As filed with the Securities and Exchange Commission on December 4, 2023
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, 2023 – September 30, 2023
ITEM 1. REPORT TO STOCKHOLDERS.
Tributary
Funds
®
Semi-Annual
Report
September
30,
2023
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
(the
“Distributor”)
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
2023
Table
of
Contents
Portfolio
Composition
1
Schedules
of
Portfolio
Investments
2
Statements
of
Assets
and
Liabilities
23
Statements
of
Operations
25
Statements
of
Changes
in
Net
Assets
27
Financial
Highlights
29
Notes
to
Financial
Statements
31
Additional
Fund
Information
40
Investment
Advisory
Agreement
Approval
42
PORTFOLIO
COMPOSITION*
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
1
*
Portfolio
composition
is
as
of
September
30,
2023
and
is
subject
to
change.
Percentage
of
Short
Intermediate
Bond
Fund
Total
Investments
Corporate
Bonds
26.5%
U.S.
Treasury
Securities
26.0%
Asset
Backed
Securities
24.2%
Non-Agency
Commercial
Mortgage
Backed
Securities
13.2%
Non-Agency
Residential
Mortgage
Backed
Securities
6.1%
U.S.
Government
Mortgage
Backed
Securities
2.2%
Municipals
1.5%
Preferred
Stocks
0.2%
Short-Term
Investments
0.1%
100.0%
Percentage
of
Income
Fund
Total
Investments
U.S.
Government
Mortgage
Backed
Securities
25.7%
U.S.
Treasury
Securities
24.9%
Corporate
Bonds
24.6%
Asset
Backed
Securities
8.9%
Non-Agency
Residential
Mortgage
Backed
Securities
8.5%
Non-Agency
Commercial
Mortgage
Backed
Securities
5.1%
Municipals
1.2%
Short-Term
Investments
1.1%
100.0%
Percentage
of
Nebraska
Tax-Free
Fund
Total
Investments
Municipals
98.3%
U.S.
Government
Mortgage
Backed
Securities
1.4%
Short-Term
Investments
0.3%
100.0%
Percentage
of
Balanced
Fund
Total
Investments
Government
Securities
17.5%
Information
Technology
16.7%
Financials
11.9%
Health
Care
8.1%
Consumer
Discretionary
7.7%
Industrials
7.1%
Communication
Services
6.2%
Asset
Backed
Securities
4.4%
Consumer
Staples
4.2%
Short-Term
Investments
3.5%
Non-Agency
Commercial
Mortgage
Backed
Securities
3.2%
Energy
2.9%
Materials
1.7%
Real
Estate
1.7%
Utilities
1.4%
Non-Agency
Residential
Mortgage
Backed
Securities
1.3%
U.S.
Government
Mortgage
Backed
Securities
0.5%
100.0%
Small/Mid
Cap
Fund
Percentage
of
Total
Investments
Industrials
22.8%
Financials
15.6%
Information
Technology
15.2%
Consumer
Discretionary
12.5%
Health
Care
11.7%
Energy
5.4%
Real
Estate
4.7%
Consumer
Staples
3.5%
Materials
3.4%
Utilities
2.3%
Communication
Services
1.5%
Short-Term
Investments
1.4%
100.0%
Small
Company
Fund
Percentage
of
Total
Investments
Industrials
20.8%
Financials
16.1%
Information
Technology
14.3%
Health
Care
11.6%
Consumer
Discretionary
11.1%
Energy
8.2%
Consumer
Staples
3.9%
Real
Estate
3.9%
Materials
3.5%
Utilities
2.7%
Communication
Services
0.9%
Short-Term
Investments
3.0%
100.0%
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
2
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
42.4%
Asset
Backed
Securities
-
23.1%
$
261,000
Affirm
Asset
Securitization
Trust,
1.07%,
08/15/25 (a)
$
256,625
1,559,985
AFG
ABS
I,
LLC,
6.30%,
09/16/30 (a)
1,553,418
835,551
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (a)
812,989
2,020,000
AMSR
Trust,
1.63%,
07/17/37 (a)
1,866,316
476,025
Atalaya
Equipment
Leasing
Trust,
1.23%,
05/15/26 (a)
468,935
1,953,753
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28 (a)
1,935,181
529,587
Carvana
Auto
Receivables
Trust,
0.49%,
03/10/26
518,019
826,139
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(b)
814,435
1,070,000
CCG
Receivables
Trust,
5.82%,
09/16/30 (a)
1,068,409
589,898
CCG
Receivables
Trust,
3.91%,
07/16/29 (a)
578,332
119,224
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
118,382
2,064,242
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,875,062
2,040,000
Chase
Auto
Owner
Trust,
5.59%,
06/25/29 (a)
2,037,326
2,265,000
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28 (a)
2,260,415
400,626
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
369,381
319,457
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
298,026
616,181
CoreVest
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
586,509
475,576
CoreVest
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
431,651
1,900,000
Dell
Equipment
Finance
Trust,
5.65%,
01/22/29 (a)
1,897,797
2,400,000
DLLAD,
LLC,
4.79%,
01/20/28 (a)
2,346,280
684,545
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (a)
584,949
1,769,832
FirstKey
Homes
Trust,
1.34%,
08/17/37 (a)
1,619,789
81,074
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
6.35%,
08/25/48 (a)(c)
80,485
1,196,436
Iowa
Student
Loan
Liquidity
Corp.,
6.10%,
08/25/70 (c)
1,167,789
1,020,334
LAD
Auto
Receivables
Trust,
5.68%,
10/15/26 (a)
1,017,801
Principal
Amount
Security
Description
Value
$
1,865,000
LAD
Auto
Receivables
Trust,
6.12%,
09/15/27 (a)
$
1,862,777
833,062
Navient
Student
Loan
Trust,
7.05%,
10/15/31 (a)(c)
834,443
1,099,017
Navient
Student
Loan
Trust,
0.97%,
12/16/69 (a)
919,829
1,250,000
NMEF
Funding,
LLC,
6.57%,
06/17/30 (a)
1,250,398
1,497,692
NMEF
Funding,
LLC,
6.07%,
06/15/29 (a)
1,491,101
1,029,221
North
Texas
Higher
Education
Authority,
Inc.,
6.00%,
09/25/61 (c)
1,002,345
1,170,146
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51 (a)
1,015,988
1,755,000
PenFed
Auto
Receivables
Owner
Trust,
3.96%,
04/15/26 (a)
1,730,895
57,763
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
6.37%,
12/24/33 (a)(c)
57,582
15,898
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
6.20%,
12/24/33 (a)(c)
15,821
296,358
Progress
Residential
Trust,
2.27%,
09/17/36 (a)
285,727
871,064
Progress
Residential
Trust,
2.69%,
10/17/36 (a)
840,420
1,948,163
Progress
Residential
Trust,
1.05%,
04/17/38 (a)
1,716,176
799,142
SLM
Student
Loan
Trust,
6.32%,
10/25/23 (c)
790,427
676,555
SLM
Student
Loan
Trust,
6.97%,
04/15/29 (c)
677,678
381,106
SLM
Student
Loan
Trust,
7.02%,
07/25/28 (c)
381,472
299,618
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (a)
292,215
609,268
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43 (a)
509,224
375,944
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
361,052
786,922
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (a)
646,851
428,570
Sofi
Professional
Loan
Program,
LLC,
3.09%,
08/17/48 (a)
402,490
701,928
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
695,080
222,818
Tricon
American
Homes
Trust,
2.75%,
03/17/38 (a)
206,889
2,269,620
UNIFY
Auto
Receivables
Trust,
0.98%,
07/15/26 (a)
2,241,582
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
3
Principal
Amount
Security
Description
Value
$
1,380,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (a)
$
1,246,972
48,039,735
Non-Agency
Commercial
Mortgage
Backed
Securities
-
13.2%
1,326,299
BANK
2019-BNK16,
3.93%,
02/15/52
1,322,550
1,840,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,778,076
1,615,000
BPR
Trust,
6.70%,
02/15/29 (a)(c)
1,596,660
940,000
BX
Trust,
6.40%,
09/15/36 (a)(c)
908,432
860,000
BX
Trust,
6.30%,
11/15/38 (a)(c)
843,610
461,165
BX
Trust,
6.15%,
01/15/34 (a)(c)
454,209
1,100,000
BXHPP
Trust,
6.10%,
08/15/36 (a)(c)
1,035,859
900,000
Cantor
Commercial
Real
Estate
Lending,
3.62%,
05/15/52
867,055
824,084
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
784,106
52,792
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
52,408
2,000,000
FirstKey
Homes
Trust,
4.25%,
07/17/38 (a)
1,903,360
1,800,000
Goldman
Sachs
Mortgage
Securities
Corp.
Trust,
6.40%,
10/15/36 (a)(c)
1,714,137
507,625
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44 (a)(b)
5
162,896
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(b)
158,734
315,240
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/17/49
305,458
149,186
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
145,011
405,400
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
393,667
838,442
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
804,774
1,772,192
KNDR
2021-KIND
A,
6.40%,
08/15/38 (a)(c)
1,709,668
922,491
MHC
Commercial
Mortgage
Trust,
6.25%,
04/15/38 (a)(c)
909,763
137,923
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
136,873
653,575
ReadyCap
Commercial
Mortgage
Trust
CLO,
6.96%,
01/25/37 (a)(c)
653,622
1,730,000
SREIT
Trust,
6.02%,
07/15/36 (a)(c)
1,693,617
676,840
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (a)(b)
618,537
493,734
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41 (a)(b)
428,450
925,000
Tricon
Residential
Trust,
3.86%,
04/17/39 (a)
856,661
Principal
Amount
Security
Description
Value
$
1,290,000
TRTX
Issuer,
Ltd.
CLO,
6.96%,
02/15/39 (a)(c)
$
1,264,352
1,450,000
VASA
Trust,
6.35%,
07/15/39 (a)(c)
1,268,375
969,852
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (a)(b)
783,649
2,145,000
WSTN
Trust,
6.52%,
07/05/37 (a)(b)
2,080,267
27,471,945
Non-Agency
Residential
Mortgage
Backed
Securities
-
6.1%
743,131
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (a)(b)
648,995
80,931
Bayview
Commercial
Asset
Trust
REMIC,
6.30%,
12/25/33 (a)(c)
77,583
309,429
BRAVO
Residential
Funding
Trust,
6.06%,
11/25/69 (a)(c)
304,063
615,094
BRAVO
Residential
Funding
Trust,
6.06%,
01/25/70 (a)(c)
610,794
328,913
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(b)
310,023
378,158
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (a)(b)
314,877
594,019
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(b)
576,090
635,908
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (a)(b)
620,792
362,824
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
336,058
449,808
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(b)
421,433
40,461
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(b)
37,540
1,146
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/23
1,104
184,339
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(b)
169,965
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
6.56%,
02/25/33 (c)
151,322
153,287
CSMLT
Trust,
2.98%,
10/25/30 (a)(b)
140,342
821,714
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (a)(b)
772,895
540,352
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51 (a)
517,081
175,731
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45 (b)
171,913
883,615
JPMorgan
Mortgage
Trust,
3.00%,
06/25/29 (a)(b)
837,970
300,144
MFRA
Trust,
1.79%,
08/25/49 (a)(b)
270,697
352,301
MFRA
Trust,
0.85%,
01/25/56 (a)(b)
313,938
551,393
MFRA
Trust,
3.91%,
04/25/66 (a)(d)
513,185
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
4
Principal
Amount
Security
Description
Value
$
66,469
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(b)
$
66,008
273,649
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58 (a)(b)
256,884
24,822
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(b)
22,230
40,214
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(b)
36,494
69,173
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(b)
63,039
484,276
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)(b)
431,321
11,532
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
4.80%,
12/31/23 (c)
8,767
4
Residential
Asset
Securities
Corp.
Trust
REMIC,
3.87%,
05/25/33 (b)
4
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
12/31/23
5,393
428,480
RMF
Buyout
Issuance
Trust,
1.26%,
11/25/31 (a)(b)
409,715
650,000
Towd
Point
Mortgage
Trust,
3.75%,
10/25/56 (a)(b)
604,387
805,433
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(b)
759,702
202,803
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(b)
194,559
70,777
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(b)
70,138
696,213
Towd
Point
Mortgage
Trust,
2.25%,
02/25/60 (a)(b)
653,563
938,337
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (a)(b)
833,942
97,068
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(b)
95,984
10,533
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(b)
10,459
12,641,249
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$92,490,564)
88,152,929
Fixed
Income
Securities
-
29.0%
Asset
Backed
Securities
-
0.9%
1,950,000
OCCU
Auto
Receivables
Trust,
6.23%,
06/15/28 (a)
1,950,364
Total
Asset
Backed
Securities
(Cost
$1,949,785)
1,950,364
Corporate
Bonds
-
26.4%
Communication
Services
-
2.3%
2,304,000
AT&T,
Inc.,
1.70%,
03/25/26
2,090,516
1,420,000
Meta
Platforms,
Inc.,
3.50%,
08/15/27
1,339,213
835,000
Netflix,
Inc.,
4.38%,
11/15/26
805,057
Principal
Amount
Security
Description
Value
$
738,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30
$
561,107
4,795,893
Consumer
Discretionary
-
3.6%
460,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
282,254
300,000
Carnival
Corp.,
4.00%,
08/01/28 (a)
260,123
2,100,000
Dollar
General
Corp.,
3.88%,
04/15/27
1,967,558
1,300,000
Ford
Motor
Credit
Co.,
LLC,
4.54%,
08/01/26
1,220,326
1,211,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31 (a)
957,675
1,661,000
McDonald's
Corp.,
MTN,
3.70%,
01/30/26
1,597,356
1,350,000
Newell
Brands,
Inc.,
5.20%,
04/01/26
1,272,230
7,557,522
Consumer
Staples
-
0.2%
440,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
402,600
Energy
-
0.6%
850,000
Crestwood
Midstream
Partners
LP/
Crestwood
Midstream
Finance
Corp.,
5.63%,
05/01/27 (a)
814,671
500,000
Range
Resources
Corp.,
4.88%,
05/15/25
484,865
1,299,536
Financials
-
12.5%
1,030,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
993,594
2,300,000
Bank
of
America
Corp.,
3.71%,
04/24/28 (b)
2,118,284
144,000
CBRE
Services,
Inc.,
4.88%,
03/01/26
140,097
2,390,000
Citigroup,
Inc.,
1.46%,
06/09/27 (b)
2,112,602
600,000
Comcast
Corp.,
5.25%,
11/07/25
597,264
475,000
Enact
Holdings,
Inc.,
6.50%,
08/15/25 (a)
467,832
2,195,000
Goldman
Sachs
Group,
Inc.,
3.62%,
03/15/28 (b)
2,025,269
2,000,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
1,920,813
2,665,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (b)
2,395,061
660,000
KeyCorp,
MTN,
2.25%,
04/06/27
560,510
1,340,000
Morgan
Stanley,
2.19%,
04/28/26 (b)
1,258,786
850,000
Morgan
Stanley,
5.45%,
07/20/29 (b)
828,298
418,000
NNN
REIT,
Inc.,
4.00%,
11/15/25
400,012
1,047,000
NNN
REIT,
Inc.,
3.60%,
12/15/26
972,994
2,025,000
Oracle
Corp.,
5.80%,
11/10/25
2,032,590
1,490,000
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,374,309
2,031,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (b)(e)
1,951,239
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
5
Principal
Amount
Security
Description
Value
$
1,605,000
U.S.
Bancorp,
5.73%,
10/21/26 (b)
$
1,591,649
2,145,000
Wells
Fargo
&
Co.,
4.81%,
07/25/28 (b)
2,046,912
25,788,115
Industrials
-
5.1%
2,085,000
BMW
US
Capital,
LLC,
2.80%,
04/11/26 (a)
1,957,495
575,000
Clean
Harbors,
Inc.,
4.88%,
07/15/27 (a)
541,844
1,740,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
1,691,750
2,025,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
1,955,877
1,400,000
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,279,542
1,400,000
TTX
Co.,
3.60%,
01/15/25 (a)
1,359,476
1,858,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
1,780,504
10,566,488
Information
Technology
-
1.4%
200,000
NCR
Atleos
Escrow
Corp.,
9.50%,
04/01/29 (a)
193,440
2,075,000
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.,
2.70%,
05/01/25
1,970,649
910,000
TSMC
Global,
Ltd.,
0.75%,
09/28/25 (a)
826,597
2,990,686
Utilities
-
0.7%
1,550,000
Florida
Power
&
Light
Co.,
4.40%,
05/15/28
1,494,586
Total
Corporate
Bonds
(Cost
$58,172,316)
54,895,426
Government
Securities
-
1.7%
3,850,000
U.S.
Treasury
Note/Bond,
2.75%,
02/15/28
3,560,648
Total
Government
Securities
(Cost
$3,626,192)
3,560,648
Total
Fixed
Income
Securities
(Cost
$63,748,293)
60,406,438
Government
&
Agency
Obligations
-
27.9%
GOVERNMENT
SECURITIES
-
25.7%
Municipals
-
1.5%
325,000
City
of
Blair
NE
Water
System
Revenue,
Nebraska
RB,
6.10%,
05/15/27
317,732
550,000
County
of
El
Paso
CO,
Colorado
RB,
1.20%,
06/01/25
513,045
240,000
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
218,012
370,000
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.,
Indiana,
1.58%,
11/01/24
351,564
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,262,491
Principal
Amount
Security
Description
Value
$
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
$
202,926
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
160,811
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
149,636
3,176,217
U.S.
Treasury
Securities
-
24.2%
7,840,000
U.S.
Treasury
Note,
2.13%,
05/15/25
7,467,294
19,990,000
U.S.
Treasury
Note,
2.25%,
02/15/27
18,446,241
26,980,000
U.S.
Treasury
Note/Bond,
0.50%,
02/28/26
24,290,431
50,203,966
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
2.2%
Federal
Home
Loan
Mortgage
Corp.
-
1.3%
243,720
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
214,898
298,148
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (d)
286,395
1,270,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,252,167
307,319
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
48,833
82,343
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
6,513
85,145
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
10,482
148,956
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
144,533
710,713
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (b)
643,226
2,607,047
Federal
National
Mortgage
Association
-
0.0%
72,480
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
70,043
175,043
Federal
National
Mortgage
Association
Interest
Only,
2.70%,
01/25/39 (b)
2,392
72,435
Government
National
Mortgage
Association
-
0.9%
1,264,567
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,259,985
140,030
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
139,654
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
6
Principal
Amount
Security
Description
Value
$
97,647
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
$
97,237
394,473
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
390,112
1,886,988
Total
Government
&
Agency
Obligations
(Cost
$59,624,784)
57,946,653
Shares
Security
Description
Value
Preferred
Stocks
-
0.2%
Financials
-
0.2%
500
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
10/30/23),
16.84% (b)(e)
384,000
Total
Preferred
Stocks
(Cost
$513,025)
384,000
Short-Term
Investments
-
0.1%
Investment
Company
-
0.1%
278,334
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.23% (f)
278,334
Total
Short-Term
Investments
(Cost
$278,334)
278,334
Investments,
at
value
-
99.6%
(Cost
$216,655,000)
207,168,354
Other
assets
in
excess
of
liabilities
-
0.4%
869,787
NET
ASSETS
-
100.0%
$
208,038,141
(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,
2023,
the
aggregate
value
of
these
liquid
securities
were
$90,772,089
or
43.6%
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,
2023.
(c)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2023.
(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,
2023.
(e)
Perpetual
maturity
security.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2023.
ABS
Asset
Backed
Security
CLO
Collateralized
Loan
Obligation
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
LP
Limited
Partnership
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
INCOME
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
7
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
22.5%
Asset
Backed
Securities
-
8.9%
$
960,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46 (a)
$
839,748
400,000
AMSR
Trust,
1.63%,
07/17/37 (a)
369,568
1,250,000
ARM
Master
Trust,
2.43%,
11/15/27 (a)
1,177,436
550,402
Capital
Automotive,
1.44%,
08/15/51 (a)
476,117
852,915
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61 (a)
748,813
377,552
Commonbond
Student
Loan
Trust,
1.17%,
09/25/51 (a)
306,121
830,429
CoreVest
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
753,729
644,499
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53 (a)
587,015
491,283
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45 (a)
425,114
915,000
FRTKL
2021-SFR1,
1.57%,
09/17/38 (a)
799,044
867,973
Home
Partners
of
America
Trust,
2.20%,
01/17/41 (a)
734,113
709,263
Navient
Student
Loan
Trust,
7.05%,
10/15/31 (a)(b)
710,439
492,893
Navient
Student
Loan
Trust,
1.11%,
02/18/70 (a)
410,871
305,715
Nelnet
Student
Loan
Trust,
1.63%,
04/20/62 (a)
274,752
547,233
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62 (a)
487,741
52,730
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
6.37%,
12/24/33 (a)(b)
52,564
810,489
Progress
Residential
Trust,
1.52%,
07/17/38 (a)
715,474
435,000
Sabey
Data
Center
Issuer,
LLC,
1.88%,
06/20/46 (a)
377,012
647,192
SLM
Student
Loan
Trust,
6.32%,
10/25/23 (b)
640,134
915,162
SLM
Student
Loan
Trust,
6.97%,
04/15/29 (b)
916,681
175,863
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (a)
171,517
251,878
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
249,421
595,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46 (a)
523,666
1,241,441
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (a)
1,045,072
Principal
Amount
Security
Description
Value
$
932,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (a)
$
842,158
14,634,320
Non-Agency
Commercial
Mortgage
Backed
Securities
-
5.1%
1,150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37 (a)(c)
992,247
790,000
BX
Trust,
6.40%,
09/15/36 (a)(b)
763,469
835,800
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
793,307
790,000
Goldman
Sachs
Mortgage
Securities
Trust,
6.33%,
11/15/36 (a)(b)
775,044
768,888
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44 (a)(c)
8
1,065,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (a)
899,979
808,299
MHC
Commercial
Mortgage
Trust,
6.30%,
05/15/38 (a)(b)
795,184
332,511
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
318,597
714,442
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (a)(c)
652,900
380,881
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41 (a)(c)
330,519
610,000
Tricon
Residential
Trust,
3.86%,
04/17/39 (a)
564,933
817,096
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
788,360
865,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
775,307
8,449,854
Non-Agency
Residential
Mortgage
Backed
Securities
-
8.5%
95,792
Bayview
Commercial
Asset
Trust
REMIC,
6.30%,
12/25/33 (a)(b)
91,829
414,888
BRAVO
Residential
Funding
Trust,
6.06%,
11/25/69 (a)(b)
407,693
1,051,640
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (a)(c)
875,659
251,307
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
232,768
368,747
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(c)
345,486
279,282
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(c)
259,115
87,649
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
82,655
15,616
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
14,698
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
INCOME
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
8
Principal
Amount
Security
Description
Value
$
1,146
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/23
$
1,104
791,829
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47 (a)(c)
693,397
873,300
Credit
Suisse
Mortgage
Trust,
2.50%,
11/25/56 (a)(c)
741,910
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
6.56%,
02/25/33 (b)
151,322
147,391
CSMLT
Trust,
2.98%,
10/25/30 (a)(c)
134,944
817,226
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51 (a)
782,032
663,284
Flagstar
Mortgage
Trust,
2.50%,
04/25/51 (a)(c)
559,536
701,357
Flagstar
Mortgage
Trust,
2.50%,
07/25/51 (a)(c)
591,919
183,330
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45 (c)
179,347
1,008,414
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51 (a)(c)
853,839
851,974
Mello
Mortgage
Capital
Acceptance,
2.50%,
08/25/51 (a)(c)
715,290
585,325
MFRA
Trust,
3.91%,
04/25/66 (a)(d)
544,766
315,476
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57 (a)(c)
292,964
238,010
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59 (a)(c)
216,455
136,907
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(c)
122,608
102,363
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(c)
92,894
246,520
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(c)
224,659
641,952
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52 (a)(c)
548,835
1,397,815
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51 (a)(c)
1,178,583
819,100
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51 (a)(c)
687,838
976,724
PSMC
Trust,
2.50%,
08/25/51 (a)(c)
832,137
13,539
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
4.80%,
12/31/23 (b)
10,293
844,570
Sequoia
Mortgage
Trust,
2.50%,
06/25/51 (a)(c)
711,757
235,509
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30 (a)(c)
219,895
26,083
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(c)
25,792
14,697
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(c)
14,593
Principal
Amount
Security
Description
Value
$
829,947
Woodward
Capital
Management,
2.50%,
01/25/52 (a)(c)
$
695,181
14,133,793
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$41,916,632)
37,217,967
Corporate
Bonds
-
24.5%
Communication
Services
-
2.0%
805,000
Alphabet,
Inc.,
2.25%,
08/15/60
429,956
990,000
AT&T,
Inc.,
4.30%,
12/15/42
763,366
1,180,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
1,046,889
458,000
Netflix,
Inc.,
4.38%,
11/15/26
441,576
785,000
Verizon
Communications,
Inc.,
3.55%,
03/22/51
516,548
3,198,335
Consumer
Discretionary
-
3.3%
365,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
223,962
505,000
Comcast
Corp.,
4.15%,
10/15/28
478,364
1,210,000
Dollar
General
Corp.,
3.50%,
04/03/30
1,033,979
400,000
Ford
Motor
Credit
Co.,
LLC,
4.54%,
08/01/26
375,485
980,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31 (a)
774,997
1,430,000
McDonald's
Corp.,
3.63%,
09/01/49
1,006,934
735,000
Newell
Brands,
Inc.,
5.20%,
04/01/26
692,659
1,192,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
950,036
5,536,416
Consumer
Staples
-
0.3%
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
484,950
Energy
-
0.2%
480,000
Pioneer
Natural
Resources
Co.,
2.15%,
01/15/31
378,767
Financials
-
8.5%
575,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
554,676
1,345,000
Bank
of
America
Corp.,
2.69%,
04/22/32 (c)
1,057,091
1,330,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
1,030,931
1,210,000
Citigroup,
Inc.,
4.91%,
05/24/33 (c)
1,100,987
1,324,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,058,935
1,285,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30 (c)
1,074,603
1,155,000
KeyCorp,
MTN,
2.25%,
04/06/27
980,893
1,220,000
Morgan
Stanley,
4.89%,
07/20/33 (c)
1,108,523
1,145,000
Regions
Financial
Corp.,
1.80%,
08/12/28
929,123
1,100,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (c)(e)
1,056,801
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
INCOME
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
9
Principal
Amount
Security
Description
Value
$
947,000
The
Chubb
Corp.,
6.80%,
11/15/31
$
1,004,034
1,380,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33 (c)
1,103,595
1,025,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (c)(e)
856,698
1,345,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31 (c)
1,087,185
14,004,075
Industrials
-
4.5%
1,099,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
876,449
1,260,000
BMW
Finance
NV,
2.85%,
08/14/29 (a)
1,109,833
1,175,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
988,548
421,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
409,326
1,077,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
984,580
1,212,000
RTX
Corp.,
4.88%,
10/15/40
1,047,724
815,000
TTX
Co.,
4.60%,
02/01/49 (a)
668,170
498,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
477,229
1,385,000
Waste
Management,
Inc.,
1.50%,
03/15/31
1,050,145
7,612,004
Information
Technology
-
2.9%
818,000
eBay,
Inc.,
3.60%,
06/05/27
760,546
855,000
NVIDIA
Corp.,
3.50%,
04/01/50
623,175
1,015,000
Oracle
Corp.,
2.30%,
03/25/28
879,357
1,175,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
950,657
738,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30 (a)
562,712
1,260,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,043,150
4,819,597
Materials
-
0.9%
215,000
Albemarle
Corp.,
5.05%,
06/01/32
195,054
661,000
Albemarle
Corp.,
5.45%,
12/01/44
568,518
819,000
The
Mosaic
Co.,
5.45%,
11/15/33
769,542
1,533,114
Real
Estate
-
0.7%
1,230,000
NNN
REIT,
Inc.,
4.30%,
10/15/28
1,137,397
Utilities
-
1.2%
505,000
Florida
Power
&
Light
Co.,
4.40%,
05/15/28
486,946
764,000
PacifiCorp,
6.25%,
10/15/37
759,887
696,178
Texas
Electric
Market
Stabilization
Funding
N,
LLC,
4.27%,
08/01/34 (a)
651,513
1,898,346
Total
Corporate
Bonds
(Cost
$47,579,298)
40,603,001
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
51.8%
GOVERNMENT
SECURITIES
-
26.1%
Municipals
-
1.2%
$
99,431
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
$
87,744
340,000
New
York
City
Municipal
Water
Finance
Authority,
New
York
RB,
5.72%,
06/15/42
338,132
480,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
482,939
290,000
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
290,465
125,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.71%,
12/01/30
98,408
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
226,300
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
414,247
1,938,235
Treasury
Inflation
Index
Securities
-
1.0%
1,736,160
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
1,665,165
U.S.
Treasury
Securities
-
23.9%
8,325,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
6,946,822
1,950,000
U.S.
Treasury
Note,
2.13%,
05/15/25
1,857,299
2,700,000
U.S.
Treasury
Note,
2.25%,
02/15/27
2,491,488
1,500,000
U.S.
Treasury
Note,
4.13%,
07/31/28
1,467,656
10,200,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
8,454,844
16,550,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
13,443,643
8,365,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
4,881,762
39,543,514
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
25.7%
Federal
Home
Loan
Mortgage
Corp.
-
11.4%
740,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
643,724
386,684
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
356,610
5,867
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
5,723
974,777
Federal
Home
Loan
Mortgage
Corp.
#RA6436,
2.50%,
12/01/51
781,719
1,099,204
Federal
Home
Loan
Mortgage
Corp.
#RA7549,
4.00%,
06/01/52
979,808
1,710,166
Federal
Home
Loan
Mortgage
Corp.
#RA7779,
4.50%,
08/01/52
1,571,790
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
INCOME
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
10
Principal
Amount
Security
Description
Value
$
1,726,368
Federal
Home
Loan
Mortgage
Corp.
#SD1046,
4.00%,
07/01/52
$
1,549,268
3,038,153
Federal
Home
Loan
Mortgage
Corp.
#SD1663,
4.00%,
10/01/52
2,713,647
1,929,552
Federal
Home
Loan
Mortgage
Corp.
#SD1740,
4.50%,
10/01/52
1,776,816
118,978
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
114,993
117,811
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
112,244
963,131
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
823,307
284,107
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
268,383
325,994
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
297,789
654,413
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
597,518
756,479
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
120,205
130,282
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
125,855
9,628
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
9,540
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
878,365
282,864
FRESB
Mortgage
Trust,
3.70%,
10/25/28 (c)
264,223
666,916
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56 (d)
594,630
559,344
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
530,262
323,052
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (c)
292,375
729,844
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
640,409
737,654
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
639,288
460,545
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
400,999
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,276,272
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
418,114
18,783,876
Federal
National
Mortgage
Association
-
12.1%
75,404
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
73,882
62,610
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
59,149
Principal
Amount
Security
Description
Value
$
5,827
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
$
5,638
1,125
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
1,109
54,657
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
51,631
348,603
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
297,995
3,903
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
3,779
129,203
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
122,051
22,352
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
22,727
267,826
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
245,227
89,045
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
81,529
165,203
Federal
National
Mortgage
Association
#AL9970,
2.88%,
02/01/27 (c)
152,201
1,186,371
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
1,025,368
1,208,808
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,039,977
284,105
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
260,114
396,806
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
372,369
316,523
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
292,981
0
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
0
379,254
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
316,918
371,206
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
326,314
1,127,843
Federal
National
Mortgage
Association
#CB2094,
3.00%,
11/01/51
938,897
1,414,634
Federal
National
Mortgage
Association
#CB3233,
3.00%,
04/01/52
1,179,441
3,109,815
Federal
National
Mortgage
Association
#FS0331,
3.00%,
01/01/52
2,581,180
2,251,892
Federal
National
Mortgage
Association
#FS1555,
3.50%,
04/01/52
1,946,490
1,874,576
Federal
National
Mortgage
Association
#FS2060,
4.00%,
06/01/52
1,682,508
1,062,933
Federal
National
Mortgage
Association
#FS3363,
3.00%,
06/01/52
881,701
2,261,027
Federal
National
Mortgage
Association
#FS3498,
3.50%,
07/01/52
1,946,884
1,237,869
Federal
National
Mortgage
Association
#FS4081,
5.00%,
01/01/53
1,173,892
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
INCOME
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
11
Principal
Amount
Security
Description
Value
$
271,875
Federal
National
Mortgage
Association
Interest
Only,
2.70%,
01/25/39 (c)
$
3,716
817,626
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
701,831
436,917
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29 (c)
400,120
159,173
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
151,150
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
880,954
828,043
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
824,795
20,044,518
Government
National
Mortgage
Association
-
1.1%
363,065
Government
National
Mortgage
Association,
2.85%,
04/16/50
342,739
366,893
Government
National
Mortgage
Association,
3.50%,
01/20/69 (c)
347,500
396,901
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
338,286
777,873
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
769,274
1,797,799
Mortgage
Securities
-
1.1%
1,903,326
Federal
National
Mortgage
Association
#FS5179,
5.00%,
06/01/53
1,799,337
Total
Government
&
Agency
Obligations
(Cost
$96,204,845)
85,572,444
Shares
Security
Description
Value
Short-Term
Investments
-
1.1%
Investment
Company
-
1.1%
1,849,139
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.23% (g)
1,849,139
Total
Short-Term
Investments
(Cost
$1,849,139)
1,849,139
Investments,
at
value
-
99.9%
(Cost
$187,549,914)
165,242,551
Other
assets
in
excess
of
liabilities
-
0.1%
167,395
NET
ASSETS
-
100.0%
$
165,409,946
(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,
2023,
the
aggregate
value
of
these
liquid
securities
were
$37,275,566
or
22.5%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2023.
(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,
2023.
(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,
2023.
(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,
2023.
FHLMC
Federal
Home
Loan
Mortgage
Corporation
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
12
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
98.8%
GOVERNMENT
SECURITIES
-
97.4%
Municipals
-
97.4%
Alaska
-
0.2%
$
100,000
Alaska
Municipal
Bond
Bank
Authority,
Alaska
RB,
5.00%,
12/01/35
$
107,261
Illinois
-
1.3%
250,000
La
Salle
&
Bureau
Counties
Township
High
School
District
No.
120
LaSalle-
Peru,
Illinois
GO,
5.00%,
12/01/29
262,066
400,000
Park
Ridge
Park
District,
Illinois
GO,
5.00%,
12/01/35
430,313
692,379
Iowa
-
0.4%
220,000
City
of
Bettendorf
IA,
Iowa
GO,
4.00%,
06/01/35
220,393
Nebraska
-
90.9%
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
248,651
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
301,256
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
272,431
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
338,003
210,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
209,757
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
180,587
200,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
01/01/24
200,086
250,000
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
248,050
300,000
City
of
Beatrice
NE,
Nebraska
RB,
4.40%,
03/15/29
284,056
350,000
City
of
Bellevue
NE,
Nebraska
GO,
2.00%,
09/15/30
295,610
220,000
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
214,771
270,000
City
of
Blair
NE,
Nebraska
GO,
5.00%,
06/15/28
283,450
55,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
47,397
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
100,201
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
324,540
Principal
Amount
Security
Description
Value
$
250,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
$
264,604
280,000
City
of
Crete
NE,
Nebraska,
3.70%,
05/01/26
270,367
200,000
City
of
David
City
NE,
Nebraska
GO,
4.05%,
12/15/27
191,911
130,000
City
of
David
City
NE
Electric
Utility
Revenue,
Nebraska
RB,
4.40%,
12/15/29
125,085
345,000
City
of
Falls
City
NE,
Nebraska
GO,
4.25%,
11/15/30
342,217
250,000
City
of
Falls
City
NE,
Nebraska
GO,
3.65%,
11/15/32
224,609
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
334,686
150,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
149,841
430,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/34
427,780
400,000
City
of
Hickman
NE,
Nebraska,
4.00%,
02/15/25
394,883
300,000
City
of
Kearney
NE,
Nebraska
GO,
4.00%,
05/15/27
298,128
130,000
City
of
Kearney
NE,
Nebraska
GO,
2.75%,
06/15/27
120,720
400,000
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
338,870
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
365,998
300,000
City
of
La
Vista
NE,
Nebraska
GO,
5.00%,
09/15/33
312,694
235,000
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
226,152
200,000
City
of
Lincoln
NE,
Nebraska
GO,
5.00%,
11/15/34
218,011
145,000
City
of
McCook
NE,
Nebraska
GO,
5.00%,
09/15/31
151,704
195,000
City
of
Norfolk
NE,
Nebraska
GO,
2.70%,
09/01/25
185,103
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
348,817
200,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
179,297
175,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/33
176,943
400,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/34
350,813
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
13
Principal
Amount
Security
Description
Value
$
250,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/36
$
271,962
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/37
214,276
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
565,497
355,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
371,521
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
237,424
200,000
City
of
West
Point
NE,
Nebraska
GO,
3.25%,
11/01/28
182,631
140,000
County
of
Brown
NE,
Nebraska
GO,
3.70%,
01/15/26
136,486
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
348,673
275,000
County
of
Cedar
NE,
Nebraska
GO,
3.80%,
09/15/28
261,768
300,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/34
292,428
435,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/36
414,772
245,000
County
of
Douglas
NE,
Nebraska
RB,
3.00%,
09/01/27
231,998
125,000
County
of
Jefferson
NE,
Nebraska
GO,
2.00%,
12/01/25
117,518
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
292,078
250,000
County
of
Sarpy
NE,
Nebraska
GO,
3.00%,
06/01/29
236,448
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
172,745
400,000
Cozad
City
School
District,
Nebraska
GO,
4.00%,
06/15/28
401,281
265,000
Cuming
County
Public
Power
District,
Nebraska
RB,
1.50%,
12/15/25
243,774
300,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/36
321,141
260,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/27
272,621
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,108,304
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
195,454
220,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
225,819
750,000
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
736,754
Principal
Amount
Security
Description
Value
$
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
$
167,143
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
536,048
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
238,401
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
490,
Nebraska
GO,
2.70%,
08/15/28
89,779
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
231,903
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
204,465
325,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
4.00%,
12/15/41
310,483
250,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/34
249,766
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
615,860
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
750,751
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
280,772
250,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
250,490
370,000
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
395,258
65,000
Grand
Island
Electric
Department,
Nebraska
RB,
5.00%,
08/15/27
65,098
155,000
Gretna
Fire
Protection
District,
Nebraska
GO,
3.20%,
06/01/28
141,837
530,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
526,851
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
354,040
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
484,402
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
695,132
160,000
KBR
Rural
Public
Power
District/NE,
Nebraska
RB,
3.20%,
12/15/28
144,010
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
283,552
500,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
501,082
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
14
Principal
Amount
Security
Description
Value
$
370,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/34
$
284,068
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
288,551
200,000
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
209,816
475,000
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
480,565
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
481,984
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
919,714
260,000
Lyons-Decatur
Northeast
Schools,
Nebraska
GO,
5.00%,
12/15/30
271,099
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
507,231
115,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/35
113,851
325,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
326,097
315,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/37
341,391
300,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
3.30%,
12/01/29
281,295
210,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
210,201
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
447,691
150,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
03/01/34
136,722
100,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
09/01/34
90,716
280,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.00%,
03/01/52
260,378
500,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
2.00%,
03/01/24
494,957
125,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
133,946
200,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
201,915
Principal
Amount
Security
Description
Value
$
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
$
306,334
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
405,974
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
297,405
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
401,564
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
602,867
350,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
354,851
1,010,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,014,775
360,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
382,047
350,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/36
382,434
350,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/46
315,549
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
753,485
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
496,723
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
164,088
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
562,344
325,000
Omaha
School
District,
Nebraska
GO,
2.00%,
12/15/34
251,710
1,000,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
920,693
525,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/41
390,334
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
264,504
245,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/31
247,200
200,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/37
214,837
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
339,615
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
750,963
175,000
Ralston
Public
Schools,
Nebraska
GO,
5.00%,
12/15/29
186,349
160,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
147,010
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
15
Principal
Amount
Security
Description
Value
$
105,000
Sarpy
County
Sanitary
&
Improvement
District
No.
23,
Nebraska
GO,
2.30%,
08/15/34
$
80,096
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
245,
Nebraska
GO,
3.45%,
11/15/28
91,279
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
92,116
30,000
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
29,913
300,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
3.85%,
12/15/28
283,050
275,000
Scotts
Bluff
County
School
District
No.
16,
Nebraska
GO,
5.00%,
12/01/29
289,021
165,000
Southeast
Community
College
Area,
Nebraska
COP,
5.00%,
12/15/30
175,194
300,000
Southeast
Community
College
Area,
Nebraska
RB,
4.00%,
03/15/31
300,202
300,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
300,675
400,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
402,247
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
275,834
270,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
264,740
195,000
State
of
Nebraska,
Nebraska
COP,
5.00%,
04/01/28
203,157
500,000
The
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
502,626
100,000
Village
of
Alda
NE,
Nebraska,
4.00%,
12/15/24
98,838
175,000
Village
of
Ansley
NE,
Nebraska
GO,
3.40%,
03/15/28
165,427
435,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
374,120
1,700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
1,615,247
200,000
Village
of
Callaway
NE,
Nebraska
GO,
3.75%,
02/15/31
181,519
185,000
Village
of
Ceresco
NE,
Nebraska
GO,
3.60%,
12/15/32
165,285
265,000
Wayne
County
School
District
No.
17,
Nebraska
GO,
5.00%,
12/15/28
277,835
250,000
Westside
Community
Schools,
Nebraska
GO,
5.00%,
12/01/37
264,344
100,000
Westside
Community
Schools,
Nebraska
GO,
2.30%,
12/01/28
91,291
Principal
Amount
Security
Description
Value
$
450,000
York
County
NE
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
$
424,530
48,503,004
North
Dakota
-
0.8%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
438,338
South
Dakota
-
0.8%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
407,257
Texas
-
1.4%
200,000
City
of
Austin
TX
Electric
Utility
Revenue,
Texas
RB,
5.00%,
11/15/36
216,035
360,000
City
of
Lubbock
TX,
Texas
GO,
5.00%,
02/15/36
383,463
150,000
County
of
Travis
TX,
Texas
GO,
3.00%,
03/01/30
137,611
737,109
Wisconsin
-
1.6%
400,000
City
of
Neenah
WI,
Wisconsin
GO,
4.00%,
03/01/32
398,104
500,000
County
of
Dane
WI,
Wisconsin
GO,
3.00%,
06/01/31
453,976
852,080
51,957,821
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.4%
Federal
Home
Loan
Mortgage
Corp.
-
1.4%
294,971
Federal
Home
Loan
Mortgage
Corp.,
2.34%,
07/25/41 (a)
210,499
586,526
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
516,846
727,345
Total
Government
&
Agency
Obligations
(Cost
$57,352,034)
52,685,166
Shares
Security
Description
Value
Short-Term
Investments
-
0.3%
Investment
Company
-
0.3%
187,994
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.23% (b)
187,994
Total
Short-Term
Investments
(Cost
$187,994)
187,994
Investments,
at
value
-
99.1%
(Cost
$57,540,028)
52,873,160
Other
assets
in
excess
of
liabilities
-
0.9%
459,395
NET
ASSETS
-
100.0%
$
53,332,555
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
16
(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,
2023,
the
aggregate
value
of
these
liquid
securities
were
$210,499
or
0.4%
of
net
assets.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2023.
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,
2023
(Unaudited)
BALANCED
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
17
Shares
Security
Description
Value
Common
Stocks
-
58.6%
Communication
Services
-
5.3%
5,295
Activision
Blizzard,
Inc.
$
495,771
14,250
Alphabet,
Inc.,
Class C (a)
1,878,863
12,050
Comcast
Corp.,
Class A
534,297
2,225
Meta
Platforms,
Inc.,
Class A (a)
667,967
12,900
Verizon
Communications,
Inc.
418,089
3,994,987
Consumer
Discretionary
-
6.5%
11,925
Amazon.com,
Inc. (a)
1,515,906
174
Booking
Holdings,
Inc. (a)
536,607
10,950
Gentex
Corp.
356,313
3,905
NIKE,
Inc.,
Class B
373,396
485
O'Reilly
Automotive,
Inc. (a)
440,797
1,205
Pool
Corp.
429,101
3,550
Royal
Caribbean
Cruises,
Ltd. (a)
327,097
1,725
The
Home
Depot,
Inc.
521,226
11,300
Upbound
Group,
Inc.,
Class A
332,785
4,833,228
Consumer
Staples
-
4.0%
4,810
Church
&
Dwight
Co.,
Inc.
440,740
2,075
Constellation
Brands,
Inc.,
Class A
521,510
1,300
Costco
Wholesale
Corp.
734,448
5,580
Lamb
Weston
Holdings,
Inc.
515,927
4,780
Walmart,
Inc.
764,465
2,977,090
Energy
-
2.9%
2,010
Diamondback
Energy,
Inc.
311,309
3,090
EOG
Resources,
Inc.
391,688
8,060
Exxon
Mobil
Corp.
947,695
4,400
Phillips
66
528,660
2,179,352
Financials
-
7.5%
7,550
Brown
&
Brown,
Inc.
527,292
3,350
Chubb,
Ltd.
697,403
2,880
CME
Group,
Inc.
576,634
7,500
Equitable
Holdings,
Inc.
212,925
5,550
First
American
Financial
Corp.
313,519
4,575
Fiserv,
Inc. (a)
516,792
4,650
JPMorgan
Chase
&
Co.
674,343
2,215
Mastercard,
Inc.,
Class A
876,941
1,115
Moody's
Corp.
352,530
2,950
Morgan
Stanley
240,926
1,970
The
PNC
Financial
Services
Group,
Inc.
241,857
8,750
Wells
Fargo
&
Co.
357,525
5,588,687
Health
Care
-
8.0%
6,810
Abbott
Laboratories
659,548
700
Amgen,
Inc.
188,132
1,300
AMN
Healthcare
Services,
Inc. (a)
110,734
7,160
Edwards
Lifesciences
Corp. (a)
496,045
1,960
Eli
Lilly
&
Co.
1,052,775
Shares
Security
Description
Value
3,645
Horizon
Therapeutics
PLC (a)
$
421,690
1,280
Humana,
Inc.
622,746
7,500
Inmode,
Ltd. (a)
228,450
4,590
Jazz
Pharmaceuticals
PLC (a)
594,130
4,550
Lantheus
Holdings,
Inc. (a)
316,134
1,470
Thermo
Fisher
Scientific,
Inc.
744,070
3,280
Zoetis,
Inc.
570,654
6,005,108
Industrials
-
4.8%
4,510
AMETEK,
Inc.
666,397
1,300
Cintas
Corp.
625,313
16,500
CSX
Corp.
507,375
4,270
MasTec,
Inc. (a)
307,312
7,407
RTX
Corp.
533,082
4,390
The
Timken
Co.
322,621
3,965
Waste
Management,
Inc.
604,425
3,566,525
Information
Technology
-
14.9%
1,570
Adobe,
Inc. (a)
800,543
5,000
Amphenol
Corp.,
Class A
419,950
17,025
Apple,
Inc.
2,914,850
2,615
CDW
Corp.
527,602
4,172
Entegris,
Inc.
391,793
7,030
Microchip
Technology,
Inc.
548,691
8,600
Microsoft
Corp.
2,715,450
6,958
Napco
Security
Technologies,
Inc.
154,816
3,675
NVIDIA
Corp.
1,598,588
1,345
Paycom
Software,
Inc.
348,718
5,400
Perficient,
Inc. (a)
312,444
3,680
QUALCOMM,
Inc.
408,701
11,142,146
Materials
-
1.7%
4,590
Berry
Global
Group,
Inc.
284,167
2,525
FMC
Corp.
169,099
1,585
Linde
PLC
590,175
46,231
PureCycle
Technologies,
Inc. (a)
259,356
1,302,797
Real
Estate
-
1.6%
2,185
American
Tower
Corp.
REIT
359,323
8,690
First
Industrial
Realty
Trust,
Inc.
REIT
413,557
3,885
Sun
Communities,
Inc.
REIT
459,751
1,232,631
Utilities
-
1.4%
2,430
American
Water
Works
Co.,
Inc.
300,907
3,590
Atmos
Energy
Corp.
380,289
6,840
NextEra
Energy,
Inc.
391,863
1,073,059
Total
Common
Stocks
(Cost
$25,225,908)
43,895,610
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
BALANCED
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
18
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
8.9%
Asset
Backed
Securities
-
4.4%
$
155,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46 (b)
$
135,584
179,643
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (b)
174,793
50,000
AMSR
Trust,
1.63%,
07/17/37 (b)
46,196
172,390
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28 (b)
170,751
62,986
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (b)(c)
62,093
110,000
CCG
Receivables
Trust,
5.82%,
09/16/30 (b)
109,837
162,060
CCG
Receivables
Trust,
3.91%,
07/16/29 (b)
158,883
233,858
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
212,425
113,094
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61 (b)
99,290
280,000
Chase
Auto
Owner
Trust,
5.59%,
06/25/29 (b)
279,633
285,000
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28 (b)
284,423
29,042
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
27,093
51,671
CoreVest
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
49,183
82,171
DLLMT,
LLC,
1.00%,
07/21/25 (b)
80,035
45,636
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (b)
38,997
135,000
FRTKL
2021-SFR1,
1.57%,
09/17/38 (b)
117,892
225,000
LAD
Auto
Receivables
Trust,
6.12%,
09/15/27 (b)
224,732
83,822
Navient
Student
Loan
Trust,
7.05%,
10/15/31 (b)(d)
83,961
56,435
NMEF
Funding,
LLC,
6.07%,
06/15/29 (b)
56,186
88,579
North
Texas
Higher
Education
Authority,
Inc.,
6.00%,
09/25/61 (d)
86,266
9,729
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
6.37%,
12/24/33 (b)(d)
9,698
119,482
Progress
Residential
Trust,
1.52%,
07/17/38 (b)
105,475
102,691
SLM
Student
Loan
Trust,
6.97%,
04/15/29 (d)
102,862
27,056
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (b)
26,387
Principal
Amount
Security
Description
Value
$
179,771
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (b)
$
147,772
55,686
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
55,143
70,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46 (b)
61,608
122,396
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (b)
103,035
180,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (b)
162,649
3,272,882
Non-Agency
Commercial
Mortgage
Backed
Securities
-
3.2%
150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37 (b)(c)
129,423
190,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
183,606
85,057
BX
Commercial
Mortgage
Trust,
6.35%,
02/15/39 (b)(d)
83,002
160,000
BX
Trust,
6.40%,
09/15/36 (b)(d)
154,627
121,483
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
115,306
185,000
Goldman
Sachs
Mortgage
Securities
Trust,
6.33%,
11/15/36 (b)(d)
181,498
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
151,589
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
169,010
76,780
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
74,558
89,903
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
86,293
143,960
KNDR
2021-KIND
A,
6.40%,
08/15/38 (b)(d)
138,881
108,929
ReadyCap
Commercial
Mortgage
Trust
CLO,
6.96%,
01/25/37 (b)(d)
108,937
75,000
SREIT
Trust,
6.02%,
07/15/36 (b)(d)
73,423
72,992
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (b)(c)
66,705
130,000
Tricon
Residential
Trust,
3.86%,
04/17/39 (b)
120,395
100,000
TRTX
Issuer,
Ltd.
CLO,
6.96%,
02/15/39 (b)(d)
98,012
73,834
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
71,237
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
134,446
101,733
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (b)(c)
82,201
220,000
WSTN
Trust,
6.52%,
07/05/37 (b)(c)
213,361
2,436,510
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
BALANCED
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
19
Principal
Amount
Security
Description
Value
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.3%
$
99,084
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (b)(c)
$
86,533
22,762
Bayview
Commercial
Asset
Trust
REMIC,
6.30%,
12/25/33 (b)(d)
21,820
144,060
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (b)(c)
119,953
36,001
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(c)
34,914
37,576
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (b)(c)
36,683
144,146
Chase
Mortgage
Finance
Corp.,
3.50%,
06/25/62 (b)(c)
126,978
39,736
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(c)
37,229
12,583
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(c)
11,674
103,773
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47 (b)(c)
90,873
46,164
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (b)(c)
43,421
89,314
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51 (b)
85,468
20,898
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45 (c)
20,444
24,284
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(c)
22,131
158,228
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52 (b)(c)
135,276
127,786
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (b)(c)
113,569
986,966
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$7,209,507)
6,696,358
Corporate
Bonds
-
10.8%
Communication
Services
-
0.9%
248,000
AT&T,
Inc.,
4.30%,
02/15/30
225,829
175,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
155,259
317,000
Verizon
Communications,
Inc.,
4.33%,
09/21/28
297,863
678,951
Consumer
Discretionary
-
1.2%
310,000
Dollar
General
Corp.,
3.50%,
04/03/30
264,904
330,000
McDonald's
Corp.,
2.13%,
03/01/30
270,472
50,000
Newell
Brands,
Inc.,
5.20%,
04/01/26
47,120
50,000
Starbucks
Corp.,
2.00%,
03/12/27
44,551
265,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
219,425
846,472
Consumer
Staples
-
0.2%
165,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
151,764
Principal
Amount
Security
Description
Value
Financials
-
4.3%
$
140,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (c)
$
131,345
180,000
Bank
of
America
Corp.,
2.69%,
04/22/32 (c)
141,469
326,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
252,694
300,000
Citigroup,
Inc.,
3.89%,
01/10/28 (c)
279,657
270,000
CME
Group,
Inc.,
3.00%,
03/15/25
260,126
350,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
279,930
340,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30 (c)
284,331
150,000
KeyCorp,
MTN,
2.25%,
04/06/27
127,389
285,000
Morgan
Stanley,
4.89%,
07/20/33 (c)
258,958
225,000
Regions
Financial
Corp.,
1.80%,
08/12/28
182,579
100,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (c)(e)
96,073
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
212,571
305,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
286,061
230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (c)(e)
192,235
345,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31 (c)
278,869
3,264,287
Health
Care
-
0.1%
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
97,062
37,000
Becton
Dickinson
&
Co.,
3.73%,
12/15/24
36,086
133,148
Industrials
-
2.3%
255,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
203,362
250,000
BMW
Finance
NV,
2.85%,
08/14/29 (b)
220,205
300,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
291,681
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
237,689
170,000
TTX
Co.,
3.60%,
01/15/25 (b)
165,079
175,000
Union
Pacific
Corp.,
3.95%,
09/10/28
165,100
250,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (b)
239,573
285,000
Waste
Management,
Inc.,
1.50%,
03/15/31
216,095
1,738,784
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
BALANCED
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
20
Principal
Amount
Security
Description
Value
Information
Technology
-
1.8%
$
170,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
$
135,973
235,000
eBay,
Inc.,
3.60%,
06/05/27
218,494
140,000
NVIDIA
Corp.,
2.85%,
04/01/30
122,142
185,000
Oracle
Corp.,
2.30%,
03/25/28
160,277
328,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
271,697
195,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30 (b)
148,684
310,000
Xilinx,
Inc.,
2.38%,
06/01/30
256,648
1,313,915
Total
Corporate
Bonds
(Cost
$9,221,916)
8,127,321
Government
&
Agency
Obligations
-
18.0%
GOVERNMENT
SECURITIES
-
17.5%
Municipals
-
0.2%
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
94,342
50,000
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
42,323
136,665
Treasury
Inflation
Index
Securities
-
0.3%
273,985
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
262,175
U.S.
Treasury
Securities
-
17.0%
920,000
U.S.
Treasury
Note,
2.13%,
11/30/24
886,362
3,340,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,181,220
3,165,000
U.S.
Treasury
Note,
2.25%,
02/15/27
2,920,578
4,055,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
3,361,215
2,920,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
2,371,930
12,721,305
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.5%
Federal
Home
Loan
Mortgage
Corp.
-
0.3%
55,093
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (g)
52,921
16,131
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
15,652
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
202,851
271,424
Federal
National
Mortgage
Association
-
0.1%
12,126
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
11,775
65,538
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29 (c)
60,018
71,793
Principal
Amount
Security
Description
Value
Government
National
Mortgage
Association
-
0.1%
$
62,090
Government
National
Mortgage
Association,
3.50%,
01/20/69 (c)
$
58,808
Total
Government
&
Agency
Obligations
(Cost
$14,366,437)
13,522,170
Shares
Security
Description
Value
Short-Term
Investments
-
3.5%
Investment
Company
-
3.5%
2,605,085
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.23% (h)
2,605,085
Total
Short-Term
Investments
(Cost
$2,605,085)
2,605,085
Investments,
at
value
-
99.8%
(Cost
$58,628,853)
74,846,544
Other
assets
in
excess
of
liabilities
-
0.2%
132,175
NET
ASSETS
-
100.0%
$
74,978,719
(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,
2023,
the
aggregate
value
of
these
liquid
securities
were
$6,755,907
or
9.0%
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,
2023.
(d)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2023.
(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,
2023.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2023.
CLO
Collateralized
Loan
Obligation
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,
2023
(Unaudited)
SMALL/MID
CAP
FUND
Semi-Annual
Report
2023
See
accompanying
Notes
to
Financial
Statements.
21
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2023.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
98.7%
Communication
Services
-
1.5%
1,223
Nexstar
Media
Group,
Inc.,
Class A
$
175,342
Consumer
Discretionary
-
12.5%
1,730
Burlington
Stores,
Inc. (a)
234,069
1,737
Dorman
Products,
Inc. (a)
131,595
4,743
Gentex
Corp.
154,337
1,189
LGI
Homes,
Inc. (a)
118,294
4,369
Ollie's
Bargain
Outlet
Holdings,
Inc. (a)
337,199
1,657
Tractor
Supply
Co.
336,454
2,104
Wyndham
Hotels
&
Resorts,
Inc.
146,312
1,458,260
Consumer
Staples
-
3.6%
875
Casey's
General
Stores,
Inc.
237,580
274
Coca-Cola
Consolidated,
Inc.
174,352
411,932
Energy
-
5.4%
10,910
CNX
Resources
Corp. (a)
246,348
6,601
Marathon
Oil
Corp.
176,577
5,064
SM
Energy
Co.
200,787
623,712
Financials
-
15.6%
4,797
Atlantic
Union
Bankshares
Corp.
138,058
2,499
Brown
&
Brown,
Inc.
174,530
1,957
Cullen/Frost
Bankers,
Inc.
178,498
180
Markel
Group,
Inc. (a)
265,048
4,069
Moelis
&
Co.,
Class A
183,634
2,692
Selective
Insurance
Group,
Inc.
277,734
3,160
SouthState
Corp.
212,858
4,376
Stifel
Financial
Corp.
268,861
1,911
UMB
Financial
Corp.
118,577
1,817,798
Health
Care
-
11.7%
2,592
AMN
Healthcare
Services,
Inc. (a)
220,786
3,327
Enovis
Corp. (a)
175,433
815
ICON
PLC (a)
200,694
828
Molina
Healthcare,
Inc. (a)
271,493
2,746
Omnicell,
Inc. (a)
123,680
2,044
Pacira
BioSciences,
Inc. (a)
62,710
2,813
Revvity,
Inc.
311,399
1,366,195��
Industrials
-
22.8%
1,122
Broadridge
Financial
Solutions,
Inc.
200,894
802
CACI
International,
Inc.,
Class A (a)
251,772
1,049
Carlisle
Cos.,
Inc.
271,964
2,124
EnerSys
201,079
1,209
EnPro
Industries,
Inc.
146,519
5,445
ExlService
Holdings,
Inc. (a)
152,678
2,365
Fortune
Brands
Innovations,
Inc.
147,008
2,205
Franklin
Electric
Co.,
Inc.
196,752
2,144
ICF
International,
Inc.
259,017
1,904
Oshkosh
Corp.
181,699
Shares
Security
Description
Value
1,015
Quanta
Services,
Inc.
$
189,876
2,519
Robert
Half,
Inc.
184,592
1,744
Tetra
Tech,
Inc.
265,140
2,648,990
Information
Technology
-
15.2%
2,699
Ambarella,
Inc. (a)
143,128
2,465
Blackbaud,
Inc. (a)
173,339
1,784
Diodes,
Inc. (a)
140,651
1,002
Littelfuse,
Inc.
247,815
1,643
MKS
Instruments,
Inc.
142,185
1,349
Onto
Innovation,
Inc. (a)
172,024
3,026
Power
Integrations,
Inc.
230,914
1,937
PTC,
Inc. (a)
274,434
1,623
Qualys,
Inc. (a)
247,589
1,772,079
Materials
-
3.4%
1,316
Balchem
Corp.
163,237
2,398
RPM
International,
Inc.
227,354
390,591
Real
Estate
-
4.7%
3,447
Agree
Realty
Corp.
REIT
190,412
1,189
Jones
Lang
LaSalle,
Inc. (a)
167,863
2,291
Lamar
Advertising
Co.,
Class A
REIT
191,230
549,505
Utilities
-
2.3%
2,839
IDACORP,
Inc.
265,872
Total
Common
Stocks
(Cost
$10,109,430)
11,480,276
Shares
Security
Description
Value
Short-Term
Investments
-
1.4%
Investment
Company
-
1.4%
166,252
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.23% (b)
166,252
Total
Short-Term
Investments
(Cost
$166,252)
166,252
Investments,
at
value
-
100.1%
(Cost
$10,275,682)
11,646,528
Other
liabilities
in
excess
of
assets
-
(0.1)%
(8,988)
NET
ASSETS
-
100.0%
$
11,637,540
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2023
(Unaudited)
SMALL
COMPANY
FUND
Semi-Annual
Report
2023
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,
2023.
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
96.7%
Communication
Services
-
0.9%
901,650
Gray
Television,
Inc.
$
6,239,418
Consumer
Discretionary
-
11.1%
163,688
Acushnet
Holdings
Corp.
8,682,011
147,445
Boot
Barn
Holdings,
Inc. (a)
11,971,060
135,102
Dorman
Products,
Inc. (a)
10,235,327
68,000
LGI
Homes,
Inc. (a)
6,765,320
188,037
Monarch
Casino
&
Resort,
Inc.
11,677,098
181,856
Ollie's
Bargain
Outlet
Holdings,
Inc. (a)
14,035,646
138,618
Patrick
Industries,
Inc.
10,404,667
73,771,129
Consumer
Staples
-
3.9%
19,311
Coca-Cola
Consolidated,
Inc.
12,287,976
413,450
Hostess
Brands,
Inc. (a)
13,772,019
26,059,995
Energy
-
8.2%
622,394
CNX
Resources
Corp. (a)
14,053,657
337,156
Northern
Oil
and
Gas,
Inc.
13,563,786
1,083,517
Permian
Resources
Corp.
15,125,897
301,003
SM
Energy
Co.
11,934,769
54,678,109
Financials
-
16.0%
396,179
Atlantic
Union
Bankshares
Corp.
11,402,032
276,784
BRP
Group,
Inc.,
Class A (a)
6,429,692
203,530
Cass
Information
Systems,
Inc.
7,581,492
210,283
Mercantile
Bank
Corp.
6,499,848
286,287
Moelis
&
Co.,
Class A
12,920,132
225,121
Origin
Bancorp,
Inc.
6,499,243
351,609
Seacoast
Banking
Corp.
of
Florida
7,721,334
183,577
Selective
Insurance
Group,
Inc.
18,939,639
179,083
SouthState
Corp.
12,063,031
222,925
Stewart
Information
Services
Corp.
9,764,115
106,696
UMB
Financial
Corp.
6,620,487
106,441,045
Health
Care
-
11.5%
141,691
Addus
HomeCare
Corp. (a)
12,070,656
143,154
AMN
Healthcare
Services,
Inc. (a)
12,193,858
466,797
Avanos
Medical,
Inc. (a)
9,438,635
160,362
Enovis
Corp. (a)
8,455,888
189,262
Integer
Holdings
Corp. (a)
14,843,819
212,901
Omnicell,
Inc. (a)
9,589,061
115,577
Pacira
BioSciences,
Inc. (a)
3,545,902
233,024
Supernus
Pharmaceuticals,
Inc. (a)
6,424,472
76,562,291
Industrials
-
20.8%
95,127
American
Woodmark
Corp. (a)
7,192,552
271,251
Barnes
Group,
Inc.
9,214,396
85,505
Comfort
Systems
USA,
Inc.
14,570,907
82,737
CSW
Industrials,
Inc.
14,498,832
147,370
EnerSys
13,951,518
121,487
EnPro
Industries,
Inc.
14,723,010
Shares
Security
Description
Value
357,663
ExlService
Holdings,
Inc. (a)
$
10,028,870
147,969
Franklin
Electric
Co.,
Inc.
13,203,274
138,468
ICF
International,
Inc.
16,728,319
206,917
Kforce,
Inc.
12,344,668
239,458
Korn
Ferry
11,359,888
137,816,234
Information
Technology
-
14.2%
116,624
Advanced
Energy
Industries,
Inc.
12,026,267
117,770
Ambarella,
Inc. (a)
6,245,343
385,332
Benchmark
Electronics,
Inc.
9,348,154
144,004
Blackbaud,
Inc. (a)
10,126,361
185,148
CTS
Corp.
7,728,078
123,731
Diodes,
Inc. (a)
9,754,952
107,328
Onto
Innovation,
Inc. (a)
13,686,467
118,049
Power
Integrations,
Inc.
9,008,319
55,058
SPS
Commerce,
Inc. (a)
9,393,446
791,988
Viavi
Solutions,
Inc. (a)
7,238,770
94,556,157
Materials
-
3.5%
88,572
Balchem
Corp.
10,986,471
158,591
Kaiser
Aluminum
Corp.
11,935,559
22,922,030
Real
Estate
-
3.9%
117,313
Agree
Realty
Corp.
REIT
6,480,370
399,395
Marcus
&
Millichap,
Inc.
11,718,250
789,889
Sunstone
Hotel
Investors,
Inc.
REIT
7,385,462
25,584,082
Utilities
-
2.7%
72,240
Chesapeake
Utilities
Corp.
7,061,460
114,455
IDACORP,
Inc.
10,718,711
17,780,171
Total
Common
Stocks
(Cost
$508,353,810)
642,410,661
Shares
Security
Description
Value
Short-Term
Investments
-
3.0%
Investment
Company
-
3.0%
20,004,278
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.23% (b)
20,004,278
Total
Short-Term
Investments
(Cost
$20,004,278)
20,004,278
Investments,
at
value
-
99.7%
(Cost
$528,358,088)
662,414,939
Other
assets
in
excess
of
liabilities
-
0.3%
2,078,832
NET
ASSETS
-
100.0%
$
664,493,771
Semi-Annual
Report
2023
STATEMENTS
OF
ASSETS
AND
LIABILITIES
September
30,
2023
(Unaudited)
23
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
Assets:
Investments,
at
cost
$
216,655,000
Unrealized
appreciation
(depreciation)
of
investments
(9,486,646)
Total
investments,
at
value
207,168,354
Receivable
for
capital
shares
issued
97,053
Receivable
for
investments
sold
949,044
Interest
and
dividends
receivable
1,014,545
Receivable
from
investment
advisor
–
Prepaid
expenses
772
Total
Assets
209,229,769
Liabilities:
Distributions
payable
342,727
Payable
for
investments
purchased
662,535
Payable
for
capital
shares
redeemed
99,038
Accrued
expenses
and
other
payables:
Investment
advisory
fees
33,113
Administration
fees
payable
to
non-related
parties
8,512
Administration
fees
payable
to
related
parties
11,935
Shareholder
service
fees
1,171
Other
fees
32,597
Total
Liabilities
1,191,628
Net
Assets
$
208,038,141
Composition
of
Net
Assets:
Paid-In
Capital
$
225,263,628
Distributable
earnings
(17,225,487)
Net
Assets
$
208,038,141
Institutional
Class:
Net
assets
5,252,574
Shares
of
beneficial
interest
(See
note
5
)
603,216
Net
asset
value,
offering
and
redemption
price
per
share
$
8.71
Institutional
Plus
Class:
Net
assets
202,785,567
Shares
of
beneficial
interest
(See
note
5
)
23,215,534
Net
asset
value,
offering
and
redemption
price
per
share
$
8.73
Semi-Annual
Report
2023
STATEMENTS
OF
ASSETS
AND
LIABILITIES
September
30,
2023
(Unaudited)
24
See
accompanying
Notes
to
Financial
Statements.
INCOME
FUND
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
187,549,914
$
57,540,028
$
58,628,853
$
10,275,682
$
528,358,088
(22,307,363)
(4,666,868)
16,217,691
1,370,846
134,056,851
165,242,551
52,873,160
74,846,544
11,646,528
662,414,939
41,253
35,000
10,360
650
1,060,006
96,503
–
–
–
1,250,517
944,179
532,622
182,050
3,644
643,474
–
–
–
1,379
–
3,818
865
66
2,822
14,027
166,328,304
53,441,647
75,039,020
11,655,023
665,382,963
326,047
62,578
–
–
–
433,880
–
–
–
–
82,105
17,211
112
–
329,742
30,698
5,349
25,942
–
422,344
6,822
2,264
3,146
497
28,475
9,572
3,170
4,422
695
39,970
777
–
4,803
(12)
14,679
28,457
18,520
21,876
16,303
53,982
918,358
109,092
60,301
17,483
889,192
$
165,409,946
$
53,332,555
$
74,978,719
$
11,637,540
$
664,493,771
$
194,887,746
$
58,608,803
$
55,663,427
$
10,886,486
$
506,795,782
(29,477,800)
(5,276,248)
19,315,292
751,054
157,697,989
$
165,409,946
$
53,332,555
$
74,978,719
$
11,637,540
$
664,493,771
2,188,543
–
30,554,196
421,064
45,506,426
251,874
–
1,713,777
30,400
1,680,345
$
8.69
$
–
$
17.83
$
13.85
$
27.08
163,221,403
53,332,555
44,424,523
11,216,476
618,987,345
18,788,165
6,133,356
2,531,800
807,305
22,658,930
$
8.69
$
8.70
$
17.55
$
13.89
$
27.32
Semi-Annual
Report
2023
Statements
of
Operations
For
the
Six
Months
Ended
September
30,
2023
(Unaudited)
25
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
Investment
Income:
Interest
$
3,896,959
Dividend
62,220
Total
Income
3,959,179
Expenses:
Investment
advisory
fees
(Note
3)
535,198
Administration
fees
128,954
Shareholder
service
fees
-
Institutional
Class
4,748
Custodian
fees
9,350
Chief
compliance
officer
fees
9,731
Director
fees
11,771
Registration
and
filing
fees
5,444
Transfer
agent
fees
29,121
Other
Fees
69,059
Total
expenses
before
waivers
803,376
Expenses
waived
by
adviser
(Note
3)
(296,505)
Total
Expenses
506,871
Net
Investment
Income
(Loss)
3,452,308
Realized
and
Unrealized
Gain
(Loss)
On
Investments:
Net
realized
gain
(loss)
on
investments
transactions
(2,700,454)
Change
in
unrealized
appreciation
(depreciation)
on
investments
776,978
Net
realized
and
unrealized
gain
(loss)
on
investments
(1,923,476)
Net
increase
(decrease)
in
net
assets
from
operations
$
1,528,832
Semi-Annual
Report
2023
Statements
of
Operations
For
the
Six
Months
Ended
September
30,
2023
(Unaudited)
26
See
accompanying
Notes
to
Financial
Statements.
INCOME
FUND
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
3,205,689
$
667,807
$
464,529
$
–
$
–
38,924
35,450
363,949
77,286
5,080,501
3,244,613
703,257
828,478
77,286
5,080,501
520,015
113,556
284,545
53,073
2,931,176
104,407
34,210
45,708
7,523
415,464
1,705
–
26,508
41
54,206
8,943
3,514
3,584
2,447
26,054
7,877
2,613
3,495
568
31,773
9,540
3,149
4,195
684
37,941
4,698
1,008
7,461
9,060
17,479
27,033
9,639
22,749
16,776
113,963
59,019
40,796
47,381
22,714
92,157
743,237
208,485
445,626
112,886
3,720,213
(311,924)
(82,074)
(122,319)
(56,784)
(371,146)
431,313
126,411
323,307
56,102
3,349,067
2,813,300
576,846
505,171
21,184
1,731,434
(3,378,767)
(130,027)
1,541,605
(369,996)
8,378,960
(5,882,374)
(2,975,857)
(153,252)
452,819
(12,327,663)
(9,261,141)
(3,105,884)
1,388,353
82,823
(3,948,703)
$
(6,447,841)
$
(2,529,038)
$
1,893,524
$
104,007
$
(2,217,269)
Semi-Annual
Report
2023
Statements
of
Changes
in
Net
Assets
(Unaudited)
27
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
INCOME
FUND
For
the
Six
Months
Ended
September
30,
2023
For
the
Year
Ended
March
31,
2023
For
the
Six
Months
Ended
September
30,
2023
For
the
Year
Ended
March
31,
2023
Operations:
Net
investment
income
$
3,452,308
$
4,779,811
$
2,813,300
$
5,049,225
Net
realized
gain
(loss)
on
investment
transactions
(2,700,454)
(1,164,927)
(3,378,767)
(1,936,967)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
776,978
(3,423,509)
(5,882,374)
(11,441,382)
Net
increase
(decrease)
in
net
assets
from
operations
1,528,832
191,375
(6,447,841)
(8,329,124)
Distributions
to
Shareholders:
Institutional
Class
(73,971)
(151,503)
(34,880)
(72,647)
Institutional
Plus
Class
(2,856,877)
(5,652,771)
(2,587,075)
(5,298,212)
Change
in
net
assets
from
distributions
to
shareholders
(2,930,848)
(5,804,274)
(2,621,955)
(5,370,859)
Capital
Transactions:
Proceeds
from
shares
issued
Institutional
Class
23,900
398,623
20,626
453,519
Institutional
Plus
Class
21,644,977
84,973,412
20,867,570
78,478,237
Proceeds
from
dividends
reinvested
Institutional
Class
53,092
101,116
34,867
71,821
Institutional
Plus
Class
897,313
1,500,903
638,790
1,094,921
Cost
of
shares
redeemed
Institutional
Class
(628,079)
(2,348,003)
(304,442)
(774,118)
Institutional
Plus
Class
(64,458,290)
(48,421,673)
(53,349,321)
(35,987,596)
Change
in
net
assets
from
capital
transactions
(42,467,087)
36,204,378
(32,091,910)
43,336,784
Change
in
net
assets
(43,869,103)
30,591,479
(41,161,706)
29,636,801
Net
Assets:
Beginning
of
Period
251,907,244
221,315,765
206,571,652
176,934,851
End
of
Period
$
208,038,141
$
251,907,244
$
165,409,946
$
206,571,652
Share
Transactions
Institutional
Class:
Shares
issued
2,738
44,857
2,293
48,684
Shares
reinvested
6,077
11,546
3,878
7,818
Shares
redeemed
(72,024)
(264,685)
(33,793)
(82,234)
Change
in
shares
(63,209)
(208,282)
(27,622)
(25,732)
Share
Transactions
Institutional
Plus
Class:
Shares
issued
2,469,130
9,669,795
2,326,511
8,511,319
Shares
reinvested
102,361
170,925
70,939
119,526
Shares
redeemed
(7,333,594)
(5,505,865)
(5,854,005)
(3,940,744)
Change
in
shares
(4,762,103)
4,334,855
(3,456,555)
4,690,101
Semi-Annual
Report
2023
Statements
of
Changes
in
Net
Assets
(Unaudited)
28
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,
2023
For
the
Year
Ended
March
31,
2023
For
the
Six
Months
Ended
September
30,
2023
For
the
Year
Ended
March
31,
2023
For
the
Six
Months
Ended
September
30,
2023
For
the
Year
Ended
March
31,
2023
For
the
Six
Months
Ended
September
30,
2023
For
the
Year
Ended
March
31,
2023
$
576,846
$
1,070,587
$
505,171
$
791,245
$
21,184
$
32,097
$
1,731,434
$
3,495,533
(130,027)
(410,527)
1,541,605
1,846,408
(369,996)
(170,928)
8,378,960
47,310,673
(2,975,857)
(580,986)
(153,252)
(6,493,121)
452,819
(428,302)
(12,327,663)
(77,151,814)
(2,529,038)
79,074
1,893,524
(3,855,468)
104,007
(567,133)
(2,217,269)
(26,345,608)
–
–
(185,834)
(1,607,077)
–
(6,533)
–
(6,118,398)
(577,176)
(1,070,132)
(319,251)
(2,315,867)
–
(229,573)
–
(75,302,122)
(577,176)
(1,070,132)
(505,085)
(3,922,944)
–
(236,106)
–
(81,420,520)
–
–
2,556,562
1,496,026
17,390
150,767
2,941,411
9,490,706
5,175,559
19,369,646
2,864,869
4,521,272
553,279
8,455,979
79,448,267
196,602,512
–
–
168,850
1,474,414
–
6,533
–
5,001,970
148,464
182,467
274,908
1,978,584
–
123,626
–
31,878,738
–
–
(2,801,910)
(4,318,356)
(2,600)
(22,575)
(9,280,127)
(12,154,537)
(6,003,077)
(25,074,071)
(1,626,994)
(5,011,852)
(3,445,969)
(1,290,113)
(92,322,877)
(181,585,498)
(679,054)
(5,521,958)
1,436,285
140,088
(2,877,900)
7,424,217
(19,213,326)
49,233,891
(3,785,268)
(6,513,016)
2,824,724
(7,638,324)
(2,773,893)
6,620,978
(21,430,595)
(58,532,237)
57,117,823
63,630,839
72,153,995
79,792,319
14,411,433
7,790,455
685,924,366
744,456,603
$
53,332,555
$
57,117,823
$
74,978,719
$
72,153,995
$
11,637,540
$
14,411,433
$
664,493,771
$
685,924,366
–
–
141,267
81,294
1,235
10,580
107,206
334,129
–
–
9,313
87,936
–
484
–
191,280
–
–
(153,947)
(246,206)
(196)
(1,601)
(340,850)
(418,652)
–
–
(3,367)
(76,976)
1,039
9,463
(233,644)
106,757
572,700
2,118,760
160,192
259,496
39,643
603,266
2,856,234
6,782,803
16,552
20,140
15,412
119,702
–
9,124
–
1,210,739
(666,905)
(2,779,695)
(91,858)
(289,302)
(252,407)
(93,628)
(3,360,889)
(6,213,360)
(77,653)
(640,795)
83,746
89,896
(212,764)
518,762
(504,655)
1,780,182
Financial
Highlights
(Unaudited)
For
a
Share
Outstanding
Semi-Annual
Report
2023
29
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
09/30/23
$
8.77
$
0.13
$
(0.08)
$
0.05
$
(0.11)
$
—
$
—
$
8.71
0.61
%
$
5,253
0.63
%
3.06
%
1.35
%
26
%
03/31/23
9.00
0.18
(0.20)
(0.02)
(0.19)
(0.02)
—
8.77
(0.13)
5,843
0.65
(e)
2.00
(e)
1.28
(e)
35
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��
Institutional
Plus
Class
09/30/23
8.80
0.14
(0.09)
0.05
(0.12)
—
—
8.73
0.58
202,786
0.47
3.23
0.73
26
03/31/23
9.03
0.19
(0.19)
0.00
(0.21)
(0.02)
—
8.80
0.05
246,064
0.48
(e)
2.17
(e)
0.74
(e)
35
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
INCOME
FUND
Institutional
Class
09/30/23
9.17
0.14
(0.49)
(0.35)
(0.13)
—
—
8.69
(3.84)
2,189
0.64
3.02
1.89
19
03/31/23
9.91
0.25
(0.73)
(0.48)
(0.25)
(0.01)
—
9.17
—
2,564
0.63
(e)
2.67
(e)
1.79
(e)
27
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
Institutional
Plus
Class
09/30/23
9.17
0.15
(0.49)
(0.34)
(0.14)
—
—
8.69
(3.78)
163,221
0.50
3.25
0.84
19
03/31/23
9.91
0.26
(0.73)
(0.47)
(0.26)
(0.01)
—
9.17
—
204,008
0.51
(e)
2.79
(e)
0.85
(e)
27
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
NEBRASKA
TAX-FREE
FUND
Institutional
Plus
Class
09/30/23
9.20
0.09
(0.50)
(0.41)
(0.09)
—
—
8.70
(4.46)
53,333
0.45
2.03
0.73
7
03/31/23
9.29
0.17
(0.09)
0.08
(0.17)
—
—
9.20
0.91
57,118
0.44
1.87
0.74
19
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
BALANCED
FUND
Institutional
Class
09/30/23
17.48
0.11
0.35
0.46
(0.11)
—
—
17.83
2.60
30,554
0.95
1.23
1.32
8
03/31/23
19.37
0.18
(1.13)
(0.95)
(0.16)
(0.78)
—
17.48
(4.63)
30,017
0.96
1.00
1.31
22
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
Financial
Highlights
(Unaudited)
For
a
Share
Outstanding
Semi-Annual
Report
2023
30
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
09/30/23
$
17.21
$
0.13
$
0.34
$
0.47
$
(0.13)
$
—
$
—
$
17.55
2.71
%
$
44,425
0.78
%
1.40
%
1.07
%
8
%
03/31/23
19.10
0.20
(1.10)
(0.90)
(0.21)
(0.78)
—
17.21
(4.46)
42,137
0.79
1.17
1.08
22
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
SMALL/MID
CAP
FUND
Institutional
Class
09/30/23
13.69
0.02
0.14
0.16
—
—
—
13.85
1.17
421
0.92
0.32
5.85
14
03/31/23
14.89
0.04
(1.00)
(0.96)
—
(0.24)
—
13.69
(6.45)
402
0.92
0.28
5.92
24
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
(
f
)
5.82
5.82
—
—
—
13.83
72.66
36
1.19
(0.01)
77.98
28
03/31/20
(g)
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
09/30/23
13.73
0.02
0.14
0.16
—
—
—
13.89
1.17
11,216
0.90
0.34
1.67
14
03/31/23
14.95
0.04
(1.01)
(0.97)
(0.01)
(0.24)
—
13.73
(6.49)
14,009
0.91
0.30
1.76
24
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
(g)
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
09/30/23
27.16
0.04
(0.12)
(0.08)
—
—
—
27.08
(0.29)
45,506
1.18
0.29
1.37
11
03/31/23
31.88
0.09
(1.27)
(1.18)
(0.00)
(
f
)
(3.54)
—
27.16
(3.25)
51,987
1.17
0.32
1.35
37
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
Institutional
Plus
Class
09/30/23
27.37
0.07
(0.12)
(0.05)
—
—
—
27.32
(0.18)
618,987
0.96
0.52
1.06
11
03/31/23
32.12
0.16
(1.28)
(1.12)
(0.09)
(3.54)
—
27.37
(3.02)
633,937
0.96
0.54
1.06
37
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
(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)
The
ratios
of
expenses
and
net
investment
loss
to
average
net
assets
do
not
reflect
the
Fund’s
proportionate
share
of
income
and
expenses
of
underlying
investment
companies
in
which
the
Fund
invests.
(f)
Amount
represents
less
than
$0.005.
(g)
Commencement
of
operations
of
Tributary
Small/Mid
Cap
Fund
–
Institutional
and
Institutional
Plus
Class
shares
was
August
2,
2019
and
August
1,
2019,
respectively.
Notes
to
Financial
Statements
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
31
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
of
Directors
(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,
2023
(Unaudited)
Semi-Annual
Report
2023
32
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
American
depositary
receipts
(“ADR”)
and
Global
depositary
receipts
(“GDR”)
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,
2023
(Unaudited)
Semi-Annual
Report
2023
33
The
following
is
a
summary
of
the
inputs
used
to
value
each
Fund’s
investments
as
of
September
30,
2023,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
48,039,735
$
–
$
48,039,735
Non-Agency
Commercial
Mortgage
Backed
Securities
–
27,471,945
–
27,471,945
Non-Agency
Residential
Mortgage
Backed
Securities
–
12,641,249
–
12,641,249
Asset
Backed
Securities
–
1,950,364
–
1,950,364
Corporate
Bonds
–
54,895,426
–
54,895,426
Government
Securities
–
3,560,648
–
3,560,648
Government
&
Agency
Obligations
–
57,946,653
–
57,946,653
Preferred
Stocks
384,000
–
–
384,000
Short-Term
Investments
278,334
–
–
278,334
Total
$
662,334
$
206,506,020
$
–
$
207,168,354
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
14,634,320
$
–
$
14,634,320
Non-Agency
Commercial
Mortgage
Backed
Securities
–
8,449,854
–
8,449,854
Non-Agency
Residential
Mortgage
Backed
Securities
–
14,133,793
–
14,133,793
Corporate
Bonds
–
40,603,001
–
40,603,001
Government
&
Agency
Obligations
–
85,572,444
–
85,572,444
Short-Term
Investments
1,849,139
–
–
1,849,139
Total
$
1,849,139
$
163,393,412
$
–
$
165,242,551
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–
$
52,685,166
$
–
$
52,685,166
Short-Term
Investments
187,994
–
–
187,994
Total
$
187,994
$
52,685,166
$
–
$
52,873,160
Notes
to
Financial
Statements
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
34
*
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
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
43,895,610
$
–
$
–
$
43,895,610
Asset
Backed
Securities
–
3,272,882
–
3,272,882
Non-Agency
Commercial
Mortgage
Backed
Securities
–
2,436,510
–
2,436,510
Non-Agency
Residential
Mortgage
Backed
Securities
–
986,966
–
986,966
Corporate
Bonds
–
8,127,321
–
8,127,321
Government
&
Agency
Obligations
–
13,522,170
–
13,522,170
Short-Term
Investments
2,605,085
–
–
2,605,085
Total
$
46,500,695
$
28,345,849
$
–
$
74,846,544
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
11,480,276
$
–
$
–
$
11,480,276
Short-Term
Investments
166,252
–
–
166,252
Total
$
11,646,528
$
–
$
–
$
11,646,528
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
642,410,661
$
–
$
–
$
642,410,661
Short-Term
Investments
20,004,278
–
–
20,004,278
Total
$
662,414,939
$
–
$
–
$
662,414,939
Notes
to
Financial
Statements
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
35
(“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
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
wholly-owned
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.
These
fee
waivers
will
continue
through
August
1,
2024,
unless
the
Board
approves
a
change
in
or
elimination
of
the
waiver.
Prior
to
August
1,
2023,
the
expense
caps
for
Short-Intermediate
Bond
Fund,
Income
Fund,
and
the
Balanced
Fund
were
0.48%,
0.50%,
and
0.80%,
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
six
months
ended
September
30,
2023,
fees
waived
were
as
follows:
Expense
Caps
Short-Intermediate
Bond
Fund
0.45
%
Income
Fund
0.49
Nebraska
Tax-Free
Fund
0.45
Balanced
Fund
0.77
Small/Mid
Cap
Fund
0.90
Small
Company
Fund
0.96
Notes
to
Financial
Statements
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
36
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,
2023,
the
amount
of
potentially
recoverable
expenses
are
as
follows:
Short-Intermediate
Bond
Fund
–
$1,751,274;
Income
Fund
–
$1,869,065;
Nebraska
Tax-Free
Fund
–
$495,897;
Balanced
Fund
–
$642,975;
Small/Mid
Cap
Fund
–
$266,584;
Small
Company
Fund
–
$2,298,790.
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
directors
and
officers
of
the
Funds
are
also
officers
or
employees
of
the
above
named
service
providers,
and
during
their
terms
of
office
received
no
compensation
from
the
Funds.
As
compensation
for
its
administrative
services,
each
Co-Administrator
is
entitled
to
a
fee,
calculated
daily
and
paid
monthly
based
on
each
Fund's
average
daily
net
assets.
Tributary
receives
0.07%
of
each
Fund's
average
daily
net
assets.
Foreside
Fund
Officer
Services,
LLC
provides
the
Funds’
Anti-Money
Laundering
Compliance
Officer
and
Chief
Compliance
Officer
services.
The
Company
has
adopted
a
Distribution
and
Service
Plan
(“Plan”)
under
Rule
12b-1
of
the
1940
Act
pursuant
to
which
each
Fund
is
authorized
to
make
payments
to
banks,
the
Distributor,
broker-dealers,
and
other
institutions
for
providing
distribution
or
shareholder
service
assistance.
The
Plan
authorizes
each
Fund
to
make
payments
with
respect
to
certain
classes
of
shares
in
an
amount
not
in
excess,
on
an
annual
basis,
of
up
to
0.25%
of
the
average
daily
net
assets
of
that
Fund.
The
Company
has
no
class
of
shares
outstanding
to
which
the
Plan
is
applicable.
The
Company
has
adopted
an
Administrative
Services
Plan,
which
allows
the
Funds'
Institutional
Class
shares
to
charge
a
shareholder
services
fee,
pursuant
to
which
each
Fund
is
authorized
to
pay
compensation
at
an
annual
rate
of
up
to
0.25%
of
the
average
daily
net
assets
to
banks
and
other
financial
institutions,
that
may
include
the
advisers,
their
correspondent
and
affiliated
banks,
including
FNBO
(each
a
“Service
Organization”).
Under
the
Administrative
Services
Plan,
the
Funds
may
enter
into
a
Servicing
Agreement
with
a
Service
Organization
whereby
such
Service
Organization
agrees
to
provide
certain
record
keeping
and/or
administrative
support
services
for
their
customers
or
account
holders
who
the
beneficial
or
record
owner
of
the
shares
of
a
Fund.
One
of
the
Servicing
Agreements
the
Funds
maintain
is
with
FNBO.
For
the
six
months
ended
September
30,
2023,
the
Funds
paid
FNBO
as
follows:
Short-Intermediate
Bond
Fund
–
$19;
Income
Fund
–
$15;
Balanced
Fund
–
$36;
Small/Mid
Cap
Fund
–
$0
and
Small
Company
Fund
–
$0.
The
amounts
accrued
for
shareholder
service
fees
are
included
under
Shareholder
service
fees
–
Institutional
Class
within
the
Statements
of
Operations.
4.
Investment
Transactions
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
U.S.
Government
securities
and
short-term
investments
(maturing
less
than
one
year
from
acquisition),
for
the
six
months
ended
September
30,
2023,
were
as
follows:
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
long-term
U.S.
Government
securities
for
the
six
months
ended
September
30,
2023,
were
as
follows:
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
Short-Intermediate
Bond
Fund
$
295,864
$
–
$
641
$
296,505
Income
Fund
311,405
–
519
311,924
Nebraska
Tax-Free
Fund
81,904
–
170
82,074
Balanced
Fund
122,092
–
227
122,319
Small/Mid
Cap
Fund
–
56,747
37
56,784
Small
Company
Fund
369,082
–
2,064
371,146
Purchases
Sales
Short-Intermediate
Bond
Fund
$
21,415,447
$
44,123,265
Income
Fund
3,185,278
21,683,106
Nebraska
Tax-Free
Fund
5,497,648
3,568,247
Balanced
Fund
4,352,842
5,176,549
Small/Mid
Cap
Fund
1,658,028
4,368,797
Small
Company
Fund
71,717,326
95,834,700
Notes
to
Financial
Statements
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
37
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
a
“readily
available
market
quotation:,
which
is
defined
as
a
quoted
price
(unadjusted)
in
active
markets
for
identical
investments
that
the
fund
can
access
at
the
measurement
date
(provided
that
a
quotation
will
not
be
readily
available
if
it
is
not
reliable).
For
the
six
months
ended
September
30,
2023,
the
Funds
did
not
engage
in
securities
transactions
with
affiliates.
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.
These
reclassifications
have
no
impact
on
net
assets.
As
of
September
30,
2023,
the
cost
of
investments
and
the
components
of
net
unrealized
appreciation/(depreciation)
were
as
follows:
At
March
31,
2023,
the
components
of
distributable
taxable
earnings
for
U.S.
federal
income
tax
purposes
were
as
follows:
Purchases
Sales
Short-Intermediate
Bond
Fund
$
33,347,255
$
48,014,135
Income
Fund
28,443,790
40,443,568
Nebraska
Tax-Free
Fund
–
3,559
Balanced
Fund
3,083,580
513,444
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
(3,550,000)
3,550,000
Tax
Cost
of
Investments
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Short-Intermediate
Bond
Fund
$
216,655,000
$
68,473
$
(9,555,119)
$
(9,486,646)
Income
Fund
187,549,914
40,92
5
(22,348,288)
(22,307,36
3
)
Nebraska
Tax-Free
Fund
57,540,028
20
2
(4,667,070)
(4,666,86
8
)
Balanced
Fund
58,628,853
19,977,669
(3,759,978)
16,217,691
Small/Mid
Cap
Fund
10,275,682
1,777,285
(406,439)
1,370,846
Small
Company
Fund
528,358,088
169,149,016
(35,092,165)
134,056,851
Notes
to
Financial
Statements
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
38
*
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,
2022
and
March
31,
2023.
***
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,
2023
and
March
31,
2022,
were
as
follows:
At
March
31,
2023,
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.
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,
2023,
the
Funds
deferred
losses
to
April
1,
2023
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
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
$
341,705
$
–
$
–
$
(324,081)
$
(11,176,797)
$
(4,664,298)
Income
Fund
803,899
–
–
(323,166)
(17,588,656)
(3,300,081)
Nebraska
Tax-Free
Fund
5,825
90,500
–
(96,034)
(1,717,523)
(452,802)
Balanced
Fund
25,723
–
1,675,868
–
16,225,262
–
Small/Mid
Cap
Fund
13,470
–
–
–
811,758
(178,181)
Small
Company
Fund
3,583,939
–
14,264,333
–
142,066,986
–
*
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,
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***
2023
2022
2023
2022
2023
2022
2023
2022
Short-Intermediate
Bond
Fund
$
5,755,855
$
4,396,939
$
–
$
–
$
–
$
–
$
5,755,855
$
4,396,939
Income
Fund
5,367,082
4,919,849
–
–
–
–
5,367,082
4,919,849
Nebraska
Tax-Free
Fund
59,851
13,975
992,361
1,099,532
–
87,333
1,052,212
1,200,840
Balanced
Fund
772,020
983,698
–
–
3,150,924
5,719,703
3,922,944
6,703,401
Small/Mid
Cap
Fund
44,422
72,973
–
–
191,684
102,223
236,106
175,196
Small
Company
Fund
4,421,040
44,750,569
–
–
76,999,480
60,032,726
81,420,520
104,783,295
No
Expiration
Short
Term
Long
Term
Total
Short-Intermediate
Bond
Fund
$
869,313
$
3,794,985
$
4,664,298
Income
Fund
1,241,999
2,058,082
3,300,081
Nebraska
Tax-Free
Fund
59,151
393,651
452,802
Fund
Post
October
31
Capital
Loss
Deferral
Small/Mid
Cap
Fund
$
178,181
Notes
to
Financial
Statements
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
39
Funds’
financial
statements
for
the
year
ended
March
31,
2023.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statements
of
Operations,
as
incurred.
During
the
period,
the
Funds
did
not
incur
any
interest
or
penalties.
7.
Subsequent
Events
Management
has
evaluated
subsequent
events
for
the
Funds
through
the
date
the
financial
statements
are
issued,
and
has
concluded
that
there
were
no
other
events
that
require
adjustments
to
the
financial
statements
or
disclosure
in
the
notes.
Additional
Fund
Information
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
40
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.
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,
2022
through
March
31,
2023
in
order
to
prepare
a
written
report
to
the
Board
for
review
at
its
meeting
held
on
June
1,
2023.
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.
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,
2023,
through
September
30,
2023.
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,
2023
(Unaudited)
Semi-Annual
Report
2023
41
Expenses
Using
Actual
Fund
Return
Expenses
Using
Hypothetical
5%
Return
Beginning
Account
Value
4/1/23
Ending
Account
Value
9/30/23
Expense
Paid
During
Period*
Expense
Ratio
During
Period*
Beginning
Account
Value
4/1/23
Ending
Account
Value
9/30/23
Expenses
Paid
During
Period*
Expense
Ratio
During
Period*
Short-Intermediate
Bond
Fund
Institutional
Class
$
1,000.00
$
1,006.09
$
3.17
0.63%
$
1,000.00
$
1,021.91
$
3.19
0.63%
Institutional
Plus
Class
1,000.00
1,005.80
2.36
0.47
1,000.00
1,022.71
2.38
0.47
Income
Fund
Institutional
Class
$
1,000.00
$
961.63
$
3.15
0.64%
$
1,000.00
$
1,021.86
$
3.24
0.64%
Institutional
Plus
Class
1,000.00
962.21
2.46
0.50
1,000.00
1,022.56
2.54
0.50
Nebraska
Tax-Free
Fund
Institutional
Plus
Class
$
1,000.00
$
955.40
$
2.21
0.45%
$
1,000.00
$
1,022.81
$
2.28
0.45%
Balanced
Fund
Institutional
Class
$
1,000.00
$
1,026.05
$
4.83
0.95%
$
1,000.00
$
1,020.31
$
4.81
0.95%
Institutional
Plus
Class
1,000.00
1,027.11
3.96
0.78
1,000.00
1,021.16
3.95
0.78
Small/Mid
Cap
Fund
Institutional
Class
$
1,000.00
$
1,011.69
$
4.64
0.92%
$
1,000.00
$
1,020.46
$
4.66
0.92%
Institutional
Plus
Class
1,000.00
1,011.65
4.54
0.90
1,000.00
1,020.56
4.56
0.90
Small
Company
Fund
Institutional
Class
$
1,000.00
$
997.06
$
5.91
1.18%
$
1,000.00
$
1,019.15
$
5.97
1.18%
Institutional
Plus
Class
1,000.00
998.16
4.81
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
366
to
reflect
the
half-year
period.
Investment
Advisory
Agreement
Approval
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
42
Review
and
Approval
of
the
Funds’
Advisory
and
Sub-Advisory
Agreements
On
June
1,
2023,
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,
2022,
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-,
five-,
and
ten-year
periods
ended
March
31,
2023,
and
performed
in
line
with
each
of
its
Lipper
peer
group
average
and
its
Morningstar
peer
group
average
for
the
three-year
period
ended
March
31,
2023.
The
Board
also
observed
that
the
Small
Company
Fund
outperformed
the
Russell
2000®
Index
and
Russell
2000®
Value
Index
over
the
one-,
three-,
five-,
and
ten-year
periods
ended
March
31,
2023.
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-
and
three-year
periods
ended
March
31,
2023.
The
Board
also
observed
that
the
Small/Mid-Cap
Fund
outperformed
both
the
Russell
2500®
Index
and
Russell
2500®
Value
Index
for
the
one-
and
three-year
periods
ended
March
31,
2023.
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.
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
Investment
Advisory
Agreement
Approval
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
43
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
Balanced
Fund,
and
Tributary
Short-Intermediate
Bond
Fund
effective
August
1,
2023.
With
respect
to
the
Small
Company
Fund,
the
Board
observed
that
the
total
expense
ratio
was
in
line
with
the
median
of
its
Lipper
peer
group
and
that
the
advisory
fee
was
lower
than
its
Lipper
peer
group.
The
Board
noted
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.
With
respect
to
the
comparable
accounts
which
had
advisory
fees
lower
than
the
advisory
fees
paid
by
the
Fund,
the
Board
noted
certain
distinguishing
factors
in
the
compensation
arrangements,
including
that
Tributary
subsidizes
certain
intermediary
expenses
on
behalf
of
the
Fund,
which
payments
are
not
made
with
respect
to
such
other
accounts.
With
respect
to
the
Small/Mid-Cap
Fund,
the
Board
observed
that
the
net
advisory
fee
and
total
expense
ratio
were
both
lower
than
the
median
of
its
Lipper
peer
group.
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
that
the
Small/Mid
Cap
Fund’s
expense
cap
was
recently
lowered
on
August
1,
2022
and
considered
the
Adviser’s
representation
that
overall
expenses
for
the
Small/Mid
Cap
Fund’s
shareholders
remained
competitive.
The
Board
noted
the
Adviser’s
representation
that
after
several
years
of
the
Adviser
subsidizing
the
Small/Mid-Cap’s
operations,
the
Small/Mid-Cap
Fund
is
operating
near
break-even.
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
breakpoints
in
advisory
fees
as
appropriate
at
this
time,
noting
that
economies
of
scale
could
be
achieved
through
breakpoints
at
higher
Fund
asset
levels.
The
Board
discussed
with
Tributary
appropriate
assets
levels
at
which
any
breakpoints
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,
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
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
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
to
the
operations
of
FNA.
After
reviewing
the
foregoing
information
and
further
information
in
FNA’s
responses,
including
descriptions
of
FNA’s
Investment
Advisory
Agreement
Approval
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
44
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-,
five-,
and
ten-year
periods
ended
March
31,
2023.
The
Board
also
observed
that
for
the
three-year
period
ended
March
31,
2023,
the
Balanced
Fund
underperformed
its
Lipper
group
average,
but
outperformed
its
Morningstar
peer
group
average.
The
Board
further
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-,
five-,
and
ten-year
periods
ended
March
31,
2023,
and
that
the
Balanced
Fund’s
Institutional
Plus
Shares
underperformed
for
the
three-year
period
ended
March
31,
2023.
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,
2023,
and
underperformed
its
Lipper
peer
group
average
during
the
three-,
five-,
and
ten-year
periods
ended
March
31,
2023.
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,
2023,
and
narrowly
underperformed
its
Morningstar
peer
group
average
during
the
three-year
period
ended
March
31,
2023.
The
Board
further
observed
that
the
Income
Fund
outperformed
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
during
the
one-,
three-,
and
ten-year
periods
ended
March
31,
2023,
and
underperformed
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
during
the
five-year
period
ended
March
31,
2023.
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-,
three,
five-,
and
ten-year
periods
ended
March
31,
2023.
The
Board
also
observed
that
the
Short-Intermediate
Bond
Fund
outperformed
its
Morningstar
peer
group
average
during
the
one-,
five-,
and
ten-year
periods
ended
March
31,
2023
and
underperformed
the
Morningstar
peer
group
averages
during
the
three-year
period
ended
March
31,
2023.
The
Board
further
observed
that
the
Short-Intermediate
Bond
Fund
underperformed
the
Barclays
U.S.
Government/Credit
1-3
Year
Index
during
the
one-year
period
ended
March
31,
2023
and
outperformed
the
Barclays
U.S.
Government/Credit
1-3
Year
Index
during
the
three-,
five-,
and
ten-year
periods
ended
March
31,
2023.
With
respect
to
the
Nebraska
Tax-Free
Fund,
the
Board
observed
that
the
Fund
outperformed
each
of
its
Lipper
peer
group
average
and
Morningstar
peer
group
average
during
the
one-three,
five-,
and
ten-year
periods
ended
March
31,
2023.
The
Board
further
observed
that
the
Nebraska
Tax-Free
Fund
underperformed
the
Bloomberg
Barclays
1-15
Year
Municipal
Index
for
the
one-,
three-
five,
and
ten-year
periods
ended
March
31,
2023.
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
Tributary’s
proposal
to
further
reduce
the
contractual
expense
cap
in
place
for
the
Fund.
With
respect
to
the
Income
Fund,
the
Board
observed
that
the
advisory
fee
and
total
expense
ratio
with
respect
to
its
Institutional
Plus
Class
were
each
lower
than
its
Lipper
peer
group
averages
and
noted
Tributary’s
proposal
to
further
reduce
the
contractual
expense
cap
in
place
for
the
Fund.
With
respect
to
the
Short-Intermediate
Bond
Fund,
the
Board
observed
that
the
advisory
fee
with
respect
to
its
Institutional
Plus
Class
was
lower
than
its
Lipper
peer
group
average,
while
the
total
expense
ratio
with
respect
to
the
Fund’s
Institutional
Plus
Class
was
slightly
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
also
considered
the
Adviser’s
representation
that
the
expense
caps
for
the
Balanced
Fund,
Income
Fund
and
Short-Intermediate
Bond
Fund
were
being
lowered,
effective
Investment
Advisory
Agreement
Approval
September
30,
2023
(Unaudited)
Semi-Annual
Report
2023
45
August
1,
2023,
which
would
allow
for
overall
expenses
for
the
each
of
the
Balanced
Fund,
Income
Fund
and
Short-Intermediate
Bond
Fund
shareholders
to
remain
competitive.
The
Board
considered
FNA’s
profitability
with
respect
to
subadvisory
services
provided
to
the
Funds
and
noted
that
FNA
was
unprofitable
for
the
year
ending
March
31,
203
due,
at
least
in
part,
increased
costs
associated
with
an
internal
reorganization.
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
breakpoints
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-0923
Investment
Adviser
Tributary
Capital
Management,
LLC
1620
Dodge
Street,
Stop
3399
Omaha,
Nebraska
68197
Investment
Sub-Adviser
(Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund
and
Balanced
Fund
only)
First
National
Advisers,
LLC
14010
FNB
Parkway
Omaha,
Nebraska
68154
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
3399
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)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Tributary Funds, Inc.
By | /s/ Karen Shaw | |
Karen Shaw Treasurer | ||
Date | November 27, 2023 |
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 27, 2023 |
By | /s/ Karen Shaw | |
Karen Shaw Treasurer | ||
Date | November 27, 2023 |