SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
1
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
49.0%
Asset
Backed
Securities
-
22.7%
$
1,020,517
Affirm
Asset
Securitization
Trust,
1.07%,
08/15/25 (a)
$
995,836
1,677,161
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (a)
1,658,797
2,020,000
AMSR
Trust,
1.63%,
07/17/37 (a)
1,896,753
1,177,113
Amur
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (a)
1,141,542
1,858,800
Atalaya
Equipment
Leasing
Trust,
1.23%,
05/15/26 (a)
1,815,699
38,030
Brazos
Higher
Education
Authority,
Inc.
(USD
3
Month
LIBOR
+
0.85%),
2.03%,
07/25/29 (b)
38,027
1,100,000
Carvana
Auto
Receivables
Trust,
0.49%,
03/10/26
1,059,980
1,261,896
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(c)
1,237,997
2,100,000
CCG
Receivables
Trust,
3.91%,
07/16/29 (a)
2,088,576
740,664
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
726,420
2,112,556
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,914,263
4,070
Cloud
Pass-Through
Trust,
3.55%,
12/05/22 (a)(c)
4,064
968,159
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
918,853
570,436
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
517,205
529,772
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
522,921
425,032
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
417,306
649,434
Dell
Equipment
Finance
Trust,
0.57%,
10/23/23 (a)
641,675
1,190,000
DLLMT,
LLC,
1.00%,
07/21/25 (a)
1,141,956
846,939
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (a)
783,208
1,779,005
FirstKey
Homes
Trust,
1.34%,
08/17/37 (a)
1,650,845
791,080
Freed
ABS
Trust,
1.41%,
03/20/28 (a)
781,442
158,304
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
2.22%,
08/25/48 (a)(b)
156,779
1,490,746
Iowa
Student
Loan
Liquidity
Corp.
(USD
1
Month
LIBOR
+
0.67%),
1.34%,
08/25/70 (b)
1,451,858
202,418
MMAF
Equipment
Finance,
LLC,
2.84%,
11/13/23 (a)
202,432
Principal
Amount
Security
Description
Value
$
1,342,912
Navient
Student
Loan
Trust,
0.97%,
12/16/69 (a)
$
1,204,403
1,292,000
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
2.92%,
10/15/31 (a)(b)
1,274,628
1,021,137
NMEF
Funding,
LLC,
0.81%,
12/15/27 (a)
1,001,120
1,000,000
NMEF
Funding,
LLC,
2.58%,
10/16/28 (a)
973,178
1,341,993
North
Texas
Higher
Education
Authority,
Inc.
(USD
1
Month
LIBOR
+
0.57%),
2.19%,
09/25/61 (b)
1,306,365
1,203,721
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51 (a)
1,085,159
417,758
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (a)
417,226
950,000
Pawneee
Equipment
Receivables,
1.10%,
07/15/27 (a)
911,320
200,687
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
2.73%,
12/24/33 (a)(b)
197,407
50,160
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
2.56%,
12/24/33 (a)(b)
49,549
297,505
Progress
Residential
Trust,
2.27%,
09/17/36 (a)
286,086
875,000
Progress
Residential
Trust,
2.69%,
10/17/36 (a)
854,318
1,753,448
Progress
Residential
Trust,
1.05%,
04/17/38 (a)
1,558,267
1,063,656
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
2.18%,
10/25/22 (b)
1,048,096
940,083
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
2.83%,
07/25/22 (b)
936,478
536,682
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.70%),
2.88%,
07/25/23 (b)
536,010
668,291
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
2.68%,
04/25/23 (b)
666,520
774,355
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (a)
760,438
770,738
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43 (a)
700,899
598,749
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
589,944
960,326
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (a)
865,673
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
2
Principal
Amount
Security
Description
Value
$
628,916
Sofi
Professional
Loan
Program,
LLC,
3.09%,
08/17/48 (a)
$
615,100
534,125
Sofi
Professional
Loan
Program,
LLC
(USD
1
Month
LIBOR
+
1.20%),
2.82%,
06/25/33 (a)(b)
534,243
1,831,833
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
1,817,057
224,215
Tricon
American
Homes
Trust,
2.75%,
03/17/38 (a)
215,843
2,390,000
UNIFY
Auto
Receivables
Trust,
0.98%,
07/15/26 (a)
2,273,390
2,380,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (a)
2,166,987
48,610,138
Non-Agency
Commercial
Mortgage
Backed
Securities
-
16.3%
1,598,301
BANK
2019-BNK16,
3.93%,
02/15/52
1,592,334
1,840,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,796,710
1,615,000
BPR
Trust
(USD
1
Month
LIBOR
+
1.25%),
2.57%,
02/15/29 (a)(b)
1,592,803
1,475,000
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
2.27%,
09/15/36 (a)(b)
1,385,640
950,000
BX
Trust
(USD
1
Month
LIBOR
+
0.90%),
2.22%,
10/15/36 (a)(b)
892,749
860,000
BX
Trust
(USD
1
Month
LIBOR
+
0.85%),
2.18%,
11/15/38 (a)(b)
827,606
510,000
BX
Trust
(USD
1
Month
LIBOR
+
0.70%),
2.02%,
01/15/34 (a)(b)
490,144
2,000,000
BXHPP
Trust
(USD
1
Month
LIBOR
+
0.65%),
1.97%,
08/15/36 (a)(b)
1,895,084
900,000
Cantor
Commercial
Real
Estate
Lending,
3.62%,
05/15/52
886,616
1,129,227
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
1,107,559
888,648
Citigroup
Commercial
Mortgage
Trust,
3.85%,
11/10/46
886,186
391,904
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.47%,
09/10/45 (a)(c)
13
914,761
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.13%,
03/10/46 (c)
1,141
239,008
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
237,756
1,600,000
GCT
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.80%),
2.12%,
02/15/38 (a)(b)
1,548,851
1,800,000
Goldman
Sachs
Mortgage
Securities
Corp.
Trust
(USD
1
Month
LIBOR
+
0.95%),
2.27%,
10/15/36 (a)(b)
1,734,082
Principal
Amount
Security
Description
Value
$
690,339
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44 (a)(c)
$
7
385,274
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(c)
371,124
508,532
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/17/49
500,716
308,568
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
300,456
725,090
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
707,807
1,304,580
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
1,239,272
624,883
KKR
Industrial
Portfolio
Trust
(USD
1
Month
LIBOR
+
0.55%),
1.87%,
12/15/37 (a)(b)
599,768
1,785,000
KNDR
2021-KIND
A
(USD
1
Month
LIBOR
+
0.95%),
2.27%,
08/15/38 (a)(b)
1,706,857
610,000
MED
Trust
(USD
1
Month
LIBOR
+
0.95%),
2.28%,
11/15/38 (a)(b)
583,193
1,000,000
MHC
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.80%),
2.12%,
04/15/38 (a)(b)
974,356
1,135,000
MHP
2022-MHIL,
2.09%,
01/15/27 (a)
(b)
1,083,881
1,130,265
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
3.25%,
12/15/47
1,102,631
830,698
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Interest
Only
REMIC,
1.02%,
12/15/48 (c)
2,404
530,245
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
526,509
750,000
Ready
Capital
Mortgage
Financing,
LLC,
2.60%,
01/25/37 (a)(b)
720,950
1,730,000
SREIT
Trust
(USD
1
Month
LIBOR
+
0.58%),
1.90%,
07/15/36 (a)(b)
1,643,108
821,848
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (a)(c)
765,334
716,087
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41 (a)(c)
637,890
925,000
Tricon
Residential
Trust,
3.86%,
04/17/39 (a)
892,253
1,290,000
TRTX
Issuer,
Ltd.,
2.42%,
02/15/39 (a)
(b)
1,254,498
1,450,000
VASA
Trust
(USD
1
Month
LIBOR
+
0.90%),
2.22%,
07/15/39 (a)(b)
1,384,490
1,203,725
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (a)(c)
1,085,602
34,958,380
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
3
Principal
Amount
Security
Description
Value
Non-Agency
Residential
Mortgage
Backed
Securities
-
10.0%
$
848,164
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (a)(c)
$
813,261
147,285
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
2.49%,
12/25/33 (a)(b)
139,948
212,362
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
3.96%,
05/28/44 (b)
212,119
489,069
BRAVO
Residential
Funding
Trust,
1.68%,
11/25/69 (a)(b)
483,613
970,530
BRAVO
Residential
Funding
Trust,
1.68%,
01/25/70 (a)(b)
959,944
460,354
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(c)
444,906
403,439
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (a)(c)
353,750
1,087,820
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(c)
1,057,091
549,483
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30 (a)(c)
542,285
1,311,901
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (a)(c)
1,287,618
483,153
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
477,163
631,549
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(c)
614,479
50,491
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(c)
48,286
1,182
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/22
1,118
274,170
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(c)
264,302
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
2.75%,
02/25/33 (b)
153,033
1,032
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.70%,
12/25/37 (a)(d)
1,026
193,119
CSMLT
Trust,
3.00%,
10/25/30 (a)(c)
183,653
1,563,437
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (a)(c)
1,537,132
546,000
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
519,117
309,848
Freddie
Mac
Whole
Loan
Securities,
3.65%,
09/25/45 (c)
306,181
80,347
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50 (a)(c)
79,704
Principal
Amount
Security
Description
Value
$
203,235
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59 (a)(c)
$
202,657
630,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
2.42%,
11/25/53 (a)(b)
625,770
1,420,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.70%),
1.37%,
02/25/55 (a)(b)
1,395,393
424,868
MFRA
Trust,
1.79%,
08/25/49 (a)(c)
410,936
552,502
MFRA
Trust,
0.85%,
01/25/56 (a)(c)
517,272
631,251
MFRA
Trust,
3.91%,
04/25/66 (a)(d)
604,794
424,393
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(c)
422,021
341,910
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58 (a)(c)
339,788
30,991
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(c)
29,978
51,173
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(c)
49,860
85,662
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(c)
82,667
620,933
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)(c)
597,305
11,679
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
11.78%,
12/31/22 (b)
9,810
66
Residential
Asset
Securities
Corp.
Trust
REMIC,
3.87%,
05/25/33 (c)
68
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
12/31/22
5,172
1,044,482
RMF
Buyout
Issuance
Trust,
1.26%,
11/25/31 (a)(c)
1,001,272
650,000
Towd
Point
Mortgage
Trust,
3.75%,
10/25/56 (a)(c)
630,397
1,131,695
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(c)
1,103,193
1,028,608
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
988,295
159,387
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
156,232
318,623
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(c)
314,672
1,190,600
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (a)(c)
1,116,867
398,662
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(c)
395,464
65,442
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(c)
65,021
21,544,633
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$109,988,966)
105,113,151
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
4
Principal
Amount
Security
Description
Value
Corporate
Bonds
-
30.1%
Communication
Services
-
2.1%
$
2,364,000
AT&T,
Inc.,
1.70%,
03/25/26
$
2,159,933
825,000
Netflix,
Inc.,
4.38%,
11/15/26
794,896
875,000
The
Walt
Disney
Co.,
1.75%,
01/13/26
813,317
738,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30
594,765
4,362,911
Consumer
Discretionary
-
5.7%
1,320,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
1,069,451
283,000
Dollar
General
Corp.,
3.25%,
04/15/23
281,607
1,660,000
Dollar
General
Corp.,
3.88%,
04/15/27
1,629,902
680,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (a)
665,659
2,275,000
Lennar
Corp.,
4.50%,
04/30/24
2,269,763
1,261,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31 (a)
1,030,867
1,826,000
McDonald's
Corp.,
MTN,
3.70%,
01/30/26
1,820,417
547,000
Newell
Brands,
Inc.,
4.10%,
04/01/23
542,214
900,000
Newell
Brands,
Inc.,
4.45%,
04/01/26
857,261
265,000
Starbucks
Corp.,
3.10%,
03/01/23
265,479
1,819,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
1,820,080
12,252,700
Consumer
Staples
-
1.4%
400,000
Cargill,
Inc.,
3.50%,
04/22/25 (a)
396,796
440,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
456,500
2,205,000
Reckitt
Benckiser
Treasury
Services
PLC,
2.75%,
06/26/24 (a)
2,157,437
3,010,733
Energy
-
0.7%
1,588,000
Valero
Energy
Corp.,
2.85%,
04/15/25
1,534,660
Financials
-
9.8%
670,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
639,874
775,000
Bank
of
America
Corp.,
MTN,
3.46%,
03/15/25 (c)
763,819
1,485,000
Bank
of
America
Corp.,
MTN,
2.02%,
02/13/26 (c)
1,391,787
2,261,000
Citigroup,
Inc.,
2.88%,
07/24/23 (c)
2,260,010
2,115,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
2,101,985
2,420,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (c)
2,151,257
2,305,000
Morgan
Stanley,
2.19%,
04/28/26 (c)
2,157,832
1,000,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
1,002,963
200,000
National
Retail
Properties,
Inc.,
4.00%,
11/15/25
198,944
Principal
Amount
Security
Description
Value
$
435,000
National
Retail
Properties,
Inc.,
3.60%,
12/15/26
$
418,607
1,490,000
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,368,400
1,596,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (c)(e)
1,576,050
2,810,000
The
Goldman
Sachs
Group,
Inc.,
0.67%,
03/08/24 (c)
2,745,272
2,215,000
Wells
Fargo
&
Co.,
3.75%,
01/24/24
2,220,245
20,997,045
Industrials
-
5.5%
2,085,000
BMW
US
Capital,
LLC,
2.80%,
04/11/26 (a)
1,993,860
2,125,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
2,135,430
2,305,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
2,269,527
1,450,000
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,310,971
1,850,000
TTX
Co.,
3.60%,
01/15/25 (a)
1,826,937
2,208,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
2,134,055
11,670,780
Information
Technology
-
3.9%
428,000
eBay,
Inc.,
2.75%,
01/30/23
427,082
250,000
eBay,
Inc.,
3.45%,
08/01/24
247,667
2,325,000
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.,
2.70%,
05/01/25
2,210,104
1,195,000
Oracle
Corp.,
3.40%,
07/08/24
1,177,934
2,410,000
TSMC
Global,
Ltd.,
0.75%,
09/28/25 (a)
2,195,949
2,310,000
Xilinx,
Inc.,
2.95%,
06/01/24
2,292,808
8,551,544
Materials
-
0.8%
1,765,000
The
Mosaic
Co.,
4.25%,
11/15/23
1,777,274
Utilities
-
0.2%
430,000
PacifiCorp,
2.95%,
06/01/23
427,929
Total
Corporate
Bonds
(Cost
$68,501,359)
64,585,576
Government
&
Agency
Obligations
-
19.3%
GOVERNMENT
SECURITIES
-
16.3%
Municipals
-
1.5%
550,000
County
of
El
Paso
CO,
Colorado
RB,
1.20%,
06/01/25
514,017
250,000
Douglas
County
School
District
No.
17/
NE,
Nebraska
GO,
1.23%,
06/15/25
234,650
240,000
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
221,958
370,000
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.,
Indiana,
1.58%,
11/01/24
349,571
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
5
Principal
Amount
Security
Description
Value
$
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
$
1,307,385
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
212,425
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
159,312
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
152,846
3,152,164
U.S.
Treasury
Securities
-
14.8%
1,950,000
U.S.
Treasury
Note,
1.63%,
11/15/22
1,944,973
11,000,000
U.S.
Treasury
Note,
2.75%,
11/15/23
10,966,914
1,000,000
U.S.
Treasury
Note,
2.13%,
11/30/24
979,336
13,630,000
U.S.
Treasury
Note,
2.13%,
05/15/25
13,296,171
5,130,000
U.S.
Treasury
Note/Bond,
0.50%,
02/28/26
4,675,714
31,863,108
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
3.0%
Federal
Home
Loan
Mortgage
Corp.
-
1.6%
292,700
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
283,650
383,198
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (d)
386,833
1,465,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,454,230
364,884
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
59,142
118,959
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
11,170
105,077
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
13,069
17,147
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
09/15/37
17,146
253,152
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
254,298
866,914
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (c)
846,871
3,326,409
Federal
National
Mortgage
Association
-
0.1%
123,891
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
123,380
12,746
Federal
National
Mortgage
Association
Interest
Only,
0.27%,
07/25/22 (c)
0
196,784
Federal
National
Mortgage
Association
Interest
Only,
2.69%,
01/25/39 (c)
1,470
Principal
Amount
Security
Description
Value
$
113,974
Federal
National
Mortgage
Association
REMIC,
4.00%,
08/25/42
$
114,403
239,253
Government
National
Mortgage
Association
-
1.3%
1,331,453
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,333,118
113,279
Government
National
Mortgage
Association
#559205,
7.25%,
09/15/31
113,420
152,407
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
152,598
105,357
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
105,489
325,709
Government
National
Mortgage
Association
#632798,
5.13%,
11/15/34
326,116
492,604
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
514,924
223,133
Government
National
Mortgage
Association
REMIC,
3.25%,
11/16/52 (c)
218,085
2,763,750
Total
Government
&
Agency
Obligations
(Cost
$42,704,645)
41,344,684
Shares
Security
Description
Value
Preferred
Stocks
-
0.2%
Financials
-
0.2%
550
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
08/01/22),
8.85% (c)(e)
422,972
Total
Preferred
Stocks
(Cost
$564,328)
422,972
Short-Term
Investments
-
1.4%
Investment
Company
-
1.4%
2,926,972
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
1.34% (f)
2,926,972
Total
Short-Term
Investments
(Cost
$2,926,972)
2,926,972
Investments,
at
value
-
100.0%
(Cost
$224,686,270)
214,393,355
Other
assets
in
excess
of
liabilities
-
0.0%
72,741
NET
ASSETS
-
100.0%
$
214,466,096
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
6
(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,
2022,
the
aggregate
value
of
these
liquid
securities
were
$102,148,641
or
47.6%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2022.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2022.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2022.
(e)
Perpetual
maturity
security.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2022.
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,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
7
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
31.1%
Asset
Backed
Securities
-
11.1%
$
960,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46
(a)
$
848,105
559,054
American
Homes
4
Rent
Trust,
3.68%,
12/17/36
(a)
552,932
400,000
AMSR
Trust,
1.63%,
07/17/37
(a)
375,595
1,250,000
ARM
Master
Trust,
2.43%,
11/15/27
(a)
1,165,777
563,154
Capital
Automotive,
1.44%,
08/15/51
(a)
496,478
872,877
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61
(a)
769,454
996,068
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52
(a)
903,120
460,713
Commonbond
Student
Loan
Trust,
1.17%,
09/25/51
(a)
415,542
1,007,327
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53
(a)
910,199
593,627
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45
(a)
527,091
915,000
FRTKL
2021-SFR1,
1.57%,
09/17/38
(a)
813,699
918,351
Home
Partners
of
America
Trust,
2.20%,
01/17/41
(a)
822,396
595,244
Navient
Student
Loan
Trust,
1.11%,
02/18/70
(a)
521,341
1,100,000
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
2.92%,
10/15/31
(a)(b)
1,085,209
409,109
Nelnet
Student
Loan
Trust,
1.63%,
04/20/62
(a)
381,036
732,455
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62
(a)
677,442
183,200
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
2.73%,
12/24/33
(a)(b)
180,206
813,070
Progress
Residential
Trust,
1.52%,
07/17/38
(a)
728,281
435,000
Sabey
Data
Center
Issuer,
LLC,
1.88%,
06/20/46
(a)
381,135
861,412
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
2.18%,
10/25/22
(b)
848,810
1,271,630
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
2.83%,
07/25/22
(b)
1,266,753
310,215
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
2.68%,
04/25/23
(b)
309,392
Principal
Amount
Security
Description
Value
$
454,513
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31
(a)
$
446,344
147,041
Social
Professional
Loan
Program,
2.34%,
04/25/33
(a)
145,818
657,333
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44
(a)
652,031
595,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46
(a)
534,726
1,377,057
Tricon
American
Homes
Trust,
1.48%,
11/17/39
(a)
1,208,015
1,632,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45
(a)
1,485,934
19,452,861
Non-Agency
Commercial
Mortgage
Backed
Securities
-
8.9%
1,200,000
American
Tower
Trust
I,
3.07%,
03/15/23
(a)
1,194,834
1,150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37
(a)(c)
1,109,419
905,000
BANK
2019-BNK16,
3.90%,
02/15/52
897,420
1,255,000
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
2.27%,
09/15/36
(a)(b)
1,178,968
200,000
BX
Trust
(USD
1
Month
LIBOR
+
0.90%),
2.22%,
10/15/36
(a)(b)
187,947
860,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
858,067
594,905
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.47%,
09/10/45
(a)(c)
19
914,761
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.13%,
03/10/46
(c)
1,141
975,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
889,265
790,000
Goldman
Sachs
Mortgage
Securities
Trust
(USD
1
Month
LIBOR
+
0.89%),
2.21%,
11/15/36
(a)(b)
758,828
1,045,641
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44
(a)(c)
10
1,575,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39
(a)
1,420,944
600,000
MED
Trust
(USD
1
Month
LIBOR
+
0.95%),
2.28%,
11/15/38
(a)(b)
573,632
1,325,000
MHC
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.85%),
2.17%,
05/15/23
(a)(b)
1,271,756
958,040
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
946,496
867,506
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41
(a)(c)
807,852
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
8
Principal
Amount
Security
Description
Value
$
552,410
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41
(a)(c)
$
492,087
610,000
Tricon
Residential
Trust,
3.86%,
04/17/39
(a)
588,405
830,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
827,111
1,575,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
1,493,195
199,364
Wells
Fargo
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.77%,
10/15/45
(a)(c)
7
1,542,221
Wells
Fargo-RBS
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.98%,
11/15/45
(a)(c)
72
103,098
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.63%,
03/15/45
102,892
15,600,367
Non-Agency
Residential
Mortgage
Backed
Securities
-
11.1%
174,330
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
2.49%,
12/25/33
(a)(b)
165,647
115,690
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
3.96%,
05/28/44
(b)
115,557
655,753
BRAVO
Residential
Funding
Trust,
1.68%,
11/25/69
(a)(b)
648,437
1,121,945
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63
(a)(c)
983,763
679,954
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30
(a)(c)
671,046
334,651
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53
(a)
330,503
517,736
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66
(a)(c)
503,742
348,513
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35
(a)(c)
333,292
103,780
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
101,149
19,214
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
18,568
1,182
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/22
1,118
912,218
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47
(a)(c)
848,688
1,000,402
Credit
Suisse
Mortgage
Trust,
2.50%,
11/25/56
(a)(c)
901,104
Principal
Amount
Security
Description
Value
$
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
2.75%,
02/25/33
(b)
$
153,033
923
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.70%,
12/25/37
(a)(d)
918
185,691
CSMLT
Trust,
3.00%,
10/25/30
(a)(c)
176,589
825,769
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
785,110
728,620
Flagstar
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
662,856
793,691
Flagstar
Mortgage
Trust,
2.50%,
07/25/51
(a)(c)
729,618
323,246
Freddie
Mac
Whole
Loan
Securities,
3.65%,
09/25/45
(c)
319,421
30,608
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50
(a)(c)
30,363
106,917
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59
(a)(c)
106,613
1,122,659
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51
(a)(c)
1,034,535
938,202
Mello
Mortgage
Capital
Acceptance,
2.50%,
08/25/51
(a)(c)
855,633
345,000
Mello
Warehouse
Securitization
Trust
(USD
1
Month
LIBOR
+
0.80%),
2.42%,
11/25/53
(a)(b)
342,684
670,098
MFRA
Trust,
3.91%,
04/25/66
(a)(d)
642,012
8,174
Mill
City
Mortgage
Loan
Trust,
2.75%,
11/25/58
(a)(c)
8,161
400,425
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57
(a)(c)
389,404
294,227
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59
(a)(c)
282,480
170,931
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54
(a)(c)
165,345
130,258
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52
(a)(c)
126,917
305,285
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55
(a)(c)
294,611
699,078
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52
(a)(c)
655,768
1,534,904
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
1,415,914
908,759
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
826,736
1,114,696
PSMC
Trust,
2.50%,
08/25/51
(a)(c)
1,009,627
930,385
RCKT
Mortgage
Trust,
2.50%,
01/25/52
(a)(c)
843,852
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
9
Principal
Amount
Security
Description
Value
$
13,711
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
11.78%,
12/31/22
(b)
$
11,517
951,795
Sequoia
Mortgage
Trust,
2.50%,
06/25/51
(a)(c)
857,322
336,125
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30
(a)(c)
320,011
742,051
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58
(a)(c)
712,969
107,125
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56
(a)(c)
106,266
91,314
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57
(a)(c)
90,727
19,579,626
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$58,854,788)
54,632,854
Corporate
Bonds
-
28.0%
Communication
Services
-
1.8%
1,650,000
Alphabet,
Inc.,
2.25%,
08/15/60
1,072,028
1,170,000
AT&T,
Inc.,
4.30%,
12/15/42
1,019,920
458,000
Netflix,
Inc.,
4.38%,
11/15/26
441,288
750,000
Verizon
Communications,
Inc.,
3.55%,
03/22/51
601,254
3,134,490
Consumer
Discretionary
-
5.5%
1,130,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
915,515
525,000
Comcast
Corp.,
4.15%,
10/15/28
523,543
620,000
Comcast
Corp.,
Class
A,
3.30%,
02/01/27
602,625
1,235,000
Dollar
General
Corp.,
3.50%,
04/03/30
1,136,439
700,000
Hanesbrands,
Inc.,
4.63%,
05/15/24
(a)
685,237
1,113,000
Lennar
Corp.,
4.50%,
04/30/24
1,110,438
1,265,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(a)
1,034,138
1,285,000
McDonald's
Corp.,
3.63%,
09/01/49
1,060,975
685,000
Newell
Brands,
Inc.,
4.45%,
04/01/26
652,471
1,195,000
NIKE,
Inc.,
3.88%,
11/01/45
1,097,799
1,192,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,083,045
9,902,225
Consumer
Staples
-
0.3%
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28
(a)
549,875
Financials
-
8.0%
575,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
549,146
970,000
Bank
of
America
Corp.,
2.69%,
04/22/32
(c)
814,332
408,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27
(c)
390,563
1,330,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
1,082,017
Principal
Amount
Security
Description
Value
$
1,158,000
Citigroup,
Inc.,
3.89%,
01/10/28
(c)
$
1,113,363
1,314,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,100,177
1,305,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30
(c)
1,138,617
920,000
KeyCorp,
MTN,
2.25%,
04/06/27
828,273
1,185,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29
(c)
1,124,382
835,000
Regions
Financial
Corp.,
1.80%,
08/12/28
710,756
1,142,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65
(c)(e)
1,127,725
947,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,088,863
1,145,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
1,106,870
1,230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49
(c)(e)
1,045,193
1,315,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31
(c)
1,130,409
14,350,686
Industrials
-
5.7%
1,299,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
1,058,249
1,260,000
BMW
Finance
NV,
2.85%,
08/14/29
(a)
1,139,249
1,090,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,047,654
1,146,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
1,151,625
1,262,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,180,009
1,197,000
Raytheon
Technologies
Corp.,
4.88%,
10/15/40
1,169,131
815,000
TTX
Co.,
4.60%,
02/01/49
(a)
778,008
1,113,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25
(a)
1,075,726
1,470,000
Waste
Management,
Inc.,
1.50%,
03/15/31
1,169,554
9,769,205
Information
Technology
-
3.7%
1,153,000
eBay,
Inc.,
3.60%,
06/05/27
1,105,866
1,225,000
NVIDIA
Corp.,
3.50%,
04/01/50
1,039,752
1,175,000
Oracle
Corp.,
2.30%,
03/25/28
1,010,959
1,105,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,059,417
1,303,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30
(a)
1,041,553
1,290,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,137,503
6,395,050
Materials
-
1.2%
1,111,000
Albemarle
Corp.,
5.45%,
12/01/44
1,087,242
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
10
Principal
Amount
Security
Description
Value
$
959,000
The
Mosaic
Co.,
5.45%,
11/15/33
$
987,905
2,075,147
Real
Estate
-
0.7%
1,180,000
National
Retail
Properties,
Inc.,
4.30%,
10/15/28
1,146,667
Utilities
-
1.1%
1,009,000
PacifiCorp,
6.25%,
10/15/37
1,136,756
740,000
Texas
Electric
Market
Stabilization
Funding
N,
LLC,
4.27%,
08/01/34
(a)
734,350
1,871,106
Total
Corporate
Bonds
(Cost
$55,452,175)
49,194,451
Government
&
Agency
Obligations
-
40.3%
GOVERNMENT
SECURITIES
-
18.4%
Municipals
-
1.8%
350,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
1.75%,
09/01/32
289,358
385,000
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue,
Texas
RB,
4.37%,
02/01/42
370,759
138,379
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
136,651
300,000
Golden
State
Tobacco
Securitization
Corp.,
California
RB,
0.99%,
06/01/24
285,117
340,000
New
York
City
Municipal
Water
Finance
Authority,
New
York
RB,
5.72%,
06/15/42
401,864
530,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
579,421
290,000
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
314,087
125,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.71%,
12/01/30
106,038
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
243,759
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
480,326
3,207,380
Treasury
Inflation
Index
Securities
-
1.0%
1,643,159
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28
(f)
1,721,180
U.S.
Treasury
Securities
-
15.6%
9,120,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
9,360,112
3,115,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,038,707
1,750,000
U.S.
Treasury
Note,
2.25%,
02/15/27
1,687,315
4,685,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
4,208,082
Principal
Amount
Security
Description
Value
$
3,370,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
$
3,053,009
7,740,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
5,997,895
27,345,120
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
21.9%
Federal
Home
Loan
Mortgage
Corp.
-
10.4%
740,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
724,890
457,039
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
460,963
10,471
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
10,454
1,079,570
Federal
Home
Loan
Mortgage
Corp.
#RA6436,
2.50%,
12/01/51
975,781
477,606
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
471,906
1,850,000
Federal
Home
Loan
Mortgage
Corp.
#SD1046,
4.00%,
07/01/52
1,841,577
163,158
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
165,965
153,049
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
155,695
1,089,886
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
1,041,253
356,937
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
368,390
382,953
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
385,667
766,469
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
773,794
898,177
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
145,580
170,627
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
176,320
58,313
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
10/15/41
57,941
81,079
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
81,445
30,264
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
04/15/41
30,412
34,843
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
34,964
34,795
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
07/15/42
34,892
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
947,590
324,591
FRESB
Mortgage
Trust,
3.70%,
10/25/28
(c)
319,900
761,720
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56
(d)
743,450
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
11
Principal
Amount
Security
Description
Value
$
459,655
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
05/25/57
(d)
$
447,598
655,157
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
666,811
394,052
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57
(c)
384,941
1,076,364
Seasoned
Credit
Risk
Transfer
Trust,
3.50%,
03/25/58
1,065,650
647,822
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
08/25/59
621,237
863,505
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
828,317
653,439
Seasoned
Credit
Risk
Transfer
Trust,
2.00%,
05/25/60
615,348
408,146
Seasoned
Credit
Risk
Transfer
Trust,
3.25%,
07/25/56
(d)
401,123
909,130
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
852,528
559,608
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
528,137
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,404,889
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
454,060
18,219,468
Federal
National
Mortgage
Association
-
10.2%
364
Federal
National
Mortgage
Association
#679256,
7.50%,
08/01/22
363
92,302
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
97,057
70,539
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
72,794
8,365
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
8,698
5,433
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
5,492
66,727
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
68,870
403,484
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
385,448
11,745
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
11,872
154,128
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
159,093
27,489
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
30,130
339,010
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
342,881
104,298
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
105,488
170,489
Federal
National
Mortgage
Association
#AL9970,
2.88%,
02/01/27
(c)
165,670
Principal
Amount
Security
Description
Value
$
2,043,476
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
$
1,932,509
1,248,395
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,233,814
327,552
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
330,112
481,647
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
495,945
688,618
Federal
National
Mortgage
Association
#AS3909,
4.00%,
11/01/44
693,478
384,890
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
379,533
590,566
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
594,348
545,695
Federal
National
Mortgage
Association
#BH9216,
4.00%,
01/01/48
545,894
426,624
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
399,879
429,141
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
419,623
1,261,845
Federal
National
Mortgage
Association
#CB2094,
3.00%,
11/01/51
1,179,023
1,531,840
Federal
National
Mortgage
Association
#CB3233,
3.00%,
04/01/52
1,432,202
1,282,964
Federal
National
Mortgage
Association
#FS0331,
3.00%,
01/01/52
1,199,267
161,744
Federal
National
Mortgage
Association
#MA3384,
4.00%,
06/01/48
162,210
18,411
Federal
National
Mortgage
Association
Interest
Only,
0.27%,
07/25/22
(c)
0
305,644
Federal
National
Mortgage
Association
Interest
Only,
2.69%,
01/25/39
(c)
2,283
1,975,000
Federal
National
Mortgage
Association
Interest
Only
#AM7762,
3.49%,
01/01/35
1,874,213
1,064,604
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
1,023,607
497,832
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29
(c)
488,642
194,761
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
198,155
3,040
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/45
2,959
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
968,270
895,506
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
894,583
17,904,405
Government
National
Mortgage
Association
-
1.3%
494,531
Government
National
Mortgage
Association,
2.85%,
04/16/50
485,549
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
12
Principal
Amount
Security
Description
Value
$
407,228
Government
National
Mortgage
Association,
3.50%,
01/20/69
(c)
$
400,800
470,757
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
443,039
971,381
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
1,015,394
2,344,782
Total
Government
&
Agency
Obligations
(Cost
$74,501,209)
70,742,335
Shares
Security
Description
Value
Short-Term
Investments
-
1.6%
Investment
Company
-
1.6%
2,748,765
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
1.34%
(g)
2,748,765
Total
Short-Term
Investments
(Cost
$2,748,765)
2,748,765
Investments,
at
value
-
101.0%
(Cost
$191,556,937)
177,318,405
Other
liabilities
in
excess
of
assets
-
(1.0)%
(1,715,778)
NET
ASSETS
-
100.0%
$
175,602,627
(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,
2022,
the
aggregate
value
of
these
liquid
securities
were
$51,724,975
or
29.4%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2022.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2022.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2022.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2022.
FHLMC
Federal
Home
Loan
Mortgage
Corporation
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
13
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
97.9%
GOVERNMENT
SECURITIES
-
96.5%
Municipals
-
96.5%
Nebraska
-
95.0%
$
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
$
262,228
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
318,242
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
287,397
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
348,733
210,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
209,807
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
185,019
150,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
01/01/24
154,872
250,000
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
247,533
350,000
City
of
Bellevue
NE,
Nebraska
GO,
2.00%,
09/15/30
320,179
215,000
City
of
Blair
NE,
Nebraska
GO,
2.15%,
09/15/23
215,033
220,000
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
220,009
55,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
48,669
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
103,410
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
347,643
650,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
735,646
80,000
City
of
Columbus
NE
Sales
Tax
Revenue,
Nebraska
RB,
5.00%,
09/15/23
82,849
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
345,097
150,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
160,479
430,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/34
453,700
Principal
Amount
Security
Description
Value
$
300,000
City
of
Kearney
NE,
Nebraska
GO,
4.00%,
05/15/27
$
315,735
400,000
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
350,856
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
377,764
235,000
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
237,159
280,000
City
of
Lincoln
NE,
Nebraska
RB,
4.00%,
08/15/26
280,820
110,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
110,643
55,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
55,308
350,000
City
of
Norfolk
NE,
Nebraska
GO,
0.65%,
05/15/24
335,182
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
363,572
200,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
190,188
400,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/33
428,951
400,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/34
370,795
500,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
01/15/29
553,715
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
610,514
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
05/01/33
215,883
355,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
393,988
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
5.00%,
04/01/24
210,386
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
4.00%,
04/01/29
215,591
175,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/26
177,077
210,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/27
212,493
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
251,096
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
362,092
285,000
County
of
Cherry
NE,
Nebraska
GO,
3.00%,
12/15/25
290,790
300,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/34
301,505
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
14
Principal
Amount
Security
Description
Value
$
435,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/36
$
428,427
245,000
County
of
Douglas
NE,
Nebraska
RB,
3.00%,
09/01/27
247,695
125,000
County
of
Jefferson
NE,
Nebraska
GO,
2.00%,
12/01/25
122,239
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
306,663
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
178,965
400,000
Cozad
City
School
District,
Nebraska
GO,
4.00%,
06/15/28
425,742
265,000
Cuming
County
Public
Power
District,
Nebraska
RB,
1.50%,
12/15/25
250,901
260,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/27
290,868
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,153,109
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
202,550
220,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
241,183
750,000
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
747,324
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
176,336
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
580,184
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
260,044
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
490,
Nebraska
GO,
2.70%,
08/15/28
94,437
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
239,819
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
208,383
325,000
Douglas
County
School
District
No.
17/
NE,
Nebraska
GO,
4.00%,
12/15/41
332,522
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
681,350
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
770,375
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
300,030
250,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
267,852
Principal
Amount
Security
Description
Value
$
665,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/34
$
703,932
830,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/35
868,376
300,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/28
343,236
350,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/29
398,701
370,000
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
421,479
65,000
Grand
Island
Electric
Department,
Nebraska
RB,
5.00%,
08/15/27
67,876
265,000
Grand
Island
Public
Schools,
Nebraska
GO,
5.00%,
12/15/39
283,342
530,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
566,341
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
374,502
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
515,850
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
739,219
760,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
794,113
265,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/25
280,474
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
296,112
450,000
Lancaster
County
Correctional
Facility
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/01/27
508,332
500,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
527,873
415,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/26
436,288
370,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/34
314,724
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
305,297
200,000
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
227,672
475,000
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
508,989
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
508,849
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
968,751
260,000
Lyons-Decatur
Northeast
Schools,
Nebraska
GO,
5.00%,
12/15/30
283,184
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
15
Principal
Amount
Security
Description
Value
$
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
$
533,150
500,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
519,523
250,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/31
286,355
210,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
215,037
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
475,495
300,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.00%,
03/01/52
290,604
350,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
1.55%,
03/01/23
349,211
500,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
2.00%,
03/01/24
497,649
125,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
143,891
200,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
215,399
500,000
Nebraska
Public
Power
District,
Nebraska
RB,
0.60%,
01/01/51
(a)
492,116
80,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/25
85,493
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
315,164
700,000
Nebraska
State
Colleges
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
770,368
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
419,806
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
315,369
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
424,326
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
639,538
660,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/27
704,480
350,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
374,721
1,010,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,064,949
600,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
676,178
350,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/46
342,387
Principal
Amount
Security
Description
Value
$
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
$
789,273
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
526,550
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
169,541
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
582,917
1,500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
1,517,106
150,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/30
170,748
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
284,035
400,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/30
433,700
245,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/31
264,440
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
352,406
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
803,147
125,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/26
132,241
160,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
160,042
15,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
2.45%,
10/15/22
15,004
105,000
Sarpy
County
Sanitary
&
Improvement
District
No.
23,
Nebraska
GO,
2.30%,
08/15/34
83,949
50,000
Sarpy
County
Sanitary
&
Improvement
District
No.
242,
Nebraska
GO,
3.00%,
03/15/27
50,017
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
245,
Nebraska
GO,
3.45%,
11/15/28
100,149
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
100,492
60,000
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
60,050
420,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
485,123
220,000
Southeast
Community
College
Area,
Nebraska
COP,
5.00%,
12/15/25
240,561
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
16
Principal
Amount
Security
Description
Value
$
225,000
Southeast
Community
College
Area,
Nebraska
COP,
5.00%,
12/15/26
$
250,785
300,000
Southeast
Community
College
Area,
Nebraska
RB,
4.00%,
03/15/31
312,841
300,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
315,988
400,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
421,222
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
289,785
500,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/22
503,380
270,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
272,269
200,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/24
211,194
650,000
University
of
Nebraska,
Nebraska
RB,
4.00%,
07/01/31
693,463
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
523,442
450,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/25
485,289
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
548,787
400,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
374,523
1,700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
1,714,825
100,000
Westside
Community
Schools,
Nebraska
GO,
2.30%,
12/01/28
99,138
450,000
York
County
NE
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
442,865
56,941,654
North
Dakota
-
0.8%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
475,023
South
Dakota
-
0.7%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
431,478
57,848,155
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.4%
Federal
Home
Loan
Mortgage
Corp.
-
1.4%
298,527
Federal
Home
Loan
Mortgage
Corp.,
2.34%,
07/25/41
(b)
253,472
598,841
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
572,983
826,455
Total
Government
&
Agency
Obligations
(Cost
$61,172,899)
58,674,610
Shares
Security
Description
Value
Short-Term
Investments
-
1.6%
Investment
Company
-
1.6%
986,294
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
1.34%
(c)
$
986,294
Total
Short-Term
Investments
(Cost
$986,294)
986,294
Investments,
at
value
-
99.5%
(Cost
$62,159,193)
59,660,904
Other
assets
in
excess
of
liabilities
-
0.5%
286,633
NET
ASSETS
-
100.0%
$
59,947,537
(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,
2022.
(b)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
June
30,
2022,
the
aggregate
value
of
these
liquid
securities
were
$253,472
or
0.4%
of
net
assets.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2022.
COP
Certificate
of
Participation
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
RB
Revenue
Bond
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
17
Shares
Security
Description
Value
Common
Stocks
-
58.2%
Communication
Services
-
5.5%
6,225
Activision
Blizzard,
Inc.
$
484,678
808
Alphabet,
Inc.,
Class C (a)
1,767,460
12,550
Comcast
Corp.,
Class A
492,462
3,735
Meta
Platforms,
Inc.,
Class A (a)
602,269
11,650
Verizon
Communications,
Inc.
591,237
3,938,106
Consumer
Discretionary
-
5.9%
12,190
Amazon.com,
Inc. (a)
1,294,700
234
Booking
Holdings,
Inc. (a)
409,264
12,100
Gentex
Corp.
338,437
3,665
NIKE,
Inc.,
Class B
374,563
840
O'Reilly
Automotive,
Inc. (a)
530,678
920
Pool
Corp.
323,132
8,600
Rent-A-Center,
Inc./TX,
Class A
167,270
4,300
Royal
Caribbean
Cruises,
Ltd. (a)
150,113
2,280
The
Home
Depot,
Inc.
625,335
4,213,492
Consumer
Staples
-
4.3%
6,425
Church
&
Dwight
Co.,
Inc.
595,340
2,300
Constellation
Brands,
Inc.,
Class A
536,038
1,435
Costco
Wholesale
Corp.
687,767
6,230
Lamb
Weston
Holdings,
Inc.
445,196
6,255
Walmart,
Inc.
760,483
3,024,824
Energy
-
2.0%
1,100
Diamondback
Energy,
Inc.
133,265
2,400
EOG
Resources,
Inc.
265,056
8,375
Exxon
Mobil
Corp.
717,235
3,600
Phillips
66
295,164
1,410,720
Financials
-
6.0%
690
BlackRock,
Inc.
420,238
7,000
Brown
&
Brown,
Inc.
408,380
3,380
Chubb,
Ltd.
664,440
1,875
CME
Group,
Inc.
383,813
5,700
Equitable
Holdings,
Inc.
148,599
6,000
First
American
Financial
Corp.
317,520
5,150
JPMorgan
Chase
&
Co.
579,942
8,000
KeyCorp
137,840
1,225
Moody's
Corp.
333,163
4,300
Morgan
Stanley
327,058
1,635
The
PNC
Financial
Services
Group,
Inc.
257,954
7,725
Wells
Fargo
&
Co.
302,588
4,281,535
Health
Care
-
8.9%
7,175
Abbott
Laboratories
779,564
2,650
AMN
Healthcare
Services,
Inc. (a)
290,731
4,900
Edwards
Lifesciences
Corp. (a)
465,941
3,225
Eli
Lilly
&
Co.
1,045,642
7,650
Horizon
Therapeutics
PLC (a)
610,164
Shares
Security
Description
Value
1,390
Humana,
Inc.
$
650,617
4,825
Integer
Holdings
Corp. (a)
340,935
4,400
Lantheus
Holdings,
Inc. (a)
290,532
2,629
LHC
Group,
Inc. (a)
409,440
1,495
Thermo
Fisher
Scientific,
Inc.
812,204
3,590
Zoetis,
Inc.
617,085
6,312,855
Industrials
-
4.8%
4,100
AMETEK,
Inc.
450,549
1,295
Cintas
Corp.
483,721
18,200
CSX
Corp.
528,892
4,700
MasTec,
Inc. (a)
336,802
7,467
Raytheon
Technologies
Corp.
717,654
4,800
The
Timken
Co.
254,640
4,335
Waste
Management,
Inc.
663,168
3,435,426
Information
Technology
-
14.7%
1,485
Adobe,
Inc. (a)
543,599
21,085
Apple,
Inc.
2,882,741
2,095
CDW
Corp.
330,088
2,740
Citrix
Systems,
Inc.
266,246
2,790
CMC
Materials,
Inc.
486,827
2,315
FleetCor
Technologies,
Inc. (a)
486,405
2,445
Mastercard,
Inc.,
Class A
771,348
6,000
Microchip
Technology,
Inc.
348,480
10,190
Microsoft
Corp.
2,617,098
4,635
NVIDIA
Corp.
702,620
1,410
Paycom
Software,
Inc. (a)
394,969
1,000
Perficient,
Inc. (a)
91,690
4,085
QUALCOMM,
Inc.
521,818
10,443,929
Materials
-
1.6%
5,140
Berry
Global
Group,
Inc. (a)
280,850
2,725
FMC
Corp.
291,602
1,765
Linde
PLC
507,490
9,500
PureCycle
Technologies,
Inc. (a)
70,490
1,150,432
Real
Estate
-
2.4%
1,820
American
Tower
Corp.
REIT
465,174
11,990
First
Industrial
Realty
Trust,
Inc.
REIT
569,285
4,250
Sun
Communities,
Inc.
REIT
677,280
1,711,739
Utilities
-
2.1%
2,660
American
Water
Works
Co.,
Inc.
395,729
4,720
Atmos
Energy
Corp.
529,112
7,570
NextEra
Energy,
Inc.
586,372
1,511,213
Total
Common
Stocks
(Cost
$25,633,815)
41,434,271
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
18
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
9.8%
Asset
Backed
Securities
-
4.2%
$
155,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46 (b)
$
136,934
184,918
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (b)
182,893
50,000
AMSR
Trust,
1.63%,
07/17/37 (b)
46,949
84,806
Amur
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (b)
82,244
96,208
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (b)(c)
94,386
250,000
CCG
Receivables
Trust,
3.91%,
07/16/29 (b)
248,640
239,331
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
216,866
115,741
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61 (b)
102,027
81,187
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
77,053
38,639
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
37,937
105,000
DLLMT,
LLC,
1.00%,
07/21/25 (b)
100,761
56,463
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (b)
52,214
135,000
FRTKL
2021-SFR1,
1.57%,
09/17/38 (b)
120,054
130,000
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
2.92%,
10/15/31 (b)(d)
128,252
135,000
NMEF
Funding,
LLC,
2.58%,
10/16/28 (b)
131,379
115,536
North
Texas
Higher
Education
Authority,
Inc.
(USD
1
Month
LIBOR
+
0.57%),
2.19%,
09/25/61 (d)
112,468
25,408
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (b)
25,375
80,000
Pawneee
Equipment
Receivables,
1.10%,
07/15/27 (b)
76,743
33,801
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
2.73%,
12/24/33 (b)(d)
33,248
119,863
Progress
Residential
Trust,
1.52%,
07/17/38 (b)
107,363
142,691
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
2.83%,
07/25/22 (d)
142,144
69,925
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (b)
68,668
219,385
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (b)
197,762
Principal
Amount
Security
Description
Value
$
145,000
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
$
143,830
70,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46 (b)
62,909
135,766
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (b)
119,100
180,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (b)
163,890
3,012,089
Non-Agency
Commercial
Mortgage
Backed
Securities
-
4.0%
375,000
American
Tower
Trust
I,
3.07%,
03/15/23 (b)
373,386
150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37 (b)(c)
144,707
190,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
185,530
98,052
BX
Commercial
Mortgage
Trust,
2.35%,
02/15/39 (b)(d)
94,134
160,000
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
2.27%,
09/15/36 (b)(d)
150,307
125,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
124,719
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
159,612
185,000
Goldman
Sachs
Mortgage
Securities
Trust
(USD
1
Month
LIBOR
+
0.89%),
2.21%,
11/15/36 (b)(d)
177,700
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
180,437
137,328
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
134,054
139,885
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
132,882
145,000
KNDR
2021-KIND
A
(USD
1
Month
LIBOR
+
0.95%),
2.27%,
08/15/38 (b)(d)
138,652
125,000
Ready
Capital
Mortgage
Financing,
LLC,
2.60%,
01/25/37 (b)(d)
120,158
75,000
SREIT
Trust
(USD
1
Month
LIBOR
+
0.58%),
1.90%,
07/15/36 (b)(d)
71,233
88,631
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (b)(c)
82,536
130,000
Tricon
Residential
Trust,
3.86%,
04/17/39 (b)
125,398
100,000
TRTX
Issuer,
Ltd.,
2.42%,
02/15/39 (b)
(d)
97,248
75,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
74,739
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
142,209
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
19
Principal
Amount
Security
Description
Value
$
126,265
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (b)(c)
$
113,874
2,823,515
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.6%
113,088
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (b)(c)
108,435
41,424
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
2.49%,
12/25/33 (b)(d)
39,360
153,691
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (b)(c)
134,762
65,928
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(c)
64,066
77,521
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (b)(c)
76,087
55,791
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(c)
54,283
15,702
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(c)
15,016
119,550
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47 (b)(c)
111,224
87,834
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (b)(c)
86,356
90,407
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
85,955
36,847
Freddie
Mac
Whole
Loan
Securities,
3.65%,
09/25/45 (c)
36,411
30,073
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(c)
29,021
172,308
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52 (b)(c)
161,633
159,033
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (b)(c)
149,184
1,151,793
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$7,408,316)
6,987,397
Corporate
Bonds
-
12.1%
Communication
Services
-
0.9%
348,000
AT&T,
Inc.,
4.30%,
02/15/30
339,613
317,000
Verizon
Communications,
Inc.,
4.33%,
09/21/28
315,274
654,887
Consumer
Discretionary
-
1.5%
240,000
Dollar
General
Corp.,
3.50%,
04/03/30
220,847
166,000
Dollar
General
Corp.,
3.25%,
04/15/23
165,183
100,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (b)
97,891
265,000
McDonald's
Corp.,
2.13%,
03/01/30
226,540
50,000
Newell
Brands,
Inc.,
4.45%,
04/01/26
47,626
50,000
Starbucks
Corp.,
2.00%,
03/12/27
45,423
265,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
233,224
Principal
Amount
Security
Description
Value
$
75,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
$
75,045
1,111,779
Consumer
Staples
-
0.2%
165,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
156,068
Financials
-
4.8%
250,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (c)
239,315
326,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
265,216
265,000
Citigroup,
Inc.,
3.89%,
01/10/28 (c)
254,785
270,000
CME
Group,
Inc.,
3.00%,
03/15/25
266,506
270,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
226,064
305,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (c)
271,130
130,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
130,201
110,000
KeyCorp,
MTN,
2.25%,
04/06/27
99,033
50,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (b)
49,790
270,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29 (c)
256,188
70,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
70,207
225,000
Regions
Financial
Corp.,
1.80%,
08/12/28
191,521
100,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (c)(e)
98,750
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
220,567
240,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
232,008
230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (c)(e)
195,443
270,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
256,923
3,323,647
Health
Care
-
0.3%
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
102,986
37,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
36,829
139,815
Industrials
-
2.3%
255,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
207,739
250,000
BMW
Finance
NV,
2.85%,
08/14/29 (b)
226,041
300,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
301,472
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
20
Principal
Amount
Security
Description
Value
$
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
$
243,108
170,000
TTX
Co.,
3.60%,
01/15/25 (b)
167,881
175,000
Union
Pacific
Corp.,
3.95%,
09/10/28
172,912
250,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (b)
241,628
285,000
Waste
Management,
Inc.,
1.50%,
03/15/31
226,750
1,787,531
Information
Technology
-
2.1%
170,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
143,042
235,000
eBay,
Inc.,
3.60%,
06/05/27
225,393
140,000
NVIDIA
Corp.,
2.85%,
04/01/30
128,168
200,000
Oracle
Corp.,
3.40%,
07/08/24
197,144
293,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
256,722
280,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30 (b)
223,818
310,000
Xilinx,
Inc.,
2.38%,
06/01/30
273,353
1,447,640
Total
Corporate
Bonds
(Cost
$9,525,039)
8,621,367
Government
&
Agency
Obligations
-
14.7%
GOVERNMENT
SECURITIES
-
14.0%
Municipals
-
0.7%
350,000
California
State
University,
California
RB,
5.45%,
11/01/22
353,395
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
103,463
50,000
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
44,123
500,981
Treasury
Inflation
Index
Securities
-
0.4%
259,343
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
270,994
U.S.
Treasury
Securities
-
12.9%
625,000
U.S.
Treasury
Note,
2.75%,
11/15/23
623,120
630,000
U.S.
Treasury
Note,
2.13%,
11/30/24
616,982
3,115,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,038,707
2,235,000
U.S.
Treasury
Note,
2.25%,
02/15/27
2,154,942
2,355,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
2,115,268
695,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
629,626
9,178,645
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.7%
Federal
Home
Loan
Mortgage
Corp.
-
0.5%
70,808
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (g)
71,480
46,596
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
46,040
Principal
Amount
Security
Description
Value
$
27,415
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
$
27,539
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
223,294
368,353
Federal
National
Mortgage
Association
-
0.1%
21,053
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
21,017
74,675
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29 (c)
73,296
94,313
Government
National
Mortgage
Association
-
0.1%
68,915
Government
National
Mortgage
Association,
3.50%,
01/20/69 (c)
67,828
Total
Government
&
Agency
Obligations
(Cost
$10,926,886)
10,481,114
Shares
Security
Description
Value
Short-Term
Investments
-
5.0%
Investment
Company
-
5.0%
3,543,886
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
1.34% (h)
3,543,886
Total
Short-Term
Investments
(Cost
$3,543,886)
3,543,886
Investments,
at
value
-
99.8%
(Cost
$57,037,942)
71,068,035
Other
assets
in
excess
of
liabilities
-
0.2%
108,483
NET
ASSETS
-
100.0%
$
71,176,518
(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,
2022,
the
aggregate
value
of
these
liquid
securities
were
$7,086,727
or
10.0%
of
net
assets.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2022.
(d)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2022.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2022.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2022.
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
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
21
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SMALL/MID
CAP
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
22
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2022.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
99.1%
Communication
Services
-
2.7%
1,138
Nexstar
Media
Group,
Inc.,
Class A
$
185,357
Consumer
Discretionary
-
11.6%
952
Burlington
Stores,
Inc.
(a)
129,691
1,577
Dorman
Products,
Inc.
(a)
173,013
4,440
G-III
Apparel
Group,
Ltd.
(a)
89,821
737
LGI
Homes,
Inc.
(a)
64,045
2,930
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
172,137
848
Tractor
Supply
Co.
164,385
793,092
Consumer
Staples
-
3.8%
679
Casey's
General
Stores,
Inc.
125,601
244
Coca-Cola
Consolidated,
Inc.
137,592
263,193
Energy
-
3.5%
5,992
CNX
Resources
Corp.
(a)
98,629
3,588
Marathon
Oil
Corp.
80,658
1,796
SM
Energy
Co.
61,405
240,692
Financials
-
15.6%
2,744
Atlantic
Union
Bankshares
Corp.
93,076
1,548
Brown
&
Brown,
Inc.
90,310
1,030
Cullen/Frost
Bankers,
Inc.
119,944
112
Markel
Corp.
(a)
144,844
2,222
Moelis
&
Co.,
Class A
87,436
1,668
Selective
Insurance
Group,
Inc.
145,016
1,957
SouthState
Corp.
150,983
2,388
Stifel
Financial
Corp.
133,776
1,183
UMB
Financial
Corp.
101,856
1,067,241
Health
Care
-
11.5%
1,382
AMN
Healthcare
Services,
Inc.
(a)
151,619
505
ICON
PLC
(a)
109,434
1,701
Integra
LifeSciences
Holdings
Corp.
(a)
91,905
352
Molina
Healthcare,
Inc.
(a)
98,423
815
Omnicell
,
Inc.
(a)
92,706
1,266
Pacira
BioSciences
,
Inc.
(a)
73,808
1,183
PerkinElmer,
Inc.
168,246
786,141
Industrials
-
18.3%
476
CACI
International,
Inc.,
Class A
(a)
134,127
690
Carlisle
Cos.,
Inc.
164,641
1,461
EnerSys
86,141
1,415
Fortune
Brands
Home
&
Security,
Inc.
84,730
923
Forward
Air
Corp.
84,879
2,028
Franklin
Electric
Co.,
Inc.
148,571
1,126
ICF
International,
Inc.
106,970
1,179
Oshkosh
Corp.
96,843
1,166
Quanta
Services,
Inc.
146,147
1,163
Robert
Half
International,
Inc.
87,097
Shares
Security
Description
Value
828
Tetra
Tech,
Inc.
$
113,063
1,253,209
Information
Technology
-
18.2%
1,328
Ambarella
,
Inc.
(a)
86,931
1,250
Black
Knight,
Inc.
(a)
81,738
2,235
Blackbaud
,
Inc.
(a)
129,787
840
Broadridge
Financial
Solutions,
Inc.
119,742
4,899
Cambium
Networks
Corp.
(a)
71,770
877
ExlService
Holdings,
Inc.
(a)
129,208
646
Littelfuse
,
Inc.
164,110
1,092
MKS
Instruments,
Inc.
112,072
1,328
Power
Integrations,
Inc.
99,613
1,200
PTC,
Inc.
(a)
127,608
993
Qualys
,
Inc.
(a)
125,257
1,247,836
Materials
-
3.6%
683
Balchem
Corp.
88,612
1,966
RPM
International,
Inc.
154,764
243,376
Real
Estate
-
7.6%
1,635
Agree
Realty
Corp.
REIT
117,933
2,040
Duke
Realty
Corp.
REIT
112,098
5,719
Easterly
Government
Properties,
Inc.
REIT
108,890
492
Jones
Lang
LaSalle,
Inc.
(a)
86,031
1,121
Lamar
Advertising
Co.,
Class A
REIT
98,614
523,566
Utilities
-
2.7%
1,759
IDACORP,
Inc.
186,313
Total
Common
Stocks
(Cost
$6,267,737)
6,790,016
Shares
Security
Description
Value
Short-Term
Investments
-
3.5%
Investment
Company
-
3.5%
241,316
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
1.34%
(b)
241,316
Total
Short-Term
Investments
(Cost
$241,316)
241,316
Investments,
at
value
-
102.6%
(Cost
$6,509,053)
7,031,332
Other
liabilities
in
excess
of
assets
-
(2.6)%
(175,475)
NET
ASSETS
-
100.0%
$
6,855,857
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SMALL
COMPANY
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
23
Shares
Security
Description
Value
Common
Stocks
-
97.5%
Communication
Services
-
2.6%
614,338
Gray
Television,
Inc.
$
10,376,169
37,461
Nexstar
Media
Group,
Inc.,
Class A
6,101,648
16,477,817
Consumer
Discretionary
-
12.9%
113,840
Boot
Barn
Holdings,
Inc.
(a)
7,844,715
142,780
Dorman
Products,
Inc.
(a)
15,664,394
409,917
G-III
Apparel
Group,
Ltd.
(a)
8,292,621
272,740
La-Z-Boy,
Inc.
6,466,665
69,778
LGI
Homes,
Inc.
(a)
6,063,708
141,321
Monarch
Casino
&
Resort,
Inc.
(a)
8,291,303
310,585
Movado
Group,
Inc.
9,606,394
248,023
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
14,571,351
117,064
Patrick
Industries,
Inc.
6,068,598
82,869,749
Consumer
Staples
-
3.1%
23,183
Coca-Cola
Consolidated,
Inc.
13,072,894
51,431
J
&
J
Snack
Foods
Corp.
7,182,853
20,255,747
Energy
-
3.5%
1,090,655
Centennial
Resource
Development,
Inc.,
Class A
(a)
6,522,117
704,228
CNX
Resources
Corp.
(a)
11,591,593
173,748
Northern
Oil
and
Gas,
Inc.
4,388,874
22,502,584
Financials
-
17.2%
371,996
Atlantic
Union
Bankshares
Corp.
12,618,104
301,911
BRP
Group,
Inc.,
Class A
(a)
7,291,151
215,782
Mercantile
Bank
Corp.
6,894,235
253,166
Moelis
&
Co.,
Class A
9,962,082
247,025
Seacoast
Banking
Corp.
of
Florida
8,161,706
244,338
Selective
Insurance
Group,
Inc.
21,242,746
197,666
SouthState
Corp.
15,249,932
162,815
Stewart
Information
Services
Corp.
8,100,046
98,641
Stifel
Financial
Corp.
5,525,869
70,853
UMB
Financial
Corp.
6,100,443
269,440
United
Bankshares
,
Inc.
9,449,261
110,595,575
Health
Care
-
12.2%
38,198
Addus
HomeCare
Corp.
(a)
3,181,129
117,218
AMN
Healthcare
Services,
Inc.
(a)
12,859,987
391,033
Avanos
Medical,
Inc.
(a)
10,690,842
175,558
Integer
Holdings
Corp.
(a)
12,404,928
196,054
Integra
LifeSciences
Holdings
Corp.
(a)
10,592,798
67,326
Medpace
Holdings,
Inc.
(a)
10,076,682
41,299
Omnicell
,
Inc.
(a)
4,697,761
118,599
Pacira
BioSciences
,
Inc.
(a)
6,914,322
239,118
Supernus
Pharmaceuticals,
Inc.
(a)
6,915,293
78,333,742
Industrials
-
18.0%
136,102
American
Woodmark
Corp.
(a)
6,125,951
Shares
Security
Description
Value
278,344
Barnes
Group,
Inc.
$
8,667,632
170,261
Comfort
Systems
USA,
Inc.
14,157,202
72,158
CSW
Industrials,
Inc.
7,434,439
151,224
EnerSys
8,916,167
128,105
EnPro
Industries,
Inc.
10,495,643
127,888
Forward
Air
Corp.
11,760,580
167,191
Franklin
Electric
Co.,
Inc.
12,248,413
159,591
ICF
International,
Inc.
15,161,145
167,575
Kforce
,
Inc.
10,279,050
174,176
Korn
Ferry
10,105,692
115,351,914
Information
Technology
-
15.0%
107,622
Advanced
Energy
Industries,
Inc.
7,854,253
102,786
Ambarella
,
Inc.
(a)
6,728,372
442,081
Benchmark
Electronics,
Inc.
9,973,347
201,888
Blackbaud
,
Inc.
(a)
11,723,636
459,659
Cambium
Networks
Corp.
(a)
6,734,004
181,085
Cass
Information
Systems,
Inc.
6,120,673
247,178
CTS
Corp.
8,416,411
151,377
Diodes,
Inc.
(a)
9,774,413
77,511
ExlService
Holdings,
Inc.
(a)
11,419,696
164,350
Onto
Innovation,
Inc.
(a)
11,461,769
56,597
SPS
Commerce,
Inc.
(a)
6,398,291
96,604,865
Materials
-
3.1%
71,390
Balchem
Corp.
9,262,139
132,033
Kaiser
Aluminum
Corp.
10,442,490
19,704,629
Real
Estate
-
6.7%
193,214
Agree
Realty
Corp.
REIT
13,936,526
576,954
Easterly
Government
Properties,
Inc.
REIT
10,985,204
278,958
Marcus
&
Millichap,
Inc.
10,318,657
810,545
Sunstone
Hotel
Investors,
Inc.
REIT
(a)
8,040,606
43,280,993
Utilities
-
3.2%
60,413
Chesapeake
Utilities
Corp.
7,826,504
117,448
IDACORP,
Inc.
12,440,092
20,266,596
Total
Common
Stocks
(Cost
$498,586,576)
626,244,211
Shares
Security
Description
Value
Short-Term
Investments
-
2.5%
Investment
Company
-
2.5%
16,004,701
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
1.34%
(b)
16,004,701
Total
Short-Term
Investments
(Cost
$16,004,701)
16,004,701
Investments,
at
value
-
100.0%
(Cost
$514,591,277)
642,248,912
Other
assets
in
excess
of
liabilities
-
0.0%
266,321
NET
ASSETS
-
100.0%
$
642,515,233
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2022
(Unaudited)
SMALL
COMPANY
FUND
Quarterly
Report
2022
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,
2022.
REIT
Real
Estate
Investment
Trust
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2022
(Unaudited)
Quarterly
Report
2022
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,
2022
(Unaudited)
Quarterly
Report
2022
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,
2022,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
48,610,138
$
–
$
48,610,138
Non-Agency
Commercial
Mortgage
Backed
Securities
–
34,958,380
–
34,958,380
Non-Agency
Residential
Mortgage
Backed
Securities
–
21,544,633
–
21,544,633
Corporate
Bonds
–
64,585,576
–
64,585,576
Government
&
Agency
Obligations
–
41,344,684
–
41,344,684
Preferred
Stocks
422,972
–
–
422,972
Short-Term
Investments
2,926,972
–
–
2,926,972
Total
$
3,349,944
$
211,043,411
$
–
$
214,393,355
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
19,452,861
$
–
$
19,452,861
Non-Agency
Commercial
Mortgage
Backed
Securities
–
15,600,367
–
15,600,367
Non-Agency
Residential
Mortgage
Backed
Securities
–
19,579,626
–
19,579,626
Corporate
Bonds
–
49,194,451
–
49,194,451
Government
&
Agency
Obligations
–
70,742,335
–
70,742,335
Short-Term
Investments
2,748,765
–
–
2,748,765
Total
$
2,748,765
$
174,569,640
$
–
$
177,318,405
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2022
(Unaudited)
Quarterly
Report
2022
27
*
See
Schedules
of
Portfolio
Investments
for
further
industry
classification.
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
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–
$
58,674,610
$
–
$
58,674,610
Short-Term
Investments
986,294
–
–
986,294
Total
$
986,294
$
58,674,610
$
–
$
59,660,904
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
41,434,271
$
–
$
–
$
41,434,271
Asset
Backed
Securities
–
3,012,089
–
3,012,089
Non-Agency
Commercial
Mortgage
Backed
Securities
–
2,823,515
–
2,823,515
Non-Agency
Residential
Mortgage
Backed
Securities
–
1,151,793
–
1,151,793
Corporate
Bonds
–
8,621,367
–
8,621,367
Government
&
Agency
Obligations
–
10,481,114
–
10,481,114
Short-Term
Investments
3,543,886
–
–
3,543,886
Total
$
44,978,157
$
26,089,878
$
–
$
71,068,035
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
6,790,016
$
–
$
–
$
6,790,016
Short-Term
Investments
241,316
–
–
241,316
Total
$
7,031,332
$
–
$
–
$
7,031,332
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
626,244,211
$
–
$
–
$
626,244,211
Short-Term
Investments
16,004,701
–
–
16,004,701
Total
$
642,248,912
$
–
$
–
$
642,248,912
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2022
(Unaudited)
Quarterly
Report
2022
28
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.