As filed with the Securities and Exchange Commission on November 25, 2020
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08846
Tributary Funds, Inc.
Tributary Capital Management, LLC
1620 Dodge Street
Omaha, Nebraska 68197
Karen Shaw
Apex Fund Services
Three Canal Plaza, Suite 600
Portland, ME 04101
Registrant’s telephone number, including area code: (800) 662-4203
Date of fiscal year end: March 31
Date of reporting period: April 1, 2020 – September 30, 2020
ITEM 1. REPORT TO STOCKHOLDERS.
Semi-Annual
Report
September
30,
2020
Tributary
Short-Intermediate
Bond
Fund
Institutional
Class:
FOSIX
Institutional
Plus
Class:
FOSPX
Tributary
Income
Fund
Institutional
Class:
FOINX
Institutional
Plus
Class:
FOIPX
Tributary
Nebraska
Tax-Free
Fund
Institutional
Plus
Class:
FONPX
Tributary
Balanced
Fund
Institutional
Class:
FOBAX
Institutional
Plus
Class:
FOBPX
Tributary
Growth
Opportunities
Fund
Institutional
Class:
FOGRX
Institutional
Plus
Class:
FOGPX
Tributary
Small/Mid
Cap
Fund
Institutional
Class:
FSMCX
Institutional
Plus
Class:
FSMBX
Tributary
Small
Company
Fund
Institutional
Class:
FOSCX
Institutional
Plus
Class:
FOSBX
Investors
should
carefully
consider
the
investment
objectives,
risks,
charges
and
expenses
of
the
Tributary
Funds.
Mutual
funds
involve
risk
including
loss
of
principal.
This
and
other
important
information
about
the
Tributary
Funds
is
contained
in
the
prospectus,
which
can
be
obtained
by
calling
1-800-662-4203
or
by
visiting
www.tributaryfunds.com.
The
prospectus
should
be
read
carefully
before
investing.
The
Tributary
Funds
are
distributed
by
Northern
Lights
Distributors,
LLC
member
FINRA.
Northern
Lights
Distributors,
LLC
and
the
Tributary
Funds’
investment
adviser
are
not
affiliated.
Beginning
on
January
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
shareholder
reports
will
no
longer
be
sent
by
mail,
unless
you
specifically
request
paper
copies
of
the
reports
from
the
Funds
or
from
your
financial
intermediary,
such
as
a
broker-dealer
or
bank.
Instead,
the
reports
will
be
made
available
on
a
website,
and
you
will
be
notified
by
mail
each
time
a
report
is
posted
and
provided
with
a
website
link
to
access
the
report.
If
you
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
or
your
financial
intermediary
electronically
by
contacting
the
Funds
at
1-800-662-4203,
or
by
contacting
your
financial
intermediary
directly.
You
may
elect
to
receive
all
future
reports
in
paper
free
of
charge.
You
can
inform
the
Funds
or
your
financial
intermediary
that
you
wish
to
continue
receiving
paper
copies
of
your
shareholder
reports
by
contacting
the
Funds
at
1-800-662-4203,
or
by
contacting
your
financial
intermediary
directly.
Your
election
to
receive
reports
in
paper
will
apply
to
all
funds
held
with
Tributary
Funds.
Notice
to
Investors
Shares
of
Tributary
Funds:
Are
Not
FDIC
Insured
May
Lose
Value
Have
No
Bank
Guarantee
Portfolio
Composition
1
Schedules
of
Portfolio
Investments
2
Statements
of
Assets
and
Liabilities
27
Statements
of
Operations
29
Statements
of
Changes
in
Net
Assets
31
Financial
Highlights
35
Notes
to
Financial
Statements
37
Additional
Fund
Information
45
Investment
Advisory
Agreement
Approval
47
PORTFOLIO
COMPOSITION*
September
30,
2020
(Unaudited)
*
Portfolio
composition
is
as
of
September
30,
2020
and
is
subject
to
change.
Short-Intermediate
Bond
Fund
Percentage
of
Total
Investments
Corporate
Bonds
39.1%
U.S.
Treasury
Securities
16.6%
Asset
Backed
Securities
16.1%
Non-Agency
Residential
Mortgage
Backed
Securities
10.3%
Non-Agency
Commercial
Mortgage
Backed
Securities
8.0%
U.S.
Government
Mortgage
Backed
Securities
6.0%
Short-Term
Investments
2.3%
Municipals
1.4%
Preferred
Stocks
0.2%
100.0%
Income
Fund
Percentage
of
Total
Investments
Corporate
Bonds
33.6%
U.S.
Government
Mortgage
Backed
Securities
27.8%
U.S.
Treasury
Securities
15.9%
Non-Agency
Commercial
Mortgage
Backed
Securities
7.1%
Non-Agency
Residential
Mortgage
Backed
Securities
6.1%
Asset
Backed
Securities
5.3%
Municipals
2.3%
Short-Term
Investments
1.9%
100.0%
Nebraska
Tax-Free
Fund
Percentage
of
Total
Investments
Municipals
97.1%
Short-Term
Investments
2.0%
U.S.
Government
Mortgage
Backed
Securities
0.9%
100.0%
Balanced
Fund
Percentage
of
Total
Investments
Information
Technology
18.2%
Government
Securities
14.1%
Financials
10.2%
Health
Care
9.4%
Consumer
Discretionary
8.7%
Communication
Services
7.8%
Industrials
7.7%
Consumer
Staples
5.0%
Short-Term
Investments
3.1%
Asset
Backed
Securities
2.9%
Non-Agency
Commercial
Mortgage
Backed
Securities
2.7%
Materials
2.2%
Real
Estate
2.0%
U.S.
Government
Mortgage
Backed
Securities
1.9%
Utilities
1.9%
Energy
1.1%
Non-Agency
Residential
Mortgage
Backed
Securities
1.1%
100.0%
Growth
Opportunities
Fund
Percentage
of
Total
Investments
Information
Technology
31.2%
Health
Care
25.1%
Industrials
12.2%
Consumer
Discretionary
11.8%
Communication
Services
5.4%
Financials
4.0%
Consumer
Staples
3.6%
Materials
2.9%
Real
Estate
1.8%
Short-Term
Investments
2.0%
100.0%
Small/Mid
Cap
Fund
Percentage
of
Total
Investments
Health
Care
17.1%
Industrials
17.0%
Information
Technology
17.0%
Financials
13.4%
Consumer
Discretionary
12.4%
Real
Estate
7.4%
Materials
4.6%
Consumer
Staples
3.4%
Utilities
2.5%
Communication
Services
2.1%
Energy
1.5%
Short-Term
Investments
1.6%
100.0%
Small
Company
Fund
Percentage
of
Total
Investments
Industrials
18.3%
Information
Technology
16.4%
Financials
16.0%
Health
Care
15.4%
Consumer
Discretionary
11.6%
Real
Estate
6.6%
Utilities
4.3%
Materials
3.5%
Communication
Services
2.3%
Consumer
Staples
1.9%
Energy
1.2%
Short-Term
Investments
2.5%
100.0%
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
34.6%
Asset
Backed
Securities
-
16.1%
$
1,100,000
AMSR
Trust,
1.63%,
07/17/37 (a)
$
1,110,426
156,985
Ascentium
Equipment
Receivables
Trust,
2.29%,
06/10/21 (a)
157,359
364,152
Brazos
Higher
Education
Authority,
Inc.
(USD
3
Month
LIBOR
+
0.85%),
1.09%,
07/25/29 (b)
364,152
88,879
CCG
Receivables
Trust
REMIC,
2.50%,
06/16/25 (a)
89,214
847,252
CCG
Receivables
Trust
REMIC,
3.09%,
12/15/25 (a)
857,723
1,480,000
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
1,480,034
1,330,000
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,344,789
645,000
Citibank
Credit
Card
Issuance
Trust,
2.49%,
01/20/23
649,400
583,255
Cloud
Pass-Through
Trust,
3.55%,
12/05/22 (a)(c)
592,515
1,887,994
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
1,908,631
1,243,709
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
1,275,728
1,090,322
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
1,135,502
780,000
Dell
Equipment
Finance
Trust,
0.57%,
10/23/23 (a)
779,988
1,500,000
DLL
Securitization
Trust,
2.08%,
02/21/23 (a)
1,527,479
1,765,059
ELFI
Graduate
Loan
Program
2020-A,
LLC,
1.73%,
08/25/45 (a)
1,785,482
1,410,000
FirstKey
Homes
2020-SFR1
Trust,
1.34%,
09/17/25 (a)
1,414,998
252,142
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
0.95%,
08/25/48 (a)(b)
248,461
263,037
Great
American
Auto
Leasing,
Inc.,
2.97%,
06/15/21 (a)
263,723
1,292,191
GTE
Auto
Receivables
Trust,
2.17%,
12/15/22 (a)
1,299,406
283,071
Honda
Auto
Receivables
Owner
Trust,
2.75%,
09/20/21
283,771
589,379
Missouri
Higher
Education
Loan
Authority
(USD
1
Month
LIBOR
+
0.83%),
0.98%,
01/26/26 (b)
549,875
1,355,000
MMAF
Equipment
Finance,
LLC,
2.84%,
11/13/23 (a)
1,397,723
840,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.75%,
10/15/31 (a)(b)
850,491
Principal
Amount
Security
Description
Value
$
1,777,917
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (a)
$
1,794,621
566,520
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.95%,
12/24/33 (a)(b)
565,047
144,254
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
0.78%,
12/24/33 (a)(b)
142,206
860,140
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.24%,
10/25/21 (b)
828,839
1,149,775
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.89%,
07/25/22 (b)
1,130,415
681,616
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.70%),
1.94%,
07/25/23 (b)
672,928
846,425
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.74%,
04/25/23 (b)
830,655
286,693
Sofi
Consumer
Loan
Program
Trust,
3.35%,
04/26/27 (a)
288,187
603,762
SoFi
Consumer
Loan
Program
Trust,
2.02%,
01/25/29 (a)
610,198
436,006
SoFi
Consumer
Loan
Program
Trust,
2.77%,
05/25/26 (a)
438,417
1,500,000
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
1,585,423
703,679
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
758,145
168,149
Toyota
Auto
Receivables
Owner
Trust,
1.93%,
01/18/22
168,821
1,707,259
Toyota
Auto
Receivables
Owner
Trust,
1.67%,
11/15/22
1,718,844
628,338
Vantage
Data
Centers
Issuer,
LLC,
4.07%,
02/16/43 (a)
649,958
1,320,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (a)
1,320,000
34,869,574
Non-Agency
Commercial
Mortgage
Backed
Securities
-
8.1%
1,630,000
BANK
2019-BNK16,
3.93%,
02/15/52
1,753,608
1,840,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,960,262
900,000
Cantor
Commercial
Real
Estate
Lending,
3.62%,
04/15/24
973,303
1,166,000
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
1,271,214
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
1,647,045
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.92%,
09/10/45 (a)(c)
$
42,988
963,149
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.16%,
03/10/46 (c)
16,358
489,061
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
509,571
1,265,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.08%,
11/15/36 (a)(b)
1,222,157
34,937
DBUBS
Mortgage
Trust
Interest
Only
REMIC,
0.33%,
08/10/44 (a)(c)
30
4,184,807
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
1.49%,
08/10/44 (a)(c)
23,617
1,013,580
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(c)
1,021,286
725,000
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/15/49
773,241
518,412
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
529,196
1,225,168
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
1,276,077
2,145,000
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
2,145,000
1,237,780
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Interest
Only
REMIC,
1.11%,
12/15/48 (c)
21,146
1,069,436
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
1,115,596
1,158,202
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (a)(c)
1,166,833
411,440
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
416,779
97,186
Wells
Fargo-RBS
Commercial
Mortgage
Trust
Interest
Only
REMIC,
0.99%,
02/15/44 (a)(c)
3
59,082
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.30%,
06/15/45
59,084
16,625
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.70%,
03/15/45
16,978
1,153,337
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
3.65%,
12/15/46
1,153,938
17,468,265
Non-Agency
Residential
Mortgage
Backed
Securities
-
10.4%
286,725
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
1.02%,
12/25/33 (a)(b)
281,493
Principal
Amount
Security
Description
Value
$
123,575
Bayview
Commercial
Mortgage
Pass-
Through
Trust
REMIC
(USD
1
Month
LIBOR
+
0.86%),
1.00%,
04/25/36 (a)(b)
$
123,552
1,096,661
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.47%,
05/28/44 (b)
1,092,893
299,563
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.24%,
04/28/39 (b)
299,324
802,082
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(c)
828,452
545,121
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(c)
565,372
1,421,441
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(c)
1,423,805
410
Citicorp
Residential
Mortgage
Trust
REMIC,
5.02%,
07/25/36 (d)
412
821,166
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(c)
877,471
91,131
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(c)
95,830
127,664
Conseco
Finance
Corp.
REMIC
(USD
1
Month
LIBOR
+
2.75%),
2.90%,
04/15/32 (b)
127,733
1,189
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
1,048
614,690
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(c)
626,958
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.90%,
02/25/33 (b)
153,347
186,577
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
5.05%,
12/25/37 (a)(d)
191,109
461,847
CSMLT
Trust,
3.00%,
10/25/30 (a)(c)
475,384
719,858
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (a)(c)
728,377
191,393
Flagstar
Mortgage
Trust,
3.50%,
10/25/47 (a)(c)
192,030
218,151
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.52%),
0.67%,
01/25/35 (a)(b)
218,101
219,729
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.50%),
0.65%,
05/25/36 (a)(b)
218,975
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
1,457,566
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50 (a)(c)
$
1,482,862
876,200
JPMorgan
Mortgage
Trust,
3.50%,
01/25/47 (a)(c)
899,764
293,488
JPMorgan
Mortgage
Trust,
3.00%,
11/25/48 (a)(c)
294,494
316,042
JPMorgan
Mortgage
Trust,
3.50%,
12/25/48 (a)(c)
317,894
1,457,123
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(c)
1,486,334
47,681
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(c)
51,022
101,736
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(c)
109,621
148,736
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(c)
160,891
61,828
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.87%,
03/25/35 (b)
62,231
49,015
Oakwood
Mortgage
Investors,
Inc.
REMIC
(USD
1
Month
LIBOR
+
0.38%),
0.53%,
03/15/21 (a)(b)
48,867
1,116,477
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)
1,116,269
103,614
Park
Place
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates
REMIC
(USD
1
Month
LIBOR
+
0.98%),
1.12%,
10/25/34 (b)
104,031
11,679
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.49%,
03/25/21 (b)
11,098
2,932
Residential
Asset
Securities
Corp.
Trust
REMIC,
3.87%,
05/25/33 (c)
3,011
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
10/25/21
5,205
34,147
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
34,354
922,125
Sequoia
Mortgage
Trust
REMIC,
3.50%,
11/25/46 (a)(c)
940,949
193,077
Sequoia
Mortgage
Trust
REMIC,
3.50%,
07/25/47 (a)(c)
194,946
175,864
Sequoia
Mortgage
Trust
REMIC,
3.50%,
08/25/47 (a)(c)
176,822
855,389
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(c)
886,728
1,163,236
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
1,240,969
387,032
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(c)
408,117
771,479
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(c)
790,825
Principal
Amount
Security
Description
Value
$
260,260
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (a)(c)
$
264,907
1,638,638
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(c)
1,680,662
268,368
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(c)
275,875
400,355
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (a)(c)
404,383
436,408
Wells
Fargo
Mortgage
Backed
Securities
REMIC,
3.50%,
07/25/47 (a)(c)
438,426
22,413,223
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$73,900,174)
74,751,062
Corporate
Bonds
-
39.4%
Communication
Services
-
2.1%
2,300,000
AT&T,
Inc.
(USD
3
Month
LIBOR
+
1.18%),
1.43%,
06/12/24 (b)
2,340,848
1,851,000
Verizon
Communications,
Inc.,
5.15%,
09/15/23
2,093,013
4,433,861
Consumer
Discretionary
-
6.4%
533,000
AMC
Networks,
Inc.,
4.75%,
12/15/22
532,933
2,405,000
Dollar
General
Corp.,
3.25%,
04/15/23
2,551,904
380,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (a)
395,120
285,000
Hilton
Worldwide
Finance,
LLC/Hilton
Worldwide
Finance
Corp.,
4.63%,
04/01/25
286,425
1,175,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
1,202,172
2,530,000
McDonald's
Corp.,
1.45%,
09/01/25
2,604,819
1,390,000
Starbucks
Corp.,
3.10%,
03/01/23
1,472,237
420,000
The
Goodyear
Tire
&
Rubber
Co.,
5.13%,
11/15/23
418,950
1,220,000
The
TJX
Cos.,
Inc.,
3.50%,
04/15/25
1,360,573
1,485,000
TWDC
Enterprises
18
Corp.,
2.75%,
08/16/21
1,516,751
1,439,000
Whirlpool
Corp.,
MTN,
3.70%,
03/01/23
1,535,334
13,877,218
Consumer
Staples
-
2.9%
1,011,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
1,059,051
395,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
448,325
2,405,000
Reckitt
Benckiser
Treasury
Services
PLC,
2.75%,
06/26/24 (a)
2,560,197
1,915,000
Walmart,
Inc.,
3.40%,
06/26/23
2,066,287
6,133,860
Financials
-
12.3%
670,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
652,542
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
1,965,000
Bank
of
America
Corp.,
2.88%,
04/24/23 (c)
$
2,031,961
840,000
CBRE
Services,
Inc.,
5.25%,
03/15/25
963,360
1,229,000
Chubb
INA
Holdings,
Inc.,
2.30%,
11/03/20
1,230,737
2,011,000
Citigroup,
Inc.,
2.88%,
07/24/23 (c)
2,086,617
1,997,000
Intercontinental
Exchange,
Inc.,
4.00%,
10/15/23
2,195,461
1,945,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
2,055,651
2,003,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (a)
2,191,785
985,000
Morgan
Stanley,
MTN,
2.63%,
11/17/21
1,009,561
960,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
1,030,439
1,490,000
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,515,506
1,890,000
Regions
Financial
Corp.,
3.80%,
08/14/23
2,049,048
1,400,000
The
Charles
Schwab
Corp.,
3.25%,
05/21/21
1,422,422
2,150,000
The
Goldman
Sachs
Group,
Inc.
(USD
3
Month
LIBOR
+
1.11%),
1.35%,
04/26/22 (b)
2,158,894
1,130,000
Truist
Financial
Corp.,
MTN,
2.15%,
02/01/21
1,135,296
475,000
Truist
Financial
Corp.,
MTN,
3.20%,
09/03/21
486,627
1,900,000
Wells
Fargo
&
Co.,
3.75%,
01/24/24
2,064,092
26,279,999
Health
Care
-
1.6%
2,165,000
Agilent
Technologies,
Inc.,
3.88%,
07/15/23
2,344,131
1,060,000
Becton
Dickinson
and
Co.,
3.13%,
11/08/21
1,089,826
3,433,957
Industrials
-
7.1%
2,055,000
BMW
Finance
NV,
2.40%,
08/14/24 (a)
2,162,598
595,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25 (a)
653,654
1,990,000
Huntington
Ingalls
Industries,
Inc.,
5.00%,
11/15/25 (a)
2,045,403
1,907,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
1,955,186
1,200,000
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,203,012
1,805,000
Textron,
Inc.,
3.65%,
03/01/21
1,826,547
1,525,000
TTX
Co.,
3.60%,
01/15/25 (a)
1,689,870
1,330,000
Union
Pacific
Corp.,
3.20%,
06/08/21
1,356,296
Principal
Amount
Security
Description
Value
$
2,418,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
$
2,639,788
15,532,354
Information
Technology
-
4.8%
735,000
Applied
Materials,
Inc.,
3.90%,
10/01/25
842,643
1,928,000
eBay,
Inc.,
2.75%,
01/30/23
2,021,756
2,265,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
2,529,722
1,222,000
QUALCOMM,
Inc.,
2.90%,
05/20/24
1,314,409
1,218,000
QUALCOMM,
Inc.,
3.45%,
05/20/25
1,357,731
2,275,000
Xilinx,
Inc.,
2.95%,
06/01/24
2,443,396
10,509,657
Materials
-
1.0%
2,047,000
Albemarle
Corp.,
4.15%,
12/01/24
2,229,895
Real
Estate
-
0.5%
935,000
National
Retail
Properties,
Inc.,
3.30%,
04/15/23
984,023
Utilities
-
0.7%
880,000
Berkshire
Hathaway
Energy
Co.,
3.75%,
11/15/23
959,445
645,000
Xcel
Energy,
Inc.,
2.60%,
03/15/22
663,161
1,622,606
Total
Corporate
Bonds
(Cost
$82,246,710)
85,037,430
Government
&
Agency
Obligations
-
24.2%
GOVERNMENT
SECURITIES
-
18.1%
Municipals
-
1.4%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
500,600
250,000
Douglas
County
School
District
No.
17/
NE,
Nebraska
GO,
1.23%,
06/15/25
253,505
240,000
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
239,731
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,425,499
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
235,003
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
170,095
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
170,015
2,994,448
Treasury
Inflation
Index
Securities
-
0.6%
1,340,686
U.S.
Treasury
Inflation
Indexed
Bonds,
0.13%,
04/15/22 (e)
1,365,975
U.S.
Treasury
Securities
-
16.1%
1,000,000
U.S.
Treasury
Note,
2.00%,
02/28/21
1,007,500
13,495,000
U.S.
Treasury
Note,
1.63%,
11/15/22
13,917,246
13,330,000
U.S.
Treasury
Note,
2.75%,
11/15/23
14,398,483
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
4,990,000
U.S.
Treasury
Note,
2.13%,
05/15/25
$
5,417,463
34,740,692
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
6.1%
Federal
Home
Loan
Mortgage
Corp.
-
2.9%
951,527
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
986,038
1,007,161
Federal
Home
Loan
Mortgage
Corp.,
2.75%,
12/15/54 (d)
1,052,718
1,525,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,580,449
510,187
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
87,830
321,221
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
28,591
215,180
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
26,644
167,753
Federal
Home
Loan
Mortgage
Corp.
REMIC,
2.25%,
03/15/30
170,335
509,848
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
09/15/37
522,223
158,271
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
04/15/37
159,096
798,876
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
838,458
78,016
Federal
Whole
Loan
Securities
Trust,
3.50%,
05/25/47
78,468
189,695,055
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (a)
77,756
556,589
FRESB
Multifamily
Mortgage
Pass-
Through
Trust,
2.16%,
04/25/22 (c)
567,394
6,176,000
Federal
National
Mortgage
Association
-
1.0%
267,112
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
280,138
1,180,178
Federal
National
Mortgage
Association
Interest
Only,
0.78%,
02/25/22 (c)
6,679
1,173,638
Federal
National
Mortgage
Association
Interest
Only,
0.29%,
01/25/22 (c)
4,049
2,259,823
Federal
National
Mortgage
Association
Interest
Only,
0.48%,
07/25/22 (c)
11,216
403,660
Federal
National
Mortgage
Association
Interest
Only,
2.70%,
01/25/39 (c)
27,288
1,201,910
Federal
National
Mortgage
Association
REMIC,
4.00%,
08/25/42
1,242,317
32,235
Federal
National
Mortgage
Association
REMIC,
4.00%,
02/25/26
32,998
203,842
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
213,919
Principal
Amount
Security
Description
Value
$
231,194
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
$
237,253
2,055,857
Government
National
Mortgage
Association
-
2.2%
1,416,376
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,418,147
127,008
Government
National
Mortgage
Association
#559205,
7.25%,
09/15/31
127,167
167,903
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
168,113
115,249
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
115,393
358,215
Government
National
Mortgage
Association
#632798,
5.13%,
11/15/34
358,663
1,089,238
Government
National
Mortgage
Association
#675589,
7.13%,
04/15/35
1,109,943
723,687
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
821,973
683,321
Government
National
Mortgage
Association
REMIC,
3.25%,
11/16/52 (c)
712,026
12,150
Government
National
Mortgage
Association
REMIC,
2.67%,
02/16/44
12,145
1,258
Government
National
Mortgage
Association
REMIC
#751404,
5.03%,
06/20/61 (c)
1,276
4,844,846
Total
Government
&
Agency
Obligations
(Cost
$50,679,495)
52,177,818
Shares
Security
Description
Value
Preferred
Stocks
-
0.3%
Financials
-
0.3%
550
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
10/30/20),
8.94% (c)(f)
532,867
Total
Preferred
Stocks
(Cost
$564,328)
532,867
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Short-Term
Investments
-
2.3%
Investment
Company
-
2.3%
5,015,182
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.04% (g)
$
5,015,182
Total
Short-Term
Investments
(Cost
$5,015,182)
5,015,182
Investments,
at
value
-
100.8%
(Cost
$212,405,889)
217,514,359
Other
liabilities
in
excess
of
assets
-
(0.8)%
(1,745,609)
NET
ASSETS
-
100.0%
$
215,768,750
(a)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
September
30,
2020,
the
aggregate
value
of
these
liquid
securities
were
$71,468,403
or
33.1%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2020.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
September
30,
2020.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
September
30,
2020.
(e)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(f)
Perpetual
maturity
security.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2020.
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
18.6%
Asset
Backed
Securities
-
5.3%
$
1,455,000
Cabela's
Credit
Card
Master
Note
Trust,
2.71%,
02/17/26
(a)
$
1,528,642
1,570,000
CoreVest
American
Finance
2020-3
Trust,
1.36%,
08/15/53
(a)
1,569,075
1,100,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.75%,
10/15/31
(a)(b)
1,113,738
516,478
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.95%,
12/24/33
(a)(b)
515,135
1,046,731
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
1.24%,
10/25/21
(b)
1,008,640
1,555,276
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.89%,
07/25/22
(b)
1,529,088
392,903
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.50%),
1.74%,
04/25/23
(b)
385,583
546,706
Social
Professional
Loan
Program,
2.34%,
04/25/33
(a)
556,395
433,250
Social
Professional
Loan
Program,
2.49%,
01/25/36
(a)
439,144
264,059
Sofi
Consumer
Loan
Program
Trust,
3.35%,
04/26/27
(a)
265,435
109,857
SoFi
Consumer
Loan
Program
Trust,
2.77%,
05/25/26
(a)
110,464
98,734
SoFi
Consumer
Loan
Program
Trust,
2.50%,
05/26/26
(a)
99,461
669,233
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44
(a)
721,033
823,171
Vantage
Data
Centers
Issuer,
LLC,
4.07%,
02/16/43
(a)
851,495
1,345,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45
(a)
1,345,000
12,038,328
Non-Agency
Commercial
Mortgage
Backed
Securities
-
7.1%
1,200,000
American
Tower
Trust
#1,
3.07%,
03/15/23
(a)
1,224,497
905,000
BANK
2019-BNK16,
3.90%,
02/15/52
1,043,930
960,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
1,114,463
490,385
CFCRE
Commercial
Mortgage
Trust
REMIC,
3.83%,
12/15/47
497,534
2,500,191
Citigroup
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.92%,
09/10/45
(a)(c)
65,255
Principal
Amount
Security
Description
Value
$
963,149
COMM
Mortgage
Trust
Interest
Only
REMIC,
1.16%,
03/10/46
(c)
$
16,358
1,620,000
Cosmopolitan
Hotel
Mortgage
Trust
REMIC
(USD
1
Month
LIBOR
+
0.93%),
1.08%,
11/15/36
(a)(b)
1,565,134
34,937
DBUBS
Mortgage
Trust
Interest
Only
REMIC,
0.33%,
08/10/44
(a)(c)
30
975,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
1,035,798
6,338,631
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
1.49%,
08/10/44
(a)(c)
35,773
1,575,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39
(a)
1,763,377
975,000
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
1,058,243
1,222,546
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35
(a)(c)
1,231,657
830,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
957,993
1,575,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
1,760,196
766,862
Wells
Fargo
Commercial
Mortgage
Trust
Interest
Only
REMIC,
1.90%,
10/15/45
(a)(c)
21,509
313,780
Wells
Fargo
Commercial
Mortgage
Trust
REMIC,
2.53%,
10/15/45
317,852
2,594,053
Wells
Fargo-RBS
Commercial
Mortgage
Trust
Interest
Only
REMIC,
2.04%,
11/15/45
(a)(c)
76,779
480,950
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
2.63%,
03/15/45
489,954
1,667,534
Wells
Fargo-RBS
Commercial
Mortgage
Trust
REMIC,
3.65%,
12/15/46
1,668,402
15,944,734
Non-Agency
Residential
Mortgage
Backed
Securities
-
6.2%
339,375
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
1.02%,
12/25/33
(a)(b)
333,183
597,435
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.33%),
2.47%,
05/28/44
(b)
595,382
288,598
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
1.88%),
2.02%,
08/28/44
(b)
289,274
335,510
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.24%,
04/28/39
(b)
335,243
492
Citicorp
Residential
Mortgage
Trust
REMIC,
5.02%,
07/25/36
(d)
493
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
886,096
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66
(a)(c)
$
946,853
629,029
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35
(a)(c)
661,461
152,059
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
166,274
24,750
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
25,520
1,189
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
08/31/21
1,048
159,521
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
0.75%),
0.90%,
02/25/33
(b)
153,347
166,938
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
5.05%,
12/25/37
(a)(d)
170,992
444,084
CSMLT
Trust,
3.00%,
10/25/30
(a)(c)
457,100
587,813
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48
(a)(c)
594,770
172,871
Flagstar
Mortgage
Trust,
3.50%,
10/25/47
(a)(c)
173,447
158,388
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.50%),
0.65%,
05/25/36
(a)(b)
157,844
555,263
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50
(a)(c)
564,900
382,577
JPMorgan
Mortgage
Trust,
3.50%,
12/25/48
(a)(c)
384,820
335,839
Mill
City
Mortgage
Loan
Trust,
2.75%,
11/25/58
(a)(c)
341,500
642,400
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57
(a)(c)
693,409
488,306
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59
(a)(c)
522,109
262,985
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54
(a)(c)
281,412
258,965
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52
(a)(c)
279,034
530,071
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55
(a)(c)
573,387
73,310
NovaStar
Home
Equity
Loan
Trust
REMIC
(USD
1
Month
LIBOR
+
1.73%),
1.87%,
03/25/35
(b)
73,788
13,711
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
14.49%,
03/25/21
(b)
13,029
Principal
Amount
Security
Description
Value
$
114,993
Salomon
Brothers
Mortgage
Securities,
6.93%,
08/25/28
$
115,691
495,869
Sequoia
Mortgage
Trust
REMIC,
3.50%,
03/25/48
(a)(c)
497,054
254,167
Sequoia
Mortgage
Trust
REMIC,
3.50%,
05/25/48
(a)(c)
255,511
733,489
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30
(a)(c)
750,221
269,261
Sequoia
Mortgage
Trust
REMIC,
3.50%,
08/25/47
(a)(c)
270,727
1,163,235
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58
(a)(c)
1,240,969
319,633
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55
(a)(c)
325,340
440,321
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56
(a)(c)
451,613
374,467
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57
(a)(c)
384,942
775,019
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47
(a)(c)
782,816
13,864,503
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$40,821,739)
41,847,565
Corporate
Bonds
-
33.8%
Communication
Services
-
2.2%
1,805,000
Alphabet,
Inc.,
2.25%,
08/15/60
1,701,164
1,230,000
AT&T,
Inc.,
5.15%,
03/15/42
1,534,690
1,264,000
Verizon
Communications,
Inc.,
4.27%,
01/15/36
1,556,813
4,792,667
Consumer
Discretionary
-
6.2%
673,000
AMC
Networks,
Inc.,
4.75%,
12/15/22
672,916
555,000
Comcast
Corp.,
4.15%,
10/15/28
669,677
770,000
Comcast
Corp.,
Class
A,
3.30%,
02/01/27
868,106
649,000
Dollar
General
Corp.,
3.25%,
04/15/23
688,643
700,000
Hanesbrands,
Inc.,
4.63%,
05/15/24
(a)
727,853
1,312,000
Levi
Strauss
&
Co.,
5.00%,
05/01/25
1,342,340
1,500,000
McDonald's
Corp.,
2.13%,
03/01/30
1,559,746
615,000
Newell
Brands,
Inc.,
4.00%,
06/15/22
630,375
410,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
436,966
1,260,000
NIKE,
Inc.,
3.88%,
11/01/45
1,565,923
875,000
Starbucks
Corp.,
2.00%,
03/12/27
925,103
925,000
The
TJX
Cos.,
Inc.,
3.75%,
04/15/27
1,059,890
1,387,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,652,198
1,130,000
Whirlpool
Corp.,
4.70%,
06/01/22
1,200,459
14,000,195
Consumer
Staples
-
2.5%
1,100,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
1,152,281
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
1,546,000
Costco
Wholesale
Corp.,
1.75%,
04/20/32
$
1,584,815
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28
(a)
601,550
1,570,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27
(a)
1,737,493
305,000
Walmart,
Inc.,
3.70%,
06/26/28
360,455
5,436,594
Financials
-
10.0%
1,235,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
1,202,821
1,410,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27
(c)
1,575,098
1,115,000
CBRE
Services,
Inc.,
5.25%,
03/15/25
1,278,745
1,393,000
Citigroup,
Inc.,
3.89%,
01/10/28
(c)
1,575,576
650,000
CME
Group,
Inc.,
3.00%,
03/15/25
711,228
1,385,000
Intercontinental
Exchange,
Inc.,
4.25%,
09/21/48
1,716,236
1,420,000
JPMorgan
Chase
&
Co.,
3.20%,
06/15/26
1,574,641
1,050,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,110,573
785,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24
(a)
858,987
1,355,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29
(c)
1,542,994
1,355,000
Regions
Financial
Corp.,
3.80%,
08/14/23
1,469,026
1,375,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
1,557,627
1,097,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,585,818
1,390,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
1,561,829
1,485,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49
(c)(e)
1,605,605
1,425,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
1,549,935
22,476,739
Health
Care
-
0.5%
1,109,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
1,225,767
Industrials
-
5.7%
430,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
440,580
1,430,000
BMW
Finance
NV,
2.85%,
08/14/29
(a)
1,551,728
1,230,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,598,075
274,000
Huntington
Ingalls
Industries,
Inc.,
5.00%,
11/15/25
(a)
281,628
1,647,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,802,074
Principal
Amount
Security
Description
Value
$
1,157,000
Raytheon
Technologies
Corp.,
4.88%,
10/15/40
(a)
$
1,477,762
1,123,000
Textron,
Inc.,
3.65%,
03/01/21
1,136,406
815,000
TTX
Co.,
4.60%,
02/01/49
(a)
1,074,338
1,593,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25
(a)
1,739,116
1,310,000
Waste
Management,
Inc.,
3.90%,
03/01/35
1,584,973
12,686,680
Information
Technology
-
4.3%
1,175,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
1,204,355
510,000
Applied
Materials,
Inc.,
3.30%,
04/01/27
579,457
1,258,000
eBay,
Inc.,
3.60%,
06/05/27
1,419,014
1,411,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
1,575,911
1,506,000
NVIDIA
Corp.,
2.85%,
04/01/30
1,697,364
1,300,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,666,240
1,585,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,667,926
9,810,267
Materials
-
1.1%
1,311,000
Albemarle
Corp.,
5.45%,
12/01/44
1,436,835
959,000
The
Mosaic
Co.,
5.45%,
11/15/33
1,119,615
2,556,450
Real
Estate
-
0.6%
1,255,000
National
Retail
Properties,
Inc.,
4.30%,
10/15/28
1,401,189
Utilities
-
0.7%
1,099,000
PacifiCorp,
6.25%,
10/15/37
1,591,537
Total
Corporate
Bonds
(Cost
$69,667,133)
75,978,085
Government
&
Agency
Obligations
-
46.3%
GOVERNMENT
SECURITIES
-
18.3%
Municipals
-
2.4%
500,000
City
of
Bellevue
NE,
Nebraska
GO,
2.95%,
12/15/21
500,600
350,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
1.75%,
09/01/32
354,259
675,000
Elkhorn
School
District,
Nebraska
GO,
1.64%,
12/15/30
672,516
241,131
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
250,236
285,000
Kearney
School
District,
Nebraska
GO,
1.38%,
12/15/28
285,465
530,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
703,692
340,000
New
York
City
Water
&
Sewer
System,
New
York
RB,
5.72%,
06/15/42
537,591
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
290,000
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
$
367,471
225,000
State
of
Connecticut,
Connecticut
GO,
4.95%,
12/01/20
226,683
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
292,266
420,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
2.60%,
12/15/31
456,128
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
637,472
5,284,379
Treasury
Inflation
Index
Securities
-
1.5%
2,763,647
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28
(f)
3,312,644
U.S.
Treasury
Securities
-
14.4%
2,685,000
U.S.
Treasury
Bond,
5.38%,
02/15/31
3,955,551
1,515,000
U.S.
Treasury
Bond,
4.75%,
02/15/37
2,387,131
9,310,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
13,573,689
5,090,000
U.S.
Treasury
Note,
2.13%,
05/15/25
5,526,030
3,660,000
U.S.
Treasury
Note,
2.25%,
02/15/27
4,085,332
2,675,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
2,885,238
32,412,971
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
28.0%
Federal
Home
Loan
Mortgage
Corp.
-
14.0%
1,350,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
1,611,273
1,695,000
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
1,756,806
860,661
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
947,299
930,000
Federal
Home
Loan
Mortgage
Corp.,
3.78%,
10/25/28
(c)
1,099,441
22,300
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
23,601
1,333,116
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
1,398,904
324,967
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
358,530
268,043
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
295,575
1,679,696
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
1,813,208
583,435
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
656,863
759,291
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
834,067
1,380,069
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
1,533,317
Principal
Amount
Security
Description
Value
$
1,255,845
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
$
216,196
463,344
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
510,899
1,076,259
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
10/15/41
1,103,647
1,871
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
06/15/21
1,875
34,321
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
06/15/37
34,488
308,862
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
317,558
94,336
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
02/15/39
95,594
255,861
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
268,538
317,276
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
04/15/41
328,738
182,408
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
187,827
673,751
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
07/15/42
692,503
1,240,645
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
01/15/55
1,290,116
421,353
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/43
436,751
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
1,066,463
202,100,777
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44
(a)
82,841
484,506
FRESB
Mortgage
Trust,
3.70%,
10/25/28
(c)
529,304
1,260,199
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56
(d)
1,336,794
714,581
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
05/25/57
(d)
759,614
1,147,616
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
1,286,540
1,837,501
Seasoned
Credit
Risk
Transfer
Trust,
3.50%,
03/25/58
1,981,776
1,085,930
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
08/25/59
1,135,138
1,426,647
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
1,514,465
664,644
Seasoned
Credit
Risk
Transfer
Trust,
3.25%,
07/25/56
(d)
711,574
954,496
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
993,287
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,596,413
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
$
535,108
31,342,931
Federal
National
Mortgage
Association
-
11.9%
11,864
Federal
National
Mortgage
Association
#679256,
7.50%,
08/01/22
11,965
149,095
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
171,333
142,629
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
160,310
14,359
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
15,937
16,446
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
17,435
115,285
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
129,674
604,831
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
652,907
31,152
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
33,034
252,604
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
290,080
46,081
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
54,477
559,114
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
625,947
167,202
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
188,965
191,865
Federal
National
Mortgage
Association
#AL5404,
3.81%,
08/01/21
(c)
193,484
884,273
Federal
National
Mortgage
Association
#AL9970,
3.41%,
02/01/27
(c)
926,184
2,138,965
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
2,346,114
1,299,821
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,466,032
676,909
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
742,591
822,944
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
932,443
1,375,977
Federal
National
Mortgage
Association
#AS3909,
4.00%,
11/01/44
1,512,711
575,351
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
608,582
1,658,379
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
1,788,010
1,084,857
Federal
National
Mortgage
Association
#BH9216,
4.00%,
01/01/48
1,198,652
759,511
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
802,714
757,579
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
835,122
Principal
Amount
Security
Description
Value
$
544,528
Federal
National
Mortgage
Association
#MA3384,
4.00%,
06/01/48
$
581,700
922,294
Federal
National
Mortgage
Association
Interest
Only,
0.78%,
02/25/22
(c)
5,219
3,264,188
Federal
National
Mortgage
Association
Interest
Only,
0.48%,
07/25/22
(c)
16,201
626,962
Federal
National
Mortgage
Association
Interest
Only,
2.70%,
01/25/39
(c)
42,384
1,975,000
Federal
National
Mortgage
Association
Interest
Only
#AM7762,
3.49%,
01/01/35
2,252,632
710,000
Federal
National
Mortgage
Association
REMIC,
3.50%,
12/25/37
766,691
977,891
Federal
National
Mortgage
Association
REMIC,
4.15%,
04/25/29
(c)
1,116,199
184,307
Federal
National
Mortgage
Association
REMIC,
3.50%,
05/25/41
193,418
338,161
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
381,183
195,286
Federal
National
Mortgage
Association
REMIC,
5.00%,
02/25/32
221,247
178,312
Federal
National
Mortgage
Association
REMIC,
4.00%,
07/25/39
179,484
472,896
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
485,289
528,376
Federal
National
Mortgage
Association
REMIC,
1.50%,
01/25/40
531,231
1,082,245
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/43
1,132,753
972,448
Federal
National
Mortgage
Association
REMIC,
3.00%,
08/25/45
1,021,426
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
1,098,605
980,971
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
979,475
26,709,840
Government
National
Mortgage
Association
-
2.1%
1,438,335
Government
National
Mortgage
Association,
2.85%,
04/16/50
1,489,930
844,656
Government
National
Mortgage
Association,
3.50%,
01/20/69
(c)
930,353
702,967
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
761,260
1,427,061
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
1,620,874
2,516
Government
National
Mortgage
Association
REMIC
#751404,
5.03%,
06/20/61
(c)
2,551
4,804,968
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Small
Business
Administration
Participation
Certificates
-
0.0%
$
18,938
SBA
Small
Business
Investment
Cos.,
2.88%,
09/10/21
$
19,109
Total
Government
&
Agency
Obligations
(Cost
$94,558,441)
103,886,842
Shares
Security
Description
Value
Short-Term
Investments
-
1.9%
Investment
Company
-
1.9%
4,287,978
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.04%
(g)
4,287,978
Total
Short-Term
Investments
(Cost
$4,287,978)
4,287,978
Investments,
at
value
-
100.6%
(Cost
$209,335,291)
226,000,470
Other
liabilities
in
excess
of
assets
-
(0.6)%
(1,455,083)
NET
ASSETS
-
100.0%
$
224,545,387
(a)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
September
30,
2020,
the
aggregate
value
of
these
liquid
securities
were
$37,327,738
or
16.6%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2020.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
September
30,
2020.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
September
30,
2020.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2020.
FHLMC
Federal
Home
Loan
Mortgage
Corporation
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
98.4%
GOVERNMENT
SECURITIES
-
97.5%
Municipals
-
97.5%
Iowa
-
0.1%
$
100,000
Xenia
Rural
Water
District,
Iowa
RB,
3.00%,
12/01/20
$
100,339
Nebraska
-
96.1%
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
299,247
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
358,554
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
316,215
210,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
212,680
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
187,512
175,000
Cass
County
Sanitary
&
Improvement
District
No.
9,
Nebraska
GO,
2.90%,
05/15/22
179,643
100,000
Cass
County
School
District
No.
56
Conestoga,
Nebraska
GO,
1.30%,
12/15/20
100,233
250,000
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
258,805
500,000
City
of
Bellevue
NE,
Nebraska
GO,
1.65%,
12/15/20
501,395
215,000
City
of
Blair
NE,
Nebraska
GO,
2.15%,
09/15/23
220,984
220,000
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
225,982
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
399,922
650,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
836,868
80,000
City
of
Columbus
NE
Sales
Tax
Revenue,
Nebraska
RB,
5.00%,
09/15/23
90,702
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
356,337
65,000
City
of
Grand
Island
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
08/15/27
74,294
400,000
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
400,368
Principal
Amount
Security
Description
Value
$
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
$
401,393
65,000
City
of
La
Vista
NE,
Nebraska
GO,
1.00%,
05/01/21
65,317
235,000
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
249,337
260,000
City
of
Lincoln
NE,
Nebraska
GO,
5.00%,
06/01/30
359,003
200,000
City
of
Lincoln
NE,
Nebraska
RB,
4.50%,
08/15/22
203,136
480,000
City
of
Lincoln
NE,
Nebraska
RB,
4.00%,
08/15/26
512,894
500,000
City
of
Lincoln
NE,
Nebraska
RB,
3.55%,
04/01/27
518,205
400,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/30
543,304
250,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
3.13%,
09/01/30
263,467
110,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
119,925
55,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/28
59,907
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
387,173
450,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/31
550,642
500,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
01/15/29
630,595
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
709,210
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
05/01/33
235,300
470,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/22
497,829
190,000
City
of
Omaha
NE,
Nebraska
RB,
5.00%,
02/01/26
202,217
355,000
City
of
Omaha
NE,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
449,934
200,000
City
of
Omaha
NE
Sewer
Revenue,
Nebraska
RB,
5.00%,
04/01/24
232,484
350,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/26
370,874
285,000
City
of
Papillion
NE,
Nebraska
GO,
3.00%,
09/15/27
301,040
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
274,095
275,000
County
of
Buffalo
NE,
Nebraska
GO,
4.00%,
12/15/31
285,018
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
$
390,956
285,000
County
of
Cherry
NE,
Nebraska
GO,
3.00%,
12/15/25
314,093
120,000
County
of
Douglas
NE,
Nebraska
RB,
3.60%,
10/01/27
120,215
250,000
County
of
Sarpy
NE,
Nebraska
COP,
2.80%,
12/15/20
250,938
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
201,154
265,000
Cuming
County
Public
Power
District
Operation
Round-Up
Fund,
Nebraska
RB,
1.50%,
12/15/25
272,722
50,000
Douglas
County
Hospital
Authority
No.
1,
Nebraska
RB,
AMBAC,
5.25%,
09/01/21
52,280
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,292,692
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
214,162
220,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
268,908
750,000
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
758,085
95,000
Douglas
County
Sanitary
&
Improvement
District
No.
445,
Nebraska
GO,
1.85%,
12/15/20
95,313
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
204,280
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
580,673
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
262,415
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
276,153
105,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
3.85%,
03/15/33
105,545
295,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
3.90%,
03/15/34
296,525
210,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
3.95%,
03/15/35
211,079
190,000
Douglas
County
Sanitary
&
Improvement
District
No.
509,
Nebraska
GO,
4.00%,
03/15/36
190,969
Principal
Amount
Security
Description
Value
$
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
$
223,357
85,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.10%,
05/15/30
85,652
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
549,
Nebraska
GO,
3.05%,
05/15/29
100,791
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
557,
Nebraska
GO,
4.25%,
11/15/34
100,484
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
801,450
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
835,290
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
327,291
250,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
316,010
665,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/34
753,565
1,130,000
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/35
1,307,557
300,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/28
397,260
350,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/29
461,555
23,000
Elm
Creek
Rural
Fire
Protection
District
No.
7,
Nebraska
GO,
1.40%,
10/15/20
23,011
370,000
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
494,383
265,000
Grand
Island
Public
Schools,
Nebraska
GO,
5.00%,
12/15/39
317,714
185,000
Grand
Island
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
193,532
730,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
889,359
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
592,123
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
836,073
760,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/24
872,883
265,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
12/15/25
312,051
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
321,396
550,000
Lancaster
County
Correctional
Facility
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/01/27
721,017
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
500,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
$
598,455
765,000
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/26
891,623
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
334,822
475,000
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
573,002
500,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/32
524,995
200,000
Lincoln
County
Hospital
Authority
No.
1,
Nebraska
RB,
5.00%,
11/01/25
209,998
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
564,425
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
1,054,220
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
587,470
500,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
572,755
1,000,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/21
1,054,200
180,000
Mid-Plains
Community
College
Area
Facilities
Corp.,
Nebraska
RB,
3.00%,
10/15/25
183,116
1,475,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/30
1,567,777
140,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/31
148,781
210,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
234,293
200,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/26
213,826
540,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/27
576,828
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
522,825
330,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB,
2.45%,
09/01/24
350,018
470,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
1.50%,
03/01/21
471,960
350,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
1.55%,
03/01/23
357,518
Principal
Amount
Security
Description
Value
$
500,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
2.00%,
03/01/24
$
521,875
175,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB,
2.35%,
09/01/24
185,848
145,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/26
153,741
5,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/26
5,284
370,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
392,304
230,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/29
242,427
1,050,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
1,103,645
540,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/34
566,822
1,995,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/31
2,017,903
700,000
Nebraska
State
College
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
851,207
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
315,545
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
474,953
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
473,720
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
706,056
785,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/27
931,505
525,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
629,753
300,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
06/01/21
309,303
1,010,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,139,553
600,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
792,744
270,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/32
354,875
205,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/31
215,459
75,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/29
76,214
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
926,055
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
606,130
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
191,506
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
$
661,137
1,500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
1,655,925
150,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/30
197,433
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
327,120
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
372,746
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
929,415
125,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/26
146,819
280,000
Platte
County
School
District
No.
1
Columbus
Public
Schools,
Nebraska
GO,
5.00%,
12/15/28
328,874
160,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
160,205
45,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
2.45%,
10/15/22
45,063
70,000
Sarpy
County
Sanitary
&
Improvement
District
No.
242,
Nebraska
GO,
3.00%,
03/15/27
70,132
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
104,743
120,000
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
120,251
420,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
556,450
385,000
Scotts
Bluff
County
School
District/
Gering
School
District,
Nebraska
GO,
5.00%,
12/01/23
415,561
220,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/25
272,503
225,000
Southeast
Community
College,
Nebraska
COP,
5.00%,
12/15/26
286,900
300,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
352,590
400,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
467,912
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
316,707
200,000
State
of
Nebraska,
Nebraska
COP,
1.60%,
03/15/21
200,200
Principal
Amount
Security
Description
Value
$
500,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/22
$
529,770
270,000
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
292,318
200,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/24
234,604
100,000
University
of
Nebraska,
Nebraska
RB,
5.00%,
05/15/25
121,751
1,000,000
University
of
Nebraska,
Nebraska
RB,
4.00%,
07/01/31
1,210,030
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
595,585
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/25
610,190
500,000
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/26
626,465
400,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
440,324
1,700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
1,936,827
200,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
5.00%,
12/15/26
211,626
105,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
4.00%,
12/15/28
109,843
200,000
Westside
Community
Schools,
Nebraska
GO,
4.00%,
06/01/25
221,240
230,000
Westside
Community
Schools,
Nebraska
GO,
4.00%,
06/01/27
252,466
450,000
York
School
District/NE,
Nebraska
GO,
2.00%,
12/15/25
478,705
72,722,765
North
Dakota
-
0.7%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
527,305
South
Dakota
-
0.6%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
475,490
73,825,899
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.9%
Federal
Home
Loan
Mortgage
Corp.
-
0.9%
600,000
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
667,222
Total
Government
&
Agency
Obligations
(Cost
$70,968,478)
74,493,121
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Short-Term
Investments
-
2.0%
Investment
Company
-
2.0%
1,497,150
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.04%
(a)
$
1,497,150
Total
Short-Term
Investments
(Cost
$1,497,150)
1,497,150
Investments,
at
value
-
100.4%
(Cost
$72,465,628)
75,990,271
Other
liabilities
in
excess
of
assets
-
(0.4)%
(316,712)
NET
ASSETS
-
100.0%
$
75,673,559
(a)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2020.
AMBAC
American
Municipal
Bond
Assurance
Corporation
COP
Certificate
of
Participation
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
RB
Revenue
Bond
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Common
Stocks
-
61.5%
Communication
Services
-
6.7%
7,475
Activision
Blizzard,
Inc.
$
605,101
1,027
Alphabet,
Inc.,
Class C (a)
1,509,279
17,150
Comcast
Corp.,
Class A
793,359
4,650
Facebook,
Inc.,
Class A (a)
1,217,835
12,400
Verizon
Communications,
Inc.
737,676
4,863,250
Consumer
Discretionary
-
7.1%
635
Amazon.com,
Inc. (a)
1,999,444
238
Booking
Holdings,
Inc. (a)
407,142
5,625
NIKE,
Inc.,
Class B
706,162
885
O'Reilly
Automotive,
Inc. (a)
408,056
1,015
Pool
Corp.
339,558
3,750
Royal
Caribbean
Cruises,
Ltd.
242,737
2,760
The
Home
Depot,
Inc.
766,480
1,195
Ulta
Beauty,
Inc. (a)
267,656
5,137,235
Consumer
Staples
-
4.4%
6,195
Church
&
Dwight
Co.,
Inc.
580,533
3,325
Constellation
Brands,
Inc.,
Class A
630,121
2,020
Costco
Wholesale
Corp.
717,100
7,380
Lamb
Weston
Holdings,
Inc.
489,073
5,450
Walmart,
Inc.
762,509
3,179,336
Energy
-
1.1%
3,100
Diamondback
Energy,
Inc.
93,372
3,400
EOG
Resources,
Inc.
122,196
8,650
Exxon
Mobil
Corp.
296,955
2,950
Phillips
66
152,928
7,100
Schlumberger
NV
110,476
775,927
Financials
-
5.3%
835
BlackRock,
Inc.
470,564
3,225
Chubb,
Ltd.
374,487
2,210
CME
Group,
Inc.
369,755
13,900
Equitable
Holdings,
Inc.
253,536
6,050
First
American
Financial
Corp.
308,006
6,400
JPMorgan
Chase
&
Co.
616,128
12,800
KeyCorp
152,704
23,400
Manulife
Financial
Corp.
325,494
4,500
Northern
Trust
Corp.
350,865
2,700
South
State
Corp.
130,005
7,200
U.S.
Bancorp
258,120
9,400
Wells
Fargo
&
Co.
220,994
3,830,658
Health
Care
-
9.2%
6,900
AMN
Healthcare
Services,
Inc. (a)
403,374
5,975
Baxter
International,
Inc.
480,509
1,350
Biogen,
Inc. (a)
382,968
12,400
Boston
Scientific
Corp. (a)
473,804
5,950
Edwards
Lifesciences
Corp. (a)
474,929
Shares
Security
Description
Value
4,000
Eli
Lilly
and
Co.
$
592,080
8,050
Horizon
Therapeutics
PLC (a)
625,324
1,340
Humana,
Inc.
554,613
4,050
Integer
Holdings
Corp. (a)
238,990
2,790
Laboratory
Corp.
of
America
Holdings (a)
525,273
1,914
LHC
Group,
Inc. (a)
406,840
1,855
Thermo
Fisher
Scientific,
Inc.
819,020
4,165
Zoetis,
Inc.
688,766
6,666,490
Industrials
-
5.5%
4,950
AMETEK,
Inc.
492,030
8,150
CSX
Corp.
633,010
9,250
IAA,
Inc. (a)
481,648
10,000
MasTec,
Inc. (a)
422,000
6,137
Raytheon
Technologies
Corp.
353,123
1,285
Roper
Technologies,
Inc.
507,716
9,800
The
Timken
Co.
531,356
5,310
Waste
Management,
Inc.
600,933
4,021,816
Information
Technology
-
16.4%
1,740
Adobe,
Inc. (a)
853,348
27,085
Apple,
Inc.
3,136,714
1,900
Broadcom,
Inc.
692,208
3,475
Cabot
Microelectronics
Corp.
496,265
4,205
CDW
Corp.
502,624
15,500
Cisco
Systems,
Inc.
610,545
3,350
Citrix
Systems,
Inc.
461,328
1,950
FleetCor
Technologies,
Inc. (a)
464,295
2,750
Mastercard,
Inc.,
Class A
929,967
5,300
Microchip
Technology,
Inc.
544,628
13,015
Microsoft
Corp.
2,737,445
1,425
Paycom
Software,
Inc. (a)
443,603
11,872,970
Materials
-
1.9%
8,390
Berry
Global
Group,
Inc. (a)
405,405
4,825
FMC
Corp.
511,016
2,055
Linde
PLC
489,357
1,405,778
Real
Estate
-
2.0%
2,545
American
Tower
Corp.
REIT
615,203
10,000
First
Industrial
Realty
Trust,
Inc.
REIT
398,000
2,915
Sun
Communities,
Inc.
REIT
409,878
1,423,081
Utilities
-
1.9%
3,825
Atmos
Energy
Corp.
365,632
2,330
NextEra
Energy,
Inc.
646,715
5,900
Southwest
Gas
Holdings,
Inc.
372,290
1,384,637
Total
Common
Stocks
(Cost
$26,471,508)
44,561,178
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
6.7%
Asset
Backed
Securities
-
2.9%
$
380,000
Cabela's
Credit
Card
Master
Note
Trust,
2.71%,
02/17/26 (b)
$
399,233
100,000
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
101,112
158,322
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
160,053
111,510
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
116,131
123,783
ELFI
Graduate
Loan
Program
2020-A,
LLC,
1.73%,
08/25/45 (b)
125,215
79,670
Missouri
Higher
Education
Loan
Authority
(USD
1
Month
LIBOR
+
0.83%),
0.98%,
01/26/26 (c)
74,330
130,000
Navient
Private
Education
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
1.75%,
10/15/31 (b)(c)
131,623
231,129
Pawnee
Equipment
Receivables,
2.29%,
10/15/24 (b)
233,301
81,932
PHEAA
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.10%),
1.33%,
06/25/38 (b)(c)
81,704
95,289
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
0.95%,
12/24/33 (b)(c)
95,041
174,519
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
1.89%,
07/25/22 (c)
171,581
23,568
SoFi
Consumer
Loan
Program
Trust,
2.77%,
05/25/26 (b)
23,698
83,654
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
90,129
97,417
Vantage
Data
Centers
Issuer,
LLC,
4.07%,
02/16/43 (b)
100,769
180,000
Vantage
Data
Centers,
LLC,
1.65%,
09/15/45 (b)
180,000
2,083,920
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.7%
375,000
American
Tower
Trust
#1,
3.07%,
03/15/23 (b)
382,655
190,000
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
202,418
125,000
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
145,112
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
185,913
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
223,921
Principal
Amount
Security
Description
Value
$
232,039
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
$
241,681
230,000
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
230,000
124,904
Sutherland
Commercial
Mortgage
Trust,
2.86%,
12/25/35 (b)(d)
125,835
75,000
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
86,566
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
167,638
1,991,739
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.1%
80,641
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
1.02%,
12/25/33 (b)(c)
79,169
95,860
Bayview
Financial
Acquisition
Trust
REMIC
(USD
1
Month
LIBOR
+
2.10%),
2.24%,
04/28/39 (c)
95,784
138,677
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(d)
138,908
95,484
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(d)
102,031
28,340
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(d)
29,801
63,893
EverBank
Mortgage
Loan
Trust,
3.50%,
02/25/48 (b)(d)
64,649
68,665
Goldman
Sachs
Alternative
Mortgage
Products
Trust
REMIC
(USD
1
Month
LIBOR
+
0.50%),
0.65%,
05/25/36 (b)(c)
68,430
52,216
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(d)
56,483
30,650
Towd
Point
Mortgage
Trust
REMIC,
3.50%,
02/25/55 (b)(d)
31,197
100,624
Wells
Fargo
Mortgage
Backed
Securities,
3.50%,
07/25/47 (b)(d)
101,636
768,088
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$4,698,108)
4,843,747
Corporate
Bonds
-
12.8%
Communication
Services
-
1.1%
348,000
AT&T,
Inc.,
4.30%,
02/15/30
412,015
317,000
Verizon
Communications,
Inc.,
4.33%,
09/21/28
383,501
795,516
Consumer
Discretionary
-
1.6%
186,000
Dollar
General
Corp.,
3.25%,
04/15/23
197,361
100,000
Hanesbrands,
Inc.,
4.63%,
05/15/24 (b)
103,979
265,000
McDonald's
Corp.,
2.13%,
03/01/30
275,555
50,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
53,289
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
50,000
Starbucks
Corp.,
2.00%,
03/12/27
$
52,863
220,000
The
TJX
Cos.,
Inc.,
3.75%,
04/15/27
252,082
215,000
Whirlpool
Corp.,
4.70%,
06/01/22
228,406
1,163,535
Consumer
Staples
-
0.6%
175,000
Church
&
Dwight
Co.,
Inc.,
2.88%,
10/01/22
183,317
270,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
298,805
482,122
Financials
-
4.9%
250,000
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (d)
279,273
180,000
CBRE
Services,
Inc.,
5.25%,
03/15/25
206,434
240,000
Citigroup,
Inc.,
3.89%,
01/10/28 (d)
271,456
395,000
CME
Group,
Inc.,
3.00%,
03/15/25
432,208
245,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
277,016
230,000
JPMorgan
Chase
&
Co.,
3.25%,
09/23/22
243,085
90,000
KeyCorp,
MTN,
2.25%,
04/06/27
95,192
120,000
Metropolitan
Life
Global
Funding
I,
3.60%,
01/11/24 (b)
131,310
180,000
Morgan
Stanley,
GMTN,
3.77%,
01/24/29 (d)
204,973
70,000
Morgan
Stanley,
GMTN,
3.75%,
02/25/23
75,136
245,000
Regions
Financial
Corp.,
3.80%,
08/14/23
265,617
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
249,220
265,000
The
Goldman
Sachs
Group,
Inc.,
3.00%,
04/26/22
268,822
230,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (d)(e)
248,680
270,000
Wells
Fargo
&
Co.,
3.00%,
04/22/26
293,672
3,542,094
Health
Care
-
0.2%
132,000
Becton
Dickinson
and
Co.,
3.73%,
12/15/24
145,898
Industrials
-
2.2%
250,000
BMW
Finance
NV,
2.85%,
08/14/29 (b)
271,281
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
284,480
150,000
Roper
Technologies,
Inc.,
2.80%,
12/15/21
153,790
200,000
Textron,
Inc.,
3.65%,
03/01/21
202,387
170,000
TTX
Co.,
3.60%,
01/15/25 (b)
188,379
235,000
Union
Pacific
Corp.,
3.95%,
09/10/28
277,026
Principal
Amount
Security
Description
Value
$
155,000
Volkswagen
Group
of
America
Finance,
LLC,
4.25%,
11/13/23 (b)
$
170,298
1,547,641
Information
Technology
-
1.9%
260,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
266,496
215,000
eBay,
Inc.,
3.60%,
06/05/27
242,518
200,000
NVIDIA
Corp.,
2.85%,
04/01/30
225,414
200,000
Oracle
Corp.,
3.40%,
07/08/24
218,855
293,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
306,984
130,000
Xilinx,
Inc.,
2.38%,
06/01/30
136,802
1,397,069
Materials
-
0.3%
209,000
Albemarle
Corp.,
4.15%,
12/01/24
227,674
Total
Corporate
Bonds
(Cost
$8,630,567)
9,301,549
Government
&
Agency
Obligations
-
16.1%
GOVERNMENT
SECURITIES
-
14.1%
Municipals
-
1.0%
350,000
California
State
University,
California
RB,
5.45%,
11/01/22
387,100
115,000
Elkhorn
School
District,
Nebraska
GO,
1.64%,
12/15/30
114,577
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
125,512
100,000
Vista
Community
Development
Commission,
California
Tax
Allocation
Bond,
7.61%,
09/01/21
100,498
727,687
Treasury
Inflation
Index
Securities
-
1.2%
232,843
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
278,564
583,215
U.S.
Treasury
Inflation
Indexed
Note,
0.13%,
01/15/22 (f)
593,012
871,576
U.S.
Treasury
Securities
-
11.9%
105,000
U.S.
Treasury
Note,
2.00%,
02/28/21
105,788
2,335,000
U.S.
Treasury
Note,
1.63%,
11/15/22
2,408,060
3,605,000
U.S.
Treasury
Note,
2.13%,
05/15/25
3,913,819
1,865,000
U.S.
Treasury
Note,
2.25%,
02/15/27
2,081,733
95,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
102,466
8,611,866
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
2.0%
Federal
Home
Loan
Mortgage
Corp.
-
1.4%
200,000
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
07/15/36
207,293
186,106
Federal
Home
Loan
Mortgage
Corp.,
2.75%,
12/15/54 (g)
194,524
115,000
Federal
Home
Loan
Mortgage
Corp.,
3.78%,
10/25/28 (d)
135,952
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
130,060
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
$
136,478
49,843
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.00%,
03/15/40
51,247
86,514
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
90,801
24,959,876
FREMF
Mortgage
Trust
Interest
Only,
0.10%,
08/25/44 (b)
10,231
130,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
137,440
963,966
Federal
National
Mortgage
Association
-
0.4%
48,556
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
51,397
146,684
Federal
National
Mortgage
Association
REMIC,
4.15%,
04/25/29 (d)
167,430
71,810
Federal
National
Mortgage
Association
REMIC,
2.50%,
09/25/39
73,692
292,519
Government
National
Mortgage
Association
-
0.2%
142,942
Government
National
Mortgage
Association,
3.50%,
01/20/69 (d)
157,444
Total
Government
&
Agency
Obligations
(Cost
$10,799,893)
11,625,058
Shares
Security
Description
Value
Short-Term
Investments
-
3.1%
Investment
Company
-
3.1%
2,274,593
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.04% (h)
2,274,593
Total
Short-Term
Investments
(Cost
$2,274,593)
2,274,593
Investments,
at
value
-
100.2%
(Cost
$52,874,669)
72,606,125
Other
liabilities
in
excess
of
assets
-
(0.2)%
(138,752)
NET
ASSETS
-
100.0%
$
72,467,373
(a)
Non-income
producing
security.
(b)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
September
30,
2020,
the
aggregate
value
of
these
liquid
securities
were
$4,888,688
or
6.7%
of
net
assets.
(c)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2020.
(d)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
September
30,
2020.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
September
30,
2020.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2020.
GMTN
Global
Medium
Term
Note
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Common
Stocks
-
98.0%
Communication
Services
-
5.4%
70,400
Altice
USA,
Inc.,
Class A (a)
$
1,830,400
5,700
IAC/InterActiveCorp (a)
682,746
10,200
Spotify
Technology
SA (a)
2,474,214
20,200
Twitter,
Inc. (a)
898,900
261,300
Zynga,
Inc. (a)
2,383,056
8,269,316
Consumer
Discretionary
-
11.8%
2,800
Burlington
Stores,
Inc. (a)
577,052
5,800
Domino's
Pizza,
Inc.
2,466,624
7,400
DR
Horton,
Inc.
559,662
9,310
Five
Below,
Inc. (a)
1,182,370
4,200
Hilton
Worldwide
Holdings,
Inc.
358,344
9,900
Lululemon
Athletica
,
Inc. (a)
3,260,763
17,200
Ollie's
Bargain
Outlet
Holdings,
Inc. (a)
1,502,420
5,900
O'Reilly
Automotive,
Inc. (a)
2,720,372
8,600
Planet
Fitness,
Inc.,
Class A (a)
529,932
17,200
Restaurant
Brands
International,
Inc.
989,172
64,700
Stitch
Fix,
Inc.,
Class A (a)
1,755,311
45,900
YETI
Holdings,
Inc. (a)
2,080,188
17,982,210
Consumer
Staples
-
3.6%
26,100
Church
&
Dwight
Co.,
Inc.
2,445,831
13,600
Post
Holdings,
Inc. (a)
1,169,600
54,900
The
Kroger
Co.
1,861,659
5,477,090
Financials
-
4.0%
1,000
eHealth,
Inc. (a)
79,000
3,000
FactSet
Research
Systems,
Inc.
1,004,640
14,400
LPL
Financial
Holdings,
Inc.
1,104,048
3,600
MarketAxess
Holdings,
Inc.
1,733,724
4,600
MSCI,
Inc.
1,641,188
16,000
OneMain
Holdings,
Inc.
500,000
6,062,600
Health
Care
-
25.1%
15,200
Alexion
Pharmaceuticals,
Inc. (a)
1,739,336
8,300
Bio-
Techne
Corp.
2,056,159
26,100
Horizon
Therapeutics
PLC (a)
2,027,448
5,600
IDEXX
Laboratories,
Inc. (a)
2,201,416
31,200
Immunomedics
,
Inc. (a)
2,652,936
18,200
Incyte
Corp. (a)
1,633,268
8,510
Insulet
Corp. (a)
2,013,381
4,900
Integer
Holdings
Corp. (a)
289,149
7,400
LHC
Group,
Inc. (a)
1,572,944
19,300
Livongo
Health,
Inc. (a)
2,702,965
9,500
Masimo
Corp. (a)
2,242,570
14,000
McKesson
Corp.
2,085,020
14,400
PerkinElmer,
Inc.
1,807,344
Shares
Security
Description
Value
11,400
Quidel
Corp. (a)
$
2,500,932
10,900
Sarepta
Therapeutics,
Inc. (a)
1,530,687
9,800
Seattle
Genetics,
Inc. (a)
1,917,762
80,400
SmileDirectClub
,
Inc. (a)
939,072
5,700
Teleflex,
Inc.
1,940,394
6,300
The
Cooper
Cos.,
Inc.
2,123,856
8,600
Veeva
Systems,
Inc.,
Class A (a)
2,418,234
38,394,873
Industrials
-
12.2%
22,900
AMETEK,
Inc.
2,276,260
6,270
Cintas
Corp.
2,086,844
3,150
CoStar
Group,
Inc. (a)
2,672,806
13,900
Dover
Corp.
1,505,926
13,600
IAA,
Inc. (a)
708,152
12,800
ITT,
Inc.
755,840
11,100
Old
Dominion
Freight
Line,
Inc.
2,008,212
40,500
Quanta
Services,
Inc.
2,140,830
2,030
TransDigm
Group,
Inc.
964,494
28,900
TransUnion
2,431,357
12,400
XPO
Logistics,
Inc. (a)
1,049,784
18,600,505
Information
Technology
-
31.2%
7,800
Advanced
Micro
Devices,
Inc. (a)
639,522
18,900
Akamai
Technologies,
Inc. (a)
2,089,206
7,700
Atlassian
Corp.
PLC,
Class A (a)
1,399,783
14,100
Broadridge
Financial
Solutions,
Inc.
1,861,200
9,670
CDW
Corp.
1,155,855
17,200
DocuSign,
Inc. (a)
3,702,128
95,000
Dropbox,
Inc.,
Class A (a)
1,829,700
5,160
Fair
Isaac
Corp. (a)
2,194,961
6,210
FleetCor
Technologies,
Inc. (a)
1,478,601
15,600
Fortinet,
Inc. (a)
1,837,836
13,900
Inphi
Corp. (a)
1,560,275
10,000
Jack
Henry
&
Associates,
Inc.
1,625,900
10,600
KLA
Corp.
2,053,644
30,000
LivePerson
,
Inc. (a)
1,559,700
17,800
Microchip
Technology,
Inc.
1,829,128
9,400
Palo
Alto
Networks,
Inc. (a)
2,300,650
16,650
Paychex,
Inc.
1,328,170
8,200
Paycom
Software,
Inc. (a)
2,552,660
49,300
Pure
Storage,
Inc.,
Class A (a)
758,727
9,150
RingCentral,
Inc.,
Class A (a)
2,512,681
12,300
Science
Applications
International
Corp.
964,566
14,490
Splunk
,
Inc. (a)
2,726,004
16,400
SS&C
Technologies
Holdings,
Inc.
992,528
10,500
Twilio
,
Inc. (a)
2,594,445
25,400
Xilinx,
Inc.
2,647,696
5,400
Zebra
Technologies
Corp. (a)
1,363,284
47,558,850
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Materials
-
2.9%
24,800
Ball
Corp.
$
2,061,376
33,400
Berry
Global
Group,
Inc. (a)
1,613,888
7,000
FMC
Corp.
741,370
4,416,634
Real
Estate
-
1.8%
46,000
Americold
Realty
Trust
REIT
1,644,500
8,400
Sun
Communities,
Inc.
REIT
1,181,124
2,825,624
Total
Common
Stocks
(Cost
$102,253,388)
149,587,702
Shares
Security
Description
Value
Short-Term
Investments
-
2.0%
Investment
Company
-
2.0%
3,018,862
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.04% (b)
3,018,862
Total
Short-Term
Investments
(Cost
$3,018,862)
3,018,862
Investments,
at
value
-
100.0%
(Cost
$105,272,250)
152,606,564
Other
liabilities
in
excess
of
assets
-
0.0%
(70,438)
NET
ASSETS
-
100.0%
$
152,536,126
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2020.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Non-income
producing
security.
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2020.
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
98.7%
Communication
Services
-
2.1%
598
Nexstar
Media
Group,
Inc.,
Class A
$
53,778
Consumer
Discretionary
-
12.4%
282
Burlington
Stores,
Inc.
(a)
58,118
814
Dorman
Products,
Inc.
(a)
73,569
619
Dunkin'
Brands
Group,
Inc.
50,702
611
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
53,371
543
Tractor
Supply
Co.
77,834
313,594
Consumer
Staples
-
3.4%
316
Casey's
General
Stores,
Inc.
56,137
120
Coca-Cola
Consolidated,
Inc.
28,882
85,019
Energy
-
1.5%
4,126
Parsley
Energy,
Inc.,
Class A
38,619
Financials
-
13.4%
288
Affiliated
Managers
Group,
Inc.
19,693
739
Arthur
J
Gallagher
&
Co.
78,024
671
Cullen/Frost
Bankers,
Inc.
42,910
861
Selective
Insurance
Group,
Inc.
44,333
897
South
State
Corp.
43,191
1,079
Stifel
Financial
Corp.
54,554
611
UMB
Financial
Corp.
29,945
1,179
United
Bankshares
,
Inc.
25,313
337,963
Health
Care
-
17.2%
1,433
AMN
Healthcare
Services,
Inc.
(a)
83,773
417
ICON
PLC
(a)
79,684
1,226
Integra
LifeSciences
Holdings
Corp.
(a)
57,892
171
LHC
Group,
Inc.
(a)
36,348
130
Masimo
Corp.
(a)
30,688
822
Omnicell
,
Inc.
(a)
61,370
658
PerkinElmer,
Inc.
82,586
432,341
Industrials
-
17.0%
758
Barnes
Group,
Inc.
27,091
395
Carlisle
Cos.,
Inc.
48,336
585
EnerSys
39,265
570
Fortune
Brands
Home
&
Security,
Inc.
49,316
694
Forward
Air
Corp.
39,822
664
Franklin
Electric
Co.,
Inc.
39,063
434
Oshkosh
Corp.
31,899
1,025
Quanta
Services,
Inc.
54,182
758
Robert
Half
International,
Inc.
40,129
630
Tetra
Tech,
Inc.
60,165
429,268
Information
Technology
-
17.0%
609
Ambarella
,
Inc.
(a)
31,778
376
Broadridge
Financial
Solutions,
Inc.
49,632
222
CACI
International,
Inc.,
Class A
(a)
47,321
224
Coherent,
Inc.
(a)
24,848
Shares
Security
Description
Value
748
ExlService
Holdings,
Inc.
(a)
$
49,345
427
Leidos
Holdings,
Inc.
38,067
288
Littelfuse
,
Inc.
51,074
419
MAXIMUS,
Inc.
28,664
286
MKS
Instruments,
Inc.
31,240
1,333
MTS
Systems
Corp.
25,474
619
PTC,
Inc.
(a)
51,204
428,647
Materials
-
4.6%
427
Balchem
Corp.
41,688
893
RPM
International,
Inc.
73,976
115,664
Real
Estate
-
7.5%
893
American
Campus
Communities,
Inc.
REIT
31,184
983
Duke
Realty
Corp.
REIT
36,273
2,328
Easterly
Government
Properties,
Inc.
REIT
52,171
246
Jones
Lang
LaSalle,
Inc.
23,532
673
Lamar
Advertising
Co.,
Class A
REIT
44,532
187,692
Utilities
-
2.6%
809
IDACORP,
Inc.
64,639
Total
Common
Stocks
(Cost
$2,316,558)
2,487,224
Shares
Security
Description
Value
Short-Term
Investments
-
1.6%
Investment
Company
-
1.6%
40,573
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.04%
(b)
40,573
Total
Short-Term
Investments
(Cost
$40,573)
40,573
Investments,
at
value
-
100.3%
(Cost
$2,357,131)
2,527,797
Other
liabilities
in
excess
of
assets
-
(0.3)%
(7,484)
NET
ASSETS
-
100.0%
$
2,520,313
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
Non-income
producing
security.
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2020.
American
Depositary
Receipt
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
97.2%
Communication
Services
-
2.3%
178,239
Nexstar
Media
Group,
Inc.,
Class A
$
16,029,033
Consumer
Discretionary
-
11.5%
412,358
Boot
Barn
Holdings,
Inc.
(a)
11,603,754
224,003
Dorman
Products,
Inc.
(a)
20,245,391
485,359
G-III
Apparel
Group,
Ltd.
(a)
6,363,056
427,894
La-Z-Boy,
Inc.
13,534,287
501,722
Movado
Group,
Inc.
4,987,117
130,548
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
11,403,368
287,832
Standard
Motor
Products,
Inc.
12,851,699
80,988,672
Consumer
Staples
-
1.9%
30,831
Coca-Cola
Consolidated,
Inc.
7,420,405
43,115
J
&
J
Snack
Foods
Corp.
5,621,765
13,042,170
Energy
-
1.2%
897,946
Parsley
Energy,
Inc.,
Class A
8,404,775
Financials
-
16.0%
521,228
Atlantic
Union
Bankshares
Corp.
11,138,642
338,533
Mercantile
Bank
Corp.
6,100,365
324,925
Moelis
&
Co.,
Class A
11,417,864
1,086,294
Old
National
Bancorp
13,643,853
299,995
Selective
Insurance
Group,
Inc.
15,446,743
268,924
South
State
Corp.
12,948,691
169,447
Stewart
Information
Services
Corp.
7,409,917
327,574
Stifel
Financial
Corp.
16,562,141
170,290
UMB
Financial
Corp.
8,345,913
422,715
United
Bankshares
,
Inc.
9,075,691
112,089,820
Health
Care
-
15.3%
399,111
AMN
Healthcare
Services,
Inc.
(a)
23,332,029
307,221
HMS
Holdings
Corp.
(a)
7,357,943
363,101
Integra
LifeSciences
Holdings
Corp.
(a)
17,145,629
103,269
LHC
Group,
Inc.
(a)
21,950,859
130,668
Medpace
Holdings,
Inc.
(a)
14,602,149
231,711
Omnicell
,
Inc.
(a)
17,299,543
98,995
Pacira
BioSciences
,
Inc.
(a)
5,951,579
107,639,731
Industrials
-
18.3%
169,809
American
Woodmark
Corp.
(a)
13,336,799
236,287
Barnes
Group,
Inc.
8,444,897
218,583
Comfort
Systems
USA,
Inc.
11,259,210
113,206
CSW
Industrials,
Inc.
8,745,163
155,116
EnerSys
10,411,386
237,010
Forward
Air
Corp.
13,599,634
242,309
Franklin
Electric
Co.,
Inc.
14,255,038
191,005
ICF
International,
Inc.
11,752,538
302,524
Kforce
,
Inc.
9,732,197
266,154
Korn
Ferry
7,718,466
200,639
Tetra
Tech,
Inc.
19,161,025
128,416,353
Shares
Security
Description
Value
Information
Technology
-
16.3%
128,139
Ambarella
,
Inc.
(a)
$
6,686,293
505,933
Benchmark
Electronics,
Inc.
10,194,550
45,884
CACI
International,
Inc.,
Class A
(a)
9,780,633
192,908
Cass
Information
Systems,
Inc.
7,762,618
389,865
CTS
Corp.
8,588,726
144,903
Diodes,
Inc.
(a)
8,179,774
187,836
ExlService
Holdings,
Inc.
(a)
12,391,541
59,719
Littelfuse
,
Inc.
10,590,567
319,418
MTS
Systems
Corp.
6,104,078
346,723
Onto
Innovation,
Inc.
(a)
10,325,411
254,992
Silicon
Motion
Technology
Corp.,
ADR
9,633,598
73,102
SPS
Commerce,
Inc.
(a)
5,692,453
254,713
Sykes
Enterprises,
Inc.
(a)
8,713,732
114,643,974
Materials
-
3.5%
146,324
Balchem
Corp.
14,285,612
255,436
Carpenter
Technology
Corp.
4,638,718
107,305
Kaiser
Aluminum
Corp.
5,750,475
24,674,805
Real
Estate
-
6.6%
158,970
Agree
Realty
Corp.
REIT
10,116,851
651,785
Easterly
Government
Properties,
Inc.
REIT
14,606,502
355,514
Getty
Realty
Corp.
REIT
9,246,919
436,565
Marcus
&
Millichap,
Inc.
(a)
12,014,269
45,984,541
Utilities
-
4.3%
94,780
Chesapeake
Utilities
Corp.
7,989,954
184,260
IDACORP,
Inc.
14,722,374
200,278
Unitil
Corp.
7,738,742
30,451,070
Total
Common
Stocks
(Cost
$601,890,035)
682,364,944
Shares
Security
Description
Value
Short-Term
Investments
-
2.5%
Investment
Company
-
2.5%
17,183,938
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
0.04%
(b)
17,183,938
Total
Short-Term
Investments
(Cost
$17,183,938)
17,183,938
Investments,
at
value
-
99.7%
(Cost
$619,073,973)
699,548,882
Other
assets
in
excess
of
liabilities
-
0.3%
2,179,908
NET
ASSETS
-
100.0%
$
701,728,790
STATEMENTS
OF
ASSETS
AND
LIABILITIES
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
INCOME
FUND
Assets:
Investments,
at
cost
$
212,405,889
$
209,335,291
Unrealized
appreciation
of
investments
5,108,470
16,665,179
Total
investments,
at
value
217,514,359
226,000,470
Receivable
for
capital
shares
issued
818,682
256,221
Receivable
for
investments
sold
–
279,160
Interest
and
dividends
receivable
1,163,118
1,234,603
Receivable
from
investment
advisor
–
–
Prepaid
expenses
35,781
35,305
Total
Assets
219,531,940
227,805,759
Liabilities:
Distributions
payable
292,339
381,728
Payable
for
investments
purchased
3,034,254
2,753,826
Payable
for
capital
shares
redeemed
328,695
6,714
Accrued
expenses
and
other
payables:
Investment
advisory
fees
47,298
56,123
Administration
fees
payable
to
non-related
parties
7,861
8,222
Administration
fees
payable
to
related
parties
12,295
12,855
Shareholder
service
fees
2,529
1,834
Other
fees
37,919
39,070
Total
Liabilities
3,763,190
3,260,372
Net
Assets
$
215,768,750
$
224,545,387
Composition
of
Net
Assets:
Paid-In
Capital
$
212,998,295
$
211,226,740
Distributable
earnings
2,770,455
13,318,647
Net
Assets
$
215,768,750
$
224,545,387
Institutional
Class:
Net
assets
10,961,168
5,990,137
Shares
of
beneficial
interest
(See
note
5
)
1,151,060
545,468
Net
asset
value,
offering
and
redemption
price
per
share
$
9.52
$
10.98
Institutional
Plus
Class:
Net
assets
204,807,582
218,555,250
Shares
of
beneficial
interest
(See
note
5
)
21,441,199
19,903,480
Net
asset
value,
offering
and
redemption
price
per
share
$
9.55
$
10.98
STATEMENTS
OF
ASSETS
AND
LIABILITIES
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
GROWTH
OPPORTUNITIES
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
72,465,628
$
52,874,669
$
105,272,250
$
2,357,131
$
619,073,973
3,524,643
19,731,456
47,334,314
170,666
80,474,909
75,990,271
72,606,125
152,606,564
2,527,797
699,548,882
56,714
946
36,281
–
2,529,722
–
179,513
1,956,617
–
–
705,409
176,367
45,288
867
644,961
–
–
–
6,931
–
9,420
23,237
30,268
2,313
114,616
76,761,814
72,986,188
154,675,018
2,537,908
702,838,181
80,380
–
–
–
–
965,757
431,965
1,884,359
–
–
3,481
18,504
122,953
–
482,800
9,943
29,947
84,979
–
448,449
2,764
2,692
5,565
95
26,267
4,328
4,195
8,587
145
40,663
–
8,321
4,541
23
17,831
21,602
23,191
27,908
17,332
93,381
1,088,255
518,815
2,138,892
17,595
1,109,391
$
75,673,559
$
72,467,373
$
152,536,126
$
2,520,313
$
701,728,790
$
72,200,638
$
49,032,925
$
79,581,298
$
2,411,401
$
707,335,834
3,472,921
23,434,448
72,954,828
108,912
(5,607,044)
$
75,673,559
$
72,467,373
$
152,536,126
$
2,520,313
$
701,728,790
–
35,492,704
14,333,005
14,622
55,403,728
–
1,893,388
738,321
1,480
2,413,837
$
–
$
18.75
$
19.41
$
9.88
$
22.95
75,673,559
36,974,669
138,203,121
2,505,691
646,325,062
7,609,012
1,994,217
6,920,659
252,954
27,945,807
$
9.95
$
18.54
$
19.97
$
9.91
$
23.13
Statements
of
Operations
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
INCOME
FUND
Investment
Income:
Interest
$
2,484,421
$
2,878,913
Dividend
11,076
1,151
Foreign
tax
withholding
–
–
Total
Income
2,495,497
2,880,064
Expenses:
Investment
advisory
fees
(Note
3)
515,794
663,032
Administration
fees
121,829
130,533
Shareholder
service
fees
-
Institutional
Class
10,120
5,241
Custodian
fees
9,356
10,455
Chief
compliance
officer
fees
7,366
7,876
Director
fees
11,276
12,073
Registration
and
filing
fees
12,014
11,793
Transfer
agent
fees
31,277
31,281
Other
Fees
62,432
62,489
Total
expenses
before
waivers
781,464
934,773
Expenses
waived
by
adviser
(Note
3)
(236,774)
(323,774)
Total
Expenses
544,690
610,999
Net
Investment
Income
(Loss)
1,950,807
2,269,065
Realized
and
Unrealized
Gain
(Loss)
On
Investments:
Net
realized
gain
(loss)
on
investments
transactions
536,622
1,111,122
Change
in
unrealized
appreciation
(depreciation)
on
investments
4,590,518
5,727,297
Net
realized
and
unrealized
gain
on
investments
5,127,140
6,838,419
Net
increase
in
net
assets
from
operations
$
7,077,947
$
9,107,484
Statements
of
Operations
September
30,
2020
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
GROWTH
OPPORTUNITIES
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
790,981
$
334,449
$
–
$
–
$
–
627
306,930
366,266
14,504
5,074,180
–
(1,194)
(2,683)
–
–
791,608
640,185
363,583
14,504
5,074,180
150,728
263,585
533,712
9,100
2,898,160
44,514
41,504
84,025
1,263
402,613
–
33,004
11,347
23
65,570
2,780
3,134
5,367
3,001
25,735
2,687
2,508
5,097
77
24,500
4,119
3,822
7,639
115
36,566
1,043
11,907
13,422
2,978
29,729
9,715
21,717
32,129
11,333
147,912
38,568
36,010
31,558
21,409
81,120
254,154
417,191
724,296
49,299
3,711,905
(85,645)
(86,924)
(47,156)
(39,142)
(291,225)
168,509
330,267
677,140
10,157
3,420,680
623,099
309,918
(313,557)
4,347
1,653,500
255,793
2,170,829
21,478,469
(5,355)
(16,318,843)
1,343,543
9,376,802
27,462,158
418,397
98,747,781
1,599,336
11,547,631
48,940,627
413,042
82,428,938
$
2,222,435
$
11,857,549
$
48,627,070
$
417,389
$
84,082,438
Statements
of
Changes
in
Net
Assets
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
For
the
Six
Months
Ended
September
30,
2020
For
the
Year
Ended
March
31,
2020
Operations:
Net
investment
income
$
1,950,807
$
4,406,539
Net
realized
gain
(loss)
on
investment
transactions
536,622
498,702
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
4,590,518
323,095
Net
increase
(decrease)
in
net
assets
from
operations
7,077,947
5,228,336
Distributions
to
Shareholders:
Institutional
Class
(110,545)
(245,658)
Institutional
Plus
Class
(2,158,990)
(4,472,125)
Change
in
net
assets
from
distributions
to
shareholders
(2,269,535)
(4,717,783)
Capital
Transactions:
Proceeds
from
shares
issued
Institutional
Class
738,599
1,596,447
Institutional
Plus
Class
23,243,800
46,270,678
Proceeds
from
dividends
reinvested
Institutional
Class
85,061
193,801
Institutional
Plus
Class
417,630
868,591
Cost
of
shares
redeemed
Institutional
Class
(771,530)
(1,748,764)
Institutional
Plus
Class
(13,131,857)
(29,541,728)
Change
in
net
assets
from
capital
transactions
10,581,703
17,639,025
Change
in
net
assets
15,390,115
18,149,578
Net
Assets:
Beginning
of
Period
200,378,635
182,229,057
End
of
Period
$
215,768,750
$
200,378,635
Share
Transactions
Institutional
Class:
Shares
issued
77,940
171,275
Shares
reinvested
8,954
20,703
Shares
redeemed
(81,272)
(187,184)
Change
in
shares
5,622
4,794
Share
Transactions
Institutional
Plus
Class:
Shares
issued
2,437,723
4,929,077
Shares
reinvested
43,831
92,512
Shares
redeemed
(1,383,312)
(3,147,846)
Change
in
shares
1,098,242
1,873,743
Statements
of
Changes
in
Net
Assets
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
INCOME
FUND
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
For
the
Six
Months
Ended
September
30,
2020
For
the
Year
Ended
March
31,
2020
For
the
Six
Months
Ended
September
30,
2020
For
the
Year
Ended
March
31,
2020
For
the
Six
Months
Ended
September
30,
2020
For
the
Year
Ended
March
31,
2020
$
2,269,065
$
5,172,748
$
623,099
$
1,572,777
$
309,918
$
798,266
1,111,122
958,471
255,793
(51,331)
2,170,829
3,287,909
5,727,297
8,844,847
1,343,543
2,381,079
9,376,802
(4,735,780)
9,107,484
14,976,066
2,222,435
3,902,525
11,857,549
(649,605)
(72,608)
(166,935)
–
–
(138,373)
(1,803,989)
(2,787,282)
(5,889,633)
(623,095)
(1,646,438)
(185,214)
(1,749,752)
(2,859,890)
(6,056,568)
(623,095)
(1,646,438)
(323,587)
(3,553,741)
192,706
653,225
–
–
682,175
1,526,871
13,998,632
38,192,608
6,212,530
11,054,567
2,113,936
5,285,256
72,448
166,403
–
–
127,333
1,680,316
383,432
819,497
110,970
272,209
156,080
1,490,812
(329,651)
(1,529,500)
–
–
(3,996,619)
(7,333,369)
(12,890,110)
(26,953,804)
(7,918,559)
(9,707,953)
(2,418,037)
(5,703,461)
1,427,457
11,348,429
(1,595,059)
1,618,823
(3,335,132)
(3,053,575)
7,675,051
20,267,927
4,281
3,874,910
8,198,830
(7,256,921)
216,870,336
196,602,409
75,669,278
71,794,368
64,268,543
71,525,464
$
224,545,387
$
216,870,336
$
75,673,559
$
75,669,278
$
72,467,373
$
64,268,543
17,668
62,559
–
–
36,458
86,805
6,620
15,772
–
–
6,968
95,528
(30,207)
(145,490)
–
–
(223,259)
(427,225)
(5,919)
(67,159)
–
–
(179,833)
(244,892)
1,278,172
3,624,681
626,224
1,137,410
118,356
307,893
35,038
77,600
11,208
27,993
8,634
85,859
(1,181,095)
(2,548,545)
(802,001)
(998,363)
(140,780)
(332,015)
132,115
1,153,736
(164,569)
167,040
(13,790)
61,737
Statements
of
Changes
in
Net
Assets
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
GROWTH
OPPORTUNITIES
FUND
For
the
Six
Months
Ended
September
30,
2020
For
the
Year
Ended
March
31,
2020
Operations:
Net
investment
income
(loss)
$
(313,557)
$
(31,774)
Net
realized
gain
(loss)
on
investment
transactions
21,478,469
11,447,990
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
27,462,158
(26,376,172)
Net
increase
(decrease)
in
net
assets
from
operations
48,627,070
(14,959,956)
Distributions
to
Shareholders:
Institutional
Class
–
(803,304)
Institutional
Plus
Class
–
(7,251,010)
Change
in
net
assets
from
distributions
to
shareholders
–
(8,054,314)
Capital
Transactions:
Proceeds
from
shares
issued
Institutional
Class
188,314
323,327
Institutional
Plus
Class
4,071,827
15,262,256
Proceeds
from
dividends
reinvested
Institutional
Class
–
765,846
Institutional
Plus
Class
–
3,856,918
Cost
of
shares
redeemed
Institutional
Class
(1,055,095)
(3,151,785)
Institutional
Plus
Class
(13,960,465)
(21,961,417)
Change
in
net
assets
from
capital
transactions
(10,755,419)
(4,904,855)
Change
in
net
assets
37,871,651
(27,919,125)
Net
Assets:
Beginning
of
Period
114,664,475
142,583,600
End
of
Period
$
152,536,126
$
114,664,475
Share
Transactions
Institutional
Class:
Shares
issued
11,033
19,418
Shares
reinvested
–
45,290
Shares
redeemed
(59,617)
(188,136)
Change
in
shares
(48,584)
(123,428)
Share
Transactions
Institutional
Plus
Class:
Shares
issued
227,319
883,185
Shares
reinvested
–
222,045
Shares
redeemed
(769,080)
(1,291,575)
Change
in
shares
(541,761)
(186,345)
*
Commencement
of
operations.
Statements
of
Changes
in
Net
Assets
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
For
the
Six
Months
Ended
September
30,
2020
August
1,
2019
*
Through
March
31,
2020
For
the
Six
Months
Ended
September
30,
2020
For
the
Year
Ended
March
31,
2020
$
4,347
$
4,008
$
1,653,500
$
3,833,077
(5,355)
(62,566)
(16,318,843)
(63,182,388)
418,397
(247,731)
98,747,781
(130,306,531)
417,389
(306,289)
84,082,438
(189,655,842)
–
(36)
–
(1,130,610)
–
(2,152)
–
(11,261,847)
–
(2,188)
–
(12,392,457)
3,553
24,901
9,803,106
19,583,511
556,881
1,837,926
197,335,012
301,966,907
–
36
–
1,007,202
–
1,222
–
7,182,603
(11,834)
(1,049)
(17,555,098)
(38,693,082)
–
(235)
(150,815,844)
(326,108,229)
548,600
1,862,801
38,767,176
(35,061,088)
965,989
1,554,324
122,849,614
(237,109,387)
1,554,324
–
578,879,176
815,988,563
$
2,520,313
$
1,554,324
$
701,728,790
$
578,879,176
364
2,510
450,120
725,055
–
3
–
34,600
(1,297)
(100)
(793,813)
(1,449,193)
(933)
2,413
(343,693)
(689,538)
61,529
191,334
9,087,558
11,203,250
–
113
–
245,307
–
(22)
(6,779,123)
(12,113,217)
61,529
191,425
2,308,435
(664,660)
Financial
Highlights
(Unaudited)
For
a
Share
Outstanding
See
accompanying
Notes
to
Financial
Statements.
Distributions
to
Shareholders
from:
Period
Ended
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
on
Investments
Return
of
Capital
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(000's)
Expense
to
Average
Net
Assets
(c)
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(c)
Expense
to
Average
Net
Assets
(c)(d)
Portfolio
Turnover
(b)
SHORT-INTERMEDIATE
BOND
FUND
Institutional
Class
09/30/20
$
9.30
$
0.08
$
0.24
$
0.32
$
(0.10)
$
—
$
—
$
9.52
3.41
%
$
10,961
0.70
%
1.71
%
1.20
%
22
%
03/31/20
9.27
0.20
0.04
0.24
(0.20)
(0.01)
—
9.30
2.60
10,650
0.71
2.09
1.21
50
03/31/19
9.21
0.19
0.07
0.26
(0.19)
(0.01)
—
9.27
2.88
10,569
0.76
2.03
1.17
43
03/31/18
9.32
0.16
(0.07)
0.09
(0.19)
(0.01)
—
9.21
0.93
15,281
0.77
1.71
1.22
43
03/31/17
9.38
0.16
(0.03)
0.13
(0.18)
(0.01)
—
9.32
1.48
9,933
0.75
1.75
1.28
48
03/31/16
9.45
0.14
(0.04)
0.10
(0.16)
(0.01)
—
9.38
1.11
12,202
0.76
1.50
1.11
40
Institutional
Plus
Class
09/30/20
9.33
0.09
0.24
0.33
(0.11)
—
—
9.55
3.49
204,808
0.52
1.90
0.73
22
03/31/20
9.29
0.21
0.06
0.27
(0.22)
(0.01)
—
9.33
0.00
189,728
0.52
2.27
0.72
50
03/31/19
9.24
0.21
0.06
0.27
(0.21)
(0.01)
—
9.29
2.99
171,660
0.54
2.25
0.73
43
03/31/18
9.35
0.18
(0.07)
0.11
(0.21)
(0.01)
—
9.24
1.17
147,253
0.54
1.94
0.73
43
03/31/17
9.41
0.19
(0.03)
0.16
(0.21)
(0.01)
—
9.35
1.70
118,220
0.54
1.98
0.75
48
03/31/16
9.48
0.16
(0.04)
0.12
(0.18)
(0.01)
—
9.41
1.32
112,308
0.54
1.73
0.77
40
INCOME
FUND
Institutional
Class
09/30/20
10.67
0.10
0.34
0.44
(0.13)
—
—
10.98
4.15
5,990
0.72
1.88
1.51
14
03/31/20
10.22
0.24
0.50
0.74
(0.28)
(0.01)
—
10.67
7.27
5,884
0.75
2.29
1.52
30
03/31/19
10.09
0.25
0.18
0.43
(0.29)
(0.01)
—
10.22
4.31
6,322
0.80
2.49
1.48
33
03/31/18
10.22
0.24
(0.08)
0.16
(0.28)
(0.01)
—
10.09
1.61
6,884
0.82
2.33
1.48
33
03/31/17
10.41
0.24
(0.14)
0.10
(0.28)
(0.01)
—
10.22
0.89
6,621
0.82
2.29
1.62
44
03/31/16
10.51
0.24
(0.05)
0.19
(0.28)
(0.01)
—
10.41
1.77
6,809
0.81
2.29
1.19
24
Institutional
Plus
Class
09/30/20
10.67
0.11
0.34
0.45
(0.14)
—
—
10.98
4.25
218,555
0.55
2.05
0.82
14
03/31/20
10.22
0.26
0.50
0.76
(0.30)
(0.01)
—
10.67
7.47
210,986
0.56
2.48
0.82
30
03/31/19
10.09
0.27
0.17
0.44
(0.30)
(0.01)
—
10.22
4.50
190,280
0.61
2.67
0.82
33
03/31/18
10.22
0.26
(0.08)
0.18
(0.30)
(0.01)
—
10.09
1.80
192,073
0.64
2.52
0.82
33
03/31/17
10.41
0.26
(0.15)
0.11
(0.29)
(0.01)
—
10.22
1.07
193,808
0.64
2.47
0.83
44
03/31/16
10.52
0.25
(0.07)
0.18
(0.28)
(0.01)
—
10.41
1.81
187,490
0.64
2.41
0.85
24
NEBRASKA
TAX-FREE
FUND
Institutional
Plus
Class
09/30/20
9.73
0.08
0.22
0.30
(0.08)
—
—
9.95
3.11
75,674
0.45
1.65
0.67
8
03/31/20
9.59
0.20
0.15
0.35
(0.21)
—
—
9.73
3.71
75,669
0.45
2.10
0.65
39
03/31/19
9.50
0.24
0.17
0.41
(0.25)
—
(0.07)
9.59
4.39
72,945
0.45
2.52
0.66
17
03/31/18
9.69
0.25
(0.12)
0.13
(0.32)
—
—
9.50
1.31
65,526
0.45
2.56
0.67
5
03/31/17
10.05
0.26
(0.30)
(0.04)
(0.32)
—
—
9.69
(0.43)
71,709
0.45
2.66
0.69
11
03/31/16
(e)
10.00
0.07
0.07
0.14
(0.09)
—
—
10.05
1.35
57,029
0.45
2.96
0.85
5
BALANCED
FUND
Institutional
Class
09/30/20
15.83
0.07
2.92
2.99
(0.07)
—
—
18.75
18.90
35,493
1.03
0.79
1.31
9
03/31/20
16.85
0.18
(0.35)
(0.17)
(0.17)
(0.68)
—
15.83
(1.52)
32,819
1.04
1.00
1.28
19
03/31/19
16.87
0.15
1.00
1.15
(0.15)
(1.02)
—
16.85
7.22
39,049
1.09
0.90
1.28
23
03/31/18
16.86
0.13
1.29
1.42
(0.14)
(1.27)
—
16.87
8.46
41,426
1.18
0.76
1.27
15
03/31/17
16.71
0.13
1.11
1.24
(0.13)
(0.96)
—
16.86
7.71
49,241
1.18
0.75
1.26
22
03/31/16
17.66
0.05
(0.57)
(0.52)
(0.06)
(0.37)
—
16.71
(2.93)
71,090
1.19
0.31
1.26
42
Financial
Highlights
(Unaudited)
For
a
Share
Outstanding
See
accompanying
Notes
to
Financial
Statements.
Distributions
to
Shareholders
from:
Period
Ended
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gains
on
Investments
Return
of
Capital
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(000's)
Expense
to
Average
Net
Assets
(c)
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(c)
Expense
to
Average
Net
Assets
(c)(d)
Portfolio
Turnover
(b)
Institutional
Plus
Class
09/30/20
$
15.66
$
0.09
$
2.88
$
2.97
$
(0.09)
$
—
$
—
$
18.54
$
19.01
$
36,975
0.84
%
0.97
%
1.06
%
9
03/31/20
16.69
0.21
(0.35)
(0.14)
(0.21)
(0.68)
—
15.66
(1.34)
31,450
0.85
1.19
1.03
19
03/31/19
16.73
0.19
0.98
1.17
(0.19)
(1.02)
—
16.69
7.43
32,477
0.90
1.10
1.04
23
03/31/18
16.74
0.16
1.28
1.44
(0.18)
(1.27)
—
16.73
8.66
28,571
0.99
0.95
1.03
15
03/31/17
16.61
0.16
1.10
1.26
(0.17)
(0.96)
—
16.74
7.90
33,209
0.99
0.94
1.03
22
03/31/16
17.57
0.09
(0.59)
(0.50)
(0.09)
(0.37)
—
16.61
(2.78)
35,592
0.99
0.51
1.01
42
GROWTH
OPPORTUNITIES
FUND
Institutional
Class
09/30/20
13.56
(0.05)
5.90
5.85
—
—
—
19.41
43.14
14,333
1.10
(0.59)
1.39
40
03/31/20
16.30
(0.03)
(1.72)
(1.75)
—
(0.99)
—
13.56
(11.93)
10,670
1.11
(0.18)
1.36
66
03/31/19
16.22
(0.05)
1.83
1.78
—
(1.70)
—
16.30
12.37
14,840
1.11
(0.31)
1.34
42
03/31/18
16.48
(0.04)
2.35
2.31
—
(2.57)
—
16.22
14.66
16,906
1.13
(0.25)
1.33
50
03/31/17
14.82
(0.05)
2.65
2.60
—
(0.94)
—
16.48
17.89
17,999
1.14
(0.31)
1.25
36
03/31/16
19.02
(0.06)
(1.83)
(1.89)
—
(2.31)
—
14.82
(9.78)
43,260
1.16
(0.34)
1.27
57
Institutional
Plus
Class
09/30/20
13.94
(0.04)
6.07
6.03
—
—
—
19.97
43.26
138,203
0.93
(0.42)
0.98
40
03/31/20
16.70
0.0
0
(
e
)
(1.77)
(1.77)
—
(0.99)
—
13.94
(11.76)
103,995
0.94
0.00
0.96
66
03/31/19
16.55
(0.02)
1.87
1.85
—
(1.70)
—
16.70
12.56
127,744
0.94
(0.13)
0.97
42
03/31/18
16.74
(0.01)
2.39
2.38
—
(2.57)
—
16.55
14.86
119,254
0.94
(0.06)
0.97
50
03/31/17
15.00
(0.01)
2.69
2.68
—
(0.94)
—
16.74
18.21
110,522
0.94
(0.08)
0.98
36
03/31/16
19.19
(0.02)
(1.86)
(1.88)
—
(2.31)
—
15.00
(9.63)
103,537
0.94
(0.10)
0.99
57
SMALL/MID
CAP
FUND
Institutional
Class
09/30/20
8.01
0.01
1.86
1.87
—
—
—
9.88
23.35
15
1.17
0.19
74.77
10
03/31/20
(g)
10.00
0.03
(2.00)
(1.97)
(0.02)
—
—
8.01
19.78
19
1.17
0.41
70.42
13
Institutional
Plus
Class
09/30/20
8.02
0.02
1.88
1.90
—
—
—
9.91
23.57
2,506
0.94
0.41
3.99
10
03/31/20
(g)
10.00
0.04
(2.00)
(1.96)
(0.02)
—
—
8.02
19.63
1,535
0.93
0.61
6.52
13
SMALL
COMPANY
FUND
Institutional
Class
09/30/20
20.27
0.03
2.65
2.68
—
—
—
22.95
13.22
55,404
1.21
0.28
1.38
19
03/31/20
27.27
0.08
(6.70)
(6.62)
—
(0.38)
—
20.27
(24.71)
55,890
1.21
0.28
1.34
33
03/31/19
28.21
0.03
0.35
0.38
—
(1.32)
—
27.27
1.67
94,013
1.20
0.11
1.30
26
03/31/18
28.28
(0.02)
(
h
)
1.45
1.43
—
(1.50)
—
28.21
5.11
171,338
1.22
(0.06)
1.29
28
03/31/17
23.17
0.07
5.45
5.52
(0.06)
(0.35)
—
28.28
23.87
210,573
1.20
0.27
1.31
33
03/31/16
24.06
0.02
(0.20)
(0.18)
(0.04)
(0.67)
—
23.17
(0.65)
51,527
1.18
0.10
1.34
32
Institutional
Plus
Class
09/30/20
20.40
0.06
2.67
2.73
—
—
—
23.13
13.38
646,325
0.98
0.50
1.06
19
03/31/20
27.45
0.14
(6.74)
(6.60)
(0.07)
(0.38)
—
20.40
(24.55)
522,989
0.98
0.50
1.05
33
03/31/19
28.35
0.09
0.35
0.44
(0.02)
(1.32)
—
27.45
1.90
721,976
0.99
0.32
1.08
26
03/31/18
28.35
0.05
1.45
1.50
—
(1.50)
—
28.35
5.34
521,124
0.99
0.17
1.08
28
03/31/17
23.20
0.12
5.47
5.59
(0.09)
(0.35)
—
28.35
24.14
379,675
0.99
0.47
1.06
33
03/31/16
24.12
0.07
(0.21)
(0.14)
(0.11)
(0.67)
—
23.20
(0.48)
220,980
0.99
0.30
1.07
32
(a)
Per
share
data
calculated
using
average
share
method.
(f)
Commencement
of
operations
of
Tributary
Nebraska
Tax-Free
Fund
-
Institutional
Plus
Class
shares
was
January
1,
2016.
(b)
Not
annualized
for
a
period
less
than
one
year.
(g)
Commencement
of
operations
of
Tributary
Small/Mid
Cap
Fund
-
Institutional
and
Institutional
Plus
Class
shares
was
August
2,
2019
and
August
1,
2019,
respectively.
(c)
Annualized
for
a
period
less
than
one
year.
(d)
Ratios
excluding
contractual
and
voluntary
waivers.
(h)
Realized
and
unrealized
gains
and
losses
per
share
in
this
caption
are
balancing
amounts
necessary
to
reconcile
the
change
in
net
asset
value
per
share
for
the
period,
and
may
not
reconcile
with
the
aggregate
gains
and
losses
in
the
Statement
of
Operations
due
to
share
transactions
for
the
period.
(e)
Amount
represents
less
than
$0.005.
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
1.
Organization
Tributary
Funds,
Inc.
(the
“Company”)
was
organized
in
October
1994
as
a
Nebraska
corporation
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company
issuing
its
shares
in
series.
The
Company
consists
of
seven
series,
Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund,
Balanced
Fund,
Growth
Opportunities
Fund,
Small/Mid
Cap
Fund
and
Small
Company
Fund
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
Short-Intermediate
Bond
Fund,
Income
Fund,
Balanced
Fund,
Growth
Opportunities
Fund,
Small/Mid
Cap
Fund
and
Small
Company
Fund
are
all
diversified
series.
Nebraska
Tax-
Free
Fund
is
a
non-diversified
series.
Each
series
represents
a
distinct
portfolio
with
its
own
investment
objectives
and
policies.
Refer
to
the
prospectus
for
each
Fund’s
investment
objective.
All
Funds
offer
Institutional
Plus
Class
shares
without
a
sales
charge
and
the
Short-Intermediate
Bond
Fund,
Income
Fund,
Balanced
Fund,
Growth
Opportunities
Fund,
Small/Mid
Cap
Fund
and
Small
Company
Fund
also
offer
Institutional
Class
shares.
The
two
classes
differ
principally
in
applicable
minimum
investment
and
shareholder
servicing
fees.
Shareholders
bear
the
common
expenses
of
each
Fund
and
earn
income
and
realized
gains/losses
from
each
Fund
pro
rata
based
on
the
average
daily
net
assets
of
each
class,
without
discrimination
between
share
classes.
Each
share
class
also
has
different
voting
rights
on
matters
affecting
a
single
class.
No
class
has
preferential
dividend
rights.
2.
Significant
Accounting
Policies
The
Funds
are
investment
companies
and
follow
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
Financial
Services-Investment
Companies
.
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Company
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
The
preparation
of
financial
statements
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
period.
Actual
results
could
differ
from
those
estimates.
Security
Valuation
The
net
asset
value
(“NAV”)
per
share
of
each
Fund
is
determined
each
business
day
as
of
the
close
of
the
New
York
Stock
Exchange
(“NYSE”),
which
is
normally
4
p.m.
Eastern
Time.
In
valuing
a
Fund’s
assets
for
calculating
the
NAV,
securities
listed
on
a
securities
exchange,
market
or
automated
quotation
system
for
which
quotations
are
readily
available,
including
traded
over
the
counter
securities,
are
valued
at
the
official
closing
price
on
the
primary
exchange
or
market
on
which
they
traded
or,
if
there
is
no
such
reported
price
on
the
valuation
date,
at
the
most
recent
quoted
sale
price
or
bid
price.
Investments
in
investment
companies
are
valued
at
the
NAV
per
share
determined
as
of
the
close
of
the
NYSE.
Short-term
debt
investments
(maturing
within
60
days)
may
be
valued
on
an
amortized
cost
basis,
unless
such
value
does
not
approximate
fair
value.
Debt
securities
(other
than
short-term
investments)
are
valued
at
prices
furnished
by
pricing
services
and
generally
reflect
last
reported
sales
price
if
the
security
is
actively
traded
or
an
evaluated
bid
price
obtained
by
employing
methodologies
that
utilize
actual
market
transactions;
broker
supplied
valuations;
or
factors
such
as
yield,
maturity,
call
features,
credit
ratings,
or
developments
relating
to
specific
securities
in
arriving
at
the
valuation.
Prices
provided
by
pricing
services
are
subject
to
review
and
determination
of
the
appropriate
price
whenever
a
furnished
price
is
significantly
different
from
the
previous
day’s
furnished
price.
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
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
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
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
September
30,
2020,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
34,869,574
$
–
$
34,869,574
Non-Agency
Commercial
Mortgage
Backed
Securities
–
17,468,265
–
17,468,265
Non-Agency
Residential
Mortgage
Backed
Securities
–
22,413,223
–
22,413,223
Corporate
Bonds
–
85,037,430
–
85,037,430
Government
&
Agency
Obligations
–
52,177,818
–
52,177,818
Preferred
Stocks
532,867
–
–
532,867
Short-Term
Investments
5,015,182
–
–
5,015,182
Total
$
5,548,049
$
211,966,310
$
–
$
217,514,359
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
12,038,328
$
–
$
12,038,328
Non-Agency
Commercial
Mortgage
Backed
Securities
–
15,944,734
–
15,944,734
Non-Agency
Residential
Mortgage
Backed
Securities
–
13,864,503
–
13,864,503
Corporate
Bonds
–
75,978,085
–
75,978,085
Government
&
Agency
Obligations
–
103,886,842
–
103,886,842
Short-Term
Investments
4,287,978
–
–
4,287,978
Total
$
4,287,978
$
221,712,492
$
–
$
226,000,470
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–
$
74,493,121
$
–
$
74,493,121
Short-Term
Investments
1,497,150
–
–
1,497,150
Total
$
1,497,150
$
74,493,121
$
–
$
75,990,271
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
44,561,178
$
–
$
–
$
44,561,178
Asset
Backed
Securities
–
2,083,920
–
2,083,920
Non-Agency
Commercial
Mortgage
Backed
Securities
–
1,991,739
–
1,991,739
Non-Agency
Residential
Mortgage
Backed
Securities
–
768,088
–
768,088
Corporate
Bonds
–
9,301,549
–
9,301,549
Government
&
Agency
Obligations
–
11,625,058
–
11,625,058
Short-Term
Investments
2,274,593
–
–
2,274,593
Total
$
46,835,771
$
25,770,354
$
–
$
72,606,125
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Growth
Opportunities
Fund
Common
Stocks*
$
149,587,702
$
–
$
–
$
149,587,702
Short-Term
Investments
3,018,862
–
–
3,018,862
Total
$
152,606,564
$
–
$
–
$
152,606,564
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
*
See
Schedules
of
Portfolio
Investments
for
further
industry
classification.
Guarantees
and
Indemnifications
In
the
normal
course
of
business,
the
Company
may
enter
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications
for
certain
liabilities.
Each
Fund’s
maximum
exposure
under
these
arrangements
is
unknown.
However,
since
their
commencement
of
operations,
the
Funds
have
not
had
claims
or
losses
pursuant
to
these
contracts
and
expect
the
risk
of
loss
to
be
remote.
Under
the
Company's
organizational
documents,
its
Officers
and
Directors
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
certain
of
the
Company's
contracts
with
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Security
Transactions,
Investment
Income
and
Foreign
Taxes
Securities
transactions
are
accounted
for
no
later
than
one
business
day
following
trade
date.
For
financial
reporting
purposes,
however,
on
the
last
business
day
of
the
reporting
period,
security
transactions
are
accounted
for
on
trade
date.
Interest
income
is
recognized
on
the
accrual
basis
and
includes,
where
applicable,
the
amortization
of
premium
or
accretion
of
discount,
using
the
effective
interest
method.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
and
interest
from
non-U.S.
sources
received
by
a
Fund
are
generally
subject
to
non-U.S.
net
withholding
taxes.
Such
withholding
taxes
may
be
reduced
or
eliminated
under
the
terms
of
applicable
U.S.
income
tax
treaties,
and
each
Fund
intends
to
undertake
any
procedural
steps
required
to
claim
the
benefits
of
such
treaties.
Gains
or
losses
realized
on
the
sales
of
securities
are
determined
by
comparing
the
identified
cost
of
the
security
lot
sold
with
the
net
sales
proceeds.
Withholding
taxes
on
foreign
dividends
have
been
paid
or
provided
for
in
accordance
with
each
applicable
country’s
tax
rules
and
rates.
Allocation
of
Expenses
Expenses
directly
attributable
to
a
Fund
are
charged
directly
to
that
Fund,
while
expenses
which
are
attributable
to
more
than
one
Fund
are
allocated
among
the
respective
Funds
based
upon
relative
net
assets
or
another
appropriate
basis.
Expenses
directly
attributable
to
a
class
are
charged
directly
to
that
class,
while
expenses
attributable
to
both
classes
are
allocated
to
each
class
based
upon
the
ratio
of
net
assets
for
each
class
as
a
percentage
of
total
net
assets.
Distributions
to
Shareholders
Dividends
from
net
investment
income
are
declared
daily
and
paid
monthly
for
the
Short-Intermediate
Bond,
Income,
and
Nebraska
Tax-Free
Funds.
The
Balanced
Fund
declares
and
pays
dividends
from
net
investment
income,
if
any,
quarterly.
The
Growth
Opportunities
Fund,
Small/Mid
Cap
Fund
and
Small
Company
Fund
declare
and
pay
dividends
from
net
investment
income,
if
any,
annually.
Distributions
of
net
realized
capital
gains,
if
any,
are
declared
and
distributed
at
least
annually
for
all
the
Funds
only
to
the
extent
they
exceed
available
capital
loss
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
2,487,224
$
–
$
–
$
2,487,224
Short-Term
Investments
40,573
–
–
40,573
Total
$
2,527,797
$
–
$
–
$
2,527,797
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
682,364,944
$
–
$
–
$
682,364,944
Short-Term
Investments
17,183,938
–
–
17,183,938
Total
$
699,548,882
$
–
$
–
$
699,548,882
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
carryovers.
The
amount
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations
which
may
differ
from
GAAP
and
are
recorded
on
the
ex-dividend
date.
3.
Related
Party
Transactions
and
Fees
and
Agreements
Tributary
Capital
Management,
LLC
(“Tributary”
or
“Adviser”),
a
subsidiary
of
First
National
Bank
of
Omaha
(“FNBO”),
which
is
a
subsidiary
of
First
National
Bank
of
Nebraska,
Inc.,
serves
as
the
investment
adviser
to
the
Funds.
Each
Fund
pays
a
monthly
fee
at
an
annual
rate
of
the
following
percentages
of
each
Fund’s
average
daily
net
assets:
0.50%
for
the
Short-Intermediate
Bond
Fund,
0.60%
for
the
Income
Fund,
0.40%
for
the
Nebraska
Tax-Free
Fund,
0.75%
for
each
of
the
Balanced
Fund
and
Growth
Opportunities
Fund,
and
0.85%
for
each
of
the
Small/Mid
Cap
Fund
and
Small
Company
Fund.
First
National
Fund
Advisers
(“FNFA”
or
“Sub-Adviser”),
a
division
of
FNBO,
serves
as
the
investment
sub-adviser
for
the
Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund,
Balanced
Fund
and
Growth
Opportunities
Fund.
Sub-advisory
fees
paid
to
FNFA
are
paid
by
Tributary.
For
the
services
provided
and
expenses
assumed
under
the
FNFA
Sub-Advisory
Agreement,
Tributary
pays
FNFA
a
fee
equal
to
0.25%
of
the
average
daily
net
assets
of
the
Short-Intermediate
Bond
Fund,
0.30%
of
the
average
daily
net
assets
of
the
Income
Fund,
0.20%
of
the
average
daily
net
assets
of
the
Nebraska
Tax-Free
Fund,
0.375%
of
the
average
daily
net
assets
of
the
Balanced
Fund,
and
0.375%
of
the
average
daily
net
assets
of
the
Growth
Opportunities
Fund.
Costs
incurred
with
the
organization
and
offering
of
Small/Mid
Cap
Fund
have
been
paid
by
the
Adviser.
Tributary
has
contractually
agreed
to
waive
advisory
fees
and
reduce
the
administration
fee
payable
to
the
Adviser
and/or
reimburse
other
expenses
of
each
Fund
to
the
extent
necessary
to
limit
the
total
operating
expenses
of
each
Fund,
exclusive
of
shareholder
servicing
fees
(Institutional
Class
only),
brokerage
costs,
interest,
taxes
and
dividend
and
extraordinary
expenses,
to
an
annual
rate
of
the
percentage
of
each
Fund’s
average
daily
net
assets
as
follows.
Prior
to
August
1,
2020,
the
expense
caps
for
Short-Intermediate
Bond
Fund,
Growth
Opportunities
Fund
and
Small
Company
Fund
were
0.52%,
0.94%
and
0.99%,
respectively.
The
amounts
waived
for
each
Fund
are
recorded
as
expenses
waived
in
each
Fund’s
Statement
of
Operations.
Other
Fund
service
providers
have
also
contractually
agreed
to
waive
a
portion
of
their
fees.
For
the
period
ended
September
30,
2020,
fees
waived
were
as
follows:
Tributary
may
recover
fees
waived
or
expenses
reimbursed,
if
such
payment
is
made
within
three
years
of
the
fee
waiver
or
expense
reimbursement.
At
September
30,
2020,
the
amount
of
potentially
recoverable
expenses
are
as
follows:
Short-Intermediate
Bond
Fund
–
$999,736;
Income
Fund
–
$1,303,894;
Nebraska
Tax-Free
Fund
–
$381,851;
Balanced
Fund
–
$366,974;
Growth
Opportunities
Fund
–
$180,053;
Small/Mid
Cap
Fund
–
$80,180;
Small
Company
Fund
–
$1,504,440.
Expense
Caps
Short-Intermediate
Bond
Fund
0.49
%
Income
Fund
0.55
Nebraska
Tax-Free
Fund
0.45
Balanced
Fund
0.85
Growth
Opportunities
Fund
0.89
Small/Mid
Cap
Fund
0.95
Small
Company
Fund
0.96
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
Short-Intermediate
Bond
Fund
$
236,207
$
–
$
567
$
236,774
Income
Fund
323,167
–
607
323,774
Nebraska
Tax-Free
Fund
85,438
–
207
85,645
Balanced
Fund
86,731
–
193
86,924
Growth
Opportunities
Fund
46,767
–
389
47,156
Small/Mid
Cap
Fund
9,100
25,536
4,506
39,142
Small
Company
Fund
289,356
–
1,869
291,225
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
MUFG
Union
Bank,
N.A.
serves
as
the
custodian
for
each
of
the
Funds.
DST
Systems,
Inc.
serves
as
transfer
agent
for
the
Funds,
whose
functions
include
disbursing
dividends
and
other
distributions.
Tributary
and
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings,
LLC
(d/b/a
Apex
Fund
Services)
(“Co-
Administrators”)
serve
as
co-administrators
of
the
Funds.
Certain
officers
of
the
Funds
are
also
officers
or
employees
of
the
above
named
service
providers,
and
during
their
terms
of
office
received
no
compensation
from
the
Funds.
As
compensation
for
its
administrative
services,
each
co-administrator
is
entitled
to
a
fee,
calculated
daily
and
paid
monthly
based
on
each
Fund's
average
daily
net
assets.
Tributary
receives
0.07%
of
each
Fund's
average
daily
net
assets.
Foreside
Fund
Officer
Services,
LLC
provides
the
Funds’
Anti-Money
Laundering
Compliance
Officer
and
Chief
Compliance
Officer
services.
The
Company
has
adopted
an
Administrative
Services
Plan,
which
allows
the
Funds'
Institutional
Class
shares
to
charge
a
shareholder
services
fee,
pursuant
to
which
each
Fund
is
authorized
to
pay
compensation
at
an
annual
rate
of
up
to
0.25%
of
the
average
daily
net
assets
to
banks
and
other
financial
institutions,
that
may
include
the
advisers,
their
correspondent
and
affiliated
banks,
including
FNBO
(each
a
“Service
Organization”).
Under
the
Administrative
Services
Plan,
the
Funds
may
enter
into
a
Servicing
Agreement
with
a
Service
Organization
whereby
such
Service
Organization
agrees
to
provide
certain
record
keeping
and/or
administrative
support
services
for
their
customers
or
account
holders
who
are
the
beneficial
or
record
owner
of
the
shares
of
a
Fund.
One
of
the
Servicing
Agreements
the
Funds
maintain
is
with
FNBO.
For
the
six
months
ended
September
30,
2020,
the
Funds
paid
FNBO
as
follows:
Short-Intermediate
Bond
Fund
–
$1,533;
Income
Fund
–
$2,128;
Balanced
Fund
–
$250;
Small
Company
Fund
–
$163.
The
amounts
accrued
for
shareholder
service
fees
are
included
under
Shareholder
service
fees
–
Institutional
Class
within
the
Statements
of
Operations.
4.
Investment
Transactions
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
U.S.
Government
securities
and
short-term
investments
(maturing
less
than
one
year
from
acquisition),
for
the
six
months
ended
September
30,
2020,
were
as
follows:
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
long-term
U.S.
Government
securities
for
the
six
months
ended
September
30,
2020,
were
as
follows:
5.
Capital
Share
Transactions
The
Company
is
authorized
to
issue
a
total
of
1,000,000,000
shares
of
common
stock,
999,999,990
of
which
may
be
issued
in
series
with
a
par
value
of
$0.00001
per
share.
The
Board
is
empowered
to
allocate
such
shares
among
different
series
of
the
Company’s
shares
without
shareholder
approval.
6.
Federal
Income
Taxes
The
following
information
is
presented
on
an
income
tax
basis.
It
is
each
Fund’s
policy
to
continue
to
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
all
of
its
net
taxable
income,
including
any
net
realized
gains
on
investments,
to
its
shareholders
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
and
excise
taxes.
Therefore,
no
provision
is
made
for
federal
income
or
excise
taxes.
Purchases
Sales
Short-Intermediate
Bond
Fund
$
51,295,297
$
32,011,750
Income
Fund
27,111,773
16,166,066
Nebraska
Tax-Free
Fund
5,883,126
7,899,515
Balanced
Fund
6,029,849
7,261,014
Growth
Opportunities
Fund
55,025,471
63,442,496
Small/Mid
Cap
Fund
728,175
203,340
Small
Company
Fund
173,749,913
128,140,923
Purchases
Sales
Short-Intermediate
Bond
Fund
$
1,841,042
$
13,207,783
Income
Fund
4,336,665
13,711,987
Balanced
Fund
374,776
2,187,892
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
Differences
between
amounts
reported
for
financial
statements
and
federal
income
tax
purposes
are
primarily
due
to
timing
and
character
difference
in
recognizing
gains
and
losses
on
investment
transactions.
To
the
extent
the
differences
between
the
amounts
recognized
for
financial
statements
and
federal
income
tax
purposes
are
permanent
in
nature,
such
amounts
are
reclassified
within
the
capital
accounts
based
on
their
federal
income
tax
treatment;
temporary
differences
do
not
require
reclassification.
Permanent
differences
may
include
but
are
not
limited
to
the
following:
amortization
adjustments,
return
of
capital,
reclassifications
related
to
net
operating
losses
and
equalization.
These
reclassifications
have
no
impact
on
net
assets.
As
of
September
30,
2020,
the
cost
of
investments
and
the
components
of
net
unrealized
appreciation/(depreciation)
were
as
follows:
At
March
31,
2020,
the
components
of
distributable
taxable
earnings
for
U.S.
federal
income
tax
purposes
were
as
follows:
The
tax
character
of
dividends
and
distributions
paid
during
the
Funds’
fiscal
years
or
periods
ended
March
31,
2020
and
March
31,
2019,
were
as
follows:
Net
Increase
(Decrease)
Distributable
Earnings
Paid-in-Capital
Short-Intermediate
Bond
Fund
$
–
$
–
Income
Fund
–
–
Nebraska
Tax-Free
Fund
2,176,676
(2,176,676)
Balanced
Fund
–
–
Growth
Opportunities
Fund
(392,869)
392,869
Small/Mid
Cap
Fund
–
–
Small
Company
Fund
(475,000)
475,000
Tax
Cost
of
Investments
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
Short-Intermediate
Bond
Fund
$
212,405,889
$
5,648,792
$
(540,322)
$
5,108,470
Income
Fund
209,335,291
17,404,198
(739,019)
16,665,179
Nebraska
Tax-Free
Fund
72,465,628
3,580,100
(55,457)
3,524,643
Balanced
Fund
52,874,669
21,519,9
20
(1,788,464)
19,731,456
Growth
Opportunities
Fund
105,272,250
48,229,536
(895,222)
47,334,314
Small/Mid
Cap
Fund
2,357,131
285,096
(114,430)
170,666
Small
Company
Fund
619,073,973
148,095,350
(67,620,441)
80,474,909
Undistributed
Net
Investment
Income*
Undistributed
Net
Long-Term
Capital
Gains
Other
Temporary
Differences
Unrealized
Gain
(Loss)**
Capital
Loss
Carry
Forward***
Short-Intermediate
Bond
Fund
$
551,366
$
–
$
(315,019)
$
116,741
$
(2,391,045)
Income
Fund
915,046
–
(420,114)
9,670,141
(3,094,020)
Nebraska
Tax-Free
Fund
–
–
–
2,055,441
(181,860)
Balanced
Fund
29,941
1,654,715
–
10,215,830
–
Growth
Opportunities
Fund
–
4,744,356
–
19,650,176
(66,774)
Small/Mid
Cap
Fund
1,624
–
–
(249,629)
(60,472)
Small
Company
Fund
1,210,275
–
–
(25,110,648)
(65,789,109)
*
Undistributed
net
investment
income
includes
any
undistributed
net
short-term
capital
gains,
if
any.
**
Unrealized
gains
(loss)
are
adjusted
for
open
wash
sale
loss
deferrals,
market
discount/premium
amortization,
return
of
capital
paid
by
REIT
securities
and
equity
return
of
capital
securities.
***
Capital
loss
carry
forward
includes
deferred
post
October
loss
and
late
year
losses.
Net
Ordinary
Income*
Tax
Exempt
Income
Net
Long
Term
Capital
Gains**
Return
of
Capital
Total
Distributions
Paid***
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
Short-Intermediate
Bond
Fund
$
4,682,112
$
4,015,041
$
–
$
–
$
–
$
–
$–
$–
$
4,682,112
$
4,015,041
Income
Fund
6,044,663
5,954,743
–
–
–
–
–
–
6,044,663
5,954,743
Nebraska
Tax-Free
Fund
34,127
40,950
1,538,000
1,454,182
–
–
74,311
798,789
1,646,438
2,293,921
Balanced
Fund
780,937
702,416
–
–
2,772,804
4,144,048
–
–
3,553,741
4,846,464
Growth
Opportunities
Fund
–
–
–
–
8,529,314
13,876,252
–
–
8,529,314
13,876,252
Small/Mid
Cap
Fund
2,188
–
–
–
–
–
–
–
2,188
–
Small
Company
Fund
3,399,868
1,594,767
–
–
9,467,589
32,498,906
–
–
12,867,457
34,093,673
Notes
to
Financial
Statements
September
30,
2020
(Unaudited)
At
March
31,
2020,
the
following
Funds
had
net
capital
loss
carryforwards
available
for
U.S.
federal
income
tax
purposes
to
offset
future
net
realized
capital
gains.
Details
of
the
capital
loss
carryforwards
are
listed
in
the
table
below.
Under
current
tax
law,
certain
capital
losses
realized
after
October
31,
and
certain
ordinary
losses
realized
after
December
31
but
before
the
end
of
the
fiscal
year
("Post-October
losses"
and
“Late
Year
Losses”,
respectively)
may
be
deferred
and
treated
as
occurring
on
the
first
business
day
of
the
following
fiscal
year.
For
the
year
ended
March
31,
2020,
the
Funds
deferred
losses
to
April
1,
2020
as
follows:
The
Funds
comply
with
FASB
ASC
Topic
740,
“Income
Taxes.”
FASB
ASC
Topic
740
provides
guidance
for
how
uncertain
tax
positions
should
be
recognized,
measured,
presented
and
disclosed
in
the
financial
statements.
FASB
ASC
Topic
740
requires
the
affirmative
evaluation
of
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
each
Fund’s
tax
return
to
determine
whether
it
is
more-likely-than-not
(i.e.,
greater
than
50
percent)
that
each
tax
position
will
be
sustained
upon
examination
by
a
taxing
authority
based
on
the
technical
merits
of
the
position.
Funds
with
tax
positions
not
deemed
to
meet
the
"more-likely-than-not"
threshold
would
be
required
to
record
a
tax
expense
in
the
current
year.
Management
completed
an
evaluation
of
the
Funds’
tax
positions
and
based
on
that
evaluation,
determined
that
no
tax
liability
resulted
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
and
therefore
no
provision
for
federal
income
tax
was
required
in
the
Funds’
financial
statements
for
the
year
or
period
ended
March
31,
2020.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statements
of
Operations.
During
the
period,
the
Funds
did
not
incur
any
interest
or
penalties.
7.
Subsequent
Events
The
global
outbreak
of
the
COVID-19
virus
has
caused
negative
effects
on
many
companies,
sectors,
countries,
regions,
and
financial
markets
in
general,
and
uncertainty
exists
as
to
its
long-term
implications.
The
effects
of
the
pandemic
may
adversely
impact
the
Funds’
assets
and
performance.
The
financial
statements
do
not
include
any
adjustments
that
might
result
from
the
outcome
of
this
uncertainty.
*
Net
ordinary
income
consists
of
net
taxable
income
derived
from
dividends,
interest,
and
net
short-term
capital
gains,
if
any.
**
The
Funds
designated
as
long-term
dividend,
pursuant
to
the
Internal
Revenue
code
section
852(b)(3),
the
amount
necessary
to
reduce
earnings
and
profits
of
the
Funds
related
to
net
capital
gains
to
zero
for
the
fiscal
year
ended
March
31,
2019
and
March
31,
2020.
Equalization
debits
included
in
the
long
term
distributions
were
$325,000
and
$2,700,000
for
Growth
Opportunities
Fund
and
Small
Company
Fund,
respectively,
for
the
year
ended
March
31,
2019.
Equalization
debits
included
in
the
long
term
distributions
were
$475,000
for
Growth
Opportunities
Fund
and
included
in
ordinary
income
were
$475,000
for
Small
Company
Fund.
***
Total
distributions
paid
may
differ
from
the
Statements
of
Changes
in
Net
Assets
because
distributions
are
recognized
when
actually
paid
for
tax
purposes.
No
Expiration
Short
Term
Long
Term
Total
Short-Intermediate
Bond
Fund
$
229,378
$
2,161,667
$
2,391,045
Income
Fund
847,458
2,246,562
3,094,020
Nebraska
Tax-Free
Fund
8,004
173,856
181,860
Small/Mid
Cap
Fund
60,472
–
60,472
Late
Year
Losses/Post-October
Losses
Growth
Opportunities
Fund
$
66,774
Small
Company
Fund
65,789,109
Additional
Fund
Information
September
30,
2020
(Unaudited)
Liquidity
Risk
Management
Program
The
Funds
have
adopted
and
implemented
a
written
liquidity
risk
management
program,
as
required
by
Rule
22e-4
(the
“Liquidity
Rule”)
under
the
Investment
Company
Act
of
1940,
as
amended.
The
liquidity
risk
management
program
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
taking
into
consideration,
among
other
factors,
each
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources.
The
Board
approved
the
formation
of
a
Liquidity
Committee
to
serve
as
the
administrator
of
the
liquidity
risk
management
program
(the
“Program
Administrator”).
The
Program
Administrator
is
responsible
for
the
administration
and
oversight
of
the
program
and
for
reporting
to
the
Board
on
at
least
an
annual
basis
regarding,
among
other
things,
the
program’s
operation,
adequacy,
and
effectiveness.
The
Program
Administrator
assessed
each
Fund’s
liquidity
risk
profile
based
on
information
gathered
for
the
period
November
27,
2018
through
March
31,
2020
in
order
to
prepare
a
written
report
to
the
Board
for
review
at
its
meeting
held
on
May
21,
2020.
The
Program
Administrator’s
written
report
stated
that:
(i)
each
Fund
is
able
to
meet
redemptions
in
normal
and
reasonably
foreseeable
stressed
conditions
and
without
significant
dilution
of
remaining
shareholders’
interests
in
the
Fund;
(ii)
each
Fund’s
strategy
is
appropriate
for
an
open-end
mutual
fund;
(iii)
the
liquidity
classification
determinations
regarding
each
Fund’s
portfolio
investments,
which
take
into
account
a
variety
of
factors
and
may
incorporate
analysis
from
one
or
more
third-party
data
vendors,
remained
appropriate;
(iv)
the
Funds
did
not
approach
the
internal
triggers
set
forth
in
the
liquidity
risk
management
program
or
the
regulatory
percentage
limitation
(15%)
on
holdings
in
illiquid
investments;
(v)
it
continues
to
be
appropriate
to
not
set
a
“highly
liquid
investment
minimum”
for
the
Funds
because
the
Funds
primarily
hold
“highly
liquid
investments”;
and
(vi)
the
liquidity
risk
management
program
remains
reasonably
designed
and
adequately
implemented
to
prevent
violations
of
the
Liquidity
Rule.
No
significant
liquidity
events
impacting
the
Funds
or
proposed
changes
to
the
liquidity
risk
management
program
were
noted
in
the
report.
Proxy
Voting
Policy
Information
regarding
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
without
charge,
upon
request,
by
calling
1-800-662-4203.
The
information
also
is
included
in
the
Company’s
Statement
of
Additional
Information,
which
is
available
on
the
Funds'
website
at
www.tributaryfunds.com
and
on
the
Securities
and
Exchange
Commission’s
(the
"SEC")
website
at
www.sec.gov.
Information
relating
to
how
each
Fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve
months
ended
June
30
is
available
without
charge,
upon
request,
by
writing
to
the
Company
at
P.O.
Box
219022,
Kansas
City,
Missouri,
64141-6002,
by
calling
1-800-662-4203
and
on
the
SEC’s
website
at
www.sec.gov.
Quarterly
Holdings
The
Company
files
a
complete
list
of
its
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
Forms
N-PORT
are
available
free
of
charge
on
the
SEC’s
website
at
www.sec.gov.
Table
of
Shareholder
Expenses
As
a
shareholder
of
the
Funds
,
you
incur
ongoing
costs,
including
management
fees,
shareholder
servicing
fees
and
other
Fund
expenses.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
April
1,
2020,
through
September
30,
2020.
Actual
Expenses
–
The
first
set
of
columns
next
to
each
Fund
of
the
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
set
of
columns
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
–
The
second
line
set
of
columns
next
to
each
Fund
of
the
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
each
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
each
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only.
Therefore,
the
second
set
of
columns
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
Additional
Fund
Information
September
30,
2020
(Unaudited)
Expenses
Using
Actual
Fund
Return
Expenses
Using
Hypothetical
5%
Return
Beginning
Account
Value
4/1/20
Ending
Account
Value
9/30/20
Expense
Paid
During
Period*
Expense
Ratio
During
Period*
Beginning
Account
Value
4/1/20
Ending
Account
Value
9/30/20
Expenses
Paid
During
Period*
Expense
Ratio
During
Period*
Short-Intermediate
Bond
Fund
Institutional
Class
$
1,000.00
$
1,034.05
$
3.57
0.70%
$
1,000.00
$
1,021.56
$
3.55
0.70%
Institutional
Plus
Class
1,000.00
1,034.91
2.65
0.52
1,000.00
1,022.46
2.64
0.52
Income
Fund
Institutional
Class
$
1,000.00
$
1,041.53
$
3.68
0.72%
$
1,000.00
$
1,021.46
$
3.65
0.72%
Institutional
Plus
Class
1,000.00
1,042.45
2.82
0.55
1,000.00
1,022.31
2.79
0.55
Nebraska
Tax-Free
Fund
Institutional
Plus
Class
$
1,000.00
$
1,031.09
$
2.29
0.45%
$
1,000.00
$
1,022.81
$
2.28
0.45%
Balanced
Fund
Institutional
Class
$
1,000.00
$
1,189.03
$
5.65
1.03%
$
1,000.00
$
1,019.90
$
5.22
1.03%
Institutional
Plus
Class
1,000.00
1,190.06
4.61
0.84
1,000.00
1,020.86
4.26
0.84
Growth
Opportunities
Fund
Institutional
Class
$
1,000.00
$
1,431.41
$
6.70
1.10%
$
1,000.00
$
1,019.55
$
5.57
1.10%
Institutional
Plus
Class
1,000.00
1,432.57
5.67
0.93
1,000.00
1,020.41
4.71
0.93
Small/Mid
Cap
Fund
Institutional
Class
$
1,000.00
$
1,233.46
$
6.55
1.17%
$
1,000.00
$
1,019.20
$
5.92
1.17%
Institutional
Plus
Class
1,000.00
1,235.66
5.27
0.94
1,000.00
1,020.36
4.76
0.94
Small
Company
Fund
Institutional
Class
$
1,000.00
$
1,132.22
$
6.47
1.21%
$
1,000.00
$
1,019.00
$
6.12
1.21%
Institutional
Plus
Class
1,000.00
1,133.83
5.24
0.98
1,000.00
1,020.16
4.96
0.98
*
Expenses
are
equal
to
each
Fund’s
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half-year
(183)
divided
by
365
to
reflect
the
half-year
period.
Investment
Advisory
Agreement
Approval
September
30,
2020
(Unaudited)
Review
and
Approval
of
the
Funds’
Advisory
and
Sub-Advisory
Agreements
On
May
21,
2020,
the
Board
of
Directors
(the
“Board”)
of
Tributary
Funds,
Inc.
(the
“Funds”),
including
all
of
the
Directors
who
are
not
parties
to
any
of
the
investment
advisory
or
sub-advisory
agreements
for
the
Company
or
“interested
persons,”
as
that
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
of
any
party
to
such
agreements
(the
“Independent
Directors”)
voted
to
continue
(i)
the
Investment
Advisory
Agreement
dated
May
3,
2010,
as
amended
(“Investment
Advisory
Agreement”),
between
the
Funds
and
Tributary
Capital
Management,
LLC
(“Tributary”),
the
investment
adviser
to
the
Funds,
and
(ii)
the
Investment
Sub-Advisory
Agreement
dated
November
17,
2011,
as
amended
(“Investment
Sub-Advisory
Agreement”),
between
Tributary
and
First
National
Fund
Advisers
(“FNFA”)
with
respect
to
the
Tributary
Balanced
Fund,
Tributary
Growth
Opportunities
Fund,
Tributary
Income
Fund,
Tributary
Short-Intermediate
Bond
Fund
and
the
Tributary
Nebraska
Tax-Free
Fund
(collectively,
the
“FNFA
Funds”).
Tributary
Capital
Management,
LLC
In
its
deliberations,
the
Board
did
not
identify
any
single
piece
of
information
that
was
controlling
or
determinative
for
its
decision
respecting
the
investment
agreement
with
Tributary.
However,
the
following
are
the
Board’s
conclusions
respecting
the
material
factors
the
Board
considered
when
approving
the
continuance
of
the
investment
advisory
agreement
with
Tributary.
Nature,
Extent,
and
Quality
of
Services
to
be
Provided.
The
Board
received
and
considered
information
pertaining
to
the
nature,
extent,
and
quality
of
services
to
be
provided
to
the
Funds
by
Tributary
under
the
Investment
Advisory
Agreement.
The
Board
reviewed
biographical
information
for
each
portfolio
manager
to
be
employed
by
Tributary
who
would
be
providing
services
under
the
Investment
Advisory
Agreement
and
noted
the
breadth
and
depth
of
their
experience,
as
well
as
the
methods
of
determining
compensation
for
the
Funds’
portfolio
managers.
The
Board
carefully
evaluated
the
nature,
extent,
and
quality
of
Tributary’s
advisory
services.
The
Board
also
evaluated
Tributary’s
organizational
structure
and
resources,
noting
that
Tributary
was
a
wholly
owned
subsidiary
of
First
National
Bank
of
Omaha.
The
Board
requested
and
evaluated
Tributary’s
current
Form
ADV.
Based
on
Tributary’s
income
statement
and
statement
of
financial
condition
for
the
twelve-
months
ended
December
31,
2019,
the
Board
concluded
that
Tributary
would
be
sufficiently
capitalized
to
satisfy
its
obligations
to
the
Funds.
The
Board
also
noted
the
historic
financial
stability
of
FNB
and
its
parent
company
as
it
relates
to
the
operation
of
Tributary.
After
reviewing
the
foregoing
information
and
further
information
in
Tributary’s
responses,
including
Tributary’s
overall
business
and
clients,
descriptions
of
Tributary’s
trading
and
brokerage
practices,
Tributary’s
coordination
of
certain
intermediary
agreements
and
certain
revenue
sharing
arrangements,
and
its
cyber
security
and
disaster
recovery
plans,
the
Board
concluded
that,
in
light
of
all
the
facts
and
circumstances,
the
nature,
extent,
and
quality
of
the
services
to
be
provided
by
Tributary
were
satisfactory
and
adequate
for
the
Funds.
Investment
Performance.
The
Board
recognized
that
the
investment
objective
and
principal
investment
strategies
of
the
Funds
are
expected
to
continue
substantially
unchanged
under
Tributary’s
Investment
Advisory
Agreement.
It
was
noted
that
the
portfolio
management
team
at
Tributary
currently
managing
the
Funds
would
continue
to
manage
the
Funds.
The
Board
reviewed
the
Lipper
and
Morningstar
“peer
groups”
as
an
appropriate
benchmark
for
evaluating
the
performance
to
be
achieved
by
Tributary
for
the
Funds,
and
also
considered
the
performance
of
the
Small
Company
Fund
and
Small/Mid-Cap
Fund
as
compared
to
their
respective
broad-
based
securities
market
indices.
The
Board
observed
that
the
Small
Company
Fund’s
Institutional
Plus
Class
outperformed
each
of
its
Lipper
peer
group
average
and
its
Morningstar
peer
group
average
for
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
observed
that
the
Small
Company
Fund’s
Institutional
Plus
Class
underperformed
the
Russell
2000®
Index
over
the
one-,
and
three-year
periods
ended
March
31,
2020
and
outperformed
the
Russell
2000®
Index
over
the
five-year
period
ended
March
31,
2020.
The
Board
further
observed
that
the
Small
Company
Fund’s
Institutional
Plus
Class
outperformed
the
Russell
2000®
Value
Index
over
each
of
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
considered
the
Small
Company
Fund’s
performance
as
compared
to
certain
accounts
managed
by
Tributary
with
comparable
investment
strategies.
The
Board
noted
that
the
Small/Mid-Cap
Fund
had
commenced
operations
on
August
1,
2019
and,
as
such,
did
not
have
a
full
year
of
performance
information.
However,
the
Board
observed
that
the
Small/Mid-Cap
Fund’s
Institutional
Plus
Class
had
outperformed
each
of
the
Russell
2500®
Index
and
Russell
2500
Value®
Index
since
its
inception.
The
Board
noted
that
the
performance
data
for
the
Balanced
Fund,
Growth
Opportunities
Fund,
Income
Fund,
Short-Intermediate
Bond
Fund
and
Nebraska
Tax-Free
Fund
which
Tributary
advises
will
be
next
discussed
during
the
review
of
FNFA,
the
sub-adviser
to
those
Funds.
After
reviewing
and
discussing
the
performance
of
the
Funds
further,
Tributary’s
portfolio
managers’
experience
managing
the
Funds,
and
Tributary’s
historical
investment
performance,
and
other
relevant
factors,
the
Board
concluded,
in
light
of
all
the
facts
and
circumstances,
that
the
investment
performance
of
the
Funds
and
Tributary
was
satisfactory.
Cost
of
Services
Provided
and
Profitability.
The
Board
reviewed
Tributary’s
current
advisory
fee
in
relation
to
the
nature,
extent,
and
quality
of
services
to
be
provided
by
Tributary.
The
Board
noted
that
the
Funds’
advisory
fees
and
expense
ratios
(Institutional
Plus
Class)
were
within
the
range
of
advisory
fees
and
expense
ratios
of
funds
in
their
respective
Lipper
peer
group.
The
Board
noted
that
the
advisory
fees
charged
by
Tributary
to
each
of
the
Funds
would
remain
the
same,
although
Tributary
proposed
a
reduction
in
the
expense
caps
for
the
Short-Intermediate
Bond
Fund,
Growth
Opportunities
Fund,
and
the
Small
Company
Fund
effective
August
1,
2020.
Investment
Advisory
Agreement
Approval
September
30,
2020
(Unaudited)
With
respect
to
the
Small
Company
Fund,
the
Board
considered
that
the
advisory
fee
and
total
expense
ratio
were
higher
than
its
Lipper
peer
group
averages
but
noted
the
Adviser’s
representation
that
the
advisory
fee
and
total
expense
ratio
were
believed
to
be
within
a
reasonable
range
of
the
Lipper
peer
group
averages.
The
Expense
Waiver
Agreement
as
currently
in
place,
was
reviewed
and
the
Board
noted
the
Adviser’s
representation
that
such
Agreement
will
be
continued
but
that
the
expense
cap
was
being
lowered,
effective
August
1,
2020,
which
would
bring
the
Small
Company
Fund’s
expenses
in
line
with
the
Lipper
peer
group
averages
and
allow
for
overall
expenses
for
Small
Company
Fund
shareholders
to
remain
competitive.
The
Board
also
considered
advisory
fees
paid
to
Tributary
for
management
of
certain
accounts
with
investment
policies
similar
to
that
of
the
Small
Company
Fund,
which
advisory
fees
were
lower
than
the
advisory
fees
paid
by
the
Fund.
However,
the
Board
noted
certain
revenue
sharing
payments
made
to
intermediaries
by
Tributary
on
behalf
of
the
Fund,
which
payments
are
not
made
with
respect
to
such
other
accounts.
With
respect
to
the
Small/Mid-Cap
Fund,
the
Board
observed
that
the
advisory
fee
and
total
expense
ratio
were
lower
than
its
Lipper
peer
group
averages.
The
Board
noted
the
Adviser’s
representation
that
there
were
limitations
inherent
in
a
direct
comparison
of
the
Small/Mid-Cap
Fund
to
its
Lipper
peers
due
to
the
relatively
small
size
of
the
Small/Mid-Cap
Fund.
The
Board
also
noted
that
the
Expense
Waiver
Agreement
in
place
for
the
Small/Mid-Cap
Fund
could
allow
for
overall
expenses
for
Small/Mid-Cap
Fund
shareholders
to
remain
competitive,
and
that
the
Adviser
was
currently
subsidizing
the
Small/Mid-Cap
Fund’s
operations
in
view
of
the
Small/Mid-Cap
Fund’s
relatively
low
assets
and
the
Adviser’s
obligations
under
the
Expense
Waiver
Agreement.
The
Board
considered
Tributary’s
profitability
with
respect
to
advisory
services
provided
to
the
Funds.
Based
on
the
foregoing,
the
Board
concluded
that
the
fees
to
be
paid
to
Tributary,
the
costs
of
the
services
to
be
provided,
and
the
profits
that
may
be
realized
by
Tributary,
in
light
of
all
the
facts
and
circumstances,
were
fair
and
reasonable
in
relation
to
the
nature
and
quality
of
the
services
provided
by
Tributary
and
that
they
reflected
charges
within
a
range
of
what
could
have
been
negotiated
at
arm’s
length.
Economies
of
Scale.
The
Board
did
not
consider
break-points
in
advisory
fees
as
appropriate
at
this
time,
noting
that
economies
of
scale
could
be
achieved
through
break-points
at
higher
Fund
asset
levels.
The
Board
discussed
with
Tributary
appropriate
assets
levels
at
which
any
break-points
in
advisory
fees
may
be
considered.
Currently,
fee
waivers
are
in
place
with
both
Tributary
and
FNFA
in
order
to
maintain
expenses
at
competitive
levels.
Other
Considerations.
The
Board
also
identified
and
considered
benefits
that
could
be
anticipated
to
accrue
to
Tributary
because
of
its
relationship
with
the
Funds,
including
accessibility
of
the
Funds’
investment
strategy
through
other
accounts
managed
by
Tributary,
as
well
as
certain
soft-dollar
and
research
benefits.
Tributary
also
serves
as
co-administrator
to
the
Funds
under
a
Co-Administration
Agreement,
pursuant
to
which
Tributary
receives
a
monthly
fee
from
the
Funds.
Legal
Considerations.
The
Board
noted
that
it
was
not
aware
of
any
pending
or
anticipated
legal
proceedings
or
investigations
involving
Tributary.
Based
on
the
Board’s
deliberations
and
its
evaluation
of
the
information
described
above,
the
Board
unanimously,
including
all
of
its
Independent
Directors
concluded
(a)
that
the
terms
of
the
Investment
Advisory
Agreement
are
fair
and
reasonable;
and
(b)
that
fees
under
the
Investment
Advisory
Agreement
are
reasonable
in
light
of
the
services
that
Tributary
will
provide
to
the
Funds.
First
National
Fund
Advisers
In
its
deliberations,
the
Board
did
not
identify
any
single
piece
of
information
that
was
controlling
or
determinative
for
its
decision
respecting
the
investment
sub-advisory
agreement
with
FNFA.
However,
the
following
are
the
Board’s
conclusions
respecting
the
material
factors
the
Board
considered
when
approving
the
continuance
of
the
investment
sub-advisory
agreement
with
FNFA.
Nature,
Extent,
and
Quality
of
Services
to
be
Provided.
The
Board
received
and
considered
information
pertaining
to
the
nature,
extent,
and
quality
of
services
to
be
provided
to
the
FNFA
Funds
under
the
FNFA’s
Investment
Sub-Advisory
Agreement.
The
Board
reviewed
biographical
information
for
each
portfolio
manager
to
be
employed
by
FNFA
who
would
be
providing
services
under
the
Investment
Sub-Advisory
Agreement
and
noted
the
breadth
and
depth
of
their
experience,
as
well
as
the
methods
of
determining
compensation
for
the
Funds’
portfolio
managers.
The
Board
carefully
evaluated
the
nature,
extent
and
quality
of
FNFA’s
advisory
services,
including
its
services
as
sub-adviser
to
Tributary
on
behalf
of
the
FNFA
Funds.
The
Board
also
evaluated
FNFA’s
organizational
structure
and
resources,
which
the
Board
noted
were
consistent
with
those
of
Tributary.
The
Board
requested
and
evaluated
FNFA’s
current
Form
ADV.
The
Board
concluded,
based
on
the
materials
reviewed,
that
FNFA
would
be
sufficiently
capitalized
to
satisfy
its
obligations
to
the
FNFA
Funds.
The
Board
also
noted
the
historical
financial
stability
of
FNB
and
its
parent
company
as
it
relates
to
the
operations
of
FNFA.
After
reviewing
the
foregoing
information
and
further
information
in
FNFA’s
responses,
including
descriptions
of
FNFA’s
overall
business
and
clients,
its
trading
and
brokerage
practices,
and
its
cyber
security
and
disaster
recovery
plans,
the
Board
concluded
that,
in
light
of
all
the
facts
and
circumstances,
the
nature,
extent,
and
quality
of
the
services
to
be
provided
by
FNFA
were
satisfactory
and
adequate
for
the
FNFA
Funds.
Investment
Performance.
The
Board
recognized
that
the
investment
objective
and
principal
investment
strategies
of
the
FNFA
Funds
are
expected
to
continue
unchanged
under
FNFA’s
Investment
Sub-Advisory
Agreement.
It
was
noted
that
the
portfolio
management
teams
at
FNFA
currently
managing
the
FNFA
Funds
would
continue
to
manage
the
FNFA
Funds.
The
Board
reviewed
the
Lipper
and
Morningstar
“peer
groups”
as
an
appropriate
benchmark
for
evaluating
the
performance
to
be
achieved
by
FNFA
for
the
FNFA
Funds.
The
Board
noted
that
each
of
the
FNFA
Funds’
performance
for
the
Institutional
Plus
Class
outperformed
some
Investment
Advisory
Agreement
Approval
September
30,
2020
(Unaudited)
comparable
funds
and
underperformed
others
within
the
Lipper
peer
group.
The
Board
also
considered
the
performance
of
the
Short-Intermediate
Bond
Fund,
Income
Fund
and
the
Growth
Opportunities
Fund
as
compared
to
certain
accounts
managed
by
FNFA
with
comparable
investment
strategies.
With
respect
to
the
Balanced
Fund,
the
Board
observed
that
the
Institutional
Plus
Class
outperformed
each
of
its
Lipper
peer
group
and
Morningstar
peer
group
averages
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
observed
that
the
Institutional
Plus
Class
outperformed
its
composite
index,
60%
of
which
is
comprised
of
the
Russell
3000
Index
and
40%
of
which
is
comprised
of
the
Barclays
U.S.
Intermediate
Government/
Credit
Index,
during
the
one-,
and
three-year
periods
ended
March
31,
2020
and
underperformed
the
index
during
the
five-year
period
ended
March
31,
2020.
With
respect
to
the
Growth
Opportunities
Fund,
the
Board
observed
that
the
Institutional
Plus
Class
underperformed
each
of
its
Lipper
peer
group
and
Morningstar
peer
group
averages
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
observed
that
the
Institutional
Plus
Class
underperformed
the
Russell
Midcap
Growth
Index
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
With
respect
to
the
Income
Fund,
the
Board
observed
that
the
Institutional
Plus
Class
outperformed
its
Lipper
peer
group
average
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
observed
that
the
Institutional
Plus
Class
outperformed
its
Morningstar
peer
group
average
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
further
observed
that
the
Institutional
Plus
Class
underperformed
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
With
respect
to
the
Short-Intermediate
Bond
Fund,
the
Board
observed
that
the
Institutional
Plus
Class
outperformed
its
Lipper
peer
group
average
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
observed
that
the
Institutional
Plus
Class
outperformed
its
Morningstar
peer
group
average
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
further
observed
that
the
Institutional
Plus
Class
underperformed
the
Barclays
U.S.
Government/Credit
1-5
Year
Index
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
noted
FNFA’s
representation
that
the
Barclays
U.S.
Government/Credit
1-5
Year
Index
was
not
the
most
optimal
representation
of
the
Fund’s
portfolio
and
that
FNFA
had
proposed
a
change
to
the
benchmark
to
the
Barclays
U.S.
Government/Credit
1-3
Year
Index
going
forward.
With
respect
to
the
Nebraska
Tax-Free
Fund,
the
Board
observed
that
the
Institutional
Plus
Class
outperformed
each
of
its
Lipper
peer
group
and
Morningstar
peer
group
averages
during
the
one-,
three-,
and
five-year
periods
ended
March
31,
2020.
The
Board
also
observed
that
the
Institutional
Plus
Class
outperformed
the
Bloomberg
Barclays
1-15
Year
Municipal
Blend
Index
during
the
one-year
period
ended
March
31,
2020
and
underperformed
the
Bloomberg
Barclays
1-15
Year
Municipal
Index
during
the
three-,
and
five-year
periods
ended
March
31,
2020.
After
reviewing
and
discussing
the
performance
of
the
FNFA
Funds
further,
FNFA’s
portfolio
managers’
experience
managing
the
FNFA
Funds,
FNFA’s
historical
investment
performance,
and
other
relevant
factors,
the
Board
concluded,
in
light
of
all
the
facts
and
circumstances,
that
the
investment
performance
of
the
FNFA
Funds
and
FNFA
was
satisfactory.
Cost
of
Services
Provided
and
Profitability.
The
Board
reviewed
the
rate
of
FNFA’s
sub-advisory
fees
in
relation
to
the
nature,
extent,
and
quality
of
services
to
be
provided
by
FNFA.
The
Board
noted
the
FNFA
Fund’s
advisory
fees
and
expense
ratios
(Institutional
Plus
Class)
were
within
the
range
of
advisory
fees
and
expense
ratios
of
funds
in
their
respective
Lipper
peer
group.
The
Board
noted
that
the
fees
charged
by
FNFA
would
remain
the
same
and
that
Tributary
–
not
the
FNFA
Funds
–
would
pay
the
sub-
advisory
fees
to
FNFA.
With
respect
to
the
Balanced
Fund,
the
Board
observed
that
the
advisory
fee
and
total
expense
ratio
with
respect
to
its
Institutional
Plus
Class
were
each
only
slightly
higher
than
its
Lipper
peer
group
averages.
With
respect
to
the
Growth
Opportunities
Fund,
the
Board
observed
that
the
advisory
fee
with
respect
to
its
Institutional
Plus
Class
was
higher
than
its
Lipper
peer
group
average,
while
the
total
expense
ratio
with
respect
to
the
Fund’s
Institutional
Plus
Class
was
lower
than
its
Lipper
peer
group
average.
With
respect
to
the
Income
Fund,
the
Board
observed
that
the
advisory
fee
with
respect
to
its
Institutional
Plus
Class
was
higher
than
its
Lipper
peer
group
average,
while
the
total
expense
ratio
with
respect
to
the
Fund’s
Institutional
Plus
Class
was
lower
than
its
Lipper
peer
group
average.
With
respect
to
the
Short-Intermediate
Bond
Fund,
the
Board
observed
that
each
of
the
advisory
fee
and
total
expense
ratio
with
respect
to
its
Institutional
Plus
Class
were
higher
than
its
Lipper
peer
group
averages.
With
respect
to
the
Nebraska
Tax-Free
Fund,
the
Board
observed
that
each
of
the
advisory
fee
and
total
expense
ratio
with
respect
to
its
Institutional
Plus
Class
was
lower
than
its
Lipper
peer
group
averages.
The
Board
considered
that
the
Expense
Waiver
Agreement
allows
for
overall
expenses
for
Fund
shareholders
to
remain
competitive.
The
Board
considered
also
the
Adviser’s
representation
that
the
expense
caps
for
the
Growth
Opportunities
Fund
and
Short-Intermediate
Bond
Fund
were
being
lowered,
effective
August
1,
2020,
which
would
bring
each
Fund’s
expenses
in
line
with
its
respective
Lipper
peer
group
averages
and
allow
for
overall
expenses
for
Growth
Opportunities
Fund
and
Short-Intermediate
Bond
fund
shareholders
to
remain
competitive.
Based
on
the
foregoing,
the
Board
concluded
that
the
fees
to
be
paid
to
Tributary
and
FNFA,
the
costs
of
the
services
to
be
provided,
and
the
profits
that
may
be
realized
by
Tributary
and
FNFA,
in
light
of
all
the
facts
and
circumstances,
were
fair
and
reasonable
in
relation
to
the
nature
and
quality
of
the
services
provided
by
Tributary
and
FNFA
and
that
they
reflected
charges
within
a
range
of
what
could
have
been
negotiated
at
arm’s
length.
Investment
Advisory
Agreement
Approval
September
30,
2020
(Unaudited)
Economies
of
Scale.
The
Board
did
not
consider
break-points
in
sub-advisory
fees
as
appropriate
at
this
time,
noting
that
economies
of
scale
could
be
achieved
through
break-points
at
higher
Fund
asset
levels.
Currently,
fee
waivers
are
in
place
with
both
Tributary
and
FNFA
in
order
to
maintain
expenses
at
competitive
levels.
Other
Considerations.
The
Board
also
identified
and
considered
benefits
that
could
be
anticipated
to
accrue
to
FNFA
because
of
its
relationship
with
the
FNFA
Funds,
including
soft
dollar
and
research
benefits.
Legal
Considerations.
The
Board
noted
that
it
was
not
aware
of
any
pending
or
anticipated
legal
proceedings
or
investigations
involving
FNFA.
Based
on
the
Board’s
deliberations
and
its
evaluation
of
the
information
described
above,
the
Board
unanimously,
including
all
of
its
Independent
Directors,
concluded
(a)
that
the
terms
of
FNFA’s
Investment
Sub-Advisory
Agreement
are
fair
and
reasonable;
and
(b)
that
FNFA’s
fees
under
the
Investment
Sub-
Advisory
Agreement
are
reasonable
in
light
of
the
services
that
FNFA
provided
to
the
FNFA
Funds.
Investment
Adviser
Tributary
Capital
Management,
LLC
1620
Dodge
Street,
Stop
1089
Omaha,
Nebraska
68197
Investment
Sub-Adviser
(Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund,
Balanced
Fund
and
Growth
Opportunities
Fund
only)
First
National
Fund
Advisers
205
West
Oak
Street,
3rd
Floor
Fort
Collins,
Colorado
80521
Custodian
MUFG
Union
Bank,
N.A.
350
California
Street
San
Francisco,
California
94104
Co-Administrators
Apex
Fund
Services
Three
Canal
Plaza
Portland,
Maine
04101
Tributary
Capital
Management,
LLC
1620
Dodge
Street,
Stop
1089
Omaha,
Nebraska
68197
Distributor
Northern
Lights
Distributors,
LLC
4221
North
203rd
Street,
Suite
100
Elkhorn,
Nebraska
68022
Legal
Counsel
Husch
Blackwell
LLP
13330
California
Street,
Suite
200
Omaha,
Nebraska
68154
Compliance
Services
Foreside
Fund
Officer
Services,
LLC
690
Taylor
Road,
Suite
210
Gahanna,
Ohio
43230
This
report
has
been
prepared
for
the
general
information
of
Tributary
Funds’
shareholders.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
accompanied
or
preceded
by
an
effective
Tributary
Funds’
prospectus.
The
prospectus
contains
more
complete
information
about
Tributary
Funds’
investment
objectives,
management
fees
and
expenses,
risks
and
operating
policies.
Please
read
the
prospectus
carefully
before
investing
or
sending
money.
For
more
information
call
1-800-662-4203
or
write
to:
Tributary
Funds
Service
Center
P.O.
Box
219022
Kansas
City,
Missouri
64121-9022
or
go
to:
www.tributaryfunds.com
or
email:
ClientServices@tributarycapital.com
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a)
Included as part of the report to shareholders under Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors since the registrant last disclosed such procedures.
ITEM 11. CONTROLS AND PROCEDURES
(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in
Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
(a)(1) Not applicable.
(a)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Tributary Funds, Inc.
By /s/ Karen Shaw
Karen Shaw
Treasurer
Date November 23, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ Stephen C. Wade
Stephen C. Wade
President
Date November 23, 2020
By /s/ Karen Shaw
Karen Shaw
Treasurer
Date November 23, 2020
