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, 2024 – September 30, 2024
ITEM 1. REPORT TO SHAREHOLDERS.
(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended (“Act”), is attached hereto.
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $48 | 0.94% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Class | 23.62% | 9.55% | 8.15% |
| Russell 3000 Index | 35.19% | 15.26% | 12.83% |
| Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index | 9.45% | 1.26% | 1.96% |
Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) | 24.43% | 9.83% | 8.65% |
Effective August 29, 2024, the Fund changed its primary benchmark index from the Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) to the Russell 3000® Index due to regulatory requirements. The Fund retained the Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) as a secondary benchmark index because the Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) more closely reflects the market sectors in which the Fund invests.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $84,764,683 |
| # of Portfolio Holdings | 211 |
| Portfolio Turnover Rate | 10% |
| Investment Advisory Fees (Net of fees waived) | $449,227 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Information Technology | 20.4% |
| Government Securities | 13.4% |
| Financials | 12.6% |
| Consumer Discretionary | 8.2% |
| Industrials | 7.7% |
| Health Care | 7.1% |
| Asset Backed Securities | 6.3% |
| Communication Services | 6.1% |
| Consumer Staples | 3.8% |
| Non-Agency Commercial Mortgage Backed Securities | 2.8% |
| Short-Term Investments | 2.6% |
| Energy | 2.4% |
| Materials | 1.8% |
| Real Estate | 1.7% |
| Utilities | 1.6% |
| Non-Agency Residential Mortgage Backed Securities | 1.0% |
| U.S. Government Mortgage Backed Securities | 0.5% |
Top Ten Holdings
(% of net assets)
| Apple, Inc. | 4.58% |
| Microsoft Corp. | 4.37% |
| NVIDIA Corp. | 4.05% |
| U.S. Treasury Note/Bond | 3.83% |
| U.S. Treasury Note/Bond | 3.65% |
| U.S. Treasury Note | 2.68% |
| Alphabet, Inc., Class C | 2.52% |
| Amazon.com, Inc. | 2.40% |
| Meta Platforms, Inc., Class A | 1.87% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
: Institutional Plus Class
This semi-annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Plus | $40 | 0.76% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Plus Class | 23.83% | 9.74% | 8.35% |
| Russell 3000 Index | 35.19% | 15.26% | 12.83% |
| Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index | 9.45% | 1.26% | 1.96% |
Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) | 24.43% | 9.83% | 8.65% |
Effective August 29, 2024, the Fund changed its primary benchmark index from the Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) to the Russell 3000® Index due to regulatory requirements. The Fund retained the Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) as a secondary benchmark index because the Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) more closely reflects the market sectors in which the Fund invests.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $84,764,683 |
| # of Portfolio Holdings | 211 |
| Portfolio Turnover Rate | 10% |
| Investment Advisory Fees (Net of fees waived) | $449,227 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Information Technology | 20.4% |
| Government Securities | 13.4% |
| Financials | 12.6% |
| Consumer Discretionary | 8.2% |
| Industrials | 7.7% |
| Health Care | 7.1% |
| Asset Backed Securities | 6.3% |
| Communication Services | 6.1% |
| Consumer Staples | 3.8% |
| Non-Agency Commercial Mortgage Backed Securities | 2.8% |
| Short-Term Investments | 2.6% |
| Energy | 2.4% |
| Materials | 1.8% |
| Real Estate | 1.7% |
| Utilities | 1.6% |
| Non-Agency Residential Mortgage Backed Securities | 1.0% |
| U.S. Government Mortgage Backed Securities | 0.5% |
Top Ten Holdings
(% of net assets)
| Apple, Inc. | 4.58% |
| Microsoft Corp. | 4.37% |
| NVIDIA Corp. | 4.05% |
| U.S. Treasury Note/Bond | 3.83% |
| U.S. Treasury Note/Bond | 3.65% |
| U.S. Treasury Note | 2.68% |
| Alphabet, Inc., Class C | 2.52% |
| Amazon.com, Inc. | 2.40% |
| Meta Platforms, Inc., Class A | 1.87% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $31 | 0.61% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Class | 11.96% | 0.34% | 1.87% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $175,004,121 |
| # of Portfolio Holdings | 201 |
| Portfolio Turnover Rate | 8% |
| Investment Advisory Fees (Net of fees waived) | $819,318 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| U.S. Government Mortgage Backed Securities | 29.5% |
| Corporate Bonds | 26.5% |
| U.S. Treasury Securities | 23.9% |
| Asset Backed Securities | 7.5% |
| Non-Agency Residential Mortgage Backed Securities | 7.5% |
| Non-Agency Commercial Mortgage Backed Securities | 3.7% |
| Municipals | 0.8% |
| Short-Term Investments | 0.6% |
Top Ten Holdings
(% of net assets)
| U.S. Treasury Note/Bond | 8.35% |
| U.S. Treasury Bond | 5.24% |
| U.S. Treasury Note/Bond | 3.84% |
| U.S. Treasury Note/Bond | 3.42% |
| U.S. Treasury Note/Bond | 1.97% |
| Federal Home Loan Mortgage Corp. | 1.54% |
| Federal National Mortgage Association | 1.47% |
| Federal Home Loan Mortgage Corp. | 1.11% |
| Federal National Mortgage Association | 1.10% |
| Federal National Mortgage Association | 1.10% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
: Institutional Plus Class
This semi-annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Plus | $25 | 0.49% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Plus Class | 12.13% | 0.49% | 2.02% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $175,004,121 |
| # of Portfolio Holdings | 201 |
| Portfolio Turnover Rate | 8% |
| Investment Advisory Fees (Net of fees waived) | $819,318 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| U.S. Government Mortgage Backed Securities | 29.5% |
| Corporate Bonds | 26.5% |
| U.S. Treasury Securities | 23.9% |
| Asset Backed Securities | 7.5% |
| Non-Agency Residential Mortgage Backed Securities | 7.5% |
| Non-Agency Commercial Mortgage Backed Securities | 3.7% |
| Municipals | 0.8% |
| Short-Term Investments | 0.6% |
Top Ten Holdings
(% of net assets)
| U.S. Treasury Note/Bond | 8.35% |
| U.S. Treasury Bond | 5.24% |
| U.S. Treasury Note/Bond | 3.84% |
| U.S. Treasury Note/Bond | 3.42% |
| U.S. Treasury Note/Bond | 1.97% |
| Federal Home Loan Mortgage Corp. | 1.54% |
| Federal National Mortgage Association | 1.47% |
| Federal Home Loan Mortgage Corp. | 1.11% |
| Federal National Mortgage Association | 1.10% |
| Federal National Mortgage Association | 1.10% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
Tributary Nebraska Tax-Free Fund
: Institutional Plus Class
This semi-annual shareholder report contains important information about the Tributary Nebraska Tax-Free Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Plus | $23 | 0.45% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Plus Class | 8.66% | 0.90% | 1.80% |
| Bloomberg Barclays Municipal Bond Index | 10.37% | 1.39% | 2.52% |
| Bloomberg Barclays 1-15 Year Municipal Blend Index (1-17) | 8.47% | 1.46% | 2.24% |
Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-15 Year Municipal Blend Index to the Bloomberg Barclays Municipal Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-15 Year Municipal Blend Index as a secondary benchmark index because the Bloomberg Barclays 1-15 Year Municipal Blend Index more closely reflects the market sectors in which the Fund invests.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $54,010,440 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 9% |
| Investment Advisory Fees (Net of fees waived) | $190,689 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Municipals | 96.3% |
| U.S. Government Mortgage Backed Securities | 2.3% |
| Short-Term Investments | 1.4% |
Top Ten Holdings
(% of net assets)
| Douglas County Hospital Authority No. 2 | 2.15% |
| Omaha Public Power District | 1.85% |
| Loup River Public Power District | 1.81% |
| Omaha School District | 1.47% |
| Papillion-La Vista School District No. 27 | 1.45% |
| Douglas County School District No. 59 | 1.39% |
| Gretna Public Schools | 1.34% |
| Village of Boys Town NE | 1.31% |
| Douglas County School District No. 59 | 1.30% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
Tributary Short-Intermediate Bond Fund
This semi-annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $33 | 0.65% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Class | 7.95% | 1.84% | 1.86% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
| Bloomberg Barclays 1-3 Year US Government/Credit Index | 7.19% | 1.70% | 1.64% |
| Bloomberg Barclays U.S. Government/Credit 1-5 Year Index | 8.10% | 1.54% | 1.77% |
Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-3 Year US Government/Credit Index to the Bloomberg Barclays U.S. Aggregate Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-3 Year US Government/Credit Index as a secondary benchmark index because the Bloomberg Barclays 1-3 Year US Government/Credit Index more closely reflects the market sectors in which the Fund invests.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $222,695,353 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 21% |
| Investment Advisory Fees (Net of fees waived) | $865,660 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Asset Backed Securities | 30.0% |
| Corporate Bonds | 29.4% |
| U.S. Treasury Securities | 22.0% |
| Non-Agency Commercial Mortgage Backed Securities | 10.7% |
| Non-Agency Residential Mortgage Backed Securities | 4.7% |
| U.S. Government Mortgage Backed Securities | 1.8% |
| Municipals | 0.9% |
| Short-Term Investments | 0.3% |
| Preferred Stocks | 0.2% |
Top Ten Holdings
(% of net assets)
| U.S. Treasury Note | 10.24% |
| U.S. Treasury Note/Bond | 5.64% |
| U.S. Treasury Note | 3.23% |
| U.S. Treasury Note/Bond | 2.54% |
| DLLAD, LLC | 1.08% |
| Wells Fargo & Co. | 1.02% |
| Bank of America Corp. | 1.02% |
| Morgan Stanley | 1.01% |
| Goldman Sachs Group, Inc. | 1.00% |
| AT&T, Inc. | 1.00% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
Tributary Short-Intermediate Bond Fund
: Institutional Plus Class
This semi-annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Plus | $23 | 0.45% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Plus Class | 8.28% | 2.02% | 2.06% |
| Bloomberg Barclays U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
| Bloomberg Barclays 1-3 Year US Government/Credit Index | 7.19% | 1.70% | 1.64% |
| Bloomberg Barclays U.S. Government/Credit 1-5 Year Index | 8.10% | 1.54% | 1.77% |
Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-3 Year US Government/Credit Index to the Bloomberg Barclays U.S. Aggregate Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-3 Year US Government/Credit Index as a secondary benchmark index because the Bloomberg Barclays 1-3 Year US Government/Credit Index more closely reflects the market sectors in which the Fund invests.
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $222,695,353 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 21% |
| Investment Advisory Fees (Net of fees waived) | $865,660 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Asset Backed Securities | 30.0% |
| Corporate Bonds | 29.4% |
| U.S. Treasury Securities | 22.0% |
| Non-Agency Commercial Mortgage Backed Securities | 10.7% |
| Non-Agency Residential Mortgage Backed Securities | 4.7% |
| U.S. Government Mortgage Backed Securities | 1.8% |
| Municipals | 0.9% |
| Short-Term Investments | 0.3% |
| Preferred Stocks | 0.2% |
Top Ten Holdings
(% of net assets)
| U.S. Treasury Note | 10.24% |
| U.S. Treasury Note/Bond | 5.64% |
| U.S. Treasury Note | 3.23% |
| U.S. Treasury Note/Bond | 2.54% |
| DLLAD, LLC | 1.08% |
| Wells Fargo & Co. | 1.02% |
| Bank of America Corp. | 1.02% |
| Morgan Stanley | 1.01% |
| Goldman Sachs Group, Inc. | 1.00% |
| AT&T, Inc. | 1.00% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
Tributary Small Company Fund
This semi-annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $61 | 1.17% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Class | 25.68% | 9.95% | 9.38% |
Russell 2000® Index | 26.76% | 9.39% | 8.78% |
Russell 2000® Value Index | 25.88% | 9.29% | 8.22% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $795,269,291 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 13% |
| Investment Advisory Fees (Net of fees waived) | $3,566,168 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Industrials | 21.9% |
| Financials | 17.5% |
| Consumer Discretionary | 14.0% |
| Information Technology | 13.4% |
| Health Care | 10.0% |
| Real Estate | 6.3% |
| Energy | 5.6% |
| Materials | 3.2% |
| Utilities | 2.9% |
| Short-Term Investments | 3.2% |
| Exchange Traded Fund | 2.0% |
Top Ten Holdings
(% of net assets)
| Boot Barn Holdings, Inc. | 2.91% |
| Integer Holdings Corp. | 2.90% |
| CSW Industrials, Inc. | 2.78% |
| ICF International, Inc. | 2.46% |
| Patrick Industries, Inc. | 2.33% |
| Enpro, Inc. | 2.33% |
| Moelis & Co., Class A | 2.32% |
| Selective Insurance Group, Inc. | 2.28% |
| Addus HomeCare Corp. | 2.20% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
Tributary Small Company Fund
: Institutional Plus Class
This semi-annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Plus | $50 | 0.95% |
Average Annual Total Returns
| | One Year | Five Year | Ten Year |
|---|
| Institutional Plus Class | 25.92% | 10.20% | 9.61% |
Russell 2000® Index | 26.76% | 9.39% | 8.78% |
Russell 2000® Value Index | 25.88% | 9.29% | 8.22% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $795,269,291 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 13% |
| Investment Advisory Fees (Net of fees waived) | $3,566,168 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Industrials | 21.9% |
| Financials | 17.5% |
| Consumer Discretionary | 14.0% |
| Information Technology | 13.4% |
| Health Care | 10.0% |
| Real Estate | 6.3% |
| Energy | 5.6% |
| Materials | 3.2% |
| Utilities | 2.9% |
| Short-Term Investments | 3.2% |
| Exchange Traded Fund | 2.0% |
Top Ten Holdings
(% of net assets)
| Boot Barn Holdings, Inc. | 2.91% |
| Integer Holdings Corp. | 2.90% |
| CSW Industrials, Inc. | 2.78% |
| ICF International, Inc. | 2.46% |
| Patrick Industries, Inc. | 2.33% |
| Enpro, Inc. | 2.33% |
| Moelis & Co., Class A | 2.32% |
| Selective Insurance Group, Inc. | 2.28% |
| Addus HomeCare Corp. | 2.20% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
Tributary Small/Mid Cap Fund
This semi-annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $48 | 0.93% |
Average Annual Total Returns
| | One Year | Five Year | Since Inception 08/2/19 |
|---|
| Institutional Class | 25.78% | 12.17% | 12.54% |
| Russell 2500 Index | 26.17% | 10.43% | 10.13% |
| Russell 2500 Value Index | 26.59% | 9.99% | 10.14% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $14,492,867 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 9% |
| Investment Advisory Fees (Net of fees waived) | $111,033 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Industrials | 23.4% |
| Financials | 16.4% |
| Information Technology | 14.4% |
| Consumer Discretionary | 14.0% |
| Health Care | 9.7% |
| Real Estate | 6.3% |
| Energy | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 3.3% |
| Utilities | 2.0% |
| Communication Services | 1.2% |
| Short-Term Investments | 0.9% |
Top Ten Holdings
(% of net assets)
| Burlington Stores, Inc. | 3.13% |
| Tractor Supply Co. | 2.93% |
| Tetra Tech, Inc. | 2.82% |
| Stifel Financial Corp. | 2.82% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.50% |
| Revvity, Inc. | 2.46% |
| ICF International, Inc. | 2.45% |
| Carlisle Cos., Inc. | 2.43% |
| Littelfuse, Inc. | 2.29% |
| Jones Lang LaSalle, Inc. | 2.20% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
Semi-Annual Shareholder Report - September 30, 2024
Tributary Small/Mid Cap Fund
: Institutional Plus Class
This semi-annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at www.tributaryfunds.com/resources/. You can also request this information by contacting us at (800) 662-4203.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Plus | $46 | 0.90% |
Average Annual Total Returns
| | One Year | Five Year | Since Inception 08/1/19 |
|---|
| Institutional Plus Class | 25.84% | 12.30% | 12.68% |
| Russell 2500 Index | 26.17% | 10.43% | 9.91% |
| Russell 2500 Value Index | 26.59% | 9.99% | 9.96% |
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Total Net Assets | $14,492,867 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 9% |
| Investment Advisory Fees (Net of fees waived) | $111,033 |
Sector Weightings
(% total investments)
| Value | Value |
|---|
| Industrials | 23.4% |
| Financials | 16.4% |
| Information Technology | 14.4% |
| Consumer Discretionary | 14.0% |
| Health Care | 9.7% |
| Real Estate | 6.3% |
| Energy | 4.8% |
| Materials | 3.6% |
| Consumer Staples | 3.3% |
| Utilities | 2.0% |
| Communication Services | 1.2% |
| Short-Term Investments | 0.9% |
Top Ten Holdings
(% of net assets)
| Burlington Stores, Inc. | 3.13% |
| Tractor Supply Co. | 2.93% |
| Tetra Tech, Inc. | 2.82% |
| Stifel Financial Corp. | 2.82% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.50% |
| Revvity, Inc. | 2.46% |
| ICF International, Inc. | 2.45% |
| Carlisle Cos., Inc. | 2.43% |
| Littelfuse, Inc. | 2.29% |
| Jones Lang LaSalle, Inc. | 2.20% |
* excluding cash equivalents
Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources/, including its:
prospectus
financial information
holdings
proxy information
Semi-Annual Shareholder Report - September 30, 2024
(b) Not applicable.
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 financial statements filed under Item 7(a).
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a)
Semi-Annual
Financials
and
Other
Information
September
30,
2024
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
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
(the
“Distributor”)
and
the
Tributary
Funds’
investment
adviser
are
not
affiliated.
Notice
to
Investors
Shares
of
Tributary
Funds:
Are
Not
FDIC
Insured
May
Lose
Value
Have
No
Bank
Guarantee
Semi-Annual
Financials
and
Other
Information
2024
Schedules
of
Portfolio
Investments
4
Statements
of
Assets
and
Liabilities
26
Statements
of
Operations
28
Statements
of
Changes
in
Net
Assets
30
Financial
Highlights
32
Notes
to
Financial
Statements
34
Additional
Fund
Information
42
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
1
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
45.2%
Asset
Backed
Securities
-
29.9%
$
830,249
AFG
ABS
I,
LLC,
6.30%,
09/16/30(a)
$
834,292
1,351,361
AMSR
Trust,
1.63%,
07/17/37(a)
1,319,246
675,000
Auxilior
Term
Funding,
LLC,
5.84%,
03/15/27(a)
682,214
1,404,505
Auxilior
Term
Funding,
LLC,
6.18%,
12/15/28(a)
1,417,776
1,259,678
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28(a)
1,263,424
100,000
Bankers
Healthcare
Group
Securitization
Trust
2024-1CON,
6.49%,
04/17/35(a)
103,031
754,196
Bankers
Healthcare
Group
Securitization
Trust
2024-1CON,
5.81%,
04/17/35(a)
771,179
1,585,000
BofA
Auto
Trust,
5.31%,
06/17/30(a)
1,635,448
1,500,000
Capteris
Equipment
Finance,
LLC,
5.58%,
07/20/32(a)
1,526,477
1,295,000
CarMax
Auto
Owner
Trust,
5.50%,
01/16/29
1,330,674
566,734
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68(a)(b)
561,344
670,000
CCG
Receivables
Trust,
4.99%,
03/15/32(a)
673,847
1,957,415
CCG
Receivables
Trust,
6.28%,
04/14/32(a)
1,991,875
2,064,242
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60(a)
1,997,389
2,040,000
Chase
Auto
Owner
Trust,
5.59%,
06/25/29(a)
2,125,072
300,000
Cherry
Securitization
Trust,
5.70%,
04/15/32(a)
299,989
1,965,000
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28(a)
1,993,660
600,000
CNH
Equipment
Trust,
5.74%,
10/15/27(c)
599,894
320,919
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41(a)
302,214
259,498
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46(a)
248,705
97,738
CoreVest
American
Finance,
Ltd.,
1.83%,
03/15/50(a)
96,967
297,630
CoreVest
American
Finance,
Ltd.,
1.17%,
12/15/52(a)
287,676
194,007
CP
EF
Asset
Securitization
II,
LLC,
7.48%,
03/15/32(a)
197,198
1,900,000
Dell
Equipment
Finance
Trust,
5.65%,
01/22/29(a)
1,920,102
2,400,000
DLLAD,
LLC,
4.79%,
01/20/28(a)
2,415,577
1,335,000
DLLAD,
LLC,
5.30%,
07/20/29(a)
1,371,205
Principal
Amount
Security
Description
Value
$
573,406
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45(a)
$
519,267
1,324,821
First
Help
Financial,
LLC,
5.69%,
02/15/30(a)
1,342,270
1,701,580
FirstKey
Homes
Trust,
1.34%,
08/17/37(a)
1,654,232
1,275,000
Foundation
Finance
Trust,
4.60%,
03/15/50(a)
1,277,456
1,420,000
GreatAmerica
Leasing
Receivables
Funding,
LLC,
4.98%,
01/18/28(a)
1,440,424
1,125,000
GreenSky
Home
Improvement
Trust,
5.67%,
06/25/59(a)
1,141,861
435,000
GreenSky
Home
Improvement
Trust,
5.55%,
06/25/59(a)
446,137
1,240,000
GreenState
Auto
Receivables
Trust,
5.19%,
01/16/29(a)
1,257,398
850,000
Honda
Auto
Receivables
Owner
Trust,
5.67%,
06/21/28
869,750
1,000,000
HPEFS
Equipment
Trust,
5.35%,
10/20/31(a)
1,021,757
1,000,000
Huntington
Auto
Trust,
5.23%,
01/16/29(a)
1,020,324
1,029,662
Iowa
Student
Loan
Liquidity
Corp.,
6.06%,
08/25/70(c)
1,025,749
246,826
LAD
Auto
Receivables
Trust,
5.68%,
10/15/26(a)
247,031
1,865,000
LAD
Auto
Receivables
Trust,
6.12%,
09/15/27(a)
1,879,791
800,000
M&T
Equipment
2024-LEAF1
Notes,
4.94%,
08/18/31(a)
810,539
670,000
MMAF
Equipment
Finance,
LLC,
4.95%,
07/14/31(a)
680,468
339,325
Navient
Student
Loan
Trust,
6.81%,
10/15/31(a)(c)
340,120
925,371
Navient
Student
Loan
Trust,
0.97%,
12/16/69(a)
818,131
876,664
NMEF
Funding,
LLC,
6.57%,
06/17/30(a)
889,597
870,000
NMEF
Funding,
LLC,
5.15%,
12/15/31(a)
874,649
663,966
NMEF
Funding,
LLC,
6.07%,
06/15/29(a)
668,397
794,661
North
Texas
Higher
Education
Authority,
Inc.,
5.54%,
09/25/61(c)
788,205
1,130,066
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51(a)
1,072,712
1,950,000
OCCU
Auto
Receivables
Trust,
6.23%,
06/15/28(a)
1,985,977
880,000
Octane
Receivables
Trust,
5.80%,
07/20/32(a)
892,022
1,000,000
PEAC
Solutions
Receivables,
LLC,
4.65%,
10/20/31(a)
999,781
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
423,099
PenFed
Auto
Receivables
Owner
Trust,
3.96%,
04/15/26(a)
$
422,296
1,250,000
Porsche
Financial
Auto
Securitization
Trust,
5.79%,
01/22/29(a)
1,266,816
1,948,163
Progress
Residential
Trust,
1.05%,
04/17/38(a)
1,864,114
1,500,000
Purchasing
Power
Funding,
LLC,
5.89%,
08/15/28(a)
1,521,774
1,310,000
SBNA
Auto
Receivables
Trust,
5.32%,
12/15/28(a)
1,323,186
507,432
SLM
Student
Loan
Trust,
6.62%,
10/25/24(c)
504,016
430,083
SLM
Student
Loan
Trust,
7.27%,
04/15/29(c)
431,571
237,443
SLM
Student
Loan
Trust,
7.32%,
07/25/28(c)
237,881
25,735
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31(a)
25,676
499,520
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43(a)
441,022
248,701
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48(a)
244,973
658,731
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47(a)
579,490
310,661
Sofi
Professional
Loan
Program,
LLC,
3.09%,
08/17/48(a)
303,474
221,799
Tricon
American
Homes
Trust,
2.75%,
03/17/38(a)
216,338
68,115
UNIFY
Auto
Receivables
Trust,
0.98%,
07/15/26(a)
68,006
1,380,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45(a)
1,334,703
1,085,000
Verdant
Receivables,
LLC,
5.68%,
12/12/31(a)
1,110,290
860,000
Wingspire
Equipment
Finance,
LLC,
4.99%,
09/20/32(a)
866,147
66,692,293
Non-Agency
Commercial
Mortgage
Backed
Securities
-
10.6%
933,341
BANK
2019-BNK16,
3.93%,
02/15/52
931,157
507,490
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
505,641
940,000
BX
Trust,
6.16%,
09/15/36(a)(c)
931,187
807,309
BX
Trust,
6.06%,
11/15/38(a)(c)
802,768
194,308
BX
Trust,
5.91%,
01/15/34(a)(c)
193,458
1,100,000
BXHPP
Trust,
5.86%,
08/15/36(a)(c)
1,056,344
753,630
Cantor
Commercial
Real
Estate
Lending,
3.62%,
05/15/52
737,243
565,879
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
557,370
1,990,431
FirstKey
Homes
Trust,
4.25%,
07/17/38(a)
1,974,436
Principal
Amount
Security
Description
Value
$
1,800,000
Goldman
Sachs
Mortgage
Securities
Corp.
Trust,
6.16%,
10/15/36(a)(c)
$
1,784,608
421,632
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44(a)(b)
4
85,343
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46(a)(b)
84,504
166,976
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/17/49
165,019
15,670
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
15,638
65,781
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52(a)
65,623
1,770,220
KNDR
2021-KIND
A,
6.16%,
08/15/38(a)(c)
1,741,991
838,877
MHC
Commercial
Mortgage
Trust,
6.01%,
04/15/38(a)(c)
835,207
539,041
ReadyCap
Commercial
Mortgage
Trust
CLO,
6.91%,
01/25/37(a)(c)
538,374
1,375,000
SREIT
Trust,
5.79%,
07/15/36(a)(c)
1,368,125
578,755
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(a)(b)
548,957
366,467
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41(a)(b)
337,443
922,823
Tricon
Residential
Trust,
3.86%,
04/17/39(a)
905,786
1,267,236
TRTX
Issuer,
Ltd.
CLO,
6.73%,
02/15/39(a)(c)
1,258,683
1,450,000
VASA
Trust,
6.11%,
07/15/39(a)(c)
1,341,250
868,705
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51(a)(b)
750,215
811,820
Velocity
Commercial
Capital
Loan
Trust,
6.58%,
04/25/54(a)(b)
828,685
1,150,000
Wells
Fargo
Commercial
Mortgage
Trust,
5.48%,
07/15/35(a)(b)
1,158,199
2,145,000
WSTN
Trust,
6.52%,
07/05/37(a)(b)
2,195,935
23,613,850
Non-Agency
Residential
Mortgage
Backed
Securities
-
4.7%
679,912
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67(a)(b)
646,244
192,017
BRAVO
Residential
Funding
Trust,
6.03%,
11/25/69(a)(c)
191,293
367,297
BRAVO
Residential
Funding
Trust,
6.03%,
01/25/70(a)(c)
366,155
232,998
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59(a)(b)
226,272
373,329
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(a)(b)
335,104
43,465
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69(a)(b)
43,329
306,195
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53(a)
300,658
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
360,590
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(a)(b)
$
351,154
34,605
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(a)(b)
33,756
1,146
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
01/05/25
1,075
137,631
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28(a)(b)
131,415
154,898
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
6.09%,
02/25/33(c)
157,139
112,038
CSMLT
Trust,
2.97%,
10/25/30(a)(b)
107,286
404,660
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32(a)(b)
398,417
504,569
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51(a)
494,531
89,537
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45(b)
88,467
628,116
JPMorgan
Mortgage
Trust,
3.00%,
06/25/29(a)(b)
611,874
217,519
MFRA
Trust,
2.79%,
08/25/49(a)(b)
207,451
212,302
MFRA
Trust,
0.85%,
01/25/56(a)(b)
202,614
460,674
MFRA
Trust,
3.91%,
04/25/66(a)(d)
452,134
233,336
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58(a)(b)
230,866
21,151
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54(a)(b)
20,165
34,784
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52(a)(b)
33,412
57,824
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(a)(b)
55,602
377,486
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50(a)(b)
347,036
1,701,013
RCKT
Mortgage
Trust,
6.14%,
04/25/44(a)(b)
1,721,358
11,679
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
5.65%,
01/05/25(c)
8,875
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
01/05/25
5,092
121,640
RMF
Buyout
Issuance
Trust,
1.26%,
11/25/31(a)(b)
120,476
650,000
Towd
Point
Mortgage
Trust,
3.75%,
10/25/56(a)(b)
637,971
615,263
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57(a)(b)
596,539
138,821
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58(a)(b)
136,330
460,750
Towd
Point
Mortgage
Trust,
2.25%,
02/25/60(a)(b)
446,019
Principal
Amount
Security
Description
Value
$
790,095
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61(a)(b)
$
736,705
10,442,814
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$101,328,857)
100,748,957
Corporate
Bonds
-
29.4%
Communication
Services
-
2.6%
2,304,000
AT&T,
Inc.,
1.70%,
03/25/26
2,217,758
1,420,000
Meta
Platforms,
Inc.,
3.50%,
08/15/27
1,408,384
835,000
Netflix,
Inc.,
4.38%,
11/15/26
841,108
738,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30
631,297
575,000
Verizon
Communications,
Inc.,
4.13%,
03/16/27
574,174
5,672,721
Consumer
Discretionary
-
4.0%
250,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
180,810
300,000
Carnival
Corp.,
4.00%,
08/01/28(a)
289,745
2,100,000
Dollar
General
Corp.,
3.88%,
04/15/27
2,072,233
1,000,000
Ford
Motor
Credit
Co.,
LLC,
4.54%,
08/01/26
991,495
900,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
914,789
575,000
Harley-Davidson
Financial
Services,
Inc.,
5.95%,
06/11/29(a)
588,919
1,211,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31(a)
1,097,591
198,000
Mileage
Plus
Holdings,
LLC/Mileage
Plus
Intellectual
Property
Assets,
Ltd.,
6.50%,
06/20/27(a)
200,462
1,200,000
Newell
Brands,
Inc.,
5.70%,
04/01/26
1,202,945
1,100,000
Tapestry,
Inc.,
7.00%,
11/27/26
1,138,091
435,000
Warnermedia
Holdings,
Inc.,
4.05%,
03/15/29
412,091
9,089,171
Consumer
Staples
-
0.8%
1,350,000
Campbell
Soup
Co.,
5.20%,
03/19/27
1,385,376
440,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28(a)
433,073
10,000
Mars,
Inc.,
0.88%,
07/16/26(a)
9,433
1,827,882
Energy
-
2.2%
950,000
Energy
Transfer
LP,
5.63%,
05/01/27(a)
953,281
1,755,000
Energy
Transfer
LP,
4.95%,
05/15/28
1,781,181
1,245,000
Occidental
Petroleum
Corp.,
5.00%,
08/01/27
1,262,134
800,000
Range
Resources
Corp.,
4.88%,
05/15/25
795,972
4,792,568
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Financials
-
12.9%
$
530,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
$
527,445
2,300,000
Bank
of
America
Corp.,
3.71%,
04/24/28(b)
2,266,700
784,000
CBRE
Services,
Inc.,
4.88%,
03/01/26
787,618
1,145,000
CBRE
Services,
Inc.,
5.50%,
04/01/29
1,194,045
1,295,000
Citigroup,
Inc.,
5.17%,
02/13/30(b)
1,330,277
930,000
Citigroup,
Inc.,
1.46%,
06/09/27(b)
886,041
550,000
Enact
Holdings,
Inc.,
6.25%,
05/28/29
571,045
2,260,000
Goldman
Sachs
Group,
Inc.,
3.62%,
03/15/28(b)
2,223,476
1,100,000
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
1,093,200
1,000,000
JPMorgan
Chase
&
Co.,
3.54%,
05/01/28(b)
981,919
1,285,000
JPMorgan
Chase
&
Co.,
5.04%,
01/23/28(b)
1,306,493
1,410,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,333,658
440,000
Morgan
Stanley,
2.19%,
04/28/26(b)
433,110
2,155,000
Morgan
Stanley,
5.45%,
07/20/29(b)
2,239,256
418,000
NNN
REIT,
Inc.,
4.00%,
11/15/25
415,166
1,047,000
NNN
REIT,
Inc.,
3.60%,
12/15/26
1,033,618
1,750,000
Regions
Financial
Corp.,
5.72%,
06/06/30(b)
1,812,876
2,031,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65(b)(e)
2,027,595
1,960,000
Truist
Financial
Corp.,
MTN,
4.87%,
01/26/29(b)
1,980,898
1,465,000
U.S.
Bancorp,
5.78%,
06/12/29(b)
1,535,371
540,000
U.S.
Bancorp,
5.73%,
10/21/26(b)
546,702
2,245,000
Wells
Fargo
&
Co.,
4.81%,
07/25/28(b)
2,271,217
28,797,726
Health
Care
-
0.2%
370,000
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.,
1.58%,
11/01/24
368,742
Industrials
-
2.4%
575,000
Clean
Harbors,
Inc.,
4.88%,
07/15/27(a)
566,840
2,125,000
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
2,110,081
2,065,000
RTX
Corp.,
3.50%,
03/15/27
2,034,947
625,000
The
Boeing
Co.,
6.30%,
05/01/29(a)
657,554
5,369,422
Information
Technology
-
0.7%
1,240,000
Hewlett
Packard
Enterprise
Co.,
4.40%,
09/25/27
1,241,347
200,000
NCR
Atleos
Corp.,
9.50%,
04/01/29(a)
220,174
1,461,521
Materials
-
1.6%
1,740,000
Albemarle
Corp.,
4.65%,
06/01/27
1,747,664
Principal
Amount
Security
Description
Value
$
1,785,000
The
Mosaic
Co.,
5.38%,
11/15/28
$
1,848,967
3,596,631
Utilities
-
2.0%
1,550,000
Duke
Energy
Corp.,
4.85%,
01/05/27
1,574,851
625,000
Duke
Energy
Corp.,
3.15%,
08/15/27
607,227
650,000
FirstEnergy
Corp.,
3.90%,
07/15/27
643,248
1,550,000
Florida
Power
&
Light
Co.,
4.40%,
05/15/28
1,568,487
4,393,813
Total
Corporate
Bonds
(Cost
$64,523,415)
65,370,197
Government
&
Agency
Obligations
-
24.6%
GOVERNMENT
SECURITIES
-
22.8%
Municipals
-
0.9%
325,000
City
of
Blair
NE
Water
System
Revenue,
Nebraska
RB,
6.10%,
05/15/27
325,540
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,353,492
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
219,630
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
160,114
2,058,776
U.S.
Treasury
Securities
-
21.9%
23,540,000
U.S.
Treasury
Note,
2.25%,
02/15/27
22,813,570
7,050,000
U.S.
Treasury
Note,
4.13%,
07/31/28
7,186,869
5,930,000
U.S.
Treasury
Note/Bond,
0.50%,
02/28/26
5,664,077
500,000
U.S.
Treasury
Note/Bond,
4.63%,
09/15/26
508,965
12,900,000
U.S.
Treasury
Note/Bond,
2.75%,
02/15/28
12,561,375
48,734,856
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.8%
Federal
Home
Loan
Mortgage
Corp.
-
1.0%
210,271
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
192,786
198,004
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54(d)
195,545
629,641
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
11/25/57(b)
597,282
1,225,000
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,199,072
273,788
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
45,448
61,999
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
3,291
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
74,071
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
$
7,849
70,562
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
70,104
2,311,377
Federal
National
Mortgage
Association
-
0.0%
39,481
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
38,907
147,082
Federal
National
Mortgage
Association
Interest
Only,
2.72%,
01/25/39(b)
785
39,692
Government
National
Mortgage
Association
-
0.8%
1,206,984
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,203,834
129,260
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
129,025
91,060
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
90,769
327,738
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
332,636
1,756,264
Total
Government
&
Agency
Obligations
(Cost
$54,457,587)
54,900,965
Shares
Security
Description
Value
Preferred
Stocks
-
0.2%
Financials
-
0.2%
400
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
10/30/24),
16.82%(b)(e)
339,476
Total
Preferred
Stocks
(Cost
$410,420)
339,476
Short-Term
Investments
-
0.3%
Investment
Company
-
0.3%
750,290
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.83%(f)
750,290
Total
Short-Term
Investments
(Cost
$750,290)
750,290
Investments,
at
value
-
99.7%
(Cost
$221,470,569)
222,109,885
Other
assets
in
excess
of
liabilities
-
0.3%
585,468
NET
ASSETS
-
100.0%
$
222,695,353
(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,
2024,
the
aggregate
value
of
these
liquid
securities
were
$96,805,573
or
43.5%
of
net
assets.
(b)
Variable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
September
30,
2024.
(c)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2024.
(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,
2024.
(e)
Perpetual
maturity
security.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2024.
ABS
Asset
Backed
Security
CLO
Collateralized
Loan
Obligation
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
LP
Limited
Partnership
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
18.7%
Asset
Backed
Securities
-
7.5%
$
960,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46(a)
$
909,873
1,131,250
ARM
Master
Trust,
2.43%,
11/15/27(a)
1,116,337
547,489
Capital
Automotive,
1.44%,
08/15/51(a)
513,864
852,915
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61(a)
801,272
315,278
Commonbond
Student
Loan
Trust,
1.17%,
09/25/51(a)
265,137
519,708
CoreVest
American
Finance,
Ltd.,
1.17%,
12/15/52(a)
502,326
430,503
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53(a)
414,022
404,586
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45(a)
371,557
915,000
FRTKL
2021-SFR1,
1.57%,
09/17/38(a)
861,201
844,578
Home
Partners
of
America
Trust,
2.20%,
01/17/41(a)
766,178
288,899
Navient
Student
Loan
Trust,
6.81%,
10/15/31(a)(b)
289,576
419,477
Navient
Student
Loan
Trust,
1.11%,
02/18/70(a)
373,281
237,371
Nelnet
Student
Loan
Trust,
1.63%,
04/20/62(a)
221,996
425,132
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62(a)
393,917
809,368
Progress
Residential
Trust,
1.52%,
07/17/38(a)
770,941
600,000
Purchasing
Power
Funding,
LLC,
5.89%,
08/15/28(a)
608,709
435,000
Sabey
Data
Center
Issuer,
LLC,
1.88%,
06/20/46(a)
410,576
410,949
SLM
Student
Loan
Trust,
6.62%,
10/25/24(b)
408,182
581,764
SLM
Student
Loan
Trust,
7.27%,
04/15/29(b)
583,777
15,105
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31(a)
15,071
595,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46(a)
568,514
1,151,006
Tricon
American
Homes
Trust,
1.48%,
11/17/39(a)
1,061,144
932,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45(a)
901,408
13,128,859
Principal
Amount
Security
Description
Value
Non-Agency
Commercial
Mortgage
Backed
Securities
-
3.7%
$
1,150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37(a)(c)
$
1,112,322
790,000
BX
Trust,
6.16%,
09/15/36(a)(b)
782,594
667,117
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
663,572
390,000
Goldman
Sachs
Mortgage
Securities
Trust,
6.10%,
11/15/36(a)(b)
386,709
638,636
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44(a)(c)
6
1,065,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39(a)
984,844
600,924
MHC
Commercial
Mortgage
Trust,
6.06%,
05/15/38(a)(b)
598,295
610,908
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(a)(c)
579,455
282,703
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41(a)(c)
260,313
608,565
Tricon
Residential
Trust,
3.86%,
04/17/39(a)
597,329
451,011
Velocity
Commercial
Capital
Loan
Trust,
6.58%,
04/25/54(a)(c)
460,381
6,425,820
Non-Agency
Residential
Mortgage
Backed
Securities
-
7.5%
257,460
BRAVO
Residential
Funding
Trust,
6.03%,
11/25/69(a)(b)
256,489
1,038,210
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(a)(c)
931,909
212,083
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53(a)
208,248
295,607
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(a)(c)
287,872
238,861
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(a)(c)
232,997
71,101
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
72,354
14,145
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
14,033
1,146
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
01/05/25
1,075
707,209
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47(a)(c)
642,275
782,985
Credit
Suisse
Mortgage
Trust,
2.50%,
11/25/56(a)(c)
706,531
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
154,898
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
6.09%,
02/25/33(b)
$
157,139
107,729
CSMLT
Trust,
2.97%,
10/25/30(a)(c)
103,159
763,108
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51(a)
747,927
619,861
Flagstar
Mortgage
Trust,
2.50%,
04/25/51(a)(c)
555,865
632,312
Flagstar
Mortgage
Trust,
2.50%,
07/25/51(a)(c)
566,903
93,409
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45(c)
92,292
905,049
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51(a)(c)
814,630
783,425
Mello
Mortgage
Capital
Acceptance,
2.50%,
08/25/51(a)(c)
699,957
489,023
MFRA
Trust,
3.91%,
04/25/66(a)(d)
479,958
268,875
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57(a)(c)
262,433
205,443
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59(a)(c)
194,321
148,310
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54(a)(c)
141,397
88,542
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52(a)(c)
85,049
267,592
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(a)(c)
257,309
594,409
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52(a)(c)
542,056
1,305,456
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51(a)(c)
1,167,986
759,774
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51(a)(c)
680,188
891,180
PSMC
Trust,
2.50%,
08/25/51(a)(c)
800,334
13,711
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
5.65%,
01/05/25(b)
10,420
766,369
Sequoia
Mortgage
Trust,
2.50%,
06/25/51(a)(c)
684,749
173,808
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30(a)(c)
168,400
766,491
Woodward
Capital
Management,
2.50%,
01/25/52(a)(c)
681,131
13,247,386
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$35,083,618)
32,802,065
Corporate
Bonds
-
26.5%
Communication
Services
-
1.8%
420,000
Alphabet,
Inc.,
2.25%,
08/15/60
259,161
1,065,000
AT&T,
Inc.,
4.30%,
12/15/42
949,198
1,180,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
1,147,090
Principal
Amount
Security
Description
Value
$
905,000
Verizon
Communications,
Inc.,
3.55%,
03/22/51
$
700,810
3,056,259
Consumer
Discretionary
-
3.1%
735,000
Dollar
General
Corp.,
3.50%,
04/03/30
691,872
600,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
609,859
980,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31(a)
888,224
1,550,000
McDonald's
Corp.,
3.63%,
09/01/49
1,221,107
335,000
Newell
Brands,
Inc.,
5.70%,
04/01/26
335,822
445,000
Tapestry,
Inc.,
7.70%,
11/27/30
479,401
1,192,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,072,199
5,298,484
Consumer
Staples
-
1.6%
1,120,000
Campbell
Soup
Co.,
2.38%,
04/24/30
1,011,545
625,000
Campbell
Soup
Co.,
4.75%,
03/23/35
623,163
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28(a)
521,656
565,000
The
Kroger
Co.,
5.00%,
09/15/34
569,711
2,726,075
Energy
-
1.0%
1,195,000
Energy
Transfer
LP,
5.55%,
05/15/34
1,237,317
595,000
Pioneer
Natural
Resources
Co.,
2.15%,
01/15/31
522,708
1,760,025
Financials
-
9.5%
1,400,000
Bank
of
America
Corp.,
2.69%,
04/22/32(c)
1,248,617
1,390,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
1,213,852
1,240,000
Citigroup,
Inc.,
4.91%,
05/24/33(c)
1,249,875
1,444,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,285,818
1,175,000
JPMorgan
Chase
&
Co.,
5.34%,
01/23/35(c)
1,228,168
1,155,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,092,465
1,225,000
Morgan
Stanley,
4.89%,
07/20/33(c)
1,240,308
400,000
Regions
Financial
Corp.,
5.50%,
09/06/35(c)
407,053
930,000
Regions
Financial
Corp.,
1.80%,
08/12/28
839,848
1,100,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65(c)(e)
1,098,156
947,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,084,149
1,395,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33(c)
1,255,127
1,210,000
Truist
Financial
Corp.,
MTN,
5.12%,
01/26/34(c)
1,223,295
985,000
U.S.
Bancorp,
4.84%,
02/01/34(c)
984,307
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
260,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49(c)(e)
$
257,991
1,365,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31(c)
1,239,516
16,948,545
Industrials
-
4.1%
1,399,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
1,238,884
1,275,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,203,833
1,177,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,145,670
1,252,000
RTX
Corp.,
4.88%,
10/15/40
1,225,179
280,000
The
Boeing
Co.,
6.53%,
05/01/34(a)
300,514
815,000
TTX
Co.,
4.60%,
02/01/49(a)
768,877
1,385,000
Waste
Management,
Inc.,
1.50%,
03/15/31
1,172,178
7,055,135
Information
Technology
-
2.5%
625,000
Hewlett
Packard
Enterprise
Co.,
5.00%,
10/15/34
618,763
1,190,000
Oracle
Corp.,
2.30%,
03/25/28
1,117,547
1,125,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,023,597
448,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30(a)
379,502
1,320,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,198,547
4,337,956
Materials
-
1.0%
550,000
Albemarle
Corp.,
5.05%,
06/01/32
550,142
376,000
Albemarle
Corp.,
5.45%,
12/01/44
356,708
819,000
The
Mosaic
Co.,
5.45%,
11/15/33
846,188
1,753,038
Real
Estate
-
0.6%
1,125,000
NNN
REIT,
Inc.,
4.30%,
10/15/28
1,118,520
Utilities
-
1.3%
1,115,000
Duke
Energy
Corp.,
5.75%,
09/15/33
1,199,175
415,000
NiSource,
Inc.,
5.35%,
04/01/34
430,856
643,474
Texas
Electric
Market
Stabilization
Funding
N,
LLC,
4.27%,
08/01/34(a)
643,402
2,273,433
Total
Corporate
Bonds
(Cost
$47,853,490)
46,327,470
Government
&
Agency
Obligations
-
54.2%
GOVERNMENT
SECURITIES
-
24.7%
Municipals
-
0.8%
260,000
Empire
State
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
269,628
340,000
New
York
City
Municipal
Water
Finance
Authority,
New
York
RB,
5.72%,
06/15/42
360,067
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
233,276
Principal
Amount
Security
Description
Value
$
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
$
453,482
1,316,453
Treasury
Inflation
Index
Securities
-
0.4%
720,083
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28(f)
718,918
U.S.
Treasury
Securities
-
23.5%
9,900,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
9,168,328
7,475,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
6,712,025
16,550,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
14,615,719
3,420,000
U.S.
Treasury
Note/Bond,
3.88%,
08/15/33
3,447,520
9,190,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
5,988,218
400,000
U.S.
Treasury
Note/Bond,
2.75%,
02/15/28
389,500
850,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
873,607
41,194,917
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
29.5%
Federal
Home
Loan
Mortgage
Corp.
-
13.3%
740,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32(c)
704,426
348,374
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
339,804
595,973
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
08/25/56(d)
565,961
286,201
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
11/25/57(c)
271,492
634,080
Federal
Home
Loan
Mortgage
Corp.,
2.50%,
11/25/59
587,126
3,119
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
3,102
895,216
Federal
Home
Loan
Mortgage
Corp.
#RA6436,
2.50%,
12/01/51
783,380
1,053,576
Federal
Home
Loan
Mortgage
Corp.
#RA7549,
4.00%,
06/01/52
1,013,565
1,581,470
Federal
Home
Loan
Mortgage
Corp.
#RA7779,
4.50%,
08/01/52
1,557,535
1,393,191
Federal
Home
Loan
Mortgage
Corp.
#RA8528,
5.00%,
02/01/53
1,404,307
1,448,136
Federal
Home
Loan
Mortgage
Corp.
#RA9070,
6.00%,
05/01/53
1,497,197
1,601,249
Federal
Home
Loan
Mortgage
Corp.
#SD1046,
4.00%,
07/01/52
1,552,900
2,072,286
Federal
Home
Loan
Mortgage
Corp.
#SD1087,
3.50%,
06/01/52
1,938,076
2,800,227
Federal
Home
Loan
Mortgage
Corp.
#SD1663,
4.00%,
10/01/52
2,701,135
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
1,807,320
Federal
Home
Loan
Mortgage
Corp.
#SD1740,
4.50%,
10/01/52
$
1,788,885
90,783
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
91,420
94,702
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
95,459
876,838
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
813,140
244,659
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
247,458
294,060
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
287,994
589,119
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
579,369
673,940
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
111,872
117,729
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
117,378
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
934,469
511,918
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
500,262
654,280
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
599,781
407,052
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
374,163
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,375,103
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
463,678
23,300,437
Federal
National
Mortgage
Association
-
14.7%
63,946
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
65,574
54,397
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
55,019
5,525
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
5,687
48,577
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
49,133
322,204
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
298,798
103
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
103
109,232
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
110,482
19,837
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
20,905
236,527
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
233,870
Principal
Amount
Security
Description
Value
$
79,330
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
$
78,503
160,797
Federal
National
Mortgage
Association
#AL9970,
2.88%,
02/01/27(c)
156,393
1,149,451
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
1,083,812
1,175,217
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,118,299
263,452
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
259,190
350,647
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
353,546
290,610
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
282,577
347,304
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
317,346
338,746
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
320,965
1,031,346
Federal
National
Mortgage
Association
#CB2094,
3.00%,
11/01/51
931,833
1,300,494
Federal
National
Mortgage
Association
#CB3233,
3.00%,
04/01/52
1,179,574
1,925,137
Federal
National
Mortgage
Association
#CB4393,
4.50%,
08/01/52
1,908,820
461,282
Federal
National
Mortgage
Association
#CB4561,
5.00%,
09/01/52
464,623
1,948,293
Federal
National
Mortgage
Association
#FM2725,
3.00%,
02/01/50
1,751,912
2,851,812
Federal
National
Mortgage
Association
#FS0331,
3.00%,
01/01/52
2,566,916
2,061,405
Federal
National
Mortgage
Association
#FS1555,
3.50%,
04/01/52
1,930,955
1,707,980
Federal
National
Mortgage
Association
#FS2060,
4.00%,
06/01/52
1,656,422
984,990
Federal
National
Mortgage
Association
#FS3363,
3.00%,
06/01/52
886,588
2,057,987
Federal
National
Mortgage
Association
#FS3498,
3.50%,
07/01/52
1,922,549
1,128,275
Federal
National
Mortgage
Association
#FS4081,
5.00%,
01/01/53
1,138,450
1,661,532
Federal
National
Mortgage
Association
#FS5179,
5.00%,
06/01/53
1,675,875
228,446
Federal
National
Mortgage
Association
Interest
Only,
2.72%,
01/25/39(c)
1,218
709,206
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
647,963
435,215
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29(c)
430,681
127,543
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
126,054
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
929,354
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
769,866
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
$
767,115
25,727,104
Government
National
Mortgage
Association
-
1.5%
340,717
Government
National
Mortgage
Association,
2.85%,
04/16/50
328,699
379,333
Government
National
Mortgage
Association,
3.50%,
01/20/69(c)
368,972
804,802
Government
National
Mortgage
Association
#786915,
5.50%,
09/20/53
820,568
358,714
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
327,165
646,277
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
655,934
2,501,338
Total
Government
&
Agency
Obligations
(Cost
$97,870,760)
94,759,167
Shares
Security
Description
Value
Short-Term
Investments
-
0.6%
Investment
Company
-
0.6%
1,073,173
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.83%(g)
1,073,173
Total
Short-Term
Investments
(Cost
$1,073,173)
1,073,173
Investments,
at
value
-
100.0%
(Cost
$181,881,041)
174,961,875
Other
assets
in
excess
of
liabilities
-
0.0%
42,246
NET
ASSETS
-
100.0%
$
175,004,121
(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,
2024,
the
aggregate
value
of
these
liquid
securities
were
$34,301,396
or
19.6%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2024.
(c)
Variable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
September
30,
2024.
(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,
2024.
(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,
2024.
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
LP
Limited
Partnership
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
98.4%
GOVERNMENT
SECURITIES
-
96.1%
Municipals
-
96.1%
Alaska
-
0.2%
$
100,000
Alaska
Municipal
Bond
Bank
Authority,
Alaska
RB,
5.00%,
12/01/35
$
113,168
Colorado
-
0.3%
150,000
County
of
El
Paso
CO,
Colorado
COP,
5.00%,
12/01/37
172,121
Illinois
-
0.9%
250,000
La
Salle
&
Bureau
Counties
Township
High
School
District
No.
120
LaSalle-
Peru,
Illinois
GO,
5.00%,
12/01/29
272,880
200,000
Park
Ridge
Park
District,
Illinois
GO,
5.00%,
12/01/35
226,275
499,155
Iowa
-
0.9%
220,000
City
of
Bettendorf
IA,
Iowa
GO,
4.00%,
06/01/35
233,285
225,000
Woodbine
Community
School
District
Infrastructure
Sales
Service
&
Use
Tax,
Iowa
RB,
5.00%,
06/01/32
254,969
488,254
Nebraska
-
87.7%
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
258,578
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
292,557
200,000
Burt
County
Public
Power
District,
Nebraska
RB,
4.75%,
07/01/34
208,705
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
367,569
185,000
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
184,843
350,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
09/01/32
379,108
285,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
09/01/33
310,758
305,000
City
of
Ashland
NE,
Nebraska
GO,
3.85%,
04/01/34
304,805
200,000
City
of
Aurora
NE,
Nebraska
GO,
5.00%,
12/15/28
205,016
300,000
City
of
Beatrice
NE,
Nebraska
RB,
4.40%,
03/15/29
303,456
200,000
City
of
Bellevue
NE,
Nebraska
GO,
5.00%,
09/15/30
219,957
350,000
City
of
Bellevue
NE,
Nebraska
GO,
2.00%,
09/15/30
325,043
140,000
City
of
Bellevue
NE,
Nebraska
RB,
5.00%,
09/15/34
152,638
Principal
Amount
Security
Description
Value
$
270,000
City
of
Blair
NE,
Nebraska
GO,
5.00%,
06/15/28
$
291,659
55,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
51,523
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
109,833
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
340,744
250,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
272,639
130,000
City
of
Crete
NE,
Nebraska
GO,
3.70%,
05/01/26
130,187
200,000
City
of
David
City
NE,
Nebraska
GO,
4.05%,
12/15/27
200,030
130,000
City
of
David
City
NE
Electric
Utility
Revenue,
Nebraska
RB,
4.40%,
12/15/29
131,739
345,000
City
of
Falls
City
NE,
Nebraska
GO,
4.25%,
11/15/30
354,934
250,000
City
of
Falls
City
NE,
Nebraska
GO,
3.65%,
11/15/32
248,865
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
344,995
150,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
157,984
430,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/34
447,549
400,000
City
of
Hickman
NE,
Nebraska
GO,
4.00%,
02/15/25
399,944
300,000
City
of
Kearney
NE,
Nebraska
GO,
4.00%,
05/15/27
307,158
100,000
City
of
Kearney
NE,
Nebraska
GO,
2.75%,
06/15/27
98,797
220,000
City
of
Kearney
NE
Combined
Utilities
Revenue,
Nebraska
RB,
5.00%,
06/15/32
237,858
400,000
City
of
Kearney
NE
Combined
Utilities
Revenue,
Nebraska
RB,
1.25%,
12/15/27
368,042
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
375,042
150,000
City
of
La
Vista
NE,
Nebraska
GO,
5.00%,
09/15/33
161,130
145,000
City
of
McCook
NE,
Nebraska
GO,
5.00%,
09/15/31
155,272
150,000
City
of
Nebraska
City
NE,
Nebraska
GO,
3.80%,
01/15/33
149,283
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
195,000
City
of
Norfolk
NE,
Nebraska
GO,
2.70%,
09/01/25
$
192,709
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
360,066
45,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/32
48,302
200,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
196,678
400,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/34
394,051
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/37
228,347
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
574,713
500,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
04/15/37
583,847
355,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
378,409
250,000
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
250,374
200,000
City
of
West
Point
NE,
Nebraska
GO,
3.25%,
11/01/28
196,355
90,000
County
of
Brown
NE,
Nebraska
GO,
3.70%,
01/15/26
90,220
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
367,211
275,000
County
of
Cedar
NE,
Nebraska
GO,
3.80%,
09/15/28
278,485
300,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/34
306,586
435,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/36
450,207
245,000
County
of
Douglas
NE,
Nebraska
RB,
3.00%,
09/01/27
245,658
125,000
County
of
Jefferson
NE,
Nebraska
GO,
2.00%,
12/01/25
123,121
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
321,924
250,000
County
of
Sarpy
NE,
Nebraska
GO,
3.00%,
06/01/29
251,104
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
187,414
400,000
Cozad
City
School
District,
Nebraska
GO,
4.00%,
06/15/28
413,141
265,000
Cuming
County
Public
Power
District,
Nebraska
RB,
1.50%,
12/15/25
257,852
250,000
Custer
County
School
District
No.
25,
Nebraska
GO,
5.00%,
12/15/33
271,101
Principal
Amount
Security
Description
Value
$
300,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/36
$
335,864
370,000
Dodge
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
410,631
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,159,753
300,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
11/15/34
329,640
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
183,303
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
580,004
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
253,347
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
490,
Nebraska
GO,
2.70%,
08/15/28
94,349
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
254,253
215,000
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
212,776
250,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
4.00%,
12/15/32
263,321
200,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
5.00%,
06/15/34
235,819
325,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
4.00%,
12/15/41
329,256
175,000
Douglas
County
School
District
No.
54,
Nebraska
GO,
5.00%,
12/15/29
193,680
250,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/34
255,208
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
703,671
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
750,838
300,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
300,248
250,000
Elkhorn
School
District,
Nebraska
GO,
5.00%,
12/15/37
291,728
200,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
12/15/30
213,842
530,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
551,520
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
387,563
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
498,818
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
$
722,877
160,000
KBR
Rural
Public
Power
District/NE,
Nebraska
RB,
3.20%,
12/15/28
155,329
300,000
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
295,610
150,000
Lancaster
County
School
District
No.
1,
Nebraska
GO,
4.00%,
01/15/31
153,747
370,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/34
317,500
320,000
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
312,388
200,000
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
219,773
500,000
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
502,192
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
979,058
260,000
Lyons-Decatur
Northeast
Schools,
Nebraska
GO,
5.00%,
12/15/30
276,879
525,000
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
525,886���
115,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/35
120,762
325,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
325,875
315,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/37
360,371
300,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
3.30%,
12/01/29
301,537
350,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/32
400,193
110,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
110,191
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
482,084
150,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
03/01/34
151,315
100,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
09/01/34
100,687
Principal
Amount
Security
Description
Value
$
240,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.00%,
03/01/52
$
236,175
125,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
141,448
200,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
204,329
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
314,400
455,000
Nebraska
State
Colleges
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/29
500,158
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
441,904
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
323,512
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
417,460
600,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
629,972
210,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
214,967
100,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
109,780
350,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/36
398,890
350,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/46
351,247
900,000
Omaha
Public
Power
District,
Nebraska
RB,
5.25%,
02/01/53
999,483
250,000
Omaha
Public
Power
District,
Nebraska
RB,
5.50%,
02/01/54
283,015
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
793,322
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
522,125
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
177,027
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
612,929
325,000
Omaha
School
District,
Nebraska
GO,
2.00%,
12/15/34
272,234
700,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
699,956
525,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/41
469,493
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
273,943
200,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/37
228,945
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
350,040
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
750,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
$
785,300
145,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
144,939
105,000
Sarpy
County
Sanitary
&
Improvement
District
No.
23,
Nebraska
GO,
2.30%,
08/15/34
82,670
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
245,
Nebraska
GO,
3.45%,
11/15/28
98,118
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
93,777
300,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
3.85%,
12/15/28
303,088
275,000
Scotts
Bluff
County
School
District
No.
16,
Nebraska
GO,
5.00%,
12/01/29
298,567
300,000
Southeast
Community
College
Area,
Nebraska
RB,
4.00%,
03/15/31
308,346
200,000
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
204,209
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
293,721
500,000
The
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
514,579
100,000
Village
of
Alda
NE,
Nebraska
GO,
4.00%,
12/15/24
99,944
140,000
Village
of
Ansley
NE,
Nebraska
GO,
3.40%,
03/15/28
140,322
435,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
423,831
700,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
706,922
200,000
Village
of
Callaway
NE,
Nebraska
GO,
3.75%,
02/15/31
196,955
185,000
Village
of
Ceresco
NE,
Nebraska
GO,
3.60%,
12/15/32
183,547
265,000
Wayne
County
School
District
No.
17,
Nebraska
GO,
5.00%,
12/15/28
287,126
250,000
Westside
Community
Schools,
Nebraska
GO,
5.00%,
12/01/37
281,196
450,000
York
County
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
443,415
100,000
York
County
School
District
No.
96,
Nebraska
GO,
5.00%,
12/15/28
108,812
47,385,939
New
York
-
1.1%
325,000
New
York
City
Transitional
Finance
Authority,
New
York
RB,
5.00%,
05/01/42
365,213
Principal
Amount
Security
Description
Value
$
200,000
New
York
City
Transitional
Finance
Authority,
New
York
RB,
5.00%,
05/01/42
$
225,827
591,040
North
Dakota
-
0.9%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
485,638
South
Dakota
-
1.3%
425,000
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
427,867
220,000
County
of
Lincoln
SD,
South
Dakota
GO,
5.00%,
12/01/43
242,283
670,150
Texas
-
1.1%
200,000
City
of
Austin
TX
Electric
Utility
Revenue,
Texas
RB,
5.00%,
11/15/36
230,298
160,000
City
of
Lubbock
TX,
Texas
GO,
5.00%,
02/15/36
183,304
150,000
County
of
Travis
TX,
Texas
GO,
3.00%,
03/01/30
150,659
564,261
Wisconsin
-
1.7%
400,000
City
of
Neenah
WI,
Wisconsin
GO,
4.00%,
03/01/32
417,799
500,000
County
of
Dane
WI,
Wisconsin
GO,
3.00%,
06/01/31
496,496
914,295
51,884,021
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
2.3%
Federal
Home
Loan
Mortgage
Corp.
-
2.3%
199,589
Federal
Home
Loan
Mortgage
Corp.,
4.68%,
10/25/40(a)
217,235
196,000
Federal
Home
Loan
Mortgage
Corp.,
4.16%,
05/25/41(a)
202,751
291,297
Federal
Home
Loan
Mortgage
Corp.,
2.34%,
07/25/41(b)
247,717
579,026
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
560,510
1,228,213
Total
Government
&
Agency
Obligations
(Cost
$54,220,679)
53,112,234
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Short-Term
Investments
-
1.4%
Investment
Company
-
1.4%
767,225
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.83%(c)
$
767,225
Total
Short-Term
Investments
(Cost
$767,225)
767,225
Investments,
at
value
-
99.8%
(Cost
$54,987,904)
53,879,459
Other
assets
in
excess
of
liabilities
-
0.2%
130,981
NET
ASSETS
-
100.0%
$
54,010,440
(a)
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
September
30,
2024.
(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,
2024,
the
aggregate
value
of
these
liquid
securities
were
$247,717
or
0.5%
of
net
assets.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2024.
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,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Shares
Security
Description
Value
Common
Stocks
-
62.2%
Communication
Services
-
5.1%
12,750
Alphabet,
Inc.,
Class C
$
2,131,672
1,850
Comcast
Corp.,
Class A
77,275
2,775
Meta
Platforms,
Inc.,
Class A
1,588,521
11,300
Verizon
Communications,
Inc.
507,483
4,304,951
Consumer
Discretionary
-
6.6%
10,940
Amazon.com,
Inc.(a)
2,038,450
121
Booking
Holdings,
Inc.
509,667
9,550
Gentex
Corp.
283,539
4,555
NIKE,
Inc.,
Class B
402,662
325
O'Reilly
Automotive,
Inc.(a)
374,270
1,070
Pool
Corp.
403,176
2,405
Royal
Caribbean
Cruises,
Ltd.
426,551
2,060
The
Home
Depot,
Inc.
834,712
10,200
Upbound
Group,
Inc.,
Class A
326,298
5,599,325
Consumer
Staples
-
3.3%
4,310
Church
&
Dwight
Co.,
Inc.
451,343
1,876
Constellation
Brands,
Inc.,
Class A
483,427
885
Costco
Wholesale
Corp.
784,570
5,945
Lamb
Weston
Holdings,
Inc.
384,879
8,955
Walmart,
Inc.
723,116
2,827,335
Energy
-
2.2%
1,780
Diamondback
Energy,
Inc.
306,872
3,310
EOG
Resources,
Inc.
406,898
8,310
Exxon
Mobil
Corp.
974,098
1,660
Phillips
66
218,207
1,906,075
Financials
-
8.3%
4,510
Brown
&
Brown,
Inc.
467,236
1,750
Chubb,
Ltd.
504,683
2,560
CME
Group,
Inc.
564,864
10,170
Equitable
Holdings,
Inc.
427,445
6,870
First
American
Financial
Corp.
453,489
2,850
Fiserv,
Inc.(a)
512,002
4,980
JPMorgan
Chase
&
Co.
1,050,083
1,745
Mastercard,
Inc.,
Class A
861,681
990
Moody's
Corp.
469,844
5,850
Morgan
Stanley
609,804
9,600
Synchrony
Financial
478,848
10,800
Wells
Fargo
&
Co.
610,092
7,010,071
Health
Care
-
7.0%
5,950
Abbott
Laboratories
678,360
1,975
Amgen,
Inc.
636,365
5,750
AMN
Healthcare
Services,
Inc.(a)
243,742
6,360
Edwards
Lifesciences
Corp.(a)
419,696
1,387
Eli
Lilly
&
Co.
1,228,799
510
Humana,
Inc.
161,537
Shares
Security
Description
Value
4,040
Jazz
Pharmaceuticals
PLC(a)
$
450,096
4,070
Lantheus
Holdings,
Inc.(a)
446,683
1,310
Thermo
Fisher
Scientific,
Inc.
810,327
800
United
Therapeutics
Corp.(a)
286,680
2,870
Zoetis,
Inc.
560,741
5,923,026
Industrials
-
5.9%
3,980
AMETEK,
Inc.
683,406
3,395
Cintas
Corp.
698,962
22,150
CSX
Corp.
764,839
5,220
MasTec,
Inc.(a)
642,582
1,175
Paycom
Software,
Inc.
195,720
6,657
RTX
Corp.
806,562
6,940
The
Timken
Co.
584,973
2,855
Waste
Management,
Inc.
592,698
4,969,742
Information
Technology
-
18.8%
1,370
Adobe,
Inc.(a)
709,358
10,300
Amphenol
Corp.,
Class A
671,148
16,670
Apple,
Inc.
3,884,110
2,350
CDW
Corp.
531,805
4,422
Entegris,
Inc.
497,608
120
Fair
Isaac
Corp.(a)
233,222
1,960
Manhattan
Associates,
Inc.(a)
551,505
6,250
Microchip
Technology,
Inc.
501,812
8,600
Microsoft
Corp.
3,700,580
12,658
Napco
Security
Technologies,
Inc.
512,143
28,240
NVIDIA
Corp.
3,429,466
4,335
QUALCOMM,
Inc.
737,167
15,959,924
Materials
-
1.7%
4,875
FMC
Corp.
321,457
1,395
Linde
PLC
665,220
52,831
PureCycle
Technologies,
Inc.(a)
501,895
1,488,572
Real
Estate
-
1.7%
2,425
American
Tower
Corp.
REIT
563,958
9,960
First
Industrial
Realty
Trust,
Inc.
REIT
557,561
2,185
Sun
Communities,
Inc.
REIT
295,303
1,416,822
Utilities
-
1.6%
2,155
Atmos
Energy
Corp.
298,920
6,140
NextEra
Energy,
Inc.
519,014
5,850
The
Southern
Co.
527,553
1,345,487
Total
Common
Stocks
(Cost
$23,655,748)
52,751,330
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
10.1%
Asset
Backed
Securities
-
6.3%
$
155,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46(b)
$
146,906
33,450
AMSR
Trust,
1.63%,
07/17/37(b)
32,655
130,000
Auxilior
Term
Funding,
LLC,
5.84%,
03/15/27(b)
131,389
133,602
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28(b)
133,999
175,000
BofA
Auto
Trust,
5.31%,
06/17/30(b)
180,570
43,208
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68(b)(c)
42,798
67,979
CCG
Receivables
Trust,
5.82%,
09/16/30(b)
68,609
90,000
CCG
Receivables
Trust,
4.99%,
03/15/32(b)
90,517
111,852
CCG
Receivables
Trust,
6.28%,
04/14/32(b)
113,821
72,375
CCG
Receivables
Trust,
3.91%,
07/16/29(b)
72,003
233,858
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60(b)
226,284
113,094
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61(b)
106,246
280,000
Chase
Auto
Owner
Trust,
5.59%,
06/25/29(b)
291,677
285,000
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28(b)
289,157
23,591
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46(b)
22,610
8,196
CoreVest
American
Finance,
Ltd.,
1.83%,
03/15/50(b)
8,131
12,824
DLLMT,
LLC,
1.00%,
07/21/25(b)
12,759
38,227
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45(b)
34,618
175,000
Foundation
Finance
Trust,
4.60%,
03/15/50(b)
175,337
190,000
FRTKL
2021-SFR1,
1.57%,
09/17/38(b)
178,829
200,000
GreatAmerica
Leasing
Receivables
Funding,
LLC,
4.98%,
01/18/28(b)
202,877
100,000
GreenSky
Home
Improvement
Trust,
5.67%,
06/25/59(b)
101,499
100,000
GreenSky
Home
Improvement
Trust,
5.55%,
06/25/59(b)
102,560
170,000
GreenState
Auto
Receivables
Trust,
5.19%,
01/16/29(b)
172,385
230,000
Honda
Auto
Receivables
Owner
Trust,
5.67%,
06/21/28
235,344
135,000
Huntington
Auto
Trust,
5.23%,
01/16/29(b)
137,744
Principal
Amount
Security
Description
Value
$
100,000
Kubota
Credit
Owner
Trust,
5.19%,
05/15/30(b)
$
102,902
225,000
LAD
Auto
Receivables
Trust,
6.12%,
09/15/27(b)
226,784
105,000
M&T
Equipment
2024-LEAF1
Notes,
4.94%,
08/18/31(b)
106,383
34,143
Navient
Student
Loan
Trust,
6.81%,
10/15/31(b)(d)
34,223
115,000
NMEF
Funding,
LLC,
5.15%,
12/15/31(b)
115,614
25,019
NMEF
Funding,
LLC,
6.07%,
06/15/29(b)
25,186
68,415
North
Texas
Higher
Education
Authority,
Inc.,
5.54%,
09/25/61(d)
67,859
115,000
Octane
Receivables
Trust,
5.80%,
07/20/32(b)
116,571
119,317
Progress
Residential
Trust,
1.52%,
07/17/38(b)
113,652
200,000
Purchasing
Power
Funding,
LLC,
5.89%,
08/15/28(b)
202,903
280,000
SCCU
Auto
Receivables
Trust
2024-1,
5.11%,
06/15/29(b)
283,997
65,280
SLM
Student
Loan
Trust,
7.27%,
04/15/29(d)
65,506
2,324
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31(b)
2,319
150,486
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47(b)
132,383
70,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46(b)
66,884
113,479
Tricon
American
Homes
Trust,
1.48%,
11/17/39(b)
104,620
180,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45(b)
174,092
115,000
Wingspire
Equipment
Finance,
LLC,
4.99%,
09/20/32(b)
115,822
5,369,024
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.8%
150,000
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37(b)(c)
145,086
52,404
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
52,213
79,720
BX
Commercial
Mortgage
Trust,
6.11%,
02/15/39(b)(d)
79,271
160,000
BX
Trust,
6.16%,
09/15/36(b)(d)
158,500
96,965
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
96,449
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
6.10%,
11/15/36(b)(d)
173,524
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
164,925
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39(b)
$
184,947
7,053
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52(b)
7,037
143,799
KNDR
2021-KIND
A,
6.16%,
08/15/38(b)(d)
141,506
89,840
ReadyCap
Commercial
Mortgage
Trust
CLO,
6.91%,
01/25/37(b)(d)
89,729
75,000
SREIT
Trust,
5.79%,
07/15/36(b)(d)
74,625
62,415
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(b)(c)
59,201
129,694
Tricon
Residential
Trust,
3.86%,
04/17/39(b)
127,300
98,235
TRTX
Issuer,
Ltd.
CLO,
6.73%,
02/15/39(b)(d)
97,572
150,000
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
145,275
91,123
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51(b)(c)
78,694
235,000
Wells
Fargo
Commercial
Mortgage
Trust,
5.48%,
07/15/35(b)(c)
236,675
220,000
WSTN
Trust,
6.52%,
07/05/37(b)(c)
225,224
2,337,753
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.0%
90,655
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67(b)(c)
86,166
142,221
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(b)(c)
127,659
2,634
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69(b)(c)
2,626
131,154
Chase
Mortgage
Finance
Corp.,
3.50%,
06/25/62(b)(c)
123,133
31,854
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(b)(c)
31,021
10,761
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(b)(c)
10,497
92,683
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47(b)(c)
84,173
22,734
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32(b)(c)
22,383
83,400
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51(b)
81,741
10,648
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45(c)
10,520
20,300
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(b)(c)
19,520
146,509
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52(b)(c)
133,605
Principal
Amount
Security
Description
Value
$
105,536
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61(b)(c)
$
98,405
831,449
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$8,672,683)
8,538,226
Corporate
Bonds
-
11.1%
Communication
Services
-
1.0%
303,000
AT&T,
Inc.,
4.30%,
02/15/30
302,631
185,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
179,840
319,000
Verizon
Communications,
Inc.,
4.78%,
02/15/35(b)
318,542
801,013
Consumer
Discretionary
-
1.6%
310,000
Dollar
General
Corp.,
3.50%,
04/03/30
291,810
200,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
203,286
330,000
McDonald's
Corp.,
2.13%,
03/01/30
297,241
50,000
Newell
Brands,
Inc.,
5.70%,
04/01/26
50,123
50,000
Starbucks
Corp.,
2.00%,
03/12/27
47,650
135,000
Tapestry,
Inc.,
7.70%,
11/27/30
145,436
335,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
305,761
1,341,307
Consumer
Staples
-
0.5%
250,000
Campbell
Soup
Co.,
2.38%,
04/24/30
225,791
165,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27(b)
160,113
385,904
Energy
-
0.2%
145,000
Energy
Transfer
LP,
4.95%,
05/15/28
147,163
Financials
-
4.3%
345,000
Bank
of
America
Corp.,
2.69%,
04/22/32(c)
307,695
326,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
284,688
300,000
Citigroup,
Inc.,
3.89%,
01/10/28(c)
296,986
40,000
CME
Group,
Inc.,
3.00%,
03/15/25
39,687
250,000
Enact
Holdings,
Inc.,
6.25%,
05/28/29
259,566
350,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
311,660
340,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30(c)
314,978
150,000
KeyCorp,
MTN,
2.25%,
04/06/27
141,879
285,000
Morgan
Stanley,
4.89%,
07/20/33(c)
288,561
225,000
Regions
Financial
Corp.,
1.80%,
08/12/28
203,189
175,000
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65(c)(e)
174,707
220,000
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
218,897
200,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33(c)
179,947
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Security
Description
Value
$
120,000
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
$
118,964
100,000
U.S.
Bancorp,
4.84%,
02/01/34(c)
99,930
150,000
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49(c)(e)
148,841
345,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31(c)
313,284
3,703,459
Health
Care
-
0.1%
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
108,791
37,000
Becton
Dickinson
&
Co.,
3.73%,
12/15/24
36,883
145,674
Industrials
-
1.8%
265,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
234,671
230,000
BMW
Finance
NV,
2.85%,
08/14/29(b)
214,931
200,000
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
198,716
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
253,079
175,000
Union
Pacific
Corp.,
3.95%,
09/10/28
174,896
250,000
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25(b)
247,602
285,000
Waste
Management,
Inc.,
1.50%,
03/15/31
241,206
1,565,101
Information
Technology
-
1.6%
170,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
149,275
305,000
eBay,
Inc.,
3.60%,
06/05/27
301,561
185,000
Oracle
Corp.,
2.30%,
03/25/28
173,736
328,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
296,756
70,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30(b)
59,297
345,000
Xilinx,
Inc.,
2.38%,
06/01/30
313,257
1,293,882
Total
Corporate
Bonds
(Cost
$9,664,824)
9,383,503
Government
&
Agency
Obligations
-
13.9%
GOVERNMENT
SECURITIES
-
13.4%
Municipals
-
0.2%
125,000
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
105,516
50,000
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
45,696
151,212
Treasury
Inflation
Index
Securities
-
0.3%
281,800
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28(f)
279,999
Principal
Amount
Security
Description
Value
U.S.
Treasury
Securities
-
12.9%
$
95,000
U.S.
Treasury
Note,
2.13%,
05/15/25
$
93,762
2,340,000
U.S.
Treasury
Note,
2.25%,
02/15/27
2,267,789
3,615,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
3,246,016
3,505,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
3,095,353
1,550,000
U.S.
Treasury
Note/Bond,
3.88%,
08/15/33
1,562,473
650,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
668,053
10,933,446
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.5%
Federal
Home
Loan
Mortgage
Corp.
-
0.3%
36,588
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54(g)
36,133
7,642
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
7,592
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
218,560
262,285
Federal
National
Mortgage
Association
-
0.1%
6,861
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
6,790
65,282
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29(c)
64,602
71,392
Government
National
Mortgage
Association
-
0.1%
64,195
Government
National
Mortgage
Association,
3.50%,
01/20/69(c)
62,441
Total
Government
&
Agency
Obligations
(Cost
$11,734,106)
11,760,775
Shares
Security
Description
Value
Short-Term
Investments
-
2.6%
Investment
Company
-
2.6%
2,211,300
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.83%(h)
2,211,300
Total
Short-Term
Investments
(Cost
$2,211,300)
2,211,300
Investments,
at
value
-
99.9%
(Cost
$55,938,661)
84,645,134
Other
assets
in
excess
of
liabilities
-
0.1%
119,549
NET
ASSETS
-
100.0%
$
84,764,683
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
See
accompanying
Notes
to
Financial
Statements.
(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,
2024,
the
aggregate
value
of
these
liquid
securities
were
$8,700,620
or
10.3%
of
net
assets.
(c)
Variable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
September
30,
2024.
(d)
Floating
rate
security.
Rate
presented
is
as
of
September
30,
2024.
(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,
2024.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2024.
CLO
Collateralized
Loan
Obligation
GO
General
Obligation
LLC
Limited
Liability
Company
LP
Limited
Partnership
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,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
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,
2024.
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
99.2%
Communication
Services
-
1.2%
1,016
Nexstar
Media
Group,
Inc.,
Class A
$
167,996
Consumer
Discretionary
-
14.0%
1,721
Burlington
Stores,
Inc.(a)
453,449
1,926
Dorman
Products,
Inc.(a)
217,869
5,912
Gentex
Corp.
175,527
1,794
LGI
Homes,
Inc.(a)
212,625
3,727
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
362,264
1,461
Tractor
Supply
Co.
425,049
2,425
Wyndham
Hotels
&
Resorts,
Inc.
189,490
2,036,273
Consumer
Staples
-
3.3%
797
Casey's
General
Stores,
Inc.
299,441
1,043
Lancaster
Colony
Corp.
184,162
483,603
Energy
-
4.8%
7,035
CNX
Resources
Corp.(a)
229,130
17,704
Permian
Resources
Corp.
240,951
5,839
SM
Energy
Co.
233,385
703,466
Financials
-
16.4%
4,770
Atlantic
Union
Bankshares
Corp.
179,686
2,484
Brown
&
Brown,
Inc.
257,342
1,946
Cullen/Frost
Bankers,
Inc.
217,680
179
Markel
Group,
Inc.(a)
280,776
4,046
Moelis
&
Co.,
Class A
277,191
2,677
Selective
Insurance
Group,
Inc.
249,764
3,142
SouthState
Corp.
305,340
4,351
Stifel
Financial
Corp.
408,559
1,900
UMB
Financial
Corp.
199,709
2,376,047
Health
Care
-
9.8%
3,036
AMN
Healthcare
Services,
Inc.(a)
128,696
5,015
Enovis
Corp.(a)
215,896
631
ICON
PLC(a)
181,292
1,907
Integer
Holdings
Corp.(a)
247,910
824
Molina
Healthcare,
Inc.(a)
283,917
2,797
Revvity,
Inc.
357,317
1,415,028
Industrials
-
23.4%
1,116
Broadridge
Financial
Solutions,
Inc.
239,973
611
CACI
International,
Inc.,
Class A(a)
308,286
784
Carlisle
Cos.,
Inc.
352,604
2,458
EnerSys
250,839
1,402
Enpro,
Inc.
227,376
7,254
ExlService
Holdings,
Inc.(a)
276,740
2,352
Fortune
Brands
Innovations,
Inc.
210,575
1,807
Franklin
Electric
Co.,
Inc.
189,410
2,132
ICF
International,
Inc.
355,596
1,574
Oshkosh
Corp.
157,731
664
Quanta
Services,
Inc.
197,972
Shares
Security
Description
Value
3,162
Robert
Half,
Inc.
$
213,150
8,669
Tetra
Tech,
Inc.
408,830
3,389,082
Information
Technology
-
14.4%
3,667
Ambarella,
Inc.(a)
206,837
3,129
Blackbaud,
Inc.(a)
264,964
2,564
Diodes,
Inc.(a)
164,327
1,249
Littelfuse,
Inc.
331,297
1,760
MKS
Instruments,
Inc.
191,330
1,036
Onto
Innovation,
Inc.(a)
215,032
3,946
Power
Integrations,
Inc.
253,017
1,468
PTC,
Inc.(a)
265,209
1,508
Qualys,
Inc.(a)
193,718
2,085,731
Materials
-
3.6%
1,309
Balchem
Corp.
230,384
2,385
RPM
International,
Inc.
288,585
518,969
Real
Estate
-
6.3%
3,873
Agree
Realty
Corp.
REIT
291,753
1,182
Jones
Lang
LaSalle,
Inc.(a)
318,916
2,279
Lamar
Advertising
Co.,
Class A
REIT
304,474
915,143
Utilities
-
2.0%
2,823
IDACORP,
Inc.
291,023
Total
Common
Stocks
(Cost
$10,384,282)
14,382,361
Shares
Security
Description
Value
Short-Term
Investments
-
0.9%
Investment
Company
-
0.9%
125,854
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.83%(b)
125,854
Total
Short-Term
Investments
(Cost
$125,854)
125,854
Investments,
at
value
-
100.1%
(Cost
$10,510,136)
14,508,215
Other
liabilities
in
excess
of
assets
-
(0.1)%
(15,348)
NET
ASSETS
-
100.0%
$
14,492,867
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
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,
2024.
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
94.6%
Consumer
Discretionary
-
14.0%
168,376
Acushnet
Holdings
Corp.
$
10,733,970
138,509
Boot
Barn
Holdings,
Inc.(a)
23,169,786
126,914
Dorman
Products,
Inc.(a)
14,356,512
115,952
LGI
Homes,
Inc.(a)
13,742,631
174,841
Monarch
Casino
&
Resort,
Inc.
13,859,646
170,835
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
16,605,162
130,217
Patrick
Industries,
Inc.
18,538,994
111,006,701
Energy
-
5.6%
377,440
CNX
Resources
Corp.(a)
12,293,221
367,250
Northern
Oil
&
Gas,
Inc.
13,004,322
371,977
SM
Energy
Co.
14,867,921
167,641
Vital
Energy,
Inc.(a)
4,509,543
44,675,007
Financials
-
17.5%
372,169
Atlantic
Union
Bankshares
Corp.
14,019,606
202,091
Cass
Information
Systems,
Inc.
8,382,735
157,273
Mercantile
Bank
Corp.
6,875,975
268,937
Moelis
&
Co.,
Class A
18,424,874
201,826
Origin
Bancorp,
Inc.
6,490,724
264,060
Seacoast
Banking
Corp.
of
Florida
7,037,199
194,186
Selective
Insurance
Group,
Inc.
18,117,554
168,165
SouthState
Corp.
16,342,275
209,416
Stewart
Information
Services
Corp.
15,651,752
300,209
The
Baldwin
Insurance
Group,
Inc.,
Class A(a)
14,950,408
121,784
UMB
Financial
Corp.
12,800,716
139,093,818
Health
Care
-
9.9%
131,763
Addus
HomeCare
Corp.(a)
17,528,432
127,448
AMN
Healthcare
Services,
Inc.(a)
5,402,521
376,330
Avanos
Medical,
Inc.(a)
9,043,210
238,480
Enovis
Corp.(a)
10,266,564
177,792
Integer
Holdings
Corp.(a)
23,112,960
207,727
Simulations
Plus,
Inc.
6,651,418
218,903
Supernus
Pharmaceuticals,
Inc.(a)
6,825,396
78,830,501
Industrials
-
21.8%
64,001
Alamo
Group,
Inc.
11,528,500
89,318
American
Woodmark
Corp.(a)
8,346,767
60,435
CSW
Industrials,
Inc.
22,142,780
116,443
EnerSys
11,883,008
114,124
Enpro,
Inc.
18,508,630
114,409
ESCO
Technologies,
Inc.
14,756,473
390,932
ExlService
Holdings,
Inc.(a)
14,914,056
109,978
Franklin
Electric
Co.,
Inc.
11,527,894
117,357
ICF
International,
Inc.
19,573,974
194,377
Kforce,
Inc.
11,944,467
224,946
Korn
Ferry
16,924,937
Shares
Security
Description
Value
121,363
NV5
Global,
Inc.(a)
$
11,345,013
173,396,499
Information
Technology
-
13.4%
118,973
Advanced
Energy
Industries,
Inc.
12,520,718
139,198
Ambarella,
Inc.(a)
7,851,463
366,056
Benchmark
Electronics,
Inc.
16,223,602
178,003
Blackbaud,
Inc.(a)
15,073,294
304,522
Cohu,
Inc.(a)
7,826,215
194,728
CTS
Corp.
9,420,941
180,466
Diodes,
Inc.(a)
11,566,066
156,774
Power
Integrations,
Inc.
10,052,349
51,721
SPS
Commerce,
Inc.(a)
10,042,667
649,778
Viavi
Solutions,
Inc.(a)
5,860,998
106,438,313
Materials
-
3.2%
83,204
Balchem
Corp.
14,643,904
147,960
Kaiser
Aluminum
Corp.
10,730,059
25,373,963
Real
Estate
-
6.3%
192,690
Agree
Realty
Corp.
REIT
14,515,338
340,937
CareTrust
REIT,
Inc.
10,521,316
416,161
Marcus
&
Millichap,
Inc.
16,492,460
843,636
Sunstone
Hotel
Investors,
Inc.
REIT
8,706,323
50,235,437
Utilities
-
2.9%
84,469
Chesapeake
Utilities
Corp.
10,488,516
120,730
IDACORP,
Inc.
12,446,055
22,934,571
Total
Common
Stocks
(Cost
$494,576,821)
751,984,810
Shares
Security
Description
Value
Exchange
Traded
Fund
-
2.0%
71,300
iShares
Russell
2000
ETF
15,749,457
Total
Exchange
Traded
Fund
(Cost
$15,502,837)
15,749,457
Short-Term
Investments
-
3.2%
Investment
Company
-
3.2%
25,623,536
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.83%(b)
25,623,536
Total
Short-Term
Investments
(Cost
$25,623,536)
25,623,536
Investments,
at
value
-
99.8%
(Cost
$535,703,194)
793,357,803
Other
assets
in
excess
of
liabilities
-
0.2%
1,911,488
NET
ASSETS
-
100.0%
$
795,269,291
Semi-Annual
Financials
and
Other
Information
2024
STATEMENTS
OF
ASSETS
AND
LIABILITIES
September
30,
2024
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
Assets:
Investments,
at
cost
$
221,470,569
Unrealized
appreciation
(depreciation)
of
investments
639,316
Total
investments,
at
value
222,109,885
Receivable
for
capital
shares
issued
61,008
Receivable
for
investments
sold
–
Interest
and
dividends
receivable
1,200,379
Prepaid
expenses
2,021
Total
Assets
223,373,294
Liabilities:
Distributions
payable
380,820
Payable
for
investments
purchased
–
Payable
for
capital
shares
redeemed
195,640
Accrued
expenses
and
other
payables:
Investment
advisory
fees
37,359
Administration
fees
payable
to
non-related
parties
9,073
Administration
fees
payable
to
related
parties
12,720
Shareholder
service
fees
1,146
Other
fees
41,183
Total
Liabilities
677,941
Net
Assets
$
222,695,353
Composition
of
Net
Assets:
Paid-In
Capital
$
230,194,333
Distributable
earnings
(7,498,980)
Net
Assets
$
222,695,353
Institutional
Class:
Net
assets
4,882,078
Shares
of
beneficial
interest
(See
note
5
)
535,729
Net
asset
value,
offering
and
redemption
price
per
share
$
9.11
Institutional
Plus
Class:
Net
assets
217,813,275
Shares
of
beneficial
interest
(See
note
5
)
23,827,938
Net
asset
value,
offering
and
redemption
price
per
share
$
9.14
Semi-Annual
Financials
and
Other
Information
2024
STATEMENTS
OF
ASSETS
AND
LIABILITIES
September
30,
2024
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
INCOME
FUND
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
181,881,041
$
54,987,904
$
55,938,661
$
10,510,136
$
535,703,194
(6,919,166)
(1,108,445)
28,706,473
3,998,079
257,654,609
174,961,875
53,879,459
84,645,134
14,508,215
793,357,803
42,639
100,000
24,860
149,990
2,177,763
225,620
–
–
–
–
889,772
529,232
174,793
3,339
839,687
3,934
943
3,627
3,978
15,427
176,123,840
54,509,634
84,848,415
14,665,522
796,390,680
271,842
57,832
–
–
–
622,663
377,651
–
151,496
–
137,359
27,977
11,180
–
490,006
34,720
3,818
30,031
1,033
474,987
7,170
2,208
3,475
567
31,663
10,054
3,094
4,870
796
44,435
686
–
5,365
41
10,048
35,225
26,614
28,811
18,722
70,250
1,119,719
499,194
83,732
172,655
1,121,389
$
175,004,121
$
54,010,440
$
84,764,683
$
14,492,867
$
795,269,291
$
190,968,728
$
56,051,780
$
53,030,684
$
10,809,772
$
493,577,606
(15,964,607)
(2,041,340)
31,733,999
3,683,095
301,691,685
$
175,004,121
$
54,010,440
$
84,764,683
$
14,492,867
$
795,269,291
1,977,551
–
29,191,528
478,122
47,396,495
209,618
–
1,402,778
27,450
1,432,408
$
9.43
$
–
$
20.81
$
17.42
$
33.09
173,026,570
54,010,440
55,573,155
14,014,745
747,872,796
18,347,256
5,836,951
2,717,870
804,006
22,419,081
$
9.43
$
9.25
$
20.45
$
17.43
$
33.36
Semi-Annual
Financials
and
Other
Information
2024
Statements
of
Operations
For
the
Six
Months
Ended
September
30,
2024
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
Investment
Income:
Interest
$
4,792,822
Dividend
51,396
Total
Income
4,844,218
Expenses:
Investment
advisory
fees
(Note
3)
545,984
Administration
fees
130,655
Shareholder
service
fees
-
Institutional
Class
5,320
Custodian
fees
9,664
Chief
compliance
officer
fees
9,609
Director
fees
10,645
Registration
and
filing
fees
5,393
Transfer
agent
fees
29,929
Other
Fees
68,256
Total
expenses
before
waivers
815,455
Expenses
waived
by
adviser
(Note
3)
(320,332)
Total
Expenses
495,123
Net
Investment
Income
(Loss)
4,349,095
Realized
and
Unrealized
Gain
(Loss)
On
Investments:
Net
realized
gain
(loss)
on
investments
transactions
(534,897)
Change
in
unrealized
appreciation
(depreciation)
on
investments
5,052,512
Net
realized
and
unrealized
gain
on
investments
4,517,615
Net
increase
in
net
assets
from
operations
$
8,866,710
Semi-Annual
Financials
and
Other
Information
2024
Statements
of
Operations
For
the
Six
Months
Ended
September
30,
2024
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
INCOME
FUND
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
$
3,413,129
$
715,678
$
552,789
$
–
$
–
22,082
20,339
389,497
88,713
5,891,724
3,435,211
736,017
942,286
88,713
5,891,724
511,608
108,918
314,453
57,005
3,190,519
102,023
32,580
50,165
8,024
449,111
1,289
–
27,401
90
54,281
8,588
2,505
3,773
2,556
27,228
7,546
2,396
3,711
591
33,025
8,309
2,654
4,086
654
36,767
4,375
1,049
5,579
5,810
16,151
26,139
10,135
23,583
16,332
121,470
56,432
43,262
50,187
23,369
89,995
726,309
203,499
482,938
114,431
4,018,547
(308,222)
(81,934)
(135,025)
(54,068)
(377,902)
418,087
121,565
347,913
60,363
3,640,645
3,017,124
614,452
594,373
28,350
2,251,079
(587,673)
(82,487)
2,072,525
216,576
8,198,772
6,784,334
748,325
3,348,861
495,022
47,455,749
6,196,661
665,838
5,421,386
711,598
55,654,521
$
9,213,785
$
1,280,290
$
6,015,759
$
739,948
$
57,905,600
Semi-Annual
Financials
and
Other
Information
2024
Statements
of
Changes
in
Net
Assets
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
SHORT-INTERMEDIATE
BOND
FUND
INCOME
FUND
For
the
Six
Months
Ended
September
30,
2024
For
the
Year
Ended
March
31,
2024
For
the
Six
Months
Ended
September
30,
2024
For
the
Year
Ended
March
31,
2024
Operations:
Net
investment
income
$
4,349,095
$
7,319,630
$
3,017,124
$
5,648,213
Net
realized
gain
(loss)
on
investment
transactions
(534,897)
(3,543,498)
(587,673)
(5,035,741)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
5,052,512
5,850,428
6,784,334
2,721,489
Net
increase
in
net
assets
from
operations
8,866,710
9,626,560
9,213,785
3,333,961
Distributions
to
Shareholders:
Institutional
Class
(86,169)
(151,608)
(31,608)
(70,722)
Institutional
Plus
Class
(3,807,905)
(6,123,097)
(2,672,931)
(5,329,088)
Change
in
net
assets
from
distributions
to
shareholders
(3,894,074)
(6,274,705)
(2,704,539)
(5,399,810)
Capital
Transactions:
Proceeds
from
shares
issued
Institutional
Class
27,959
42,033
8,927
85,384
Institutional
Plus
Class
13,138,944
43,046,171
9,997,978
40,630,338
Proceeds
from
dividends
reinvested
Institutional
Class
69,132
114,437
31,080
70,682
Institutional
Plus
Class
1,569,432
2,067,046
973,123
1,477,689
Cost
of
shares
redeemed
Institutional
Class
(577,327)
(831,632)
(346,896)
(480,638)
Institutional
Plus
Class
(14,053,126)
(82,149,451)
(12,501,952)
(75,956,643)
Change
in
net
assets
from
capital
transactions
175,014
(37,711,396)
(1,837,740)
(34,173,188)
Change
in
net
assets
5,147,650
(34,359,541)
4,671,506
(36,239,037)
Net
Assets:
Beginning
of
Period
217,547,703
251,907,244
170,332,615
206,571,652
End
of
Period
$
222,695,353
$
217,547,703
$
175,004,121
$
170,332,615
Share
Transactions
Institutional
Class:
Shares
issued
3,127
4,779
988
9,620
Shares
reinvested
7,700
13,003
3,409
7,865
Shares
redeemed
(64,107)
(95,198)
(38,249)
(53,511)
Change
in
shares
(53,280)
(77,416)
(33,852)
(36,026)
Share
Transactions
Institutional
Plus
Class:
Shares
issued
1,458,473
4,875,990
1,096,156
4,520,352
Shares
reinvested
174,184
233,954
106,542
164,200
Shares
redeemed
(1,563,085)
(9,329,215)
(1,370,460)
(8,414,254)
Change
in
shares
69,572
(4,219,271)
(167,762)
(3,729,702)
Semi-Annual
Financials
and
Other
Information
2024
Statements
of
Changes
in
Net
Assets
(Unaudited)
See
accompanying
Notes
to
Financial
Statements.
NEBRASKA
TAX-FREE
FUND
BALANCED
FUND
SMALL/MID
CAP
FUND
SMALL
COMPANY
FUND
For
the
Six
Months
Ended
September
30,
2024
For
the
Year
Ended
March
31,
2024
For
the
Six
Months
Ended
September
30,
2024
For
the
Year
Ended
March
31,
2024
For
the
Six
Months
Ended
September
30,
2024
For
the
Year
Ended
March
31,
2024
For
the
Six
Months
Ended
September
30,
2024
For
the
Year
Ended
March
31,
2024
$
614,452
$
1,138,863
$
594,373
$
1,100,652
$
28,350
$
31,879
$
2,251,079
$
3,057,471
(82,487)
(379,728)
2,072,525
3,012,721
216,576
(285,638)
8,198,772
41,649,370
748,325
(165,759)
3,348,861
8,986,669
495,022
2,585,030
47,455,749
63,814,346
1,280,290
593,376
6,015,759
13,100,042
739,948
2,331,271
57,905,600
108,521,187
–
–
(190,234)
(1,777,891)
–
–
–
(1,383,666)
(605,737)
(1,139,235)
(404,164)
(2,813,362)
–
(35,171)
–
(21,066,694)
(605,737)
(1,139,235)
(594,398)
(4,591,253)
–
(35,171)
–
(22,450,360)
–
–
349,941
3,116,777
3,288
19,800
2,168,396
8,394,511
4,854,138
12,358,621
2,814,017
5,816,007
839,213
1,114,892
76,192,518
173,827,761
–
–
173,631
1,634,028
–
–
–
1,233,870
241,745
350,879
353,882
2,430,852
–
17,020
13
10,061,250
–
–
(5,686,366)
(5,913,923)
(47,143)
(8,380)
(11,906,151)
(13,890,885)
(6,973,376)
(14,068,084)
(1,886,137)
(4,522,171)
(894,779)
(3,998,525)
(85,071,317)
(195,641,468)
(1,877,493)
(1,358,584)
(3,881,032)
2,561,570
(99,421)
(2,855,193)
(18,616,541)
(16,014,961)
(1,202,940)
(1,904,443)
1,540,329
11,070,359
640,527
(559,093)
39,289,059
70,055,866
55,213,380
57,117,823
83,224,354
72,153,995
13,852,340
14,411,433
755,980,232
685,924,366
$
54,010,440
$
55,213,380
$
84,764,683
$
83,224,354
$
14,492,867
$
13,852,340
$
795,269,291
$
755,980,232
–
–
17,752
171,742
201
1,398
69,170
298,306
–
–
8,499
89,274
–
–
–
42,241
–
–
(280,788)
(320,845)
(2,921)
(589)
(387,689)
(503,609)
–
–
(254,537)
(59,829)
(2,720)
809
(318,519)
(163,062)
533,798
1,360,833
144,909
320,734
50,155
77,465
2,442,236
6,178,672
26,622
38,876
17,601
134,916
–
1,105
–
342,219
(764,760)
(1,569,427)
(98,051)
(250,293)
(55,503)
(289,285)
(2,734,838)
(6,972,793)
(204,340)
(169,718)
64,459
205,357
(5,348)
(210,715)
(292,602)
(451,902)
Financial
Highlights
(Unaudited)
For
a
Share
Outstanding
Semi-Annual
Financials
and
Other
Information
2024
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
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
09/30/24
$
8.91
$
0.17
$
0.18
$
0.35
$
(0.15)
$
—
$
9.11
3.97
%
$
4,882
0.65
%
3.77
%
1.42
%
21
%
03/31/24
8.77
0.29
0.09
0.38
(0.24)
(0.00)
(e)
8.91
4.45
5,247
0.64
(e)
3.26
(e)
1.33
(e)
48
03/31/23
9.00
0.18
(0.20)
(0.02)
(0.19)
(0.02)
8.77
(0.13)
5,843
0.65
(e)
2.00
(e)
1.28
(e)
35
03/31/22
9.42
0.10
(0.36)
(0.26)
(0.15)
(0.01)
9.00
(2.80)
7,873
0.65
1.07
1.09
40
03/31/21
9.30
0.14
0.18
0.32
(0.18)
(0.02)
9.42
3.44
10,518
0.68
1.43
1.21
50
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
Institutional
Plus
Class
09/30/24
8.94
0.18
0.18
0.36
(0.16)
—
9.14
4.07
217,813
0.45
3.98
0.73
21
03/31/24
8.80
0.30
0.10
0.40
(0.26)
(0.00)
(e)
8.94
4.64
212,301
0.46
(e)
3.45
(e)
0.73
(e)
48
03/31/23
9.03
0.19
(0.19)
0.00
(0.21)
(0.02)
8.80
0.05
246,064
0.48
(e)
2.17
(e)
0.74
(e)
35
03/31/22
9.45
0.12
(0.36)
(0.24)
(0.17)
(0.01)
9.03
(2.64)
213,443
0.49
1.23
0.72
40
03/31/21
9.33
0.15
0.19
0.34
(0.20)
(0.02)
9.45
3.63
226,818
0.49
1.61
0.73
50
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
INCOME
FUND
Institutional
Class
09/30/24
9.08
0.16
0.33
0.49
(0.14)
—
9.43
5.45
1,978
0.61
3.41
2.02
8
03/31/24
9.17
0.29
(0.10)
0.19
(0.27)
(0.01)
9.08
2.10
2,211
0.64
(e)
3.20
(e)
1.95
(e)
33
03/31/23
9.91
0.25
(0.73)
(0.48)
(0.25)
(0.01)
9.17
—
2,564
0.63
(e)
2.67
(e)
1.79
(e)
27
03/31/22
10.56
0.18
(0.58)
(0.40)
(0.24)
(0.01)
9.91
(3.92)
3,025
0.66
1.75
1.56
28
03/31/21
10.67
0.19
(0.04)
0.15
(0.25)
(0.01)
10.56
1.34
4,959
0.72
1.70
1.52
34
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
Institutional
Plus
Class
09/30/24
9.08
0.16
0.33
0.49
(0.14)
—
9.43
5.51
173,027
0.49
3.53
0.84
8
03/31/24
9.17
0.30
(0.10)
0.20
(0.28)
(0.01)
9.08
2.25
168,121
0.49
3.35
0.84
33
03/31/23
9.91
0.26
(0.73)
(0.47)
(0.26)
(0.01)
9.17
—
204,008
0.51
2.79
0.85
27
03/31/22
10.56
0.20
(0.59)
(0.39)
(0.25)
(0.01)
9.91
(3.80)
173,910
0.53
1.88
0.83
28
03/31/21
10.67
0.20
(0.03)
0.17
(0.27)
(0.01)
10.56
1.52
198,448
0.55
1.88
0.82
34
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
NEBRASKA
TAX-FREE
FUND
Institutional
Plus
Class
09/30/24
9.14
0.10
0.11
0.21
(0.10)
—
9.25
2.34
54,010
0.45
2.25
0.75
9
03/31/24
9.20
0.19
(0.06)
0.13
(0.19)
—
9.14
1.44
55,213
0.45
2.08
0.75
17
03/31/23
9.29
0.17
(0.09)
0.08
(0.17)
—
9.20
0.91
57,118
0.44
1.87
0.74
19
03/31/22
9.86
0.15
(0.56)
(0.41)
(0.15)
(0.01)
9.29
(4.17)
63,631
0.45
1.57
0.68
11
03/31/21
9.73
0.16
0.14
0.30
(0.16)
(0.01)
9.86
3.08
72,255
0.45
1.63
0.67
15
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
BALANCED
FUND
Institutional
Class
09/30/24
19.51
0.13
1.30
1.43
(0.13)
—
20.81
7.33
29,192
0.94
1.31
1.30
10
03/31/24
17.48
0.24
2.86
3.10
(0.23)
(0.84)
19.51
18.18
32,335
0.95
1.32
1.31
19
03/31/23
19.37
0.18
(1.13)
(0.95)
(0.16)
(0.78)
17.48
(4.63)
30,017
0.96
1.00
1.31
22
03/31/22
19.66
0.10
1.28
1.38
(0.10)
(1.57)
19.37
6.65
34,743
1.00
0.48
1.28
23
03/31/21
15.83
0.13
4.80
4.93
(0.13)
(0.97)
19.66
31.47
36,650
1.02
0.71
1.30
21
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
Financial
Highlights
(Unaudited)
For
a
Share
Outstanding
Semi-Annual
Financials
and
Other
Information
2024
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
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
09/30/24
$
19.18
$
0.15
$
1.27
$
1.42
$
(0.15)
$
—
$
20.45
7.42
%
$
55,573
0.76
%
1.48
%
1.06
%
10
%
03/31/24
17.21
0.27
2.82
3.09
(0.28)
(0.84)
19.18
18.41
50,890
0.77
1.49
1.07
19
03/31/23
19.10
0.20
(1.10)
(0.90)
(0.21)
(0.78)
17.21
(4.46)
42,137
0.79
1.17
1.08
22
03/31/22
19.43
0.14
1.25
1.39
(0.15)
(1.57)
19.10
6.79
45,049
0.81
0.67
1.03
23
03/31/21
15.66
0.16
4.76
4.92
(0.18)
(0.97)
19.43
31.76
42,063
0.84
0.89
1.05
21
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
SMALL/MID
CAP
FUND
Institutional
Class
09/30/24
16.49
0.03
0.90
0.93
—
—
17.42
5.64
478
0.93
0.38
5.42
9
03/31/24
13.69
0.03
2.77
2.80
—
—
16.49
20.45
498
0.93
0.22
5.71
23
03/31/23
14.89
0.04
(1.00)
(0.96)
—
(0.24)
13.69
(6.45)
402
0.92
0.28
5.92
24
03/31/22
13.83
0.01
1.60
1.61
—
(0.55)
14.89
11.58
296
0.95
0.04
33.98
22
03/31/21
8.01
0.00
5.82
5.82
—
—
13.83
72.66
36
1.19
(0.01)
77.98
28
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
09/30/24
16.50
0.03
0.90
0.93
—
—
17.43
5.64
14,015
0.90
0.42
1.57
9
03/31/24
13.73
0.04
2.77
2.81
(0.04)
—
16.50
20.51
13,355
0.90
0.26
1.62
23
03/31/23
14.95
0.04
(1.01)
(0.97)
(0.01)
(0.24)
13.73
(6.49)
14,009
0.91
0.30
1.76
24
03/31/22
13.86
0.01
1.63
1.64
—
(0.55)
14.95
11.77
7,494
0.95
0.04
2.12
22
03/31/21
8.02
0.03
5.84
5.87
(0.03)
—
13.86
73.22
3,726
0.95
0.24
3.02
28
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
09/30/24
30.70
0.06
2.33
2.39
—
—
33.09
7.78
47,396
1.17
0.39
1.35
13
03/31/24
27.16
0.07
4.31
4.38
(0.06)
(0.78)
30.70
16.26
53,758
1.17
0.24
1.34
27
03/31/23
31.88
0.09
(1.27)
(1.18)
(0.00)
(
f
)
(3.54)
27.16
(3.25)
51,987
1.17
0.32
1.35
37
03/31/22
33.85
0.04
3.14
3.18
—
(5.15)
31.88
9.16
57,610
1.18
0.11
1.33
41
03/31/21
20.27
0.07
13.52
13.59
(0.01)
—
33.85
67.03
69,896
1.17
0.28
1.34
64
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
Institutional
Plus
Class
09/30/24
30.92
0.10
2.34
2.44
—
—
33.36
7.89
747,873
0.95
0.61
1.05
13
03/31/24
27.37
0.13
4.34
4.47
(0.14)
(0.78)
30.92
16.50
702,223
0.95
0.46
1.06
27
03/31/23
32.12
0.16
(1.28)
(1.12)
(0.09)
(3.54)
27.37
(3.02)
633,937
0.96
0.54
1.06
37
03/31/22
34.03
0.12
3.16
3.28
(0.04)
(5.15)
32.12
9.41
686,847
0.96
0.33
1.05
41
03/31/21
20.40
0.13
13.60
13.73
(0.10)
—
34.03
67.37
721,075
0.96
0.49
1.05
64
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
(a)
Per
share
data
calculated
using
average
share
method.
(b)
Not
annualized
for
a
period
less
than
one
year.
(c)
Annualized
for
a
period
less
than
one
year.
(d)
Ratios
excluding
contractual
and
voluntary
waivers.
(e)
The
ratios
of
expenses
and
net
investment
loss
to
average
net
assets
do
not
reflect
the
Fund’s
proportionate
share
of
income
and
expenses
of
underlying
investment
companies
in
which
the
Fund
invests
.
(f)
Amount
represents
less
than
$0.005.
(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
.
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
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
six
series,
Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund,
Balanced
Fund,
Small/Mid
Cap
Fund
and
Small
Company
Fund
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
The
Short-Intermediate
Bond
Fund,
Income
Fund,
Balanced
Fund,
Nebraska
Tax-Free
Fund,
Small/Mid
Cap
Fund
and
Small
Company
Fund
are
all
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,
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.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Board
of
Directors
(the
“Board”)
has
designated
the
Adviser,
as
defined
in
Note
3,
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser’s
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser’s
fair
valuation
procedures
as
a
part
of
the
Funds’
compliance
program
and
will
review
any
changes
made
to
the
procedures.
Situations
that
may
require
an
investment
to
be
fair
valued
include
instances
where
a
security
is
thinly
traded,
halted,
or
restricted
as
to
resale.
In
addition,
investments
may
be
fair
valued
based
on
the
occurrence
of
a
significant
event.
Significant
events
may
be
specific
to
a
particular
issuer,
such
as
mergers,
restructurings,
or
defaults.
Alternatively,
significant
events
may
affect
an
entire
market,
such
as
natural
disasters,
government
actions,
and
significant
changes
in
the
value
of
U.S.
securities
markets.
Securities
are
fair
valued
based
on
observable
and
unobservable
inputs,
including
the
Adviser’s
own
assumptions
in
determining
fair
value.
Factors
used
in
determining
fair
value
include,
but
are
not
limited
to:
type
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
of
security
or
asset,
trading
activity
of
similar
markets
or
securities,
fundamental
analytical
data
relating
to
the
investment,
evaluation
of
the
forces
that
influence
the
market
in
which
the
security
is
purchased
and
sold,
and
information
as
to
any
transactions
or
offers
with
respect
to
the
security.
For
those
securities
fair
valued
under
procedures
adopted
by
the
Board,
the
Adviser
reviews
and
affirms
the
reasonableness
of
the
fair
valuation
determinations
after
considering
all
relevant
information
that
is
reasonably
available.
The
Adviser’s
determinations
are
subject
to
review
by
the
Funds’
Board
at
its
next
regularly
scheduled
meeting
covering
the
calendar
quarter
in
which
the
fair
valuation
was
determined.
The
Funds
use
a
framework
for
measuring
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
(exit
price).
One
component
of
fair
value
is
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
various
“inputs”
used
to
determine
the
value
of
the
Funds’
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
includes
valuations
based
on
quoted
prices
of
identical
securities
in
active
markets
including
valuations
for
securities
listed
on
a
securities
exchange
or
investments
in
mutual
funds.
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
American
depositary
receipts
(“ADR”)
and
Global
depositary
receipts
(“GDR”)
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.
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
The
following
is
a
summary
of
the
inputs
used
to
value
each
Fund’s
investments
as
of
September
30,
2024,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
66,692,293
$
–
$
66,692,293
Non-Agency
Commercial
Mortgage
Backed
Securities
–
23,613,850
–
23,613,850
Non-Agency
Residential
Mortgage
Backed
Securities
–
10,442,814
–
10,442,814
Corporate
Bonds
–
65,370,197
–
65,370,197
Government
&
Agency
Obligations
–
54,900,965
–
54,900,965
Preferred
Stocks
339,476
–
–
339,476
Short-Term
Investments
750,290
–
–
750,290
Total
$
1,089,766
$
221,020,119
$
–
$
222,109,885
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
13,128,859
$
–
$
13,128,859
Non-Agency
Commercial
Mortgage
Backed
Securities
–
6,425,820
–
6,425,820
Non-Agency
Residential
Mortgage
Backed
Securities
–
13,247,386
–
13,247,386
Corporate
Bonds
–
46,327,470
–
46,327,470
Government
&
Agency
Obligations
–
94,759,167
–
94,759,167
Short-Term
Investments
1,073,173
–
–
1,073,173
Total
$
1,073,173
$
173,888,702
$
–
$
174,961,875
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–
$
53,112,234
$
–
$
53,112,234
Short-Term
Investments
767,225
–
–
767,225
Total
$
767,225
$
53,112,234
$
–
$
53,879,459
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
52,751,330
$
–
$
–
$
52,751,330
Asset
Backed
Securities
–
5,369,024
–
5,369,024
Non-Agency
Commercial
Mortgage
Backed
Securities
–
2,337,753
–
2,337,753
Non-Agency
Residential
Mortgage
Backed
Securities
–
831,449
–
831,449
Corporate
Bonds
–
9,383,503
–
9,383,503
Government
&
Agency
Obligations
–
11,760,775
–
11,760,775
Short-Term
Investments
2,211,300
–
–
2,211,300
Total
$
54,962,630
$
29,682,504
$
–
$
84,645,134
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
*
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,
which
may
be
to
the
earliest
call
date
on
certain
callable
debt
securities
or
the
accretion
of
discount,
using
the
effective
interest
method.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
and
interest
from
non-U.S.
sources
received
by
a
Fund
are
generally
subject
to
non-U.S.
net
withholding
taxes.
Such
withholding
taxes
may
be
reduced
or
eliminated
under
the
terms
of
applicable
U.S.
income
tax
treaties,
and
each
Fund
intends
to
undertake
any
procedural
steps
required
to
claim
the
benefits
of
such
treaties.
Gains
or
losses
realized
on
the
sales
of
securities
are
determined
by
comparing
the
identified
cost
of
the
security
lot
sold
with
the
net
sales
proceeds.
Withholding
taxes
on
foreign
dividends
have
been
paid
or
provided
for
in
accordance
with
each
applicable
country’s
tax
rules
and
rates.
Interest
only
stripped
mortgage
backed
securities
(“IO
Strips”)
are
securities
that
receive
only
interest
payments
from
a
pool
of
mortgage
loans.
Little
to
no
principal
will
be
received
by
the
Funds
upon
maturity
from
an
IO
Strip.
Periodic
adjustments
are
recorded
to
reduce
the
cost
of
the
security
until
maturity,
which
are
included
in
interest
income.
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.
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
14,382,361
$
–
$
–
$
14,382,361
Short-Term
Investments
125,854
–
–
125,854
Total
$
14,508,215
$
–
$
–
$
14,508,215
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
751,984,810
$
–
$
–
$
751,984,810
Exchange
Traded
Fund
15,749,457
–
–
15,749,457
Short-Term
Investments
25,623,536
–
–
25,623,536
Total
$
793,357,803
$
–
$
–
$
793,357,803
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
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
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
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
wholly-owned
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
the
Balanced
Fund,
and
0.85%
for
each
of
the
Small/Mid
Cap
Fund
and
Small
Company
Fund.
First
National
Advisers,
LLC
(“FNA”
or
“Sub-Adviser”),
a
wholly-owned
subsidiary
of
FNBO,
serves
as
the
investment
sub-
adviser
for
the
Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund
and
Balanced
Fund.
Sub-advisory
fees
paid
to
FNA
are
paid
by
Tributary.
For
the
services
provided
and
expenses
assumed
under
the
FNA
Sub-Advisory
Agreement,
Tributary
pays
FNA
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,
and
0.375%
of
the
average
daily
net
assets
of
the
Balanced
Fund.
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.
Each
Fund
has
agreed
to
reimburse
the
Adviser
in
an
amount
equal
to
the
full
amount
of
fees
that,
but
for
waivers
and/or
reimbursements,
would
have
been
payable
by
the
Fund
to
the
Adviser,
or
were
reimbursed
by
the
Adviser
in
excess
of
its
investment
advisory
fee.
Such
reimbursement
by
a
Fund
would
be
made
monthly,
but
only
so
long
as
the
net
annual
operating
expenses
of
the
Fund,
after
taking
into
account
any
reimbursement
are
equal
to
or
less
than
the
Fund’s
then-current
expense
limitation
and
the
expense
limitation
in
effect
at
the
time
of
the
waiver
or
reimbursement.
These
fee
waivers
will
continue
through
August
1,
2025,
unless
the
Board
approves
a
change
in
or
elimination
of
the
waiver.
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
six
months
ended
September
30,
2024,
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,
2024,
the
amount
of
potentially
recoverable
expenses
are
as
follows:
Short-Intermediate
Bond
Fund
–
$1,801,203;
Income
Expense
Caps
Short-Intermediate
Bond
Fund
0.45
%
Income
Fund
0.49
Nebraska
Tax-Free
Fund
0.45
Balanced
Fund
0.77
Small/Mid
Cap
Fund
0.90
Small
Company
Fund
0.96
Investment
Adviser
Fees
Waived
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
Short-Intermediate
Bond
Fund
$
319,676
$
656
$
320,332
Income
Fund
307,710
512
308,222
Nebraska
Tax-Free
Fund
81,771
163
81,934
Balanced
Fund
134,774
251
135,025
Small/Mid
Cap
Fund
54,028
40
54,068
Small
Company
Fund
375,649
2,253
377,902
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
Fund
–
$1,863,902;
Nebraska
Tax-Free
Fund
–
$494,585;
Balanced
Fund
–
$719,906;
Small/Mid
Cap
Fund
–
$304,972;
Small
Company
Fund
–
$2,230,413.
U.S.
Bank,
N.A.
serves
as
the
custodian
for
each
of
the
Funds.
SS&C
GIDS,
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
directors
and
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
a
Distribution
and
Service
Plan
(“Plan”)
under
Rule
12b-1
of
the
1940
Act
pursuant
to
which
each
Fund
is
authorized
to
make
payments
to
banks,
the
Distributor,
broker-dealers,
and
other
institutions
for
providing
distribution
or
shareholder
service
assistance.
The
Plan
authorizes
each
Fund
to
make
payments
with
respect
to
certain
classes
of
shares
in
an
amount
not
in
excess,
on
an
annual
basis,
of
up
to
0.25%
of
the
average
daily
net
assets
of
that
Fund.
The
Company
has
no
class
of
shares
outstanding
to
which
the
Plan
is
applicable.
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
year
ended
September
30,
2024,
the
Funds
paid
FNBO
as
follows:
Short-Intermediate
Bond
Fund
–
$19;
Income
Fund
–
$0;
Balanced
Fund
–
$0;
Small/Mid
Cap
Fund
–
$0
and
Small
Company
Fund
–
$0.
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
year
ended
September
30,
2024,
were
as
follows:
The
aggregate
cost
of
purchases
and
proceeds
from
sales
of
long-term
U.S.
Government
securities
for
the
year
ended
September
30,
2024,
were
as
follows:
Pursuant
to
Rule
17a-7
under
the
1940
Act,
the
Funds
may
engage
in
securities
transactions
with
affiliated
investment
companies
and
advisory
accounts
managed
by
the
Adviser
and
any
applicable
sub-adviser.
Any
such
purchase
or
sale
transaction
must
be
effected
without
brokerage
commission
or
other
remuneration,
except
for
customary
transfer
fees.
The
transaction
must
be
effected
at
a
“readily
available
market
quotation:,
which
is
defined
as
a
quoted
price
(unadjusted)
in
active
markets
for
identical
investments
that
the
fund
can
access
at
the
measurement
date
(provided
that
a
quotation
will
not
be
readily
available
if
it
is
not
reliable).
Purchases
Sales
Short-Intermediate
Bond
Fund
$
32,806,331
$
27,384,356
Income
Fund
5,374,762
9,052,819
Nebraska
Tax-Free
Fund
4,916,859
4,916,255
Balanced
Fund
6,780,862
9,014,538
Small/Mid
Cap
Fund
1,277,788
1,399,957
Small
Company
Fund
93,280,536
113,806,372
Purchases
Sales
Short-Intermediate
Bond
Fund
$
12,921,717
$
18,325,672
Income
Fund
8,931,069
5,471,944
Nebraska
Tax-Free
Fund
–
3,722
Balanced
Fund
1,288,861
2,718,287
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
For
the
six
months
ended
September
30,
2024,
the
Funds
did
not
engage
in
securities
transactions
with
affiliates.
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.
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.
The
permanent
differences
in
the
current
year
are
due
to
the
utilization
of
equalization.
These
reclassifications
have
no
impact
on
net
assets.
As
of
September
30,
2024,
the
cost
of
investments
and
the
components
of
net
unrealized
appreciation/(depreciation)
were
as
follows:
At
March
31,
2024,
the
components
of
distributable
taxable
earnings
for
U.S.
federal
income
tax
purposes
were
as
follows:
Net
Increase
(Decrease)
Distributable
Earnings
Paid-in-Capital
Short-Intermediate
Bond
Fund
$
–
$
–
Income
Fund
–
–
Nebraska
Tax-Free
Fund
–
–
Balanced
Fund
(123,004)
123,004
Small/Mid
Cap
Fund
–
–
Small
Company
Fund
(2,200,000)
2,200,000
Tax
Cost
of
Investments
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Short-Intermediate
Bond
Fund
$
221,470,569
$
3,084,596
$
(2,445,280)
$
639,316
Income
Fund
181,881,041
2,263,622
(9,182,788)
(6,919,166)
Nebraska
Tax-Free
Fund
54,987,904
261,267
(1,369,712)
(1,108,445)
Balanced
Fund
55,938,661
29,769,887
(1,063,414)
28,706,473
Small/Mid
Cap
Fund
10,510,136
4,228,90
8
(230,829)
3,998,0
79
Small
Company
Fund
535,703,194
270,842,104
(13,187,495)
257,654,609
Undistributed
Net
Investment
Income*
Undistributed
Tax
Exempt
Income
Undistributed
Net
Long-Term
Capital
Gains
Other
Temporary
Differences
Unrealized
Gain
(Loss)**
Capital
Loss
Carry
Forward
Total
Short-Intermediate
Bond
Fund
$
531,221
$
–
$
–
$
(366,640)
$
(3,626,526)
$
(9,009,671)
$
(12,471,616)
Income
Fund
819,212
–
–
(296,479)
(14,882,661)
(8,113,925)
(22,473,853)
Nebraska
Tax-Free
Fund
3,105
51,000
–
(62,451)
(1,873,991)
(833,556)
(2,715,893)
Balanced
Fund
21,609
–
1,056,736
–
25,234,293
–
26,312,638
Small/Mid
Cap
Fund
4,851
–
–
–
3,350,924
(412,628)
2,943,147
Small
Company
Fund
870,387
–
38,448,023
–
204,467,675
–
243,786,085
*
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,
bond
income
accruals,
return
of
capital
paid
by
REIT
securities
and
equity
return
of
capital
securities.
Notes
to
Financial
Statements
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
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,
2023
and
March
31,
2024.
Total
distributions
paid
may
differ
from
the
Statements
of
Changes
in
Net
Assets
because
distributions
are
recognized
when
actually
paid
for
tax
purposes.
The
tax
character
of
dividends
and
distributions
paid
during
the
Funds’
fiscal
years
ended
March
31,
2024
and
March
31,
2023,
were
as
follows:
At
March
31,
2024,
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.
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
ended
March
31,
2024.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statements
of
Operations,
as
incurred.
During
the
year,
the
Funds
did
not
incur
any
interest
or
penalties.
7.
Subsequent
Events
Management
has
evaluated
subsequent
events
for
the
Funds
through
the
date
the
financial
statements
are
issued,
and
has
concluded
that
there
were
no
other
events
that
require
adjustments
to
the
financial
statements
or
disclosure
in
the
notes.
Net
Ordinary
Income*
Tax
Exempt
Income
Net
Long
Term
Capital
Gains**
Total
Distributions
Paid***
2024
2023
2024
2023
2024
2023
2024
2023
Short-Intermediate
Bond
Fund
$
6,232,146
$
5,755,855
$
–
$
–
$
–
$
–
$
6,232,146
$
5,755,855
Income
Fund
5,426,497
5,367,082
–
–
–
–
5,426,497
5,367,082
Nebraska
Tax-Free
Fund
67,506
59,851
1,105,312
992,361
–
–
1,172,818
1,052,212
Balanced
Fund
1,101,784
772,020
–
–
3,489,469
3,150,924
4,591,253
3,922,944
Small/Mid
Cap
Fund
35,171
44,422
–
–
–
191,684
35,171
236,106
Small
Company
Fund
5,541,785
4,421,040
–
–
16,908,575
76,999,480
22,450,360
81,420,520
No
Expiration
Short
Term
Long
Term
Total
Short-Intermediate
Bond
Fund
$
1,021,067
$
7,988,604
$
9,009,671
Income
Fund
1,653,630
6,460,295
8,113,925
Nebraska
Tax-Free
Fund
155,470
678,086
833,556
Small/Mid
Cap
Fund
124,409
288,219
412,628
Additional
Fund
Information
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
Changes
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
N/A
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
N/A
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
of
Form
N-CSR)
Please
see
financial
statements
in
Item
7.
Statement
Regarding
the
Basis
for
the
Board’s
Approval
of
Investment
Advisory
Contract
(Item
11
of
Form
N-CSR)
On
June
4,
2024,
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
agreement
for
the
Company
of
“interested
persons,”
as
that
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
of
any
part
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
Fund,
and
(ii)
the
Investment
Sub-Advisory
Agreement
dated
November
17,
2011,
as
amended,
(“Investment
Sub-Advisory
Agreement”),
between
Tributary
and
First
National
Advisers
(“FNA”)
with
respect
to
the
Tributary
Balanced
Fund,
Tributary
Income
Fund,
Tributary
Short-Intermediate
Bond
Fund
and
the
Tributary
Nebraska
Tax-Free
Fund
(collectively,
the
“FNA
Funds”).
Tributary
Capital
Management,
LLC
In
deliberations,
the
Board
did
not
identify
any
single
piece
of
information
that
was
controlling
or
determinative
for
its
decision,
respecting
the
Investment
Advisory
Agreement
with
Tributary.
However,
the
following
at
the
Board’s
conclusions
respecting
the
material
factors
the
Board
considered
when
approving
the
continuance
of
the
Investment
Advisory
Agreement.
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
considered
the
adequacy
of
Tributary’s
resources
and
noted
Tributary’s
representation
that
the
firm
is
financially
stable,
has
the
operational
capacity
and
the
necessary
staffing
and
experience
to
continue
providing
quality
investment
advisory
services
to
the
Fund.
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,
2023,
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
FNBO
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
underperformed
each
of
its
Lipper
peer
group
average
and
its
Morningstar
peer
group
average
for
the
one-
and
five-year
periods
ended
March
31,
2024,
and
outperformed
each
its
Lipper
peer
group
average
and
its
Morningstar
peer
group
average
for
the
three-
and
ten-year
periods
ended
March
31,
2024.
The
Board
also
observed
that
the
Small
Company
Fund
underperformed
the
Russell
2000®
Index
and
Russell
2000®
Value
Index
over
the
one-year
period
ended
March
31,
2024
and
outperformed
the
Russell
2000®
Index
and
Russell
2000®
Value
Index
over
the
three-,
five-,
and
ten-year
periods
ended
March
31,
2024.
The
Board
considered
Tributary’s
explanation
regarding
the
Small
Company
Fund’s
relative
performance,
including
the
factors
contributing
to
and
detracting
from
performance
relative
to
the
peers
and
indices.
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
commenced
operations
on
August
1,
2019
and,
as
such,
long
term
performance
is
unavailable.
The
Board
observed
that
for
the
one-year
period
ended
March
31,
2024,
the
Small/Mid-Cap
Fund
outperformed
its
Lipper
group
average
and
Morningstar
peer
group
Additional
Fund
Information
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
average.
The
Board
also
observed
that
the
Small/Mid-Cap
Fund
outperformed
each
of
its
Morningstar
peer
group
average
and
Lipper
peer
group
average
for
the
three-year
period
ended
March
31,
2024.
The
Board
also
observed
that
the
Small/Mid-Cap
Fund
underperformed
both
the
Russell
2500®
Index
and
Russell
2500®
Value
Index
for
the
one-year
period
ended
March
31,
2024
and
outperformed
both
the
Russell
2500®
Index
and
Russell
2500®
Value
Index
for
the
three-year
period
ended
March
31,
2024.
The
Board
considered
Tributary’s
explanation
regarding
the
Small/Mid-Cap
Fund’s
relative
performance,
including
the
factors
contributing
to
and
detracting
from
performance
relative
to
the
peers
and
indices.
The
Board
also
considered
the
Small/Mid-Cap
Fund’s
performance
as
compared
to
certain
accounts
managed
by
Tributary
with
comparable
investment
strategies.
The
Board
noted
that
the
performance
data
for
the
Balanced
Fund,
Income
Fund,
Short-Intermediate
Bond
Fund
and
Nebraska
Tax-Free
Fund,
which
Tributary
advises,
will
be
next
discussed
during
the
review
of
FNA,
the
sub-adviser
to
those
Funds.
After
reviewing
and
further
discussing
the
performance
of
the
Funds,
Tributary’s
portfolio
managers’
experience
managing
the
Funds,
and
Tributary’s
historical
investment
performance,
and
other
relevant
factors,
the
Board
concluded
that
the
shareholders
of
the
Funds
could
benefit
from
Tributary’s
continued
management
of
the
Funds
and
that
the
performance
of
the
Funds
was
reasonable
in
light
of
all
the
facts
and
circumstances.
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
and
FNA.
The
Board
noted
that
the
Funds’
advisory
fees
and
expense
ratios
were
within
the
range
of
advisory
fees
and
expense
ratios
of
funds
in
their
respective
Lipper
peer
groups.
The
Board
noted
that
the
advisory
fees
charged
by
Tributary
to
each
of
the
Funds
would
remain
the
same
and
that
after
a
series
of
reductions
to
the
expense
caps
for
certain
of
the
funds,
expense
caps
for
the
funds
would
also
remain
the
same.
With
respect
to
the
Small
Company
Fund,
the
Board
observed
that
the
total
expense
ratio
was
in
line
with
the
median
of
its
Lipper
peer
group
and
noted
that
the
Fund’s
slightly
higher
net
advisory
fee
was
offset
by
the
Fund’s
lower
than
average
non-management
expenses.
The
Board
noted
that
the
Small
Company
Fund’s
expense
cap
was
most
recently
lowered
on
August
1,
2020
and
considered
the
Adviser’s
representation
that
overall
expenses
for
the
Small
Company
Fund’s
shareholders
were
believed
to
be
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
distinguishing
factors
in
the
compensation
arrangements,
including
that
Tributary
subsidizes
certain
intermediary
expenses
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
net
advisory
fee
and
total
expense
ratio
were
both
lower
than
the
median
of
its
Lipper
peer
group.
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
and
Morningstar
peer
groups
due,
at
least
in
part,
to
the
relatively
small
size
of
the
Small/Mid-Cap
Fund
and
differences
in
the
capitalization
of
the
constituents
of
the
Small/Mid-Cap
Fund’s
portfolio
as
compared
to
the
peers
in
the
Morningstar
Small
Cap
Core
Funds
peer
group
and
Lipper
peers.
The
Board
also
reviewed
the
Expense
Waiver
Agreement
currently
in
place
and
noted
that
the
Small/Mid
Cap
Fund’s
expense
cap
was
recently
lowered
on
August
1,
2022
and
considered
the
Adviser’s
representation
that
overall
expenses
for
the
Small/Mid
Cap
Fund’s
shareholders
remained
competitive.
The
Board
noted
the
Adviser’s
representation
that
after
several
years
of
the
Adviser
subsidizing
the
Small/Mid-Cap’s
operations,
the
Small/Mid-Cap
Fund
is
operating
near
break-even.
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
lower
than
its
Lipper
peer
group
averages
and
noted
that
the
expense
cap
was
most
recently
reduced
on
August
1,
2023.
With
respect
to
the
Income
Fund,
the
Board
observed
that
the
advisory
fee
and
total
expense
ratio
with
respect
to
its
Institutional
Plus
Class
were
each
lower
than
its
Lipper
peer
group
averages
and
noted
that
the
expense
cap
was
most
recently
reduced
on
August
1,
2023.
With
respect
to
the
Short-Intermediate
Bond
Fund,
the
Board
observed
that
the
advisory
fee
and
total
expense
ratio
with
respect
to
its
Institutional
Plus
Class
were
each
lower
than
its
Lipper
peer
group
averages
and
noted
that
the
expense
cap
was
most
recently
reduced
on
August
1,
2023.
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
Tributary’s
profitability
with
respect
to
advisory
services
provided
to
the
Funds.
Based
on
the
foregoing,
among
other
relevant
considerations,
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
considered
whether
the
Funds
could
benefit
from
any
economies
of
scale.
In
this
regard,
the
Board
considered
the
Funds’
fee
structures,
asset
sizes,
net
expense
ratios,
and
the
fees
of
comparable
advisers,
recognizing
that
an
analysis
of
economies
of
scale
is
most
relevant
when
a
fund
has
achieved
a
substantial
size
and
has
growing
assets
and
that,
if
a
fund’s
assets
are
stable
or
decreasing,
the
significance
of
economies
of
scale
may
be
reduced.
Noting
the
relatively
stable
asset
levels
in
the
Funds,
the
Board
did
not
consider
breakpoints
in
advisory
fees
as
appropriate
at
this
time,
noting
that
economies
of
scale
could
be
achieved
Additional
Fund
Information
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
through
breakpoints
at
higher
Fund
asset
levels.
The
Board
discussed
with
Tributary
appropriate
assets
levels
at
which
any
breakpoints
in
advisory
fees
may
be
considered.
Currently,
fee
waivers
are
in
place
with
both
Tributary
and
FNA
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
Advisers,
LLC
In
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
FNA.
However,
the
following
at
the
Board’s
conclusions
respecting
the
material
factors
the
Board
considered
when
approving
the
continuance
of
the
Investment
Sub-Advisory
Agreement.
Nature,
Extent,
and
Quality
of
Services
to
be
Provided.
The
Board
received
and
considered
information
pertaining
to
the
nature,
extent,
and
quality
of
services
provided
to
the
FNA
Funds
under
FNA’s
Investment
Sub-Advisory
Agreement.
The
Board
reviewed
biographical
information
for
each
portfolio
manager
employed
by
FNA
who
provided
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
FNA’s
advisory
services,
including
its
services
as
sub-adviser
to
Tributary
on
behalf
of
the
FNA
Funds.
The
Board
also
evaluated
FNA’s
organizational
structure
and
resources,
which
the
Board
noted
were
consistent
with
those
of
Tributary.
The
Board
requested
and
evaluated
FNA’s
current
Form
ADV.
The
Board
concluded,
based
on
the
materials
reviewed,
that
FNA
would
be
sufficiently
capitalized
to
satisfy
its
obligations
to
the
FNA
Funds.
The
Board
also
noted
the
historical
financial
stability
of
FNBO,
FNA’s
parent
company,
as
it
relates
to
the
operations
of
FNA.
After
reviewing
the
foregoing
information
and
further
information
in
FNA’s
responses,
including
descriptions
of
FNA’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
FNA
were
satisfactory
and
adequate
for
the
FNA
Funds.
Investment
Performance.
The
Board
recognized
that
the
investment
objective
and
principal
investment
strategies
of
the
FNA
Funds
are
expected
to
continue
unchanged
under
FNA’s
Investment
Sub-Advisory
Agreement.
It
was
noted
that
the
portfolio
management
teams
at
FNA
currently
managing
the
FNA
Funds
would
continue
to
manage
the
FNA
Funds.
The
Board
reviewed
the
Lipper
and
Morningstar
“peer
groups”
as
an
appropriate
benchmark
for
evaluating
the
performance
to
be
achieved
by
FNA
for
the
FNA
Funds.
The
Board
noted
that
each
of
the
FNA
Funds’
performance
for
the
Institutional
Plus
Class
outperformed
some
comparable
funds
and
underperformed
others
within
the
Lipper
peer
group.
The
Board
also
considered
the
performance
of
the
Short-Intermediate
Bond
Fund
and
Income
Fund
as
compared
to
certain
accounts
managed
by
FNA
with
comparable
investment
strategies.
With
respect
to
the
Balanced
Fund,
the
Board
observed
that
for
the
one-year
period
ended
March
31,
2024,
the
Balanced
Fund
underperformed
its
Lipper
group
average,
but
outperformed
its
Morningstar
peer
group
average.
The
Board
also
observed
that
the
Fund
outperformed
each
of
its
Lipper
peer
group
average
and
Morningstar
peer
group
average
for
the
three-,
five-,
and
ten-year
periods
ended
March
31,
2024.
The
Board
further
observed
that
the
Balanced
Fund’s
Institutional
Plus
Shares
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,
for
the
one-,
three-,
and
five-year
periods
ended
March
31,
2024,
and
that
the
Balanced
Fund’s
Institutional
Plus
Shares
underperformed
for
the
ten-year
period
ended
March
31,
2024.
With
respect
to
the
Income
Fund,
the
Board
observed
that
the
Fund
outperformed
its
Lipper
peer
group
average
for
the
three-year
period
ended
March
31,
2024,
and
underperformed
its
Lipper
peer
group
average
during
the
one-,
five-,
and
ten-year
periods
ended
March
31,
2024.
The
Board
also
observed
that
the
Income
Fund
outperformed
its
Morningstar
peer
group
average
during
the
one-,
three-,
five-,
and
ten-year
periods
ended
March
31,
2024.
The
Board
further
observed
that
the
Income
Fund
outperformed
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
during
the
one-,
three-,
five-,
and
ten-year
periods
ended
March
31,
2024.
With
respect
to
the
Short-Intermediate
Bond
Fund,
the
Board
observed
that
the
Fund’s
Institutional
Plus
Shares
underperformed
each
of
its
Lipper
peer
group
average
and
Morningstar
peer
group
average
during
the
one-year
period
ended
March
31,
2024,
performed
in
line
with
each
of
its
Lipper
peer
group
average
and
Morningstar
peer
group
average
for
the
five-year
period
ended
March
31,
2024
and
outperformed
each
of
its
Lipper
peer
group
average
and
Morningstar
peer
Additional
Fund
Information
September
30,
2024
(Unaudited)
Semi-Annual
Financials
and
Other
Information
2024
group
average
during
the
three-
and
ten-year
periods
ended
March
31,
2024.
The
Board
further
observed
that
the
Short-Intermediate
Bond
Fund
outperformed
the
Barclays
U.S.
Government/Credit
1-3
Year
Index
during
the
one-,
three-,
five-,
and
ten-year
periods
ended
March
31,
2024.
With
respect
to
the
Nebraska
Tax-Free
Fund,
the
Board
observed
that
the
Fund
underperformed
its
Morningstar
peer
group
average
for
the
one-year
period
ended
March
31,
2024,
and
outperformed
its
Morningstar
peer
group
average
during
the
three-,
five-,
and
ten-year
periods
ended
March
31,
2024.
The
Board
also
observed
that
the
Nebraska
Tax-Free
Fund
underperformed
its
Lipper
peer
group
average
during
the
one-,
three-,
five-,
and
ten-year
periods
ended
March
31,
2024.
The
Board
further
observed
that
the
Nebraska
Tax-Free
Fund
underperformed
the
Bloomberg
Barclays
1-15
Year
Municipal
Index
for
the
one-,
three-,
and
five-year
periods
ended
March
31,
2024.
After
reviewing
and
further
discussing
the
performance
of
the
FNA
Funds,
FNA’s
portfolio
managers’
experience
managing
the
FNA
Funds,
FNA’s
historical
investment
performance,
and
other
relevant
factors,
the
Board
concluded
that
the
shareholders
of
the
FNA
Funds
could
benefit
from
FNA’s
continued
management
of
the
FNA
Funds
and
that
the
performance
of
the
FNA
Funds
was
reasonable
in
light
of
all
the
facts
and
circumstances.
Cost
of
Services
Provided
and
Profitability.
The
Board
reviewed
the
rate
of
FNA’s
sub-advisory
fees
in
relation
to
the
nature,
extent,
and
quality
of
services
to
be
provided
by
FNA.
The
Board
noted
the
FNA
Fund’s
advisory
fees
and
expense
ratios
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
FNA
would
remain
the
same
and
that
Tributary
–
not
the
FNA
Funds
–
would
pay
the
sub-advisory
fees
to
FNA.
The
Board
considered
that
the
Expense
Waiver
Agreement
allows
for
overall
expenses
for
Fund
shareholders
to
remain
competitive.
The
Board
also
considered
FNA’s
profitability
with
respect
to
subadvisory
services
provided
to
the
Funds
and
noted
FNA’s
representation
that
FNA
was
unprofitable
for
the
calendar
year
2023
as
well
as
year-to-date
due,
at
least
in
part,
increased
costs
associated
with
an
internal
reorganization.
The
Board
then
discussed
FNA’s
financial
outlook
with
Mr.
Spieler
as
well
as
the
progress
being
made
with
respect
to
the
internal
reorganization.
Based
on
the
foregoing,
the
Board
concluded
that
the
fees
to
be
paid
to
Tributary
and
FNA,
the
costs
of
the
services
to
be
provided,
and
the
profits
that
may
be
realized
by
Tributary
and
FNA,
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
FNA
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
breakpoints
in
sub-advisory
fees
as
appropriate
at
this
time,
noting
that
the
sub-advisory
fees
were
paid
directly
by
Tributary
and
not
the
FNA
Funds
such
that
any
breakpoints
in
the
sub-advisory
fee
would
inure
to
the
benefit
of
Tributary.
The
Board
further
noted
that
currently,
fee
waivers
are
in
place
with
both
Tributary
and
FNA
in
order
to
maintain
expenses
at
competitive
levels.
Other
Considerations.
The
Board
also
identified
and
considered
benefits
that
could
be
anticipated
to
accrue
to
FNA
because
of
its
relationship
with
the
FNA
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
FNA.
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
FNA’s
Investment
Sub-Advisory
Agreement
are
fair
and
reasonable;
and
(b)
that
FNA’s
fees
under
the
Investment
Sub-Advisory
Agreement
are
reasonable
in
light
of
the
services
that
FNA
provided
to
the
FNA
Funds.
Investment
Adviser
Tributary
Capital
Management,
LLC
1620
Dodge
Street,
Stop
3399
Omaha,
Nebraska
68197
Investment
Sub-Adviser
(Short-Intermediate
Bond
Fund,
Income
Fund,
Nebraska
Tax-Free
Fund
and
Balanced
Fund
only)
First
National
Advisers,
LLC
14010
FNB
Parkway
Omaha,
Nebraska
68154
Custodian
U.S.
Bank,
N.A.
1155
N.
Rivercenter
Dr.
MK-WI-S302
Milwaukee,
WI
53212
Co-Administrators
Apex
Fund
Services
Three
Canal
Plaza
Portland,
Maine
04101
Tributary
Capital
Management,
LLC
1620
Dodge
Street,
Stop
3399
Omaha,
Nebraska
68197
Distributor
Northern
Lights
Distributors,
LLC
4221
North
203rd
Street,
Suite
100
Elkhorn,
Nebraska
68022
Legal
Counsel
Husch
Blackwell
LLP
14606
Branch
Street,
Suite
200
Omaha,
Nebraska
68154
Compliance
Services
Foreside
Fund
Officer
Services,
LLC
Three
Canal
Plaza,
3rd
Floor
Portland,
ME
04101
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
.
(b) Included as part of financial statements filed under Item 7(a).
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Included as part of financial statements filed under Item 7(a).
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Included as part of additional fund information filed under Item 7(a).
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Registrant does not accept nominees to the Board of Trustees from shareholders.
ITEM 16. 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 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 Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) 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 25, 2024 | |
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 25, 2024 | |
| By: | /s/ Karen Shaw | |
| | Karen Shaw Treasurer | |
| | | |
| Date: | November 25, 2024 | |
