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

190 Middle Street

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, 2025 – March 31, 2026

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.

Annual Shareholder Report - March 31, 2026

Tributary Balanced Fund

FOBAX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$96	0.92%

How did the Fund perform in the last year? 

For the fiscal year ended March 31, 2026, the Tributary Balanced Fund returned 10.02% (Institutional Class),  underperforming the +12.54% benchmark return. There were two primary drivers of relative performance. Individual bond holdings gained +4.55%, ahead of the Barclays Capital U.S. Intermediate Index +4.41% return. Individual stock holdings returned +15.61%, lagging the Russell 3000 Index's +18.09% return.

In fixed income, the largest driver of relative returns was the yield advantage, primarily from the Fund’s overweight exposure to non-agency securitized product. The modest lower-quality bias and overweight allocation to corporate credits also added to returns. In sector allocation, the Fund remains underweight U.S. government bonds and overweight the non-agency securitized sectors. Over the last year, we added positions in high-quality corporate names including AptarGroup, Paychex, Amazon and Airbnb when primary market conditions proved favorable. The Fund maintains a high-quality portfolio with a weighted average credit rating of Aa3.

In equities, the communication services, energy and consumer staples sectors contributed to relative returns. The best performing stocks included Mastec, Corning and Nvidia. The information technology, financials and materials sectors hurt relative performance. The bottom three stock detractors from performance include Fiserv, Broadcom and Brown & Brown. The corporate profit outlook continues to climb. Higher oil prices and interest rates, however, are a risk to the favorable outlook. As a result, the equity team moderated the magnitude of the offensive tilt in the equity allocation. We believe our diversified equity holdings are well positioned due to their favorable profit outlook and reasonable relative valuation metrics.

Fixed income remains attractive on a valuation basis as compared to equities with the yield-to-maturity in the bond portfolio of 4.5%. We expect the defensive part of the Fund holdings will likely generate solid returns in the upcoming year. Equity valuations are somewhat elevated with the Russell 3000 P/E of 19.47x at the end of March. We ended the year slightly below the midpoint in asset allocation with Fund’s stock exposure 59.1% as of March 31st. We continue to closely monitor the changing economic and market environment and will further adjust Fund allocations as warranted.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Class	Russell 3000 Index	Bloomberg U.S. Intermediate Government/Credit Bond Index	Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)
3/16	$10,000	$10,000	$10,000	$10,000
6/16	$10,114	$10,263	$10,158	$10,222
9/16	$10,263	$10,714	$10,175	$10,497
12/16	$10,308	$11,165	$9,964	$10,677
3/17	$10,771	$11,807	$10,042	$11,076
6/17	$11,027	$12,163	$10,137	$11,318
9/17	$11,283	$12,719	$10,198	$11,655
12/17	$11,746	$13,525	$10,177	$12,086
3/18	$11,682	$13,438	$10,078	$11,999
6/18	$11,975	$13,960	$10,078	$12,278
9/18	$12,506	$14,955	$10,100	$12,810
12/18	$11,499	$12,816	$10,267	$11,779
3/19	$12,525	$14,616	$10,505	$12,873
6/19	$12,953	$15,214	$10,777	$13,340
9/19	$13,260	$15,391	$10,924	$13,510
12/19	$13,994	$16,791	$10,965	$14,260
3/20	$12,335	$13,282	$11,228	$12,553
6/20	$13,955	$16,207	$11,544	$14,328
9/20	$14,667	$17,700	$11,615	$15,158
12/20	$15,763	$20,298	$11,671	$16,517
3/21	$16,217	$21,587	$11,453	$17,016
6/21	$17,213	$23,365	$11,566	$17,920
9/21	$17,166	$23,342	$11,569	$17,916
12/21	$18,339	$25,507	$11,503	$18,868
3/22	$17,296	$24,161	$10,984	$17,942
6/22	$15,529	$20,126	$10,724	$15,947
9/22	$14,807	$19,227	$10,395	$15,344
12/22	$15,579	$20,608	$10,555	$16,116
3/23	$16,495	$22,088	$10,801	$16,961
6/23	$17,468	$23,940	$10,714	$17,754
9/23	$16,925	$23,161	$10,624	$17,353
12/23	$18,314	$25,957	$11,109	$18,927
3/24	$19,493	$28,558	$11,092	$20,042
6/24	$20,147	$29,476	$11,163	$20,485
9/24	$20,922	$31,313	$11,628	$21,592
12/24	$20,878	$32,137	$11,442	$21,801
3/25	$20,400	$30,620	$11,719	$21,396
6/25	$21,620	$33,985	$11,915	$22,946
9/25	$22,773	$36,764	$12,095	$24,202
12/25	$23,025	$37,647	$12,239	$24,667
3/26	$22,443	$36,157	$12,236	$24,080

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   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.  

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Class	10.02%	6.72%	8.42%
Russell 3000 Index	18.09%	10.87%	13.72%
Bloomberg U.S. Intermediate Government/Credit Bond Index	4.41%	1.33%	2.04%
Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)	12.54%	7.19%	9.19%

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.

Fund Statistics

Table Summary

Total Net Assets	$78,590,226
# of Portfolio Holdings	206
Portfolio Turnover Rate	21%
Investment Advisory Fees (Net of fees waived)	$307,125

Sector Weightings

(% total investments)

Table Summary

Value	Value
Information Technology	19.7%
Government Securities	14.8%
Financials	11.7%
Consumer Discretionary	8.1%
Industrials	7.2%
Communication Services	6.3%
Asset Backed Securities	6.1%
Health Care	5.3%
Consumer Staples	4.2%
Short-Term Investments	3.2%
Energy	3.1%
Non-Agency Commercial Mortgage Backed Securities	2.6%
Utilities	2.1%
Real Estate	1.6%
Non-Agency Residential Mortgage Backed Securities	1.4%
U.S. Government Mortgage Backed Securities	1.4%
Materials	1.2%

Top Ten Holdings 

(% of net assets)

Table Summary

NVIDIA Corp.	4.68%
U.S. Treasury Note/Bond	4.24%
Apple, Inc.	4.18%
U.S. Treasury Note/Bond	3.93%
Alphabet, Inc., Class C	3.41%
Microsoft Corp.	3.02%
U.S. Treasury Note/Bond	2.62%
Amazon.com, Inc.	2.34%
Broadcom, Inc.	1.95%
Meta Platforms, Inc., Class A	1.71%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOBAX-26

Annual Shareholder Report - March 31, 2026

Tributary Balanced Fund

FOBPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$78	0.74%

How did the Fund perform in the last year? 

For the fiscal year ended March 31, 2026, the Tributary Balanced Fund returned 10.28% (Institutional Plus Class),  underperforming the +12.54% benchmark return. There were two primary drivers of relative performance. Individual bond holdings gained +4.55%, ahead of the Barclays Capital U.S. Intermediate Index +4.41% return. Individual stock holdings returned +15.61%, lagging the Russell 3000 Index's +18.09% return.

In fixed income, the largest driver of relative returns was the yield advantage, primarily from the Fund’s overweight exposure to non-agency securitized product. The modest lower-quality bias and overweight allocation to corporate credits also added to returns. In sector allocation, the Fund remains underweight U.S. government bonds and overweight the non-agency securitized sectors. Over the last year, we added positions in high-quality corporate names including AptarGroup, Paychex, Amazon and Airbnb when primary market conditions proved favorable. The Fund maintains a high-quality portfolio with a weighted average credit rating of Aa3.

In equities, the communication services, energy and consumer staples sectors contributed to relative returns. The best performing stocks included Mastec, Corning and Nvidia. The information technology, financials and materials sectors hurt relative performance. The bottom three stock detractors from performance include Fiserv, Broadcom and Brown & Brown. The corporate profit outlook continues to climb. Higher oil prices and interest rates, however, are a risk to the favorable outlook. As a result, the equity team moderated the magnitude of the offensive tilt in the equity allocation. We believe our diversified equity holdings are well positioned due to their favorable profit outlook and reasonable relative valuation metrics.

Fixed income remains attractive on a valuation basis as compared to equities with the yield-to-maturity in the bond portfolio of 4.5%. We expect the defensive part of the Fund holdings will likely generate solid returns in the upcoming year. Equity valuations are somewhat elevated with the Russell 3000 P/E of 19.47x at the end of March. We ended the year slightly below the midpoint in asset allocation with Fund’s stock exposure 59.1% as of March 31st. We continue to closely monitor the changing economic and market environment and will further adjust Fund allocations as warranted.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Plus Class	Russell 3000 Index	Bloomberg U.S. Intermediate Government/Credit Bond Index	Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)
3/16	$10,000	$10,000	$10,000	$10,000
6/16	$10,121	$10,263	$10,158	$10,222
9/16	$10,271	$10,714	$10,175	$10,497
12/16	$10,322	$11,165	$9,964	$10,677
3/17	$10,790	$11,807	$10,042	$11,076
6/17	$11,048	$12,163	$10,137	$11,318
9/17	$11,315	$12,719	$10,198	$11,655
12/17	$11,790	$13,525	$10,177	$12,086
3/18	$11,725	$13,438	$10,078	$11,999
6/18	$12,022	$13,960	$10,078	$12,278
9/18	$12,560	$14,955	$10,100	$12,810
12/18	$11,553	$12,816	$10,267	$11,779
3/19	$12,595	$14,616	$10,505	$12,873
6/19	$13,030	$15,214	$10,777	$13,340
9/19	$13,350	$15,391	$10,924	$13,510
12/19	$14,097	$16,791	$10,965	$14,260
3/20	$12,427	$13,282	$11,228	$12,553
6/20	$14,070	$16,207	$11,544	$14,328
9/20	$14,789	$17,700	$11,615	$15,158
12/20	$15,907	$20,298	$11,671	$16,517
3/21	$16,373	$21,587	$11,453	$17,016
6/21	$17,385	$23,365	$11,566	$17,920
9/21	$17,340	$23,342	$11,569	$17,916
12/21	$18,535	$25,507	$11,503	$18,868
3/22	$17,485	$24,161	$10,984	$17,942
6/22	$15,712	$20,126	$10,724	$15,947
9/22	$14,991	$19,227	$10,395	$15,344
12/22	$15,774	$20,608	$10,555	$16,116
3/23	$16,707	$22,088	$10,801	$16,961
6/23	$17,698	$23,940	$10,714	$17,754
9/23	$17,160	$23,161	$10,624	$17,353
12/23	$18,582	$25,957	$11,109	$18,927
3/24	$19,781	$28,558	$11,092	$20,042
6/24	$20,456	$29,476	$11,163	$20,485
9/24	$21,250	$31,313	$11,628	$21,592
12/24	$21,206	$32,137	$11,442	$21,801
3/25	$20,727	$30,620	$11,719	$21,396
6/25	$21,981	$33,985	$11,915	$22,946
9/25	$23,169	$36,764	$12,095	$24,202
12/25	$23,432	$37,647	$12,239	$24,667
3/26	$22,857	$36,157	$12,236	$24,080

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   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.  

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Plus Class	10.28%	6.90%	8.62%
Russell 3000 Index	18.09%	10.87%	13.72%
Bloomberg U.S. Intermediate Government/Credit Bond Index	4.41%	1.33%	2.04%
Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)	12.54%	7.19%	9.19%

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.

Fund Statistics

Table Summary

Total Net Assets	$78,590,226
# of Portfolio Holdings	206
Portfolio Turnover Rate	21%
Investment Advisory Fees (Net of fees waived)	$307,125

Sector Weightings

(% total investments)

Table Summary

Value	Value
Information Technology	19.7%
Government Securities	14.8%
Financials	11.7%
Consumer Discretionary	8.1%
Industrials	7.2%
Communication Services	6.3%
Asset Backed Securities	6.1%
Health Care	5.3%
Consumer Staples	4.2%
Short-Term Investments	3.2%
Energy	3.1%
Non-Agency Commercial Mortgage Backed Securities	2.6%
Utilities	2.1%
Real Estate	1.6%
Non-Agency Residential Mortgage Backed Securities	1.4%
U.S. Government Mortgage Backed Securities	1.4%
Materials	1.2%

Top Ten Holdings 

(% of net assets)

Table Summary

NVIDIA Corp.	4.68%
U.S. Treasury Note/Bond	4.24%
Apple, Inc.	4.18%
U.S. Treasury Note/Bond	3.93%
Alphabet, Inc., Class C	3.41%
Microsoft Corp.	3.02%
U.S. Treasury Note/Bond	2.62%
Amazon.com, Inc.	2.34%
Broadcom, Inc.	1.95%
Meta Platforms, Inc., Class A	1.71%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOBPX-26

Annual Shareholder Report - March 31, 2026

Tributary Income Fund

FOINX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$65	0.63%

How did the Fund perform in the last year? 

The Tributary Income Fund returned 4.22%  (Institutional Class) for the fiscal year ended March 31, 2026, outperforming the Bloomberg U.S. Aggregate Index return of 4.35%.

The U.S. Treasury yield curve steepened substantially over the period as the Federal Reserve continued its rate cut cycle. The 2-year yield declined 9 basis points (bps) to 3.80%, while the 10-year rose 11 bps to 4.31% and the 30-year climbed 34 bps to 4.91%. The U.S. economy expanded 2.1% in 2025, supported by healthy consumer spending and business investment. However, core PCE inflation remained persistently elevated at 3.0%, complicating the Fed's dual mandate objectives. After implementing 75 bps of cuts in 2025, the Fed paused in January 2026 amid growing uncertainty surrounding inflation and labor market dynamics.

Credit-sensitive sectors outperformed government bonds as spreads tightened across the fixed income landscape. Lower-quality investment grade bonds led performance, with BBB-rated securities posting a 1.83% excess return over similar-maturity Treasuries. Agency MBS was the strongest performing investment grade sector as a result of declining volatility, while non-agency CMBS and corporate credit also delivered positive excess returns.

The Fund's outperformance derived primarily from three strategic decisions: our yield advantage driven by exposure to non-agency securitized products, yield curve positioning favoring an underweight to 30-year bonds and a modest overweight allocation to corporate credit. Minor performance detractors included our underweight positions in lower coupon agency MBS and longer-maturity corporate bonds.

Throughout the year, we actively managed the portfolio to extract value without significantly altering sector allocations. We increased exposure to agency MBS and U.S. Treasuries as spreads compressed and selectively added corporate positions in high-quality names including FedEx, Amazon, Eaton and Airbnb when primary market conditions proved favorable.

The Fund currently maintains a neutral duration position relative to the benchmark while remaining underweight the 30-year curve segment. We hold overweight allocations to agency MBS and non-agency CMBS with an effectively neutral corporate credit stance. While geopolitical developments including the Iran conflict create near-term uncertainty, the Fund's high-quality portfolio—maintaining a Aa2 average credit rating—and strong liquidity position us to capitalize on opportunities as market conditions evolve.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Class	Bloomberg U.S. Aggregate Bond Index
3/16	$10,000	$10,000
6/16	$10,212	$10,221
9/16	$10,280	$10,268
12/16	$9,992	$9,963
3/17	$10,089	$10,044
6/17	$10,257	$10,189
9/17	$10,327	$10,276
12/17	$10,377	$10,316
3/18	$10,252	$10,165
6/18	$10,232	$10,149
9/18	$10,232	$10,151
12/18	$10,379	$10,317
3/19	$10,694	$10,620
6/19	$11,010	$10,947
9/19	$11,252	$11,196
12/19	$11,228	$11,216
3/20	$11,471	$11,569
6/20	$11,846	$11,904
9/20	$11,948	$11,978
12/20	$12,020	$12,058
3/21	$11,625	$11,651
6/21	$11,855	$11,864
9/21	$11,861	$11,871
12/21	$11,838	$11,872
3/22	$11,169	$11,168
6/22	$10,639	$10,643
9/22	$10,161	$10,138
12/22	$10,281	$10,327
3/23	$10,632	$10,633
6/23	$10,534	$10,544
9/23	$10,224	$10,203
12/23	$10,894	$10,898
3/24	$10,855	$10,814
6/24	$10,879	$10,821
9/24	$11,447	$11,383
12/24	$11,096	$11,035
3/25	$11,404	$11,342
6/25	$11,543	$11,478
9/25	$11,773	$11,711
12/25	$11,882	$11,840
3/26	$11,885	$11,835

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.     

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Class	4.22%	0.44%	1.74%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%

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.

Fund Statistics

Table Summary

Total Net Assets	$172,624,759
# of Portfolio Holdings	213
Portfolio Turnover Rate	17%
Investment Advisory Fees (Net of fees waived)	$364,259

Sector Weightings

(% total investments)

Table Summary

Value	Value
U.S. Government Mortgage Backed Securities	32.1%
U.S. Treasury Securities	25.8%
Corporate Bonds	25.7%
Non-Agency Residential Mortgage Backed Securities	8.1%
Asset Backed Securities	5.3%
Non-Agency Commercial Mortgage Backed Securities	2.0%
Municipals	0.6%
Short-Term Investments	0.4%

Top Ten Holdings 

(% of net assets)

Table Summary

U.S. Treasury Note/Bond	6.96%
U.S. Treasury Bond	4.90%
U.S. Treasury Note/Bond	4.30%
U.S. Treasury Note/Bond	3.10%
U.S. Treasury Note/Bond	2.64%
U.S. Treasury Note/Bond	1.61%
Federal Home Loan Mortgage Corp.	1.33%
Federal National Mortgage Association	1.29%
Federal National Mortgage Association	1.27%
U.S. Treasury Bond	1.07%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOINX-26

Annual Shareholder Report - March 31, 2026

Tributary Income Fund

FOIPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$49	0.48%

How did the Fund perform in the last year? 

The Tributary Income Fund returned 4.37%  (Institutional Plus Class) for the fiscal year ended March 31, 2026, outperforming the Bloomberg U.S. Aggregate Index return of 4.35%.

The U.S. Treasury yield curve steepened substantially over the period as the Federal Reserve continued its rate cut cycle. The 2-year yield declined 9 basis points (bps) to 3.80%, while the 10-year rose 11 bps to 4.31% and the 30-year climbed 34 bps to 4.91%. The U.S. economy expanded 2.1% in 2025, supported by healthy consumer spending and business investment. However, core PCE inflation remained persistently elevated at 3.0%, complicating the Fed's dual mandate objectives. After implementing 75 bps of cuts in 2025, the Fed paused in January 2026 amid growing uncertainty surrounding inflation and labor market dynamics.

Credit-sensitive sectors outperformed government bonds as spreads tightened across the fixed income landscape. Lower-quality investment grade bonds led performance, with BBB-rated securities posting a 1.83% excess return over similar-maturity Treasuries. Agency MBS was the strongest performing investment grade sector as a result of declining volatility, while non-agency CMBS and corporate credit also delivered positive excess returns.

The Fund's outperformance derived primarily from three strategic decisions: our yield advantage driven by exposure to non-agency securitized products, yield curve positioning favoring an underweight to 30-year bonds and a modest overweight allocation to corporate credit. Minor performance detractors included our underweight positions in lower coupon agency MBS and longer-maturity corporate bonds.

Throughout the year, we actively managed the portfolio to extract value without significantly altering sector allocations. We increased exposure to agency MBS and U.S. Treasuries as spreads compressed and selectively added corporate positions in high-quality names including FedEx, Amazon, Eaton and Airbnb when primary market conditions proved favorable.

The Fund currently maintains a neutral duration position relative to the benchmark while remaining underweight the 30-year curve segment. We hold overweight allocations to agency MBS and non-agency CMBS with an effectively neutral corporate credit stance. While geopolitical developments including the Iran conflict create near-term uncertainty, the Fund's high-quality portfolio—maintaining a Aa2 average credit rating—and strong liquidity position us to capitalize on opportunities as market conditions evolve.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Plus Class	Bloomberg U.S. Aggregate Bond Index
3/16	$10,000	$10,000
6/16	$10,207	$10,221
9/16	$10,290	$10,268
12/16	$10,005	$9,963
3/17	$10,107	$10,044
6/17	$10,280	$10,189
9/17	$10,356	$10,276
12/17	$10,412	$10,316
3/18	$10,289	$10,165
6/18	$10,274	$10,149
9/18	$10,279	$10,151
12/18	$10,420	$10,317
3/19	$10,752	$10,620
6/19	$11,075	$10,947
9/19	$11,323	$11,196
12/19	$11,305	$11,216
3/20	$11,555	$11,569
6/20	$11,938	$11,904
9/20	$12,046	$11,978
12/20	$12,124	$12,058
3/21	$11,731	$11,651
6/21	$11,970	$11,864
9/21	$11,983	$11,871
12/21	$11,953	$11,872
3/22	$11,285	$11,168
6/22	$10,753	$10,643
9/22	$10,274	$10,138
12/22	$10,399	$10,327
3/23	$10,757	$10,633
6/23	$10,660	$10,544
9/23	$10,350	$10,203
12/23	$11,034	$10,898
3/24	$10,999	$10,814
6/24	$11,027	$10,821
9/24	$11,606	$11,383
12/24	$11,254	$11,035
3/25	$11,557	$11,342
6/25	$11,702	$11,478
9/25	$11,939	$11,711
12/25	$12,067	$11,840
3/26	$12,063	$11,835

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.     

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Plus Class	4.37%	0.56%	1.89%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%

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.

Fund Statistics

Table Summary

Total Net Assets	$172,624,759
# of Portfolio Holdings	213
Portfolio Turnover Rate	17%
Investment Advisory Fees (Net of fees waived)	$364,259

Sector Weightings

(% total investments)

Table Summary

Value	Value
U.S. Government Mortgage Backed Securities	32.1%
U.S. Treasury Securities	25.8%
Corporate Bonds	25.7%
Non-Agency Residential Mortgage Backed Securities	8.1%
Asset Backed Securities	5.3%
Non-Agency Commercial Mortgage Backed Securities	2.0%
Municipals	0.6%
Short-Term Investments	0.4%

Top Ten Holdings 

(% of net assets)

Table Summary

U.S. Treasury Note/Bond	6.96%
U.S. Treasury Bond	4.90%
U.S. Treasury Note/Bond	4.30%
U.S. Treasury Note/Bond	3.10%
U.S. Treasury Note/Bond	2.64%
U.S. Treasury Note/Bond	1.61%
Federal Home Loan Mortgage Corp.	1.33%
Federal National Mortgage Association	1.29%
Federal National Mortgage Association	1.27%
U.S. Treasury Bond	1.07%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOIPX-26

Annual Shareholder Report - March 31, 2026

Tributary Nebraska Tax-Free Fund

FONPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Nebraska Tax-Free Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$46	0.45%

How did the Fund perform in the last year? 

Over the trailing 12 months, the U.S. Treasury yield curve steepened substantially as the Federal Reserve continued its rate cut cycle. The 2-year yield declined 9 basis points (bps) to 3.80%, while the 10-year rose 11 bps to 4.31%, and the 30-year climbed 34 bps to 4.91%. Meanwhile, the municipal bond AAA curve also steepened, though to a greater degree, as 2-year yields decreased by 15 bps, 10-year yields increased by 20 bps, and 30-year yields increased by 58 bps. The curve overall – measured as the difference between 30-year and 2-year yields – increased from +131 to +205. Within the municipal bond market, higher quality outperformed as AA and A spreads tightened slightly during the period while BBB and HY spreads widened - each by around 13 bps.

The Tributary Nebraska Tax-Free Fund returned 4.67% (net, institutional plus class) for the fiscal year ended March 31, 2026, compared to a return of 4.49% for the Bloomberg 1-15Y Municipal Blend Index. Relative to the benchmark, factors that contributed to the Fund’s outperformance include curve positioning, as the Fund’s overweight exposure to the 7-10-year part of the curve was beneficial; and the Fund’s quality bias, as BBB credits lagged AA and A bonds where the Fund is overweight. Partially offsetting these positive factors was sector allocation, as the Fund is underweight housing bonds, which was the best performing sector.

The outlook for 2026 is generally favorable as tax-exempt yields remain attractive with strong opportunity for roll-down returns given the steepness of the curve. However, this will be weighed against the supply backdrop which, following the record issuance of $585 billion in 2025, is forecast to set another record in 2026. In addition, credit spreads remain tight in comparison to longer term averages, and continued monitoring of credit profiles will remain paramount. While the Nebraska economy remains strong, with a healthy labor market and a stable ag backdrop, a slightly weaker fiscal position at the state level will be closely monitored.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Plus Class	Bloomberg Municipal Bond Index	Bloomberg 1-15 Year Municipal Blend Index (1-17)
3/16	$10,000	$10,000	$10,000
6/16	$10,141	$10,261	$10,190
9/16	$10,121	$10,230	$10,170
12/16	$9,847	$9,860	$9,857
3/17	$9,957	$10,015	$10,010
6/17	$10,100	$10,211	$10,174
9/17	$10,152	$10,320	$10,268
12/17	$10,173	$10,397	$10,284
3/18	$10,087	$10,282	$10,191
6/18	$10,140	$10,371	$10,277
9/18	$10,130	$10,356	$10,270
12/18	$10,304	$10,530	$10,446
3/19	$10,530	$10,835	$10,709
6/19	$10,693	$11,067	$10,906
9/19	$10,806	$11,241	$11,030
12/19	$10,870	$11,324	$11,119
3/20	$10,921	$11,252	$11,064
6/20	$11,171	$11,559	$11,362
9/20	$11,261	$11,701	$11,492
12/20	$11,362	$11,914	$11,645
3/21	$11,258	$11,872	$11,607
6/21	$11,336	$12,041	$11,712
9/21	$11,312	$12,009	$11,701
12/21	$11,347	$12,095	$11,746
3/22	$10,789	$11,342	$11,119
6/22	$10,578	$11,008	$10,947
9/22	$10,237	$10,627	$10,664
12/22	$10,637	$11,064	$11,047
3/23	$10,886	$11,371	$11,298
6/23	$10,786	$11,359	$11,251
9/23	$10,401	$10,911	$10,931
12/23	$11,105	$11,772	$11,628
3/24	$11,043	$11,726	$11,594
6/24	$10,971	$11,724	$11,554
9/24	$11,301	$12,042	$11,856
12/24	$11,156	$11,896	$11,730
3/25	$11,185	$11,869	$11,776
6/25	$11,304	$11,855	$11,859
9/25	$11,578	$12,210	$12,166
12/25	$11,743	$12,401	$12,338
3/26	$11,707	$12,379	$12,304

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   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.  

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Plus Class	4.67%	0.79%	1.59%
Bloomberg Municipal Bond Index	4.29%	0.84%	2.16%
Bloomberg 1-15 Year Municipal Blend Index (1-17)	4.49%	1.17%	2.10%

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.

Fund Statistics

Table Summary

Total Net Assets	$53,366,843
# of Portfolio Holdings	178
Portfolio Turnover Rate	16%
Investment Advisory Fees (Net of fees waived)	$30,798

Sector Weightings

(% total investments)

Table Summary

Value	Value
Municipals	94.0%
Short-Term Investments	3.0%
U.S. Government Mortgage Backed Securities	3.0%

Top Ten Holdings 

(% of net assets)

Table Summary

Omaha Public Power District	2.67%
Douglas County Hospital Authority No. 2	2.16%
Loup River Public Power District	1.86%
Omaha School District	1.46%
Gretna Public Schools	1.33%
Douglas County School District No. 59	1.30%
Omaha School District	1.29%
Omaha School District	1.14%
Douglas County School District No. 59	1.10%
City of Omaha NE Riverfront Redevelopment Special Tax Revenue	1.04%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FONPX-26

Annual Shareholder Report - March 31, 2026

Tributary Short-Intermediate Bond Fund

FOSIX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$67	0.65%

How did the Fund perform in the last year? 

The Tributary Short-Intermediate Bond Fund returned  3.96% (Institutional Class) for the fiscal year ended March 31, 2026, underperforming the Bloomberg U.S. Aggregate Index return of 4.35%, but outperforming the Bloomberg U.S. 1-3Y Gov’t/Credit Index return of 3.96%.

The U.S. Treasury yield curve steepened substantially over the period as the Federal Reserve continued its rate cut cycle. The 2-year yield declined 9 basis points (bps) to 3.80%, while the 10-year rose 11 bps to 4.31%. The U.S. economy expanded 2.1% in 2025, supported by healthy consumer spending and business investment. However, core PCE inflation remained persistently elevated at 3.0%, complicating the Fed's dual mandate objectives. After implementing 75 bps of cuts in 2025, the Fed paused in January 2026 amid growing uncertainty surrounding inflation and labor market dynamics.

Credit-sensitive sectors outperformed government bonds as spreads tightened across the fixed income landscape. Lower-quality investment grade bonds led performance, with BBB-rated securities posting a 1.83% excess return over similar-maturity Treasuries. Agency MBS was the strongest performing investment grade sector due to declining volatility, while non-agency CMBS and corporate credit also delivered positive excess returns.

The Fund's outperformance derived primarily from three strategic decisions: our yield advantage driven by exposure to short-duration ABS and non-agency RMBS and an overweight allocation to corporate credit. The only noteworthy detractor was minor negative security selection in the CMBS portfolio.

Throughout the year, we actively managed the portfolio to extract value without significantly altering sector allocations. We added numerous new positions in the ABS sector to replace regular paydowns, and in the corporate space we added positions in high-quality names including FedEx, Paychex, Salesforce and Airbnb when primary market conditions proved favorable.

The Fund currently maintains a slightly longer duration position relative to the 1-3Y Gov’t/Credit benchmark given more favorable market expectations for Federal Reserve policy. We hold exposures to high-quality, shorter duration non-agency ABS, CMBS and RMBS and an overweight to corporate credit and an underweight in government bonds. While geopolitical developments including the Iran conflict create near-term uncertainty, the Fund's high-quality portfolio—maintaining a Aa3 average credit rating—and strong liquidity position us to capitalize on opportunities as market conditions evolve.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Class	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year US Government/Credit Index
3/16	$10,000	$10,000	$10,000
6/16	$10,080	$10,221	$10,067
9/16	$10,130	$10,268	$10,069
12/16	$10,075	$9,963	$10,030
3/17	$10,148	$10,044	$10,071
6/17	$10,231	$10,189	$10,102
9/17	$10,280	$10,276	$10,136
12/17	$10,275	$10,316	$10,115
3/18	$10,242	$10,165	$10,095
6/18	$10,259	$10,149	$10,123
9/18	$10,300	$10,151	$10,157
12/18	$10,378	$10,317	$10,277
3/19	$10,537	$10,620	$10,401
6/19	$10,684	$10,947	$10,555
9/19	$10,764	$11,196	$10,628
12/19	$10,810	$11,216	$10,691
3/20	$10,810	$11,569	$10,871
6/20	$11,112	$11,904	$10,999
9/20	$11,179	$11,978	$11,024
12/20	$11,239	$12,058	$11,047
3/21	$11,183	$11,651	$11,043
6/21	$11,218	$11,864	$11,047
9/21	$11,225	$11,871	$11,057
12/21	$11,159	$11,872	$10,995
3/22	$10,869	$11,168	$10,721
6/22	$10,724	$10,643	$10,654
9/22	$10,571	$10,138	$10,496
12/22	$10,664	$10,327	$10,590
3/23	$10,855	$10,633	$10,750
6/23	$10,836	$10,544	$10,710
9/23	$10,921	$10,203	$10,788
12/23	$11,255	$10,898	$11,078
3/24	$11,339	$10,814	$11,125
6/24	$11,456	$10,821	$11,231
9/24	$11,789	$11,383	$11,563
12/24	$11,798	$11,035	$11,561
3/25	$11,997	$11,342	$11,749
6/25	$12,161	$11,478	$11,898
9/25	$12,315	$11,711	$12,040
12/25	$12,451	$11,840	$12,179
3/26	$12,472	$11,835	$12,213

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   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.  

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Class	3.96%	2.21%	2.23%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%
Bloomberg 1-3 Year US Government/Credit Index	3.96%	2.04%	2.02%

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.

Fund Statistics

Table Summary

Total Net Assets	$218,278,139
# of Portfolio Holdings	221
Portfolio Turnover Rate	41%
Investment Advisory Fees (Net of fees waived)	$443,265

Sector Weightings

(% total investments)

Table Summary

Value	Value
Corporate Bonds	29.4%
Asset Backed Securities	26.3%
U.S. Treasury Securities	24.1%
Non-Agency Commercial Mortgage Backed Securities	11.0%
Non-Agency Residential Mortgage Backed Securities	6.9%
U.S. Government Mortgage Backed Securities	1.1%
Municipals	1.0%
Preferred Stocks	0.1%
Short-Term Investments	0.1%

Top Ten Holdings 

(% of net assets)

Table Summary

U.S. Treasury Note	9.15%
U.S. Treasury Note/Bond	5.60%
U.S. Treasury Note/Bond	5.59%
U.S. Treasury Note/Bond	2.96%
Salesforce, Inc.	1.13%
Mars, Inc.	1.05%
Citigroup, Inc.	1.04%
U.S. Bancorp	1.04%
Exelon Corp.	1.04%
JPMorgan Chase & Co.	1.04%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOSIX-26

Annual Shareholder Report - March 31, 2026

Tributary Short-Intermediate Bond Fund

FOSPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$46	0.45%

How did the Fund perform in the last year? 

The Tributary Short-Intermediate Bond Fund returned  4.28% (Institutional Plus Class) for the fiscal year ended March 31, 2026, underperforming the Bloomberg U.S. Aggregate Index return of 4.35%, but outperforming the Bloomberg U.S. 1-3Y Gov’t/Credit Index return of 3.96%.

The U.S. Treasury yield curve steepened substantially over the period as the Federal Reserve continued its rate cut cycle. The 2-year yield declined 9 basis points (bps) to 3.80%, while the 10-year rose 11 bps to 4.31%. The U.S. economy expanded 2.1% in 2025, supported by healthy consumer spending and business investment. However, core PCE inflation remained persistently elevated at 3.0%, complicating the Fed's dual mandate objectives. After implementing 75 bps of cuts in 2025, the Fed paused in January 2026 amid growing uncertainty surrounding inflation and labor market dynamics.

Credit-sensitive sectors outperformed government bonds as spreads tightened across the fixed income landscape. Lower-quality investment grade bonds led performance, with BBB-rated securities posting a 1.83% excess return over similar-maturity Treasuries. Agency MBS was the strongest performing investment grade sector due to declining volatility, while non-agency CMBS and corporate credit also delivered positive excess returns.

The Fund's outperformance derived primarily from three strategic decisions: our yield advantage driven by exposure to short-duration ABS and non-agency RMBS and an overweight allocation to corporate credit. The only noteworthy detractor was minor negative security selection in the CMBS portfolio.

Throughout the year, we actively managed the portfolio to extract value without significantly altering sector allocations. We added numerous new positions in the ABS sector to replace regular paydowns, and in the corporate space we added positions in high-quality names including FedEx, Paychex, Salesforce and Airbnb when primary market conditions proved favorable.

The Fund currently maintains a slightly longer duration position relative to the 1-3Y Gov’t/Credit benchmark given more favorable market expectations for Federal Reserve policy. We hold exposures to high-quality, shorter duration non-agency ABS, CMBS and RMBS and an overweight to corporate credit and an underweight in government bonds. While geopolitical developments including the Iran conflict create near-term uncertainty, the Fund's high-quality portfolio—maintaining a Aa3 average credit rating—and strong liquidity position us to capitalize on opportunities as market conditions evolve.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Plus Class	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year US Government/Credit Index
3/16	$10,000	$10,000	$10,000
6/16	$10,086	$10,221	$10,067
9/16	$10,142	$10,268	$10,069
12/16	$10,091	$9,963	$10,030
3/17	$10,169	$10,044	$10,071
6/17	$10,259	$10,189	$10,102
9/17	$10,314	$10,276	$10,136
12/17	$10,305	$10,316	$10,115
3/18	$10,288	$10,165	$10,095
6/18	$10,312	$10,149	$10,123
9/18	$10,359	$10,151	$10,157
12/18	$10,443	$10,317	$10,277
3/19	$10,596	$10,620	$10,401
6/19	$10,761	$10,947	$10,555
9/19	$10,847	$11,196	$10,628
12/19	$10,897	$11,216	$10,691
3/20	$10,903	$11,569	$10,871
6/20	$11,211	$11,904	$10,999
9/20	$11,283	$11,978	$11,024
12/20	$11,350	$12,058	$11,047
3/21	$11,298	$11,651	$11,043
6/21	$11,339	$11,864	$11,047
9/21	$11,353	$11,871	$11,057
12/21	$11,290	$11,872	$10,995
3/22	$11,000	$11,168	$10,721
6/22	$10,859	$10,643	$10,654
9/22	$10,711	$10,138	$10,496
12/22	$10,810	$10,327	$10,590
3/23	$11,005	$10,633	$10,750
6/23	$10,991	$10,544	$10,710
9/23	$11,069	$10,203	$10,788
12/23	$11,412	$10,898	$11,078
3/24	$11,516	$10,814	$11,125
6/24	$11,629	$10,821	$11,231
9/24	$11,985	$11,383	$11,563
12/24	$12,002	$11,035	$11,561
3/25	$12,197	$11,342	$11,749
6/25	$12,383	$11,478	$11,898
9/25	$12,546	$11,711	$12,040
12/25	$12,677	$11,840	$12,179
3/26	$12,719	$11,835	$12,213

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   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.  

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Plus Class	4.28%	2.40%	2.43%
Bloomberg U.S. Aggregate Bond Index	4.35%	0.31%	1.70%
Bloomberg 1-3 Year US Government/Credit Index	3.96%	2.04%	2.02%

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.

Fund Statistics

Table Summary

Total Net Assets	$218,278,139
# of Portfolio Holdings	221
Portfolio Turnover Rate	41%
Investment Advisory Fees (Net of fees waived)	$443,265

Sector Weightings

(% total investments)

Table Summary

Value	Value
Corporate Bonds	29.4%
Asset Backed Securities	26.3%
U.S. Treasury Securities	24.1%
Non-Agency Commercial Mortgage Backed Securities	11.0%
Non-Agency Residential Mortgage Backed Securities	6.9%
U.S. Government Mortgage Backed Securities	1.1%
Municipals	1.0%
Preferred Stocks	0.1%
Short-Term Investments	0.1%

Top Ten Holdings 

(% of net assets)

Table Summary

U.S. Treasury Note	9.15%
U.S. Treasury Note/Bond	5.60%
U.S. Treasury Note/Bond	5.59%
U.S. Treasury Note/Bond	2.96%
Salesforce, Inc.	1.13%
Mars, Inc.	1.05%
Citigroup, Inc.	1.04%
U.S. Bancorp	1.04%
Exelon Corp.	1.04%
JPMorgan Chase & Co.	1.04%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOSPX-26

Annual Shareholder Report - March 31, 2026

Tributary Small Company Fund

FOSCX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$125	1.18%

How did the Fund perform in the last year? 

The Tributary Small Company Fund returned 10.76% (Institutional Class) during the fiscal year ending March 31, 2026, compared to the Russell 2000 Index's 25.72% gain and the Russell 2000 Value Index's 28.09% return.

The fiscal year presented extraordinary market volatility, beginning with significant selling pressure following the April 2nd White House tariff announcement. Concerns about economic growth drove a sharp but brief market decline, which bottomed on April 8th after President Trump announced a 90-day pause on severe tariffs to facilitate negotiations.

Following the April 8th low, the Russell 2000 experienced a substantial rally lasting through mid-January. This environment proved exceptionally challenging for active managers, including the Tributary Small Company Fund. The Fund experienced a six-month period of underperformance from April 8th through mid-October, driven primarily by a low-quality stock rally. While lower quality characteristics dominated most of the year, small caps outperformed large caps from April 8th through fiscal year-end, a welcome rotation after years of underperformance.

Performance trends shifted favorably in the final three months of the fiscal year, with the Fund delivering strong outperformance versus the Russell 2000. The conflict with Iran beginning in late February did not materially impact relative performance. Higher-quality market characteristics regained favor, and the Fund benefited substantially from technology sector holdings with strong financial results and exposure to artificial intelligence and data center capital expenditure trends.

The strongest sector returns in the Russell 2000 followed a cyclical theme: energy (+61%), materials (+52%) and industrials (+41%). Compared to the Russell 2000, the Fund's three best relative returns were in information technology, utilities and consumer discretionary.

Conversely, the weakest sector returns in the Russell 2000 were consumer staples (-2%), real estate (+7%) and consumer discretionary (+9%). The Fund's three worst relative returns were in energy, healthcare and communications services.

The leading contributors to the Fund's return over the last twelve months were Advanced Energy Industries (information technology), Viavi Solutions (information technology) and ESCO Technologies (industrials). The three largest detractors were Baldwin Insurance Group (financials), Enovis Corporation (healthcare) and Kforce (industrials).

While relative returns over the past twelve months were disappointing, underlying business fundamentals—sales and earnings—from our portfolio companies remained strong. This divergence, though frustrating, reinforces our commitment to our core investment philosophy: quality businesses trading at attractive prices deliver long-term results. We remain steadfast in our disciplined approach, confident that our focus on business quality will continue serving our investors well over time.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Class	Russell 2000® Index	Russell 2000® Value Index
3/16	$10,000	$10,000	$10,000
6/16	$10,233	$10,379	$10,431
9/16	$11,023	$11,318	$11,355
12/16	$12,115	$12,318	$12,954
3/17	$12,387	$12,622	$12,937
6/17	$12,558	$12,933	$13,023
9/17	$12,891	$13,666	$13,689
12/17	$13,144	$14,122	$13,969
3/18	$13,019	$14,110	$13,600
6/18	$13,776	$15,204	$14,729
9/18	$14,422	$15,748	$14,966
12/18	$11,732	$12,567	$12,172
3/19	$13,237	$14,399	$13,624
6/19	$13,417	$14,701	$13,811
9/19	$13,708	$14,348	$13,732
12/19	$14,451	$15,774	$14,898
3/20	$9,966	$10,945	$9,585
6/20	$10,979	$13,727	$11,397
9/20	$11,284	$14,404	$11,688
12/20	$14,626	$18,923	$15,588
3/21	$16,647	$21,326	$18,888
6/21	$17,527	$22,241	$19,749
9/21	$17,330	$21,272	$19,160
12/21	$19,351	$21,727	$19,995
3/22	$18,172	$20,092	$19,515
6/22	$16,302	$16,637	$16,534
9/22	$15,487	$16,273	$15,772
12/22	$16,861	$17,287	$17,099
3/23	$17,580	$17,760	$16,987
6/23	$18,415	$18,685	$17,527
9/23	$17,528	$17,726	$17,008
12/23	$19,699	$20,213	$19,603
3/24	$20,438	$21,260	$20,172
6/24	$20,092	$20,564	$19,437
9/24	$22,029	$22,470	$21,410
12/24	$21,549	$22,546	$21,182
3/25	$19,695	$20,409	$19,542
6/25	$20,516	$22,143	$20,513
9/25	$20,997	$24,888	$23,098
12/25	$20,744	$25,433	$23,850
3/26	$21,815	$25,659	$25,032

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.     

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Class	10.76%	5.56%	8.11%
Russell 2000® Index	25.72%	3.77%	9.88%
Russell 2000® Value Index	28.09%	5.79%	9.61%

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.

Fund Statistics

Table Summary

Total Net Assets	$569,566,149
# of Portfolio Holdings	60
Portfolio Turnover Rate	31%
Investment Advisory Fees (Net of fees waived)	$4,480,455

Sector Weightings

(% total investments)

Table Summary

Value	Value
Industrials	21.5%
Information Technology	20.4%
Financials	17.3%
Consumer Discretionary	10.0%
Health Care	10.0%
Real Estate	4.9%
Materials	4.2%
Energy	3.9%
Utilities	3.8%
Consumer Staples	2.5%
Short-Term Investments	1.5%

Top Ten Holdings 

(% of net assets)

Table Summary

ESCO Technologies, Inc.	4.16%
Enpro, Inc.	3.15%
Viavi Solutions, Inc.	2.86%
Moelis & Co., Class A	2.72%
Advanced Energy Industries, Inc.	2.69%
Northern Oil & Gas, Inc.	2.64%
Seacoast Banking Corp. of Florida	2.51%
Benchmark Electronics, Inc.	2.34%
Diodes, Inc.	2.32%
Atlantic Union Bankshares Corp.	2.30%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOSCX-26

Annual Shareholder Report - March 31, 2026

Tributary Small Company Fund

FOSBX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$101	0.96%

How did the Fund perform in the last year? 

The Tributary Small Company Fund returned 11.00% (Institutional Plus Class) during the fiscal year ending March 31, 2026, compared to the Russell 2000 Index's 25.72% gain and the Russell 2000 Value Index's 28.09% return.

The fiscal year presented extraordinary market volatility, beginning with significant selling pressure following the April 2nd White House tariff announcement. Concerns about economic growth drove a sharp but brief market decline, which bottomed on April 8th after President Trump announced a 90-day pause on severe tariffs to facilitate negotiations.

Following the April 8th low, the Russell 2000 experienced a substantial rally lasting through mid-January. This environment proved exceptionally challenging for active managers, including the Tributary Small Company Fund. The Fund experienced a six-month period of underperformance from April 8th through mid-October, driven primarily by a low-quality stock rally. While lower quality characteristics dominated most of the year, small caps outperformed large caps from April 8th through fiscal year-end, a welcome rotation after years of underperformance.

Performance trends shifted favorably in the final three months of the fiscal year, with the Fund delivering strong outperformance versus the Russell 2000. The conflict with Iran beginning in late February did not materially impact relative performance. Higher-quality market characteristics regained favor, and the Fund benefited substantially from technology sector holdings with strong financial results and exposure to artificial intelligence and data center capital expenditure trends.

The strongest sector returns in the Russell 2000 followed a cyclical theme: energy (+61%), materials (+52%) and industrials (+41%). Compared to the Russell 2000, the Fund's three best relative returns were in information technology, utilities and consumer discretionary.

Conversely, the weakest sector returns in the Russell 2000 were consumer staples (-2%), real estate (+7%) and consumer discretionary (+9%). The Fund's three worst relative returns were in energy, healthcare and communications services.

The leading contributors to the Fund's return over the last twelve months were Advanced Energy Industries (information technology), Viavi Solutions (information technology) and ESCO Technologies (industrials). The three largest detractors were Baldwin Insurance Group (financials), Enovis Corporation (healthcare) and Kforce (industrials).

While relative returns over the past twelve months were disappointing, underlying business fundamentals—sales and earnings—from our portfolio companies remained strong. This divergence, though frustrating, reinforces our commitment to our core investment philosophy: quality businesses trading at attractive prices deliver long-term results. We remain steadfast in our disciplined approach, confident that our focus on business quality will continue serving our investors well over time.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Plus Class	Russell 2000® Index	Russell 2000® Value Index
3/16	$10,000	$10,000	$10,000
6/16	$10,241	$10,379	$10,431
9/16	$11,034	$11,318	$11,355
12/16	$12,134	$12,318	$12,954
3/17	$12,415	$12,622	$12,937
6/17	$12,590	$12,933	$13,023
9/17	$12,936	$13,666	$13,689
12/17	$13,198	$14,122	$13,969
3/18	$13,078	$14,110	$13,600
6/18	$13,848	$15,204	$14,729
9/18	$14,503	$15,748	$14,966
12/18	$11,807	$12,567	$12,172
3/19	$13,327	$14,399	$13,624
6/19	$13,511	$14,701	$13,811
9/19	$13,812	$14,348	$13,732
12/19	$14,575	$15,774	$14,898
3/20	$10,055	$10,945	$9,585
6/20	$11,085	$13,727	$11,397
9/20	$11,401	$14,404	$11,688
12/20	$14,781	$18,923	$15,588
3/21	$16,828	$21,326	$18,888
6/21	$17,729	$22,241	$19,749
9/21	$17,541	$21,272	$19,160
12/21	$19,599	$21,727	$19,995
3/22	$18,413	$20,092	$19,515
6/22	$16,533	$16,637	$16,534
9/22	$15,713	$16,273	$15,772
12/22	$17,120	$17,287	$17,099
3/23	$17,857	$17,760	$16,987
6/23	$18,718	$18,685	$17,527
9/23	$17,824	$17,726	$17,008
12/23	$20,037	$20,213	$19,603
3/24	$20,804	$21,260	$20,172
6/24	$20,461	$20,564	$19,437
9/24	$22,446	$22,470	$21,410
12/24	$21,968	$22,546	$21,182
3/25	$20,090	$20,409	$19,542
6/25	$20,936	$22,143	$20,513
9/25	$21,445	$24,888	$23,098
12/25	$21,196	$25,433	$23,850
3/26	$22,299	$25,659	$25,032

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.     

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Ten Year
Institutional Plus Class	11.00%	5.79%	8.35%
Russell 2000® Index	25.72%	3.77%	9.88%
Russell 2000® Value Index	28.09%	5.79%	9.61%

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.

Fund Statistics

Table Summary

Total Net Assets	$569,566,149
# of Portfolio Holdings	60
Portfolio Turnover Rate	31%
Investment Advisory Fees (Net of fees waived)	$4,480,455

Sector Weightings

(% total investments)

Table Summary

Value	Value
Industrials	21.5%
Information Technology	20.4%
Financials	17.3%
Consumer Discretionary	10.0%
Health Care	10.0%
Real Estate	4.9%
Materials	4.2%
Energy	3.9%
Utilities	3.8%
Consumer Staples	2.5%
Short-Term Investments	1.5%

Top Ten Holdings 

(% of net assets)

Table Summary

ESCO Technologies, Inc.	4.16%
Enpro, Inc.	3.15%
Viavi Solutions, Inc.	2.86%
Moelis & Co., Class A	2.72%
Advanced Energy Industries, Inc.	2.69%
Northern Oil & Gas, Inc.	2.64%
Seacoast Banking Corp. of Florida	2.51%
Benchmark Electronics, Inc.	2.34%
Diodes, Inc.	2.32%
Atlantic Union Bankshares Corp.	2.30%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FOSBX-26

Annual Shareholder Report - March 31, 2026

Tributary Small/Mid Cap Fund

FSMCX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$92	0.91%

How did the Fund perform in the last year? 

The Tributary Small/Mid Cap Fund faced significant headwinds during the fiscal year ending March 31, 2026, returning just  1.53% (Institutional Class) compared to the Russell 2500 Index's 23.45% gain and the Russell 2500 Value Index's 25.43% return.

The year opened amid considerable uncertainty as the new White House administration implemented sweeping tariffs. Economic growth forecasts declined sharply, prompting companies to withdraw guidance and postpone capital spending plans. The tariff announcement triggered a market correction, with indexes bottoming on April 8, 2025. However, news of a 90-day tariff delay sparked a dramatic reversal, and by month’s end indexes had recovered all losses. Following April's volatility, economic concerns gradually subsided and the Russell 2500 benchmark posted consistent gains throughout the fiscal year, ultimately reaching an all-time high in late February 2026.

This was a difficult period for most active small and mid-cap managers, and the Fund lagged its benchmark every quarter. A substantial portion of underperformance occurred between mid-April and late October, when low-quality style factors generated the strongest returns while high-quality factors significantly underperformed. This dynamic proved particularly challenging given the Fund's emphasis on high-quality characteristics, which historically outperform over longer time horizons.

Consumer staples delivered an outsized relative gain exceeding the benchmark as Casey’s General Stores continued posting strong results. However, underperformance was broadly distributed, with seven of eleven sectors lagging by more than one percent.

Industrials suffered most severely, posting just a 1% gain versus the benchmark's 38% advance. An overweight position in professional services, the sector's only negative performer, combined with no exposure to surging aerospace & defense or construction & engineering industries (both up over 89%) proved costly. Robert Half plummeted 50% on weak staffing fundamentals, while ExlService declined 36% amid artificial intelligence disruption concerns.

Healthcare lagged due to struggling holdings Enovis, ICON and Molina Healthcare along with absent biotechnology exposure, a segment that surged 68%. Technology returns suffered from an overweight in software, negatively affected by AI displacement concerns. Additionally, lacking exposure to communications equipment and memory manufacturer Sandisk, which soared 1,247%, dragged on performance.

Despite near-term challenges, the Fund maintains its disciplined long-term approach, focusing on companies with durable business models, strong cash flow generation, solid balance sheets and experienced management teams.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Class	Russell 2500 Index	Russell 2500 Value Index
8/19	$10,000	$10,000	$10,000
9/19	$10,360	$10,019	$10,228
12/19	$11,006	$10,874	$10,951
3/20	$8,022	$7,642	$7,157
6/20	$9,354	$9,673	$8,631
9/20	$9,894	$10,242	$8,937
12/20	$12,368	$13,049	$11,485
3/21	$13,850	$14,475	$13,418
6/21	$14,601	$15,262	$14,089
9/21	$14,742	$14,853	$13,797
12/21	$16,461	$15,421	$14,675
3/22	$15,454	$14,524	$14,455
6/22	$13,876	$12,058	$12,230
9/22	$13,119	$11,718	$11,679
12/22	$14,204	$12,588	$12,755
3/23	$14,458	$13,015	$12,933
6/23	$15,208	$13,695	$13,498
9/23	$14,627	$13,040	$13,004
12/23	$16,380	$14,782	$14,793
3/24	$17,415	$15,805	$15,691
6/24	$17,066	$15,129	$15,016
9/24	$18,397	$16,453	$16,462
12/24	$17,974	$16,555	$16,418
3/25	$16,612	$15,313	$15,461
6/25	$16,876	$16,628	$16,588
9/25	$17,404	$18,124	$17,944
12/25	$16,992	$18,526	$18,509
3/26	$16,866	$18,903	$19,392

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.     

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Since Inception 08/2/19
Institutional Class	1.53%	4.02%	8.16%
Russell 2500 Index	23.45%	5.48%	10.03%
Russell 2500 Value Index	25.43%	7.64%	10.45%

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.

Fund Statistics

Table Summary

Total Net Assets	$28,546,734
# of Portfolio Holdings	59
Portfolio Turnover Rate	35%
Investment Advisory Fees (Net of fees waived)	$140,407

Sector Weightings

(% total investments)

Table Summary

Value	Value
Industrials	21.5%
Financials	17.4%
Information Technology	16.2%
Consumer Discretionary	12.1%
Health Care	7.6%
Real Estate	6.9%
Materials	5.6%
Energy	4.1%
Consumer Staples	3.2%
Utilities	3.1%
Communication Services	1.2%
Short-Term Investments	1.1%

Top Ten Holdings 

(% of net assets)

Table Summary

Burlington Stores, Inc.	3.17%
IDACORP, Inc.	3.06%
Littelfuse, Inc.	3.02%
Onto Innovation, Inc.	2.59%
CACI International, Inc., Class A	2.57%
Enpro, Inc.	2.47%
Permian Resources Corp., Class A	2.43%
Diodes, Inc.	2.35%
Stifel Financial Corp.	2.35%
Markel Group, Inc.	2.32%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FSMCX-26

Annual Shareholder Report - March 31, 2026

Tributary Small/Mid Cap Fund

FSMBX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2025, to March 31, 2026. 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 year? 

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$90	0.90%

How did the Fund perform in the last year? 

The Tributary Small/Mid Cap Fund faced significant headwinds during the fiscal year ending March 31, 2026, returning just  1.49% (Institutional Plus Class) compared to the Russell 2500 Index's 23.45% gain and the Russell 2500 Value Index's 25.43% return.

The year opened amid considerable uncertainty as the new White House administration implemented sweeping tariffs. Economic growth forecasts declined sharply, prompting companies to withdraw guidance and postpone capital spending plans. The tariff announcement triggered a market correction, with indexes bottoming on April 8, 2025. However, news of a 90-day tariff delay sparked a dramatic reversal, and by month’s end indexes had recovered all losses. Following April's volatility, economic concerns gradually subsided and the Russell 2500 benchmark posted consistent gains throughout the fiscal year, ultimately reaching an all-time high in late February 2026.

This was a difficult period for most active small and mid-cap managers, and the Fund lagged its benchmark every quarter. A substantial portion of underperformance occurred between mid-April and late October, when low-quality style factors generated the strongest returns while high-quality factors significantly underperformed. This dynamic proved particularly challenging given the Fund's emphasis on high-quality characteristics, which historically outperform over longer time horizons.

Consumer staples delivered an outsized relative gain exceeding the benchmark as Casey’s General Stores continued posting strong results. However, underperformance was broadly distributed, with seven of eleven sectors lagging by more than one percent.

Industrials suffered most severely, posting just a 1% gain versus the benchmark's 38% advance. An overweight position in professional services, the sector's only negative performer, combined with no exposure to surging aerospace & defense or construction & engineering industries (both up over 89%) proved costly. Robert Half plummeted 50% on weak staffing fundamentals, while ExlService declined 36% amid artificial intelligence disruption concerns.

Healthcare lagged due to struggling holdings Enovis, ICON and Molina Healthcare along with absent biotechnology exposure, a segment that surged 68%. Technology returns suffered from an overweight in software, negatively affected by AI displacement concerns. Additionally, lacking exposure to communications equipment and memory manufacturer Sandisk, which soared 1,247%, dragged on performance.

Despite near-term challenges, the Fund maintains its disciplined long-term approach, focusing on companies with durable business models, strong cash flow generation, solid balance sheets and experienced management teams.

Total Return Based on a $10,000 Investment 

Table Summary

Date	Institutional Plus Class	Russell 2500 Index	Russell 2500 Value Index
8/19	$10,000	$10,000	$10,000
9/19	$10,370	$9,922	$10,144
12/19	$11,024	$10,769	$10,861
3/20	$8,037	$7,568	$7,099
6/20	$9,380	$9,579	$8,561
9/20	$9,932	$10,142	$8,864
12/20	$12,426	$12,922	$11,391
3/21	$13,923	$14,334	$13,308
6/21	$14,676	$15,114	$13,974
9/21	$14,837	$14,709	$13,685
12/21	$16,582	$15,272	$14,555
3/22	$15,562	$14,383	$14,337
6/22	$13,969	$11,941	$12,130
9/22	$13,210	$11,604	$11,584
12/22	$14,298	$12,466	$12,651
3/23	$14,552	$12,889	$12,827
6/23	$15,315	$13,562	$13,388
9/23	$14,722	$12,914	$12,898
12/23	$16,495	$14,638	$14,673
3/24	$17,537	$15,651	$15,563
6/24	$17,186	$14,982	$14,893
9/24	$18,525	$16,293	$16,327
12/24	$18,113	$16,394	$16,284
3/25	$16,740	$15,164	$15,335
6/25	$16,996	$16,466	$16,452
9/25	$17,538	$17,948	$17,797
12/25	$17,129	$18,346	$18,358
3/26	$16,989	$18,720	$19,234

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.     

Average Annual Total Returns 

Table Summary

	One Year	Five Year	Since Inception 08/1/19
Institutional Plus Class	1.49%	4.06%	8.28%
Russell 2500 Index	23.45%	5.48%	9.86%
Russell 2500 Value Index	25.43%	7.64%	10.31%

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.

Fund Statistics

Table Summary

Total Net Assets	$28,546,734
# of Portfolio Holdings	59
Portfolio Turnover Rate	35%
Investment Advisory Fees (Net of fees waived)	$140,407

Sector Weightings

(% total investments)

Table Summary

Value	Value
Industrials	21.5%
Financials	17.4%
Information Technology	16.2%
Consumer Discretionary	12.1%
Health Care	7.6%
Real Estate	6.9%
Materials	5.6%
Energy	4.1%
Consumer Staples	3.2%
Utilities	3.1%
Communication Services	1.2%
Short-Term Investments	1.1%

Top Ten Holdings 

(% of net assets)

Table Summary

Burlington Stores, Inc.	3.17%
IDACORP, Inc.	3.06%
Littelfuse, Inc.	3.02%
Onto Innovation, Inc.	2.59%
CACI International, Inc., Class A	2.57%
Enpro, Inc.	2.47%
Permian Resources Corp., Class A	2.43%
Diodes, Inc.	2.35%
Stifel Financial Corp.	2.35%
Markel Group, Inc.	2.32%

Holdings are shown 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

Annual Shareholder Report - March 31, 2026

TFA-FSMBX-26

(b)          Not applicable.

ITEM 2. CODE OF ETHICS.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 19(a)(1) on this Form N-CSR. There were no substantive amendments or waivers to this code of ethics during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Directors. The audit committee financial expert is Donna Walsh who is “independent” for purposes of this Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $96,600 in 2025 and $96,600 in 2026.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $3,000 in 2025 and $3,000 in 2026.

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $19,200 in 2025 and $19,200 in 2026. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2025 and $0 in 2026.

(e) (1) Audit Committee Pre-Approval Policies and Procedures: The registrant’s Audit Committee has not adopted pre-approval policies and procedures. Instead, the Audit Committee approves each audit and non-audit service before the accountant is engaged to provide such service.

(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2025 and $0 in 2026. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant’s investment adviser or any Affiliate.

(h) 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)      

Tributary

Funds

®

Annual

Financials

and

Other

Information

March

31,

2026

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

Annual

Report

2026

Table

of

Contents

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

Report

of

Independent

Registered

Public

Accounting

Firm

42

Important

Tax

Information

43

Additional

Fund

Information

44

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

4

1

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

44.2%

Asset

Backed

Securities

-

26.3%

$

1,331,987‌

AFG

ABS

I,

LLC,

9.40%,

09/16/30(a)

$

1,372,352‌

670,000‌

American

Heritage

Auto

Receivables

Trust,

5.07%,

06/17/30(a)

673,103‌

136,853‌

Auxilior

Term

Funding,

LLC,

6.18%,

12/15/28(a)

137,149‌

1,200,000‌

Avant

Loans

Funding

Trust,

5.12%,

05/15/34(a)

1,202,473‌

88,147‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28(a)

88,207‌

1,386,249‌

Bankers

Healthcare

Group

Securitization

Trust

2023-B,

6.92%,

12/17/36(a)

1,440,145‌

57,718‌

Bankers

Healthcare

Group

Securitization

Trust

2024-1CON,

6.49%,

04/17/35(a)

59,112‌

264,881‌

Bankers

Healthcare

Group

Securitization

Trust

2024-1CON,

5.81%,

04/17/35(a)

269,307‌

1,585,000‌

BofA

Auto

Trust,

5.31%,

06/17/30(a)

1,604,688‌

250,000‌

Capital

One

Prime

Auto

Receivables

Trust,

4.66%,

01/15/30

252,112‌

1,039,536‌

Capteris

Equipment

Finance,

LLC,

5.58%,

07/20/32(a)

1,054,785‌

1,120,000‌

Capteris

Equipment

Finance,

LLC,

4.95%,

09/20/33(a)

1,114,021‌

520,000‌

Carvana

Auto

Receivables

Trust,

4.67%,

12/10/30(a)

521,177‌

500,000‌

Carvana

Auto

Receivables

Trust,

5.74%,

11/13/29(a)

510,095‌

349,605‌

CCG

Receivables

Trust,

4.99%,

03/15/32(a)

352,001‌

2,025,000‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60(a)

1,696,647‌

300,000‌

Cherry

Securitization

Trust,

5.70%,

04/15/32(a)

301,265‌

173,719‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41(a)

166,911‌

177,244‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46(a)

172,020‌

21,409‌

CP

EF

Asset

Securitization

II,

LLC,

7.48%,

03/15/32(a)

21,510‌

858,828‌

Crossroads

Asset

Trust,

4.91%,

02/20/32(a)

863,126‌

1,290,000‌

Dext

ABS,

LLC,

4.77%,

08/15/35(a)

1,298,329‌

1,000,000‌

Dext

ABS,

LLC,

4.66%,

04/15/36(a)

995,656‌

1,018,190‌

DLLAD,

LLC,

4.79%,

01/20/28(a)

1,021,310‌

1,335,000‌

DLLAD,

LLC,

5.30%,

07/20/29(a)

1,355,426‌

437,145‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45(a)

401,268‌

Principal

Amount

Security

Description

Value

$

1,070,000‌

FCCU

Auto

Receivables

Trust,

4.32%,

03/15/32(a)

$

1,058,239‌

360,234‌

First

Help

Financial

LLC,

4.94%,

11/15/30(a)

359,376‌

508,276‌

First

Help

Financial,

LLC,

5.69%,

02/15/30(a)

511,255‌

810,687‌

Foundation

Finance

Trust,

4.60%,

03/15/50(a)

807,060‌

1,215,091‌

GreatAmerica

Leasing

Receivables

Funding,

LLC,

4.98%,

01/18/28(a)

1,221,381‌

1,500,000‌

GreenSky

Home

Improvement

Issuer

Trust,

5.02%,

06/25/60(a)

1,516,434‌

408,902‌

GreenSky

Home

Improvement

Trust,

5.67%,

06/25/59(a)

414,752‌

575,000‌

GreenSky

Home

Improvement

Trust,

5.55%,

06/25/59(a)

584,812‌

896,860‌

GreenState

Auto

Receivables

Trust,

5.19%,

01/16/29(a)

901,097‌

1,000,000‌

HPEFS

Equipment

Trust,

5.35%,

10/20/31(a)

1,007,071‌

663,270‌

Huntington

Auto

Trust,

5.23%,

01/16/29(a)

667,977‌

520,304‌

Huntington

Bank

Auto

Credit-Linked

Notes,

5.44%,

10/20/32(a)

524,331‌

774,350‌

Huntington

Bank

Auto

Credit-Linked

Notes,

4.96%,

03/21/33(a)

777,047‌

650,000‌

Huntington

Bank

Auto

Credit-Linked

Notes,

4.50%,

02/20/34(a)

647,149‌

837,687‌

Iowa

Student

Loan

Liquidity

Corp.,

4.46%,

08/25/70(b)

833,884‌

1,220,000‌

M&T

Equipment

Notes,

4.94%,

08/18/31(a)

1,235,631‌

1,250,000‌

M&T

Equipment

Notes,

4.91%,

03/16/32(a)

1,261,526‌

670,000‌

MMAF

Equipment

Finance,

LLC,

4.95%,

07/14/31(a)

676,347‌

677,910‌

Navient

Student

Loan

Trust,

0.97%,

12/16/69(a)

606,637‌

899,250‌

NMABS

Issuer

I,

LLC,

5.14%,

11/22/55(a)

880,563‌

118,579‌

NMEF

Funding,

LLC,

6.57%,

06/17/30(a)

118,943‌

380,022‌

NMEF

Funding,

LLC,

5.15%,

12/15/31(a)

381,855‌

636,302‌

North

Texas

Higher

Education

Authority,

Inc.,

4.36%,

09/25/61(b)

631,705‌

946,213‌

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51(a)

822,905‌

650,411‌

OCCU

Auto

Receivables

Trust,

6.23%,

06/15/28(a)

652,669‌

298,073‌

Octane

Receivables

Trust,

5.80%,

07/20/32(a)

300,271‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

5

Principal

Amount

Security

Description

Value

$

855,699‌

Octane

Receivables

Trust,

4.48%,

12/20/46(a)

$

852,066‌

1,000,000‌

PEAC

Solutions

Receivables,

LLC,

4.65%,

10/20/31(a)

1,003,083‌

1,070,000‌

PEAC

Solutions

Receivables,

LLC,

5.04%,

07/20/32(a)

1,083,354‌

1,250,000‌

PEAC

Solutions

Receivables,

LLC,

4.27%,

10/20/28(a)

1,249,377‌

928,210‌

Post

Road

Equipment

Finance,

LLC,

4.90%,

05/15/31(a)

934,187‌

800,000‌

RCKT

Trust,

4.60%,

11/27/34(a)

798,266‌

336,456‌

SLM

Student

Loan

Trust,

5.15%,

10/25/83(b)

335,610‌

285,521‌

SLM

Student

Loan

Trust,

5.80%,

04/15/29(b)

286,138‌

133,837‌

SLM

Student

Loan

Trust,

5.85%,

07/25/28(b)

134,374‌

1,320,000‌

SoFi

Consumer

Loan

Program

Trust,

5.12%,

02/27/34(a)

1,331,724‌

1,385,000‌

SoFi

Consumer

Loan

Program

Trust,

4.67%,

08/15/34(a)

1,381,738‌

362,866‌

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43(a)

322,776‌

81,057‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48(a)

80,683‌

490,427‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47(a)

439,861‌

159,668‌

Sofi

Professional

Loan

Program,

LLC,

3.09%,

08/17/48(a)

157,272‌

1,150,000‌

Space

Coast

Credit

Union,

4.78%,

12/15/31(a)

1,145,465‌

1,594,856‌

Truist

Bank

Auto

Credit-Linked

Notes,

4.73%,

09/26/33(a)

1,594,376‌

780,204‌

UPX

HIL

2025-1

Issuer

Trust,

5.16%,

01/25/47(a)

776,965‌

830,000‌

Vantage

Data

Centers,

LLC,

5.13%,

08/15/55(a)

812,029‌

665,027‌

Verdant

Receivables,

LLC,

5.68%,

12/12/31(a)

675,292‌

1,700,000‌

Verdant

Receivables,

LLC,

4.96%,

05/12/33(a)

1,716,134‌

497,007‌

Wingspire

Equipment

Finance,

LLC,

4.99%,

09/20/32(a)

499,167‌

1,375,000‌

Wingspire

Equipment

Finance,

LLC,

4.57%,

09/20/33(a)

1,368,630‌

57,323,679‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

11.0%

1,000,000‌

Acore

Issuer,

LLC

CLO,

5.13%,

08/20/43(a)(b)

1,000,181‌

39,031‌

BANK

2019-BNK16,

3.93%,

02/15/52

38,790‌

764,777‌

BANK

2025-BNK51,

4.38%,

12/25/67

758,950‌

Principal

Amount

Security

Description

Value

$

875,000‌

BSTN

Commercial

Mortgage

Trust,

4.57%,

04/13/41(a)(c)

$

873,876‌

642,466‌

BX

Trust,

4.64%,

11/15/38(a)(b)

642,064‌

1,100,000‌

BXHPP

Trust,

4.44%,

08/15/36(a)(b)

1,042,250‌

1,500,000‌

BXMT,

Ltd.

CLO,

5.32%,

10/18/42(a)

(b)

1,500,937‌

753,598‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

05/15/52

741,790‌

81,524‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

81,280‌

1,000,000‌

FirstKey

Homes

Trust,

4.50%,

07/17/38(a)

996,866‌

1,925,960‌

FirstKey

Homes

Trust,

4.25%,

07/17/38(a)

1,920,959‌

1,048,000‌

FS

Rialto

Issuer

Ltd.

CLO,

5.10%,

01/19/44(a)(b)

1,048,080‌

1,120,000‌

IP

2025-IP

Mortgage

Trust,

5.25%,

06/10/42(a)(c)

1,128,729‌

1,770,220‌

KNDR

2021-KIND

A,

4.74%,

08/15/38(a)(b)

1,761,369‌

1,045,000‌

Liberty

Street

Commercial

Mortgage

Trust

2026-225L,

4.59%,

02/10/43(a)

(c)

1,031,378‌

424,592‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(a)(c)

405,328‌

234,594‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41(a)(c)

220,282‌

918,079‌

Tricon

Residential

Trust,

3.86%,

04/17/39(a)

909,599‌

657,377‌

TRTX

Issuer,

Ltd.

CLO,

5.33%,

02/15/39(a)(b)

657,268‌

1,450,000‌

VASA

Trust,

4.69%,

07/15/39(a)(b)

1,422,102‌

646,337‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51(a)(c)

560,226‌

519,579‌

Velocity

Commercial

Capital

Loan

Trust,

6.58%,

04/25/54(a)(c)

525,502‌

1,445,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

4.95%,

07/15/35(a)(c)

1,451,158‌

1,073,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

1,122,677‌

2,145,000‌

WSTN

Trust,

6.30%,

07/05/37(a)(c)

2,166,939‌

24,008,580‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

6.9%

586,645‌

Angel

Oak

Mortgage

Trust,

4.04%,

01/25/67(a)(c)

560,972‌

86,321‌

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59(a)(c)

85,268‌

315,437‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(a)(c)

300,868‌

265,950‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53(a)

258,222‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

6

Principal

Amount

Security

Description

Value

$

849,315‌

Citigroup

Mortgage

Loan

Trust,

4.50%,

06/25/58(a)(c)

$

829,583‌

252,634‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(a)(c)

247,540‌

26,073‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(a)(c)

25,466‌

1,125,629‌

COOPR

Residential

Mortgage

Trust,

5.65%,

05/25/60(a)(d)

1,131,697‌

1,145‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

01/07/27

1,085‌

67,796‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28(a)(c)

66,121‌

38,126‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

4.92%,

02/25/33(b)

45,523‌

79,581‌

CSMLT

Trust,

2.95%,

10/25/30(a)(c)

76,921‌

724,096‌

Ellington

Financial

Mortgage

Trust,

5.73%,

01/25/60(a)(d)

727,697‌

1,209,550‌

Ellington

Financial

Mortgage

Trust,

4.91%,

12/25/60(a)(d)

1,198,007‌

186,070‌

JPMorgan

Mortgage

Trust,

3.00%,

06/25/29(a)(c)

184,525‌

103,821‌

MFRA

Trust,

2.79%,

08/25/49(a)(c)

101,444‌

62,598‌

MFRA

Trust,

0.85%,

01/25/56(a)(c)

60,945‌

302,309‌

MFRA

Trust,

4.91%,

04/25/66(a)(d)

298,714‌

186,474‌

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58(a)(c)

181,588‌

17,218‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54(a)(c)

16,566‌

28,374‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52(a)(c)

27,347‌

45,190‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(a)(c)

43,891‌

209,881‌

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50(a)(c)

200,787‌

865,000‌

Onslow

Bay

Financial,

LLC,

5.32%,

01/25/66(a)(d)

865,514‌

940,955‌

Provident

Funding

Mortgage

Trust,

6.00%,

08/25/55(a)(c)

945,471‌

2,000,000‌

RCKT

Trust,

4.99%,

07/25/34(a)

2,005,038‌

11,499‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

7.80%,

01/07/27(b)

7,306‌

5,085‌

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

01/07/27

4,942‌

635,221‌

Towd

Point

Mortgage

Trust,

3.75%,

10/25/56(a)(c)

627,694‌

317,245‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57(a)(c)

312,113‌

43,976‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58(a)(c)

43,666‌

Principal

Amount

Security

Description

Value

$

166,314‌

Towd

Point

Mortgage

Trust,

2.25%,

02/25/60(a)(c)

$

163,756‌

574,527‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61(a)(c)

537,292‌

899,331‌

Woodward

Capital

Management,

6.14%,

04/25/44(a)(c)

904,754‌

925,000‌

Woodward

Capital

Management,

5.65%,

01/25/45(a)(d)

929,511‌

1,067,763‌

Woodward

Capital

Management,

4.76%,

02/25/56(a)(d)

1,056,009‌

15,073,843‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$97,235,373)

96,406,102‌

Corporate

Bonds

-

29.4%

Communication

Services

-

1.4%

1,130,000‌

Airbnb,

Inc.,

4.65%,

03/16/31

1,127,454‌

1,050,000‌

AT&T,

Inc.,

4.35%,

03/01/29

1,050,941‌

888,000‌

Verizon

Communications,

Inc.,

1.68%,

10/30/30

783,685‌

2,962,080‌

Consumer

Discretionary

-

3.5%

1,320,000‌

American

Honda

Finance

Corp.,

4.25%,

09/01/28

1,309,072‌

880,000‌

American

Honda

Finance

Corp.,

4.15%,

01/08/29

869,248‌

700,000‌

Carnival

Corp.,

4.00%,

08/01/28(a)

683,534‌

435,000‌

Discovery

Global

Holdings,

Inc.,

4.05%,

03/15/29

420,863‌

1,000,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

998,600‌

900,000‌

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

910,151‌

1,211,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31(a)

1,108,828‌

300,000‌

Newell

Brands,

Inc.,

6.38%,

05/15/30

287,974‌

900,000‌

Tapestry,

Inc.,

5.10%,

03/11/30

909,347‌

275,000‌

Whirlpool

Corp.,

6.13%,

06/15/30

268,504‌

7,766,121‌

Consumer

Staples

-

2.3%

350,000‌

Agilent

Technologies,

Inc.,

2.75%,

09/15/29

331,403‌

300,000‌

Albertsons

Cos.,

Inc./Safeway,

Inc./

New

Albertsons

LP/Albertsons,

LLC,

5.75%,

03/31/34(a)

293,504‌

300,000‌

Flowers

Foods,

Inc.,

2.40%,

03/15/31

253,737‌

440,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28(a)

449,647‌

2,270,000‌

Mars,

Inc.,

4.80%,

03/01/30(a)

2,293,890‌

10,000‌

Mars,

Inc.,

0.88%,

07/16/26(a)

9,909‌

508,000‌

The

Campbell's

Co.,

5.20%,

03/19/27

510,731‌

200,000‌

Turning

Point

Brands,

Inc.,

7.63%,

03/15/32(a)

204,680‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

7

Principal

Amount

Security

Description

Value

$

680,000‌

United

Rentals

North

America,

Inc.,

4.88%,

01/15/28

$

677,048‌

5,024,549‌

Energy

-

1.6%

450,000‌

ConocoPhillips

Co.,

4.70%,

01/15/30

453,989‌

2,155,000‌

Energy

Transfer

LP,

4.95%,

05/15/28

2,173,379‌

300,000‌

PBF

Holding

Co.,

LLC/PBF

Finance

Corp.,

9.88%,

03/15/30(a)

321,588‌

350,000‌

Viper

Energy

Partners,

LLC,

4.90%,

08/01/30

349,769‌

3,298,725‌

Financials

-

11.5%

1,325,000‌

Bank

of

America

Corp.,

3.71%,

04/24/28(c)

1,314,909‌

1,050,000‌

Bank

of

America

Corp.,

MTN,

3.19%,

07/23/30(c)

1,007,013‌

300,000‌

Blackstone

Secured

Lending

Fund,

5.13%,

01/31/31

287,305‌

675,000‌

CBRE

Services,

Inc.,

4.80%,

06/15/30

676,355‌

1,345,000‌

CBRE

Services,

Inc.,

5.50%,

04/01/29

1,376,762‌

2,245,000‌

Citigroup,

Inc.,

5.17%,

02/13/30(c)

2,279,608‌

550,000‌

Enact

Holdings,

Inc.,

6.25%,

05/28/29

566,055‌

2,225,000‌

JPMorgan

Chase

&

Co.,

5.14%,

01/24/31(c)

2,265,721‌

610,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

596,817‌

2,205,000‌

Morgan

Stanley,

5.45%,

07/20/29(c)

2,244,313‌

890,000‌

NNN

REIT,

Inc.,

4.60%,

02/15/31

884,623‌

1,900,000‌

Regions

Financial

Corp.,

5.72%,

06/06/30(c)

1,948,532‌

750,000‌

Stellantis

Financial

Services

US

Corp.,

4.95%,

09/15/28(a)

745,874‌

2,185,000‌

The

Goldman

Sachs

Group,

Inc.,

5.21%,

01/28/31(c)

2,220,040‌

2,240,000‌

Truist

Financial

Corp.,

MTN,

4.87%,

01/26/29(c)

2,254,739‌

2,215,000‌

U.S.

Bancorp,

5.78%,

06/12/29(c)

2,278,304‌

125,000‌

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33(a)

122,210‌

750,000‌

Wells

Fargo

&

Co.,

4.48%,

04/04/31(c)

743,520‌

1,295,000‌

Wells

Fargo

&

Co.,

4.81%,

07/25/28(c)

1,300,375‌

25,113,075‌

Industrials

-

1.8%

660,000‌

Fedex

Freight

Holding

Co.,

Inc.,

4.65%,

03/15/31(a)

648,691‌

300,000‌

Graphic

Packaging

International,

LLC,

3.50%,

03/15/28(a)

288,254‌

875,000‌

Huntington

Ingalls

Industries,

Inc.,

5.35%,

01/15/30

891,975‌

1,150,000‌

Molex

Electronic

Technologies,

LLC,

4.75%,

04/30/28(a)

1,154,906‌

975,000‌

The

Boeing

Co.,

6.30%,

05/01/29

1,023,590‌

4,007,416‌

Principal

Amount

Security

Description

Value

Information

Technology

-

3.9%

$

450,000‌

Concentrix

Corp.,

6.50%,

03/01/29

$

437,691‌

1,350,000‌

Dell

International,

LLC/EMC

Corp.,

4.75%,

04/01/28

1,359,487‌

1,740,000‌

Hewlett

Packard

Enterprise

Co.,

4.40%,

09/25/27

1,737,428‌

200,000‌

NCR

Atleos

Corp.,

9.50%,

04/01/29(a)

214,089‌

1,100,000‌

Oracle

Corp.,

4.45%,

09/26/30

1,060,050‌

1,270,000‌

Paychex,

Inc.,

5.10%,

04/15/30

1,281,384‌

2,460,000‌

Salesforce,

Inc.,

4.65%,

03/15/29

2,465,094‌

8,555,223‌

Materials

-

0.9%

1,885,000‌

The

Mosaic

Co.,

5.38%,

11/15/28

1,925,596‌

Utilities

-

2.5%

2,230,000‌

Exelon

Corp.,

5.13%,

03/15/31

2,269,686‌

650,000‌

FirstEnergy

Corp.,

3.90%,

07/15/27

644,707‌

1,250,000‌

Florida

Power

&

Light

Co.,

4.40%,

05/15/28

1,255,009‌

1,310,000‌

NiSource,

Inc.,

5.75%,

07/15/56(c)

1,290,069‌

5,459,471‌

Total

Corporate

Bonds

(Cost

$63,763,112)

64,112,256‌

Government

&

Agency

Obligations

-

26.1%

GOVERNMENT

SECURITIES

-

25.0%

Municipals

-

0.9%

325,000‌

City

of

Blair

NE

Water

System

Revenue,

Nebraska

RB,

6.10%,

05/15/27

325,168‌

1,425,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

1,403,226‌

235,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

226,756‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

166,894‌

2,122,044‌

U.S.

Treasury

Securities

-

24.1%

19,825,000‌

U.S.

Treasury

Note,

4.13%,

07/31/28

19,961,297‌

1,700,000‌

U.S.

Treasury

Note/Bond,

4.13%,

08/31/30

1,713,082‌

12,450,000‌

U.S.

Treasury

Note/Bond,

2.75%,

02/15/28

12,211,213‌

12,085,000‌

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

12,223,789‌

6,400,000‌

U.S.

Treasury

Note/Bond,

4.13%,

11/30/29

6,453,000‌

52,562,381‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.1%

Federal

Home

Loan

Mortgage

Corp.

-

0.4%

203,602‌

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

179,668‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

8

Principal

Amount

Security

Description

Value

$

130,248‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54(d)

$

129,100‌

497,944‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

11/25/57(c)

473,305‌

221,544‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

34,911‌

23,233‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

633‌

52,968‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

5,082‌

822,699‌

Federal

National

Mortgage

Association

-

0.0%

6,889‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

6,857‌

129,379‌

Federal

National

Mortgage

Association

Interest

Only,

2.69%,

01/25/39(c)

4,532‌

11,389‌

Government

National

Mortgage

Association

-

0.7%

1,117,719‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,117,050‌

111,518‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

111,538‌

80,431‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

80,339‌

241,090‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

242,113‌

1,551,040‌

Total

Government

&

Agency

Obligations

(Cost

$57,050,622)

57,069,553‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.1%

Financials

-

0.1%

300‌

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

04/30/26),

12.38%(c)(e)

225,000‌

Total

Preferred

Stocks

(Cost

$307,815)

225,000‌

Shares

Security

Description

Value

Short-Term

Investments

-

0.1%

Investment

Company

-

0.1%

325,877‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

3.55%(f)

$

325,877‌

Total

Short-Term

Investments

(Cost

$325,877)

325,877‌

Investments,

at

value

-

99.9%

(Cost

$218,682,799)

218,138,788‌

Other

assets

in

excess

of

liabilities

-

0.1%

139,351‌

NET

ASSETS

-

100.0%

$

218,278,139‌

(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

March

31,

2026,

the

aggregate

value

of

these

liquid

securities

were

$99,669,540

or

45.7%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2026.

(c)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2026.

(d)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

March

31,

2026.

(e)

Perpetual

maturity

security.

(f)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026.

ABS

Asset

Backed

Security

CLO

Collateralized

Loan

Obligation

GO

General

Obligation

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

March

31,

2026

INCOME

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

9

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

15.4%

Asset

Backed

Securities

-

5.3%

$

960,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46(a)

$

950,196‌

543,120‌

Capital

Automotive,

1.44%,

08/15/51(a)

536,175‌

836,701‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61(a)

673,021‌

231,101‌

Commonbond

Student

Loan

Trust,

1.17%,

09/25/51(a)

201,284‌

49,833‌

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53(a)

49,572‌

278,207‌

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45(a)

260,480‌

915,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38(a)

900,768‌

766,322‌

Home

Partners

of

America

Trust,

2.20%,

01/17/41(a)

719,605‌

315,726‌

Navient

Student

Loan

Trust,

1.11%,

02/18/70(a)

281,498‌

148,648‌

Nelnet

Student

Loan

Trust,

1.63%,

04/20/62(a)

141,818‌

265,671‌

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62(a)

253,279‌

644,463‌

NMABS

Issuer

I,

LLC,

5.14%,

11/22/55(a)

631,070‌

805,819‌

Progress

Residential

Trust,

1.52%,

07/17/38(a)

799,005‌

435,000‌

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46(a)

432,092‌

272,482‌

SLM

Student

Loan

Trust,

5.15%,

10/25/83(b)

271,796‌

386,219‌

SLM

Student

Loan

Trust,

5.80%,

04/15/29(b)

387,053‌

1,097,710‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39(a)

1,045,644‌

620,000‌

Vantage

Data

Centers,

LLC,

5.13%,

08/15/55(a)

606,576‌

9,140,932‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

2.0%

1,065,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39(a)

1,012,195‌

448,181‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(a)(c)

427,846‌

180,972‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41(a)(c)

169,932‌

605,436‌

Tricon

Residential

Trust,

3.86%,

04/17/39(a)

599,844‌

288,655‌

Velocity

Commercial

Capital

Loan

Trust,

6.58%,

04/25/54(a)(c)

291,945‌

Principal

Amount

Security

Description

Value

$

480,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

$

502,223‌

475,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

4.55%,

03/15/59

470,603‌

3,474,588‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

8.1%

877,215‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(a)(c)

836,698‌

184,208‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53(a)

178,855‌

207,107‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(a)(c)

202,930‌

179,970‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(a)(c)

175,775‌

55,107‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

56,429‌

714,569‌

COOPR

Residential

Mortgage

Trust,

4.84%,

09/25/60(a)(d)

709,117‌

9,631‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

9,642‌

1,145‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

01/07/27

1,085‌

570,571‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47(a)(c)

537,245‌

642,513‌

Credit

Suisse

Mortgage

Trust,

2.50%,

11/25/56(a)(c)

583,325‌

782,481‌

Credit

Suisse

Mortgage

Trust,

4.34%,

08/01/57(a)(c)

754,083‌

38,126‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

4.92%,

02/25/33(b)

45,523‌

76,520‌

CSMLT

Trust,

2.95%,

10/25/30(a)(c)

73,963‌

600,000‌

Ellington

Financial

Mortgage

Trust,

5.47%,

04/25/71(a)(d)

600,110‌

534,329‌

Flagstar

Mortgage

Trust,

2.50%,

07/25/51(a)(c)

481,650‌

747,577‌

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51(a)(c)

676,683‌

662,239‌

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51(a)(c)

593,434‌

320,913‌

MFRA

Trust,

4.91%,

04/25/66(a)(d)

317,096‌

209,236‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57(a)(c)

204,052‌

162,532‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59(a)(c)

152,196‌

120,729‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54(a)(c)

116,158‌

72,224‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52(a)(c)

69,611‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

INCOME

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

10

Principal

Amount

Security

Description

Value

$

209,124‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(a)(c)

$

203,110‌

513,198‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52(a)(c)

466,044‌

543,227‌

Onslow

Bay

Financial

LLC,

4.87%,

10/25/65(a)(c)

539,868‌

360,000‌

Onslow

Bay

Financial,

LLC,

5.32%,

01/25/66(a)(d)

360,214‌

1,156,683‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51(a)(c)

1,036,911‌

741,207‌

PSMC

Trust,

2.50%,

08/25/51(a)(c)

670,466‌

13,500‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

7.80%,

01/07/27(b)

8,577‌

651,520‌

Sequoia

Mortgage

Trust,

2.50%,

06/25/51(a)(c)

585,405‌

80,922‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30(a)(c)

79,554‌

726,316‌

Towd

Point

Mortgage

Trust,

4.81%,

06/25/65(a)(c)

722,407‌

716,228‌

Verus

Securitization

Trust,

4.86%,

01/25/71(a)(d)

712,707‌

661,398‌

Woodward

Capital

Management,

2.50%,

01/25/52(a)(c)

589,008‌

583,315‌

Woodward

Capital

Management,

4.76%,

02/25/56(a)(d)

576,894‌

13,926,825‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$27,937,040)

26,542,345‌

Corporate

Bonds

-

25.7%

Communication

Services

-

2.1%

440,000‌

Airbnb,

Inc.,

4.65%,

03/16/31

439,009‌

345,000‌

Alphabet,

Inc.,

2.25%,

08/15/60

173,494‌

440,000‌

Amazon.com,

Inc.,

4.55%,

03/13/33

435,765‌

1,235,000‌

AT&T,

Inc.,

4.30%,

12/15/42

1,025,133‌

540,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

515,420‌

195,000‌

Meta

Platforms,

Inc.,

4.60%,

11/15/32

193,087‌

905,000‌

Verizon

Communications,

Inc.,

3.55%,

03/22/51

631,395‌

3,413,303‌

Consumer

Discretionary

-

2.0%

550,000‌

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

556,203‌

400,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31(a)

366,252‌

1,550,000‌

McDonald's

Corp.,

3.63%,

09/01/49

1,115,565‌

525,000‌

Tapestry,

Inc.,

5.10%,

03/11/30

530,453‌

1,277,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,091,056‌

3,659,529‌

Consumer

Staples

-

2.4%

985,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

937,876‌

545,000‌

Flowers

Foods,

Inc.,

5.75%,

03/15/35

520,689‌

Principal

Amount

Security

Description

Value

$

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28(a)

$

541,621‌

685,000‌

Mars,

Inc.,

5.20%,

03/01/35(a)

691,522‌

870,000‌

The

Campbell's

Co.,

4.75%,

03/23/35

800,947‌

665,000‌

The

Kroger

Co.,

5.00%,

09/15/34

656,596‌

4,149,251‌

Energy

-

0.9%

1,165,000‌

Energy

Transfer

LP,

5.55%,

05/15/34

1,186,281‌

385,000‌

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

346,958‌

1,533,239‌

Financials

-

8.6%

1,315,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32(c)

1,191,677‌

745,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

665,647‌

505,000‌

CBRE

Services,

Inc.,

4.90%,

01/15/33

497,991‌

947,000‌

Chubb

INA

Holdings,

LLC,

6.80%,

11/15/31

1,045,565‌

1,175,000‌

Citigroup,

Inc.,

4.91%,

05/24/33(c)

1,169,681‌

1,244,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

1,129,651‌

1,165,000‌

JPMorgan

Chase

&

Co.,

5.34%,

01/23/35(c)

1,182,880‌

470,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

459,843‌

1,205,000‌

Morgan

Stanley,

4.89%,

07/20/33(c)

1,197,307‌

500,000‌

Regions

Financial

Corp.,

5.50%,

09/06/35(c)

500,681‌

830,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

779,004‌

1,330,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33(c)

1,201,188‌

1,170,000‌

Truist

Financial

Corp.,

MTN,

5.12%,

01/26/34(c)

1,166,853‌

1,205,000‌

U.S.

Bancorp,

4.84%,

02/01/34(c)

1,190,874‌

1,180,000‌

Wells

Fargo

&

Co.,

5.21%,

12/03/35(c)

1,174,781‌

14,553,623‌

Industrials

-

4.6%

1,009,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

913,142‌

685,000‌

AptarGroup,

Inc.,

4.75%,

03/30/31

678,877‌

1,220,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

1,064,760‌

525,000‌

Eaton

Corp.,

4.50%,

03/06/33

517,803‌

225,000‌

Emerson

Electric

Co.,

5.00%,

03/15/35

226,473‌

200,000‌

Fedex

Freight

Holding

Co.,

Inc.,

5.25%,

03/15/36(a)

193,498‌

1,097,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,079,644‌

430,000‌

Molex

Electronic

Technologies,

LLC,

5.25%,

04/30/32(a)

435,659‌

1,252,000‌

RTX

Corp.,

4.88%,

10/15/40

1,188,061‌

330,000‌

The

Boeing

Co.,

6.53%,

05/01/34

359,483‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

INCOME

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

11

Principal

Amount

Security

Description

Value

$

815,000‌

TTX

Co.,

4.60%,

02/01/49(a)

$

699,327‌

935,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

812,409‌

8,169,136‌

Information

Technology

-

1.9%

300,000‌

Concentrix

Corp.,

6.50%,

03/01/29

291,794‌

625,000‌

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/34

604,992‌

400,000‌

Oracle

Corp.,

4.45%,

09/26/30

385,473‌

665,000‌

Oracle

Corp.,

2.30%,

03/25/28

633,452‌

475,000‌

Paychex,

Inc.,

5.60%,

04/15/35

477,052‌

1,125,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

913,210‌

3,305,973‌

Materials

-

0.6%

169,000‌

Albemarle

Corp.,

5.05%,

06/01/32

169,603‌

819,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

827,707‌

997,310‌

Real

Estate

-

0.6%

1,000,000‌

NNN

REIT,

Inc.,

4.30%,

10/15/28

996,283‌

Utilities

-

2.0%

1,125,000‌

Duke

Energy

Corp.,

5.75%,

09/15/33

1,170,614‌

420,000‌

Exelon

Corp.,

6.50%,

03/15/55(c)

428,216‌

425,000‌

Exelon

Corp.,

5.13%,

03/15/31

432,564‌

1,070,000‌

NiSource,

Inc.,

5.35%,

04/01/34

1,088,692‌

560,294‌

Texas

Electric

Market

Stabilization

Funding

N,

LLC,

4.27%,

08/01/34(a)

556,398‌

3,676,484‌

Total

Corporate

Bonds

(Cost

$46,414,304)

44,454,131‌

Government

&

Agency

Obligations

-

58.5%

GOVERNMENT

SECURITIES

-

26.4%

Municipals

-

0.6%

200,000‌

Empire

State

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

204,594‌

340,000‌

New

York

City

Municipal

Water

Finance

Authority,

New

York

RB,

5.72%,

06/15/42

340,283‌

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

441,219‌

986,096‌

U.S.

Treasury

Securities

-

25.8%

275,000‌

U.S.

Treasury

Bond,

4.38%,

08/15/43

259,563‌

9,910,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

8,463,372‌

2,310,000‌

U.S.

Treasury

Bond,

3.63%,

05/15/53

1,852,241‌

8,105,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

7,416,708‌

13,540,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

12,006,701‌

4,640,000‌

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

4,554,994‌

1,550,000‌

U.S.

Treasury

Note/Bond,

4.25%,

11/15/34

1,549,576‌

Principal

Amount

Security

Description

Value

$

300,000‌

U.S.

Treasury

Note/Bond,

4.00%,

11/15/35

$

292,641‌

9,190,000‌

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

5,350,303‌

2,750,000‌

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

2,781,582‌

44,527,681‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

32.1%

Federal

Home

Loan

Mortgage

Corp.

-

12.4%

740,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32(c)

700,127‌

510,659‌

Federal

Home

Loan

Mortgage

Corp.,

5.50%,

04/25/36

520,499‌

291,780‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

286,017‌

504,256‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

08/25/56(d)

478,774‌

226,338‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

11/25/57(c)

215,139‌

523,855‌

Federal

Home

Loan

Mortgage

Corp.,

2.50%,

11/25/59

482,490‌

242‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

242‌

778,344‌

Federal

Home

Loan

Mortgage

Corp.

#RA6436,

2.50%,

12/01/51

667,546‌

946,942‌

Federal

Home

Loan

Mortgage

Corp.

#RA7549,

4.00%,

06/01/52

897,441‌

1,350,686‌

Federal

Home

Loan

Mortgage

Corp.

#RA7779,

4.50%,

08/01/52

1,308,010‌

1,185,985‌

Federal

Home

Loan

Mortgage

Corp.

#RA8528,

5.00%,

02/01/53

1,183,138‌

1,131,127‌

Federal

Home

Loan

Mortgage

Corp.

#RA9070,

6.00%,

05/01/53

1,168,631‌

1,388,107‌

Federal

Home

Loan

Mortgage

Corp.

#SD1046,

4.00%,

07/01/52

1,322,802‌

1,781,585‌

Federal

Home

Loan

Mortgage

Corp.

#SD1087,

3.50%,

06/01/52

1,641,758‌

2,410,521‌

Federal

Home

Loan

Mortgage

Corp.

#SD1663,

4.00%,

10/01/52

2,292,474‌

1,605,317‌

Federal

Home

Loan

Mortgage

Corp.

#SD1740,

4.50%,

10/01/52

1,562,511‌

786,360‌

Federal

Home

Loan

Mortgage

Corp.

#SD6968,

5.50%,

11/01/54

799,454‌

56,088‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

56,129‌

60,430‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

60,550‌

742,636‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

679,757‌

162,800‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

161,116‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

INCOME

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

12

Principal

Amount

Security

Description

Value

$

252,731‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

$

244,201‌

502,272‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

485,035‌

545,340‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

85,935‌

97,798‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

97,106‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

941,832‌

442,325‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

433,782‌

545,646‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

507,849‌

336,772‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

312,251‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,420,326‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

472,516‌

21,485,438‌

Federal

National

Mortgage

Association

-

16.3%

1,355,834‌

Federal

National

Mortgage

Association,

5.00%,

07/25/36

1,356,971‌

45,091‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

44,625‌

38,612‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

38,213‌

269,205‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

246,411‌

84,718‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

83,842‌

15,798‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

16,571‌

196,675‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

189,953‌

62,867‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

60,718‌

153,814‌

Federal

National

Mortgage

Association

#AL9970,

2.88%,

02/01/27(c)

152,325‌

1,090,274‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

1,034,011‌

1,120,773‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,037,456‌

235,180‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

226,989‌

285,016‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

281,187‌

237,268‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

227,109‌

Principal

Amount

Security

Description

Value

$

301,627‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

$

269,756‌

288,303‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

270,189‌

888,352‌

Federal

National

Mortgage

Association

#CB2094,

3.00%,

11/01/51

787,478‌

1,141,747‌

Federal

National

Mortgage

Association

#CB3233,

3.00%,

04/01/52

1,015,838‌

1,744,708‌

Federal

National

Mortgage

Association

#CB4393,

4.50%,

08/01/52

1,694,709‌

394,023‌

Federal

National

Mortgage

Association

#CB4561,

5.00%,

09/01/52

393,268‌

1,476,606‌

Federal

National

Mortgage

Association

#CB7422,

5.50%,

11/01/53

1,500,983‌

2,234,830‌

Federal

National

Mortgage

Association

#CB9308,

5.00%,

10/01/54

2,227,340‌

854,924‌

Federal

National

Mortgage

Association

#FA3872,

5.50%,

12/01/45

870,627‌

1,747,006‌

Federal

National

Mortgage

Association

#FM2725,

3.00%,

02/01/50

1,538,436‌

2,471,939‌

Federal

National

Mortgage

Association

#FS0331,

3.00%,

01/01/52

2,192,107‌

1,744,969‌

Federal

National

Mortgage

Association

#FS1555,

3.50%,

04/01/52

1,612,225‌

1,498,455‌

Federal

National

Mortgage

Association

#FS2060,

4.00%,

06/01/52

1,427,960‌

866,219‌

Federal

National

Mortgage

Association

#FS3363,

3.00%,

06/01/52

767,623‌

1,790,676‌

Federal

National

Mortgage

Association

#FS3498,

3.50%,

07/01/52

1,649,062‌

977,222‌

Federal

National

Mortgage

Association

#FS4081,

5.00%,

01/01/53

975,967‌

1,308,637‌

Federal

National

Mortgage

Association

#FS5179,

5.00%,

06/01/53

1,299,266‌

200,951‌

Federal

National

Mortgage

Association

Interest

Only,

2.69%,

01/25/39(c)

7,038‌

573,452‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

517,165‌

431,237‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29(c)

424,981‌

86,568‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

85,162‌

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

931,378‌

674,977‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

673,177‌

28,128,116‌

Government

National

Mortgage

Association

-

3.4%

708,902‌

Government

National

Mortgage

Association,

5.50%,

05/16/40

725,773‌

854,591‌

Government

National

Mortgage

Association,

4.75%,

05/16/42

855,522‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

INCOME

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

13

Principal

Amount

Security

Description

Value

$

305,700‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

$

295,224‌

490,749‌

Government

National

Mortgage

Association,

4.87%,

04/20/51(c)

484,781‌

844,406‌

Government

National

Mortgage

Association,

4.75%,

10/16/55

837,087‌

835,702‌

Government

National

Mortgage

Association,

4.75%,

03/16/65(c)

830,195‌

347,385‌

Government

National

Mortgage

Association,

3.50%,

01/20/69(c)

337,346‌

681,290‌

Government

National

Mortgage

Association

#786915,

5.50%,

09/20/53

692,736‌

289,712‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

266,173‌

475,412‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

477,431‌

5,802,268‌

Total

Government

&

Agency

Obligations

(Cost

$106,257,151)

100,929,599‌

Shares

Security

Description

Value

Short-Term

Investments

-

0.4%

Investment

Company

-

0.4%

715,253‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

3.55%(e)

715,253‌

Total

Short-Term

Investments

(Cost

$715,253)

715,253‌

Investments,

at

value

-

100.0%

(Cost

$181,323,748)

172,641,328‌

Other

liabilities

in

excess

of

assets

-

0.0%

(16,569‌)

NET

ASSETS

-

100.0%

$

172,624,759‌

(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

March

31,

2026,

the

aggregate

value

of

these

liquid

securities

were

$28,273,691

or

16.4%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2026.

(c)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2026.

(d)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

March

31,

2026.

(e)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026.

GO

General

Obligation

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

March

31,

2026

NEBRASKA

TAX-FREE

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

14

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

96.7%

GOVERNMENT

SECURITIES

-

93.7%

Municipals

-

93.7%

Alaska

-

0.2%

$

100,000‌

Alaska

Municipal

Bond

Bank

Authority,

Alaska

RB,

5.00%,

12/01/35

$

110,039‌

Colorado

-

2.0%

250,000‌

City

of

Durango

CO

Sales

&

Use

Tax

Revenue,

Colorado

RB,

5.25%,

12/01/55

262,178‌

200,000‌

City

of

Wheat

Ridge

CO

Sales

&

Use

Tax

Revenue,

Colorado

RB,

5.00%,

12/01/42

214,014‌

150,000‌

County

of

El

Paso

CO,

Colorado

COP,

5.00%,

12/01/37

163,852‌

395,000‌

Denver

City

&

County

School

District

No.

1,

Colorado

GO,

5.50%,

12/01/46

435,863‌

1,075,907‌

Illinois

-

0.9%

250,000‌

La

Salle

&

Bureau

Counties

Township

High

School

District

No.

120

LaSalle-

Peru,

Illinois

GO,

5.00%,

12/01/29

263,706‌

200,000‌

Park

Ridge

Park

District,

Illinois

GO,

5.00%,

12/01/35

216,692‌

480,398‌

Iowa

-

0.9%

220,000‌

City

of

Bettendorf

IA,

Iowa

GO,

4.00%,

06/01/35

226,813‌

225,000‌

Woodbine

Community

School

District

Infrastructure

Sales

Service

&

Use

Tax,

Iowa

RB,

5.00%,

06/01/32

246,598‌

473,411‌

Massachusetts

-

0.4%

200,000‌

Commonwealth

of

Massachusetts,

Massachusetts

GO,

5.00%,

04/01/50

207,826‌

Michigan

-

0.6%

300,000‌

Michigan

State

Housing

Development

Authority,

Michigan

RB

FNMA,

4.55%,

08/01/41

304,604‌

Missouri

-

0.5%

225,000‌

City

of

Kansas

City

MO,

Missouri

RB,

5.00%,

04/01/43

237,795‌

Nebraska

-

81.1%

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

254,524‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

294,710‌

200,000‌

Buffalo

County

School

District

No.

105,

Nebraska

GO,

4.00%,

06/15/35

202,020‌

Principal

Amount

Security

Description

Value

$

200,000‌

Burt

County

Public

Power

District,

Nebraska

RB,

4.75%,

07/01/34

$

204,541‌

260,000‌

Burton

County

School

District

No.

20,

Nebraska

GO,

5.00%,

12/15/30

267,842‌

400,000‌

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

382,713‌

350,000‌

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

09/01/32

367,050‌

285,000‌

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

09/01/33

298,076‌

305,000‌

City

of

Ashland

NE,

Nebraska

GO,

3.85%,

04/01/34

304,065‌

200,000‌

City

of

Aurora

NE,

Nebraska

GO,

5.00%,

12/15/28

200,397‌

300,000‌

City

of

Beatrice

NE,

Nebraska

RB,

4.40%,

03/15/29

300,647‌

350,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

327,169‌

140,000‌

City

of

Bellevue

NE,

Nebraska

RB,

5.00%,

09/15/34

147,943‌

55,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

53,778‌

120,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

113,928‌

325,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

335,312‌

130,000‌

City

of

Crete

NE,

Nebraska

GO,

3.70%,

05/01/26

130,023‌

200,000‌

City

of

David

City

NE,

Nebraska

GO,

4.05%,

12/15/27

199,995‌

130,000‌

City

of

David

City

NE

Electric

Utility

Revenue,

Nebraska

RB,

4.40%,

12/15/29

130,446‌

345,000‌

City

of

Falls

City

NE,

Nebraska

GO,

4.25%,

11/15/30

349,511‌

250,000‌

City

of

Falls

City

NE,

Nebraska

GO,

3.65%,

11/15/32

247,438‌

50,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/32

51,579‌

430,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/34

439,910‌

70,000‌

City

of

Kearney

NE,

Nebraska

GO,

2.75%,

06/15/27

69,507‌

220,000‌

City

of

Kearney

NE

Combined

Utilities

Revenue,

Nebraska

RB,

5.00%,

06/15/32

231,950‌

400,000‌

City

of

Kearney

NE

Combined

Utilities

Revenue,

Nebraska

RB,

1.25%,

12/15/27

381,197‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

NEBRASKA

TAX-FREE

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

15

Principal

Amount

Security

Description

Value

$

200,000‌

City

of

Lincoln

NE

Sanitary

Sewer

Revenue,

Nebraska

RB,

5.00%,

06/15/36

$

217,469‌

145,000‌

City

of

McCook

NE,

Nebraska

GO,

5.00%,

09/15/31

150,975‌

150,000‌

City

of

Nebraska

City

NE,

Nebraska

GO,

3.80%,

01/15/33

148,033‌

205,000‌

City

of

North

Platte

NE,

Nebraska

GO,

4.00%,

12/15/33

208,391‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

360,007‌

100,000‌

City

of

North

Platte

NE,

Nebraska

RB,

5.00%,

12/15/34

105,631‌

45,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/32

47,533‌

400,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/34

382,316‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/37

217,754‌

300,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/45

318,405‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

547,013‌

500,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

04/15/37

556,108‌

250,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

04/15/43

267,430‌

425,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

04/15/45

442,944‌

250,000‌

City

of

Papillion

NE,

Nebraska

GO,

3.75%,

09/15/29

251,081‌

200,000‌

City

of

Wayne

NE,

Nebraska

GO,

5.00%,

12/15/35

211,493‌

200,000‌

City

of

West

Point

NE,

Nebraska

GO,

3.25%,

11/01/28

196,155‌

200,000‌

Colfax

County

School

District

No.

58,

Nebraska

GO,

5.00%,

12/15/35

210,715‌

275,000‌

County

of

Cedar

NE,

Nebraska

GO,

3.80%,

09/15/28

276,183‌

300,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/34

301,326‌

435,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

438,557‌

325,000‌

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

317,740‌

Principal

Amount

Security

Description

Value

$

200,000‌

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

$

193,651‌

250,000‌

Cuming

County

School

District

No.

20,

Nebraska

GO,

5.25%,

12/15/35

266,889‌

250,000‌

Custer

County

School

District

No.

25,

Nebraska

GO,

5.00%,

12/15/33

262,080‌

300,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/36

322,435‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,150,302‌

300,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

11/15/34

320,560‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

183,690‌

510,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

504,498‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

253,679‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

490,

Nebraska

GO,

2.70%,

08/15/28

95,791‌

280,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

261,623‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

583,

Nebraska

GO,

5.10%,

08/15/36

101,102‌

250,000‌

Douglas

County

School

District

No.

10,

Nebraska

GO,

4.00%,

12/15/32

257,948‌

250,000‌

Douglas

County

School

District

No.

10,

Nebraska

GO,

5.00%,

12/15/37

276,824‌

265,000‌

Douglas

County

School

District

No.

10,

Nebraska

GO,

5.00%,

06/15/42

285,907‌

210,000‌

Douglas

County

School

District

No.

10,

Nebraska

GO,

5.00%,

06/15/46

221,885‌

200,000‌

Douglas

County

School

District

No.

17,

Nebraska

GO,

5.00%,

12/15/37

221,144‌

200,000‌

Douglas

County

School

District

No.

17,

Nebraska

GO,

4.00%,

12/15/41

199,542‌

250,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/34

251,873‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

692,925‌

555,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

5.00%,

06/15/46

587,425‌

350,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

350,419‌

150,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

150,020‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

NEBRASKA

TAX-FREE

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

16

Principal

Amount

Security

Description

Value

$

155,000‌

Fillmore

County

School

District

No.

25,

Nebraska

GO,

5.00%,

06/15/35

$

165,256‌

530,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

544,038‌

400,000‌

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

385,356‌

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

482,517‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

711,687‌

200,000‌

Hall

County

School

District

No.

2,

Nebraska

GO,

5.00%,

12/15/39

218,569‌

160,000‌

KBR

Rural

Public

Power

District/NE,

Nebraska

RB,

3.20%,

12/15/28

155,785‌

150,000‌

Lancaster

County

School

District

No.

1,

Nebraska

GO,

4.00%,

01/15/31

151,635‌

100,000‌

Lancaster

County

School

District

No.

1,

Nebraska

GO,

3.00%,

01/15/37

92,252‌

370,000‌

Lancaster

County

School

District

No.

14,

Nebraska

GO,

2.00%,

12/15/34

313,036‌

320,000‌

Lancaster

County

School

District

No.

14,

Nebraska

GO,

2.00%,

12/15/28

309,719‌

200,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

213,770‌

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

992,152‌

115,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/35

117,824‌

130,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

5.00%,

12/01/40

140,856‌

325,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

325,397‌

315,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

5.00%,

12/01/37

344,007‌

350,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/32

386,590‌

500,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

488,161‌

150,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

03/01/34

148,444‌

100,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

09/01/34

98,655‌

175,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.00%,

03/01/52

171,581‌

Principal

Amount

Security

Description

Value

$

125,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

$

136,508‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

200,246‌

475,000‌

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

457,785‌

390,000‌

Omaha

Airport

Authority,

Nebraska

RB,

5.25%,

12/15/40

422,507‌

325,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

323,670‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

409,908‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

413,779‌

185,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

5.00%,

04/15/44

197,067‌

300,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

5.00%,

04/15/46

314,773‌

350,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

5.00%,

04/15/50

358,970‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/36

383,611‌

395,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/42

426,674‌

105,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/43

112,730‌

115,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/44

122,350‌

200,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/46

186,687‌

1,370,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.25%,

02/01/53

1,425,710‌

250,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.50%,

02/01/54

265,039‌

400,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.25%,

02/01/55

418,138‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/55

358,900‌

400,000‌

Omaha

Public

Power

District

Nebraska

City

Station

Unit

2,

Nebraska

RB,

5.00%,

02/01/45

426,576‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

777,896‌

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

512,690‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

177,573‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

609,467‌

325,000‌

Omaha

School

District,

Nebraska

GO,

2.00%,

12/15/34

276,454‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

NEBRASKA

TAX-FREE

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

17

Principal

Amount

Security

Description

Value

$

700,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

$

686,213‌

525,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/41

452,332‌

250,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

265,823‌

200,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/37

218,442‌

200,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/41

216,320‌

300,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/43

321,339‌

300,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/44

318,924‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

350,057‌

100,000‌

Public

Power

Generation

Agency,

Nebraska

RB,

3.25%,

01/01/36

94,099‌

115,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

113,525‌

105,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

23,

Nebraska

GO,

2.30%,

08/15/34

82,695‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

245,

Nebraska

GO,

3.45%,

11/15/28

98,118‌

300,000‌

Sarpy

County

School

District

No.

1,

Nebraska

GO,

3.85%,

12/15/28

300,856‌

275,000‌

Scotts

Bluff

County

School

District

No.

16,

Nebraska

GO,

5.00%,

12/01/29

289,800‌

300,000‌

Southeast

Community

College

Area,

Nebraska

COP,

5.00%,

12/15/44

315,214‌

300,000‌

Southeast

Community

College

Area,

Nebraska

RB,

4.00%,

03/15/31

302,862‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

297,537‌

300,000‌

The

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

303,865‌

70,000‌

Village

of

Ansley

NE,

Nebraska

GO,

3.40%,

03/15/28

68,420‌

435,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

397,909‌

300,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

5.25%,

07/01/55

308,159‌

200,000‌

Village

of

Callaway

NE,

Nebraska

GO,

3.75%,

02/15/31

195,376‌

185,000‌

Village

of

Ceresco

NE,

Nebraska

GO,

3.60%,

12/15/32

181,316‌

Principal

Amount

Security

Description

Value

$

215,000‌

Village

of

Hemingford

NE,

Nebraska

GO,

4.00%,

12/15/38

$

199,463‌

250,000‌

Westside

Community

Schools,

Nebraska

GO,

5.00%,

12/01/37

266,971‌

100,000‌

York

County

School

District

No.

96,

Nebraska

GO,

5.00%,

12/15/28

105,252‌

43,295,624‌

New

York

-

1.4%

325,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.00%,

05/01/42

348,102‌

200,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.00%,

05/01/42

214,957‌

175,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.50%,

05/01/50

187,548‌

750,607‌

North

Dakota

-

0.9%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

481,338‌

South

Dakota

-

0.4%

220,000‌

County

of

Lincoln

SD,

South

Dakota

GO,

5.00%,

12/01/43

232,350‌

Texas

-

3.0%

300,000‌

Alamo

Community

College

District,

Texas

GO,

5.25%,

08/15/50

316,691‌

100,000‌

City

of

Waco

TX,

Texas

GO,

5.25%,

02/01/50

105,162‌

300,000‌

Conroe

Independent

School

District,

Texas

GO,

5.00%,

02/15/44

320,209‌

150,000‌

County

of

Travis

TX,

Texas

GO,

3.00%,

03/01/30

150,547‌

100,000‌

Fort

Worth

Independent

School

District,

Texas

GO,

5.00%,

02/15/41

112,051‌

150,000‌

Lubbock

Independent

School

District,

Texas

GO,

5.25%,

02/15/55

156,504‌

200,000‌

Spring

Independent

School

District,

Texas

GO,

5.25%,

08/15/55

209,973‌

200,000‌

Texas

Transportation

Finance

Corp.,

Texas

RB,

5.50%,

10/01/55

214,657‌

1,585,794‌

Wisconsin

-

1.4%

400,000‌

City

of

Neenah

WI,

Wisconsin

GO,

4.00%,

03/01/32

413,823‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

NEBRASKA

TAX-FREE

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

18

Principal

Amount

Security

Description

Value

$

350,000‌

County

of

Dane

WI,

Wisconsin

GO,

3.00%,

06/01/31

$

344,784‌

758,607‌

49,994,300‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

3.0%

Federal

Home

Loan

Mortgage

Corp.

-

3.0%

197,022‌

Federal

Home

Loan

Mortgage

Corp.,

4.69%,

10/25/40(a)

199,867‌

192,693‌

Federal

Home

Loan

Mortgage

Corp.,

4.30%,

05/25/41(a)

191,023‌

284,741‌

Federal

Home

Loan

Mortgage

Corp.,

2.34%,

07/25/41(b)

234,196‌

247,866‌

Federal

Home

Loan

Mortgage

Corp.

FHLMC,

4.76%,

08/25/41(a)

257,076‌

198,846‌

Federal

Home

Loan

Mortgage

Corp.,

4.78%,

07/25/42

207,298‌

522,972‌

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

509,252‌

1,598,712‌

Total

Government

&

Agency

Obligations

(Cost

$52,713,643)

51,593,012‌

Shares

Security

Description

Value

Short-Term

Investments

-

2.9%

Investment

Company

-

2.9%

1,571,521‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

3.55%(c)

1,571,521‌

Total

Short-Term

Investments

(Cost

$1,571,521)

1,571,521‌

Investments,

at

value

-

99.6%

(Cost

$54,285,164)

53,164,533‌

Other

assets

in

excess

of

liabilities

-

0.4%

202,310‌

NET

ASSETS

-

100.0%

$

53,366,843‌

(a)

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2026.

(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

March

31,

2026,

the

aggregate

value

of

these

liquid

securities

were

$234,196

or

0.4%

of

net

assets.

(c)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026.

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

March

31,

2026

BALANCED

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

19

Shares

Security

Description

Value

Common

Stocks

-

59.1%

Communication

Services

-

5.5%

9,350‌

Alphabet,

Inc.,

Class C

$

2,682,141‌

2,340‌

Meta

Platforms,

Inc.,

Class A

1,338,784‌

1,305‌

T-Mobile

US,

Inc.

274,089‌

4,295,014‌

Consumer

Discretionary

-

6.1%

8,835‌

Amazon.com,

Inc.(a)

1,840,066‌

79‌

Booking

Holdings,

Inc.

332,615‌

3,070‌

O'Reilly

Automotive,

Inc.(a)

283,392‌

870‌

Pool

Corp.

176,027‌

1,185‌

Royal

Caribbean

Cruises,

Ltd.

326,088‌

2,570‌

SharkNinja,

Inc.(a)

272,163‌

2,120‌

Tesla,

Inc.(a)

788,110‌

1,715‌

Texas

Roadhouse,

Inc.

283,215‌

1,385‌

The

Home

Depot,

Inc.

455,513‌

4,757,189‌

Consumer

Staples

-

3.1%

3,090‌

Church

&

Dwight

Co.,

Inc.

288,359‌

630‌

Costco

Wholesale

Corp.

627,751‌

2,590‌

Dollar

General

Corp.

307,511‌

6,770‌

The

Coca-Cola

Co.

514,858‌

5,605‌

Walmart,

Inc.

696,589‌

2,435,068‌

Energy

-

2.7%

1,880‌

Diamondback

Energy,

Inc.

371,845‌

2,725‌

EOG

Resources,

Inc.

393,953‌

5,675‌

Exxon

Mobil

Corp.

962,821‌

2,155‌

Phillips

66

392,598‌

2,121,217‌

Financials

-

7.7%

1,705‌

Chubb,

Ltd.

555,711‌

1,675‌

CME

Group,

Inc.

494,711‌

6,135‌

Equitable

Holdings,

Inc.

227,670‌

5,625‌

First

American

Financial

Corp.

339,131‌

3,570‌

JPMorgan

Chase

&

Co.

1,050,151‌

1,420‌

Mastercard,

Inc.,

Class A

709,517‌

800‌

Moody's

Corp.

349,000‌

3,080‌

Morgan

Stanley

506,876‌

1,550‌

Nicolet

Bankshares,

Inc.

230,361‌

3,975‌

The

Bank

of

New

York

Mellon

Corp.

471,554‌

5,650‌

The

Charles

Schwab

Corp.

530,987‌

7,280‌

Wells

Fargo

&

Co.

579,561‌

6,045,230‌

Health

Care

-

5.2%

4,125‌

Abbott

Laboratories

423,514‌

2,805‌

AbbVie,

Inc.

610,060‌

1,605‌

Amgen,

Inc.

564,719‌

4,890‌

Edwards

Lifesciences

Corp.(a)

391,591‌

1,010‌

Eli

Lilly

&

Co.

928,968‌

405‌

Humana,

Inc.

70,223‌

865‌

Thermo

Fisher

Scientific,

Inc.

425,173‌

Shares

Security

Description

Value

1,225‌

UFP

Technologies,

Inc.(a)

$

237,160‌

730‌

United

Therapeutics

Corp.(a)

432,875‌

4,084,283‌

Industrials

-

6.0%

2,530‌

AMETEK,

Inc.

542,331‌

2,310‌

Cintas

Corp.

390,714‌

15,100‌

CSX

Corp.

619,855‌

10,000‌

Kennametal,

Inc.

361,300‌

1,715‌

MasTec,

Inc.(a)

551,784‌

17,800‌

Mueller

Water

Products,

Inc.,

Class A

489,322‌

3,300‌

nVent

Electric

PLC

390,324‌

4,237‌

RTX

Corp.

817,317‌

2,290‌

Waste

Management,

Inc.

526,219‌

4,689,166‌

Information

Technology

-

18.6%

3,985‌

Amphenol

Corp.,

Class A

503,505‌

12,925‌

Apple,

Inc.

3,280,236‌

3,630‌

Arista

Networks,

Inc.(a)

445,691‌

4,950‌

Broadcom,

Inc.

1,532,074‌

3,490‌

Corning,

Inc.

474,535‌

312‌

Fair

Isaac

Corp.(a)

333,072‌

6,405‌

Microchip

Technology,

Inc.

413,827‌

6,415‌

Microsoft

Corp.

2,374,641‌

14,800‌

Mirion

Technologies,

Inc.(a)

275,132‌

390‌

Monolithic

Power

Systems,

Inc.

426,407‌

10,248‌

Napco

Security

Technologies,

Inc.

403,669‌

21,095‌

NVIDIA

Corp.

3,678,968‌

3,360‌

Oracle

Corp.

494,290‌

14,636,047‌

Materials

-

1.2%

2,200‌

Balchem

Corp.

372,856‌

930‌

Linde

PLC

461,057‌

24,251‌

PureCycle

Technologies,

Inc.(a)

125,862‌

959,775‌

Real

Estate

-

1.4%

2,345‌

American

Tower

Corp.

REIT

404,700‌

6,320‌

First

Industrial

Realty

Trust,

Inc.

REIT

365,612‌

2,710‌

Sun

Communities,

Inc.

REIT

341,352‌

1,111,664‌

Utilities

-

1.6%

1,995‌

Atmos

Energy

Corp.

368,516‌

5,260‌

NextEra

Energy,

Inc.

488,549‌

4,475‌

The

Southern

Co.

431,927‌

1,288,992‌

Total

Common

Stocks

(Cost

$21,691,845)

46,423,645‌

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

10.1%

Asset

Backed

Securities

-

6.1%

$

155,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46(b)

153,417‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

BALANCED

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

20

Principal

Amount

Security

Description

Value

$

85,000‌

American

Heritage

Auto

Receivables

Trust,

5.07%,

06/17/30(b)

$

85,394‌

300,000‌

Avant

Loans

Funding

Trust,

5.12%,

05/15/34(b)

300,618‌

9,349‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28(b)

9,355‌

175,000‌

BofA

Auto

Trust,

5.31%,

06/17/30(b)

177,174‌

150,000‌

Capteris

Equipment

Finance,

LLC,

4.95%,

09/20/33(b)

149,199‌

7,657‌

CCG

Receivables

Trust,

5.82%,

09/16/30(b)

7,675‌

46,962‌

CCG

Receivables

Trust,

4.99%,

03/15/32(b)

47,284‌

30,101‌

CCG

Receivables

Trust,

6.28%,

04/14/32(b)

30,387‌

229,412‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60(b)

192,213‌

110,944‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61(b)

89,240‌

280,000‌

Chase

Auto

Owner

Trust,

5.59%,

06/25/29(b)

285,827‌

65,493‌

Citizens

Auto

Receivables

Trust,

5.84%,

01/18/28(b)

65,745‌

16,113‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46(b)

15,638‌

29,143‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45(b)

26,751‌

200,000‌

FCCU

Auto

Receivables

Trust,

5.18%,

05/15/31(b)

202,582‌

49,123‌

First

Help

Financial

LLC,

4.94%,

11/15/30(b)

49,006‌

103,178‌

Foundation

Finance

Trust,

4.60%,

03/15/50(b)

102,717‌

190,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38(b)

187,045‌

180,014‌

GreatAmerica

Leasing

Receivables

Funding,

LLC,

4.98%,

01/18/28(b)

180,945‌

36,347‌

GreenSky

Home

Improvement

Trust,

5.67%,

06/25/59(b)

36,867‌

100,000‌

GreenSky

Home

Improvement

Trust,

5.55%,

06/25/59(b)

101,706‌

142,492‌

GreenState

Auto

Receivables

Trust,

5.19%,

01/16/29(b)

143,165‌

104,114‌

Huntington

Bank

Auto

Credit-Linked

Notes,

4.96%,

03/21/33(b)

104,477‌

100,000‌

Kubota

Credit

Owner

Trust,

5.19%,

05/15/30(b)

101,861‌

105,000‌

M&T

Equipment

Notes,

4.94%,

08/18/31(b)

106,345‌

50,233‌

NMEF

Funding,

LLC,

5.15%,

12/15/31(b)

50,475‌

Principal

Amount

Security

Description

Value

$

54,781‌

North

Texas

Higher

Education

Authority,

Inc.,

4.36%,

09/25/61(c)

$

54,385‌

38,953‌

Octane

Receivables

Trust,

5.80%,

07/20/32(b)

39,240‌

140,000‌

PEAC

Solutions

Receivables,

LLC,

5.04%,

07/20/32(b)

141,747‌

122,671‌

Post

Road

Equipment

Finance,

LLC,

4.90%,

05/15/31(b)

123,461‌

118,794‌

Progress

Residential

Trust,

1.52%,

07/17/38(b)

117,789‌

43,338‌

SLM

Student

Loan

Trust,

5.80%,

04/15/29(c)

43,432‌

200,000‌

SoFi

Consumer

Loan

Program

Trust,

5.12%,

02/27/34(b)

201,776‌

135,000‌

SoFi

Consumer

Loan

Program

Trust,

4.67%,

08/15/34(b)

134,682‌

112,037‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47(b)

100,485‌

100,000‌

Space

Coast

Credit

Union,

4.78%,

12/15/31(b)

99,606‌

248,542‌

Space

Coast

Credit

Union

Auto

Receivables

Trust,

5.11%,

06/15/29(b)

249,687‌

108,225‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39(b)

103,092‌

155,777‌

Truist

Bank

Auto

Credit-Linked

Notes,

4.73%,

09/26/33(b)

155,730‌

110,000‌

Vantage

Data

Centers,

LLC,

5.13%,

08/15/55(b)

107,618‌

66,460‌

Wingspire

Equipment

Finance,

LLC,

4.99%,

09/20/32(b)

66,749‌

4,742,587‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

2.6%

7,144‌

BX

Commercial

Mortgage

Trust,

4.69%,

02/15/39(b)(c)

7,140‌

57,437‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

57,180‌

144,929‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

139,094‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39(b)

190,084‌

150,000‌

IP

2025-IP

Mortgage

Trust,

5.25%,

06/10/42(b)(d)

151,169‌

143,799‌

KNDR

2021-KIND

A,

4.74%,

08/15/38(b)(c)

143,080‌

130,000‌

Liberty

Street

Commercial

Mortgage

Trust,

4.59%,

02/10/43(b)(d)

128,305‌

45,789‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(b)(d)

43,712‌

129,027‌

Tricon

Residential

Trust,

3.86%,

04/17/39(b)

127,836‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

BALANCED

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

21

Principal

Amount

Security

Description

Value

$

50,959‌

TRTX

Issuer,

Ltd.

CLO,

5.33%,

02/15/39(b)(c)

$

50,951‌

108,414‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

106,011‌

67,798‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51(b)(d)

58,765‌

275,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

4.95%,

07/15/35(b)(d)

276,172‌

145,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

151,713‌

200,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

4.55%,

03/15/59

198,149‌

220,000‌

WSTN

Trust,

6.30%,

07/05/37(b)(d)

222,250‌

2,051,611‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.4%

78,219‌

Angel

Oak

Mortgage

Trust,

4.04%,

01/25/67(b)(d)

74,796‌

120,166‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(b)(d)

114,616‌

116,117‌

Chase

Mortgage

Finance

Corp.,

3.50%,

06/25/62(b)(d)

106,826‌

22,318‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(b)(d)

21,868‌

8,108‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(b)(d)

7,919‌

74,776‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47(b)(d)

70,408‌

98,182‌

Ellington

Financial

Mortgage

Trust,

5.73%,

01/25/60(b)(e)

98,671‌

127,570‌

Ellington

Financial

Mortgage

Trust,

4.91%,

12/25/60(b)(e)

126,352‌

100,000‌

Ellington

Financial

Mortgage

Trust,

5.47%,

04/25/71(b)(e)

100,018‌

15,865‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(b)(d)

15,409‌

126,493‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52(b)(d)

114,870‌

76,742‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61(b)(d)

71,768‌

87,928‌

Woodward

Capital

Management,

5.65%,

01/25/45(b)(e)

88,357‌

98,867‌

Woodward

Capital

Management,

4.76%,

02/25/56(b)(e)

97,779‌

1,109,657‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$8,025,926)

7,903,855‌

Corporate

Bonds

-

11.4%

Communication

Services

-

0.8%

303,000‌

AT&T,

Inc.,

4.30%,

02/15/30

301,078‌

Principal

Amount

Security

Description

Value

$

319,000‌

Verizon

Communications,

Inc.,

4.78%,

02/15/35

$

308,757‌

609,835‌

Consumer

Discretionary

-

2.0%

105,000‌

Airbnb,

Inc.,

4.65%,

03/16/31

104,763‌

150,000‌

Amazon.com,

Inc.,

4.55%,

03/13/33

148,556‌

170,000‌

American

Honda

Finance

Corp.,

4.25%,

09/01/28

168,593‌

115,000‌

American

Honda

Finance

Corp.,

4.15%,

01/08/29

113,595‌

230,000‌

BMW

Finance

NV,

2.85%,

08/14/29(b)

217,743‌

200,000‌

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

202,256‌

330,000‌

McDonald's

Corp.,

2.13%,

03/01/30

303,093‌

335,000‌

The

Walt

Disney

Co.,

2.65%,

01/13/31

310,893‌

1,569,492‌

Consumer

Staples

-

1.1%

310,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

295,169‌

300,000‌

Mars,

Inc.,

4.80%,

03/01/30(b)

303,157‌

250,000‌

The

Campbell's

Co.,

2.38%,

04/24/30

224,545‌

822,871‌

Energy

-

0.4%

110,000‌

Energy

Transfer

LP,

5.55%,

05/15/34

112,009‌

245,000‌

Energy

Transfer

LP,

4.95%,

05/15/28

247,089‌

359,098‌

Financials

-

4.0%

345,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32(d)

312,645‌

326,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

291,276‌

300,000‌

Citigroup,

Inc.,

4.91%,

05/24/33(d)

298,642‌

250,000‌

Enact

Holdings,

Inc.,

6.25%,

05/28/29

257,298‌

350,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

317,828‌

255,000‌

JPMorgan

Chase

&

Co.,

5.34%,

01/23/35(d)

258,914‌

45,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30(d)

42,382‌

285,000‌

Morgan

Stanley,

4.89%,

07/20/33(d)

283,181‌

225,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

211,176‌

330,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33(d)

298,039‌

210,000‌

U.S.

Bancorp,

4.84%,

02/01/34(d)

207,538‌

145,000‌

Wells

Fargo

&

Co.,

5.21%,

12/03/35(d)

144,359‌

165,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31(d)

152,621‌

3,075,899‌

Health

Care

-

0.1%

125,000‌

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

111,011‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

BALANCED

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

22

Principal

Amount

Security

Description

Value

Industrials

-

1.2%

$

260,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

$

235,299‌

100,000‌

AptarGroup,

Inc.,

4.75%,

03/30/31

99,106‌

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

255,886‌

175,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

174,027‌

285,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

247,633‌

1,011,951‌

Information

Technology

-

1.1%

70,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

63,004‌

75,000‌

Concentrix

Corp.,

6.50%,

03/01/29

72,949‌

225,000‌

Oracle

Corp.,

2.30%,

03/25/28

214,326‌

175,000‌

Paychex,

Inc.,

5.10%,

04/15/30

176,569‌

328,000‌

QUALCOMM,

Inc.,

2.15%,

05/20/30

300,227‌

827,075‌

Real

Estate

-

0.2%

155,000‌

NNN

REIT,

Inc.,

4.60%,

02/15/31

154,063‌

Utilities

-

0.5%

85,000‌

Duke

Energy

Corp.,

5.75%,

09/15/33

88,446‌

300,000‌

Exelon

Corp.,

5.13%,

03/15/31

305,339‌

393,785‌

Total

Corporate

Bonds

(Cost

$9,158,347)

8,935,080‌

Government

&

Agency

Obligations

-

16.2%

GOVERNMENT

SECURITIES

-

14.8%

Municipals

-

0.0%

50,000‌

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

47,111‌

Treasury

Inflation

Index

Securities

-

0.4%

291,259‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28(f)

291,307‌

U.S.

Treasury

Securities

-

14.4%

100,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

98,702‌

3,375,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

3,088,389‌

3,760,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

3,334,209‌

2,095,000‌

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

2,056,619‌

1,055,000‌

U.S.

Treasury

Note/Bond,

4.25%,

11/15/34

1,054,711‌

495,000‌

U.S.

Treasury

Note/Bond,

4.25%,

08/15/35

493,144‌

1,180,000‌

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

1,193,552‌

11,319,326‌

Principal

Amount

Security

Description

Value

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.4%

Federal

Home

Loan

Mortgage

Corp.

-

0.8%

$

89,540‌

Federal

Home

Loan

Mortgage

Corp.,

5.50%,

04/25/36

$

91,265‌

290,826‌

Federal

Home

Loan

Mortgage

Corp.,

5.00%,

08/25/50

290,876‌

24,068‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54(e)

23,856‌

240,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29(g)

225,747‌

631,744‌

Federal

National

Mortgage

Association

-

0.5%

115,681‌

Federal

National

Mortgage

Association,

6.78%,

07/25/32(d)

120,331‌

241,601‌

Federal

National

Mortgage

Association,

5.00%,

07/25/36

241,803‌

900‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

897‌

64,686‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29(d)

63,747‌

426,778‌

Government

National

Mortgage

Association

-

0.1%

58,788‌

Government

National

Mortgage

Association,

3.50%,

01/20/69(d)

57,089‌

Total

Government

&

Agency

Obligations

(Cost

$12,833,040)

12,773,355‌

Shares

Security

Description

Value

Short-Term

Investments

-

3.2%

Investment

Company

-

3.2%

2,553,664‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

3.55%(h)

2,553,664‌

Total

Short-Term

Investments

(Cost

$2,553,664)

2,553,664‌

Investments,

at

value

-

100.0%

(Cost

$54,262,822)

78,589,599‌

Other

assets

in

excess

of

liabilities

-

0.0%

627‌

NET

ASSETS

-

100.0%

$

78,590,226‌

(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

March

31,

2026,

the

aggregate

value

of

these

liquid

securities

were

$7,674,791

or

9.8%

of

net

assets.

(c)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2026.

(d)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2026.

(e)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

March

31,

2026.

(f)

U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

BALANCED

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

23

(g)

Security

fair

valued

in

accordance

with

procedures

adopted

by

the

Board

of

Trustees.

At

the

period

end,

the

value

of

these

securities

amounted

to

$225,747

or

0.3%

of

net

assets.

(h)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026.

CLO

Collateralized

Loan

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

March

31,

2026

SMALL/MID

CAP

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

24

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

99.1%

Communication

Services

-

1.2%

1,853‌

Nexstar

Media

Group,

Inc.,

Class A

$

335,078‌

Consumer

Discretionary

-

12.1%

2,778‌

Burlington

Stores,

Inc.(a)

903,906‌

919‌

Domino's

Pizza,

Inc.

329,728‌

3,735‌

Dorman

Products,

Inc.(a)

389,784‌

6,724‌

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

618,877‌

963‌

TopBuild

Corp.(a)

338,302‌

9,784‌

Tractor

Supply

Co.

443,215‌

5,244‌

Wyndham

Hotels

&

Resorts,

Inc.

425,970‌

3,449,782‌

Consumer

Staples

-

3.2%

755‌

Casey's

General

Stores,

Inc.

549,534‌

2,572‌

The

Marzetti

Co.

355,785‌

905,319‌

Energy

-

4.1%

16,277‌

Northern

Oil

&

Gas,

Inc.

475,777‌

32,578‌

Permian

Resources

Corp.,

Class A

694,563‌

1,170,340‌

Financials

-

17.4%

13,907‌

Atlantic

Union

Bankshares

Corp.

497,036‌

2,672‌

Cullen/Frost

Bankers,

Inc.

366,278‌

345‌

Markel

Group,

Inc.(a)

660,354‌

10,832‌

Moelis

&

Co.,

Class A

617,424‌

10,746‌

Ryan

Specialty

Holdings,

Inc.

362,570‌

11,292‌

Seacoast

Banking

Corp.

of

Florida

342,035‌

6,594‌

Selective

Insurance

Group,

Inc.

497,122‌

6,795‌

SouthState

Bank

Corp.

628,673‌

9,051‌

Stifel

Financial

Corp.

669,050‌

2,916‌

UMB

Financial

Corp.

328,895‌

4,969,437‌

Health

Care

-

7.6%

11,809‌

AMN

Healthcare

Services,

Inc.(a)

216,577‌

17,312‌

Concentra

Group

Holdings

Parent,

Inc.

371,342‌

14,826‌

Enovis

Corp.(a)

337,292‌

3,362‌

ICON

PLC(a)

372,039‌

4,597‌

Integer

Holdings

Corp.(a)

404,536‌

5,488‌

Revvity,

Inc.

480,804‌

2,182,590‌

Industrials

-

21.6%

5,632‌

AAON,

Inc.

466,048‌

2,730‌

Broadridge

Financial

Solutions,

Inc.

443,570‌

1,350‌

CACI

International,

Inc.,

Class A(a)

734,225‌

1,695‌

Carlisle

Cos.,

Inc.

565,486‌

3,232‌

EnerSys

561,463‌

2,816‌

Enpro,

Inc.

705,830‌

17,570‌

ExlService

Holdings,

Inc.(a)

535,007‌

3,908‌

Franklin

Electric

Co.,

Inc.

360,200‌

5,804‌

ICF

International,

Inc.

378,943‌

2,083‌

Lincoln

Electric

Holdings,

Inc.

518,834‌

12,973‌

Robert

Half,

Inc.

329,514‌

Shares

Security

Description

Value

18,748‌

Tetra

Tech,

Inc.

$

564,690‌

6,163,810‌

Information

Technology

-

16.3%

5,775‌

Blackbaud,

Inc.(a)

222,973‌

9,812‌

Diodes,

Inc.(a)

669,767‌

10,272‌

Dynatrace,

Inc.(a)

379,859‌

2,543‌

Littelfuse,

Inc.

862,967‌

2,830‌

Manhattan

Associates,

Inc.(a)

376,730‌

3,606‌

Onto

Innovation,

Inc.(a)

739,482‌

9,741‌

Power

Integrations,

Inc.

498,739‌

3,965‌

PTC,

Inc.(a)

564,973‌

3,750‌

Qualys,

Inc.(a)

329,437‌

4,644,927‌

Materials

-

5.6%

2,838‌

AptarGroup,

Inc.

357,645‌

2,299‌

Balchem

Corp.

389,634‌

1,307‌

Reliance,

Inc.

397,223‌

4,727‌

RPM

International,

Inc.

469,864‌

1,614,366‌

Real

Estate

-

6.9%

6,091‌

Agree

Realty

Corp.

REIT

459,140‌

2,184‌

EastGroup

Properties,

Inc.

REIT

404,237‌

1,595‌

Jones

Lang

LaSalle,

Inc.(a)

485,390‌

4,928‌

Lamar

Advertising

Co.,

Class A

REIT

624,180‌

1,972,947‌

Utilities

-

3.1%

6,106‌

IDACORP,

Inc.

872,975‌

Total

Common

Stocks

(Cost

$25,775,117)

28,281,571‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.1%

Investment

Company

-

1.1%

325,648‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

3.55%(b)

325,648‌

Total

Short-Term

Investments

(Cost

$325,648)

325,648‌

Investments,

at

value

-

100.2%

(Cost

$26,100,765)

28,607,219‌

Other

liabilities

in

excess

of

assets

-

(0.2)%

(60,485‌)

NET

ASSETS

-

100.0%

$

28,546,734‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2026

SMALL

COMPANY

FUND

Annual

Report

2026

See

accompanying

Notes

to

Financial

Statements.

25

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026.

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

98.5%

Consumer

Discretionary

-

10.0%

104,118‌

Acushnet

Holdings

Corp.

$

9,732,951‌

48,945‌

Boot

Barn

Holdings,

Inc.(a)

7,163,590‌

82,950‌

Dorman

Products,

Inc.(a)

8,656,662‌

99,641‌

Frontdoor,

Inc.(a)

5,267,023‌

104,839‌

Monarch

Casino

&

Resort,

Inc.

10,022,608‌

72,356‌

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

6,659,646‌

83,737‌

Patrick

Industries,

Inc.

9,300,669‌

56,803,149‌

Consumer

Staples

-

2.5%

68,091‌

Interparfums,

Inc.

6,185,387‌

59,919‌

The

Marzetti

Co.

8,288,595‌

14,473,982‌

Energy

-

3.9%

32,836‌

Gulfport

Energy

Corp.(a)

6,947,112‌

513,694‌

Northern

Oil

&

Gas,

Inc.

15,015,276‌

21,962,388‌

Financials

-

17.3%

366,807‌

Atlantic

Union

Bankshares

Corp.

13,109,682‌

148,586‌

Cass

Information

Systems,

Inc.

6,540,756‌

165,239‌

FB

Financial

Corp.

8,582,513‌

134,072‌

Mercantile

Bank

Corp.

6,770,636‌

272,311‌

Moelis

&

Co.,

Class A

15,521,727‌

213,074‌

Origin

Bancorp,

Inc.

8,834,048‌

472,730‌

Seacoast

Banking

Corp.

of

Florida

14,318,992‌

142,770‌

Selective

Insurance

Group,

Inc.

10,763,430‌

153,372‌

Stewart

Information

Services

Corp.

9,444,648‌

219,868‌

The

Baldwin

Insurance

Group,

Inc.,

Class A(a)

4,823,904‌

98,710,336‌

Health

Care

-

10.0%

107,309‌

Addus

HomeCare

Corp.(a)

10,049,488‌

344,727‌

AMN

Healthcare

Services,

Inc.(a)

6,322,293‌

406,848‌

Concentra

Group

Holdings

Parent,

Inc.

8,726,890‌

142,250‌

CONMED

Corp.

5,029,960‌

268,103‌

Enovis

Corp.(a)

6,099,343‌

86,025‌

Integer

Holdings

Corp.(a)

7,570,200‌

155,431‌

Prestige

Consumer

Healthcare,

Inc.(a)

9,212,395‌

312,988‌

Simulations

Plus,

Inc.(a)

3,699,518‌

56,710,087‌

Industrials

-

21.5%

54,967‌

Alamo

Group,

Inc.

9,067,906‌

34,329‌

CSW

Industrials,

Inc.

8,945,451‌

56,820‌

EnerSys

9,870,770‌

71,488‌

Enpro,

Inc.

17,918,467‌

84,097‌

ESCO

Technologies,

Inc.

23,662,373‌

307,465‌

ExlService

Holdings,

Inc.(a)

9,362,309‌

80,546‌

Franklin

Electric

Co.,

Inc.

7,423,925‌

119,713‌

ICF

International,

Inc.

7,816,062‌

201,077‌

Kforce,

Inc.

5,879,491‌

164,747‌

Korn

Ferry

10,370,824‌

Shares

Security

Description

Value

51,210‌

McGrath

RentCorp

$

5,647,439‌

23,521‌

Preformed

Line

Products

Co.

6,368,311‌

122,333,328‌

Information

Technology

-

20.4%

47,504‌

Advanced

Energy

Industries,

Inc.

15,330,016‌

237,264‌

Benchmark

Electronics,

Inc.

13,301,020‌

124,186‌

Blackbaud,

Inc.(a)

4,794,821‌

410,039‌

Cohu,

Inc.(a)

12,555,394‌

193,465‌

Diodes,

Inc.(a)

13,205,921‌

109,162‌

ePlus,

Inc.

8,214,441‌

31,035‌

Littelfuse,

Inc.

10,531,727‌

307,105‌

LiveRamp

Holdings,

Inc.(a)

8,144,425‌

176,110‌

Power

Integrations,

Inc.

9,016,832‌

57,695‌

Qualys,

Inc.(a)

5,068,506‌

489,015‌

Viavi

Solutions,

Inc.(a)

16,274,419‌

116,437,522‌

Materials

-

4.2%

66,496‌

Balchem

Corp.

11,269,742‌

105,147‌

Kaiser

Aluminum

Corp.

12,671,265‌

23,941,007‌

Real

Estate

-

4.9%

454,816‌

Marcus

&

Millichap,

Inc.

12,093,558‌

322,236‌

NETSTREIT

Corp.

REIT

6,067,704‌

1,055,644‌

Sunstone

Hotel

Investors,

Inc.

REIT

9,511,352‌

27,672,614‌

Utilities

-

3.8%

72,980‌

Chesapeake

Utilities

Corp.

9,222,483‌

88,421‌

IDACORP,

Inc.

12,641,550‌

21,864,033‌

Total

Common

Stocks

(Cost

$398,834,973)

560,908,446‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.5%

Investment

Company

-

1.5%

8,552,619‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

3.55%(b)

8,552,619‌

Total

Short-Term

Investments

(Cost

$8,552,619)

8,552,619‌

Investments,

at

value

-

100.0%

(Cost

$407,387,592)

569,461,065‌

Other

assets

in

excess

of

liabilities

-

0.0%

105,084‌

NET

ASSETS

-

100.0%

$

569,566,149‌

Annual

Report

2026

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2026

26

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Assets:

Investments,

at

cost

$

218,682,799‌

Unrealized

appreciation

(depreciation)

of

investments

(544,011‌)

Total

investments,

at

value

218,138,788‌

Receivable

for

capital

shares

issued

569,742‌

Receivable

for

investments

sold

–‌

Interest

and

dividends

receivable

1,279,646‌

Prepaid

expenses

17,290‌

Total

Assets

220,005,466‌

Liabilities:

Distributions

payable

421,976‌

Payable

for

investments

purchased

870,373‌

Payable

for

capital

shares

redeemed

303,193‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

49,935‌

Administration

fees

payable

to

non-related

parties

9,661‌

Administration

fees

payable

to

related

parties

13,151‌

Shareholder

service

fees

1,486‌

Other

fees

57,552‌

Total

Liabilities

1,727,327‌

Net

Assets

$

218,278,139‌

Composition

of

Net

Assets:

Paid-In

Capital

$

227,201,652‌

Distributable

earnings

(8,923,513‌)

Net

Assets

$

218,278,139‌

Institutional

Class:

Net

assets

3,961,072‌

Shares

of

beneficial

interest

(See

note

5

)

437,590‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.05‌

Institutional

Plus

Class:

Net

assets

214,317,067‌

Shares

of

beneficial

interest

(See

note

5

)

23,602,245‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.08‌

Annual

Report

2026

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2026

27

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

181,323,748‌

$

54,285,164‌

$

54,262,822‌

$

26,100,765‌

$

407,387,592‌

(8,682,420‌)

(1,120,631‌)

24,326,777‌

2,506,454‌

162,073,473‌

172,641,328‌

53,164,533‌

78,589,599‌

28,607,219‌

569,461,065‌

562,212‌

–‌

287‌

120,046‌

258,844‌

–‌

–‌

–‌

340,251‌

–‌

967,525‌

557,773‌

179,501‌

19,689‌

687,270‌

14,667‌

3,695‌

8,965‌

5,277‌

49,509‌

174,185,732‌

53,726,001‌

78,778,352‌

29,092,482‌

570,456,688‌

293,778‌

69,654‌

–‌

–‌

–‌

965,402‌

–‌

100,528‌

440,017‌

–‌

200,947‌

241,220‌

898‌

59,514‌

380,008‌

30,292‌

3,943‌

23,585‌

8,940‌

351,344‌

7,592‌

2,322‌

3,499‌

1,270‌

25,124‌

10,335‌

3,161‌

4,763‌

1,729‌

34,201‌

787‌

–‌

7,969‌

9‌

14,188‌

51,840‌

38,858‌

46,884‌

34,269‌

85,674‌

1,560,973‌

359,158‌

188,126‌

545,748‌

890,539‌

$

172,624,759‌

$

53,366,843‌

$

78,590,226‌

$

28,546,734‌

$

569,566,149‌

$

190,862,526‌

$

55,614,595‌

$

52,712,012‌

$

28,842,787‌

$

385,379,871‌

(18,237,767‌)

(2,247,752‌)

25,878,214‌

(296,053‌)

184,186,278‌

$

172,624,759‌

$

53,366,843‌

$

78,590,226‌

$

28,546,734‌

$

569,566,149‌

1,943,967‌

–‌

25,531,266‌

421,245‌

34,557,950‌

208,672‌

–‌

1,310,488‌

26,382‌

1,203,346‌

$

9.32‌

$

–‌

$

19.48‌

$

15.97‌

$

28.72‌

170,680,792‌

53,366,843‌

53,058,960‌

28,125,489‌

535,008,199‌

18,328,949‌

5,783,313‌

2,782,620‌

1,772,167‌

18,512,553‌

$

9.31‌

$

9.23‌

$

19.07‌

$

15.87‌

$

28.90‌

Annual

Report

2026

Statements

of

Operations

For

the

Year

Ended

March

31,

2026

28

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Investment

Income:

Interest

$

10,454,655‌

Dividend

82,583‌

Total

Income

10,537,238‌

Expenses:

Investment

advisory

fees

(Note

3)

1,134,686‌

Administration

fees

275,338‌

Shareholder

service

fees

-

Institutional

Class

8,579‌

Custodian

fees

19,971‌

Chief

compliance

officer

fees

22,056‌

Director

fees

26,799‌

Registration

and

filing

fees

6,563‌

Transfer

agent

fees

62,685‌

Other

Fees

163,394‌

Total

expenses

before

waivers

1,720,071‌

Expenses

waived

by

adviser

(Note

3)

(692,873‌)

Total

Expenses

1,027,198‌

Net

Investment

Income

(Loss)

9,510,040‌

Realized

and

Unrealized

Gain

(Loss)

On

Investments:

Net

realized

gain

(loss)

on

investments

transactions

546,686‌

Change

in

unrealized

appreciation

(depreciation)

on

investments

(587,765‌)

Net

realized

and

unrealized

gain

(loss)

on

investments

(41,079‌)

Net

increase

in

net

assets

from

operations

$

9,468,961‌

Annual

Report

2026

Statements

of

Operations

For

the

Year

Ended

March

31,

2026

29

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

7,015,909‌

$

1,548,399‌

$

1,219,529‌

$

–‌

$

–‌

58,384‌

35,964‌

660,668‌

464,928‌

9,090,351‌

7,074,293‌

1,584,363‌

1,880,197‌

464,928‌

9,090,351‌

1,021,970‌

206,861‌

611,520‌

277,768‌

5,179,793‌

206,660‌

62,748‌

98,925‌

39,638‌

739,269‌

2,938‌

–‌

44,421‌

54‌

84,533‌

16,764‌

5,000‌

8,087‌

5,468‌

44,514‌

16,609‌

5,048‌

7,876‌

3,086‌

57,324‌

19,987‌

6,072‌

9,642‌

4,071‌

72,514‌

7,925‌

1,025‌

7,645‌

7,044‌

28,558‌

55,416‌

21,675‌

51,561‌

35,720‌

223,956‌

134,179‌

99,130‌

116,640‌

58,320‌

185,088‌

1,482,448‌

407,559‌

956,317‌

431,169‌

6,615,549‌

(658,801‌)

(176,394‌)

(304,917‌)

(137,570‌)

(703,234‌)

823,647‌

231,165‌

651,400‌

293,599‌

5,912,315‌

6,250,646‌

1,353,198‌

1,228,797‌

171,329‌

3,178,036‌

(424,929‌)

(80,810‌)

5,727,414‌

(2,580,706‌)

38,497,278‌

1,338,267‌

1,029,985‌

1,001,735‌

3,506,640‌

19,702,609‌

913,338‌

949,175‌

6,729,149‌

925,934‌

58,199,887‌

$

7,163,984‌

$

2,302,373‌

$

7,957,946‌

$

1,097,263‌

$

61,377,923‌

Annual

Report

2026

Statements

of

Changes

in

Net

Assets

30

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

For

the

Year

Ended

March

31,

2026

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2026

For

the

Year

Ended

March

31,

2025

Operations:

Net

investment

income

$

9,510,040‌

$

8,965,901‌

$

6,250,646‌

$

5,976,797‌

Net

realized

gain

(loss)

on

investment

transactions

546,686‌

(555,266‌)

(424,929‌)

(1,104,954‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(587,765‌)

4,456,950‌

1,338,267‌

3,682,813‌

Net

increase

(decrease)

in

net

assets

from

operations

9,468,961‌

12,867,585‌

7,163,984‌

8,554,656‌

Distributions

to

Shareholders:

Institutional

Class

(173,989‌)

(185,449‌)

(65,748‌)

(64,532‌)

Institutional

Plus

Class

(9,602,735‌)

(8,826,270‌)

(5,771,107‌)

(5,581,167‌)

Change

in

net

assets

from

distributions

to

shareholders

(9,776,724‌)

(9,011,719‌)

(5,836,855‌)

(5,645,699‌)

Capital

Transactions:

Proceeds

from

shares

issued

Institutional

Class

12,273‌

117,639‌

14,662‌

121,931‌

Institutional

Plus

Class

23,675,740‌

32,721,721‌

18,819,880‌

23,023,731‌

Proceeds

from

dividends

reinvested

Institutional

Class

147,715‌

151,166‌

65,711‌

63,985‌

Institutional

Plus

Class

4,428,014‌

3,799,784‌

2,371,994‌

2,129,531‌

Cost

of

shares

redeemed

Institutional

Class

(568,066‌)

(1,233,701‌)

(170,271‌)

(414,432‌)

Institutional

Plus

Class

(36,292,092‌)

(29,777,860‌)

(21,596,306‌)

(26,374,358‌)

Change

in

net

assets

from

capital

transactions

(8,596,416‌)

5,778,749‌

(494,330‌)

(1,449,612‌)

Change

in

net

assets

(8,904,179‌)

9,634,615‌

832,799‌

1,459,345‌

Net

Assets:

Beginning

of

Year

227,182,318‌

217,547,703‌

171,791,960‌

170,332,615‌

End

of

Year

$

218,278,139‌

$

227,182,318‌

$

172,624,759‌

$

171,791,960‌

Share

Transactions

Institutional

Class:

Shares

issued

1,347‌

13,061‌

1,574‌

13,335‌

Shares

reinvested

16,210‌

16,778‌

7,031‌

6,994‌

Shares

redeemed

(62,238‌)

(136,577‌)

(18,116‌)

(45,616‌)

Change

in

shares

(44,681‌)

(106,738‌)

(9,511‌)

(25,287‌)

Share

Transactions

Institutional

Plus

Class:

Shares

issued

2,591,328‌

3,620,664‌

2,007,006‌

2,522,562‌

Shares

reinvested

484,379‌

420,305‌

253,915‌

232,609‌

Shares

redeemed

(3,973,758‌)

(3,299,039‌)

(2,316,150‌)

(2,886,011‌)

Change

in

shares

(898,051‌)

741,930‌

(55,229‌)

(130,840‌)

Annual

Report

2026

Statements

of

Changes

in

Net

Assets

31

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

For

the

Year

Ended

March

31,

2026

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2026

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2026

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2026

For

the

Year

Ended

March

31,

2025

$

1,353,198‌

$

1,220,296‌

$

1,228,797‌

$

1,196,755‌

$

171,329‌

$

100,212‌

$

3,178,036‌

$

2,886,189‌

(80,810‌)

(213,221‌)

5,727,414‌

4,885,559‌

(2,580,706‌)

285,185‌

38,497,278‌

45,178,740‌

1,029,985‌

(293,846‌)

1,001,735‌

(2,032,570‌)

3,506,640‌

(4,503,243‌)

19,702,609‌

(67,827,996‌)

2,302,373‌

713,229‌

7,957,946‌

4,049,744‌

1,097,263‌

(4,117,846‌)

61,377,923‌

(19,763,067‌)

–‌

–‌

(2,470,325‌)

(1,396,625‌)

–‌

–‌

(2,467,629‌)

(2,792,847‌)

(1,344,247‌)

(1,203,214‌)

(5,314,027‌)

(2,854,033‌)

(167,531‌)

(51,220‌)

(40,667,449‌)

(47,888,708‌)

(1,344,247‌)

(1,203,214‌)

(7,784,352‌)

(4,250,658‌)

(167,531‌)

(51,220‌)

(43,135,078‌)

(50,681,555‌)

–‌

–‌

264,320‌

612,375‌

3,851‌

6,444‌

1,990,509‌

5,152,924‌

8,600,141‌

9,220,816‌

3,170,012‌

5,802,850‌

9,425,548‌

31,414,536‌

96,947,184‌

148,242,126‌

–‌

–‌

2,336,334‌

1,289,899‌

–‌

–‌

2,096,691‌

2,420,384‌

561,231‌

486,655‌

4,621,154‌

2,495,079‌

32,022‌

9,200‌

22,784,851‌

25,784,299‌

–‌

–‌

(3,618,730‌)

(7,982,258‌)

(14,855‌)

(56,785‌)

(10,321,759‌)

(17,770,888‌)

(7,328,373‌)

(13,855,148‌)

(6,929,868‌)

(6,667,975‌)

(19,731,957‌)

(3,154,276‌)

(218,542,619‌)

(192,996,008‌)

1,832,999‌

(4,147,677‌)

(156,778‌)

(4,450,030‌)

(10,285,391‌)

28,219,119‌

(105,045,143‌)

(29,167,163‌)

2,791,125‌

(4,637,662‌)

16,816‌

(4,650,944‌)

(9,355,659‌)

24,050,053‌

(86,802,298‌)

(99,611,785‌)

50,575,718‌

55,213,380‌

78,573,410‌

83,224,354‌

37,902,393‌

13,852,340‌

656,368,447‌

755,980,232‌

$

53,366,843‌

$

50,575,718‌

$

78,590,226‌

$

78,573,410‌

$

28,546,734‌

$

37,902,393‌

$

569,566,149‌

$

656,368,447‌

–‌

–‌

12,928‌

30,500‌

241‌

389‌

68,981‌

164,275‌

–‌

–‌

115,803‌

63,113‌

–‌

–‌

74,010‌

75,074‌

–‌

–‌

(175,110‌)

(394,061‌)

(954‌)

(3,464‌)

(358,232‌)

(571,689‌)

–‌

–‌

(46,379‌)

(300,448‌)

(713‌)

(3,075‌)

(215,241‌)

(332,340‌)

933,901‌

1,011,304‌

160,508‌

292,130‌

601,348‌

1,761,239‌

3,374,535‌

4,725,483‌

60,884‌

53,470‌

233,876‌

124,418‌

1,950‌

512‌

799,749‌

794,585‌

(797,467‌)

(1,520,070‌)

(346,543‌)

(335,180‌)

(1,214,298‌)

(187,938‌)

(7,670,494‌)

(6,222,988‌)

197,318‌

(455,296‌)

47,841‌

81,368‌

(611,000‌)

1,573,813‌

(3,496,210‌)

(702,920‌)

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2026

32

See

accompanying

Notes

to

Financial

Statements.

Investment

Activities

Ratios/Supplemental

Data

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

Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Expense

to

Average

Net

Assets

(b)

Portfolio

Turnover

SHORT-INTERMEDIATE

BOND

FUND

Institutional

Class

03/31/26

$

9.07‌

$

0.36‌

$

(0.01‌)

$

0.35‌

$

(0.34‌)

$

(0.03‌)

$

9.05‌

3.96‌

%

$

3,961‌

0.65‌

%

3.99‌

%

1.52‌

%

41‌

%

03/31/25

8.91‌

0.35‌

0.16‌

0.51‌

(0.31‌)

(0.04‌)

9.07‌

5.81‌

4,372‌

0.66‌

3.86‌

1.44‌

42‌

03/31/24

8.77‌

0.29‌

0.09‌

0.38‌

(0.24‌)

(0.00‌)

(c)

8.91‌

4.45‌

5,247‌

0.64‌

3.26‌

1.33‌

48‌

03/31/23

9.00‌

0.18‌

(0.20‌)

(0.02‌)

(0.19‌)

(0.02‌)

8.77‌

(0.13‌)

5,843‌

0.65‌

2.00‌

1.28‌

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

Institutional

Plus

Class

03/31/26

9.09‌

0.38‌

0.00‌

0.38‌

(0.36‌)

(0.03‌)

9.08‌

4.28‌

214,317‌

0.45‌

4.19‌

0.74‌

41‌

03/31/25

8.94‌

0.37‌

0.15‌

0.52‌

(0.33‌)

(0.04‌)

9.09‌

5.91‌

222,810‌

0.45‌

4.07‌

0.74‌

42‌

03/31/24

8.80‌

0.30‌

0.10‌

0.40‌

(0.26‌)

(0.00‌)

(c)

8.94‌

4.64‌

212,301‌

0.46‌

3.45‌

0.73‌

48‌

03/31/23

9.03‌

0.19‌

(0.19‌)

0.00‌

(0.21‌)

(0.02‌)

8.80‌

0.05‌

246,064‌

0.48‌

2.17‌

0.74‌

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

INCOME

FUND

Institutional

Class

03/31/26

9.24‌

0.33‌

0.05‌

0.38‌

(0.29‌)

(0.01‌)

9.32‌

4.22‌

1,944‌

0.63‌

3.52‌

2.17‌

17‌

03/31/25

9.08‌

0.31‌

0.14‌

0.45‌

(0.28‌)

(0.01‌)

9.24‌

5.06‌

2,016‌

0.61‌

3.39‌

2.16‌

16‌

03/31/24

9.17‌

0.29‌

(0.10‌)

0.19‌

(0.27‌)

(0.01‌)

9.08‌

2.10‌

2,211‌

0.64‌

3.20‌

1.95‌

33‌

03/31/23

9.91‌

0.25‌

(0.73‌)

(0.48‌)

(0.25‌)

(0.01‌)

9.17‌

—‌

2,564‌

0.63‌

2.67‌

1.79‌

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

Institutional

Plus

Class

03/31/26

9.23‌

0.34‌

0.06‌

0.40‌

(0.31‌)

(0.01‌)

9.31‌

4.37‌

170,681‌

0.48‌

3.67‌

0.85‌

17‌

03/31/25

9.08‌

0.32‌

0.13‌

0.45‌

(0.29‌)

(0.01‌)

9.23‌

5.08‌

169,776‌

0.49‌

3.51‌

0.84‌

16‌

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

NEBRASKA

TAX-FREE

FUND

Institutional

Plus

Class

03/31/26

9.05‌

0.24‌

0.18‌

0.42‌

(0.24‌)

—‌

9.23‌

4.67‌

53,367‌

0.45‌

2.62‌

0.79‌

16‌

03/31/25

9.14‌

0.21‌

(0.09‌)

0.12‌

(0.21‌)

—‌

9.05‌

1.28‌

50,576‌

0.45‌

2.29‌

0.78‌

18‌

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

BALANCED

FUND

Institutional

Class

03/31/26

19.45‌

0.28‌

1.72‌

2.00‌

(0.27‌)

(1.70‌)

19.48‌

10.02‌

25,531‌

0.92‌

1.39‌

1.34‌

21‌

03/31/25

19.51‌

0.27‌

0.68‌

0.95‌

(0.26‌)

(0.75‌)

19.45‌

4.65‌

26,385‌

0.93‌

1.32‌

1.32‌

22‌

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

Institutional

Plus

Class

03/31/26

19.08‌

0.31‌

1.70‌

2.01‌

(0.32‌)

(1.70‌)

19.07‌

10.28‌

53,059‌

0.74‌

1.57‌

1.09‌

21‌

03/31/25

19.18‌

0.30‌

0.66‌

0.96‌

(0.31‌)

(0.75‌)

19.08‌

4.78‌

52,189‌

0.76‌

1.49‌

1.08‌

22‌

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

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2026

33

See

accompanying

Notes

to

Financial

Statements.

Investment

Activities

Ratios/Supplemental

Data

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

Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Expense

to

Average

Net

Assets

(b)

Portfolio

Turnover

SMALL/MID

CAP

FUND

Institutional

Class

03/31/26

$

15.73‌

$

0.08‌

$

0.16‌

$

0.24‌

$

—‌

$

—‌

$

15.97‌

1.53‌

%

$

421‌

0.91‌

%

0.51‌

%

5.61‌

%

35‌

%

03/31/25

16.49‌

0.07‌

(0.83‌)

(0.76‌)

—‌

—‌

15.73‌

(4.61‌)

426‌

0.92‌

0.40‌

5.50‌

25‌

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

Institutional

Plus

Class

03/31/26

15.73‌

0.08‌

0.16‌

0.24‌

(0.10‌)

—‌

15.87‌

1.49‌

28,125‌

0.90‌

0.52‌

1.26‌

35‌

03/31/25

16.50‌

0.07‌

(0.82‌)

(0.75‌)

(0.02‌)

—‌

15.73‌

(4.54‌)

37,476‌

0.90‌

0.42‌

1.34‌

25‌

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

SMALL

COMPANY

FUND

Institutional

Class

03/31/26

27.83‌

0.09‌

2.87‌

2.96‌

(0.07‌)

(2.00‌)

28.72‌

10.76‌

34,558‌

1.18‌

0.31‌

1.40‌

31‌

03/31/25

30.70‌

0.05‌

(0.89‌)

(0.84‌)

—‌

(2.03‌)

27.83‌

(3.64‌)

39,484‌

1.18‌

0.17‌

1.37‌

29‌

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)

(c)

(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

Institutional

Plus

Class

03/31/26

28.03‌

0.16‌

2.89‌

3.05‌

(0.18‌)

(2.00‌)

28.90‌

11.00‌

535,008‌

0.96‌

0.54‌

1.07‌

31‌

03/31/25

30.92‌

0.12‌

(0.89‌)

(0.77‌)

(0.09‌)

(2.03‌)

28.03‌

(3.43‌)

616,885‌

0.95‌

0.40‌

1.05‌

29‌

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

(a)

Per

share

data

calculated

using

average

share

method.

(b)

Ratios

excluding

contractual

and

voluntary

waivers.

(c)

Amount

represents

less

than

$0.005.

Notes

to

Financial

Statements

March

31,

2026

Annual

Report

2026

34

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.

Each

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

Adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

Financial

Highlights

for

each

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Funds

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

its

role,

the

Adviser

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

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

Notes

to

Financial

Statements

March

31,

2026

Annual

Report

2026

35

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

the

Funds’

compliance

program

and

will

review

any

changes

made

to

the

procedures.

Situations

that

may

require

an

investment

to

be

fair

valued

include

instances

where

a

security

is

thinly

traded,

halted,

or

restricted

as

to

resale.

In

addition,

investments

may

be

fair

valued

based

on

the

occurrence

of

a

significant

event.

Significant

events

may

be

specific

to

a

particular

issuer,

such

as

mergers,

restructurings,

or

defaults.

Alternatively,

significant

events

may

affect

an

entire

market,

such

as

natural

disasters,

government

actions,

and

significant

changes

in

the

value

of

U.S.

securities

markets.

Securities

are

fair

valued

based

on

observable

and

unobservable

inputs,

including

the

Adviser’s

own

assumptions

in

determining

fair

value.

Factors

used

in

determining

fair

value

include,

but

are

not

limited

to:

type

of

security

or

asset,

trading

activity

of

similar

markets

or

securities,

fundamental

analytical

data

relating

to

the

investment,

evaluation

of

the

forces

that

influence

the

market

in

which

the

security

is

purchased

and

sold,

and

information

as

to

any

transactions

or

offers

with

respect

to

the

security.

For

those

securities

fair

valued

under

procedures

adopted

by

the

Board,

the

Adviser

reviews

and

affirms

the

reasonableness

of

the

fair

valuation

determinations

after

considering

all

relevant

information

that

is

reasonably

available.

The

Adviser’s

determinations

are

subject

to

review

by

the

Funds’

Board

at

its

next

regularly

scheduled

meeting

covering

the

calendar

quarter

in

which

the

fair

valuation

was

determined.

The

Funds

use

a

framework

for

measuring

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

(exit

price).

One

component

of

fair

value

is

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

various

“inputs”

used

to

determine

the

value

of

the

Funds’

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

includes

valuations

based

on

quoted

prices

of

identical

securities

in

active

markets

including

valuations

for

securities

listed

on

a

securities

exchange

or

investments

in

mutual

funds.

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

March

31,

2026

Annual

Report

2026

36

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund’s

investments

as

of

March

31,

2026,

by

category:

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Short-Intermediate

Bond

Fund

Asset

Backed

Securities

$

–‌

$

57,323,679‌

$

–‌

$

57,323,679‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

24,008,580‌

–‌

24,008,580‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

15,073,843‌

–‌

15,073,843‌

Corporate

Bonds

–‌

64,112,256‌

–‌

64,112,256‌

Government

&

Agency

Obligations

–‌

57,069,553‌

–‌

57,069,553‌

Preferred

Stocks

225,000‌

–‌

–‌

225,000‌

Short-Term

Investments

325,877‌

–‌

–‌

325,877‌

Total

$

550,877‌

$

217,587,911‌

$

–‌

$

218,138,788‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

9,140,932‌

$

–‌

$

9,140,932‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

3,474,588‌

–‌

3,474,588‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

13,926,825‌

–‌

13,926,825‌

Corporate

Bonds

–‌

44,454,131‌

–‌

44,454,131‌

Government

&

Agency

Obligations

–‌

100,929,599‌

–‌

100,929,599‌

Short-Term

Investments

715,253‌

–‌

–‌

715,253‌

Total

$

715,253‌

$

171,926,075‌

$

–‌

$

172,641,328‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

51,593,012‌

$

–‌

$

51,593,012‌

Short-Term

Investments

1,571,521‌

–‌

–‌

1,571,521‌

Total

$

1,571,521‌

$

51,593,012‌

$

–‌

$

53,164,533‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks*

$

46,423,645‌

$

–‌

$

–‌

$

46,423,645‌

Asset

Backed

Securities

–‌

4,742,587‌

–‌

4,742,587‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

2,051,611‌

–‌

2,051,611‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

1,109,657‌

–‌

1,109,657‌

Corporate

Bonds

–‌

8,935,080‌

–‌

8,935,080‌

Government

&

Agency

Obligations

–‌

12,773,355‌

–‌

12,773,355‌

Short-Term

Investments

2,553,664‌

–‌

–‌

2,553,664‌

Total

$

48,977,309‌

$

29,612,290‌

$

–‌

$

78,589,599‌

Notes

to

Financial

Statements

March

31,

2026

Annual

Report

2026

37

*

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.

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

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

28,281,571‌

$

–‌

$

–‌

$

28,281,571‌

Short-Term

Investments

325,648‌

–‌

–‌

325,648‌

Total

$

28,607,219‌

$

–‌

$

–‌

$

28,607,219‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

560,908,446‌

$

–‌

$

–‌

$

560,908,446‌

Short-Term

Investments

8,552,619‌

–‌

–‌

8,552,619‌

Total

$

569,461,065‌

$

–‌

$

–‌

$

569,461,065‌

Notes

to

Financial

Statements

March

31,

2026

Annual

Report

2026

38

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

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,

2027,

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

year

ended

March

31,

2026,

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

March

31,

2026,

the

amount

of

potentially

recoverable

expenses

are

as

follows:

Short-Intermediate

Bond

Fund

–

$1,950,269;

Income

Fund

–

$1,896,934;

Nebraska

Tax-Free

Fund

–

$514,866;

Balanced

Fund

–

$840,453;

Small/Mid

Cap

Fund

–

$369,542;

Small

Company

Fund

–

$2,185,135.

Expense

Caps

Short-Intermediate

Bond

Fund

0.45

%

Income

Fund

0.48

Nebraska

Tax-Free

Fund

0.45

Balanced

Fund

0.74

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

$

691,421‌

$

1,452‌

$

692,873‌

Income

Fund

657,711‌

1,090‌

658,801‌

Nebraska

Tax-Free

Fund

176,063‌

331‌

176,394‌

Balanced

Fund

304,395‌

522‌

304,917‌

Small/Mid

Cap

Fund

137,361‌

209‌

137,570‌

Small

Company

Fund

699,338‌

3,896‌

703,234‌

Notes

to

Financial

Statements

March

31,

2026

Annual

Report

2026

39

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

March

31,

2026,

the

Funds

did

not

pay

FNBO

any

fees.

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

March

31,

2026,

were

as

follows:

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

long-term

U.S.

Government

securities

for

the

year

ended

March

31,

2026,

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).

For

the

year

ended

March

31,

2026,

the

Funds

did

not

engage

in

securities

transactions

with

affiliates.

Purchases

Sales

Short-Intermediate

Bond

Fund

$

67,363,172‌

$

73,447,925‌

Income

Fund

18,937,216‌

18,

856

,

009‌

Nebraska

Tax-Free

Fund

9,891,650‌

8,156,450‌

Balanced

Fund

13,851,716‌

20,748,772‌

Small/Mid

Cap

Fund

11,384,056‌

21,486,072‌

Small

Company

Fund

182,296,449‌

318,555,873‌

Purchases

Sales

Short-Intermediate

Bond

Fund

$

24,297,668‌

$

26,946,694‌

Income

Fund

12,530,431‌

9,624,067‌

Nebraska

Tax-Free

Fund

–‌

10,376‌

Balanced

Fund

3,006,572‌

2,684,086‌

Small/Mid

Cap

Fund

–‌

–‌

Small

Company

Fund

–‌

–‌

Notes

to

Financial

Statements

March

31,

2026

Annual

Report

2026

40

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

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

equalization

and

nondeductible

excise

tax.

These

reclassifications

have

no

impact

on

net

assets.

As

of

March

31,

2026,

the

cost

of

investments

and

the

components

of

net

unrealized

appreciation/(depreciation)

were

as

follows:

At

March

31,

2026,

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

(195,953‌)

195,953‌

Small/Mid

Cap

Fund

134‌

(134‌)

Small

Company

Fund

(2,684,030‌)

2,684,030‌

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Short-Intermediate

Bond

Fund

$

218,208,928‌

$

1,506,667‌

$

(1,576,807‌)

$

(70,140‌)

Income

Fund

181,516,136‌

1,204,325‌

(10,079,133‌)

(8,874,808‌)

Nebraska

Tax-Free

Fund

54,283,829‌

153,975‌

(1,273,271‌)

(1,119,296‌)

Balanced

Fund

54,270,837‌

25,967,320‌

(1,648,558‌)

24,318,762‌

Small/Mid

Cap

Fund

26,961,959‌

4,566,747‌

(2,921,487‌)

1,645,260‌

Small

Company

Fund

417,679,990‌

178,893,485‌

(27,112,410‌)

151,781,075‌

Undistributed

Net

Investment

Income*

Undistributed

Tax

Exempt

Income

Undistributed

Net

Long-Term

Capital

Gains

Other

Temporary

Differences

Unrealized

Gain

(Loss)**

Capital

Loss

Carry

Forward***

Short-Intermediate

Bond

Fund

$

1,338,125‌

$

–‌

$

–‌

$

(421,976‌)

$

(70,140‌)

$

(9,769,522‌)

Income

Fund

827,557‌

–‌

–‌

(293,778‌)

(8,874,808‌)

(9,896,738‌)

Nebraska

Tax-Free

Fund

1,375‌

68,814‌

–‌

(69,654‌)

(1,119,296‌)

(1,128,991‌)

Balanced

Fund

38,798‌

–‌

1,520,654‌

–‌

24,318,762‌

–‌

Small/Mid

Cap

Fund

52,069‌

–‌

–‌

–‌

1,645,260‌

(1,993,382‌)

Small

Company

Fund

1,082,698‌

–‌

31,322,505‌

–‌

151,781,075‌

–‌

*

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.

***

Capital

loss

carryforward

includes

deferred

post

October

loss

and

late

year

ordinary

losses.

Notes

to

Financial

Statements

March

31,

2026

Annual

Report

2026

41

*

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,

2025

and

March

31,

2026.

***

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,

2026

and

March

31,

2025,

were

as

follows:

At

March

31,

2026,

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.

During

the

year

ended

March

31,

2026,

the

following

Funds

utilized

capital

loss

carryforwards

to

offset

capital

gains

amounting

to:

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,

2026.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations,

as

incurred.

The

federal

returns

are

subject

to

examination

by

the

Internal

Revenue

Service

for

a

period

of

three

years

from

date

of

filing,

while

the

state

returns

may

remain

open

for

an

additional

year

depending

upon

jurisdiction.

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***

2026

2025

2026

2025

2026

2025

2026

2025

Short-Intermediate

Bond

Fund

$

9,764,152

$

8,968,955

$

–

$

–

$

–

$

–

$

9,764,152

$

8,968,955

Income

Fund

5,817,843

5,667,412

–

–

–

–

5,817,843

5,667,412

Nebraska

Tax-Free

Fund

31,562

29,779

1,305,660

1,173,257

–

–

1,337,222

1,203,036

Balanced

Fund

1,214,163

1,443,672

–

–

6,570,189

2,806,986

7,784,352

4,250,658

Small/Mid

Cap

Fund

167,531

51,220

–

–

–

–

167,531

51,220

Small

Company

Fund

3,377,000

5,853,114

–

–

39,758,078

44,828,441

43,135,078

50,681,555

No

Expiration

Short

Term

Long

Term

Total

Short-Intermediate

Bond

Fund

$

967,325‌

$

8,802,197‌

$

9,769,522‌

Income

Fund

1,616,248‌

8,280,490‌

9,896,738‌

Nebraska

Tax-Free

Fund

159,007‌

969,984‌

1,128,991‌

Small/Mid

Cap

Fund

1,167,572‌

825,810‌

1,993,382‌

Fund

Short-Intermediate

Bond

Fund

$

239,561‌

Report

of

Independent

Registered

Public

Accounting

Firm

Annual

Report

2026

42

To

the

Shareholders

and

Board

of

Directors

of

Tributary

Funds,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Tributary

Funds,

Inc.

comprising

Tributary

Short-Intermediate

Bond

Fund,

Tributary

Income

Fund,

Tributary

Nebraska

Tax-Free

Fund,

Tributary

Balanced

Fund,

Tributary

Small/Mid

Cap

Fund,

and

Tributary

Small

Company

Fund

(the

“Funds”)

as

of

March

31,

2026,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2026,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Funds’

auditor

since

2015.

COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

May

26,

2026

Important

Tax

Information

March

31,

2026

(Unaudited)

Annual

Report

2026

43

Other

Federal

Income

Tax

Information

The

information

reported

below

is

for

the

year

ended

March

31,

2026.

Foreign

tax

and

qualified

dividend

information

for

the

calendar

year

2026

will

be

provided

on

your

2026

Form

1099-DIV.

For

the

year

ended

March

31,

2026,

certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

American

Taxpayer

Relief

Act

of

2012.

Complete

information

for

calendar

year

2026

will

be

reported

in

conjunction

with

your

2026

Form

1099-DIV.

For

the

year

ended

March

31,

2026,

the

following

Funds

hereby

designate

the

following

percentages,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code

(“Code”),

as

qualified

dividends:

For

the

year

ended

March

31,

2026,

the

following

Funds

hereby

designate

the

following

percentages,

or

the

maximum

amount

allowable

under

the

Code,

as

distributions

eligible

for

the

dividends

received

deduction

for

corporations:

For

the

year

ended

March

31,

2026,

the

following

Funds

hereby

designate

the

following

percentages,

or

the

maximum

amount

allowable

under

the

Code,

as

qualified

interest

income

exempt

from

U.S.

tax

for

foreign

shareholders:

For

the

year

ended

March

31,

2026,

Balanced

Fund

designates

0.18%

of

its

income

dividends

as

short-term

capital

gain

dividends

exempt

from

U.S.

tax

for

foreign

shareholders

and

Nebraska

Tax-Free

Fund

designates

97.64%

of

its

income

dividend

distributed

as

tax-exempt

dividends.

Qualified

Dividend

Income

Short-Intermediate

Bond

Fund

0.18%

Balanced

Fund

41.62%

Small/Mid

Cap

Fund

100.00%

Small

Company

Fund

100.00%

Dividends

Received

Deduction

Short-Intermediate

Bond

Fund

0.18%

Balanced

Fund

40.03%

Small/Mid

Cap

Fund

100.00%

Small

Company

Fund

100.00%

Qualified

Interest

Income

Short-Intermediate

Bond

Fund

98.81%

Income

Fund

96.43%

Balanced

Fund

65.23%

Additional

Fund

Information

March

31,

2026

(Unaudited)

Annual

Report

2026

44

Changes

in

and

Disagreements

with

Accountants

(Item

8

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

9

of

Form

N-CSR)

At

a

special

meeting

of

shareholders,

held

on

November

7,

2025,

shares

were

voted

as

follows

on

the

Election

of

Directors

and

Director

Nominees

to

the

Board

proposal:

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)

N/A

For

Withhold

David

F.

Larrabee

65,479,871

(99.67%)

217,446

(0.33%)

Donna

M.

Walsh

65,499,190

(99.70%)

198,127

(0.30%)

Stephen

C.

Wade

65,476,409

(99.66%)

220,908

(0.34%)

Brittany

A.

Fahrenkrog

62,178,003

(94.64%)

3,519,314

(5.36%)

Melissa

K.

Woodley

65,491,582

(99.69%)

205,735

(0.31%)

TF-ANR-0326

Investment

Adviser

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

3399

Omaha,

NE

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,

NE

68154

Custodian

U.S.

Bank,

N.A.

1155

N.

Rivercenter

Dr.

MK-WI-S302

Milwaukee,

WI

53212

Co-Administrators

Apex

Fund

Services

190

Middle

Street

Portland,

ME

04101

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

3399

Omaha,

NE

68197

Distributor

Northern

Lights

Distributors,

LLC

4221

North

203rd

Street,

Suite

100

Elkhorn,

NE

68022

Legal

Counsel

Husch

Blackwell

LLP

14606

Branch

Street,

Suite

200

Omaha,

NE

68154

Compliance

Services

Foreside

Fund

Officer

Services,

LLC

190

Middle

Street

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,

MO

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.

Included as part of additional fund information filed under Item 7(a).

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.

Not applicable.

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

There are no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

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) Code of Ethics.

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)     Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

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:	May 26, 2026

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:	May 26, 2026

By:	/s/ Karen Shaw
	Karen Shaw Treasurer
Date:	May 26, 2026