SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
1
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
35.0%
Asset
Backed
Securities
-
15.3%
$
1,100,000
AMSR
Trust,
1.63%,
07/17/37 (a)
$
1,121,261
40,314
Ascentium
Equipment
Receivables
Trust,
2.29%,
06/10/21 (a)
40,334
322,361
Brazos
Higher
Education
Authority,
Inc.
(USD
3
Month
LIBOR
+
0.85%),
1.06%,
07/25/29 (b)
322,459
113,880
CCG
Receivables
Trust
REMIC,
2.50%,
06/16/25 (a)
114,067
599,428
CCG
Receivables
Trust
REMIC,
3.09%,
12/15/25 (a)
605,521
1,480,000
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
1,482,060
1,269,324
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,292,960
645,000
Citibank
Credit
Card
Issuance
Trust,
2.49%,
01/20/23
645,793
437,834
Cloud
Pass-Through
Trust,
3.55%,
12/05/22 (a)(c)
443,178
1,876,701
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
1,903,857
650,000
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
652,278
1,094,579
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
1,124,109
932,996
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
962,488
780,000
Dell
Equipment
Finance
Trust,
0.57%,
10/23/23 (a)
782,659
1,500,000
DLL
Securitization
Trust,
2.08%,
02/21/23 (a)
1,523,323
1,579,561
ELFI
Graduate
Loan
Program
2020-A,
LLC,
1.73%,
08/25/45 (a)
1,604,385
1,410,000
FirstKey
Homes
2020-SFR1
Trust,
1.34%,
09/17/25 (a)
1,426,140
240,483
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
0.91%,
08/25/48 (a)(b)
238,754
826,333
GTE
Auto
Receivables
Trust,
2.17%,
12/15/22 (a)
829,308
570,836
Missouri
Higher
Education
Loan
Authority
(USD
1
Month
LIBOR
+
0.83%),
0.98%,
01/26/26 (b)
569,376
1,355,000
MMAF
Equipment
Finance,
LLC,
2.84%,
11/13/23 (a)
1,388,382
840,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.76%,
10/15/31 (a)(b)
850,685
1,484,796
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (a)
1,499,025
Principal
Amount
Security
Description
Value
$
554,671
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.93%,
12/24/33 (a)(b)
$
553,228
141,598
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
0.76%,
12/24/33 (a)(b)
139,611
875,000
Progress
Residential
Trust,
2.69%,
10/17/36 (a)
902,383
1,257,606
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.21%,
10/25/21 (b)
1,240,624
1,116,279
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.86%,
07/25/22 (b)
1,116,788
657,296
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.70%),
1.91%,
07/25/23 (b)
658,289
815,528
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.71%,
04/25/23 (b)
815,143
98,583
Sofi
Consumer
Loan
Program
Trust,
3.35%,
04/26/27 (a)
98,859
494,615
SoFi
Consumer
Loan
Program
Trust,
2.02%,
01/25/29 (a)
499,789
187,996
SoFi
Consumer
Loan
Program
Trust,
2.77%,
05/25/26 (a)
188,547
1,139,552
Sofi
Professional
Loan
Program
2016-
B,
LLC
(USD
1
Month
LIBOR
+
1.20%),
1.35%,
06/25/33 (a)(b)
1,145,422
1,500,000
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
1,557,021
701,892
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
751,760
75,737
Toyota
Auto
Receivables
Owner
Trust,
1.93%,
01/18/22
75,884
1,270,718
Toyota
Auto
Receivables
Owner
Trust,
1.67%,
11/15/22
1,278,332
1,420,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (a)
1,429,726
33,873,808
Non-Agency
Commercial
Mortgage
Backed
Securities
-
8.8%
1,630,000
BANK
2019-BNK16,
3.93%,
02/15/52
1,752,419
1,840,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,963,889
1,300,000
BX
Commercial
Mortgage
Trust
2020-FOX
(USD
1
Month
LIBOR
+
1.00%),
1.16%,
11/15/32 (a)(b)
1,302,084
900,000
Cantor
Commercial
Real
Estate
Lending,
3.62%,
04/15/24
973,605
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
2
Principal
Amount
Security
Description
Value
$
1,166,000
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
$
1,271,124
934,897
Citigroup
Commercial
Mortgage
Trust,
3.85%,
11/10/46
997,380
1,585,529
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.75%,
09/10/45 (a)(c)
34,973
956,441
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.02%,
03/10/46 (c)
11,572
455,102
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
474,077
1,265,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.09%,
11/15/36 (a)(b)
1,250,780
33,425
DBUBS
Mortgage
Trust
Interest
Only
REMIC,
0.26%,
08/10/44 (a)(c)
5
3,996,317
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
1.32%,
08/10/44 (a)(c)
9,154
940,874
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(c)
951,213
703,317
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/15/49
749,230
489,324
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
500,307
1,202,908
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
1,256,459
2,105,797
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
2,112,598
1,299,827
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
3.25%,
12/15/47
1,382,071
1,229,012
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Interest
Only
REMIC,
0.97%,
12/15/48 (c)
18,282
992,189
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
1,034,825
1,109,489
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (a)(c)
1,119,934
350,956
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
355,226
16,625
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.70%,
03/15/45
16,990
19,538,197
Non-Agency
Residential
Mortgage
Backed
Securities
-
10.9%
270,260
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
1.02%,
12/25/33 (a)(b)
266,074
Principal
Amount
Security
Description
Value
$
40,180
Bayview
Commercial
Mortgage
Pass-
Through
Trust
REMIC
(USD
1
Month
LIBOR
+
0.86%),
1.00%,
04/25/36 (a)(b)
$
40,175
1,096,661
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.47%,
05/28/44 (b)
1,094,679
196,311
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.25%,
04/28/39 (b)
196,275
773,656
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(c)
799,712
503,893
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(c)
520,264
1,381,849
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(c)
1,398,240
1,095,000
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30 (a)(c)
1,094,999
182
Citicorp
Residential
Mortgage
Trust
REMIC,
4.98%,
07/25/36 (d)
181
1,514,719
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
1,581,735
777,439
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(c)
832,510
85,100
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(c)
89,970
18,664
Conseco
Finance
Corp.
REMIC
(USD
1
Month
LIBOR
+
2.75%),
2.91%,
04/15/32 (b)
18,655
1,185
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
1,054
519,255
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(c)
531,465
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.90%,
02/25/33 (b)
154,940
155,782
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
5.02%,
12/25/37 (a)(d)
159,443
420,048
CSMLT
Trust,
3.00%,
10/25/30 (a)(c)
428,390
481,393
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (a)(c)
484,913
52,072
Flagstar
Mortgage
Trust,
3.50%,
10/25/47 (a)(c)
52,010
781,082
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45 (c)
787,070
140,048
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.78%),
0.93%,
01/25/35 (a)(b)
140,025
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
3
Principal
Amount
Security
Description
Value
$
182,293
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.50%),
0.65%,
05/25/36 (a)(b)
$
181,844
1,164,268
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50 (a)(c)
1,183,518
538,909
JPMorgan
Mortgage
Trust,
3.50%,
01/25/47 (a)(c)
540,223
109,428
JPMorgan
Mortgage
Trust,
3.00%,
11/25/48 (a)(c)
109,727
167,863
JPMorgan
Mortgage
Trust,
3.50%,
12/25/48 (a)(c)
168,355
1,050,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.00%,
11/25/53 (a)(b)
1,050,650
1,275,624
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(c)
1,298,836
513,994
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58 (a)(c)
557,343
45,806
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(c)
49,075
90,671
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(c)
96,560
133,916
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(c)
142,704
47,647
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.87%,
03/25/35 (b)
47,914
21,141
Oakwood
Mortgage
Investors,
Inc.
REMIC
(USD
1
Month
LIBOR
+
0.38%),
0.53%,
03/15/21 (a)(b)
21,116
975,025
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)(c)
983,169
78,365
Park
Place
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates
REMIC
(USD
1
Month
LIBOR
+
0.98%),
1.12%,
10/25/34 (b)
78,817
11,679
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.49%,
03/25/21 (b)
11,098
2,228
Residential
Asset
Securities
Corp.
Trust
REMIC,
3.87%,
05/25/33 (c)
2,293
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
10/25/21
5,236
25,467
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
25,562
723,064
Sequoia
Mortgage
Trust
REMIC,
3.50%,
11/25/46 (a)(c)
729,719
70,665
Sequoia
Mortgage
Trust
REMIC,
3.50%,
07/25/47 (a)(c)
70,907
Principal
Amount
Security
Description
Value
$
109,187
Sequoia
Mortgage
Trust
REMIC,
3.50%,
08/25/47 (a)(c)
$
109,540
786,804
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(c)
815,312
1,692,210
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
1,794,977
352,535
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
368,819
699,869
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(c)
717,426
199,330
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (a)(c)
200,784
1,442,360
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(c)
1,478,281
239,602
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(c)
244,940
257,231
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (a)(c)
259,021
143,655
Wells
Fargo
Mortgage
Backed
Securities
REMIC,
3.50%,
07/25/47 (a)(c)
143,670
24,160,215
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$76,587,068)
77,572,220
Corporate
Bonds
-
40.2%
Communication
Services
-
1.8%
2,300,000
AT&T,
Inc.
(USD
3
Month
LIBOR
+
1.18%),
1.40%,
06/12/24 (b)
2,356,304
1,538,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30 (a)
1,530,859
3,887,163
Consumer
Discretionary
-
7.7%
533,000
AMC
Networks,
Inc.,
4.75%,
12/15/22
533,666
2,405,000
Dollar
General
Corp.,
3.25%,
04/15/23
2,544,583
380,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (a)
398,050
1,700,000
Lennar
Corp.,
4.50%,
04/30/24
1,878,500
1,621,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
1,661,525
2,530,000
McDonald's
Corp.,
1.45%,
09/01/25
2,623,065
1,390,000
Starbucks
Corp.,
3.10%,
03/01/23
1,468,246
420,000
The
Goodyear
Tire
&
Rubber
Co.,
5.13%,
11/15/23
420,525
1,220,000
The
TJX
Cos.,
Inc.,
3.50%,
04/15/25
1,361,861
1,121,000
The
Walt
Disney
Co.,
1.75%,
01/13/26
1,174,852
1,485,000
TWDC
Enterprises
18
Corp.,
2.75%,
08/16/21
1,507,634
1,439,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
1,530,610
17,103,117
Consumer
Staples
-
2.5%
1,011,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
1,054,001
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
4
Principal
Amount
Security
Description
Value
$
395,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
$
448,819
2,405,000
Reckitt
Benckiser
Treasury
Services
PLC,
2.75%,
06/26/24 (a)
2,571,668
1,165,000
Walmart,
Inc.,
3.40%,
06/26/23
1,251,032
5,325,520
Financials
-
11.8%
670,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
711,263
1,965,000
Bank
of
America
Corp.,
2.88%,
04/24/23 (c)
2,027,662
575,000
Bank
of
America
Corp.,
MTN,
3.46%,
03/15/25 (c)
625,963
2,011,000
Citigroup,
Inc.,
2.88%,
07/24/23 (c)
2,088,926
1,997,000
Intercontinental
Exchange,
Inc.,
4.00%,
10/15/23
2,186,535
2,195,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (c)
2,219,296
1,035,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
1,088,482
2,003,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (a)
2,180,697
985,000
Morgan
Stanley,
MTN,
2.63%,
11/17/21
1,004,427
960,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
1,029,228
1,490,000
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,520,823
1,890,000
Regions
Financial
Corp.,
3.80%,
08/14/23
2,050,148
1,400,000
The
Charles
Schwab
Corp.,
3.25%,
05/21/21
1,412,530
2,150,000
The
Goldman
Sachs
Group,
Inc.
(USD
3
Month
LIBOR
+
1.11%),
1.32%,
04/26/22 (b)
2,155,952
1,130,000
Truist
Financial
Corp.,
MTN,
2.15%,
02/01/21
1,130,000
475,000
Truist
Financial
Corp.,
MTN,
3.20%,
09/03/21
483,252
2,000,000
Wells
Fargo
&
Co.,
3.75%,
01/24/24
2,183,081
26,098,265
Health
Care
-
1.6%
2,165,000
Agilent
Technologies,
Inc.,
3.88%,
07/15/23
2,329,542
1,060,000
Becton
Dickinson
and
Co.,
3.13%,
11/08/21
1,083,483
3,413,025
Industrials
-
6.9%
2,055,000
BMW
Finance
NV,
2.40%,
08/14/24 (a)
2,177,832
2,185,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25 (a)
2,427,462
Principal
Amount
Security
Description
Value
$
1,907,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
$
1,947,464
1,200,000
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,214,216
1,805,000
Textron,
Inc.,
3.65%,
03/01/21
1,814,491
1,525,000
TTX
Co.,
3.60%,
01/15/25 (a)
1,697,429
1,330,000
Union
Pacific
Corp.,
3.20%,
06/08/21
1,346,482
2,453,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
2,696,187
15,321,563
Information
Technology
-
6.1%
735,000
Applied
Materials,
Inc.,
3.90%,
10/01/25
842,461
1,928,000
eBay,
Inc.,
2.75%,
01/30/23
2,019,092
2,265,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
2,521,561
1,222,000
QUALCOMM,
Inc.,
2.90%,
05/20/24
1,315,788
1,218,000
QUALCOMM,
Inc.,
3.45%,
05/20/25
1,355,944
790,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
821,600
2,255,000
TSMC
Global,
Ltd.,
0.75%,
09/28/25 (a)
2,245,903
2,275,000
Xilinx,
Inc.,
2.95%,
06/01/24
2,446,822
13,569,171
Materials
-
1.0%
2,047,000
Albemarle
Corp.,
4.15%,
12/01/24
2,270,043
Real
Estate
-
0.4%
935,000
National
Retail
Properties,
Inc.,
3.30%,
04/15/23
987,310
Utilities
-
0.4%
880,000
Berkshire
Hathaway
Energy
Co.,
3.75%,
11/15/23
958,160
Total
Corporate
Bonds
(Cost
$86,073,628)
88,933,337
Government
&
Agency
Obligations
-
22.5%
GOVERNMENT
SECURITIES
-
17.0%
Municipals
-
1.8%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
500,540
450,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
1.04%,
04/01/26
456,935
550,000
County
of
El
Paso
CO,
Colorado
RB,
1.20%,
06/01/25
560,494
250,000
Douglas
County
School
District
No.
17/
NE,
Nebraska
GO,
1.23%,
06/15/25
255,627
240,000
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
240,499
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,445,720
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
5
Principal
Amount
Security
Description
Value
$
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
$
240,034
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
170,736
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
170,467
4,041,052
Treasury
Inflation
Index
Securities
-
0.6%
1,347,352
U.S.
Treasury
Inflation
Indexed
Bonds,
0.13%,
04/15/22 (e)
1,377,282
U.S.
Treasury
Securities
-
14.6%
13,745,000
U.S.
Treasury
Note,
1.63%,
11/15/22
14,127,283
13,330,000
U.S.
Treasury
Note,
2.75%,
11/15/23
14,317,774
3,465,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,739,222
32,184,279
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
5.5%
Federal
Home
Loan
Mortgage
Corp.
-
3.1%
759,147
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
779,337
944,455
Federal
Home
Loan
Mortgage
Corp.,
2.75%,
12/15/54 (d)
982,972
1,515,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,561,071
490,618
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
84,281
281,191
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
21,221
193,390
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
24,388
133,364
Federal
Home
Loan
Mortgage
Corp.
REMIC,
2.25%,
03/15/30
135,277
412,550
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
09/15/37
418,587
69,528
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
04/15/37
69,637
690,632
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
722,721
4,301
Federal
Whole
Loan
Securities
Trust,
3.50%,
05/25/47
4,295
166,384,456
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (a)
30,798
553,313
FRESB
Multifamily
Mortgage
Pass-
Through
Trust,
2.16%,
04/25/22 (c)
561,941
1,344,809
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (c)
1,409,193
6,805,719
Principal
Amount
Security
Description
Value
Federal
National
Mortgage
Association
-
0.8%
$
241,575
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
$
253,692
883,523
Federal
National
Mortgage
Association
Interest
Only,
0.74%,
02/25/22 (c)
3,751
1,166,759
Federal
National
Mortgage
Association
Interest
Only,
0.19%,
01/25/22 (c)
2,934
2,252,314
Federal
National
Mortgage
Association
Interest
Only,
0.38%,
07/25/22 (c)
8,671
398,303
Federal
National
Mortgage
Association
Interest
Only,
2.66%,
01/25/39 (c)
23,047
963,220
Federal
National
Mortgage
Association
REMIC,
4.00%,
08/25/42
994,342
26,053
Federal
National
Mortgage
Association
REMIC,
4.00%,
02/25/26
26,579
186,573
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
195,336
212,277
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
217,422
1,725,774
Government
National
Mortgage
Association
-
1.6%
1,404,831
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,406,586
125,159
Government
National
Mortgage
Association
#559205,
7.25%,
09/15/31
125,315
165,811
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
166,019
113,897
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
114,040
353,765
Government
National
Mortgage
Association
#632798,
5.13%,
11/15/34
354,207
687,681
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
772,734
642,415
Government
National
Mortgage
Association
REMIC,
3.25%,
11/16/52 (c)
669,755
394
Government
National
Mortgage
Association
REMIC
#751404,
5.20%,
06/20/61 (c)
397
3,609,053
Total
Government
&
Agency
Obligations
(Cost
$48,420,789)
49,743,159
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
6
Shares
Security
Description
Value
Preferred
Stocks
-
0.2%
Financials
-
0.2%
550
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
02/01/21),
8.94% (c)(f)
$
531,295
Total
Preferred
Stocks
(Cost
$564,327)
531,295
Short-Term
Investments
-
1.5%
Investment
Company
-
1.5%
3,340,883
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.02% (g)
3,340,883
Total
Short-Term
Investments
(Cost
$3,340,883)
3,340,883
Investments,
at
value
-
99.4%
(Cost
$214,986,695)
220,120,894
Other
assets
in
excess
of
liabilities
-
0.6%
1,383,651
NET
ASSETS
-
100.0%
$
221,504,545
(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
December
31,
2020,
the
aggregate
value
of
these
liquid
securities
were
$76,851,288
or
34.7%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
December
31,
2020.
(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
December
31,
2020.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
December
31,
2020.
(e)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(f)
Perpetual
maturity
security.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2020.
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
INCOME
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
7
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
18.2%
Asset
Backed
Securities
-
5.3%
$
1,135,000
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52
(a)
$
1,138,977
1,565,316
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53
(a)
1,580,693
1,100,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.76%,
10/15/31
(a)(b)
1,113,993
506,341
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.93%,
12/24/33
(a)(b)
505,024
1,018,484
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.21%,
10/25/21
(b)
1,004,731
1,509,967
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.86%,
07/25/22
(b)
1,510,655
378,561
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.71%,
04/25/23
(b)
378,382
478,369
Social
Professional
Loan
Program,
2.34%,
04/25/33
(a)
487,515
348,821
Social
Professional
Loan
Program,
2.49%,
01/25/36
(a)
353,244
90,800
Sofi
Consumer
Loan
Program
Trust,
3.35%,
04/26/27
(a)
91,054
47,368
SoFi
Consumer
Loan
Program
Trust,
2.77%,
05/25/26
(a)
47,507
51,353
SoFi
Consumer
Loan
Program
Trust,
2.50%,
05/26/26
(a)
51,545
667,533
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44
(a)
714,960
1,420,000
Tricon
American
Homes
Trust,
1.48%,
11/17/39
(a)
1,427,882
1,632,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45
(a)
1,643,178
12,049,340
Non-Agency
Commercial
Mortgage
Backed
Securities
-
6.2%
1,200,000
American
Tower
Trust
#1,
3.07%,
03/15/23
(a)
1,223,553
905,000
BANK
2019-BNK16,
3.90%,
02/15/52
1,042,499
960,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
1,114,607
480,018
CFCRE
Commercial
Mortgage
Trust
REMIC,
3.83%,
12/15/47
484,320
2,406,810
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.75%,
09/10/45
(a)(c)
53,088
Principal
Amount
Security
Description
Value
$
956,441
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.02%,
03/10/46
(c)
$
11,572
1,620,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.09%,
11/15/36
(a)(b)
1,601,789
33,425
DBUBS
Mortgage
Trust
Interest
Only
REMIC,
0.26%,
08/10/44
(a)(c)
5
975,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
1,047,012
6,053,130
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
1.32%,
08/10/44
(a)(c)
13,865
1,575,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39
(a)
1,780,362
975,000
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
1,058,253
1,171,127
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35
(a)(c)
1,182,153
830,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
958,685
1,575,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
1,759,389
760,756
Wells
Fargo
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.74%,
10/15/45
(a)(c)
18,222
267,653
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
270,909
2,568,616
Wells
Fargo-RBS
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.88%,
11/15/45
(a)(c)
64,859
428,124
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.63%,
03/15/45
436,641
14,121,783
Non-Agency
Residential
Mortgage
Backed
Securities
-
6.7%
319,887
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
1.02%,
12/25/33
(a)(b)
314,932
597,435
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.47%,
05/28/44
(b)
596,355
170,199
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
1.88%),
2.02%,
08/28/44
(b)
170,461
219,868
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.25%,
04/28/39
(b)
219,828
1,355,000
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30
(a)(c)
1,354,999
218
Citicorp
Residential
Mortgage
Trust
REMIC,
4.98%,
07/25/36
(d)
217
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
INCOME
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
8
Principal
Amount
Security
Description
Value
$
1,049,156
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53
(a)
$
1,095,574
838,911
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66
(a)(c)
898,336
587,395
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35
(a)(c)
621,012
140,403
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
154,019
24,214
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
24,955
1,185
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
1,054
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.90%,
02/25/33
(b)
154,940
139,383
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
5.02%,
12/25/37
(a)(d)
142,660
403,892
CSMLT
Trust,
3.00%,
10/25/30
(a)(c)
411,913
393,090
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48
(a)(c)
395,964
47,033
Flagstar
Mortgage
Trust,
3.50%,
10/25/47
(a)(c)
46,977
814,859
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45
(c)
821,105
131,403
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.50%),
0.65%,
05/25/36
(a)(b)
131,079
443,531
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50
(a)(c)
450,864
203,203
JPMorgan
Mortgage
Trust,
3.50%,
12/25/48
(a)(c)
203,798
575,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.00%,
11/25/53
(a)(b)
575,356
283,794
Mill
City
Mortgage
Loan
Trust,
2.75%,
11/25/58
(a)(c)
288,115
611,491
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57
(a)(c)
661,234
459,893
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59
(a)(c)
490,915
252,642
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54
(a)(c)
270,674
230,798
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52
(a)(c)
245,789
477,254
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55
(a)(c)
508,572
Principal
Amount
Security
Description
Value
$
56,495
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.87%,
03/25/35
(b)
$
56,812
13,711
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.49%,
03/25/21
(b)
13,030
85,763
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
86,082
255,857
Sequoia
Mortgage
Trust
REMIC,
3.50%,
03/25/48
(a)(c)
256,033
88,588
Sequoia
Mortgage
Trust
REMIC,
3.50%,
05/25/48
(a)(c)
88,645
665,966
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30
(a)(c)
682,315
167,173
Sequoia
Mortgage
Trust
REMIC,
3.50%,
08/25/47
(a)(c)
167,713
1,220,783
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58
(a)(c)
1,294,921
244,803
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55
(a)(c)
246,588
387,579
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56
(a)(c)
397,232
334,329
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57
(a)(c)
341,777
497,956
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47
(a)(c)
501,421
15,384,266
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$40,403,068)
41,555,389
Corporate
Bonds
-
35.1%
Communication
Services
-
2.2%
1,910,000
Alphabet,
Inc.,
2.25%,
08/15/60
1,842,266
1,255,000
AT&T,
Inc.,
5.15%,
03/15/42
1,597,563
1,264,000
Verizon
Communications,
Inc.,
4.27%,
01/15/36
1,565,952
5,005,781
Consumer
Discretionary
-
7.6%
673,000
AMC
Networks,
Inc.,
4.75%,
12/15/22
673,841
690,000
Comcast
Corp.,
4.15%,
10/15/28
830,239
770,000
Comcast
Corp.,
Class
A,
3.30%,
02/01/27
869,332
880,000
Dollar
General
Corp.,
3.50%,
04/03/30
1,009,690
649,000
Dollar
General
Corp.,
3.25%,
04/15/23
686,667
700,000
Hanesbrands,
Inc.,
4.63%,
05/15/24
(a)
733,250
1,220,000
Lennar
Corp.,
4.50%,
04/30/24
1,348,100
1,557,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
1,595,925
1,500,000
McDonald's
Corp.,
2.13%,
03/01/30
1,580,639
615,000
Newell
Brands,
Inc.,
4.00%,
06/15/22
632,681
410,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
451,615
1,400,000
NIKE,
Inc.,
3.88%,
11/01/45
1,814,235
875,000
Starbucks
Corp.,
2.00%,
03/12/27
928,148
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
INCOME
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
9
Principal
Amount
Security
Description
Value
$
925,000
The
TJX
Cos.,
Inc.,
3.75%,
04/15/27
$
1,069,310
1,387,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,742,108
1,130,000
Whirlpool
Corp.,
4.70%,
06/01/22
1,195,221
17,161,001
Consumer
Staples
-
2.5%
1,100,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
1,146,787
1,676,000
Costco
Wholesale
Corp.,
1.75%,
04/20/32
1,740,745
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28
(a)
602,212
1,570,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27
(a)
1,753,815
305,000
Walmart,
Inc.,
3.70%,
06/26/28
359,091
5,602,650
Financials
-
9.6%
1,235,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
1,311,060
1,410,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27
(c)
1,591,669
1,393,000
Citigroup,
Inc.,
3.89%,
01/10/28
(c)
1,600,017
650,000
CME
Group,
Inc.,
3.00%,
03/15/25
712,494
1,385,000
Intercontinental
Exchange,
Inc.,
4.25%,
09/21/48
1,751,643
650,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30
(c)
707,328
945,000
JPMorgan
Chase
&
Co.,
3.20%,
06/15/26
1,057,797
1,050,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,123,792
785,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24
(a)
854,641
1,355,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29
(c)
1,570,177
1,355,000
Regions
Financial
Corp.,
3.80%,
08/14/23
1,469,815
1,375,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
1,563,991
1,097,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,599,555
1,390,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
1,585,905
1,485,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49
(c)(e)
1,670,254
1,425,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
1,567,979
21,738,117
Health
Care
-
0.5%
1,109,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
1,229,326
Principal
Amount
Security
Description
Value
Industrials
-
5.5%
$
430,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
$
446,435
1,430,000
BMW
Finance
NV,
2.85%,
08/14/29
(a)
1,576,231
1,230,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,658,913
1,647,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,845,489
1,157,000
Raytheon
Technologies
Corp.,
4.88%,
10/15/40
1,505,282
1,123,000
Textron,
Inc.,
3.65%,
03/01/21
1,128,905
815,000
TTX
Co.,
4.60%,
02/01/49
(a)
1,081,167
1,593,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25
(a)
1,750,928
1,310,000
Waste
Management,
Inc.,
3.90%,
03/01/35
1,603,328
12,596,678
Information
Technology
-
4.7%
1,225,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
1,268,764
255,000
Applied
Materials,
Inc.,
3.30%,
04/01/27
289,925
1,383,000
eBay,
Inc.,
3.60%,
06/05/27
1,566,716
1,411,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
1,570,827
1,506,000
NVIDIA
Corp.,
2.85%,
04/01/30
1,693,252
1,300,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,759,695
815,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
847,600
1,690,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,773,139
10,769,918
Materials
-
1.2%
1,311,000
Albemarle
Corp.,
5.45%,
12/01/44
1,567,625
959,000
The
Mosaic
Co.,
5.45%,
11/15/33
1,191,539
2,759,164
Real
Estate
-
0.6%
1,255,000
National
Retail
Properties,
Inc.,
4.30%,
10/15/28
1,454,222
Utilities
-
0.7%
1,099,000
PacifiCorp,
6.25%,
10/15/37
1,639,499
Total
Corporate
Bonds
(Cost
$72,487,030)
79,956,356
Government
&
Agency
Obligations
-
45.5%
GOVERNMENT
SECURITIES
-
18.8%
Municipals
-
2.4%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
500,540
350,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
1.75%,
09/01/32
356,863
255,000
City
of
Omaha
NE,
Nebraska
GO,
1.77%,
04/15/31
262,535
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
INCOME
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
10
Principal
Amount
Security
Description
Value
$
675,000
Elkhorn
School
District,
Nebraska
GO,
1.64%,
12/15/30
$
692,746
219,433
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
225,158
285,000
Kearney
School
District,
Nebraska
GO,
1.38%,
12/15/28
287,742
530,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
690,744
340,000
New
York
City
Water
&
Sewer
System,
New
York
RB,
5.72%,
06/15/42
522,447
290,000
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
372,957
125,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.71%,
12/01/30
127,367
170,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.16%,
12/01/27
171,952
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
288,596
420,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
2.60%,
12/15/31
456,112
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
638,116
5,593,875
Treasury
Inflation
Index
Securities
-
1.5%
2,777,155
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28
(f)
3,352,969
U.S.
Treasury
Securities
-
14.9%
2,310,000
U.S.
Treasury
Bond,
5.38%,
02/15/31
3,318,910
1,515,000
U.S.
Treasury
Bond,
4.75%,
02/15/37
2,307,120
8,015,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
11,300,524
1,900,000
U.S.
Treasury
Note,
1.63%,
11/15/22
1,952,844
6,740,000
U.S.
Treasury
Note,
2.13%,
05/15/25
7,273,408
3,660,000
U.S.
Treasury
Note,
2.25%,
02/15/27
4,044,300
1,515,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
1,601,817
2,025,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
2,194,673
33,993,596
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
26.7%
Federal
Home
Loan
Mortgage
Corp.
-
13.5%
1,350,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
1,606,852
1,695,000
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
1,730,746
794,699
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
873,004
930,000
Federal
Home
Loan
Mortgage
Corp.,
3.78%,
10/25/28
(c)
1,102,879
Principal
Amount
Security
Description
Value
$
20,260
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
$
21,506
1,106,710
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
1,160,721
295,413
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
326,480
247,360
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
273,376
1,554,683
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
1,687,026
557,222
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
625,633
672,956
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
738,283
1,257,810
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
1,392,868
1,207,674
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
207,461
398,752
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
436,702
729,532
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
10/15/41
745,029
250
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
06/15/21
251
8,380
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
06/15/37
8,380
198,934
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
202,811
44,244
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
02/15/39
44,532
221,193
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
231,471
279,664
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
04/15/41
287,747
148,456
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
151,525
528,862
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
07/15/42
542,881
1,151,816
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
01/15/55
1,185,775
353,586
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/43
366,535
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
1,056,643
177,265,706
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44
(a)
32,812
464,331
FRESB
Mortgage
Trust,
3.70%,
10/25/28
(c)
506,080
1,193,112
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56
(d)
1,253,040
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
INCOME
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
11
Principal
Amount
Security
Description
Value
$
682,981
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
05/25/57
(d)
$
718,459
1,056,330
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
1,162,251
611,277
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57
(c)
640,542
1,707,430
Seasoned
Credit
Risk
Transfer
Trust,
3.50%,
03/25/58
1,852,737
1,011,964
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
08/25/59
1,065,703
1,353,474
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
1,432,039
1,013,623
Seasoned
Credit
Risk
Transfer
Trust,
2.00%,
05/25/60
1,051,314
628,766
Seasoned
Credit
Risk
Transfer
Trust,
3.25%,
07/25/56
(d)
666,240
1,298,669
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
1,348,206
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,610,714
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
536,093
30,883,347
Federal
National
Mortgage
Association
-
11.3%
1,600,000
Federal
National
Mortgage
Association,
2.50%,
01/25/51
1,677,894
8,883
Federal
National
Mortgage
Association
#679256,
7.50%,
08/01/22
8,954
140,409
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
162,979
125,624
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
140,281
14,226
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
15,908
14,713
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
15,611
106,160
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
119,194
572,887
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
621,711
26,665
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
28,288
240,341
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
275,474
43,361
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
51,747
527,980
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
586,804
156,535
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
175,758
138,721
Federal
National
Mortgage
Association
#AL5404,
3.88%,
08/01/21
(c)
139,196
Principal
Amount
Security
Description
Value
$
497,759
Federal
National
Mortgage
Association
#AL9970,
3.42%,
02/01/27
(c)
$
522,560
2,125,760
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
2,327,076
1,292,742
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,481,101
611,783
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
669,893
756,017
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
846,097
1,187,192
Federal
National
Mortgage
Association
#AS3909,
4.00%,
11/01/44
1,298,561
544,909
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
575,587
1,291,381
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
1,397,334
1,005,627
Federal
National
Mortgage
Association
#BH9216,
4.00%,
01/01/48
1,104,252
701,517
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
746,997
674,517
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
736,936
432,147
Federal
National
Mortgage
Association
#MA3384,
4.00%,
06/01/48
463,333
690,462
Federal
National
Mortgage
Association
Interest
Only,
0.74%,
02/25/22
(c)
2,932
3,253,343
Federal
National
Mortgage
Association
Interest
Only,
0.38%,
07/25/22
(c)
12,525
618,641
Federal
National
Mortgage
Association
Interest
Only,
2.66%,
01/25/39
(c)
35,797
1,975,000
Federal
National
Mortgage
Association
Interest
Only
#AM7762,
3.49%,
01/01/35
2,227,200
710,000
Federal
National
Mortgage
Association
REMIC,
3.50%,
12/25/37
754,113
938,819
Federal
National
Mortgage
Association
REMIC,
4.01%,
04/25/29
(c)
1,069,428
168,693
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
176,616
288,538
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
324,067
178,297
Federal
National
Mortgage
Association
REMIC,
5.00%,
02/25/32
201,094
61,721
Federal
National
Mortgage
Association
REMIC,
4.00%,
07/25/39
61,802
434,202
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
444,727
409,055
Federal
National
Mortgage
Association
REMIC,
1.50%,
01/25/40
411,103
954,844
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/43
979,741
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
INCOME
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
12
Principal
Amount
Security
Description
Value
$
902,903
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/45
$
928,716
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
1,089,043
969,365
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
967,888
25,876,318
Government
National
Mortgage
Association
-
1.9%
1,157,662
Government
National
Mortgage
Association,
2.85%,
04/16/50
1,196,589
725,685
Government
National
Mortgage
Association,
3.50%,
01/20/69
(c)
790,635
664,516
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
714,590
1,356,058
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
1,523,777
789
Government
National
Mortgage
Association
REMIC
#751404,
5.20%,
06/20/61
(c)
795
4,226,386
Small
Business
Administration
Participation
Certificates
-
0.0%
18,938
SBA
Small
Business
Investment
Cos.,
2.88%,
09/10/21
19,070
Total
Government
&
Agency
Obligations
(Cost
$96,134,262)
103,945,561
Shares
Security
Description
Value
Short-Term
Investments
-
0.9%
Investment
Company
-
0.9%
1,996,622
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.02%
(g)
1,996,622
Total
Short-Term
Investments
(Cost
$1,996,622)
1,996,622
Investments,
at
value
-
99.7%
(Cost
$211,020,982)
227,453,928
Other
assets
in
excess
of
liabilities
-
0.3%
601,472
NET
ASSETS
-
100.0%
$
228,055,400
(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
December
31,
2020,
the
aggregate
value
of
these
liquid
securities
were
$36,563,932
or
16.0%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
December
31,
2020.
(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
December
31,
2020.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
December
31,
2020.
(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
December
31,
2020.
FHLMC
Federal
Home
Loan
Mortgage
Corporation
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
13
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
96.6%
GOVERNMENT
SECURITIES
-
95.7%
Municipals
-
95.7%
Nebraska
-
94.4%
$
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
$
303,030
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
358,806
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
317,169
210,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
212,001
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
186,946
175,000
Cass
County
Sanitary
&
Improvement
District
No.
9,
Nebraska
GO,
2.90%,
05/15/22
178,883
250,000
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
258,095
215,000
City
of
Blair
NE,
Nebraska
GO,
2.15%,
09/15/23
219,986
220,000
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
225,113
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
404,118
650,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
838,871
80,000
City
of
Columbus
NE
Sales
Tax
Revenue,
Nebraska
RB,
5.00%,
09/15/23
89,752
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
354,698
150,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
188,718
65,000
City
of
Grand
Island
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
08/15/27
73,930
400,000
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
402,760
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
400,346
65,000
City
of
La
Vista
NE,
Nebraska
GO,
1.00%,
05/01/21
65,140
235,000
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
248,917
Principal
Amount
Security
Description
Value
$
260,000
City
of
Lincoln
NE,
Nebraska
GO,
5.00%,
06/01/30
$
360,773
200,000
City
of
Lincoln
NE,
Nebraska
RB,
4.50%,
08/15/22
200,946
480,000
City
of
Lincoln
NE,
Nebraska
RB,
4.00%,
08/15/26
508,522
500,000
City
of
Lincoln
NE,
Nebraska
RB,
3.55%,
04/01/27
515,925
400,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/30
550,828
250,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
3.13%,
09/01/30
261,740
110,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
118,626
55,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
59,266
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
386,856
450,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/31
559,687
200,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
231,442
235,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/28
284,639
500,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
01/15/29
630,545
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
707,730
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
05/01/33
240,336
470,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/22
493,152
190,000
City
of
Omaha
NE,
Nebraska
RB,
5.00%,
02/01/26
199,869
355,000
City
of
Omaha
NE,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
450,115
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
5.00%,
04/01/24
230,536
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
4.00%,
04/01/29
251,712
350,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/26
372,830
285,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/27
303,591
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
274,370
275,000
County
of
Buffalo
NE,
Nebraska
GO,
4.00%,
12/15/31
282,345
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
14
Principal
Amount
Security
Description
Value
$
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
$
391,721
285,000
County
of
Cherry
NE,
Nebraska
GO,
3.00%,
12/15/25
313,831
120,000
County
of
Douglas
NE,
Nebraska
RB,
3.60%,
10/01/27
120,204
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
355,303
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
202,244
265,000
Cuming
County
Public
Power
District
Operation
Round-Up
Fund,
Nebraska
RB,
1.50%,
12/15/25
273,570
50,000
Douglas
County
Hospital
Authority
No.
1,
Nebraska
RB,
AMBAC,
5.25%,
09/01/21
51,647
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,305,745
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
216,060
220,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
269,953
750,000
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
754,913
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
205,274
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
580,684
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
261,700
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
279,362
105,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
3.85%,
03/15/33
105,742
295,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
3.90%,
03/15/34
297,115
210,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
3.95%,
03/15/35
211,525
190,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
4.00%,
03/15/36
191,406
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
223,402
Principal
Amount
Security
Description
Value
$
85,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.10%,
05/15/30
$
85,429
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.05%,
05/15/29
100,519
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
807,540
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
832,312
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
328,092
250,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
319,457
665,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/34
785,671
830,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/35
953,147
300,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/28
398,511
350,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/29
462,644
370,000
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
496,362
265,000
Grand
Island
Public
Schools,
Nebraska
GO,
5.00%,
12/15/39
314,719
185,000
Grand
Island
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
191,738
730,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
896,046
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
596,532
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
844,781
760,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
867,624
265,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/25
311,415
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
321,849
550,000
Lancaster
County
Correctional
Facility
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/01/27
720,786
500,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
600,620
765,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/26
889,473
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
336,099
475,000
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
573,767
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
15
Principal
Amount
Security
Description
Value
$
500,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/32
$
519,155
200,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/25
207,662
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
565,435
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
1,056,340
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
588,116
500,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
571,145
1,000,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/21
1,042,190
180,000
Mid-Plains
Community
College
Area
Facilities
Corp.,
Nebraska
RB,
3.00%,
10/15/25
182,263
1,475,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/30
1,554,621
140,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/31
147,571
210,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
231,741
200,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/26
211,442
540,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/27
570,478
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
525,290
235,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
1.50%,
03/01/21
235,390
350,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
1.55%,
03/01/23
356,647
500,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
2.00%,
03/01/24
520,380
500,000
Nebraska
Public
Power
District,
Nebraska
RB,
0.60%,
01/01/51
(a)
501,735
5,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/26
5,225
370,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
387,575
230,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
239,869
1,050,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
1,094,531
Principal
Amount
Security
Description
Value
$
540,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/34
$
562,372
1,995,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/31
1,995,000
700,000
Nebraska
State
College
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
850,703
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
315,636
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
477,807
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
378,596
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
489,700
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
751,746
785,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/27
952,158
525,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
648,433
300,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
06/01/21
305,547
1,010,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,184,599
600,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
796,074
270,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/32
356,835
205,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/31
213,452
75,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/29
75,266
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
935,025
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
610,850
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
192,155
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
663,524
1,500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
1,662,885
150,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/30
198,165
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
328,822
475,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/31
601,711
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
372,050
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
16
Principal
Amount
Security
Description
Value
$
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
$
933,172
125,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/26
145,351
280,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/28
325,587
160,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
160,205
30,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
2.45%,
10/15/22
30,038
70,000
Sarpy
County
Sanitary
&
Improvement
District
No.
242,
Nebraska
GO,
3.00%,
03/15/27
70,125
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
105,013
90,000
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
90,169
420,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
558,785
385,000
Scotts
Bluff
County
School
District/
Gering
School
District,
Nebraska
GO,
5.00%,
12/01/23
410,872
220,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/25
271,355
225,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/26
286,427
300,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
351,903
400,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
467,668
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
317,703
200,000
State
of
Nebraska,
Nebraska
COP,
1.60%,
03/15/21
200,178
500,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/22
526,655
270,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
290,944
200,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/24
232,142
100,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/25
120,590
1,000,000
University
of
Nebraska,
Nebraska
RB,
4.00%,
07/01/31
1,203,690
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
597,830
Principal
Amount
Security
Description
Value
$
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/25
$
606,620
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
625,365
400,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
447,684
1,700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
1,950,291
200,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/15/26
209,170
105,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
4.00%,
12/15/28
108,824
200,000
Westside
Community
Schools,
Nebraska
GO,
4.00%,
06/01/25
220,004
230,000
Westside
Community
Schools,
Nebraska
GO,
4.00%,
06/01/27
251,958
450,000
York
County
NE
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
479,268
73,279,692
North
Dakota
-
0.7%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
533,380
South
Dakota
-
0.6%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
476,995
74,290,067
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.9%
Federal
Home
Loan
Mortgage
Corp.
-
0.9%
600,000
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
665,765
Total
Government
&
Agency
Obligations
(Cost
$71,104,661)
74,955,832
Shares
Security
Description
Value
Short-Term
Investments
-
2.9%
Investment
Company
-
2.9%
2,243,122
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.02%
(b)
2,243,122
Total
Short-Term
Investments
(Cost
$2,243,122)
2,243,122
Investments,
at
value
-
99.5%
(Cost
$73,347,783)
77,198,954
Other
assets
in
excess
of
liabilities
-
0.5%
396,776
NET
ASSETS
-
100.0%
$
77,595,730
(a)
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
December
31,
2020.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2020.
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
17
AMBAC
American
Municipal
Bond
Assurance
Corporation
COP
Certificate
of
Participation
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
RB
Revenue
Bond
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
BALANCED
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
18
Shares
Security
Description
Value
Common
Stocks
-
63.6%
Communication
Services
-
6.3%
7,325
Activision
Blizzard,
Inc.
$
680,126
1,005
Alphabet,
Inc.,
Class C (a)
1,760,640
11,900
Comcast
Corp.,
Class A
623,560
4,540
Facebook,
Inc.,
Class A (a)
1,240,146
10,100
Verizon
Communications,
Inc.
593,375
4,897,847
Consumer
Discretionary
-
7.4%
727
Amazon.com,
Inc. (a)
2,367,788
238
Booking
Holdings,
Inc. (a)
530,090
5,425
NIKE,
Inc.,
Class B
767,475
865
O'Reilly
Automotive,
Inc. (a)
391,473
1,015
Pool
Corp.
378,087
3,750
Royal
Caribbean
Cruises,
Ltd.
280,088
2,690
The
Home
Depot,
Inc.
714,518
1,145
Ulta
Beauty,
Inc. (a)
328,798
5,758,317
Consumer
Staples
-
3.8%
4,825
Church
&
Dwight
Co.,
Inc.
420,885
2,775
Constellation
Brands,
Inc.,
Class A
607,864
1,720
Costco
Wholesale
Corp.
648,061
7,380
Lamb
Weston
Holdings,
Inc.
581,101
4,700
Walmart,
Inc.
677,505
2,935,416
Energy
-
1.6%
3,100
Diamondback
Energy,
Inc.
150,040
5,100
EOG
Resources,
Inc.
254,337
8,450
Exxon
Mobil
Corp.
348,309
2,850
Phillips
66
199,329
11,300
Schlumberger
NV
246,679
1,198,694
Financials
-
7.1%
835
BlackRock,
Inc.
602,486
3,165
Chubb,
Ltd.
487,157
2,210
CME
Group,
Inc.
402,330
13,500
Equitable
Holdings,
Inc.
345,465
6,050
First
American
Financial
Corp.
312,361
7,100
JPMorgan
Chase
&
Co.
902,197
12,300
KeyCorp
201,843
24,400
Manulife
Financial
Corp.
434,808
7,600
Morgan
Stanley
520,828
4,290
Northern
Trust
Corp.
399,571
4,200
South
State
Corp.
303,660
6,900
U.S.
Bancorp
321,471
8,800
Wells
Fargo
&
Co.
265,584
5,499,761
Health
Care
-
8.3%
6,900
AMN
Healthcare
Services,
Inc. (a)
470,925
5,825
Baxter
International,
Inc.
467,398
1,305
Biogen,
Inc. (a)
319,542
12,100
Boston
Scientific
Corp. (a)
434,995
Shares
Security
Description
Value
5,800
Edwards
Lifesciences
Corp. (a)
$
529,134
3,900
Eli
Lilly
and
Co.
658,476
5,850
Horizon
Therapeutics
PLC (a)
427,928
1,310
Humana,
Inc.
537,454
5,650
Integer
Holdings
Corp. (a)
458,723
2,165
Laboratory
Corp.
of
America
Holdings (a)
440,686
1,879
LHC
Group,
Inc. (a)
400,828
1,505
Thermo
Fisher
Scientific,
Inc.
700,999
3,265
Zoetis,
Inc.
540,358
6,387,446
Industrials
-
6.4%
4,800
AMETEK,
Inc.
580,512
8,300
CSX
Corp.
753,225
6,950
IAA,
Inc. (a)
451,611
10,000
MasTec,
Inc. (a)
681,800
9,837
Raytheon
Technologies
Corp.
703,444
1,255
Roper
Technologies,
Inc.
541,018
8,200
The
Timken
Co.
634,352
5,210
Waste
Management,
Inc.
614,415
4,960,377
Information
Technology
-
17.5%
1,715
Adobe,
Inc. (a)
857,706
26,510
Apple,
Inc.
3,517,612
1,865
Broadcom,
Inc.
816,590
4,105
CDW
Corp.
540,998
15,300
Cisco
Systems,
Inc.
684,675
3,250
Citrix
Systems,
Inc.
422,825
3,375
CMC
Materials,
Inc.
510,637
1,925
FleetCor
Technologies,
Inc. (a)
525,198
2,670
Mastercard,
Inc.,
Class A
953,030
4,400
Microchip
Technology,
Inc.
607,684
12,690
Microsoft
Corp.
2,822,510
1,485
NVIDIA
Corp.
775,467
1,130
Paycom
Software,
Inc. (a)
511,042
13,545,974
Materials
-
2.2%
8,190
Berry
Global
Group,
Inc. (a)
460,196
4,725
FMC
Corp.
543,044
2,505
Linde
PLC
660,093
1,663,333
Real
Estate
-
1.5%
2,000
American
Tower
Corp.
REIT
448,920
9,800
First
Industrial
Realty
Trust,
Inc.
REIT
412,874
2,025
Sun
Communities,
Inc.
REIT
307,699
1,169,493
Utilities
-
1.5%
3,725
Atmos
Energy
Corp.
355,477
6,920
NextEra
Energy,
Inc.
533,878
4,300
Southwest
Gas
Holdings,
Inc.
261,225
1,150,580
Total
Common
Stocks
(Cost
$27,114,471)
49,167,238
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
BALANCED
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
19
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
5.6%
Asset
Backed
Securities
-
2.1%
$
95,438
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
$
97,215
157,375
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
159,653
95,420
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
98,436
110,774
ELFI
Graduate
Loan
Program
2020-A,
LLC,
1.73%,
08/25/45 (b)
112,515
77,164
Missouri
Higher
Education
Loan
Authority
(USD
1
Month
LIBOR
+
0.83%),
0.98%,
01/26/26 (c)
76,966
130,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.76%,
10/15/31 (b)(c)
131,654
193,024
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (b)
194,873
78,105
PHEAA
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.10%),
1.35%,
06/25/38 (b)(c)
78,365
93,421
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.93%,
12/24/33 (b)(c)
93,178
169,435
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.86%,
07/25/22 (c)
169,512
10,162
SoFi
Consumer
Loan
Program
Trust,
2.77%,
05/25/26 (b)
10,192
83,442
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
89,370
140,000
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (b)
140,777
180,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (b)
181,233
1,633,939
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.6%
375,000
American
Tower
Trust
#1,
3.07%,
03/15/23 (b)
382,360
190,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
202,793
125,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
145,131
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
187,925
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
226,078
227,823
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
237,966
Principal
Amount
Security
Description
Value
$
225,796
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
$
226,526
119,651
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (b)(d)
120,777
75,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
86,628
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
167,561
1,983,745
Non-Agency
Residential
Mortgage
Backed
Securities
-
0.9%
76,010
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
1.02%,
12/25/33 (b)(c)
74,833
62,819
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.25%,
04/28/39 (c)
62,808
134,815
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(d)
136,414
90,400
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(d)
96,803
26,464
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(d)
27,979
42,727
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (b)(d)
43,040
92,885
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45 (d)
93,597
56,967
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.50%),
0.65%,
05/25/36 (b)(c)
56,826
47,013
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(d)
50,098
23,474
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (b)(d)
23,645
64,652
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (b)(d)
65,102
731,145
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$4,214,845)
4,348,829
Corporate
Bonds
-
13.2%
Communication
Services
-
1.0%
348,000
AT&T,
Inc.,
4.30%,
02/15/30
415,693
317,000
Verizon
Communications,
Inc.,
4.33%,
09/21/28
381,571
797,264
Consumer
Discretionary
-
1.6%
100,000
Dollar
General
Corp.,
3.50%,
04/03/30
114,737
186,000
Dollar
General
Corp.,
3.25%,
04/15/23
196,795
100,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (b)
104,750
265,000
McDonald's
Corp.,
2.13%,
03/01/30
279,246
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
BALANCED
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
20
Principal
Amount
Security
Description
Value
$
50,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
$
55,075
50,000
Starbucks
Corp.,
2.00%,
03/12/27
53,037
220,000
The
TJX
Cos.,
Inc.,
3.75%,
04/15/27
254,322
215,000
Whirlpool
Corp.,
4.70%,
06/01/22
227,409
1,285,371
Consumer
Staples
-
0.6%
175,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
182,443
270,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
301,611
484,054
Financials
-
4.7%
250,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (d)
282,211
240,000
Citigroup,
Inc.,
3.89%,
01/10/28 (d)
275,667
395,000
CME
Group,
Inc.,
3.00%,
03/15/25
432,977
245,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
277,476
305,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (d)
308,376
130,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
136,718
110,000
KeyCorp,
MTN,
2.25%,
04/06/27
117,731
120,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (b)
130,646
200,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29 (d)
231,760
70,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
75,048
245,000
Regions
Financial
Corp.,
3.80%,
08/14/23
265,760
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
250,239
265,000
The
Goldman
Sachs
Group,
Inc.,
3.00%,
04/26/22
267,149
230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (d)(e)
258,692
270,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
297,091
3,607,541
Health
Care
-
0.2%
132,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
146,322
Industrials
-
2.6%
250,000
BMW
Finance
NV,
2.85%,
08/14/29 (b)
275,565
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
291,334
150,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
153,183
200,000
Textron,
Inc.,
3.65%,
03/01/21
201,052
170,000
TTX
Co.,
3.60%,
01/15/25 (b)
189,222
235,000
Union
Pacific
Corp.,
3.95%,
09/10/28
278,869
Principal
Amount
Security
Description
Value
$
250,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (b)
$
274,785
250,000
Waste
Management,
Inc.,
1.50%,
03/15/31
247,695
1,911,705
Information
Technology
-
2.2%
260,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
269,289
215,000
eBay,
Inc.,
3.60%,
06/05/27
243,560
200,000
NVIDIA
Corp.,
2.85%,
04/01/30
224,867
200,000
Oracle
Corp.,
3.40%,
07/08/24
218,877
293,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
309,912
125,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
130,000
280,000
Xilinx,
Inc.,
2.38%,
06/01/30
293,774
1,690,279
Materials
-
0.3%
209,000
Albemarle
Corp.,
4.15%,
12/01/24
231,773
Total
Corporate
Bonds
(Cost
$9,444,431)
10,154,309
Government
&
Agency
Obligations
-
14.0%
GOVERNMENT
SECURITIES
-
12.3%
Municipals
-
1.0%
350,000
California
State
University,
California
RB,
5.45%,
11/01/22
383,156
115,000
Elkhorn
School
District,
Nebraska
GO,
1.64%,
12/15/30
118,023
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
125,640
100,000
Vista
Community
Development
Commission,
California
Tax
Allocation
Bond,
7.61%,
09/01/21
100,449
727,268
Treasury
Inflation
Index
Securities
-
1.1%
233,979
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
281,954
586,116
U.S.
Treasury
Inflation
Indexed
Note,
0.13%,
01/15/22 (f)
597,199
879,153
U.S.
Treasury
Securities
-
10.2%
2,335,000
U.S.
Treasury
Note,
1.63%,
11/15/22
2,399,942
3,405,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,674,474
1,650,000
U.S.
Treasury
Note,
2.25%,
02/15/27
1,823,250
7,897,666
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.7%
Federal
Home
Loan
Mortgage
Corp.
-
1.1%
200,000
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
204,218
174,519
Federal
Home
Loan
Mortgage
Corp.,
2.75%,
12/15/54 (g)
181,636
115,000
Federal
Home
Loan
Mortgage
Corp.,
3.78%,
10/25/28 (d)
136,378
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
BALANCED
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
21
Principal
Amount
Security
Description
Value
$
107,972
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
$
113,241
32,104
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
32,729
74,792
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
78,267
21,892,692
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (b)
4,052
130,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
138,671
889,192
Federal
National
Mortgage
Association
-
0.4%
44,914
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
47,670
140,823
Federal
National
Mortgage
Association
REMIC,
4.01%,
04/25/29 (d)
160,414
65,934
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
67,533
275,617
Government
National
Mortgage
Association
-
0.2%
122,808
Government
National
Mortgage
Association,
3.50%,
01/20/69 (d)
133,799
Total
Government
&
Agency
Obligations
(Cost
$10,075,113)
10,802,695
Shares
Security
Description
Value
Short-Term
Investments
-
3.5%
Investment
Company
-
3.5%
2,728,896
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.02% (h)
2,728,896
Total
Short-Term
Investments
(Cost
$2,728,896)
2,728,896
Investments,
at
value
-
99.9%
(Cost
$53,577,756)
77,201,967
Other
assets
in
excess
of
liabilities
-
0.1%
88,761
NET
ASSETS
-
100.0%
$
77,290,728
(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
December
31,
2020,
the
aggregate
value
of
these
liquid
securities
were
$4,436,539
or
5.7%
of
net
assets.
(c)
Floating
rate
security.
Rate
presented
is
as
of
December
31,
2020.
(d)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
December
31,
2020.
(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
December
31,
2020.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2020.
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
GROWTH
OPPORTUNITIES
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
22
Shares
Security
Description
Value
Common
Stocks
-
97.6%
Communication
Services
-
5.9%
70,400
Altice
USA,
Inc.,
Class A (a)
$
2,666,048
5,100
IAC/InterActiveCorp (a)
965,685
9,400
Spotify
Technology
SA (a)
2,957,804
16,300
Twitter,
Inc. (a)
882,645
210,600
Zynga,
Inc. (a)
2,078,622
9,550,804
Consumer
Discretionary
-
12.5%
5,000
Burlington
Stores,
Inc. (a)
1,307,750
5,800
Domino's
Pizza,
Inc.
2,224,068
7,400
DR
Horton,
Inc.
510,008
9,310
Five
Below,
Inc. (a)
1,629,064��
4,200
Hilton
Worldwide
Holdings,
Inc.
467,292
8,600
Lululemon
Athletica
,
Inc. (a)
2,993,058
13,600
Ollie's
Bargain
Outlet
Holdings,
Inc. (a)
1,112,072
5,100
O'Reilly
Automotive,
Inc. (a)
2,308,107
7,100
Planet
Fitness,
Inc.,
Class A (a)
551,173
12,400
Restaurant
Brands
International,
Inc.
757,764
64,700
Stitch
Fix,
Inc.,
Class A (a)
3,799,184
39,300
YETI
Holdings,
Inc. (a)
2,690,871
20,350,411
Consumer
Staples
-
2.7%
22,000
Church
&
Dwight
Co.,
Inc.
1,919,060
11,100
Post
Holdings,
Inc. (a)
1,121,211
44,000
The
Kroger
Co.
1,397,440
4,437,711
Financials
-
4.8%
10,900
eHealth,
Inc. (a)
769,649
2,300
FactSet
Research
Systems,
Inc.
764,750
14,400
LPL
Financial
Holdings,
Inc.
1,500,768
3,600
MarketAxess
Holdings,
Inc.
2,054,016
4,200
MSCI,
Inc.
1,875,426
16,000
OneMain
Holdings,
Inc.
770,560
7,735,169
Health
Care
-
20.0%
15,200
Alexion
Pharmaceuticals,
Inc. (a)
2,374,848
7,100
Bio-
Techne
Corp.
2,254,605
26,600
Horizon
Therapeutics
PLC (a)
1,945,790
5,600
IDEXX
Laboratories,
Inc. (a)
2,799,272
15,000
Incyte
Corp. (a)
1,304,700
7,300
Insulet
Corp. (a)
1,866,099
7,400
LHC
Group,
Inc. (a)
1,578,568
8,800
Masimo
Corp. (a)
2,361,744
5,900
McKesson
Corp.
1,026,128
11,900
PerkinElmer,
Inc.
1,707,650
10,300
Quidel
Corp. (a)
1,850,395
9,100
Sarepta
Therapeutics,
Inc. (a)
1,551,459
6,300
Seagen
,
Inc. (a)
1,103,382
Shares
Security
Description
Value
80,400
SmileDirectClub
,
Inc. (a)
$
959,976
11,425
Teladoc
Health,
Inc. (a)
2,284,543
3,100
Teleflex,
Inc.
1,275,867
5,200
The
Cooper
Cos.,
Inc.
1,889,264
8,700
Veeva
Systems,
Inc.,
Class A (a)
2,368,575
32,502,865
Industrials
-
12.3%
20,000
AMETEK,
Inc.
2,418,800
4,200
Cintas
Corp.
1,484,532
2,950
CoStar
Group,
Inc. (a)
2,726,626
11,400
Dover
Corp.
1,439,250
13,600
IAA,
Inc. (a)
883,728
12,800
ITT,
Inc.
985,856
9,500
Old
Dominion
Freight
Line,
Inc.
1,854,210
35,100
Quanta
Services,
Inc.
2,527,902
2,030
TransDigm
Group,
Inc. (a)
1,256,266
25,000
TransUnion
2,480,500
10,600
Trex
Co.,
Inc. (a)
887,432
9,300
XPO
Logistics,
Inc. (a)
1,108,560
20,053,662
Information
Technology
-
35.2%
16,000
Akamai
Technologies,
Inc. (a)
1,679,840
12,000
Broadridge
Financial
Solutions,
Inc.
1,838,400
9,670
CDW
Corp.
1,274,409
15,000
DocuSign,
Inc. (a)
3,334,500
83,700
Dropbox,
Inc.,
Class A (a)
1,857,303
5,080
Fair
Isaac
Corp. (a)
2,596,083
6,210
FleetCor
Technologies,
Inc. (a)
1,694,274
13,400
Fortinet,
Inc. (a)
1,990,302
11,700
Inphi
Corp. (a)
1,877,499
4,700
Jack
Henry
&
Associates,
Inc.
761,353
10,600
KLA
Corp.
2,744,446
36,200
LivePerson
,
Inc. (a)
2,252,726
15,200
Microchip
Technology,
Inc.
2,099,272
9,100
Palo
Alto
Networks,
Inc. (a)
3,234,049
14,150
Paychex,
Inc.
1,318,497
8,200
Paycom
Software,
Inc. (a)
3,708,450
49,300
Pure
Storage,
Inc.,
Class A (a)
1,114,673
10,250
RingCentral,
Inc.,
Class A (a)
3,884,443
14,800
Science
Applications
International
Corp.
1,400,672
44,200
Smartsheet
,
Inc.,
Class A (a)
3,062,618
12,390
Splunk
,
Inc. (a)
2,104,937
11,800
SS&C
Technologies
Holdings,
Inc.
858,450
10,000
Synopsys,
Inc. (a)
2,592,400
9,200
Twilio
,
Inc. (a)
3,114,200
21,300
Xilinx,
Inc.
3,019,701
4,500
Zebra
Technologies
Corp. (a)
1,729,485
57,142,982
Materials
-
2.9%
24,800
Ball
Corp.
2,310,864
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
GROWTH
OPPORTUNITIES
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
23
Shares
Security
Description
Value
31,200
Berry
Global
Group,
Inc. (a)
$
1,753,128
5,100
FMC
Corp.
586,143
4,650,135
Real
Estate
-
1.3%
27,100
Americold
Realty
Trust
REIT
1,011,643
6,800
Sun
Communities,
Inc.
REIT
1,033,260
2,044,903
Total
Common
Stocks
(Cost
$96,237,491)
158,468,642
Shares
Security
Description
Value
Short-Term
Investments
-
2.4%
Investment
Company
-
2.4%
3,862,000
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.02% (b)
3,862,000
Total
Short-Term
Investments
(Cost
$3,862,000)
3,862,000
Investments,
at
value
-
100.0%
(Cost
$100,099,491)
162,330,642
Other
assets
in
excess
of
liabilities
-
0.0%
69,202
NET
ASSETS
-
100.0%
$
162,399,844
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2020.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SMALL/MID
CAP
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
24
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2020.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
99.2%
Communication
Services
-
2.5%
747
Nexstar
Media
Group,
Inc.,
Class A
$
81,565
Consumer
Discretionary
-
9.3%
384
Burlington
Stores,
Inc.
(a)
100,435
855
Dorman
Products,
Inc.
(a)
74,231
738
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
60,346
511
Tractor
Supply
Co.
71,837
306,849
Consumer
Staples
-
3.7%
388
Casey's
General
Stores,
Inc.
69,305
200
Coca-Cola
Consolidated,
Inc.
53,254
122,559
Energy
-
1.9%
4,331
Parsley
Energy,
Inc.,
Class A
61,500
Financials
-
14.7%
303
Affiliated
Managers
Group,
Inc.
30,815
776
Arthur
J
Gallagher
&
Co.
95,999
704
Cullen/Frost
Bankers,
Inc.
61,410
904
Selective
Insurance
Group,
Inc.
60,550
942
South
State
Corp.
68,107
1,700
Stifel
Financial
Corp.
85,757
641
UMB
Financial
Corp.
44,222
1,238
United
Bankshares
,
Inc.
40,111
486,971
Health
Care
-
14.4%
1,339
AMN
Healthcare
Services,
Inc.
(a)
91,387
437
ICON
PLC
(a)
85,206
1,563
Integra
LifeSciences
Holdings
Corp.
(a)
101,470
179
LHC
Group,
Inc.
(a)
38,184
518
Omnicell
,
Inc.
(a)
62,170
691
PerkinElmer,
Inc.
99,159
477,576
Industrials
-
18.8%
796
Barnes
Group,
Inc.
40,349
415
Carlisle
Cos.,
Inc.
64,815
615
EnerSys
51,082
599
Fortune
Brands
Home
&
Security,
Inc.
51,346
729
Forward
Air
Corp.
56,016
698
Franklin
Electric
Co.,
Inc.
48,309
610
ICF
International,
Inc.
45,341
716
Oshkosh
Corp.
61,626
1,077
Quanta
Services,
Inc.
77,566
796
Robert
Half
International,
Inc.
49,734
662
Tetra
Tech,
Inc.
76,646
622,830
Information
Technology
-
19.6%
639
Ambarella
,
Inc.
(a)
58,673
395
Broadridge
Financial
Solutions,
Inc.
60,514
233
CACI
International,
Inc.,
Class A
(a)
58,094
236
Coherent,
Inc.
(a)
35,405
691
ExlService
Holdings,
Inc.
(a)
58,825
Shares
Security
Description
Value
449
Leidos
Holdings,
Inc.
$
47,199
303
Littelfuse
,
Inc.
77,162
301
MKS
Instruments,
Inc.
45,285
1,356
MTS
Systems
Corp.
78,865
650
PTC,
Inc.
(a)
77,746
424
Qualys
,
Inc.
(a)
51,673
649,441
Materials
-
4.2%
449
Balchem
Corp.
51,734
938
RPM
International,
Inc.
85,151
136,885
Real
Estate
-
7.3%
1,137
American
Campus
Communities,
Inc.
REIT
48,630
1,032
Duke
Realty
Corp.
REIT
41,249
2,445
Easterly
Government
Properties,
Inc.
REIT
55,379
258
Jones
Lang
LaSalle,
Inc.
(a)
38,279
707
Lamar
Advertising
Co.,
Class A
REIT
58,837
242,374
Utilities
-
2.8%
953
IDACORP,
Inc.
91,517
Total
Common
Stocks
(Cost
$2,519,909)
3,280,067
Shares
Security
Description
Value
Short-Term
Investments
-
1.2%
Investment
Company
-
1.2%
40,430
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.02%
(b)
40,430
Total
Short-Term
Investments
(Cost
$40,430)
40,430
Investments,
at
value
-
100.4%
(Cost
$2,560,339)
3,320,497
Other
liabilities
in
excess
of
assets
-
(0.4)%
(12,498)
NET
ASSETS
-
100.0%
$
3,307,999
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2020
(Unaudited)
SMALL
COMPANY
FUND
Quarterly
Report
2020
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
25
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2020.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
97.4%
Communication
Services
-
2.4%
191,167
Nexstar
Media
Group,
Inc.,
Class A
$
20,873,525
Consumer
Discretionary
-
11.0%
393,127
Boot
Barn
Holdings,
Inc.
(a)
17,045,987
213,556
Dorman
Products,
Inc.
(a)
18,540,932
495,542
G-III
Apparel
Group,
Ltd.
(a)
11,764,167
407,938
La-Z-Boy,
Inc.
16,252,250
634,698
Movado
Group,
Inc.
(a)
10,548,681
124,460
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
10,177,094
274,408
Standard
Motor
Products,
Inc.
11,102,547
95,431,658
Consumer
Staples
-
2.4%
45,008
Coca-Cola
Consolidated,
Inc.
11,984,280
55,341
J
&
J
Snack
Foods
Corp.
8,598,331
20,582,611
Energy
-
1.4%
853,077
Parsley
Energy,
Inc.,
Class A
12,113,693
Financials
-
18.1%
496,920
Atlantic
Union
Bankshares
Corp.
16,368,545
322,745
Mercantile
Bank
Corp.
8,768,982
309,771
Moelis
&
Co.,
Class A
14,484,892
1,035,633
Old
National
Bancorp
17,150,082
324,945
Selective
Insurance
Group,
Inc.
21,764,816
256,382
South
State
Corp.
18,536,419
243,523
Stewart
Information
Services
Corp.
11,776,772
468,446
Stifel
Financial
Corp.
23,637,760
162,349
UMB
Financial
Corp.
11,200,458
403,001
United
Bankshares
,
Inc.
13,057,232
156,745,958
Health
Care
-
13.0%
326,075
AMN
Healthcare
Services,
Inc.
(a)
22,254,619
292,893
HMS
Holdings
Corp.
(a)
10,763,818
380,612
Integra
LifeSciences
Holdings
Corp.
(a)
24,709,331
50,633
LHC
Group,
Inc.
(a)
10,801,031
124,574
Medpace
Holdings,
Inc.
(a)
17,340,701
165,678
Omnicell
,
Inc.
(a)
19,884,674
107,467
Pacira
BioSciences
,
Inc.
(a)
6,430,825
112,184,999
Industrials
-
17.2%
161,889
American
Woodmark
Corp.
(a)
15,193,283
225,267
Barnes
Group,
Inc.
11,418,784
208,390
Comfort
Systems
USA,
Inc.
10,973,817
107,926
CSW
Industrials,
Inc.
12,077,999
147,882
EnerSys
12,283,079
225,956
Forward
Air
Corp.
17,362,459
231,008
Franklin
Electric
Co.,
Inc.
15,988,064
238,701
ICF
International,
Inc.
17,742,645
288,416
Kforce
,
Inc.
12,139,429
253,741
Korn
Ferry
11,037,733
108,960
Tetra
Tech,
Inc.
12,615,389
148,832,681
Shares
Security
Description
Value
Information
Technology
-
18.2%
122,163
Ambarella
,
Inc.
(a)
$
11,217,007
552,031
Benchmark
Electronics,
Inc.
14,910,357
126,151
Bottomline
Technologies
de,
Inc.
(a)
6,653,204
50,633
CACI
International,
Inc.,
Class A
(a)
12,624,326
183,015
Cass
Information
Systems,
Inc.
7,121,114
369,705
CTS
Corp.
12,691,973
137,434
Diodes,
Inc.
(a)
9,689,097
178,193
ExlService
Holdings,
Inc.
(a)
15,169,570
56,604
Littelfuse
,
Inc.
14,414,774
145,387
MTS
Systems
Corp.
8,455,708
330,553
Onto
Innovation,
Inc.
(a)
15,717,795
241,916
Silicon
Motion
Technology
Corp.,
ADR
11,648,255
69,693
SPS
Commerce,
Inc.
(a)
7,567,963
242,834
Sykes
Enterprises,
Inc.
(a)
9,147,557
157,028,700
Materials
-
3.9%
139,500
Balchem
Corp.
16,073,190
176,701
Kaiser
Aluminum
Corp.
17,475,729
33,548,919
Real
Estate
-
5.7%
151,556
Agree
Realty
Corp.
REIT
10,090,599
627,120
Easterly
Government
Properties,
Inc.
REIT
14,204,268
338,934
Getty
Realty
Corp.
REIT
9,334,242
416,205
Marcus
&
Millichap,
Inc.
(a)
15,495,312
49,124,421
Utilities
-
4.1%
90,360
Chesapeake
Utilities
Corp.
9,777,856
175,667
IDACORP,
Inc.
16,869,302
190,938
Unitil
Corp.
8,452,825
35,099,983
Total
Common
Stocks
(Cost
$574,564,819)
841,567,148
Shares
Security
Description
Value
Short-Term
Investments
-
2.5%
Investment
Company
-
2.5%
21,269,547
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.02%
(b)
21,269,547
Total
Short-Term
Investments
(Cost
$21,269,547)
21,269,547
Investments,
at
value
-
99.9%
(Cost
$595,834,366)
862,836,695
Other
assets
in
excess
of
liabilities
-
0.1%
837,566
NET
ASSETS
-
100.0%
$
863,674,261
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2020
(Unaudited)
Quarterly
Report
2020
26
1.
Significant
Accounting
Policies
The
Funds
are
investment
companies
and
follow
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
Financial
Services-Investment
Companies
.
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Company
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
The
preparation
of
financial
statements
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
period.
Actual
results
could
differ
from
those
estimates.
Security
Valuation
The
net
asset
value
(“NAV”)
per
share
of
each
Fund
is
determined
each
business
day
as
of
the
close
of
the
New
York
Stock
Exchange
(“NYSE”),
which
is
normally
4
p.m.
Eastern
Time.
In
valuing
a
Fund’s
assets
for
calculating
the
NAV,
securities
listed
on
a
securities
exchange,
market
or
automated
quotation
system
for
which
quotations
are
readily
available,
including
traded
over
the
counter
securities,
are
valued
at
the
official
closing
price
on
the
primary
exchange
or
market
on
which
they
traded
or,
if
there
is
no
such
reported
price
on
the
valuation
date,
at
the
most
recent
quoted
sale
price
or
bid
price.
Investments
in
investment
companies
are
valued
at
the
NAV
per
share
determined
as
of
the
close
of
the
NYSE.
Short-term
debt
investments
(maturing
within
60
days)
may
be
valued
on
an
amortized
cost
basis,
unless
such
value
does
not
approximate
fair
value.
Debt
securities
(other
than
short-term
investments)
are
valued
at
prices
furnished
by
pricing
services
and
generally
reflect
last
reported
sales
price
if
the
security
is
actively
traded
or
an
evaluated
bid
price
obtained
by
employing
methodologies
that
utilize
actual
market
transactions;
broker
supplied
valuations;
or
factors
such
as
yield,
maturity,
call
features,
credit
ratings,
or
developments
relating
to
specific
securities
in
arriving
at
the
valuation.
Prices
provided
by
pricing
services
are
subject
to
review
and
determination
of
the
appropriate
price
whenever
a
furnished
price
is
significantly
different
from
the
previous
day’s
furnished
price.
Securities
for
which
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Company’s
Fair
Value
Committee
(“Fair
Value
Committee”)
pursuant
to
procedures
established
by
the
Company’s
Board
of
Directors
(“Board”).
Situations
that
may
require
an
investment
to
be
fair
valued
include
instances
where
a
security
is
thinly
traded,
halted,
or
restricted
as
to
resale.
In
addition,
investments
may
be
fair
valued
based
on
the
occurrence
of
a
significant
event.
Significant
events
may
be
specific
to
a
particular
issuer,
such
as
mergers,
restructurings,
or
defaults.
Alternatively,
significant
events
may
affect
an
entire
market,
such
as
natural
disasters,
government
actions,
and
significant
changes
in
the
value
of
U.S.
securities
markets.
Securities
are
fair
valued
based
on
observable
and
unobservable
inputs,
including
the
Fair
Value
Committee's
own
assumptions
in
determining
fair
value.
Factors
used
in
determining
fair
value
include,
but
are
not
limited
to:
type
of
security
or
asset,
trading
activity
of
similar
markets
or
securities,
fundamental
analytical
data
relating
to
the
investment,
evaluation
of
the
forces
that
influence
the
market
in
which
the
security
is
purchased
and
sold,
and
information
as
to
any
transactions
or
offers
with
respect
to
the
security.
Under
the
Company’s
pricing
and
valuation
procedures,
the
Board
has
delegated
the
daily
operational
oversight
of
the
securities
valuation
function
to
the
Fair
Value
Committee,
which
consists
of
representatives
from
the
Funds’
Adviser,
Sub-Adviser,
and
the
Treasurer,
who
serves
on
the
committee
as
a
non-voting
member.
The
Fair
Value
Committee
is
responsible
for
determining
fair
valuations
for
any
security
for
which
market
quotations
are
not
readily
available.
For
those
securities
fair
valued
under
procedures
adopted
by
the
Board,
the
Fair
Value
Committee
reviews
and
affirms
the
reasonableness
of
the
fair
valuation
determinations
after
considering
all
relevant
information
that
is
reasonably
available.
The
Fair
Valuation
Committee’s
determinations
are
subject
to
review
by
the
Funds’
Board
at
its
next
regularly
scheduled
meeting
covering
the
calendar
quarter
in
which
the
fair
valuation
was
determined.
The
Funds
use
a
framework
for
measuring
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
(exit
price).
One
component
of
fair
value
is
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
various
“inputs”
used
to
determine
the
value
of
the
Funds’
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
includes
valuations
based
on
quoted
prices
of
identical
securities
in
active
markets
including
valuations
for
securities
listed
on
a
securities
exchange
or
investments
in
mutual
funds.
Level
2
–
includes
valuations
for
which
all
significant
inputs
are
observable,
either
directly
or
indirectly.
Direct
observable
inputs
include
broker
quotes
in
active
markets,
closing
prices
of
similar
securities
in
active
markets,
closing
prices
for
identical
or
similar
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2020
(Unaudited)
Quarterly
Report
2020
27
securities
in
non-active
markets,
or
corporate
action
or
reorganization
entitlement
values.
Indirect
significant
observable
inputs
include
factors
such
as
interest
rates,
yield
curves,
prepayment
speeds
or
credit
ratings.
Level
2
includes
valuations
for
fixed
income
securities
priced
by
pricing
services,
broker
quotes
in
active
markets,
or
ADRs
and
GDRs
for
which
quoted
prices
in
active
markets
are
not
available.
Level
3
–
includes
valuations
based
on
inputs
that
are
unobservable
and
significant
to
the
fair
value
measurement,
including
the
Fair
Value
Committee's
own
assumptions
in
determining
the
fair
value
of
the
investment.
Inputs
used
to
determine
the
fair
value
of
Level
3
securities
include
security
specific
inputs
such
as:
credit
quality,
issuer
news,
trading
characteristics,
or
industry
specific
inputs
such
as:
trading
activity
of
similar
markets
or
securities,
changes
in
the
security’s
underlying
index,
or
comparable
securities’
models.
Level
3
valuations
include
securities
that
are
priced
based
on
single
source
broker
quotes,
where
prices
may
be
unavailable
due
to
halted
trading,
restricted
to
resale
due
to
market
events,
newly
issued
or
investments
for
which
reliable
quotes
are
not
available.
To
assess
the
continuing
appropriateness
of
security
valuations,
the
co-administrator
regularly
compares
current
day
prices
with
prior
day
prices,
transaction
prices,
and
alternative
vendor
prices.
When
the
comparison
results
exceed
pre-defined
thresholds,
the
co-administrator
challenges
the
prices
exceeding
tolerance
levels
with
the
pricing
service
or
broker.
To
substantiate
Level
3
unobservable
inputs,
the
adviser
and
co-administrator
use
a
variety
of
techniques
as
appropriate,
including,
transaction
backtesting
or
disposition
analysis
and
review
of
related
market
activity.
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments.
The
following
is
a
summary
of
the
inputs
used
to
value
each
Fund’s
investments
as
of
December
31,
2020,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
33,873,808
$
–
$
33,873,808
Non-Agency
Commercial
Mortgage
Backed
Securities
–
19,538,197
–
19,538,197
Non-Agency
Residential
Mortgage
Backed
Securities
–
24,160,215
–
24,160,215
Corporate
Bonds
–
88,933,337
–
88,933,337
Government
&
Agency
Obligations
–
49,743,159
–
49,743,159
Preferred
Stocks
531,295
–
–
531,295
Short-Term
Investments
3,340,883
–
–
3,340,883
Total
$
3,872,178
$
216,248,716
$
–
$
220,120,894
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
12,049,340
$
–
$
12,049,340
Non-Agency
Commercial
Mortgage
Backed
Securities
–
14,121,783
–
14,121,783
Non-Agency
Residential
Mortgage
Backed
Securities
–
15,384,266
–
15,384,266
Corporate
Bonds
–
79,956,356
–
79,956,356
Government
&
Agency
Obligations
–
103,945,561
–
103,945,561
Short-Term
Investments
1,996,622
–
–
1,996,622
Total
$
1,996,622
$
225,457,306
$
–
$
227,453,928
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2020
(Unaudited)
Quarterly
Report
2020
28
*
See
Schedules
of
Portfolio
Investments
for
further
industry
classification.
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–
$
74,955,832
$
–
$
74,955,832
Short-Term
Investments
2,243,122
–
–
2,243,122
Total
$
2,243,122
$
74,955,832
$
–
$
77,198,954
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
49,167,238
$
–
$
–
$
49,167,238
Asset
Backed
Securities
–
1,633,939
–
1,633,939
Non-Agency
Commercial
Mortgage
Backed
Securities
–
1,983,745
–
1,983,745
Non-Agency
Residential
Mortgage
Backed
Securities
–
731,145
–
731,145
Corporate
Bonds
–
10,154,309
–
10,154,309
Government
&
Agency
Obligations
–
10,802,695
–
10,802,695
Short-Term
Investments
2,728,896
–
–
2,728,896
Total
$
51,896,134
$
25,305,833
$
–
$
77,201,967
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Growth
Opportunities
Fund
Common
Stocks*
$
158,468,642
$
–
$
–
$
158,468,642
Short-Term
Investments
3,862,000
–
–
3,862,000
Total
$
162,330,642
$
–
$
–
$
162,330,642
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
3,280,067
$
–
$
–
$
3,280,067
Short-Term
Investments
40,430
–
–
40,430
Total
$
3,320,497
$
–
$
–
$
3,320,497
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
841,567,148
$
–
$
–
$
841,567,148
Short-Term
Investments
21,269,547
–
–
21,269,547
Total
$
862,836,695
$
–
$
–
$
862,836,695
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2020
(Unaudited)
Quarterly
Report
2020
29
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.