SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
1
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
44.1%
Asset
Backed
Securities
-
19.0%
$
1,100,000
AMSR
Trust,
1.63%,
07/17/37 (a)
$
1,110,815
1,735,000
Amur
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (a)
1,735,101
1,000,000
ARM
Master
Trust
LLC,
1.42%,
01/15/24 (a)
999,953
240,480
Brazos
Higher
Education
Authority,
Inc.
(USD
3
Month
LIBOR
+
0.85%),
1.03%,
07/25/29 (b)
241,067
1,100,000
Carvana
Auto
Receivables
Trust,
0.49%,
03/10/26
1,098,374
1,759,029
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(c)
1,832,625
187,715
CCG
Receivables
Trust
REMIC,
3.09%,
12/15/25 (a)
188,453
1,301,340
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
1,304,485
1,841,951
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,871,675
188,172
Cloud
Pass-Through
Trust,
3.55%,
12/05/22 (a)(c)
189,344
1,644,449
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
1,670,544
638,688
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
631,972
824,753
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
840,577
676,957
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
698,457
780,000
Dell
Equipment
Finance
Trust,
0.57%,
10/23/23 (a)
782,072
1,271,181
DLL
Securitization
Trust,
2.08%,
02/21/23 (a)
1,281,103
1,159,992
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (a)
1,169,210
1,408,369
FirstKey
Homes
Trust,
1.34%,
09/17/25 (a)
1,408,499
925,000
Freed
ABS
Trust,
5.50%,
06/18/27 (a)
952,760
217,710
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
0.85%,
08/25/48 (a)(b)
218,270
1,650,000
Iowa
Student
Loan
Liquidity
Corp.
(USD
1
Month
LIBOR
+
0.67%),
0.78%,
08/25/70 (b)
1,650,000
1,159,600
MMAF
Equipment
Finance,
LLC,
2.84%,
11/13/23 (a)
1,179,542
840,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.67%,
10/15/31 (a)(b)
854,139
Principal
Amount
Security
Description
Value
$
1,600,000
NMEF
Funding,
LLC,
0.81%,
12/15/27 (a)
$
1,599,747
1,236,389
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51 (a)
1,238,755
1,642,491
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (a)
1,658,404
359,409
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.82%,
12/24/33 (a)(b)
355,491
89,832
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
0.65%,
12/24/33 (a)(b)
88,884
875,000
Progress
Residential
Trust,
2.69%,
10/17/36 (a)
895,731
1,755,000
Progress
Residential
Trust,
1.05%,
04/17/38 (a)
1,721,883
1,201,995
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.18%,
10/25/21 (b)
1,197,917
1,054,623
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.83%,
07/25/22 (b)
1,064,139
615,033
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.70%),
1.88%,
07/25/23 (b)
620,869
762,946
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.68%,
04/25/23 (b)
769,388
1,187,158
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (a)
1,217,014
282,489
SoFi
Consumer
Loan
Program
Trust,
2.02%,
01/25/29 (a)
284,813
1,065,000
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43 (a)
1,064,439
1,078,298
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
1,112,373
912,110
Sofi
Professional
Loan
Program,
LLC
(USD
1
Month
LIBOR
+
1.20%),
1.29%,
06/25/33 (a)(b)
917,753
1,118,283
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
1,183,811
464,102
Toyota
Auto
Receivables
Owner
Trust,
1.67%,
11/15/22
465,136
2,390,000
UNIFY
Auto
Receivables
Trust,
0.98%,
07/15/26 (a)
2,387,405
1,420,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (a)
1,423,772
45,176,761
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
2
Principal
Amount
Security
Description
Value
Non-Agency
Commercial
Mortgage
Backed
Securities
-
12.3%
$
1,630,000
BANK
2019-BNK16,
3.93%,
02/15/52
$
1,727,977
1,840,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,933,257
1,615,000
BPR
Trust
(USD
1
Month
LIBOR
+
1.25%),
1.32%,
02/15/29 (a)(b)
1,615,000
1,277,135
BX
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
1.00%),
1.07%,
11/15/32 (a)(b)
1,281,136
510,000
BX
Trust
(USD
1
Month
LIBOR
+
0.70%),
0.77%,
01/15/34 (a)(b)
510,913
900,000
Cantor
Commercial
Real
Estate
Lending,
3.62%,
04/15/24
958,298
1,166,000
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
1,249,650
934,897
Citigroup
Commercial
Mortgage
Trust,
3.85%,
11/10/46
985,996
1,555,963
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.90%,
09/10/45 (a)(c)
21,678
942,808
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.15%,
03/10/46 (c)
8,051
382,482
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
395,957
1,265,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.00%,
11/15/36 (a)(b)
1,266,176
1,600,000
GCT
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.87%,
02/15/38 (a)(b)
1,601,904
890,809
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.63%,
08/10/44 (a)(c)
9
792,546
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(c)
796,495
633,098
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/15/49
669,202
430,141
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
438,511
1,156,105
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
1,196,750
1,976,519
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
1,974,631
2,200,000
KKR
Industrial
Portfolio
Trust
(USD
1
Month
LIBOR
+
0.55%),
0.62%,
12/15/37 (a)(b)
2,200,679
1,000,000
MHC
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.87%,
04/15/38 (a)(b)
1,000,626
1,217,803
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
3.25%,
12/15/47
1,279,327
Principal
Amount
Security
Description
Value
$
1,211,201
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Interest
Only
REMIC,
1.10%,
12/15/48 (c)
$
12,665
829,750
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
862,018
1,012,502
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (a)(c)
1,016,539
1,026,437
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41 (a)(c)
1,029,293
1,450,000
VASA
Trust
(USD
1
Month
LIBOR
+
0.90%),
0.97%,
07/15/39 (a)(b)
1,450,434
1,422,442
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (a)(c)
1,417,373
227,741
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
229,479
29,130,024
Non-Agency
Residential
Mortgage
Backed
Securities
-
12.8%
241,158
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
0.96%,
12/25/33 (a)(b)
239,257
1,044,806
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.42%,
05/28/44 (b)
1,045,747
48,991
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.20%,
04/28/39 (b)
48,999
732,777
BRAVO
Residential
Funding
Trust,
0.77%,
11/25/69 (a)(b)
733,019
1,492,157
BRAVO
Residential
Funding
Trust,
0.77%,
01/25/70 (a)(b)
1,494,212
675,693
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(c)
690,149
519,402
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (a)(c)
495,742
1,935,891
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(c)
1,976,278
921,228
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30 (a)(c)
922,514
1,969,191
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (a)(c)
1,968,394
19
Citicorp
Residential
Mortgage
Trust
REMIC,
4.97%,
07/25/36 (d)
19
1,029,260
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
1,070,088
665,060
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(c)
689,869
70,349
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(c)
74,030
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
3
Principal
Amount
Security
Description
Value
$
1,184
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
$
1,072
384,505
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(c)
388,909
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
1.22%,
02/25/33 (b)
158,162
97,288
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.88%,
12/25/37 (a)(d)
98,621
281,755
CSMLT
Trust,
3.00%,
10/25/30 (a)(c)
287,023
101,841
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (a)(c)
102,004
1,343,954
Finance
of
America
HECM
Buyout,
0.88%,
02/25/31 (a)(c)
1,344,599
580,451
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
575,758
662,883
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45 (c)
670,636
20,347
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.84%,
05/25/36 (a)(b)
20,338
584,136
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50 (a)(c)
589,838
866,537
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59 (a)(c)
878,541
48,800
JPMorgan
Mortgage
Trust,
3.50%,
01/25/47 (a)(c)
48,794
1,050,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.89%,
11/25/53 (a)(b)
1,051,170
1,420,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.70%),
0.81%,
02/25/55 (a)(b)
1,420,000
1,068,656
MFRA
Trust,
0.85%,
01/25/56 (a)(c)
1,063,937
915,982
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(c)
928,836
454,173
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58 (a)(c)
492,593
40,567
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(c)
43,228
72,928
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(c)
77,122
115,721
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(c)
122,681
Principal
Amount
Security
Description
Value
$
20,103
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.82%,
03/25/35 (b)
$
20,161
1,137,885
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)(c)
1,144,269
30,855
Park
Place
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates
REMIC
(USD
1
Month
LIBOR
+
0.98%),
1.07%,
10/25/34 (b)
31,282
11,679
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.59%,
03/25/22 (b)
10,219
989
Residential
Asset
Securities
Corp.
Trust
REMIC,
3.87%,
05/25/33 (c)
1,053
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
10/25/21
4,900
14,365
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
14,381
294,435
Sequoia
Mortgage
Trust
REMIC,
3.50%,
11/25/46 (a)(c)
295,272
1,660,000
Station
Place
Securitization
Trust
(USD
1
Month
LIBOR
+
0.65%),
0.74%,
01/26/54 (a)(b)
1,660,889
1,815,825
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(c)
1,867,010
1,427,597
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
1,476,627
275,517
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
280,932
565,535
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(c)
575,738
60,157
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (a)(c)
60,287
1,029,919
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(c)
1,045,680
169,014
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(c)
171,368
13,528
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (a)(c)
13,521
30,485,768
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$104,283,816)
104,792,553
Corporate
Bonds
-
34.2%
Communication
Services
-
1.3%
2,364,000
AT&T,
Inc.,
1.70%,
03/25/26
2,388,980
738,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30
704,681
3,093,661
Consumer
Discretionary
-
6.3%
1,320,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
1,331,550
283,000
Dollar
General
Corp.,
3.25%,
04/15/23
295,317
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
4
Principal
Amount
Security
Description
Value
$
1,925,000
Dollar
General
Corp.,
3.88%,
04/15/27
$
2,158,191
380,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (a)
402,800
2,275,000
Lennar
Corp.,
4.50%,
04/30/24
2,488,281
1,261,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31 (a)
1,253,686
324,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
330,480
1,931,000
McDonald's
Corp.,
MTN,
3.70%,
01/30/26
2,145,810
1,390,000
Starbucks
Corp.,
3.10%,
03/01/23
1,449,613
881,000
The
Walt
Disney
Co.,
1.75%,
01/13/26
905,859
824,000
TWDC
Enterprises
18
Corp.,
2.75%,
08/16/21
826,571
1,439,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
1,513,745
15,101,903
Consumer
Staples
-
1.6%
1,011,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
1,041,670
395,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
454,420
2,205,000
Reckitt
Benckiser
Treasury
Services
PLC,
2.75%,
06/26/24 (a)
2,328,239
3,824,329
Energy
-
0.4%
945,000
Valero
Energy
Corp.,
1.20%,
03/15/24
953,176
Financials
-
10.4%
670,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
710,044
1,965,000
Bank
of
America
Corp.,
2.88%,
04/24/23 (c)
2,005,258
775,000
Bank
of
America
Corp.,
MTN,
3.46%,
03/15/25 (c)
828,308
2,011,000
Citigroup,
Inc.,
2.88%,
07/24/23 (c)
2,062,632
2,155,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
2,385,460
2,195,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (c)
2,167,217
1,035,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
1,072,316
2,003,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (a)
2,152,295
985,000
Morgan
Stanley,
MTN,
2.63%,
11/17/21
993,884
960,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
1,011,661
1,490,000
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,498,996
1,890,000
Regions
Financial
Corp.,
3.80%,
08/14/23
2,015,202
2,810,000
The
Goldman
Sachs
Group,
Inc.,
0.67%,
03/08/24 (c)
2,815,021
Principal
Amount
Security
Description
Value
$
475,000
Truist
Financial
Corp.,
MTN,
3.20%,
09/03/21
$
476,254
2,100,000
Wells
Fargo
&
Co.,
3.75%,
01/24/24
2,258,444
24,452,992
Health
Care
-
1.0%
2,165,000
Agilent
Technologies,
Inc.,
3.88%,
07/15/23
2,298,016
Industrials
-
5.2%
2,310,000
BMW
US
Capital,
LLC,
2.80%,
04/11/26 (a)
2,469,243
2,305,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
2,511,807
1,907,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
1,925,102
1,200,000
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,193,925
1,525,000
TTX
Co.,
3.60%,
01/15/25 (a)
1,665,076
2,453,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
2,647,051
12,412,204
Information
Technology
-
6.7%
1,928,000
eBay,
Inc.,
2.75%,
01/30/23
1,995,166
250,000
eBay,
Inc.,
3.45%,
08/01/24
268,628
2,265,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
2,512,629
2,290,000
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.,
2.70%,
05/01/25 (a)
2,415,083
995,000
Oracle
Corp.,
3.40%,
07/08/24
1,066,608
2,549,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
2,619,097
2,610,000
TSMC
Global,
Ltd.,
0.75%,
09/28/25 (a)
2,552,684
2,310,000
Xilinx,
Inc.,
2.95%,
06/01/24
2,441,822
15,871,717
Materials
-
0.9%
2,047,000
Albemarle
Corp.,
4.15%,
12/01/24
2,239,608
Utilities
-
0.4%
880,000
Berkshire
Hathaway
Energy
Co.,
3.75%,
11/15/23
940,116
Total
Corporate
Bonds
(Cost
$79,834,774)
81,187,722
Government
&
Agency
Obligations
-
18.5%
GOVERNMENT
SECURITIES
-
14.4%
Municipals
-
1.7%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
501,024
550,000
County
of
El
Paso
CO,
Colorado
RB,
1.20%,
06/01/25
552,629
250,000
Douglas
County
School
District
No.
17/
NE,
Nebraska
GO,
1.23%,
06/15/25
251,694
240,000
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
236,541
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
5
Principal
Amount
Security
Description
Value
$
370,000
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.,
Indiana,
1.58%,
11/01/24
$
375,537
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,415,832
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
235,108
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
168,981
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
166,595
3,903,941
Treasury
Inflation
Index
Securities
-
0.6%
1,381,888
U.S.
Treasury
Inflation
Indexed
Bonds,
0.13%,
04/15/22 (e)
1,419,241
U.S.
Treasury
Securities
-
12.1%
13,745,000
U.S.
Treasury
Note,
1.63%,
11/15/22
14,022,048
12,830,000
U.S.
Treasury
Note,
2.75%,
11/15/23
13,566,221
1,090,000
U.S.
Treasury
Note,
2.13%,
05/15/25
1,150,929
28,739,198
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
4.1%
Federal
Home
Loan
Mortgage
Corp.
-
2.2%
459,204
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
463,644
723,869
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (d)
750,512
1,500,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,540,107
452,711
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
76,454
208,519
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
15,726
153,830
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
20,332
82,605
Federal
Home
Loan
Mortgage
Corp.
REMIC,
2.25%,
03/15/30
83,532
215,583
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
09/15/37
218,700
527,296
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
545,693
73,881,584
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (a)
199
333,677
FRESB
Multifamily
Mortgage
Pass-
Through
Trust,
2.16%,
04/25/22 (c)
334,368
1,125,613
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (c)
1,174,968
5,224,235
Principal
Amount
Security
Description
Value
Federal
National
Mortgage
Association
-
0.5%
$
190,462
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
$
200,258
713,163
Federal
National
Mortgage
Association
Interest
Only,
0.86%,
02/25/22 (c)
951
930,239
Federal
National
Mortgage
Association
Interest
Only,
0.30%,
01/25/22 (c)
1,149
1,517,739
Federal
National
Mortgage
Association
Interest
Only,
0.50%,
07/25/22 (c)
3,172
374,482
Federal
National
Mortgage
Association
Interest
Only,
2.71%,
01/25/39 (c)
18,319
619,208
Federal
National
Mortgage
Association
REMIC,
4.00%,
08/25/42
635,045
14,886
Federal
National
Mortgage
Association
REMIC,
4.00%,
02/25/26
15,123
154,294
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
161,112
174,559
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
179,215
1,214,344
Government
National
Mortgage
Association
-
1.4%
1,381,166
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,382,823
121,351
Government
National
Mortgage
Association
#559205,
7.25%,
09/15/31
121,496
161,509
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
161,703
111,133
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
111,267
344,674
Government
National
Mortgage
Association
#632798,
5.13%,
11/15/34
345,088
615,613
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
688,457
369,265
Government
National
Mortgage
Association
REMIC,
3.25%,
11/16/52 (c)
380,515
405
Government
National
Mortgage
Association
REMIC
#751404,
5.20%,
06/20/61 (c)
405
3,191,754
Total
Government
&
Agency
Obligations
(Cost
$42,879,861)
43,692,713
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2021
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
07/30/21),
8.85% (c)(f)
$
542,300
Total
Preferred
Stocks
(Cost
$564,327)
542,300
Short-Term
Investments
-
2.8%
Investment
Company
-
2.8%
6,743,671
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.01% (g)
6,743,671
Total
Short-Term
Investments
(Cost
$6,743,671)
6,743,671
Investments,
at
value
-
99.8%
(Cost
$234,306,449)
236,958,959
Other
assets
in
excess
of
liabilities
-
0.2%
513,597
NET
ASSETS
-
100.0%
$
237,472,556
(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
June
30,
2021,
the
aggregate
value
of
these
liquid
securities
were
$104,192,658
or
43.9%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2021.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2021.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2021.
(e)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(f)
Perpetual
maturity
security.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2021.
ABS
Asset
Backed
Security
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
INCOME
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
7
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
27.5%
Asset
Backed
Securities
-
8.9%
$
1,250,000
ARM
Master
Trust,
2.43%,
11/15/27
(a)
$
1,249,972
840,000
CF
Hippolyta,
LLC,
1.53%,
03/15/61
(a)
845,610
1,115,247
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52
(a)
1,103,520
1,406,612
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53
(a)
1,393,178
758,445
EDvesti
nU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45
(a)
760,055
575,000
Freed
ABS
Trust,
5.50%,
06/18/27
(a)
592,257
1,100,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.67%,
10/15/31
(a)(b)
1,118,515
1,005,000
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62
(a)
1,005,161
328,092
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.82%,
12/24/33
(a)(b)
324,516
814,000
Progress
Residential
Trust,
1.52%,
07/17/38
(a)
813,986
435,000
Sabey
Data
Center
Issuer,
LLC,
1.88%,
06/20/46
(a)
435,000
973,446
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.18%,
10/25/21
(b)
970,144
1,426,566
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.83%,
07/25/22
(b)
1,439,437
354,153
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.68%,
04/25/23
(b)
357,143
696,810
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31
(a)
714,334
339,401
Social
Professional
Loan
Program,
2.34%,
04/25/33
(a)
345,241
182,124
Social
Professional
Loan
Program,
2.49%,
01/25/36
(a)
183,745
664,133
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44
(a)
703,050
595,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46
(a)
597,411
1,418,606
Tricon
American
Homes
Trust,
1.48%,
11/17/39
(a)
1,400,358
1,632,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45
(a)
1,636,336
17,988,969
Principal
Amount
Security
Description
Value
Non-Agency
Commercial
Mortgage
Backed
Securities
-
7.5%
$
1,200,000
American
Tower
Trust
#1,
3.07%,
03/15/23
(a)
$
1,205,837
905,000
BANK
2019-BNK16,
3.90%,
02/15/52
1,009,545
960,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
1,079,250
20,685
CFCRE
Commercial
Mortgage
Trust
REMIC,
3.83%,
12/15/47
20,673
2,361,929
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.90%,
09/10/45
(a)(c)
32,906
942,808
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.15%,
03/10/46
(c)
8,051
1,620,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.00%,
11/15/36
(a)(b)
1,621,506
975,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
1,019,263
1,349,288
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.63%,
08/10/44
(a)(c)
14
1,575,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39
(a)
1,714,483
1,325,000
MHC
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.85%),
0.92%,
05/15/23
(a)(b)
1,327,513
975,000
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
1,041,934
1,068,752
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35
(a)(c)
1,073,014
791,823
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41
(a)(c)
794,026
830,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
931,290
1,575,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
1,708,628
748,317
Wells
Fargo
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.89%,
10/15/45
(a)(c)
11,509
173,684
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
175,010
2,507,099
Wells
Fargo-RBS
Commercial
Mortgage
Trust
Interest
Only
REMIC,
2.03%,
11/15/45
(a)(c)
41,326
318,189
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.63%,
03/15/45
323,090
15,138,868
Non-Agency
Residential
Mortgage
Backed
Securities
-
11.1%
285,441
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
0.96%,
12/25/33
(a)(b)
283,191
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
INCOME
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
8
Principal
Amount
Security
Description
Value
$
569,185
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.42%,
05/28/44
(b)
$
569,698
54,870
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.20%,
04/28/39
(b)
54,879
982,521
BRAVO
Residential
Funding
Trust,
0.77%,
11/25/69
(a)(b)
982,846
1,444,432
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63
(a)(c)
1,378,634
1,139,967
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30
(a)(c)
1,141,559
23
Citicorp
Residential
Mortgage
Trust
REMIC,
4.97%,
07/25/36
(d)
23
712,907
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53
(a)
741,187
717,646
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66
(a)(c)
744,417
485,578
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35
(a)(c)
510,986
128,405
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
134,486
23,042
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
23,684
1,184
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
1,072
1,061,271
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47
(a)(c)
1,117,654
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
1.22%,
02/25/33
(b)
158,162
87,048
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.88%,
12/25/37
(a)(d)
88,240
270,918
CSMLT
Trust,
3.00%,
10/25/30
(a)(c)
275,983
83,160
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48
(a)(c)
83,293
877,872
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
870,775
960,000
Flagstar
Mortgage
Trust,
2.50%,
07/25/48
(a)(c)
980,147
835,333
Flagstar
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
856,738
691,548
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45
(c)
699,636
14,667
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.84%,
05/25/36
(a)(b)
14,661
Principal
Amount
Security
Description
Value
$
222,528
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50
(a)(c)
$
224,700
455,865
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59
(a)(c)
462,180
1,340,898
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51
(a)(c)
1,376,583
575,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
0.89%,
11/25/53
(a)(b)
575,641
187,095
Mill
City
Mortgage
Loan
Trust,
2.75%,
11/25/58
(a)(c)
189,058
535,962
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57
(a)(c)
573,995
397,189
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59
(a)(c)
418,925
223,747
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54
(a)(c)
238,425
185,634
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52
(a)(c)
196,310
412,409
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55
(a)(c)
437,214
23,836
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.82%,
03/25/35
(b)
23,905
1,744,273
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
1,786,158
1,050,491
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
1,076,384
13,711
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.59%,
03/25/22
(b)
11,997
48,377
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
48,429
1,051,152
Sequoia
Mortgage
Trust,
2.50%,
06/25/51
(a)(c)
1,074,817
512,451
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30
(a)(c)
524,356
1,029,888
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58
(a)(c)
1,065,259
73,880
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55
(a)(c)
74,040
276,751
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56
(a)(c)
280,986
235,833
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57
(a)(c)
239,118
26,187
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47
(a)(c)
26,175
22,636,606
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$55,043,135)
55,764,443
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
INCOME
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
9
Principal
Amount
Security
Description
Value
Corporate
Bonds
-
34.5%
Communication
Services
-
2.1%
$
1,700,000
Alphabet,
Inc.,
2.25%,
08/15/60
$
1,499,226
1,180,000
AT&T,
Inc.,
5.15%,
03/15/42
1,479,231
1,224,000
Verizon
Communications,
Inc.,
4.27%,
01/15/36
1,456,346
4,434,803
Consumer
Discretionary
-
7.7%
1,130,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
1,139,888
690,000
Comcast
Corp.,
4.15%,
10/15/28
798,714
620,000
Comcast
Corp.,
Class
A,
3.30%,
02/01/27
681,334
1,340,000
Dollar
General
Corp.,
3.50%,
04/03/30
1,472,089
700,000
Hanesbrands,
Inc.,
4.63%,
05/15/24
(a)
742,000
1,450,000
Lennar
Corp.,
4.50%,
04/30/24
1,585,938
1,265,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(a)
1,257,663
312,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
318,240
1,365,000
McDonald's
Corp.,
3.63%,
09/01/49
1,512,607
615,000
Newell
Brands,
Inc.,
4.00%,
06/15/22
626,685
410,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
457,199
1,235,000
NIKE,
Inc.,
3.88%,
11/01/45
1,482,683
775,000
Starbucks
Corp.,
2.00%,
03/12/27
796,058
1,242,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,491,778
1,130,000
Whirlpool
Corp.,
4.70%,
06/01/22
1,173,833
15,536,709
Consumer
Staples
-
1.3%
800,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
824,269
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28
(a)
609,728
1,040,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27
(a)
1,125,133
2,559,130
Financials
-
9.0%
1,235,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
1,308,812
1,275,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27
(c)
1,396,410
1,375,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
1,392,507
1,308,000
Citigroup,
Inc.,
3.89%,
01/10/28
(c)
1,455,733
1,489,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,476,013
1,420,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30
(c)
1,486,181
1,050,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,087,185
785,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24
(a)
843,510
1,295,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29
(c)
1,453,414
Principal
Amount
Security
Description
Value
$
400,000
Regions
Financial
Corp.,
3.80%,
08/14/23
$
426,498
350,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
387,045
947,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,334,368
1,300,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
1,432,487
1,290,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49
(c)(e)
1,454,475
1,325,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
1,424,716
18,359,354
Health
Care
-
0.5%
934,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
1,017,078
Industrials
-
5.0%
1,509,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
1,492,961
1,430,000
BMW
Finance
NV,
2.85%,
08/14/29
(a)
1,529,468
1,160,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,482,071
1,397,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,524,983
1,197,000
Raytheon
Technologies
Corp.,
4.88%,
10/15/40
1,514,057
815,000
TTX
Co.,
4.60%,
02/01/49
(a)
1,042,796
1,368,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25
(a)
1,476,219
10,062,555
Information
Technology
-
6.1%
655,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
647,732
1,333,000
eBay,
Inc.,
3.60%,
06/05/27
1,480,710
1,411,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
1,565,262
1,340,000
NVIDIA
Corp.,
3.50%,
04/01/50
1,512,722
1,175,000
Oracle
Corp.,
2.30%,
03/25/28
1,205,558
1,185,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,496,128
1,500,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
1,541,250
1,488,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30
(a)
1,403,333
1,465,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,489,185
12,341,880
Materials
-
1.4%
1,211,000
Albemarle
Corp.,
5.45%,
12/01/44
1,531,121
959,000
The
Mosaic
Co.,
5.45%,
11/15/33
1,200,724
2,731,845
Real
Estate
-
0.7%
1,255,000
National
Retail
Properties,
Inc.,
4.30%,
10/15/28
1,420,868
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
INCOME
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
10
Principal
Amount
Security
Description
Value
Utilities
-
0.7%
$
1,039,000
PacifiCorp,
6.25%,
10/15/37
$
1,479,034
Total
Corporate
Bonds
(Cost
$65,351,248)
69,943,256
Government
&
Agency
Obligations
-
36.8%
GOVERNMENT
SECURITIES
-
11.9%
Municipals
-
1.9%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
501,024
350,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
1.75%,
09/01/32
342,116
190,792
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
196,019
285,000
Kearney
School
District,
Nebraska
GO,
1.38%,
12/15/28
278,668
530,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
681,591
340,000
New
York
City
Water
&
Sewer
System,
New
York
RB,
5.72%,
06/15/42
509,754
290,000
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
361,790
125,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.71%,
12/01/30
122,813
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
280,855
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
595,737
3,870,367
Treasury
Inflation
Index
Securities
-
0.9%
1,519,455
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28
(f)
1,810,060
U.S.
Treasury
Securities
-
9.1%
6,940,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
8,938,503
2,340,000
U.S.
Treasury
Note,
2.13%,
05/15/25
2,470,802
1,580,000
U.S.
Treasury
Note,
2.25%,
02/15/27
1,688,687
5,525,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
5,427,881
18,525,873
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
24.9%
Federal
Home
Loan
Mortgage
Corp.
-
12.3%
740,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
863,831
1,694,224
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
1,710,497
660,354
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
722,096
16,353
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
17,483
Principal
Amount
Security
Description
Value
$
760,729
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
$
801,390
248,671
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
271,201
219,556
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
239,468
1,349,794
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
1,438,596
480,723
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
536,279
531,302
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
580,401
1,045,532
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
1,151,126
1,114,365
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
188,194
254,632
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
274,898
293,492
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
10/15/41
297,361
33,494
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
33,600
168,880
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
174,773
184,130
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
04/15/41
188,903
90,870
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
92,250
283,420
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
07/15/42
288,190
942,592
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
01/15/55
969,433
232,453
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/43
239,175
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
1,041,771
78,713,309
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44
(a)
212
414,455
FRESB
Mortgage
Trust,
3.70%,
10/25/28
(c)
444,954
1,028,929
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56
(d)
1,075,864
595,412
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
05/25/57
(d)
622,974
889,171
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
988,121
511,642
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57
(c)
534,077
1,453,686
Seasoned
Credit
Risk
Transfer
Trust,
3.50%,
03/25/58
1,528,390
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
INCOME
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
11
Principal
Amount
Security
Description
Value
$
884,407
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
08/25/59
$
900,120
1,190,864
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
1,243,202
880,149
Seasoned
Credit
Risk
Transfer
Trust,
2.00%,
05/25/60
890,304
543,295
Seasoned
Credit
Risk
Transfer
Trust,
3.25%,
07/25/56
(d)
572,759
1,185,459
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
1,210,085
733,607
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
752,875
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,591,769
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
530,906
25,007,528
Federal
National
Mortgage
Association
-
10.9%
5,322
Federal
National
Mortgage
Association
#679256,
7.50%,
08/01/22
5,368
122,338
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
139,823
97,525
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
107,509
13,955
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
15,568
11,054
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
11,740
92,404
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
103,083
495,477
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
528,075
20,558
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
21,843
208,007
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
233,923
37,148
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
44,084
439,890
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
485,854
137,896
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
153,486
21,432
Federal
National
Mortgage
Association
#AL5404,
3.98%,
08/01/21
(c)
21,495
492,842
Federal
National
Mortgage
Association
#AL9970,
3.42%,
02/01/27
(c)
513,263
2,098,881
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
2,344,168
1,278,292
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,416,603
469,129
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
512,656
Principal
Amount
Security
Description
Value
$
669,216
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
$
743,668
943,042
Federal
National
Mortgage
Association
#AS3909,
4.00%,
11/01/44
1,031,899
500,229
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
533,571
996,125
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
1,077,589
811,028
Federal
National
Mortgage
Association
#BH9216,
4.00%,
01/01/48
886,206
565,481
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
596,988
559,948
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
606,654
279,102
Federal
National
Mortgage
Association
#MA3384,
4.00%,
06/01/48
297,918
557,328
Federal
National
Mortgage
Association
Interest
Only,
0.86%,
02/25/22
(c)
743
2,192,290
Federal
National
Mortgage
Association
Interest
Only,
0.50%,
07/25/22
(c)
4,582
581,642
Federal
National
Mortgage
Association
Interest
Only,
2.71%,
01/25/39
(c)
28,453
1,975,000
Federal
National
Mortgage
Association
Interest
Only
#AM7762,
3.49%,
01/01/35
2,166,190
710,000
Federal
National
Mortgage
Association
REMIC,
3.50%,
12/25/37
732,641
1,404,779
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
1,502,765
582,933
Federal
National
Mortgage
Association
REMIC,
4.15%,
04/25/29
(c)
643,473
139,508
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
145,672
243,301
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
268,681
145,790
Federal
National
Mortgage
Association
REMIC,
5.00%,
02/25/32
163,518
357,051
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
366,575
132,201
Federal
National
Mortgage
Association
REMIC,
1.50%,
01/25/40
132,444
599,885
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/43
616,061
763,814
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/45
790,932
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
1,057,542
945,563
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
945,223
21,998,529
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
INCOME
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
12
Principal
Amount
Security
Description
Value
Government
National
Mortgage
Association
-
1.7%
$
694,003
Government
National
Mortgage
Association,
2.85%,
04/16/50
$
710,971
613,006
Government
National
Mortgage
Association,
3.50%,
01/20/69
(c)
653,632
596,966
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
638,679
1,213,946
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
1,357,590
810
Government
National
Mortgage
Association
REMIC
#751404,
5.20%,
06/20/61
(c)
810
3,361,682
Total
Government
&
Agency
Obligations
(Cost
$70,479,450)
74,574,039
Shares
Security
Description
Value
Short-Term
Investments
-
1.6%
Investment
Company
-
1.6%
3,183,439
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.01%
(g)
3,183,439
Total
Short-Term
Investments
(Cost
$3,183,439)
3,183,439
Investments,
at
value
-
100.4%
(Cost
$194,057,272)
203,465,177
Other
liabilities
in
excess
of
assets
-
(0.4)%
(764,028)
NET
ASSETS
-
100.0%
$
202,701,149
(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
June
30,
2021,
the
aggregate
value
of
these
liquid
securities
were
$53,114,301
or
26.2%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2021.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2021.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2021.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2021.
ABS
Asset
Backed
Security
FHLMC
Federal
Home
Loan
Mortgage
Corporation
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
13
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
98.9%
GOVERNMENT
SECURITIES
-
98.0%
Municipals
-
98.0%
Nebraska
-
96.6%
$
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
$
295,878
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
350,035
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
312,743
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
395,030
210,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
210,741
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
185,671
175,000
Cass
County
Sanitary
&
Improvement
District
No.
9,
Nebraska
GO,
2.90%,
05/15/22
177,550
250,000
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
256,722
215,000
City
of
Blair
NE,
Nebraska
GO,
2.15%,
09/15/23
218,127
220,000
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
223,081
55,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
54,379
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
118,210
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
397,763
650,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
832,562
80,000
City
of
Columbus
NE
Sales
Tax
Revenue,
Nebraska
RB,
5.00%,
09/15/23
87,970
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
350,263
150,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
182,879
400,000
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
398,549
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
394,576
Principal
Amount
Security
Description
Value
$
235,000
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
$
246,096
480,000
City
of
Lincoln
NE,
Nebraska
RB,
4.00%,
08/15/26
499,887
375,000
City
of
Lincoln
NE,
Nebraska
RB,
3.55%,
04/01/27
384,374
400,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/30
530,706
250,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
3.13%,
09/01/30
258,586
110,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
116,215
55,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
58,008
350,000
City
of
Norfolk
NE,
Nebraska
GO,
0.65%,
05/15/24
350,316
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
382,771
450,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/31
546,320
200,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
225,449
500,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
01/15/29
614,250
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
694,741
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
05/01/33
234,937
470,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/22
484,403
190,000
City
of
Omaha
NE,
Nebraska
RB,
5.00%,
02/01/26
195,391
355,000
City
of
Omaha
NE,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
437,346
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
5.00%,
04/01/24
225,621
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
4.00%,
04/01/29
246,301
350,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/26
368,398
410,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/27
431,552
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
269,965
275,000
County
of
Buffalo
NE,
Nebraska
GO,
4.00%,
12/15/31
277,114
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
387,051
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
14
Principal
Amount
Security
Description
Value
$
285,000
County
of
Cherry
NE,
Nebraska
GO,
3.00%,
12/15/25
$
308,695
245,000
County
of
Douglas
NE,
Nebraska
RB,
3.00%,
09/01/27
274,303
120,000
County
of
Douglas
NE,
Nebraska
RB,
3.60%,
10/01/27
120,205
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
349,867
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
200,382
265,000
Cuming
County
Public
Power
District
Operation
Round-Up
Fund,
Nebraska
RB,
1.50%,
12/15/25
270,631
260,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/27
323,561
50,000
Douglas
County
Hospital
Authority
No.
1,
Nebraska
RB,
AMBAC,
5.25%,
09/01/21
50,413
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,322,725
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
213,663
220,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
265,503
750,000
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
750,982
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
203,030
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
580,718
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
260,278
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
275,960
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
221,497
85,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.10%,
05/15/30
85,083
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.05%,
05/15/29
100,103
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
795,517
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
819,739
Principal
Amount
Security
Description
Value
$
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
$
322,016
250,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
310,905
665,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/34
767,683
830,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/35
935,714
300,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/28
388,828
350,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/29
454,166
370,000
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
480,712
65,000
Grand
Island
Electric
Department,
Nebraska
RB,
5.00%,
08/15/27
72,483
265,000
Grand
Island
Public
Schools,
Nebraska
GO,
5.00%,
12/15/39
307,850
185,000
Grand
Island
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
188,265
730,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
884,535
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
465,906
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
587,412
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
836,707
760,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
853,122
265,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/25
305,317
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
316,773
550,000
Lancaster
County
Correctional
Facility
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/01/27
699,501
500,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
585,196
765,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/26
873,597
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
331,509
200,000
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
266,809
475,000
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
560,934
225,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/32
228,566
200,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/25
203,170
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
15
Principal
Amount
Security
Description
Value
$
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
$
553,726
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
1,041,448
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
576,467
500,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
560,653
1,000,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/21
1,020,021
180,000
Mid-Plains
Community
College
Area
Facilities
Corp.,
Nebraska
RB,
3.00%,
10/15/25
180,444
1,475,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/30
1,526,484
140,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/31
144,876
210,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
227,036
200,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/26
206,934
540,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/27
558,474
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
521,393
350,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
1.55%,
03/01/23
355,814
500,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
2.00%,
03/01/24
517,462
200,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
236,434
500,000
Nebraska
Public
Power
District,
Nebraska
RB,
0.60%,
01/01/51
(a)
503,071
5,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/26
5,112
370,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
378,897
230,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
235,170
1,050,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
1,074,600
540,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/34
552,630
700,000
Nebraska
State
College
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
846,988
Principal
Amount
Security
Description
Value
$
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
$
315,665
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
472,800
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
369,823
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
477,052
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
731,614
785,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/27
928,052
525,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
631,789
1,010,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,162,639
600,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
773,809
270,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/32
347,414
205,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/31
209,627
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
922,170
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
600,773
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
190,560
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
657,480
1,500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
1,656,790
150,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/30
194,979
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
323,527
400,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/30
499,027
245,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/31
305,436
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
367,077
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
918,000
125,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/26
142,377
160,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
160,215
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
16
Principal
Amount
Security
Description
Value
$
30,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
2.45%,
10/15/22
$
30,043
60,000
Sarpy
County
Sanitary
&
Improvement
District
No.
242,
Nebraska
GO,
3.00%,
03/15/27
60,113
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
104,016
90,000
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
90,187
420,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
554,350
220,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/25
263,890
225,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/26
278,273
300,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
343,646
400,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
458,328
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
313,268
500,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/22
520,095
270,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
286,628
200,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/24
227,083
100,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/25
117,644
650,000
University
of
Nebraska,
Nebraska
RB,
4.00%,
07/01/31
760,737
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
582,301
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/25
592,211
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
610,531
400,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
445,788
1,700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
1,914,165
75,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/15/26
76,663
105,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
4.00%,
12/15/28
106,853
450,000
York
County
NE
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
472,133
68,320,833
Principal
Amount
Security
Description
Value
North
Dakota
-
0.7%
$
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
$
530,460
South
Dakota
-
0.7%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
472,353
69,323,646
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
648,445
Total
Government
&
Agency
Obligations
(Cost
$66,926,854)
69,972,091
Shares
Security
Description
Value
Short-Term
Investments
-
0.8%
Investment
Company
-
0.8%
554,740
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.01%
(b)
554,740
Total
Short-Term
Investments
(Cost
$554,740)
554,740
Investments,
at
value
-
99.7%
(Cost
$67,481,594)
70,526,831
Other
assets
in
excess
of
liabilities
-
0.3%
177,338
NET
ASSETS
-
100.0%
$
70,704,169
(a)
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2021.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2021.
AMBAC
American
Municipal
Bond
Assurance
Corporation
COP
Certificate
of
Participation
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
RB
Revenue
Bond
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
BALANCED
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
17
Shares
Security
Description
Value
Common
Stocks
-
64.6%
Communication
Services
-
6.9%
6,975
Activision
Blizzard,
Inc.
$
665,694
942
Alphabet,
Inc.,
Class C (a)
2,360,954
11,500
Comcast
Corp.,
Class A
655,730
4,275
Facebook,
Inc.,
Class A (a)
1,486,460
9,700
Verizon
Communications,
Inc.
543,491
5,712,329
Consumer
Discretionary
-
8.1%
683
Amazon.com,
Inc. (a)
2,349,629
258
Booking
Holdings,
Inc. (a)
564,527
11,000
Gentex
Corp.
363,990
5,190
NIKE,
Inc.,
Class B
801,803
940
O'Reilly
Automotive,
Inc. (a)
532,237
1,010
Pool
Corp.
463,247
3,750
Royal
Caribbean
Cruises,
Ltd. (a)
319,800
2,540
The
Home
Depot,
Inc.
809,981
1,360
Ulta
Beauty,
Inc. (a)
470,247
6,675,461
Consumer
Staples
-
3.5%
4,625
Church
&
Dwight
Co.,
Inc.
394,143
2,580
Constellation
Brands,
Inc.,
Class A
603,436
1,635
Costco
Wholesale
Corp.
646,920
7,030
Lamb
Weston
Holdings,
Inc.
567,040
4,490
Walmart,
Inc.
633,180
2,844,719
Energy
-
2.0%
3,300
Diamondback
Energy,
Inc.
309,837
3,600
EOG
Resources,
Inc.
300,384
7,800
Exxon
Mobil
Corp.
492,024
2,700
Phillips
66
231,714
10,900
Schlumberger
NV
348,909��
1,682,868
Financials
-
7.7%
765
BlackRock,
Inc.
669,352
3,065
Chubb,
Ltd.
487,151
2,055
CME
Group,
Inc.
437,057
12,700
Equitable
Holdings,
Inc.
386,715
5,600
First
American
Financial
Corp.
349,160
6,725
JPMorgan
Chase
&
Co.
1,046,006
21,100
KeyCorp
435,715
7,400
Morgan
Stanley
678,506
4,140
Northern
Trust
Corp.
478,667
5,580
South
State
Corp.
456,221
9,550
U.S.
Bancorp
544,064
8,700
Wells
Fargo
&
Co.
394,023
6,362,637
Health
Care
-
8.0%
5,500
Abbott
Laboratories
637,615
6,300
AMN
Healthcare
Services,
Inc. (a)
610,974
1,230
Biogen,
Inc. (a)
425,912
7,025
Edwards
Lifesciences
Corp. (a)
727,579
Shares
Security
Description
Value
3,225
Eli
Lilly
&
Co.
$
740,202
5,500
Horizon
Therapeutics
PLC (a)
515,020
980
Humana,
Inc.
433,866
5,475
Integer
Holdings
Corp. (a)
515,745
1,804
LHC
Group,
Inc. (a)
361,269
1,680
Thermo
Fisher
Scientific,
Inc.
847,510
4,040
Zoetis,
Inc.
752,894
6,568,586
Industrials
-
6.4%
4,600
AMETEK,
Inc.
614,100
1,400
Cintas
Corp.
534,800
23,700
CSX
Corp.
760,296
8,850
IAA,
Inc. (a)
482,679
6,700
MasTec,
Inc. (a)
710,870
9,537
Raytheon
Technologies
Corp.
813,601
7,900
The
Timken
Co.
636,661
4,950
Waste
Management,
Inc.
693,545
5,246,552
Information
Technology
-
16.6%
1,620
Adobe,
Inc. (a)
948,737
24,935
Apple,
Inc.
3,415,098
1,775
Broadcom,
Inc.
846,391
3,230
CDW
Corp.
564,119
3,010
Citrix
Systems,
Inc.
352,983
3,125
CMC
Materials,
Inc.
471,062
1,835
FleetCor
Technologies,
Inc. (a)
469,870
2,520
Mastercard,
Inc.,
Class A
920,027
4,225
Microchip
Technology,
Inc.
632,652
11,975
Microsoft
Corp.
3,244,027
1,695
NVIDIA
Corp.
1,356,170
1,075
Paycom
Software,
Inc. (a)
390,730
13,611,866
Materials
-
2.4%
7,790
Berry
Global
Group,
Inc. (a)
508,064
4,450
FMC
Corp.
481,490
2,425
Linde
PLC
701,067
11,300
PureCycle
Technologies,
Inc. (a)
267,245
1,957,866
Real
Estate
-
1.8%
1,970
American
Tower
Corp.
REIT
532,176
9,390
First
Industrial
Realty
Trust,
Inc.
REIT
490,439
2,625
Sun
Communities,
Inc.
REIT
449,925
1,472,540
Utilities
-
1.2%
3,575
Atmos
Energy
Corp.
343,593
5,420
NextEra
Energy,
Inc.
397,178
4,100
Southwest
Gas
Holdings,
Inc.
271,379
1,012,150
Total
Common
Stocks
(Cost
$26,659,039)
53,147,574
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
BALANCED
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
18
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
6.3%
Asset
Backed
Securities
-
2.6%
$
125,000
Amur
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (b)
$
125,007
134,110
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (b)(c)
139,721
238,595
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
242,445
75,000
CF
Hippolyta,
LLC,
1.53%,
03/15/61 (b)
75,501
137,899
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
140,088
69,234
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
71,433
81,350
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (b)
81,997
130,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.67%,
10/15/31 (b)(d)
132,188
126,533
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (b)
127,758
74,526
PHEAA
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.10%),
1.25%,
06/25/38 (b)(d)
75,499
60,534
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.82%,
12/24/33 (b)(d)
59,874
120,000
Progress
Residential
Trust,
1.52%,
07/17/38 (b)
119,998
160,077
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.83%,
07/25/22 (d)
161,521
107,202
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (b)
109,898
83,017
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
87,881
70,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46 (b)
70,284
139,863
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (b)
138,063
180,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (b)
180,478
2,139,634
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.5%
375,000
American
Tower
Trust
#1,
3.07%,
03/15/23 (b)
376,824
190,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
199,630
Principal
Amount
Security
Description
Value
$
125,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
$
140,527
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
182,945
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
217,712
218,959
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
226,657
211,934
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
211,732
109,191
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (b)(c)
109,627
75,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
84,153
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
162,726
149,207
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (b)(c)
148,676
2,061,209
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.2%
67,825
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
0.96%,
12/25/33 (b)(d)
67,291
15,677
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.20%,
04/28/39 (d)
15,680
197,867
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (b)(c)
188,854
117,327
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(c)
119,774
116,361
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (b)(c)
116,314
77,333
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(c)
80,217
21,877
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(c)
23,021
139,084
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47 (b)(c)
146,473
9,039
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (b)(c)
9,054
95,942
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
95,167
78,829
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45 (c)
79,751
6,358
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.84%,
05/25/36 (b)(d)
6,356
40,625
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(c)
43,069
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
BALANCED
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
19
Principal
Amount
Security
Description
Value
$
7,084
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (b)(c)
$
7,100
3,400
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (b)(c)
3,398
1,001,519
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$5,122,930)
5,202,362
Corporate
Bonds
-
12.2%
Communication
Services
-
0.9%
348,000
AT&T,
Inc.,
4.30%,
02/15/30
402,227
317,000
Verizon
Communications,
Inc.,
4.33%,
09/21/28
368,842
771,069
Consumer
Discretionary
-
1.6%
140,000
Dollar
General
Corp.,
3.50%,
04/03/30
153,800
166,000
Dollar
General
Corp.,
3.25%,
04/15/23
173,225
100,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (b)
106,000
265,000
McDonald's
Corp.,
2.13%,
03/01/30
267,904
50,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
55,756
50,000
Starbucks
Corp.,
2.00%,
03/12/27
51,359
265,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
278,142
215,000
Whirlpool
Corp.,
4.70%,
06/01/22
223,340
1,309,526
Consumer
Staples
-
0.4%
175,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
180,309
165,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
178,507
358,816
Financials
-
4.0%
250,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (c)
273,806
240,000
Citigroup,
Inc.,
3.89%,
01/10/28 (c)
267,107
395,000
CME
Group,
Inc.,
3.00%,
03/15/25
423,000
270,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
267,645
305,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (c)
301,139
130,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
134,687
110,000
KeyCorp,
MTN,
2.25%,
04/06/27
113,896
120,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (b)
128,944
230,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29 (c)
258,135
70,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
73,767
245,000
Regions
Financial
Corp.,
3.80%,
08/14/23
261,230
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
243,285
Principal
Amount
Security
Description
Value
$
230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (c)(e)
$
259,325
270,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
290,320
3,296,286
Health
Care
-
0.4%
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
122,276
132,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
143,741
266,017
Industrials
-
2.2%
255,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
252,290
250,000
BMW
Finance
NV,
2.85%,
08/14/29 (b)
267,389
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
283,819
150,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
151,424
170,000
TTX
Co.,
3.60%,
01/15/25 (b)
185,615
235,000
Union
Pacific
Corp.,
3.95%,
09/10/28
269,468
250,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (b)
269,777
250,000
Waste
Management,
Inc.,
1.50%,
03/15/31
236,557
1,916,339
Information
Technology
-
2.4%
245,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
242,282
215,000
eBay,
Inc.,
3.60%,
06/05/27
238,824
135,000
NVIDIA
Corp.,
2.85%,
04/01/30
146,134
200,000
Oracle
Corp.,
3.40%,
07/08/24
214,394
293,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
299,452
250,000
Telefonaktiebolaget
LM
Ericsson,
4.13%,
05/15/22
256,875
210,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30 (b)
198,051
310,000
Xilinx,
Inc.,
2.38%,
06/01/30
315,118
1,911,130
Materials
-
0.3%
209,000
Albemarle
Corp.,
4.15%,
12/01/24
228,665
Total
Corporate
Bonds
(Cost
$9,628,001)
10,057,848
Government
&
Agency
Obligations
-
12.6%
GOVERNMENT
SECURITIES
-
11.3%
Municipals
-
0.8%
350,000
California
State
University,
California
RB,
5.45%,
11/01/22
373,975
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
121,047
50,000
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
50,160
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
BALANCED
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
20
Principal
Amount
Security
Description
Value
$
100,000
Vista
Community
Development
Commission,
California
Tax
Allocation
Bond,
7.61%,
09/01/21
$
100,573
645,755
Treasury
Inflation
Index
Securities
-
1.0%
239,866
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
284,988
483,141
U.S.
Treasury
Inflation
Indexed
Note,
0.13%,
01/15/22 (f)
494,648
779,636
U.S.
Treasury
Securities
-
9.5%
2,110,000
U.S.
Treasury
Note,
1.63%,
11/15/22
2,152,529
3,350,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,537,260
1,765,000
U.S.
Treasury
Note,
2.25%,
02/15/27
1,886,413
255,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
257,520
7,833,722
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.3%
Federal
Home
Loan
Mortgage
Corp.
-
0.9%
199,908
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
201,829
133,758
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (g)
138,682
74,217
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
78,184
5,405
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
5,422
57,103
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
59,096
9,721,261
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (b)
26
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
252,996
736,235
Federal
National
Mortgage
Association
-
0.2%
34,540
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
36,900
87,440
Federal
National
Mortgage
Association
REMIC,
4.15%,
04/25/29 (c)
96,521
54,219
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
55,665
189,086
Government
National
Mortgage
Association
-
0.2%
103,740
Government
National
Mortgage
Association,
3.50%,
01/20/69 (c)
110,614
Total
Government
&
Agency
Obligations
(Cost
$9,823,503)
10,295,048
Shares
Security
Description
Value
Short-Term
Investments
-
4.4%
Investment
Company
-
4.4%
3,595,309
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.01% (h)
$
3,595,309
Total
Short-Term
Investments
(Cost
$3,595,309)
3,595,309
Investments,
at
value
-
100.1%
(Cost
$54,828,782)
82,298,141
Other
liabilities
in
excess
of
assets
-
(0.1)%
(83,644)
NET
ASSETS
-
100.0%
$
82,214,497
(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
June
30,
2021,
the
aggregate
value
of
these
liquid
securities
were
$5,414,571
or
6.6%
of
net
assets.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2021.
(d)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2021.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2021.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2021.
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
GROWTH
OPPORTUNITIES
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
21
Shares
Security
Description
Value
Common
Stocks
-
98.8%
Communication
Services
-
5.4%
59,000
Altice
USA,
Inc.,
Class A (a)
$
2,014,260
13,750
IAC/InterActiveCorp (a)
2,119,837
6,500
Spotify
Technology
SA (a)
1,791,335
22,323
Vimeo,
Inc. (a)
1,093,827
210,600
Zynga,
Inc. (a)
2,238,678
9,257,937
Consumer
Discretionary
-
14.9%
7,500
Burlington
Stores,
Inc. (a)
2,414,925
5,600
Domino's
Pizza,
Inc.
2,612,344
18,000
DR
Horton,
Inc.
1,626,660
9,310
Five
Below,
Inc. (a)
1,799,344
17,400
Floor
&
Decor
Holdings,
Inc.,
Class A (a)
1,839,180
7,700
Hilton
Worldwide
Holdings,
Inc. (a)
928,774
5,600
Lululemon
Athletica
,
Inc. (a)
2,043,832
18,900
Ollie's
Bargain
Outlet
Holdings,
Inc. (a)
1,590,057
3,300
O'Reilly
Automotive,
Inc. (a)
1,868,493
17,700
Planet
Fitness,
Inc.,
Class A (a)
1,331,925
4,300
Pool
Corp.
1,972,238
15,500
Restaurant
Brands
International,
Inc.
998,820
39,400
Stitch
Fix,
Inc.,
Class A (a)
2,375,820
21,200
YETI
Holdings,
Inc. (a)
1,946,584
25,348,996
Consumer
Staples
-
2.0%
22,000
Church
&
Dwight
Co.,
Inc.
1,874,840
6,700
Post
Holdings,
Inc. (a)
726,749
21,400
The
Kroger
Co.
819,834
3,421,423
Energy
-
1.1%
20,000
Diamondback
Energy,
Inc.
1,877,800
Financials
-
6.0%
7,200
eHealth,
Inc. (a)
420,480
66,000
Equitable
Holdings,
Inc.
2,009,700
15,000
LPL
Financial
Holdings,
Inc.
2,024,700
1,640
MarketAxess
Holdings,
Inc.
760,288
5,100
MSCI,
Inc.
2,718,708
36,700
OneMain
Holdings,
Inc.
2,198,697
10,132,573
Health
Care
-
17.4%
65,600
AdaptHealth
Corp. (a)
1,798,096
15,000
Alexion
Pharmaceuticals,
Inc. (a)
2,755,650
6,000
Bio-
Techne
Corp.
2,701,560
31,300
Horizon
Therapeutics
PLC (a)
2,930,932
5,600
IDEXX
Laboratories,
Inc. (a)
3,536,680
15,000
Incyte
Corp. (a)
1,261,950
6,100
Insulet
Corp. (a)
1,674,511
9,400
LHC
Group,
Inc. (a)
1,882,444
Shares
Security
Description
Value
40,900
Maravai
LifeSciences
Holdings,
Inc. (a)
$
1,706,757
4,600
Masimo
Corp. (a)
1,115,270
700
Quidel
Corp. (a)
89,684
1,400
Sage
Therapeutics,
Inc. (a)
79,534
6,300
Seagen
,
Inc. (a)
994,644
4,825
Teladoc
Health,
Inc. (a)
802,349
4,700
Teleflex,
Inc.
1,888,413
4,100
The
Cooper
Cos.,
Inc.
1,624,707
8,700
Veeva
Systems,
Inc.,
Class A (a)
2,705,265
29,548,446
Industrials
-
13.6%
13,200
AMETEK,
Inc.
1,762,200
4,200
Cintas
Corp.
1,604,400
28,500
CoStar
Group,
Inc. (a)
2,360,370
11,400
Dover
Corp.
1,716,840
30,000
IAA,
Inc. (a)
1,636,200
21,800
ITT,
Inc.
1,996,662
10,500
Old
Dominion
Freight
Line,
Inc.
2,664,900
19,100
Quanta
Services,
Inc.
1,729,887
1,830
TransDigm
Group,
Inc. (a)
1,184,541
24,500
TransUnion
2,690,345
23,600
Trex
Co.,
Inc. (a)
2,412,156
9,300
XPO
Logistics,
Inc. (a)
1,300,977
23,059,478
Information
Technology
-
34.6%
12,000
Broadridge
Financial
Solutions,
Inc.
1,938,360
7,970
CDW
Corp.
1,391,961
13,000
DocuSign,
Inc. (a)
3,634,410
73,000
Dropbox,
Inc.,
Class A (a)
2,212,630
47,800
Dynatrace
,
Inc. (a)
2,792,476
6,300
EPAM
Systems,
Inc. (a)
3,219,048
4,680
Fair
Isaac
Corp. (a)
2,352,542
9,800
FleetCor
Technologies,
Inc. (a)
2,509,388
9,800
Fortinet,
Inc. (a)
2,334,262
10,200
KLA
Corp.
3,306,942
36,200
LivePerson
,
Inc. (a)
2,289,288
15,200
Microchip
Technology,
Inc.
2,276,048
13,600
MKS
Instruments,
Inc.
2,420,120
4,800
Monolithic
Power
Systems,
Inc.
1,792,560
6,700
Palo
Alto
Networks,
Inc. (a)
2,486,035
5,650
Paychex,
Inc.
606,245
7,400
Paycom
Software,
Inc. (a)
2,689,678
86,700
Pure
Storage,
Inc.,
Class A (a)
1,693,251
10,250
RingCentral,
Inc.,
Class A (a)
2,978,445
41,300
Smartsheet
,
Inc.,
Class A (a)
2,986,816
2,370
SolarEdge
Technologies,
Inc. (a)
654,997
7,000
Splunk
,
Inc. (a)
1,012,060
10,000
Synopsys,
Inc. (a)
2,757,900
45,500
Tenable
Holdings,
Inc. (a)
1,881,425
5,700
Twilio
,
Inc. (a)
2,246,712
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
GROWTH
OPPORTUNITIES
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
22
Shares
Security
Description
Value
4,500
Zebra
Technologies
Corp. (a)
$
2,382,705
58,846,304
Materials
-
2.5%
20,900
Ball
Corp.
1,693,318
31,200
Berry
Global
Group,
Inc. (a)
2,034,864
5,100
FMC
Corp.
551,820
4,280,002
Real
Estate
-
1.3%
27,100
Americold
Realty
Trust
REIT
1,025,735
6,800
Sun
Communities,
Inc.
REIT
1,165,520
2,191,255
Total
Common
Stocks
(Cost
$108,814,613)
167,964,214
Shares
Security
Description
Value
Short-Term
Investments
-
1.2%
Investment
Company
-
1.2%
2,000,257
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.01% (b)
2,000,257
Total
Short-Term
Investments
(Cost
$2,000,257)
2,000,257
Investments,
at
value
-
100.0%
(Cost
$110,814,870)
169,964,471
Other
liabilities
in
excess
of
assets
-
0.0%
(43,590)
NET
ASSETS
-
100.0%
$
169,920,881
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2021.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SMALL/MID
CAP
FUND
Quarterly
Report
2021
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
23
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2021.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
99.0%
Communication
Services
-
2.8%
869
Nexstar
Media
Group,
Inc.,
Class A
$
128,508
Consumer
Discretionary
-
13.0%
384
Burlington
Stores,
Inc.
(a)
123,644
995
Dorman
Products,
Inc.
(a)
103,152
2,806
G-III
Apparel
Group,
Ltd.
(a)
92,205
465
LGI
Homes,
Inc.
(a)
75,302
1,026
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
86,317
595
Tractor
Supply
Co.
110,706
591,326
Consumer
Staples
-
4.2%
362
Casey's
General
Stores,
Inc.
70,459
298
Coca-Cola
Consolidated,
Inc.
119,835
190,294
Energy
-
2.2%
3,780
CNX
Resources
Corp.
(a)
51,635
300
Pioneer
Natural
Resources
Co.
48,756
100,391
Financials
-
15.1%
838
Arthur
J
Gallagher
&
Co.
117,387
820
Cullen/Frost
Bankers,
Inc.
91,840
70
Markel
Corp.
(a)
83,070
1,052
Selective
Insurance
Group,
Inc.
85,370
1,096
South
State
Corp.
89,609
1,506
Stifel
Financial
Corp.
97,679
747
UMB
Financial
Corp.
69,516
1,441
United
Bankshares
,
Inc.
52,596
687,067
Health
Care
-
14.6%
1,342
AMN
Healthcare
Services,
Inc.
(a)
130,147
509
ICON
PLC
(a)
105,216
1,820
Integra
LifeSciences
Holdings
Corp.
(a)
124,197
462
LHC
Group,
Inc.
(a)
92,520
514
Omnicell
,
Inc.
(a)
77,845
898
PerkinElmer,
Inc.
138,660
668,585
Industrials
-
18.2%
300
CACI
International,
Inc.,
Class A
(a)
76,536
483
Carlisle
Cos.,
Inc.
92,437
715
EnerSys
69,877
697
Fortune
Brands
Home
&
Security,
Inc.
69,428
582
Forward
Air
Corp.
52,234
812
Franklin
Electric
Co.,
Inc.
65,463
710
ICF
International,
Inc.
62,381
744
Oshkosh
Corp.
92,732
817
Quanta
Services,
Inc.
73,996
1,133
Robert
Half
International,
Inc.
100,803
621
Tetra
Tech,
Inc.
75,787
831,674
Information
Technology
-
15.8%
744
Ambarella
,
Inc.
(a)
79,333
Shares
Security
Description
Value
974
Blackbaud
,
Inc.
(a)
$
74,579
1,624
Bottomline
Technologies
DE,
Inc.
(a)
60,218
459
Broadridge
Financial
Solutions,
Inc.
74,142
804
ExlService
Holdings,
Inc.
(a)
85,433
408
Littelfuse
,
Inc.
103,954
426
MKS
Instruments,
Inc.
75,807
757
PTC,
Inc.
(a)
106,934
627
Qualys
,
Inc.
(a)
63,133
723,533
Materials
-
3.6%
522
Balchem
Corp.
68,518
1,091
RPM
International,
Inc.
96,750
165,268
Real
Estate
-
7.1%
1,324
American
Campus
Communities,
Inc.
REIT
61,857
1,201
Duke
Realty
Corp.
REIT
56,867
2,846
Easterly
Government
Properties,
Inc.
REIT
59,994
300
Jones
Lang
LaSalle,
Inc.
(a)
58,638
822
Lamar
Advertising
Co.,
Class A
REIT
85,833
323,189
Utilities
-
2.4%
1,110
IDACORP,
Inc.
108,225
Total
Common
Stocks
(Cost
$3,303,182)
4,518,060
Shares
Security
Description
Value
Short-Term
Investments
-
1.2%
Investment
Company
-
1.2%
52,450
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.01%
(b)
52,450
Total
Short-Term
Investments
(Cost
$52,450)
52,450
Investments,
at
value
-
100.2%
(Cost
$3,355,632)
4,570,510
Other
liabilities
in
excess
of
assets
-
(0.2)%
(7,740)
NET
ASSETS
-
100.0%
$
4,562,770
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2021
(Unaudited)
SMALL
COMPANY
FUND
Quarterly
Report
2021
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
June
30,
2021.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
97.6%
Communication
Services
-
2.4%
117,259
Nexstar
Media
Group,
Inc.,
Class A
$
17,340,261
Consumer
Discretionary
-
13.6%
248,355
Boot
Barn
Holdings,
Inc.
(a)
20,874,238
150,518
Dorman
Products,
Inc.
(a)
15,604,201
392,723
G-III
Apparel
Group,
Ltd.
(a)
12,904,878
287,522
La-Z-Boy,
Inc.
10,649,815
60,531
LGI
Homes,
Inc.
(a)
9,802,390
447,347
Movado
Group,
Inc.
14,078,010
87,721
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
7,379,967
111,603
Patrick
Industries,
Inc.
8,147,019
99,440,518
Consumer
Staples
-
3.7%
44,023
Coca-Cola
Consolidated,
Inc.
17,702,969
54,219
J
&
J
Snack
Foods
Corp.
9,456,336
27,159,305
Energy
-
2.0%
1,039,547
CNX
Resources
Corp.
(a)
14,200,212
Financials
-
16.6%
392,157
Atlantic
Union
Bankshares
Corp.
14,203,927
227,477
Mercantile
Bank
Corp.
6,869,805
218,332
Moelis
&
Co.,
Class A
12,420,907
399,682
Old
National
Bancorp
7,038,400
210,951
Seacoast
Banking
Corp.
of
Florida
7,203,977
257,580
Selective
Insurance
Group,
Inc.
20,902,617
180,703
South
State
Corp.
14,774,277
171,639
Stewart
Information
Services
Corp.
9,730,215
160,957
Stifel
Financial
Corp.
10,439,671
74,693
UMB
Financial
Corp.
6,950,931
284,042
United
Bankshares
,
Inc.
10,367,533
120,902,260
Health
Care
-
13.3%
207,569
AMN
Healthcare
Services,
Inc.
(a)
20,130,041
268,262
Integra
LifeSciences
Holdings
Corp.
(a)
18,306,199
35,687
LHC
Group,
Inc.
(a)
7,146,679
87,802
Medpace
Holdings,
Inc.
(a)
15,508,467
271,948
Natus
Medical,
Inc.
(a)
7,065,209
116,773
Omnicell
,
Inc.
(a)
17,685,271
82,785
Pacira
BioSciences
,
Inc.
(a)
5,023,394
199,801
Supernus
Pharmaceuticals,
Inc.
(a)
6,151,873
97,017,133
Industrials
-
17.8%
143,478
American
Woodmark
Corp.
(a)
11,720,718
203,361
Barnes
Group,
Inc.
10,422,251
28,566
CACI
International,
Inc.,
Class A
(a)
7,287,758
146,877
Comfort
Systems
USA,
Inc.
11,572,439
76,068
CSW
Industrials,
Inc.
9,011,015
104,230
EnerSys
10,186,398
155,131
Forward
Air
Corp.
13,923,007
162,819
Franklin
Electric
Co.,
Inc.
13,126,468
168,241
ICF
International,
Inc.
14,781,654
205,465
Kforce
,
Inc.
12,929,913
Shares
Security
Description
Value
207,893
Korn
Ferry
$
15,082,637
130,044,258
Information
Technology
-
15.3%
86,103
Ambarella
,
Inc.
(a)
9,181,163
389,081
Benchmark
Electronics,
Inc.
11,073,245
129,397
Blackbaud
,
Inc.
(a)
9,907,928
250,783
Bottomline
Technologies
DE,
Inc.
(a)
9,299,034
160,553
Cass
Information
Systems,
Inc.
6,542,535
260,575
CTS
Corp.
9,682,967
120,250
Diodes,
Inc.
(a)
9,592,342
125,594
ExlService
Holdings,
Inc.
(a)
13,345,618
232,980
Onto
Innovation,
Inc.
(a)
17,016,859
170,506
Silicon
Motion
Technology
Corp.,
ADR
10,929,435
49,121
SPS
Commerce,
Inc.
(a)
4,904,732
111,475,858
Materials
-
3.9%
98,322
Balchem
Corp.
12,905,746
124,542
Kaiser
Aluminum
Corp.
15,379,691
28,285,437
Real
Estate
-
5.3%
132,149
Agree
Realty
Corp.
REIT
9,315,183
442,006
Easterly
Government
Properties,
Inc.
REIT
9,317,487
238,887
Getty
Realty
Corp.
REIT
7,441,330
325,961
Marcus
&
Millichap,
Inc.
(a)
12,670,104
38,744,104
Utilities
-
3.7%
63,687
Chesapeake
Utilities
Corp.
7,663,457
123,813
IDACORP,
Inc.
12,071,767
134,576
Unitil
Corp.
7,128,491
26,863,715
Total
Common
Stocks
(Cost
$423,914,567)
711,473,061
Shares
Security
Description
Value
Short-Term
Investments
-
2.6%
Investment
Company
-
2.6%
18,978,137
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.01%
(b)
18,978,137
Total
Short-Term
Investments
(Cost
$18,978,137)
18,978,137
Investments,
at
value
-
100.2%
(Cost
$442,892,704)
730,451,198
Other
liabilities
in
excess
of
assets
-
(0.2)%
(1,754,227)
NET
ASSETS
-
100.0%
$
728,696,971
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2021
(Unaudited)
Quarterly
Report
2021
25
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
June
30,
2021
(Unaudited)
Quarterly
Report
2021
26
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
June
30,
2021,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
45,176,761
$
–
$
45,176,761
Non-Agency
Commercial
Mortgage
Backed
Securities
–
29,130,024
–
29,130,024
Non-Agency
Residential
Mortgage
Backed
Securities
–
30,485,768
–
30,485,768
Corporate
Bonds
–
81,187,722
–
81,187,722
Government
&
Agency
Obligations
–
43,692,713
–
43,692,713
Preferred
Stocks
542,300
–
–
542,300
Short-Term
Investments
6,743,671
–
–
6,743,671
Total
$
7,285,971
$
229,672,988
$
–
$
236,958,959
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
17,988,969
$
–
$
17,988,969
Non-Agency
Commercial
Mortgage
Backed
Securities
–
15,138,868
–
15,138,868
Non-Agency
Residential
Mortgage
Backed
Securities
–
22,636,606
–
22,636,606
Corporate
Bonds
–
69,943,256
–
69,943,256
Government
&
Agency
Obligations
–
74,574,039
–
74,574,039
Short-Term
Investments
3,183,439
–
–
3,183,439
Total
$
3,183,439
$
200,281,738
$
–
$
203,465,177
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2021
(Unaudited)
Quarterly
Report
2021
27
*
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
$
–
$
69,972,091
$
–
$
69,972,091
Short-Term
Investments
554,740
–
–
554,740
Total
$
554,740
$
69,972,091
$
–
$
70,526,831
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
53,147,574
$
–
$
–
$
53,147,574
Asset
Backed
Securities
–
2,139,634
–
2,139,634
Non-Agency
Commercial
Mortgage
Backed
Securities
–
2,061,209
–
2,061,209
Non-Agency
Residential
Mortgage
Backed
Securities
–
1,001,519
–
1,001,519
Corporate
Bonds
–
10,057,848
–
10,057,848
Government
&
Agency
Obligations
–
10,295,048
–
10,295,048
Short-Term
Investments
3,595,309
–
–
3,595,309
Total
$
56,742,883
$
25,555,258
$
–
$
82,298,141
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Growth
Opportunities
Fund
Common
Stocks*
$
167,964,214
$
–
$
–
$
167,964,214
Short-Term
Investments
2,000,257
–
–
2,000,257
Total
$
169,964,471
$
–
$
–
$
169,964,471
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/mid
Cap
Fund
Common
Stocks*
$
4,518,060
$
–
$
–
$
4,518,060
Short-Term
Investments
52,450
–
–
52,450
Total
$
4,570,510
$
–
$
–
$
4,570,510
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
711,473,061
$
–
$
–
$
711,473,061
Short-Term
Investments
18,978,137
–
–
18,978,137
Total
$
730,451,198
$
–
$
–
$
730,451,198
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2021
(Unaudited)
Quarterly
Report
2021
28
Security
Transactions,
Investment
Income
and
Foreign
Taxes
Securities
transactions
are
accounted
for
no
later
than
one
business
day
following
trade
date.
For
financial
reporting
purposes,
however,
on
the
last
business
day
of
the
reporting
period,
security
transactions
are
accounted
for
on
trade
date.
Interest
income
is
recognized
on
the
accrual
basis
and
includes,
where
applicable,
the
amortization
of
premium
or
accretion
of
discount,
using
the
effective
interest
method.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
and
interest
from
non-U.S.
sources
received
by
a
Fund
are
generally
subject
to
non-U.S.
net
withholding
taxes.
Such
withholding
taxes
may
be
reduced
or
eliminated
under
the
terms
of
applicable
U.S.
income
tax
treaties,
and
each
Fund
intends
to
undertake
any
procedural
steps
required
to
claim
the
benefits
of
such
treaties.
Gains
or
losses
realized
on
the
sales
of
securities
are
determined
by
comparing
the
identified
cost
of
the
security
lot
sold
with
the
net
sales
proceeds.
Withholding
taxes
on
foreign
dividends
have
been
paid
or
provided
for
in
accordance
with
each
applicable
country’s
tax
rules
and
rates.
Interest
only
stripped
mortgage
backed
securities
(“IO
Strips”)
are
securities
that
receive
only
interest
payments
from
a
pool
of
mortgage
loans.
Little
to
no
principal
will
be
received
by
the
Funds
upon
maturity
from
an
IO
Strip.
Periodic
adjustments
are
recorded
to
reduce
the
cost
of
the
security
until
maturity,
which
are
included
in
interest
income.