SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
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
-
46.6%
Asset
Backed
Securities
-
22.4%
$
657,157
Affirm
Asset
Securitization
Trust,
1.07%,
08/15/25 (a)
$
638,645
1,658,013
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (a)
1,596,146
2,020,000
AMSR
Trust,
1.63%,
07/17/37 (a)
1,828,307
1,216,839
Atalaya
Equipment
Leasing
Trust,
1.23%,
05/15/26 (a)
1,181,738
1,209,168
AXIS
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (a)
1,165,098
2,380,000
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28 (a)
2,353,728
1,101,205
Carvana
Auto
Receivables
Trust,
0.49%,
03/10/26
1,060,731
1,107,818
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(b)
1,066,218
2,100,000
CCG
Receivables
Trust,
3.91%,
07/16/29 (a)
2,060,413
440,150
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
431,594
2,084,553
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,860,655
751,304
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
699,268
551,036
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
486,407
478,446
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
444,778
375,217
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
359,505
312,503
Dell
Equipment
Finance
Trust,
0.57%,
10/23/23 (a)
309,474
1,190,000
DLLMT,
LLC,
1.00%,
07/21/25 (a)
1,129,582
780,307
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (a)
672,878
1,773,385
FirstKey
Homes
Trust,
1.34%,
08/17/37 (a)
1,584,763
228,829
Freed
ABS
Trust,
1.41%,
03/20/28 (a)
226,998
117,913
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
5.46%,
08/25/48 (a)(c)
115,691
1,345,063
Iowa
Student
Loan
Liquidity
Corp.
(USD
1
Month
LIBOR
+
0.67%),
4.71%,
08/25/70 (c)
1,275,336
1,241,417
Navient
Student
Loan
Trust,
0.97%,
12/16/69 (a)
1,039,959
1,292,000
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
5.92%,
10/15/31 (a)(c)
1,278,544
Principal
Amount
Security
Description
Value
$
472,802
NMEF
Funding,
LLC,
0.81%,
12/15/27 (a)
$
466,091
987,547
NMEF
Funding,
LLC,
2.58%,
10/16/28 (a)
952,388
1,725,000
NMEF
Funding,
LLC,
6.07%,
06/15/29 (a)
1,722,202
1,160,864
North
Texas
Higher
Education
Authority,
Inc.
(USD
1
Month
LIBOR
+
0.57%),
4.96%,
09/25/61 (c)
1,118,639
1,187,387
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51 (a)
1,036,717
911,110
Pawneee
Equipment
Receivables,
1.10%,
07/15/27 (a)
874,007
1,755,000
PenFed
Auto
Receivables
Owner
Trust,
3.96%,
04/15/26 (a)
1,728,641
103,642
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
5.45%,
12/24/33 (a)(c)
102,748
25,905
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
5.28%,
12/24/33 (a)(c)
25,721
297,019
Progress
Residential
Trust,
2.27%,
09/17/36 (a)
281,038
875,000
Progress
Residential
Trust,
2.69%,
10/17/36 (a)
828,644
1,751,584
Progress
Residential
Trust,
1.05%,
04/17/38 (a)
1,509,405
971,651
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
5.36%,
10/25/23 (c)
959,295
843,041
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
6.01%,
04/15/29 (c)
841,136
483,628
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.70%),
6.06%,
07/25/23 (c)
478,613
605,591
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
5.86%,
04/25/23 (c)
599,722
578,076
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (a)
553,523
707,139
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43 (a)
561,531
496,096
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
479,052
889,632
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (a)
731,575
545,773
Sofi
Professional
Loan
Program,
LLC,
3.09%,
08/17/48 (a)
513,203
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
2
Principal
Amount
Security
Description
Value
$
1,822,358
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
$
1,778,158
223,553
Tricon
American
Homes
Trust,
2.75%,
03/17/38 (a)
204,810
2,390,000
UNIFY
Auto
Receivables
Trust,
0.98%,
07/15/26 (a)
2,291,659
2,380,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (a)
2,098,979
47,603,953
Non-Agency
Commercial
Mortgage
Backed
Securities
-
16.4%
1,496,701
BANK
2019-BNK16,
3.93%,
02/15/52
1,471,495
1,840,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,752,471
1,615,000
BPR
Trust
(USD
1
Month
LIBOR
+
1.25%),
5.57%,
02/15/29 (a)(c)
1,570,782
1,475,000
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
09/15/36 (a)(c)
1,390,534
950,000
BX
Trust
(USD
1
Month
LIBOR
+
0.90%),
5.22%,
10/15/36 (a)(c)
903,538
860,000
BX
Trust
(USD
1
Month
LIBOR
+
0.85%),
5.17%,
11/15/38 (a)(c)
827,328
510,000
BX
Trust
(USD
1
Month
LIBOR
+
0.70%),
5.02%,
01/15/34 (a)(c)
493,517
2,000,000
BXHPP
Trust
(USD
1
Month
LIBOR
+
0.65%),
4.97%,
08/15/36 (a)(c)
1,870,440
900,000
Cantor
Commercial
Real
Estate
Lending,
3.62%,
05/15/52
873,411
1,009,945
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
963,726
888,648
Citigroup
Commercial
Mortgage
Trust,
3.85%,
11/10/46
876,238
540,362
COMM
Mortgage
Trust
Interest
Only
REMIC,
0.96%,
03/10/46 (b)
15
166,027
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
163,801
2,000,000
FirstKey
Homes
Trust,
4.25%,
07/17/26 (a)
1,886,740
1,600,000
GCT
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.80%),
5.12%,
02/15/38 (a)(c)
1,484,580
1,800,000
Goldman
Sachs
Mortgage
Securities
Corp.
Trust
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
10/15/36 (a)(c)
1,678,156
624,218
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.00%,
08/10/44 (a)(b)
1
289,998
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(b)
278,958
426,096
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/17/49
410,469
246,099
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
237,256
Principal
Amount
Security
Description
Value
$
488,550
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
$
468,415
1,086,156
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
1,024,242
624,883
KKR
Industrial
Portfolio
Trust
(USD
1
Month
LIBOR
+
0.55%),
4.87%,
12/15/37 (a)(c)
603,703
1,772,192
KNDR
2021-KIND
A
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
08/15/38 (a)(c)
1,673,793
610,000
MED
Trust
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
11/15/38 (a)(c)
587,052
1,000,000
MHC
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.80%),
5.12%,
04/15/38 (a)(c)
969,816
1,102,832
MHP
2022-MHIL,
5.15%,
01/15/27 (a)
(c)
1,055,849
1,130,265
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
3.25%,
12/15/47
1,083,756
359,821
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
353,078
750,000
ReadyCap
Commercial
Morgage
Trust
CLO,
5.59%,
01/25/37 (a)(c)
729,148
1,730,000
SREIT
Trust
(USD
1
Month
LIBOR
+
0.58%),
4.89%,
07/15/36 (a)(c)
1,660,557
750,660
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (a)(b)
686,218
618,794
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41 (a)(b)
538,135
925,000
Tricon
Residential
Trust,
3.86%,
04/17/39 (a)
854,711
1,290,000
TRTX
Issuer,
Ltd.
CLO,
5.46%,
02/15/39 (a)(c)
1,241,584
1,450,000
VASA
Trust
(USD
1
Month
LIBOR
+
0.90%),
5.22%,
07/15/39 (a)(c)
1,337,103
1,093,671
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (a)(b)
893,494
34,894,110
Non-Agency
Residential
Mortgage
Backed
Securities
-
7.8%
803,347
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (a)(b)
725,252
125,230
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
5.26%,
12/25/33 (a)(c)
118,756
418,068
BRAVO
Residential
Funding
Trust,
4.68%,
11/25/69 (a)(c)
413,823
833,899
BRAVO
Residential
Funding
Trust,
4.68%,
01/25/70 (a)(c)
823,302
402,090
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(b)
380,763
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
3
Principal
Amount
Security
Description
Value
$
382,373
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (a)(b)
$
325,369
907,420
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(b)
875,913
400,422
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30 (a)(b)
388,212
995,183
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (a)(b)
959,496
406,222
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
389,152
527,244
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(b)
497,591
45,825
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(b)
42,529
1,182
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/23
1,119
233,032
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(b)
214,434
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
5.51%,
02/25/33 (c)
154,571
172,149
CSMLT
Trust,
2.99%,
10/25/30 (a)(b)
156,593
1,317,659
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (a)(b)
1,269,839
545,721
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
500,901
245,537
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45 (b)
239,597
56,469
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50 (a)(b)
55,345
77,620
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59 (a)(b)
77,220
359,656
MFRA
Trust,
1.79%,
08/25/49 (a)(b)
330,691
446,675
MFRA
Trust,
0.85%,
01/25/56 (a)(b)
390,773
604,155
MFRA
Trust,
3.91%,
04/25/66 (a)(d)
567,880
288,448
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(b)
283,811
312,090
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58 (a)(b)
292,869
28,144
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(b)
25,901
46,956
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(b)
43,510
77,557
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(b)
72,061
558,872
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)(b)
494,109
Principal
Amount
Security
Description
Value
$
11,679
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
6.71%,
12/31/23 (c)
$
9,259
2
Residential
Asset
Securities
Corp.
Trust
REMIC,
3.87%,
05/25/33 (b)
2
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
12/31/23
5,256
739,541
RMF
Buyout
Issuance
Trust,
1.26%,
11/25/31 (a)(b)
693,864
650,000
Towd
Point
Mortgage
Trust,
3.75%,
10/25/56 (a)(b)
605,921
975,330
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(b)
925,036
948,520
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(b)
882,755
136,076
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(b)
130,888
209,512
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(b)
205,308
901,625
Towd
Point
Mortgage
Trust,
2.25%,
02/25/60 (a)(b)
838,975
1,084,821
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (a)(b)
967,844
247,956
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(b)
243,786
40,385
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(b)
39,863
16,660,139
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$105,614,442)
99,158,202
Corporate
Bonds
-
30.4%
Communication
Services
-
2.4%
2,364,000
AT&T,
Inc.,
1.70%,
03/25/26
2,130,430
750,000
Meta
Platforms,
Inc.,
3.50%,
08/15/27
699,000
885,000
Netflix,
Inc.,
4.38%,
11/15/26
851,813
1,000,000
The
Walt
Disney
Co.,
1.75%,
01/13/26
915,274
738,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30
575,249
5,171,766
Consumer
Discretionary
-
5.5%
895,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
557,672
1,845,000
Dollar
General
Corp.,
3.88%,
04/15/27
1,759,172
1,100,000
Ford
Motor
Credit
Co.,
LLC,
4.54%,
08/01/26
1,013,546
680,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (a)
658,599
1,875,000
Lennar
Corp.,
4.50%,
04/30/24
1,849,933
1,261,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31 (a)
1,000,843
1,826,000
McDonald's
Corp.,
MTN,
3.70%,
01/30/26
1,775,316
1,475,000
Newell
Brands,
Inc.,
4.45%,
04/01/26
1,387,673
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
4
Principal
Amount
Security
Description
Value
$
1,419,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
$
1,416,421
11,419,175
Consumer
Staples
-
1.4%
400,000
Cargill,
Inc.,
3.50%,
04/22/25 (a)
387,042
440,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
429,000
2,205,000
Reckitt
Benckiser
Treasury
Services
PLC,
2.75%,
06/26/24 (a)
2,130,533
2,946,575
Financials
-
10.9%
820,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
780,951
775,000
Bank
of
America
Corp.,
MTN,
3.46%,
03/15/25 (b)
754,428
1,485,000
Bank
of
America
Corp.,
MTN,
2.02%,
02/13/26 (b)
1,378,407
2,445,000
Citigroup,
Inc.,
1.46%,
06/09/27 (b)
2,120,812
1,220,000
Comcast
Corp.,
5.25%,
11/07/25
1,235,985
2,200,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
2,137,682
2,500,000
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (b)
2,205,091
2,340,000
Morgan
Stanley,
2.19%,
04/28/26 (b)
2,174,481
418,000
National
Retail
Properties,
Inc.,
4.00%,
11/15/25
401,631
947,000
National
Retail
Properties,
Inc.,
3.60%,
12/15/26
883,272
990,000
Oracle
Corp.,
5.80%,
11/10/25
1,012,161
1,490,000
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,355,081
1,936,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (b)(e)
1,893,408
2,360,000
The
Goldman
Sachs
Group,
Inc.,
0.67%,
03/08/24 (b)
2,334,573
2,015,000
Wells
Fargo
&
Co.,
4.81%,
07/25/28 (b)
1,968,043
420,000
Wells
Fargo
&
Co.,
3.75%,
01/24/24
414,293
23,050,299
Industrials
-
5.3%
2,085,000
BMW
US
Capital,
LLC,
2.80%,
04/11/26 (a)
1,947,850
2,125,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
2,066,107
2,305,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
2,227,110
1,450,000
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,299,146
1,850,000
TTX
Co.,
3.60%,
01/15/25 (a)
1,783,374
Principal
Amount
Security
Description
Value
$
2,208,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
$
2,108,660
11,432,247
Information
Technology
-
3.9%
900,000
eBay,
Inc.,
3.45%,
08/01/24
875,494
2,325,000
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.,
2.70%,
05/01/25
2,188,363
1,195,000
Oracle
Corp.,
3.40%,
07/08/24
1,165,833
2,410,000
TSMC
Global,
Ltd.,
0.75%,
09/28/25 (a)
2,175,386
2,060,000
Xilinx,
Inc.,
2.95%,
06/01/24
2,003,987
8,409,063
Materials
-
0.8%
1,765,000
The
Mosaic
Co.,
4.25%,
11/15/23
1,750,273
Utilities
-
0.2%
430,000
PacifiCorp,
2.95%,
06/01/23
426,184
Total
Corporate
Bonds
(Cost
$69,112,713)
64,605,582
Government
&
Agency
Obligations
-
22.2%
GOVERNMENT
SECURITIES
-
19.7%
Municipals
-
1.4%
550,000
County
of
El
Paso
CO,
Colorado
RB,
1.20%,
06/01/25
497,521
250,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
1.23%,
06/15/25
229,441
240,000
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
214,992
370,000
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.,
Indiana,
1.58%,
11/01/24
344,787
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,265,672
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
203,914
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
157,764
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
147,610
3,061,701
U.S.
Treasury
Securities
-
18.3%
900,000
U.S.
Treasury
Note,
2.75%,
11/15/23
884,672
10,650,000
U.S.
Treasury
Note,
2.13%,
11/30/24
10,194,463
18,880,000
U.S.
Treasury
Note,
2.13%,
05/15/25
17,941,162
11,080,000
U.S.
Treasury
Note/Bond,
0.50%,
02/28/26
9,872,886
38,893,183
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
2.5%
Federal
Home
Loan
Mortgage
Corp.
-
1.3%
266,702
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
247,390
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
5
Principal
Amount
Security
Description
Value
$
331,215
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (d)
$
322,957
1,290,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,270,243
335,970
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
54,653
99,004
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
9,252
94,215
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
12,006
208,762
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
203,851
796,448
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (b)
745,476
2,865,828
Federal
National
Mortgage
Association
-
0.1%
100,567
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
97,381
180,734
Federal
National
Mortgage
Association
Interest
Only,
2.67%,
01/25/39 (b)
2,852
100,233
Government
National
Mortgage
Association
-
1.1%
1,305,352
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,301,908
147,594
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
147,375
102,340
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
102,137
315,820
Government
National
Mortgage
Association
#632798,
5.13%,
11/15/34
315,093
451,393
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
455,854
74,253
Government
National
Mortgage
Association
REMIC,
3.25%,
11/16/52 (b)
72,401
2,394,768
Total
Government
&
Agency
Obligations
(Cost
$49,340,170)
47,315,713
Shares
Security
Description
Value
Preferred
Stocks
-
0.2%
Financials
-
0.2%
550
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
01/30/23),
13.03% (b)(e)
$
448,630
Total
Preferred
Stocks
(Cost
$564,328)
448,630
Short-Term
Investments
-
0.3%
Investment
Company
-
0.3%
663,336
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.05% (f)
663,336
Total
Short-Term
Investments
(Cost
$663,336)
663,336
Investments,
at
value
-
99.7%
(Cost
$225,294,989)
212,191,463
Other
assets
in
excess
of
liabilities
-
0.3%
630,978
NET
ASSETS
-
100.0%
$
212,822,441
(a)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
December
31,
2022,
the
aggregate
value
of
these
liquid
securities
were
$97,704,677
or
45.9%
of
net
assets.
(b)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
December
31,
2022.
(c)
Floating
rate
security.
Rate
presented
is
as
of
December
31,
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
December
31,
2022.
(e)
Perpetual
maturity
security.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2022.
ABS
Asset
Backed
Security
CLO
Collateralized
Loan
Obligation
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
6
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
28.2%
Asset
Backed
Securities
-
10.3%
$
960,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46
(a)
$
819,932
552,671
American
Homes
4
Rent
Trust,
3.68%,
12/17/36
(a)
532,049
400,000
AMSR
Trust,
1.63%,
07/17/37
(a)
362,041
1,250,000
ARM
Master
Trust,
2.43%,
11/15/27
(a)
1,151,520
557,793
Capital
Automotive,
1.44%,
08/15/51
(a)
477,805
861,307
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61
(a)
744,755
962,193
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52
(a)
849,342
424,878
Commonbond
Student
Loan
Trust,
1.17%,
09/25/51
(a)
344,831
864,171
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53
(a)
762,119
549,099
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45
(a)
463,455
915,000
FRTKL
2021-SFR1,
1.57%,
09/17/38
(a)
781,776
893,021
Home
Partners
of
America
Trust,
2.20%,
01/17/41
(a)
751,704
552,914
Navient
Student
Loan
Trust,
1.11%,
02/18/70
(a)
465,489
1,100,000
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
5.92%,
10/15/31
(a)(b)
1,088,544
365,585
Nelnet
Student
Loan
Trust,
1.63%,
04/20/62
(a)
329,437
654,166
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62
(a)
578,870
94,612
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
5.45%,
12/24/33
(a)(b)
93,795
813,070
Progress
Residential
Trust,
1.52%,
07/17/38
(a)
703,033
435,000
Sabey
Data
Center
Issuer,
LLC,
1.88%,
06/20/46
(a)
369,926
786,901
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
5.36%,
10/25/23
(b)
776,894
1,140,364
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
6.01%,
04/15/29
(b)
1,137,787
281,110
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
5.86%,
04/25/23
(b)
278,385
Principal
Amount
Security
Description
Value
$
339,306
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31
(a)
$
324,894
102,726
Social
Professional
Loan
Program,
2.34%,
04/25/33
(a)
100,593
653,933
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44
(a)
638,073
595,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46
(a)
513,866
1,335,646
Tricon
American
Homes
Trust,
1.48%,
11/17/39
(a)
1,105,302
1,632,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45
(a)
1,439,300
17,985,517
Non-Agency
Commercial
Mortgage
Backed
Securities
-
8.3%
1,200,000
American
Tower
Trust
I,
3.07%,
03/15/23
(a)
1,193,282
1,150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.53%,
03/10/37
(a)(c)
1,037,357
905,000
BANK
2019-BNK16,
3.90%,
02/15/52
864,438
1,255,000
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
09/15/36
(a)(b)
1,183,132
200,000
BX
Trust
(USD
1
Month
LIBOR
+
0.90%),
5.22%,
10/15/36
(a)(b)
190,219
860,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
828,589
540,362
COMM
Mortgage
Trust
Interest
Only
REMIC,
0.96%,
03/10/46
(c)
15
975,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
858,551
790,000
Goldman
Sachs
Mortgage
Securities
Trust
(USD
1
Month
LIBOR
+
0.89%),
5.20%,
11/15/36
(a)(b)
763,190
945,489
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.00%,
08/10/44
(a)(c)
2
1,575,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39
(a)
1,354,186
600,000
MED
Trust
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
11/15/38
(a)(b)
577,428
1,325,000
MHC
Commercial
Mortgage
Trust
(USD
1
Month
LIBOR
+
0.85%),
5.17%,
05/15/38
(a)(b)
1,285,103
414,205
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
397,113
792,363
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41
(a)(c)
724,341
477,356
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41
(a)(c)
415,133
610,000
Tricon
Residential
Trust,
3.86%,
04/17/39
(a)
563,647
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
7
Principal
Amount
Security
Description
Value
$
830,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
$
797,021
1,575,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
1,429,871
14,462,618
Non-Agency
Residential
Mortgage
Backed
Securities
-
9.6%
148,225
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
5.26%,
12/25/33
(a)(b)
140,562
560,553
BRAVO
Residential
Funding
Trust,
4.68%,
11/25/69
(a)(b)
554,862
1,063,360
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63
(a)(c)
904,836
495,500
Cascade
Funding
Mortgage
Trust,
LLC,
0.95%,
12/26/30
(a)(c)
480,390
281,366
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53
(a)
269,543
432,228
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66
(a)(c)
407,919
316,302
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35
(a)(c)
293,555
98,317
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
93,657
16,657
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
15,710
1,182
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/23
1,119
874,037
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47
(a)(c)
776,068
948,016
Credit
Suisse
Mortgage
Trust,
2.50%,
11/25/56
(a)(c)
810,443
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
5.51%,
02/25/33
(b)
154,571
165,528
CSMLT
Trust,
2.99%,
10/25/30
(a)(c)
150,570
825,346
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
757,561
695,143
Flagstar
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
596,004
749,894
Flagstar
Mortgage
Trust,
2.50%,
07/25/51
(a)(c)
641,072
256,154
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45
(c)
249,958
21,512
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50
(a)(c)
21,084
Principal
Amount
Security
Description
Value
$
40,834
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
2.63%,
01/25/59
(a)(c)
$
40,624
1,067,104
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51
(a)(c)
925,285
897,842
Mello
Mortgage
Capital
Acceptance,
2.50%,
08/25/51
(a)(c)
767,550
641,334
MFRA
Trust,
3.91%,
04/25/66
(a)(d)
602,827
359,381
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57
(a)(c)
337,027
267,014
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59
(a)(c)
245,939
155,227
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54
(a)(c)
142,856
119,524
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52
(a)(c)
110,754
276,401
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55
(a)(c)
256,812
673,599
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52
(a)(c)
595,504
1,469,903
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
1,260,270
864,984
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
741,623
1,041,832
PSMC
Trust,
2.50%,
08/25/51
(a)(c)
895,854
13,711
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
6.71%,
12/31/23
(b)
10,871
912,739
Sequoia
Mortgage
Trust,
2.50%,
06/25/51
(a)(c)
783,662
291,360
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30
(a)(c)
267,428
684,275
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58
(a)(c)
636,831
66,629
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56
(a)(c)
65,508
56,351
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57
(a)(c)
55,623
893,620
Woodward
Capital
Management,
2.50%,
01/25/52
(a)(c)
766,175
16,828,507
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$54,981,733)
49,276,642
Corporate
Bonds
-
27.2%
Communication
Services
-
2.2%
1,400,000
Alphabet,
Inc.,
2.25%,
08/15/60
788,673
1,220,000
AT&T,
Inc.,
4.30%,
12/15/42
1,000,881
1,200,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
1,055,924
458,000
Netflix,
Inc.,
4.38%,
11/15/26
440,825
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
8
Principal
Amount
Security
Description
Value
$
800,000
Verizon
Communications,
Inc.,
3.55%,
03/22/51
$
569,883
3,856,186
Consumer
Discretionary
-
4.7%
740,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
461,092
525,000
Comcast
Corp.,
4.15%,
10/15/28
503,447
1,355,000
Dollar
General
Corp.,
3.50%,
04/03/30
1,219,020
700,000
Hanesbrands,
Inc.,
4.63%,
05/15/24
(a)
677,969
413,000
Lennar
Corp.,
4.50%,
04/30/24
407,479
1,265,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(a)
1,004,018
1,505,000
McDonald's
Corp.,
3.63%,
09/01/49
1,132,120
810,000
Newell
Brands,
Inc.,
4.45%,
04/01/26
762,044
1,195,000
NIKE,
Inc.,
3.88%,
11/01/45
1,033,702
1,267,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,086,513
8,287,404
Consumer
Staples
-
0.3%
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28
(a)
516,750
Financials
-
8.5%
575,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
547,618
1,425,000
Bank
of
America
Corp.,
2.69%,
04/22/32
(c)
1,140,547
1,330,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
1,048,299
1,310,000
Citigroup,
Inc.,
4.91%,
05/24/33
(c)
1,226,727
1,414,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,154,241
1,465,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30
(c)
1,228,573
920,000
KeyCorp,
MTN,
2.25%,
04/06/27
814,340
1,330,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29
(c)
1,217,953
835,000
Regions
Financial
Corp.,
1.80%,
08/12/28
708,368
1,202,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65
(c)(e)
1,175,556
947,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,016,031
1,505,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33
(c)
1,222,031
1,230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49
(c)(e)
1,072,031
1,480,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31
(c)
1,225,538
14,797,853
Industrials
-
5.1%
1,299,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
1,051,068
1,260,000
BMW
Finance
NV,
2.85%,
08/14/29
(a)
1,094,926
Principal
Amount
Security
Description
Value
$
1,200,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
$
1,084,911
896,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
871,168
1,262,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,145,382
1,197,000
Raytheon
Technologies
Corp.,
4.88%,
10/15/40
1,116,851
815,000
TTX
Co.,
4.60%,
02/01/49
(a)
703,075
813,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25
(a)
776,422
1,535,000
Waste
Management,
Inc.,
1.50%,
03/15/31
1,200,123
9,043,926
Information
Technology
-
3.6%
1,153,000
eBay,
Inc.,
3.60%,
06/05/27
1,086,509
1,325,000
NVIDIA
Corp.,
3.50%,
04/01/50
1,000,054
1,175,000
Oracle
Corp.,
2.30%,
03/25/28
1,017,750
1,175,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,010,344
1,303,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30
(a)
999,706
1,345,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,130,950
6,245,313
Materials
-
1.1%
1,111,000
Albemarle
Corp.,
5.45%,
12/01/44
1,003,942
959,000
The
Mosaic
Co.,
5.45%,
11/15/33
932,584
1,936,526
Real
Estate
-
0.7%
1,230,000
National
Retail
Properties,
Inc.,
4.30%,
10/15/28
1,141,122
Utilities
-
1.0%
1,059,000
PacifiCorp,
6.25%,
10/15/37
1,127,753
740,000
Texas
Electric
Market
Stabilization
Funding
N,
LLC,
4.27%,
08/01/34
(a)
702,386
1,830,139
Total
Corporate
Bonds
(Cost
$55,732,849)
47,655,219
Government
&
Agency
Obligations
-
44.0%
GOVERNMENT
SECURITIES
-
20.1%
Municipals
-
1.5%
350,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
1.75%,
09/01/32
259,741
385,000
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue,
Texas
RB,
4.37%,
02/01/42
333,884
121,564
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
117,179
340,000
New
York
City
Municipal
Water
Finance
Authority,
New
York
RB,
5.72%,
06/15/42
365,912
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
9
Principal
Amount
Security
Description
Value
$
505,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
$
522,863
290,000
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
297,815
125,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.71%,
12/01/30
98,671
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
231,261
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
443,460
2,670,786
Treasury
Inflation
Index
Securities
-
1.0%
1,693,096
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28
(f)
1,670,304
U.S.
Treasury
Securities
-
17.6%
8,795,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
8,085,216
2,970,000
U.S.
Treasury
Note,
2.25%,
02/15/27
2,763,840
5,860,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
4,993,819
11,525,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
9,776,891
7,940,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
5,243,812
30,863,578
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
23.9%
Federal
Home
Loan
Mortgage
Corp.
-
10.1%
740,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
673,207
416,632
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
398,441
8,463
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
8,259
1,039,173
Federal
Home
Loan
Mortgage
Corp.
#RA6436,
2.50%,
12/01/51
885,859
1,129,515
Federal
Home
Loan
Mortgage
Corp.
#RA7549,
4.00%,
06/01/52
1,059,878
1,829,906
Federal
Home
Loan
Mortgage
Corp.
#RA7779,
4.50%,
08/01/52
1,763,084
428,865
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
402,543
1,808,956
Federal
Home
Loan
Mortgage
Corp.
#SD1046,
4.00%,
07/01/52
1,708,038
146,684
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
145,553
135,920
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
134,870
1,032,538
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
939,480
Principal
Amount
Security
Description
Value
$
325,273
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
$
322,453
357,079
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
342,022
709,860
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
681,127
827,003
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
134,531
164,227
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
162,316
16,002
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
10/15/41
15,912
6,532
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
04/15/41
6,517
23,655
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
23,353
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
902,602
298,343
FRESB
Mortgage
Trust,
3.70%,
10/25/28
(c)
281,867
712,655
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56
(d)
665,783
601,627
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
586,323
362,022
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57
(c)
338,853
595,377
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
08/25/59
543,288
797,333
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
729,609
609,768
Seasoned
Credit
Risk
Transfer
Trust,
2.00%,
05/25/60
543,237
384,842
Seasoned
Credit
Risk
Transfer
Trust,
3.25%,
07/25/56
(d)
362,116
826,815
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
738,194
514,566
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
461,223
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,308,325
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
433,328
17,702,191
Federal
National
Mortgage
Association
-
12.6%
84,640
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
86,434
66,681
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
66,102
8,179
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
8,205
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
10
Principal
Amount
Security
Description
Value
$
3,226
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
$
3,149
62,241
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
61,654
378,824
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
344,681
8,685
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
8,477
144,010
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
142,724
24,911
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
26,006
307,016
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
295,834
97,118
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
94,032
168,408
Federal
National
Mortgage
Association
#AL9970,
2.88%,
02/01/27
(c)
157,163
2,014,913
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
1,807,484
1,232,920
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,122,416
309,075
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
296,170
433,779
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
426,931
626,280
Federal
National
Mortgage
Association
#AS3909,
4.00%,
11/01/44
599,883
341,099
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
322,352
511,032
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
489,276
511,372
Federal
National
Mortgage
Association
#BH9216,
4.00%,
01/01/48
487,911
402,625
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
357,004
405,089
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
376,572
1,207,522
Federal
National
Mortgage
Association
#CB2094,
3.00%,
11/01/51
1,061,721
1,482,857
Federal
National
Mortgage
Association
#CB3233,
3.00%,
04/01/52
1,308,330
3,289,165
Federal
National
Mortgage
Association
#FS0331,
3.00%,
01/01/52
2,897,234
2,382,058
Federal
National
Mortgage
Association
#FS1555,
3.50%,
04/01/52
2,174,525
1,981,861
Federal
National
Mortgage
Association
#FS2060,
4.00%,
06/01/52
1,872,464
149,843
Federal
National
Mortgage
Association
#MA3384,
4.00%,
06/01/48
143,176
280,715
Federal
National
Mortgage
Association
Interest
Only,
2.67%,
01/25/39
(c)
4,429
Principal
Amount
Security
Description
Value
$
1,975,000
Federal
National
Mortgage
Association
Interest
Only
#AM7762,
3.49%,
01/01/35
$
1,759,643
927,560
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
828,629
438,146
Federal
National
Mortgage
Association
REMIC,
4.00%,
04/25/29
(c)
409,298
182,665
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
177,551
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
912,663
869,195
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
866,560
21,996,683
Government
National
Mortgage
Association
-
1.2%
460,645
Government
National
Mortgage
Association,
2.85%,
04/16/50
441,091
376,379
Government
National
Mortgage
Association,
3.50%,
01/20/69
(c)
361,610
434,116
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
388,539
890,115
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
898,913
2,090,153
Total
Government
&
Agency
Obligations
(Cost
$85,365,193)
76,993,695
Shares
Security
Description
Value
Short-Term
Investments
-
0.2%
Investment
Company
-
0.2%
384,051
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.05%
(g)
384,051
Total
Short-Term
Investments
(Cost
$384,051)
384,051
Investments,
at
value
-
99.6%
(Cost
$196,463,826)
174,309,607
Other
assets
in
excess
of
liabilities
-
0.4%
691,144
NET
ASSETS
-
100.0%
$
175,000,751
(a)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
December
31,
2022,
the
aggregate
value
of
these
liquid
securities
were
$47,099,783
or
26.9%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
December
31,
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
December
31,
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
December
31,
2022.
(e)
Perpetual
maturity
security.
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
INCOME
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
11
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
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
December
31,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
12
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
97.0%
GOVERNMENT
SECURITIES
-
95.4%
Municipals
-
95.4%
Nebraska
-
93.6%
$
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
$
261,741
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
312,709
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
283,983
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
346,919
210,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
207,129
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
182,587
150,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
01/01/24
151,561
250,000
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
244,793
350,000
City
of
Bellevue
NE,
Nebraska
GO,
2.00%,
09/15/30
322,358
215,000
City
of
Blair
NE,
Nebraska
GO,
2.15%,
09/15/23
213,166
220,000
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
216,643
55,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
48,401
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
103,091
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
343,542
650,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
726,313
80,000
City
of
Columbus
NE
Sales
Tax
Revenue,
Nebraska
RB,
5.00%,
09/15/23
81,031
345,000
City
of
Falls
City
NE,
Nebraska
GO,
4.25%,
11/15/30
355,477
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
344,994
150,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
158,910
Principal
Amount
Security
Description
Value
$
430,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/34
$
449,550
300,000
City
of
Kearney
NE,
Nebraska
GO,
4.00%,
05/15/27
308,246
160,000
City
of
Kearney
NE,
Nebraska
GO,
2.75%,
06/15/27
154,675
400,000
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
349,268
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
375,650
235,000
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
235,204
200,000
City
of
Lincoln
NE,
Nebraska
GO,
5.00%,
11/15/34
228,382
195,000
City
of
Norfolk
NE,
Nebraska
GO,
2.70%,
09/01/25
189,152
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
360,674
200,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
191,963
150,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/33
158,968
400,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/34
376,088
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/37
226,103
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
599,530
355,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
387,077
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
249,626
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
357,419
285,000
County
of
Cherry
NE,
Nebraska
GO,
3.00%,
12/15/25
286,812
300,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/34
304,074
435,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/36
437,435
245,000
County
of
Douglas
NE,
Nebraska
RB,
3.00%,
09/01/27
245,184
125,000
County
of
Jefferson
NE,
Nebraska
GO,
2.00%,
12/01/25
120,444
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
306,740
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
177,585
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
13
Principal
Amount
Security
Description
Value
$
400,000
Cozad
City
School
District,
Nebraska
GO,
4.00%,
06/15/28
$
416,607
265,000
Cuming
County
Public
Power
District,
Nebraska
RB,
1.50%,
12/15/25
248,318
280,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/36
314,879
260,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/27
284,452
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,164,662
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
199,394
220,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
234,827
750,000
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
735,709
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
178,336
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
579,977
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
260,024
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
490,
Nebraska
GO,
2.70%,
08/15/28
93,831
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
240,005
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
205,885
325,000
Douglas
County
School
District
No.
17/
NE,
Nebraska
GO,
4.00%,
12/15/41
329,014
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
682,672
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
760,411
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
299,700
250,000
Douglas
County
School
District
No.
59/
NE,
Nebraska
GO,
4.00%,
06/15/34
258,136
250,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
265,035
370,000
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
417,486
65,000
Grand
Island
Electric
Department,
Nebraska
RB,
5.00%,
08/15/27
66,219
530,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
556,821
Principal
Amount
Security
Description
Value
$
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
$
380,617
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
509,063
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
729,558
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
291,393
500,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
519,287
370,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/34
318,001
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
303,469
200,000
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
220,189
475,000
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
499,735
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
502,322
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
954,426
260,000
Lyons-Decatur
Northeast
Schools,
Nebraska
GO,
5.00%,
12/15/30
277,595
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
525,755
300,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
307,222
250,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/31
286,863
210,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
210,934
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
470,147
290,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.00%,
03/01/52
278,444
350,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
1.55%,
03/01/23
348,982
500,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
2.00%,
03/01/24
493,158
125,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
143,424
200,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
208,912
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
14
Principal
Amount
Security
Description
Value
$
500,000
Nebraska
Public
Power
District,
Nebraska
RB,
0.60%,
01/01/51
(a)
$
493,079
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
314,087
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
417,035
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
319,344
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
419,615
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
634,069
350,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
370,144
1,010,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,045,324
300,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
337,473
350,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/36
401,218
350,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/46
333,410
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
790,177
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
522,910
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
175,045
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
606,204
1,000,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
983,043
150,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/30
167,475
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
278,562
245,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/31
260,257
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
350,588
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
791,291
160,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
159,920
105,000
Sarpy
County
Sanitary
&
Improvement
District
No.
23,
Nebraska
GO,
2.30%,
08/15/34
85,255
Principal
Amount
Security
Description
Value
$
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
245,
Nebraska
GO,
3.45%,
11/15/28
$
99,996
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
100,180
30,000
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
30,002
320,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
365,821
300,000
Southeast
Community
College
Area,
Nebraska
RB,
4.00%,
03/15/31
312,323
300,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
310,085
400,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
414,380
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
285,579
270,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
270,540
500,000
The
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
521,529
400,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
370,029
1,700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
1,701,298
100,000
Westside
Community
Schools,
Nebraska
GO,
2.30%,
12/01/28
96,058
450,000
York
County
NE
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
435,993
45,122,431
North
Dakota
-
1.0%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
484,027
South
Dakota
-
0.8%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
423,354
46,029,812
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.6%
Federal
Home
Loan
Mortgage
Corp.
-
1.6%
297,261
Federal
Home
Loan
Mortgage
Corp.,
2.34%,
07/25/41
(b)
227,171
591,975
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
535,103
762,274
Total
Government
&
Agency
Obligations
(Cost
$49,285,348)
46,792,086
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
15
Shares
Security
Description
Value
Short-Term
Investments
-
2.5%
Investment
Company
-
2.5%
1,192,775
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.05%
(c)
$
1,192,775
Total
Short-Term
Investments
(Cost
$1,192,775)
1,192,775
Investments,
at
value
-
99.5%
(Cost
$50,478,123)
47,984,861
Other
assets
in
excess
of
liabilities
-
0.5%
233,370
NET
ASSETS
-
100.0%
$
48,218,231
(a)
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
December
31,
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
December
31,
2022,
the
aggregate
value
of
these
liquid
securities
were
$227,171
or
0.5%
of
net
assets.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
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
December
31,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
16
Shares
Security
Description
Value
Common
Stocks
-
58.5%
Communication
Services
-
4.4%
6,975
Activision
Blizzard,
Inc.
$
533,936
12,900
Alphabet,
Inc.,
Class C (a)
1,144,617
14,900
Comcast
Corp.,
Class A
521,053
2,335
Meta
Platforms,
Inc.,
Class A (a)
280,994
13,700
Verizon
Communications,
Inc.
539,780
3,020,380
Consumer
Discretionary
-
5.9%
11,740
Amazon.com,
Inc. (a)
986,160
228
Booking
Holdings,
Inc. (a)
459,484
11,550
Gentex
Corp.
314,968
3,605
NIKE,
Inc.,
Class B
421,821
810
O'Reilly
Automotive,
Inc. (a)
683,664
900
Pool
Corp.
272,097
5,500
Rent-A-Center,
Inc./TX,
Class A
124,025
4,150
Royal
Caribbean
Cruises,
Ltd. (a)
205,135
1,825
The
Home
Depot,
Inc.
576,445
4,043,799
Consumer
Staples
-
4.4%
6,250
Church
&
Dwight
Co.,
Inc.
503,812
2,250
Constellation
Brands,
Inc.,
Class A
521,437
1,385
Costco
Wholesale
Corp.
632,253
5,980
Lamb
Weston
Holdings,
Inc.
534,373
6,050
Walmart,
Inc.
857,830
3,049,705
Energy
-
2.5%
1,050
Diamondback
Energy,
Inc.
143,619
2,290
EOG
Resources,
Inc.
296,601
8,075
Exxon
Mobil
Corp.
890,672
3,500
Phillips
66
364,280
1,695,172
Financials
-
6.4%
8,700
Brown
&
Brown,
Inc.
495,639
3,290
Chubb,
Ltd.
725,774
3,050
CME
Group,
Inc.
512,888
5,500
Equitable
Holdings,
Inc.
157,850
5,800
First
American
Financial
Corp.
303,572
4,950
JPMorgan
Chase
&
Co.
663,795
7,750
KeyCorp
135,005
1,190
Moody's
Corp.
331,558
4,200
Morgan
Stanley
357,084
2,060
The
PNC
Financial
Services
Group,
Inc.
325,356
9,200
Wells
Fargo
&
Co.
379,868
4,388,389
Health
Care
-
9.0%
6,965
Abbott
Laboratories
764,687
2,600
AMN
Healthcare
Services,
Inc. (a)
267,332
4,760
Edwards
Lifesciences
Corp. (a)
355,144
3,135
Eli
Lilly
&
Co.
1,146,908
8,725
Horizon
Therapeutics
PLC (a)
992,905
1,355
Humana,
Inc.
694,017
Shares
Security
Description
Value
4,300
Lantheus
Holdings,
Inc. (a)
$
219,128
2,549
LHC
Group,
Inc. (a)
412,148
1,455
Thermo
Fisher
Scientific,
Inc.
801,254
3,430
Zoetis,
Inc.
502,667
6,156,190
Industrials
-
5.5%
4,800
AMETEK,
Inc.
670,656
1,000
Cintas
Corp.
451,620
17,400
CSX
Corp.
539,052
4,450
MasTec,
Inc. (a)
379,719
7,207
Raytheon
Technologies
Corp.
727,330
4,600
The
Timken
Co.
325,082
4,205
Waste
Management,
Inc.
659,680
3,753,139
Information
Technology
-
13.9%
1,435
Adobe,
Inc. (a)
482,921
18,680
Apple,
Inc.
2,427,092
1,995
CDW
Corp.
356,267
2,932
Entegris,
Inc.
192,310
4,875
Fiserv,
Inc. (a)
492,716
2,230
FleetCor
Technologies,
Inc. (a)
409,606
2,350
Mastercard,
Inc.,
Class A
817,165
5,900
Microchip
Technology,
Inc.
414,475
9,425
Microsoft
Corp.
2,260,304
4,480
NVIDIA
Corp.
654,707
1,010
Paycom
Software,
Inc. (a)
313,413
4,100
Perficient,
Inc. (a)
286,303
3,925
QUALCOMM,
Inc.
431,515
9,538,794
Materials
-
1.9%
4,890
Berry
Global
Group,
Inc.
295,503
2,665
FMC
Corp.
332,592
1,690
Linde
PLC
551,244
19,231
PureCycle
Technologies,
Inc. (a)
130,002
1,309,341
Real
Estate
-
2.4%
2,290
American
Tower
Corp.
REIT
485,160
11,590
First
Industrial
Realty
Trust,
Inc.
REIT
559,333
4,145
Sun
Communities,
Inc.
REIT
592,735
1,637,228
Utilities
-
2.2%
2,580
American
Water
Works
Co.,
Inc.
393,244
4,615
Atmos
Energy
Corp.
517,203
7,370
NextEra
Energy,
Inc.
616,132
1,526,579
Total
Common
Stocks
(Cost
$24,696,597)
40,118,716
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
17
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
9.8%
Asset
Backed
Securities
-
4.5%
$
155,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46 (b)
$
132,385
182,807
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (b)
175,985
50,000
AMSR
Trust,
1.63%,
07/17/37 (b)
45,255
110,998
AXIS
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (b)
106,952
210,000
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28 (b)
207,682
84,461
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (b)(c)
81,290
250,000
CCG
Receivables
Trust,
3.91%,
07/16/29 (b)
245,287
236,158
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
210,793
114,206
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61 (b)
98,752
63,002
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
58,639
34,111
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
32,682
105,000
DLLMT,
LLC,
1.00%,
07/21/25 (b)
99,669
52,020
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (b)
44,859
135,000
FRTKL
2021-SFR1,
1.57%,
09/17/38 (b)
115,344
130,000
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
5.92%,
10/15/31 (b)(d)
128,646
133,319
NMEF
Funding,
LLC,
2.58%,
10/16/28 (b)
128,572
65,000
NMEF
Funding,
LLC,
6.07%,
06/15/29 (b)
64,895
99,942
North
Texas
Higher
Education
Authority,
Inc.
(USD
1
Month
LIBOR
+
0.57%),
4.96%,
09/25/61 (d)
96,307
60,741
Pawneee
Equipment
Receivables,
1.10%,
07/15/27 (b)
58,267
17,456
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
5.45%,
12/24/33 (b)(d)
17,305
119,863
Progress
Residential
Trust,
1.52%,
07/17/38 (b)
103,641
127,962
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
6.01%,
04/15/29 (d)
127,673
52,201
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (b)
49,984
Principal
Amount
Security
Description
Value
$
203,235
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (b)
$
167,127
144,250
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
140,751
70,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46 (b)
60,455
131,683
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (b)
108,974
180,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (b)
158,746
3,066,917
Non-Agency
Commercial
Mortgage
Backed
Securities
-
3.9%
375,000
American
Tower
Trust
I,
3.07%,
03/15/23 (b)
372,900
150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.53%,
03/10/37 (b)(c)
135,307
190,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
180,962
97,481
BX
Commercial
Mortgage
Trust,
5.35%,
02/15/39 (b)(d)
93,927
160,000
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
09/15/36 (b)(d)
150,838
125,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
120,434
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
154,099
185,000
Goldman
Sachs
Mortgage
Securities
Trust
(USD
1
Month
LIBOR
+
0.89%),
5.20%,
11/15/36 (b)(d)
178,722
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
171,960
92,528
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
88,715
116,464
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
109,826
143,960
KNDR
2021-KIND
A
(USD
1
Month
LIBOR
+
0.95%),
5.27%,
08/15/38 (b)(d)
135,966
125,000
ReadyCap
Commercial
Morgage
Trust
CLO,
5.59%,
01/25/37 (b)(d)
121,525
75,000
SREIT
Trust
(USD
1
Month
LIBOR
+
0.58%),
4.89%,
07/15/36 (b)(d)
71,989
80,953
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (b)(c)
74,004
130,000
Tricon
Residential
Trust,
3.86%,
04/17/39 (b)
120,121
100,000
TRTX
Issuer,
Ltd.
CLO,
5.46%,
02/15/39 (b)(d)
96,247
75,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
72,020
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
18
Principal
Amount
Security
Description
Value
$
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
$
136,178
114,721
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (b)(c)
93,723
2,679,463
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.4%
107,113
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (b)(c)
96,700
35,221
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
5.26%,
12/25/33 (b)(d)
33,400
145,666
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (b)(c)
123,950
54,995
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(c)
53,086
58,806
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (b)(c)
56,697
46,576
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(c)
43,957
14,250
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(c)
13,225
114,546
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47 (b)(c)
101,707
74,026
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (b)(c)
71,339
90,202
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
82,794
29,199
Freddie
Mac
Whole
Loan
Securities,
3.66%,
09/25/45 (c)
28,493
27,228
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(c)
25,298
160,844
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52 (b)(c)
142,196
144,904
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (b)(c)
129,279
1,002,121
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$7,325,732)
6,748,501
Corporate
Bonds
-
12.5%
Communication
Services
-
1.1%
348,000
AT&T,
Inc.,
4.30%,
02/15/30
327,676
150,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
131,991
317,000
Verizon
Communications,
Inc.,
4.33%,
09/21/28
304,790
764,457
Consumer
Discretionary
-
1.4%
240,000
Dollar
General
Corp.,
3.50%,
04/03/30
215,915
100,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (b)
96,853
315,000
McDonald's
Corp.,
2.13%,
03/01/30
263,504
50,000
Newell
Brands,
Inc.,
4.45%,
04/01/26
47,040
50,000
Starbucks
Corp.,
2.00%,
03/12/27
44,671
Principal
Amount
Security
Description
Value
$
265,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
$
226,195
75,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
74,864
969,042
Consumer
Staples
-
0.2%
165,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
153,074
Financials
-
4.9%
275,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (c)
257,639
326,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
256,951
280,000
Citigroup,
Inc.,
3.89%,
01/10/28 (c)
261,651
270,000
CME
Group,
Inc.,
3.00%,
03/15/25
260,880
310,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
253,051
310,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30 (c)
259,971
110,000
KeyCorp,
MTN,
2.25%,
04/06/27
97,367
50,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (b)
49,239
290,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29 (c)
265,569
70,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
69,856
225,000
Regions
Financial
Corp.,
1.80%,
08/12/28
190,877
100,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (c)(e)
97,800
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
214,793
275,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
261,834
230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (c)(e)
200,461
325,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31 (c)
269,122
3,267,061
Health
Care
-
0.2%
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
96,543
37,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
36,080
132,623
Industrials
-
2.5%
255,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
206,330
250,000
BMW
Finance
NV,
2.85%,
08/14/29 (b)
217,247
300,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
291,686
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
BALANCED
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
19
Principal
Amount
Security
Description
Value
$
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
$
235,974
170,000
TTX
Co.,
3.60%,
01/15/25 (b)
163,878
175,000
Union
Pacific
Corp.,
3.95%,
09/10/28
168,220
250,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (b)
238,752
335,000
Waste
Management,
Inc.,
1.50%,
03/15/31
261,916
1,784,003
Information
Technology
-
2.2%
170,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
138,627
235,000
eBay,
Inc.,
3.60%,
06/05/27
221,448
140,000
NVIDIA
Corp.,
2.85%,
04/01/30
122,123
130,000
Oracle
Corp.,
3.40%,
07/08/24
126,827
155,000
Oracle
Corp.,
2.30%,
03/25/28
134,256
313,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
264,811
280,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30 (b)
214,826
310,000
Xilinx,
Inc.,
2.38%,
06/01/30
260,665
1,483,583
Total
Corporate
Bonds
(Cost
$9,609,260)
8,553,843
Government
&
Agency
Obligations
-
15.5%
GOVERNMENT
SECURITIES
-
14.8%
Municipals
-
0.2%
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
94,047
50,000
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
41,863
135,910
Treasury
Inflation
Index
Securities
-
0.4%
267,205
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
262,984
U.S.
Treasury
Securities
-
14.2%
340,000
U.S.
Treasury
Note,
2.75%,
11/15/23
334,209
1,005,000
U.S.
Treasury
Note,
2.13%,
11/30/24
962,013
3,095,000
U.S.
Treasury
Note,
2.13%,
05/15/25
2,941,096
2,585,000
U.S.
Treasury
Note,
2.25%,
02/15/27
2,405,565
1,805,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
1,538,199
1,860,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
1,577,876
9,758,958
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.7%
Federal
Home
Loan
Mortgage
Corp.
-
0.5%
61,203
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (g)
59,677
41,840
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
39,272
22,608
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
22,076
Principal
Amount
Security
Description
Value
$
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
$
207,946
328,971
Federal
National
Mortgage
Association
-
0.1%
17,086
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
16,771
65,722
Federal
National
Mortgage
Association
REMIC,
4.00%,
04/25/29 (c)
61,395
78,166
Government
National
Mortgage
Association
-
0.1%
63,695
Government
National
Mortgage
Association,
3.50%,
01/20/69 (c)
61,196
Total
Government
&
Agency
Obligations
(Cost
$11,176,155)
10,626,185
Shares
Security
Description
Value
Short-Term
Investments
-
3.5%
Investment
Company
-
3.5%
2,418,146
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.05% (h)
2,418,146
Total
Short-Term
Investments
(Cost
$2,418,146)
2,418,146
Investments,
at
value
-
99.8%
(Cost
$55,225,890)
68,465,391
Other
assets
in
excess
of
liabilities
-
0.2%
137,896
NET
ASSETS
-
100.0%
$
68,603,287
(a)
Non-income
producing
security.
(b)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
December
31,
2022,
the
aggregate
value
of
these
liquid
securities
were
$6,883,410
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
December
31,
2022.
(d)
Floating
rate
security.
Rate
presented
is
as
of
December
31,
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
December
31,
2022.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2022.
CLO
Collateralized
Loan
Obligation
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
SMALL/MID
CAP
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
20
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
December
31,
2022.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
98.7%
Communication
Services
-
1.9%
1,483
Nexstar
Media
Group,
Inc.,
Class A
$
259,569
Consumer
Discretionary
-
10.4%
2,301
Burlington
Stores,
Inc.
(a)
466,551
2,107
Dorman
Products,
Inc.
(a)
170,393
1,442
LGI
Homes,
Inc.
(a)
133,529
6,053
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
283,523
1,661
Tractor
Supply
Co.
373,675
1,427,671
Consumer
Staples
-
3.5%
1,061
Casey's
General
Stores,
Inc.
238,035
478
Coca-Cola
Consolidated,
Inc.
244,908
482,943
Energy
-
4.5%
13,232
CNX
Resources
Corp.
(a)
222,827
8,006
Marathon
Oil
Corp.
216,722
5,234
SM
Energy
Co.
182,300
621,849
Financials
-
15.8%
6,895
Atlantic
Union
Bankshares
Corp.
242,290
3,030
Brown
&
Brown,
Inc.
172,619
1,685
Cullen/Frost
Bankers,
Inc.
225,284
219
Markel
Corp.
(a)
288,530
4,935
Moelis
&
Co.,
Class A
189,356
3,265
Selective
Insurance
Group,
Inc.
289,312
3,833
SouthState
Corp.
292,688
4,675
Stifel
Financial
Corp.
272,880
2,317
UMB
Financial
Corp.
193,516
2,166,475
Health
Care
-
11.5%
2,398
AMN
Healthcare
Services,
Inc.
(a)
246,562
989
ICON
PLC
(a)
192,113
3,330
Integra
LifeSciences
Holdings
Corp.
(a)
186,713
802
Molina
Healthcare,
Inc.
(a)
264,837
3,330
Omnicell
,
Inc.
(a)
167,899
2,479
Pacira
BioSciences
,
Inc.
(a)
95,714
3,022
PerkinElmer,
Inc.
423,745
1,577,583
Industrials
-
18.7%
835
CACI
International,
Inc.,
Class A
(a)
250,993
1,175
Carlisle
Cos.,
Inc.
276,889
2,860
EnerSys
211,182
3,241
Fortune
Brands
Innovations,
Inc.
185,094
2,244
Forward
Air
Corp.
235,373
3,590
Franklin
Electric
Co.,
Inc.
286,302
2,204
ICF
International,
Inc.
218,306
2,309
Oshkosh
Corp.
203,631
1,888
Quanta
Services,
Inc.
269,040
2,625
Robert
Half
International,
Inc.
193,804
1,621
Tetra
Tech,
Inc.
235,353
2,565,967
Shares
Security
Description
Value
Information
Technology
-
20.2%
3,274
Ambarella
,
Inc.
(a)
$
269,221
3,906
Black
Knight,
Inc.
(a)
241,195
3,646
Blackbaud
,
Inc.
(a)
214,604
1,248
Broadridge
Financial
Solutions,
Inc.
167,394
9,594
Cambium
Networks
Corp.
(a)
207,902
2,520
Diodes,
Inc.
(a)
191,873
899
ExlService
Holdings,
Inc.
(a)
152,318
1,337
Littelfuse
,
Inc.
294,407
3,095
MKS
Instruments,
Inc.
262,239
3,598
Power
Integrations,
Inc.
258,049
2,350
PTC,
Inc.
(a)
282,094
1,969
Qualys
,
Inc.
(a)
220,981
2,762,277
Materials
-
3.7%
1,596
Balchem
Corp.
194,888
3,249
RPM
International,
Inc.
316,615
511,503
Real
Estate
-
5.8%
3,201
Agree
Realty
Corp.
REIT
227,047
11,198
Easterly
Government
Properties,
Inc.
REIT
159,796
1,224
Jones
Lang
LaSalle,
Inc.
(a)
195,069
2,196
Lamar
Advertising
Co.,
Class A
REIT
207,302
789,214
Utilities
-
2.7%
3,444
IDACORP,
Inc.
371,435
Total
Common
Stocks
(Cost
$12,905,668)
13,536,486
Shares
Security
Description
Value
Short-Term
Investments
-
5.8%
Investment
Company
-
5.8%
796,939
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.05%
(b)
796,939
Total
Short-Term
Investments
(Cost
$796,939)
796,939
Investments,
at
value
-
104.5%
(Cost
$13,702,607)
14,333,425
Other
liabilities
in
excess
of
assets
-
(4.5)%
(622,922)
NET
ASSETS
-
100.0%
$
13,710,503
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
SMALL
COMPANY
FUND
Quarterly
Report
2022
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
21
Shares
Security
Description
Value
Common
Stocks
-
99.1%
Communication
Services
-
1.4%
755,577
Gray
Television,
Inc.
$
8,454,907
Consumer
Discretionary
-
11.4%
142,874
Boot
Barn
Holdings,
Inc.
(a)
8,932,482
131,258
Dorman
Products,
Inc.
(a)
10,614,834
258,227
La-Z-Boy,
Inc.
5,892,740
66,065
LGI
Homes,
Inc.
(a)
6,117,619
174,647
Monarch
Casino
&
Resort,
Inc.
(a)
13,428,608
294,058
Movado
Group,
Inc.
9,483,371
176,682
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
8,275,785
134,673
Patrick
Industries,
Inc.
8,161,184
70,906,623
Consumer
Staples
-
1.8%
21,949
Coca-Cola
Consolidated,
Inc.
11,245,790
Energy
-
4.9%
666,753
CNX
Resources
Corp.
(a)
11,228,120
281,508
Northern
Oil
and
Gas,
Inc.
8,676,077
1,139,673
Permian
Resources
Corp.
10,712,926
30,617,123
Financials
-
16.9%
384,906
Atlantic
Union
Bankshares
Corp.
13,525,597
231,772
BRP
Group,
Inc.,
Class A
(a)
5,826,748
204,299
Mercantile
Bank
Corp.
6,839,930
274,949
Moelis
&
Co.,
Class A
10,549,793
160,111
Origin
Bancorp,
Inc.
5,876,074
233,880
Seacoast
Banking
Corp.
of
Florida
7,294,717
209,314
Selective
Insurance
Group,
Inc.
18,547,313
147,101
SouthState
Corp.
11,232,632
186,698
Stewart
Information
Services
Corp.
7,977,606
93,392
Stifel
Financial
Corp.
5,451,291
67,082
UMB
Financial
Corp.
5,602,689
168,687
United
Bankshares
,
Inc.
6,830,137
105,554,527
Health
Care
-
13.8%
74,132
Addus
HomeCare
Corp.
(a)
7,375,393
77,039
AMN
Healthcare
Services,
Inc.
(a)
7,921,150
370,225
Avanos
Medical,
Inc.
(a)
10,018,288
84,545
Harmony
Biosciences
Holdings,
Inc.
(a)
4,658,430
183,877
Integer
Holdings
Corp.
(a)
12,588,219
185,621
Integra
LifeSciences
Holdings
Corp.
(a)
10,407,769
53,734
Medpace
Holdings,
Inc.
(a)
11,413,639
179,918
Omnicell
,
Inc.
(a)
9,071,466
112,288
Pacira
BioSciences
,
Inc.
(a)
4,335,440
226,394
Supernus
Pharmaceuticals,
Inc.
(a)
8,075,474
85,865,268
Industrials
-
19.0%
128,859
American
Woodmark
Corp.
(a)
6,296,051
263,533
Barnes
Group,
Inc.
10,765,323
127,769
Comfort
Systems
USA,
Inc.
14,703,657
68,318
CSW
Industrials,
Inc.
7,920,106
143,177
EnerSys
10,572,190
121,083
EnPro
Industries,
Inc.
13,160,511
Shares
Security
Description
Value
121,083
Forward
Air
Corp.
$
12,700,396
158,294
Franklin
Electric
Co.,
Inc.
12,623,946
105,384
ICF
International,
Inc.
10,438,285
182,940
Kforce
,
Inc.
10,030,600
181,328
Korn
Ferry
9,178,823
118,389,888
Information
Technology
-
17.9%
113,306
Advanced
Energy
Industries,
Inc.
9,719,389
104,076
Ambarella
,
Inc.
(a)
8,558,170
374,367
Benchmark
Electronics,
Inc.
9,991,855
224,504
Blackbaud
,
Inc.
(a)
13,214,305
435,199
Cambium
Networks
Corp.
(a)
9,430,762
171,449
Cass
Information
Systems,
Inc.
7,855,793
206,916
CTS
Corp.
8,156,629
143,322
Diodes,
Inc.
(a)
10,912,537
57,125
ExlService
Holdings,
Inc.
(a)
9,678,689
155,605
Onto
Innovation,
Inc.
(a)
10,595,144
94,991
Power
Integrations,
Inc.
6,812,755
53,491
SPS
Commerce,
Inc.
(a)
6,869,849
111,795,877
Materials
-
3.1%
79,220
Balchem
Corp.
9,673,554
125,007
Kaiser
Aluminum
Corp.
9,495,532
19,169,086
Real
Estate
-
5.9%
162,509
Agree
Realty
Corp.
REIT
11,526,763
546,252
Easterly
Government
Properties,
Inc.
REIT
7,795,016
285,772
Marcus
&
Millichap,
Inc.
9,844,845
767,413
Sunstone
Hotel
Investors,
Inc.
REIT
7,413,210
36,579,834
Utilities
-
3.0%
57,198
Chesapeake
Utilities
Corp.
6,759,660
111,198
IDACORP,
Inc.
11,992,704
18,752,364
Total
Common
Stocks
(Cost
$477,093,761)
617,331,287
Shares
Security
Description
Value
Short-Term
Investments
-
0.8%
Investment
Company
-
0.8%
4,915,604
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.05%
(b)
4,915,604
Total
Short-Term
Investments
(Cost
$4,915,604)
4,915,604
Investments,
at
value
-
99.9%
(Cost
$482,009,365)
622,246,891
Other
assets
in
excess
of
liabilities
-
0.1%
931,162
NET
ASSETS
-
100.0%
$
623,178,053
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
December
31,
2022
(Unaudited)
SMALL
COMPANY
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
December
31,
2022.
REIT
Real
Estate
Investment
Trust
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2022
(Unaudited)
Quarterly
Report
2022
23
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.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Board
has
designated
the
Adviser,
as
defined
in
Note
3,
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser’s
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser’s
fair
valuation
procedures
as
a
part
of
the
Funds’
compliance
program
and
will
review
any
changes
made
to
the
procedures.
Situations
that
may
require
an
investment
to
be
fair
valued
include
instances
where
a
security
is
thinly
traded,
halted,
or
restricted
as
to
resale.
In
addition,
investments
may
be
fair
valued
based
on
the
occurrence
of
a
significant
event.
Significant
events
may
be
specific
to
a
particular
issuer,
such
as
mergers,
restructurings,
or
defaults.
Alternatively,
significant
events
may
affect
an
entire
market,
such
as
natural
disasters,
government
actions,
and
significant
changes
in
the
value
of
U.S.
securities
markets.
Securities
are
fair
valued
based
on
observable
and
unobservable
inputs,
including
the
Adviser’s
own
assumptions
in
determining
fair
value.
Factors
used
in
determining
fair
value
include,
but
are
not
limited
to:
type
of
security
or
asset,
trading
activity
of
similar
markets
or
securities,
fundamental
analytical
data
relating
to
the
investment,
evaluation
of
the
forces
that
influence
the
market
in
which
the
security
is
purchased
and
sold,
and
information
as
to
any
transactions
or
offers
with
respect
to
the
security.
For
those
securities
fair
valued
under
procedures
adopted
by
the
Board,
the
Adviser
reviews
and
affirms
the
reasonableness
of
the
fair
valuation
determinations
after
considering
all
relevant
information
that
is
reasonably
available.
The
Adviser’s
determinations
are
subject
to
review
by
the
Funds’
Board
at
its
next
regularly
scheduled
meeting
covering
the
calendar
quarter
in
which
the
fair
valuation
was
determined.
The
Funds
use
a
framework
for
measuring
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
(exit
price).
One
component
of
fair
value
is
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
various
“inputs”
used
to
determine
the
value
of
the
Funds’
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
includes
valuations
based
on
quoted
prices
of
identical
securities
in
active
markets
including
valuations
for
securities
listed
on
a
securities
exchange
or
investments
in
mutual
funds.
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2022
(Unaudited)
Quarterly
Report
2022
24
Level
2
–
includes
valuations
for
which
all
significant
inputs
are
observable,
either
directly
or
indirectly.
Direct
observable
inputs
include
broker
quotes
in
active
markets,
closing
prices
of
similar
securities
in
active
markets,
closing
prices
for
identical
or
similar
securities
in
non-active
markets,
or
corporate
action
or
reorganization
entitlement
values.
Indirect
significant
observable
inputs
include
factors
such
as
interest
rates,
yield
curves,
prepayment
speeds
or
credit
ratings.
Level
2
includes
valuations
for
fixed
income
securities
priced
by
pricing
services,
broker
quotes
in
active
markets,
or
ADRs
and
GDRs
for
which
quoted
prices
in
active
markets
are
not
available.
Level
3
–
includes
valuations
based
on
inputs
that
are
unobservable
and
significant
to
the
fair
value
measurement,
including
the
Fair
Value
Committee's
own
assumptions
in
determining
the
fair
value
of
the
investment.
Inputs
used
to
determine
the
fair
value
of
Level
3
securities
include
security
specific
inputs
such
as:
credit
quality,
issuer
news,
trading
characteristics,
or
industry
specific
inputs
such
as:
trading
activity
of
similar
markets
or
securities,
changes
in
the
security’s
underlying
index,
or
comparable
securities’
models.
Level
3
valuations
include
securities
that
are
priced
based
on
single
source
broker
quotes,
where
prices
may
be
unavailable
due
to
halted
trading,
restricted
to
resale
due
to
market
events,
newly
issued
or
investments
for
which
reliable
quotes
are
not
available.
To
assess
the
continuing
appropriateness
of
security
valuations,
the
co-administrator
regularly
compares
current
day
prices
with
prior
day
prices,
transaction
prices,
and
alternative
vendor
prices.
When
the
comparison
results
exceed
pre-defined
thresholds,
the
co-administrator
challenges
the
prices
exceeding
tolerance
levels
with
the
pricing
service
or
broker.
To
substantiate
Level
3
unobservable
inputs,
the
adviser
and
co-administrator
use
a
variety
of
techniques
as
appropriate,
including,
transaction
backtesting
or
disposition
analysis
and
review
of
related
market
activity.
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments.
The
following
is
a
summary
of
the
inputs
used
to
value
each
Fund’s
investments
as
of
December
31,
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
$
–
$
47,603,953
$
–
$
47,603,953
Non-Agency
Commercial
Mortgage
Backed
Securities
–
34,894,110
–
34,894,110
Non-Agency
Residential
Mortgage
Backed
Securities
–
16,660,139
–
16,660,139
Corporate
Bonds
–
64,605,582
–
64,605,582
Government
&
Agency
Obligations
–
47,315,713
–
47,315,713
Preferred
Stocks
448,630
–
–
448,630
Short-Term
Investments
663,336
–
–
663,336
Total
$
1,111,966
$
211,079,497
$
–
$
212,191,463
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
17,985,517
$
–
$
17,985,517
Non-Agency
Commercial
Mortgage
Backed
Securities
–
14,462,618
–
14,462,618
Non-Agency
Residential
Mortgage
Backed
Securities
–
16,828,507
–
16,828,507
Corporate
Bonds
–
47,655,219
–
47,655,219
Government
&
Agency
Obligations
–
76,993,695
–
76,993,695
Short-Term
Investments
384,051
–
–
384,051
Total
$
384,051
$
173,925,556
$
–
$
174,309,607
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2022
(Unaudited)
Quarterly
Report
2022
25
*
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
$
–
$
46,792,086
$
–
$
46,792,086
Short-Term
Investments
1,192,775
–
–
1,192,775
Total
$
1,192,775
$
46,792,086
$
–
$
47,984,861
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
40,118,716
$
–
$
–
$
40,118,716
Asset
Backed
Securities
–
3,066,917
–
3,066,917
Non-Agency
Commercial
Mortgage
Backed
Securities
–
2,679,463
–
2,679,463
Non-Agency
Residential
Mortgage
Backed
Securities
–
1,002,121
–
1,002,121
Corporate
Bonds
–
8,553,843
–
8,553,843
Government
&
Agency
Obligations
–
10,626,185
–
10,626,185
Short-Term
Investments
2,418,146
–
–
2,418,146
Total
$
42,536,862
$
25,928,529
$
–
$
68,465,391
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
13,536,486
$
–
$
–
$
13,536,486
Short-Term
Investments
796,939
–
–
796,939
Total
$
14,333,425
$
–
$
–
$
14,333,425
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
617,331,287
$
–
$
–
$
617,331,287
Short-Term
Investments
4,915,604
–
–
4,915,604
Total
$
622,246,891
$
–
$
–
$
622,246,891
Notes
to
Schedules
of
Portfolio
Investments
December
31,
2022
(Unaudited)
Quarterly
Report
2022
26
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.