652,115‌

16,282‌

(4,708,566‌)

(4,692,284‌)

Balanced

Fund

56,982,450‌

14,621,904‌

(4,439,927‌)

10,181,977‌

Small/Mid

Cap

Fund

11,566,125‌

580,106‌

(991,634‌)

(411,528‌)

Small

Company

Fund

524,425,058‌

137,131,626‌

(56,469,707‌)

80,661,919‌

Undistributed

Net

Investment

Income*

Undistributed

Tax

Exempt

Income

Undistributed

Net

Long-Term

Capital

Gains

Other

Temporary

Differences

Unrealized

Gain

(Loss)**

Capital

Loss

Carry

Forward***

Short-Intermediate

Bond

Fund

$

702,012‌

$

–‌

$

–‌

$

(275,662‌)

$

(8,271,910‌)

$

(2,365,012‌)

Income

Fund

840,777‌

–‌

–‌

(319,389‌)

(6,161,926‌)

(1,067,483‌)

Nebraska

Tax-Free

Fund

985‌

77,079‌

–‌

(78,114‌)

(1,165,997‌)

(12,929‌)

Balanced

Fund

7,813‌

–‌

3,045,256‌

–‌

22,752,380‌

(100,184‌)

Small/Mid

Cap

Fund

35,302‌

–‌

92,313‌

–‌

1,322,671‌

–‌

Small

Company

Fund

3,059,269‌

–‌

51,637,790‌

–‌

216,534,327‌

–‌

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

40

*

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,

2021

and

March

31,

2022.

***

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

Funds’

fiscal

years

ended

March

31,

2022

and

March

31,

2021,

were

as

follows:

At

March

31,

2022,

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,

2022,

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,

2022,

the

Funds

deferred

losses

to

April

1,

2022

as

follows:

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,

2022.

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.

*

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,

bond

income

accruals,

dividends

payable,

return

of

capital

paid

by

REIT

securities

and

equity

return

of

capital

securities.

***

Capital

loss

carry

forward

includes

deferred

post

October

loss

and

late

year

losses.

Net

Ordinary

Income*

Tax

Exempt

Income

Net

Long

Term

Capital

Gains**

Total

Distributions

Paid***

2022

2021

2022

2021

2022

2021

2022

2021

Short-Intermediate

Bond

Fund

$

4,396,939

$

4,928,861

$

–

$

–

$

–

$

–

$

4,396,939

$

4,928,861

Income

Fund

4,919,849

5,662,423

–

–

–

–

4,919,849

5,662,423

Nebraska

Tax-Free

Fund

13,975

13,610

1,099,532

1,134,549

87,333

57,426

1,200,840

1,205,585

Balanced

Fund

983,698

600,631

–

–

5,719,703

3,766,007

6,703,401

4,366,638

Small/Mid

Cap

Fund

72,973

7,356

–

–

102,223

–

175,196

7,356

Small

Company

Fund

44,750,569

2,636,960

–

–

60,032,726

–

104,783,295

2,636,960

No

Expiration

Short

Term

Long

Term

Total

Short-Intermediate

Bond

Fund

$

754,290‌

$

1,610,722‌

$

2,365,012‌

Income

Fund

1,067,483‌

–‌

1,067,483‌

Fund

Income

Fund

$

279,156‌

Fund

Post

October

Capital

Loss

Deferral

Late

Year

Loss

Deferral

Balanced

Fund

$

100,184‌

$

–‌

Nebraska

Tax-Free

Fund

12,929‌

–‌

Notes

to

Financial

Statements

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

41

7.

Subsequent

Events

Management

has

evaluated

subsequent

events

for

the

Funds

through

the

date

the

financial

statements

are

issued,

and

has

concluded

that

there

were

no

other

events

that

require

adjustments

to

the

financial

statements

or

disclosure

in

the

notes.

Additional

Fund

Information

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

42

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

written

liquidity

risk

management

program,

as

required

by

Rule

22e-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,

2021

through

March

31,

2022

in

order

to

prepare

a

written

report

to

the

Board

for

review

at

its

meeting

held

on

May

19,

2022.

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,

2022,

through

September

30,

2022.

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,

2022

(Unaudited)

Semi-Annual

Report

2022

43

Expenses

Using

Actual

Fund

Return

Expenses

Using

Hypothetical

5%

Return

Beginning

Account

Value

4/1/22

Ending

Account

Value

9/30/22

Expense

Paid

During

Period*

Expense

Ratio

During

Period*

Beginning

Account

Value

4/1/22

Ending

Account

Value

9/30/22

Expenses

Paid

During

Period*

Expense

Ratio

During

Period*

Short-Intermediate

Bond

Fund

Institutional

Class

$

1,000.00‌

$

972.59‌

$

3.02‌

0.61‌%

$

1,000.00‌

$

1,022.01‌

$

3.09‌

0.61‌%

Institutional

Plus

Class

1,000.00‌

973.73‌

2.42‌

0.49‌

1,000.00‌

1,022.61‌

2.48‌

0.49‌

Income

Fund

Institutional

Class

$

1,000.00‌

$

909.75‌

$

2.63‌

0.55‌%

$

1,000.00‌

$

1,022.31‌

$

2.79‌

0.55‌%

Institutional

Plus

Class

1,000.00‌

910.44‌

2.54‌

0.53‌

1,000.00‌

1,022.41‌

2.69‌

0.53‌

Nebraska

Tax-Free

Fund

Institutional

Plus

Class

$

1,000.00‌

$

948.92‌

$

2.20‌

0.45‌%

$

1,000.00‌

$

1,022.81‌

$

2.28‌

0.45‌%

Balanced

Fund

Institutional

Class

$

1,000.00‌

$

856.12‌

$

4.56‌

0.98‌%

$

1,000.00‌

$

1,020.16‌

$

4.96‌

0.98‌%

Institutional

Plus

Class

1,000.00‌

857.34‌

3.68‌

0.79‌

1,000.00‌

1,021.11‌

4.00‌

0.79‌

Small/Mid

Cap

Fund

Institutional

Class

$

1,000.00‌

$

848.89‌

$

1.81‌

0.39‌%

$

1,000.00‌

$

1,023.11‌

$

1.98‌

0.39‌%

Institutional

Plus

Class

1,000.00‌

848.83‌

4.40‌

0.95‌

1,000.00‌

1,020.31‌

4.81‌

0.95‌

Small

Company

Fund

Institutional

Class

$

1,000.00‌

$

852.58‌

$

5.48‌

1.18‌%

$

1,000.00‌

$

1,019.15‌

$

5.97‌

1.18‌%

Institutional

Plus

Class

1,000.00‌

853.67‌

4.46‌

0.96‌

1,000.00‌

1,020.26‌

4.86‌

0.96‌

*

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,

2022

(Unaudited)

Semi-Annual

Report

2022

44

Review

and

Approval

of

the

Funds’

Advisory

and

Sub-Advisory

Agreements

On

May

19,

2022,

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

Advisers

(“FNA”)

with

respect

to

the

Tributary

Balanced

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,

2021,

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

outperformed

each

of

its

Lipper

peer

group

average

and

its

Morningstar

peer

group

average

for

the

one-year

period

ended

March

31,

2022,

and

underperformed

each

of

its

Lipper

peer

group

average

and

its

Morningstar

peer

group

average

for

the

three-,

five-,

and

10-

year

periods

ended

March

31,

2022.

The

Board

also

observed

that

the

Small

Company

Fund

outperformed

the

Russell

2000®

Index

and

Russell

2000®

Value

Index

over

the

one-year

period

ended

March

31,

2022,

and

underperformed

each

of

the

Russell

2000®

Index

and

Russell

2000®

Value

Index

over

the

three-,

five-,

and

10-year

periods

ended

March

31,

2022.

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

considered

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

outperformed

each

of

its

Morningstar

peer

group

average

and

Lipper

peer

group

average

for

the

one-year

period

ended

March

31,

2022.

The

Board

also

observed

that

the

Small/Mid-Cap

Fund

outperformed

both

the

Russell

2500®

Index

and

Russell

2500®

Value

Index

for

the

one-year

period

ended

March

31,

2022,

and

outperformed

the

Russell

2500®

Index

for

the

two-year

period

ended

March

31,

2022.

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,

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.

Investment

Advisory

Agreement

Approval

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

45

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

groups.

The

Board

noted

that

the

advisory

fees

charged

by

Tributary

to

each

of

the

Funds

would

remain

the

same,

although

Tributary

proposed

a

reduction

in

the

expense

caps

for

the

Tributary

Income

Fund,

Tributary

Small/Mid-Cap

Fund,

and

Tributary

Short-Intermediate

Bond

Fund

effective

August

1,

2022.

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

lower

than

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

most

recently

lowered

on

August

1,

2020

and

considered

the

Adviser’s

representation

that

overall

expenses

for

the

Small

Company

Fund’s

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,

although

the

total

expense

ratio

was

higher

than

the

median

of

its

Lipper

peer

group,

the

advisory

fee

is

lower

than

its

Lipper

peer

group

average.

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

and

differences

in

the

capitalization

of

the

constituents

of

the

Small/Mid-Cap

Fund’s

portfolio

as

compared

to

the

peers

in

the

Lipper

Mid-Cap

Core

Funds

peer

group.

The

Board

also

reviewed

the

Expense

Waiver

Agreement

currently

in

place

and

noted

the

Adviser’s

representation

that

such

Agreement

will

be

continued

but

that

the

expense

cap

was

being

lowered,

effective

August

1,

2022,

which

would

bring

the

Small/Mid-Cap

Fund’s

expenses

in

line

with

the

Lipper

peer

group

averages

and

allow

for

overall

expenses

for

Small/Mid-Cap

Fund

shareholders

to

remain

competitive.

The

Board

noted

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

provided

to

the

FNA

Funds

under

FNA’s

Investment

Sub-Advisory

Agreement.

The

Board

reviewed

biographical

information

for

each

portfolio

manager

employed

by

FNA

who

provided

services

under

the

Investment

Advisory

Agreement

Approval

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

46

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

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

and

Income

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

outperformed

each

of

its

Lipper

peer

group

average

and

Morningstar

peer

group

average

for

the

one-,

three-,

five-,

and

ten-year

periods

ended

March

31,

2022.

The

Board

also

observed

that

the

Balanced

Fund’s

Institutional

Plus

Shares

outperformed

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,

for

the

one-and

five-year

periods

ended

March

31,

2022,

and

that

the

Balanced

Fund’s

Institutional

Plus

Shares

underperformed

for

the

three-

and

ten-year

periods

ended

March

31,

2022.

With

respect

to

the

Income

Fund,

the

Board

observed

that

the

Fund

outperformed

its

Lipper

peer

group

average

for

the

one-year

period

ended

March

31,

2022

and

underperformed

its

Lipper

peer

group

average

during

the

three-,

five-,

and

ten-year

periods

ended

March

31,

2022.

The

Board

also

observed

that

the

Income

Fund

outperformed

its

Morningstar

peer

group

average

during

the

one-,

five-,

and

ten-year

periods

ended

March

31,

2022

and

narrowly

underperformed

its

Morningstar

peer

group

average

during

the

three-year

period

ended

March

31,

2022.

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,

2022

and

underperformed

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

during

the

three-year

period

ended

March

31,

2022.

With

respect

to

the

Short-Intermediate

Bond

Fund,

the

Board

observed

that

the

Fund’s

Institutional

Plus

Shares

outperformed

its

Lipper

peer

group

average

during

the

one-,

five-,

and

ten-year

periods

ended

March

31,

2022

and

underperformed

its

Lipper

peer

group

average

for

the

three

-year

period

ended

March

31,

2022.

The

Board

also

observed

that

the

Income

Fund

Institutional

Plus

Shares

outperformed

its

Morningstar

peer

group

average

during

the

one-

and

ten-year

periods

ended

March

31,

2022

and

underperformed

the

Morningstar

peer

group

average

during

the

three-

and

five-year

periods

ended

March

31,

2022.

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,

2022.

With

respect

to

the

Nebraska

Tax-Free

Fund,

the

Board

observed

that

the

Fund

outperformed

its

Lipper

peer

group

average

during

the

one-,

three-,

five-,

and

ten-year

periods

ended

March

31,

2022.

The

Board

also

observed

that

the

Nebraska

Tax-Free

Fund

underperformed

its

Morningstar

peer

group

average

during

the

one-

and

three-year

periods

ended

March

31,

2022

and

outperformed

the

Morningstar

peer

group

averages

during

the

five-

and

ten-year

periods

ended

March

31,

2022.

The

Board

also

observed

that

the

Nebraska

Tax-Free

Fund

outperformed

the

Bloomberg

Barclays

1-15

Year

Municipal

Index

for

the

one-year

period

ended

March

31,

2022

and

underperformed

the

Bloomberg

Barclays

1-15

Year

Municipal

Index

during

the

three-,

five-,

and

ten-year

periods

ended

March

31,

2022.

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,

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

lower

than

its

Lipper

peer

group

averages

and

noted

that

the

contractual

expense

cap

was

most

recently

lowered

in

August

2021.

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.

Investment

Advisory

Agreement

Approval

September

30,

2022

(Unaudited)

Semi-Annual

Report

2022

47

With

respect

to

the

Short-Intermediate

Bond

Fund,

the

Board

observed

that

the

advisory

fee

with

respect

to

its

Institutional

Plus

Class

was

lower

than

its

Lipper

peer

group

average,

while

the

total

expense

ratio

with

respect

to

the

Fund’s

Institutional

Plus

Class

was

higher

than

its

Lipper

peer

group

average.

The

Board

noted

Tributary’s

proposal

to

further

reduce

the

contractual

expense

cap

in

place

for

the

Fund.

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

Short-Intermediate

Bond

Fund

were

being

lowered,

effective

August

1,

2022,

which

would

bring

each

Fund’s

expenses

in

line

with

its

respective

Lipper

peer

group

averages

and

allow

for

overall

expenses

for

the

Income

Fund

and

Short-

Intermediate

Bond

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-0922

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

and

Balanced

Fund

only)

First

National

Advisers,

LLC

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

Three

Canal

Plaza,

Suite

100

Portland,

ME

04101

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 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 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 28, 2022

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 28, 2022

By	/s/ Karen Shaw
	Karen Shaw Treasurer
Date	November 28, 2022