As filed with the Securities and Exchange Commission on June 3, 2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-08846

Tributary Funds, Inc.

Tributary Capital Management, LLC

1620 Dodge Street

Omaha, Nebraska 68197

Karen Shaw

Apex Fund Services

Three Canal Plaza, Suite 600

Portland, ME 04101

Registrant’s telephone number, including area code: (800) 662-4203

Date of fiscal year end: March 31

Date of reporting period: April 1, 2019 – March 31, 2020

ITEM 1. REPORT TO STOCKHOLDERS.

Tributary

Funds

®

Annual

Report

March

31,

2020

Tributary

Short-Intermediate

Bond

Fund

Institutional

Class:

FOSIX

Institutional

Plus

Class:

FOSPX

Tributary

Income

Fund

Institutional

Class:

FOINX

Institutional

Plus

Class:

FOIPX

Tributary

Nebraska

Tax-Free

Fund

Institutional

Plus

Class:

FONPX

Tributary

Balanced

Fund

Institutional

Class:

FOBAX

Institutional

Plus

Class:

FOBPX

Tributary

Growth

Opportunities

Fund

Institutional

Class:

FOGRX

Institutional

Plus

Class:

FOGPX

Tributary

Small/Mid

Cap

Fund

Institutional

Class:

FSMCX

Institutional

Plus

Class:

FSMBX

Tributary

Small

Company

Fund

Institutional

Class:

FOSCX

Institutional

Plus

Class:

FOSBX

Investors

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

Tributary

Funds.

Mutual

funds

involve

risk

including

loss

of

principal.

This

and

other

important

information

about

the

Tributary

Funds

is

contained

in

the

prospectus,

which

can

be

obtained

by

calling

1-800-662-4203

or

by

visiting

www.tributaryfunds.com.

The

prospectus

should

be

read

carefully

before

investing.

The

Tributary

Funds

are

distributed

by

Northern

Lights

Distributors,

LLC

member

FINRA.

Northern

Lights

Distributors,

LLC

and

the

Tributary

Funds’

investment

adviser

are

not

affiliated.

Beginning

on

January

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

shareholder

reports

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports

from

the

Funds

or

from

your

financial

intermediary,

such

as

a

broker-dealer

or

bank.

Instead,

the

reports

will

be

made

available

on

a

website,

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

link

to

access

the

report.

If

you

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Funds

or

your

financial

intermediary

electronically

by

contacting

the

Funds

at

1-800-662-4203,

or

by

contacting

your

financial

intermediary

directly.

You

may

elect

to

receive

all

future

reports

in

paper

free

of

charge.

You

can

inform

the

Funds

or

your

financial

intermediary

that

you

wish

to

continue

receiving

paper

copies

of

your

shareholder

reports

by

contacting

the

Funds

at

1-800-662-4203,

or

by

contacting

your

financial

intermediary

directly.

Your

election

to

receive

reports

in

paper

will

apply

to

all

funds

held

with

Tributary

Funds.

Notice

to

Investors

Shares

of

Tributary

Funds:

Are

Not

FDIC

Insured

May

Lose

Value

Have

No

Bank

Guarantee

Annual

Report

2020

Table

of

Contents

Management

Discussion

and

Analysis

4

Schedules

of

Portfolio

Investments

18

Statements

of

Assets

and

Liabilities

42

Statements

of

Operations

44

Statements

of

Changes

in

Net

Assets

46

Financial

Highlights

48

Notes

to

Financial

Statements

50

Report

of

Independent

Registered

Public

Accounting

Firm

58

Additional

Fund

Information

59

Directors

and

Officers

62

SHORT-INTERMEDIATE

BOND

FUND

(Unaudited)

Annual

Report

2020

4

Investment

Objective

The

Tributary

Short-Intermediate

Bond

Fund

seeks

to

maximize

total

return

in

a

manner

consistent

with

the

generation

of

current

income,

preservation

of

capital

and

reduced

price

volatility.

Manager

Commentary

The

trailing

12-months

are

perhaps

best

understood

as

consisting

of

two

distinct

time

periods.

The

first

2

or

3

quarters

of

the

fiscal

year

were

marked

by

geopolitical

unease—the

ongoing

trade

dispute

with

China,

unrest

in

Hong

Kong

and

the

looming

BREXIT

deadline—offset

by

increasingly

dovish

central

banks

and

periods

of

optimism.

The

economy

slowed

somewhat

early

in

the

fiscal

year,

but

leveled

off

at

around

a

2.1%

annualized

GDP

growth

rate

for

most

of

2019,

with

consumer

sectors

showing

modest

growth

and

industrial-focused

data

showing

weakness.

In

July

the

Federal

Reserve

lowered

its

policy

rate

for

the

first

time

since

2008

to

support

the

economy,

and

remained

accommodative

for

the

remainder

of

the

year.

Everything

changed,

however,

during

the

final

quarter

of

the

fiscal

year

as

two

new

words

were

introduced

into

the

investor

lexicon—coronavirus

and

quarantine.

The

highly

contagious

respiratory

illness,

technically

called

COVID-19,

was

first

reported

in

the

Hubei

province

of

China

in

late

2019,

but

quickly

spread

across

the

globe.

Needless

to

say,

the

regular

analysis

of

geopolitical

and

economic

data

suddenly

took

a

back

seat,

and

headlines

no

longer

focused

on

China

trade

updates

or

Democratic

primary

results.

To

slow

the

rapid

spread

of

the

virus,

governments

worldwide

instituted

shutdowns

and

quarantines,

in

what

amounted

to

a

necessary

but

painful

slamming

on

the

economic

brakes.

The

financial

markets

reacted

quickly

to

the

growing

fear

of

a

global

economic

collapse,

causing

stocks

to

sell

off

and

fixed

income

spreads

to

rapidly

and

dramatically

widen.

The

Federal

Reserve

wasted

no

time

providing

support

to

the

economy

and

the

markets,

and

by

March

15th

had

cut

its

target

overnight

rate

to

the

zero

bound,

while

also

initiating

massive

new

asset

purchases

focused

on

maintaining

liquidity

and

ensuring

smooth

functioning

of

the

bond

markets.

Congress

also

quickly

passed

the

$2+

trillion

CARES

Act

in

an

effort

to

cushion

the

economic

impact

of

government

mandated

business

closures.

In

response

to

these

fiscal

and

monetary

interventions,

financial

markets

began

to

stabilize

as

the

year

came

to

a

close.

The

Tributary

Short-Intermediate

Fund

returned

2.90%

(net,

Institutional

Plus)

for

the

year

ended

March

31,

2020

compared

to

a

5.58%

return

for

the

Bloomberg

Barclays

U.S.

Government

/Credit

1-5

Year

Index.

The

largest

driver

of

returns

in

the

bond

market

over

the

past

year

was

the

significant

drop

in

U.S.

Treasury

yields

across

the

maturity

spectrum,

with

long-term

yields

reaching

historic

lows.

The

2-year

yield

fell

200

basis

points

(bps)

to

end

the

year

at

0.25%,

while

the

10-year

fell

174bps

to

close

at

0.67%

and

the

30-year

dropped

150bps

to

end

at

1.32%.

Due

to

the

rapid

risk-off

move

during

the

final

month

of

the

fiscal

year,

Treasuries

were

by

far

the

best

performing

sector

in

the

bond

market.

Risk

assets

suffered

heavy

losses,

with

lower-quality

sectors

hit

hardest.

High-yield

corporate

bonds

lost

over

6%

on

a

nominal

basis

(-14%

excess

return

versus

similar-maturity

Treasuries),

all

of

which

came

during

the

last

3

weeks

of

March.

Investment

grade

bonds

performed

better,

but

only

on

a

relative

basis.

Industrial

corporate

bonds

posted

a

negative

11%

excess

return

(loss)

compared

to

similar

maturity

Treasuries,

followed

by

financials

at

-7%,

non-corporate

credit

at

-6.6%,

CMBS

at

-5%

and

Agency

MBS

at

a

-0.55%

excess

return.

US

Treasury-Inflation

Protected

Securities

(TIPS)

also

suffered

on

the

heels

of

growing

deflationary

fears,

underperforming

nominal

bonds

by

nearly

7%

for

the

year.

The

Fund

underperformed

its

benchmark

for

the

year,

due

primarily

to

our

duration

exposure

and

sector

allocation

decisions.

The

Fund

has

had

a

lower

duration

than

the

stated

benchmark

for

some

time,

and

this

was

certainly

a

drag

on

performance

versus

the

benchmark

over

the

past

year

given

the

large

decline

in

short

maturity

yields.

Our

underweight

allocation

to

U.S.

Treasuries

and

overweight

in

the

non-agency

CMBS

and

ABS

sectors

also

hampered

returns

as

yield

spreads

widened

significantly.

On

the

positive

side,

security

selection

was

a

small

benefit

to

performance

due

mostly

to

some

securities

outperforming

in

the

corporate

and

CMBS

sectors,

while

the

portfolio’s

yield

advantage

relative

to

the

benchmark

was

again

a

positive

impact.

During

the

year

the

Fund’s

overall

sector

allocation

shifted

modestly

towards

spread

sectors

such

as

corporate

bonds

and

non-agency

RMBS

and

away

from

government

securities.

In

the

corporate

sector

we

remained

vigilant

in

our

pursuit

of

improving

the

underlying

quality

of

the

portfolio,

trimming

names

with

uncertain

credit

outlooks

and

adding

positions

where

opportunities

arose

to

capture

value

and

improve

return

potential.

In

the

securitized

space

we

were

active

in

the

non-agency

RMBS

and

CMBS

sectors,

adding

positions

in

shorter

duration

securities

that

we

believe

offered

excellent

value

for

high-

quality

assets,

especially

relative

to

short-maturity

corporate

bonds.

In

terms

of

credit

quality

there

was

no

significant

change

during

the

year,

as

the

Fund

maintained

a

AA-

weighted

average

credit

rating.

As

we

entered

the

new

year

for

the

Fund,

the

panic

and

fear

of

March

began

to

slowly

fade.

As

quickly

as

sentiment

deteriorated,

the

swift

and

massive

stimulus

provided

by

the

Federal

Reserve

and

Congress

via

the

CARES

act

seemed

to

turn

the

tide

back

toward

cautious

optimism.

Perhaps

more

importantly,

it

appeared

that

COVID-19

infection

rates

were

slowing

in

Italy,

and

parts

of

China

were

beginning

to

reopen.

Nonetheless,

there

remains

a

large

amount

of

uncertainty

with

regard

to

the

path

of

the

virus

and

the

impact

on

the

economy

due

to

forced

closures

of

businesses

and

events.

An

orchestrated

shut

down

of

large

portions

of

the

global

economy

all

at

once

is

unprecedented,

so

there

is

no

history

to

guide

us.

As

always,

the

key

for

market

participants

is

determining

what

is

priced

into

markets

relative

to

possible

outcomes.

Given

our

relatively

defensive

positioning

as

we

entered

March,

we

turned

more

positive

on

risk

assets

as

spreads

gapped

wider

and

began

to

slowly

lean

in

at

the

end

of

the

calendar

quarter.

We

continue

to

hold

a

below-index

duration

position

(versus

our

stated

1-5Y

benchmark),

especially

given

the

incredible

move

lower

in

bond

yields,

but

remain

slightly

longer

duration

versus

the

1-3Y

Index.

Regarding

sector

allocation,

we

remain

overweight

in

the

higher-quality

non-agency

RMBS

and

CMBS

sectors

despite

the

recent

underperformance,

as

well

as

the

traditional

ABS

space.

As

spreads

widened

significantly

in

March,

we

added

to

our

over-weight

position

in

the

corporate

sector,

but

kept

our

bias

for

high

quality

businesses

that

can

weather

difficult

economic

conditions.

Lastly,

we

maintain

a

modest

but

potentially

growing

exposure

to

the

agency

MBS

sector,

while

remaining

underweight

in

the

traditional

U.S.

government

bond

sector.

SHORT-INTERMEDIATE

BOND

FUND

(Unaudited)

Annual

Report

2020

5

As

always,

we

remain

committed

to

seeking

prudent,

value-enhancing

investment

opportunities

consistent

with

our

disciplined

approach

of

managing

for

the

long-term.

Return

of

a

$10,000

Investment

as

of

March

31,

2020

Past

performance

does

not

guarantee

future

results.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

to

higher.

Total

returns

include

change

in

share

price,

reinvestment

of

dividends

and

capital

gains.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month

end,

please

visit

our

website

at

www.tributaryfunds.com.

(†)

The

expense

ratios

are

from

the

Fund’s

prospectus

dated

August

1,

2019.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2020.

(††)

Commencement

date

for

the

Institutional

Plus

Class

was

October

14,

2011.

(*)

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Investment

performance

reflects

contractual

fee

waivers

in

effect

for

certain

periods.

Without

these

fee

waivers,

the

performance

would

have

been

lower.

The

line

chart

assumes

an

initial

investment

of

$10,000

made

on

March

31,

2010.

Total

return

is

based

on

net

change

in

net

asset

value

(“NAV”)

assuming

reinvestment

of

all

dividends

and

other

distributions.

The

performance

of

Institutional

Plus

Class

will

be

different

than

Institutional

Class

based

on

differences

in

fees

borne

by

each

class.

Bloomberg

Barclays

U.S.

Government/Credit

1-5

Year

Index

is

an

unmanaged

index

which

measures

the

performance

of

U.S.

Treasury

and

agency

securities,

and

corporate

bonds

with

1-5

year

maturities.

The

index

is

unmanaged

and

does

not

reflect

the

deduction

of

fees

or

taxes

associated

with

a

mutual

fund,

such

as

investment

management,

administration

and

other

operational

fees.

Investors

cannot

directly

invest

in

the

index.

Portfolio

Composition

as

of

March

31,

2020

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Corporate

Bonds

34.7‌%

U.S.

Treasury

Securities

22.9‌%

Asset

Backed

Securities

16.4‌%

Non-Agency

Residential

Mortgage

Backed

Securities

10.3‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

7.7‌%

U.S.

Government

Mortgage

Backed

Securities

6.4‌%

Short-Term

Investments

1.1‌%

Municipals

0.3‌%

Preferred

Stocks

0.2‌%

100.0‌%

Portfolio

Analysis

as

of

March

31,

2020

(Portfolio

composition

is

subject

to

change)

Weighted

Average

to

Maturity:

5.6

years

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2020*

1

Year

5

Year

10

Year

Tributary

Short-Intermediate

Bond

Fund

—

Institutional

Class

2.60‌%

1.79‌%

2.06‌%

Bloomberg

Barclays

U.S.

Government/

Credit

1-5

Year

Index

5.58‌%

2.27‌%

2.22‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.17‌%

0.74‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

1.21‌%

0.71‌%

1

Year

5

Year

Since

Inception

††

Tributary

Short-Intermediate

Bond

Fund

—

Institutional

Plus

Class

2.90‌%

2.01‌%

2.26‌%

Bloomberg

Barclays

U.S.

Government/

Credit

1-5

Year

Index

5.58‌%

2.27‌%

1.99‌%

Prospectus

Expense

Ratio

(Gross/Net)†

0.73‌%

0.52‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

0.72‌%

0.52‌%

INCOME

FUND

(Unaudited)

Annual

Report

2020

6

Investment

Objective

The

Tributary

Income

Fund

seeks

the

generation

of

current

income

in

a

manner

consistent

with

preserving

capital

and

maximizing

total

return.

Manager

Commentary

The

trailing

12-months

are

perhaps

best

understood

as

consisting

of

two

distinct

time

periods.

The

first

2

or

3

quarters

of

the

fiscal

year

were

marked

by

geopolitical

unease—the

ongoing

trade

dispute

with

China,

unrest

in

Hong

Kong

and

the

looming

BREXIT

deadline—offset

by

increasingly

dovish

central

banks

and

periods

of

optimism.

The

economy

slowed

somewhat

early

in

the

fiscal

year,

but

leveled

off

at

around

a

2.1%

annualized

GDP

growth

rate

for

most

of

2019,

with

consumer

sectors

showing

modest

growth

and

industrial-focused

data

showing

weakness.

In

July

the

Federal

Reserve

lowered

its

policy

rate

for

the

first

time

since

2008

to

support

the

economy,

and

remained

accommodative

for

the

remainder

of

the

year.

Everything

changed,

however,

during

the

final

quarter

of

the

fiscal

year

as

two

new

words

were

introduced

into

the

investor

lexicon—coronavirus

and

quarantine.

The

highly

contagious

respiratory

illness,

technically

called

COVID-19,

was

first

reported

in

the

Hubei

province

of

China

in

late

2019,

but

quickly

spread

across

the

globe.

Needless

to

say,

the

regular

analysis

of

geopolitical

and

economic

data

suddenly

took

a

back

seat,

and

headlines

no

longer

focused

on

China

trade

updates

or

Democratic

primary

results.

To

slow

the

rapid

spread

of

the

virus,

governments

worldwide

instituted

shutdowns

and

quarantines,

in

what

amounted

to

a

necessary

but

painful

slamming

on

the

economic

brakes.

The

financial

markets

reacted

quickly

to

the

growing

fear

of

a

global

economic

collapse,

causing

stocks

to

sell

off

and

fixed

income

spreads

to

rapidly

and

dramatically

widen.

The

Federal

Reserve

wasted

no

time

providing

support

to

the

economy

and

the

markets,

and

by

March

15th

had

cut

its

target

overnight

rate

to

the

zero

bound,

while

also

initiating

massive

new

asset

purchases

focused

on

maintaining

liquidity

and

ensuring

smooth

functioning

of

the

bond

markets.

Congress

also

quickly

passed

the

$2+

trillion

CARES

Act

in

an

effort

to

cushion

the

economic

impact

of

government

mandated

business

closures.

In

response

to

these

fiscal

and

monetary

interventions,

financial

markets

began

to

stabilize

as

the

year

came

to

a

close.

The

Tributary

Income

Fund

returned

7.47%

(net,

Institutional

Plus)

for

the

year

ended

March

31,

2020

compared

to

8.93%

for

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

The

largest

driver

of

returns

in

the

bond

market

over

the

past

year

was

the

significant

drop

in

U.S.

Treasury

yields

across

the

maturity

spectrum,

with

long-term

yields

reaching

historic

lows.

The

2-year

yield

fell

200

basis

points

(bps)

to

end

the

year

at

0.25%,

while

the

10-year

fell

174bps

to

close

at

0.67%

and

the

30-year

dropped

150bp

to

end

at

1.32%.

Due

to

the

rapid

risk-off

move

during

the

final

month

of

the

fiscal

year,

Treasuries

were

by

far

the

best

performing

sector

in

the

bond

market.

Risk

assets

suffered

heavy

losses,

with

lower-quality

sectors

hit

hardest.

High-yield

corporate

bonds

lost

over

6%

on

a

nominal

basis

(-14%

excess

return

versus

similar-maturity

Treasuries),

all

of

which

came

during

the

last

3

weeks

of

March.

Investment

grade

bonds

performed

better,

but

only

on

a

relative

basis.

Industrial

corporate

bonds

posted

a

negative

11%

excess

return

(loss)

compared

to

similar

maturity

Treasuries,

followed

by

financials

at

-7%,

non-corporate

credit

at

-6.6%,

CMBS

at

-5%

and

Agency

MBS

at

a

-0.55%

excess

return.

US

Treasury-Inflation

Protected

Securities

(TIPS)

also

suffered

on

the

heels

of

growing

deflationary

fears,

underperforming

nominal

bonds

by

nearly

7%

for

the

year.

The

Fund

underperformed

its

benchmark

for

the

year,

due

primarily

to

our

sector

allocation

and

duration

exposure

decisions.

The

Fund

was

underweight

U.S.

Treasuries

and

overweight

in

the

non-agency

CMBS

and

ABS

sectors,

which

underperformed

as

yield

spreads

widened.

Duration

and

curve

positioning

also

detracted

from

relative

return

as

our

modestly

lower

duration

position

and

underweight

to

the

3-5

year

segment

of

the

curve

hampered

performance

given

the

large

decline

in

yields.

On

the

positive

side,

security

selection

was

a

small

benefit

to

performance

due

mostly

to

some

securities

outperforming

in

the

agency

MBS

and

CMBS

sectors,

while

the

portfolio’s

yield

advantage

relative

to

the

benchmark

was

again

a

positive

impact.

During

the

year

the

Fund’s

overall

sector

allocation

remained

fairly

consistent,

with

an

increase

in

Treasury

and

agency

MBS

securities

and

a

corresponding

decline

in

non-agency

ABS

and

RMBS

securities

year-over-year.

In

the

corporate

sector

we

remained

vigilant

in

our

pursuit

of

improving

the

underlying

quality

of

the

portfolio,

trimming

names

with

uncertain

credit

outlooks

and

extending

maturities

where

opportunities

arose

to

capture

steep

credit

curves.

In

the

securitized

space

we

were

active

in

the

agency

MBS

sector,

adding

positions

in

CMO

structures

off

of

better-performing

collateral

such

as

re-performing

or

lower-loan

balance

loans.

We

were

less

active

in

the

non-agency

securitized

sectors

given

heightened

prepayment

concerns

and

some

signs

of

weaker

underwriting.

In

terms

of

credit

quality

there

was

no

significant

change

during

the

year,

as

the

Fund

maintained

a

Aa2

weighted

average

credit

rating.

As

we

entered

the

new

year

for

the

Fund,

the

panic

and

fear

of

March

began

to

slowly

fade.

As

quickly

as

sentiment

deteriorated,

the

swift

and

massive

stimulus

provided

by

the

Federal

Reserve

and

Congress

via

the

CARES

act

seemed

to

turn

the

tide

back

toward

cautious

optimism.

Perhaps

more

importantly,

it

appeared

that

COVID-19

infection

rates

were

slowing

in

Italy,

and

parts

of

China

were

beginning

to

reopen.

Nonetheless,

there

remains

a

large

amount

of

uncertainty

with

regard

to

the

path

of

the

virus

and

the

impact

on

the

economy

due

to

forced

closures

of

businesses

and

events.

An

orchestrated

shut

down

of

large

portions

of

the

global

economy

all

at

once

is

unprecedented,

so

there

is

no

history

to

guide

us.

As

always,

the

key

for

market

participants

is

determining

what

is

priced

into

markets

relative

to

possible

outcomes.

Given

our

relatively

defensive

positioning

as

we

entered

March,

we

turned

more

positive

on

risk

assets

as

spreads

gapped

wider

and

began

to

slowly

lean

in

at

the

end

of

the

calendar

quarter.

We

maintain

our

higher-quality

bias

for

the

time

being

given

the

economic

uncertainty,

and

have

continued

to

move

to

a

more

bulleted

curve

position

in

the

5-10

year

segment

of

the

yield

curve.

With

respect

to

overall

duration,

given

the

incredible

move

lower

in

bond

yields

we

expect

to

maintain

if

not

increase

our

duration

underweight.

Regarding

sector

allocation,

we

remain

underweight

in

the

traditional

U.S.

government

sectors

and

the

agency

MBS

market,

although

we

increased

our

position

in

the

MBS

space

recently

given

significantly

wider

spreads

in

mid-March.

Despite

recent

underperformance,

our

view

has

not

changed

with

respect

to

the

higher-quality

private-label

securitized

space,

where

we

remain

overweight

in

the

non-agency

RMBS

and

CMBS

sectors,

as

well

as

the

traditional

ABS

space.

We

remain

modestly

over-weight

in

INCOME

FUND

(Unaudited)

Annual

Report

2020

7

the

broad

corporate

sector,

with

overweight

allocations

to

the

industrial

and

financial

subsectors,

offset

by

an

underweight

in

the

utility

sector,

although

we

will

likely

look

to

increase

exposure

as

opportunities

present

themselves.

As

always,

we

remain

committed

to

seeking

prudent,

value-enhancing

investment

opportunities

consistent

with

our

disciplined

approach

of

managing

for

the

long-term.

Return

of

a

$10,000

Investment

as

of

March

31,

2020

Past

performance

does

not

guarantee

future

results.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

to

higher.

Total

returns

include

change

in

share

price,

reinvestment

of

dividends

and

capital

gains.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month

end,

please

visit

our

website

at

www.tributaryfunds.com.

(†)

The

expense

ratios

are

from

the

Fund’s

prospectus

dated

August

1,

2019.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2020.

(††)

Commencement

date

for

the

Institutional

Plus

Class

was

October

28,

2011.

(*)

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Investment

performance

reflects

contractual

fee

waivers

in

effect

for

certain

periods.

Without

these

fee

waivers,

the

performance

would

have

been

lower.

The

line

chart

assumes

an

initial

investment

of

$10,000

made

on

March

31,

2010.

Total

return

is

based

on

net

change

in

net

asset

value

(“NAV”)

assuming

reinvestment

of

all

dividends

and

other

distributions.

The

performance

of

Institutional

Plus

Class

will

be

different

than

Institutional

Class

based

on

differences

in

fees

borne

by

each

class.

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

is

an

unmanaged

index

and

covers

the

USD-

denominated,

investment-grade,

fixed-rate,

taxable

bond

market

of

SEC-

registered

securities.

The

index

includes

bonds

from

the

Treasury,

Government

Related,

Corporate,

MBS

(agency

fixed-rate

and

hybrid

ARM

passthroughs),

ABS

and

CMS

sectors.

The

index

is

unmanaged

and

does

not

reflect

the

deduction

of

fees

or

taxes

associated

with

a

mutual

fund,

such

as

investment

management,

administration

and

other

operational

fees.

Investors

cannot

directly

invest

in

the

index.

Portfolio

Composition

as

of

March

31,

2020

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

U.S.

Government

Mortgage

Backed

Securities

31.4‌%

Corporate

Bonds

28.7‌%

U.S.

Treasury

Securities

17.7‌%

Non-Agency

Residential

Mortgage

Backed

Securities

7.9‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

7.0‌%

Asset

Backed

Securities

4.1‌%

Municipals

1.7‌%

Short-Term

Investments

1.5‌%

100.0‌%

Portfolio

Analysis

as

of

March

31,

2020

(Portfolio

composition

is

subject

to

change)

Weighted

Average

to

Maturity:

12.2

years

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2020*

1

Year

5

Year

10

Year

Tributary

Income

Fund

—

Institutional

Class

7.27‌%

3.14‌%

3.92‌%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

8.93‌%

3.36‌%

3.88‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.48‌%

0.73‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

1.52‌%

0.75‌%

1

Year

5

Year

Since

Inception

††

Tributary

Income

Fund

—

Institutional

Plus

Class

7.47‌%

3.30‌%

3.66‌%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

8.93‌%

3.36‌%

3.31‌%

Prospectus

Expense

Ratio

(Gross/Net)†

0.82‌%

0.55‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

0.82‌%

0.56‌%

NEBRASKA

TAX-FREE

FUND

(Unaudited)

Annual

Report

2020

8

Investment

Objective

The

Tributary

Nebraska

Tax-Free

Fund

seeks

as

high

a

level

of

current

income

exempt

from

both

federal

and

Nebraska

income

tax

as

is

consistent

with

the

preservation

of

capital.

Manager

Commentary

The

trailing

12-months

are

perhaps

best

understood

as

consisting

of

two

distinct

time

periods.

The

first

2

or

3

quarters

of

the

fiscal

year

were

marked

by

geopolitical

unease—the

ongoing

trade

dispute

with

China,

unrest

in

Hong

Kong

and

the

looming

BREXIT

deadline—offset

by

increasingly

dovish

central

banks

and

periods

of

optimism.

The

economy

slowed

somewhat

early

in

the

fiscal

year,

but

leveled

off

at

around

a

2.1%

annualized

GDP

growth

rate

for

most

of

2019,

with

consumer

sectors

showing

modest

growth

and

industrial-focused

data

showing

weakness.

In

July

the

Federal

Reserve

lowered

its

policy

rate

for

the

first

time

since

2008

to

support

the

economy,

and

remained

accommodative

for

the

remainder

of

the

year.

Everything

changed,

however,

during

the

final

quarter

of

the

fiscal

year

as

two

new

words

were

introduced

into

the

investor

lexicon—coronavirus

and

quarantine.

The

highly

contagious

respiratory

illness,

technically

called

COVID-19,

was

first

reported

in

the

Hubei

province

of

China

in

late

2019,

but

quickly

spread

across

the

globe.

Needless

to

say,

the

regular

analysis

of

geopolitical

and

economic

data

suddenly

took

a

back

seat,

and

headlines

no

longer

focused

on

China

trade

updates

or

Democratic

primary

results.

To

slow

the

rapid

spread

of

the

virus,

governments

worldwide

instituted

shutdowns

and

quarantines,

in

what

amounted

to

a

necessary

but

painful

slamming

on

the

economic

brakes.

The

financial

markets

reacted

quickly

to

the

growing

fear

of

a

global

economic

collapse,

causing

stocks

to

sell

off

and

fixed

income

spreads

to

rapidly

and

dramatically

widen.

The

Federal

Reserve

wasted

no

time

providing

support

to

the

economy

and

the

markets,

and

by

March

15th

had

cut

its

target

overnight

rate

to

the

zero

bound,

while

also

initiating

massive

new

asset

purchases

focused

on

maintaining

liquidity

and

ensuring

smooth

functioning

of

the

bond

markets.

Congress

also

quickly

passed

the

$2+

trillion

CARES

Act

in

an

effort

to

cushion

the

economic

impact

of

government

mandated

business

closures.

For

its

part,

the

Nebraska

economy

saw

mixed

results

for

most

of

the

past

year.

As

of

the

end

of

February

unemployment

had

ticked

up

to

3.1%

from

2.8%

the

year

before,

still

well

below

the

national

rate

of

3.5%,

while

personal

income

(up

4.9%

year-over-year)

and

wages

(up

5.4%)

remained

above

the

national

averages.

The

real

estate

market

was

mixed

as

home

prices

continued

to

appreciate,

but

new

construction

building

permits

were

down

year-over-year.

The

preliminary

trade

deal

with

China

in

the

fourth

quarter

of

2019

should

have

improved

the

outlook

for

the

agriculture

sector

for

the

state,

but

the

COVID-19

pandemic

has

driven

commodity

prices

lower,

with

hog

prices

down

nearly

50%,

cattle

-25%,

corn

-20%

and

soybeans

-15%.

This

data

is

clearly

unsettling

for

a

state

that

derives

as

much

revenue

from

the

agricultural

sector

as

Nebraska,

but

most

of

the

states’

municipalities

came

into

this

crisis

with

healthy

finances

and

should

be

able

to

withstand

the

near-

term

pressure.

The

Tributary

Nebraska

Tax-free

Fund

returned

3.71%

(net,

Institutional

Plus)

for

the

year

ended

March

31,

2020

compared

to

a

3.31%

return

for

the

Bloomberg

Barclays

1-15yr

Municipal

Blend

Index.

The

largest

driver

of

returns

in

the

bond

market

over

the

past

year

was

the

significant

drop

in

U.S.

Treasury

yields

across

the

maturity

spectrum,

with

long-term

yields

reaching

historic

lows.

Municipal

yields

fell

as

well

and

the

curve

bull

flattened,

with

2-year

yields

falling

42

bps

and

the

30-year

falling

by

61

bps.

Despite

the

rally,

tax-exempt

municipal

yields

didn’t

keep

up

with

risk

free

rates,

and

became

as

cheap

as

they

have

ever

been

as

a

percent

of

U.S.

Treasuries.

For

perspective,

the

10-year

average

of

the

10-year

MMD/TSY

ratio

was

89%

at

the

beginning

of

2020,

but

reached

365%

by

late

March.

The

2-year

municipal/treasury

ratio

saw

even

more

drastic

cheapening,

as

its

5

year

average

was

78%

on

March

1st

and

reached

nearly

889%

just

three

weeks

later.

Due

to

the

rapid

risk-off

move

in

the

market

during

the

final

month

of

the

fiscal

year,

lower

quality

issuers

suffered,

causing

BBB-rated

credits

to

underperform

their

AAA-rated

counterparts

by

over

3%

for

the

year.

The

Fund

outperformed

its

benchmark

this

year,

driven

largely

by

the

higher

quality

of

the

portfolio

relative

to

the

broader

market,

along

with

strong

security

selection.

For

reference,

the

Fund

owns

essentially

no

BBB-rated

bonds,

compared

to

nearly

8%

exposure

in

the

benchmark.

The

generally

strong

credit

quality

of

most

Nebraska

issuers

insulated

the

Fund

from

wider

yield

spreads

assigned

to

weaker

credits.

The

largest

detractor

from

performance

was

the

Fund’s

lower

duration

on

average

compared

to

the

benchmark,

which

hampered

return

given

the

swift

decline

in

yields.

The

Fund’s

negative

convexity

relative

to

the

benchmark—due

to

the

prevalence

of

5-year

call

options

on

many

Nebraska

bonds—also

drove

some

relative

underperformance

as

price

appreciation

lagged

on

those

bonds.

During

the

year

the

Fund’s

overall

sector

allocation

changed

slightly,

as

the

Fund

increased

its

general

obligation

allocation

from

38%

to

43%

and

correspondingly

reduced

its

revenue

exposure

from

57%

to

52%.

We

actively

sought

out

securities

with

longer

call

protection

to

increase

our

exposure

to

the

7-10-year

portion

of

the

curve,

given

that

the

majority

of

municipal

issuance

in

the

state

comes

with

a

5-year

call

structure.

In

terms

of

credit

quality

there

was

no

significant

change

during

the

year,

as

the

Fund

maintained

a

AA-

weighted

average

credit

rating.

As

we

entered

the

new

year

for

the

Fund,

the

panic

and

fear

of

March

began

to

slowly

fade.

As

quickly

as

sentiment

deteriorated,

the

swift

and

massive

stimulus

provided

by

the

Federal

Reserve

and

Congress

via

the

CARES

act

seemed

to

turn

the

tide

back

toward

cautious

optimism.

Perhaps

more

importantly,

it

appeared

that

COVID-19

infection

rates

were

slowing

in

Italy,

and

parts

of

China

were

beginning

to

reopen.

Nonetheless,

there

remains

a

large

amount

of

uncertainty

with

regard

to

the

path

of

the

virus

and

the

impact

on

the

economy

due

to

forced

closures

of

businesses

and

events.

An

orchestrated

shut

down

of

large

portions

of

the

global

economy

all

at

once

is

unprecedented,

so

there

is

no

history

to

guide

us.

As

always,

the

key

for

market

participants

is

determining

what

is

priced

into

markets

relative

to

possible

outcomes.

For

the

municipal

market,

the

outlook

is

very

uncertain

over

the

near

term.

Revenues

have

declined

significantly

and

may

never

be

made

up,

leaving

large

budget

deficits.

The

federal

government

has

offered

some

relief

through

the

CARES

act

and

the

Federal

Reserve

has

initiated

new

municipal

lending

programs,

but

it

likely

won’t

be

enough

to

fully

offset

the

loss

of

tax

revenue.

Whether

municipalities

make

up

the

shortfall

through

additional

federal

aid,

higher

taxes,

or

additional

debt

issuance,

one

thing

is

certain—broad

credit

metrics

will

deteriorate,

and

thus

credit

ratings

will

likely

see

downward

pressure.

With

respect

to

Nebraska,

we

are

nevertheless

NEBRASKA

TAX-FREE

FUND

(Unaudited)

Annual

Report

2020

9

constructive

on

the

long-term

outlook

for

the

state’s

issuers,

driven

by

the

fact

that

most

issuers

had

strong

credit

metrics

heading

into

this

pandemic

and

have

historically

operated

in

a

fiscally

conservative

manner.

Having

said

that,

we

will

be

watching

the

fallout

from

the

weak

agricultural

sector

for

signs

of

credit

stress

on

municipalities.

In

terms

of

positioning,

we

have

moved

the

Fund

to

a

neutral

duration

exposure

relative

to

the

benchmark,

with

a

focus

on

the

5-10

year

segment

of

the

curve.

As

always,

we

remain

committed

to

seeking

prudent,

value-enhancing

investment

opportunities

consistent

with

our

disciplined

approach

of

managing

for

the

long-term.

Return

of

a

$10,000

Investment

as

of

March

31,

2020

Past

performance

does

not

guarantee

future

results.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

to

higher.

Total

returns

include

change

in

share

price,

reinvestment

of

dividends

and

capital

gains.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month

end,

please

visit

our

website

at

www.tributaryfunds.com.

(†)

The

Fund’s

Institutional

Plus

Class

performance

for

periods

prior

to

the

commencement

of

operations

(1/1/16)

is

that

of

a

common

trust

fund

managed

by

First

National

Bank

of

Omaha.

The

common

trust

fund

commenced

operations

on

December

31,

2007.

(††)

The

expense

ratios

are

from

the

Fund’s

prospectus

dated

August

1,

2019.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2020.

(*)

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Investment

performance

reflects

contractual

fee

waivers

in

effect

for

certain

periods.

Without

these

fee

waivers,

the

performance

would

have

been

lower.

The

line

chart

assumes

an

initial

investment

of

$10,000

made

on

March

31,

2010.

Total

return

is

based

on

net

change

in

net

asset

value

(“NAV”)

assuming

reinvestment

of

all

dividends

and

other

distributions.

The

Bloomberg

Barclays

1-15

Year

Municipal

Blend

Index

represents

the

performance

of

municipal

bonds

with

maturities

from

1

to

17

years.

The

Bloomberg

Barclays

Municipal

Bond

Index

is

a

broad-based

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed

tax

exempt

bond

market.

The

index

includes

state

and

local

general

obligation,

revenue,

insured,

and

pre-refunded

bonds.

The

Bloomberg

Barclays

Municipal

Bond

Index

was

incepted

in

January

1980.

The

index

does

not

reflect

the

fees

and

expenses

associated

with

a

mutual

fund,

such

as

investment

management,

administration

and

other

operational

fees.

Investors

cannot

invest

directly

in

the

index.

Portfolio

Composition

as

of

March

31,

2020

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Municipals

99.0‌%

U.S.

Government

Mortgage

Backed

Securities

0.9‌%

Short-Term

Investments

0.1‌%

100.0‌%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2020*

1

Year

5

Year

10

Year

Tributary

Nebraska

Tax-Free

Fund

—

Institutional

Plus

Class

3.71‌%

2.46‌%

3.13‌%

Bloomberg

Barclays

1-15

Year

Municipal

Blend

Index

(1-17)

3.31‌%

2.74‌%

3.51‌%

Bloomberg

Barclays

Municipal

Bond

Index

3.85‌%

3.19‌%

4.15‌%

Prospectus

Expense

Ratio

(Gross/Net)†

0.66‌%

0.45‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

0.65‌%

0.45‌%

BALANCED

FUND

(Unaudited)

Annual

Report

2020

10

Investment

Objective

The

Tributary

Balanced

Fund

seeks

capital

appreciation

and

current

income.

Manager

Commentary

For

the

fiscal

year

ended

March

31,

2020,

the

Tributary

Balanced

Fund

return

was

-1.34%

for

the

Institutional

Plus

share

class.

As

compared

to

the

Composite

Index

(60%

Russell

3000;

40%

Bloomberg

Barclays

U.S.

Intermediate

Government/Credit

Bond

Index),

the

Fund

outperformed

the

benchmark

return

of

-2.49%.

The

Balanced

Fund

significantly

outperformed

the

Morningstar

50

–

70%

Stock

Allocation

category

by

3.00%.

There

are

three

primary

drivers

of

relative

performance.

First,

the

asset

allocation

mix

between

stocks,

bonds,

and

cash.

For

most

of

the

fiscal

year,

the

portfolio

management

team

overweighted

equities

with

an

average

allocation

of

62.2%

and

underweighted

bonds

with

an

average

exposure

of

34.9%.

Although

equities

underperformed

bonds,

this

tactical

decision

had

a

negligible

impact

on

relative

performance

as

we

reduced

the

stock

allocation

in

February

2020,

before

most

of

the

market

sell-off.

Second,

stock

selection

positively

impacted

relative

performance.

Individual

stock

holdings

returned

-5.31%,

well

ahead

of

the

Russell

3000

Index

return

of

-9.13%.

Third,

fixed

income

return

negatively

impacted

relative

performance.

Individual

bond

holdings

returned

+6.39%,

modestly

behind

the

Bloomberg

Barclays

U.S.

Intermediate

return

of

+6.88%.

In

equities,

we

drove

our

excess

returns

from

owning

the

right

companies,

not

rotating

sectors.

Our

sector

allocation

was

a

slightly

positive

over

the

last

year,

primarily

from

our

underweight

exposure

to

financials.

Stock

selection

was

positive

in

healthcare,

real

estate,

information

technology,

financials,

utilities,

and

basic

materials.

The

top

five

contributors

were

Citrix

Systems

(information

technology),

Microsoft

(information

technology),

NextEra

Energy

(utilities),

Apple

(information

technology)

and

LHC

Group

(healthcare).

Stock

selection

was

negative

in

energy

and

consumer

staples.

The

bottom

five

detractors

from

performance

include

Royal

Caribbean

Cruises

(consumer

discretionary),

Diamondback

Energy

(energy),

Ulta

Beauty

(consumer

discretionary),

Schlumberger

(energy),

and

EOG

Resources

(energy).

In

fixed

income,

the

largest

driver

of

returns

over

the

past

year

was

the

significant

drop

in

U.S.

Treasury

yields

across

the

maturity

spectrum,

with

long-term

yields

reaching

historic

lows.

Due

to

the

rapid

risk-off

move

during

the

final

month

of

the

fiscal

year,

Treasuries

were

by

far

the

best

performing

sector

in

the

bond

market.

Risk

assets

suffered

losses

in

March,

with

corporate

bonds,

CMBS

and

Agency

MBS

returns

lagging

the

Index

as

yield

spreads

widened.

Individual

bonds

in

the

Balanced

Fund

underperformed

the

benchmark,

primarily

due

to

the

decision

to

underweight

U.S.

Treasuries

and

overweight

non-agency

CMBS

and

ABS

sectors.

As

we

exit

the

current

fiscal

year,

news

flow

on

COVID-19

continues

to

dominate

the

economic

and

market

outlook.

The

novel

coronavirus

pandemic

originated

in

China

in

December

of

2019.

It

was

commonly

thought

that

the

economic

impact

would

be

limited

to

a

disruption

in

supply

chains.

However

as

the

virus

spread

throughout

the

U.S.

and

Europe

it

became

apparent

that

global

demand

would

also

be

affected.

Capital

markets

began

a

precipitous

decline

in

mid-February

as

it

became

apparent

that

the

U.S.

was

facing

a

pandemic.

The

rapid

onset

of

the

virus

and

the

coordinated

shutdown

of

vast

swathes

of

the

economy

at

home

and

abroad

to

limit

its

spread

have

dramatically

impacted

all

areas

of

business

and

daily

life.

U.S.

fiscal

and

monetary

responses

to

limit

the

toll

on

the

economy

have

been

rapid

and

are

already

surpassing

the

actions

taken

during

the

financial

crisis

more

than

a

decade

ago,

yet

investors

are

left

with

more

questions

than

answers

in

determining

how

fast

the

economy

will

recover.

In

this

uncertain

environment,

we

have

moved

the

portfolio

to

a

modestly

defensive

bias.

As

of

March

31st,

the

stock

allocation

was

56.8%

which

is

below

the

60%

target

in

the

Composite

Index.

We

believe

the

extent

of

the

economic

decline

will

lead

to

a

significant

drop

in

company

profitability.

In

equities,

we

have

maintained

a

defensive

position

implemented

in

the

fall

of

2018.

Sector

tilts

continue

to

favor

defensive

areas,

such

as

utilities

and

communication

services,

while

maintaining

lower

exposure

to

financials

and

consumer

discretionary.

In

fixed

income,

we

are

focused

on

a

higher-quality

bias

given

the

economic

uncertainty,

but

have

recently

started

to

selectively

add

to

risk

assets.

We

advocate

staying

invested

in

volatile

markets

as

patient

investors

will

be

rewarded

for

maintaining

their

allocation.

Our

well-diversified

portfolio

with

a

high

quality

bias

is

prudent

for

our

shareholders

at

this

point.

While

we

are

encouraged

with

the

aggressive

actions

taken

by

both

the

federal

government

and

Federal

Reserve,

most

companies

are

reporting

negative

business

outlooks

or

removing

guidance.

As

the

U.S.

economy

begins

to

re-open,

we

will

closely

monitor

the

economic

activity

and

impact

on

company

fundamentals.

We

have

the

option

to

move

the

Fund

to

a

more

aggressive

stance

once

market

conditions

stabilize

and

subsequently

improve.

As

always,

we

remain

committed

to

owning

value-enhancing

equity

and

bond

investment

opportunities

consistent

with

our

disciplined

approach

of

managing

for

the

long-term.

BALANCED

FUND

(Unaudited)

Annual

Report

2020

11

Return

of

a

$10,000

Investment

as

of

March

31,

2020

Past

performance

does

not

guarantee

future

results.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

to

higher.

Total

returns

include

change

in

share

price,

reinvestment

of

dividends

and

capital

gains.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month

end,

please

visit

our

website

at

www.tributaryfunds.com.

(†)

The

expense

ratios

are

from

the

Fund’s

prospectus

dated

August

1,

2019.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2020.

(††)

Commencement

date

for

the

Institutional

Plus

Class

was

October

14,

2011.

(*)

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Investment

performance

reflects

contractual

fee

waivers

in

effect

for

certain

periods.

Without

these

fee

waivers,

the

performance

would

have

been

lower.

The

line

chart

assumes

an

initial

investment

of

$10,000

made

on

March

31,

2010.

Total

return

is

based

on

net

change

in

net

asset

value

(“NAV”)

assuming

reinvestment

of

all

dividends

and

other

distributions.

The

performance

of

Institutional

Plus

Class

will

be

different

than

Institutional

Class

based

on

differences

in

fees

borne

by

each

class.

The

Composite

Index

is

intended

to

provide

a

single

benchmark

that

more

accurately

reflects

the

composition

of

securities

held

by

the

Fund.

Sixty

percent

of

the

Composite

Index

is

comprised

of

the

Russell

3000

Index

and

forty

percent

of

the

Composite

index

is

comprised

of

the

Bloomberg

Barclays

U.S.

Intermediate

Government/Credit

Bond

Index.

The

Russell

3000

Index

seeks

to

be

a

benchmark

of

the

entire

U.S.

stock

market.

More

specifically,

this

index

encompasses

the

3,000

largest

U.S.-traded

stocks,

in

which

the

underlying

companies

are

all

incorporated

in

the

U.S.

The

Bloomberg

Barclays

U.S.

Intermediate

Government/Credit

Bond

Index

is

a

market

value

weighted

performance

benchmark

for

government

and

corporate

fixed-rate

debt

issues

(rated

Baa/BBB

or

higher)

with

maturities

between

one

and

ten

years.

The

indices

are

unmanaged

and

do

not

reflect

the

deduction

of

fees

or

taxes

associated

with

a

mutual

fund,

such

as

investment

management,

administration

and

other

operational

fees.

Investors

cannot

directly

invest

in

the

indices.

Portfolio

Composition

as

of

March

31,

2020

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Government

Securities

18.7‌%

Information

Technology

15.1‌%

Financials

10.8‌%

Health

Care

8.9‌%

Communication

Services

7.2‌%

Industrials

6.8‌%

Consumer

Discretionary

6.5‌%

Consumer

Staples

5.4‌%

Short-Term

Investments

3.9‌%

Asset

Backed

Securities

2.6‌%

Utilities

2.6‌%

Real

Estate

2.5‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

2.4‌%

U.S.

Government

Mortgage

Backed

Securities

2.1‌%

Materials

1.7‌%

Non-Agency

Residential

Mortgage

Backed

Securities

1.5‌%

Energy

1.3‌%

100.0‌%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2020*

1

Year

5

Year

10

Year

Tributary

Balanced

Fund

—

Institutional

Class

-1.52‌%

3.67‌%

7.54‌%

60%

Russell

3000,

40%

Barclays

US

Intermediate

Govt

/Credit

Bond

Index

-2.49‌%

4.83‌%

7.56‌%

Bloomberg

Barclays

US

Intermediate

Government/Credit

Bond

In

dex

6.88‌%

2.76‌%

3.14‌%

Russell

3000

Index

-9.13‌%

5.77‌%

10.15‌%

Prospectus

Expense

Ratio

(Gross/Net)†

 1.28‌%

 1.04‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

 1.28‌%

 1.04‌%

1

Year

5

Year

Since

Inception

††

Tributary

Balanced

Fund

—

Institutional

Plus

Class

-1.34‌%

3.85‌%

7.48‌%

60%

Russell

3000,

40%

Barclays

US

Intermediate

Govt

/Credit

Bond

Index

-2.49‌%

4.83‌%

8.00‌%

Bloomberg

Barclays

US

Intermediate

Government/Credit

Bond

Index

6.88‌%

2.76‌%

2.69‌%

Russell

3000

Index

-9.13‌%

5.77‌%

11.08‌%

Prospectus

Expense

Ratio

(Gross/Net)†

 1.04‌%

 0.85‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

 1.03‌%

0.85‌% 

GROWTH

OPPORTUNITIES

FUND

(Unaudited)

Annual

Report

2020

12

Investment

Objective

The

Tributary

Growth

Opportunities

Fund

seeks

long-term

capital

appreciation.

Manager

Commentary

For

the

fiscal

year

ended

March

31,

2020,

the

Tributary

Growth

Opportunities

Fund

delivered

a

loss

of

11.76%.

This

trailed

the

benchmark

Russell

Midcap

Growth

index

by

2.31%

and

also

trailed

Peer

Group

returns

by

0.6%.

Entering

the

fiscal

year,

equity

markets

were

in

the

process

of

recovering

from

a

round

of

sharp

corrections

that

transpired

over

the

prior

quarter.

While

the

markets

were

off

to

a

solid

start

and

showing

a

trend

of

lower

volatility,

it

was

a

rough

start

for

the

Fund—as

a

tough

earnings

season,

particularly

within

our

information

technology

holdings—

had

us

trailing

benchmark

returns

by

over

2%.

We

remained

steadfast

in

sticking

to

our

investment

processes,

working

diligently

to

upgrade

the

quality

of

our

holdings

in

this

area.

By

the

end

of

the

fiscal

year,

our

information

technology

contribution

wasn’t

that

much

of

a

factor.

If

anything,

our

underweighting

of

the

group

was

about

as

costly

as

our

selection—and

combined,

resulted

in

only

0.3%

in

erosion.

In

fact,

this

group

ended

up

being

our

best

performing

sector

in

the

final

quarter,

as

we

were

able

to

beat

benchmark

returns

by

2%

in

a

very

volatile

environment.

While

we

are

proud

of

that

achievement,

overall

it

was

a

challenging

year

for

the

Fund.

It

seemed

like

most

of

the

year

was

focused

on

trade

tensions

with

China,

and

with

earnings

growth

trying

to

find

a

bottom

for

most

of

our

companies.

With

a

very

supportive

backdrop

from

the

Federal

Reserve

and

other

global

central

banks,

we

saw

a

generally

lower

volatility

trend

going

through

the

end

of

the

calendar

year.

In

essence,

the

equity

markets

were

discounting

better

growth

ahead.

For

the

Fund,

it’s

usually

stock

selection

that

is

the

deciding

factor

for

us—and

is

a

primary

reason

why

we

spend

a

lot

of

time

on

just

that.

For

the

fiscal

year,

consumer

staples

was

our

worst

sector

group,

where

we

encountered

a

22%

loss

compared

to

the

benchmark’s

gain

of

2%.

This

isn’t

a

large

group

by

any

means,

but

is

very

defensive

by

nature.

The

biggest

swing

we

saw

in

the

sector

was

in

March

2020—the

final

month

of

the

fiscal

year—where

we

had

two

stocks

(Lamb

Weston

and

Post

Holdings)

absorbing

declines

of

over

25%.

Simply

put,

the

Fund

was

stress-tested

in

February

and

March

this

year—and

our

Staples

holdings

were

not

nearly

as

defensive

as

we

expected

they

would

be.

We

did

have

a

couple

of

bright

spots,

however.

In

particular,

our

communication

services

holdings

served

us

well,

as

we

encountered

a

5.7%

loss

versus

a

benchmark

return

that

lost

almost

20%.

Our

ownership

of

Zynga,

a

company

that

produces

online

and

mobile

games,

held

its

value

and

them

some

in

a

very

uncertain

environment,

gaining

over

21%

over

its

brief

holding

period.

We

also

did

well

in

healthcare,

as

our

1.1%

loss

beat

benchmark

returns

by

over

3%.

Most

of

those

gains

were

captured

over

the

first

3

quarters

of

the

fiscal

year.

Obviously,

some

discussion

of

the

highly

volatile

market

environment

borne

by

events

surrounding

the

coronavirus

is

relevant,

as

we

exit

the

current

fiscal

year

and

consider

the

market

outlook.

The

novel

coronavirus

pandemic

originated

in

China

in

December

of

2019.

It

was

commonly

thought

that

the

economic

impact

would

be

limited

to

a

disruption

in

supply

chains.

However

as

the

virus

spread

throughout

the

U.S.

and

Europe

it

became

apparent

that

global

demand

would

also

be

affected.

Capital

markets

began

a

precipitous

decline

in

mid-February

as

it

became

apparent

that

the

U.S.

was

facing

a

pandemic.

The

rapid

onset

of

the

virus

and

the

coordinated

shutdown

of

vast

swathes

of

the

economy

at

home

and

abroad

to

limit

its

spread

have

dramatically

impacted

all

areas

of

business

and

daily

life.

U.S.

fiscal

and

monetary

responses

to

limit

the

toll

on

the

economy

have

been

rapid

and

are

already

surpassing

the

actions

taken

during

the

financial

crisis

more

than

a

decade

ago,

yet

investors

are

left

with

more

questions

than

answers

in

determining

how

fast

the

economy

will

recover.

As

discussed

previously,

this

volatile

period

of

rapid

market

decline

was

a

stress

test

of

sorts

for

the

Fund.

Some

segments

performed

very

well—like

information

technology—and

some

areas

didn’t--

like

staples,

healthcare

and

industrials.

To

that

end,

we

were

fortunate

that

the

Fund

was

very

well

diversified,

as

we

were

able

to

shift

weightings

within

the

portfolio

in

response

to

a

rapidly

unfolding

market

environment.

Yet,

obviously,

in

some

market

segments,

we

were

positioned

quite

aggressively

with

companies

having

improving

growth

prospects,

but

perhaps

possessing

weaker

than

average

balance

sheets.

It

was

a

tough

lesson

to

learn.

As

we

look

into

the

new

fiscal

year,

we

have

moved

the

portfolio

to

a

modestly

defensive

bias—with

an

emphasis

on

owning

companies

with

strong

balance

sheets

and

durable

cash

flow

profiles.

During

times

of

heightened

uncertainty,

we

believe

a

well-diversified

portfolio

with

a

high

quality

bias

makes

the

most

sense

for

our

shareholders.

While

we

are

encouraged

with

the

aggressive

actions

from

both

monetary

and

fiscal

authorities,

we

are

certainly

entering

a

period

a

revenue

and

earnings

contraction.

We

expect

that

events

surrounding

the

spreading

of

coronavirus,

and

a

move

back

to

more

normal

economic

activity

will

be

the

focus

for

most

investors

as

we

look

forward.

While

we

are

positioned

a

little

more

defensively

than

in

the

past,

we

also

have

the

ability

the

move

the

portfolio

to

a

more

aggressive

stance

once

market

conditions

stabilize

and

start

to

improve.

Still,

our

focus

remains

on

generating

above

average

risk

adjusted

returns

by

primarily

improving

upon

stock

selection—

and

will

remain

mindful

of

controlling

our

risks

through

diversification

during

this

uncertain

time.

GROWTH

OPPORTUNITIES

FUND

(Unaudited)

Annual

Report

2020

13

Return

of

a

$10,000

Investment

as

of

March

31,

2020

Past

performance

does

not

guarantee

future

results.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

to

higher.

Total

returns

include

change

in

share

price,

reinvestment

of

dividends

and

capital

gains.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month

end,

please

visit

our

website

at

www.tributaryfunds.com.

(†)

The

expense

ratios

are

from

the

Fund’s

prospectus

dated

August

1,

2019.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2020.

(††)

Commencement

date

for

the

Institutional

Plus

Class

was

October

14,

2011.

(*)

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Investment

performance

reflects

contractual

fee

waivers

in

effect

for

certain

periods.

Without

these

fee

waivers,

the

performance

would

have

been

lower.

The

line

chart

assumes

an

initial

investment

of

$10,000

made

on

March

31,

2010.

Total

return

is

based

on

net

change

in

net

asset

value

(“NAV”)

assuming

reinvestment

of

all

dividends

and

other

distributions.

The

performance

of

Institutional

Plus

Class

will

be

different

than

Institutional

Class

based

on

differences

in

fees

borne

by

each

class.

The

Russell

Midcap

Growth

Index

measures

the

performance

of

the

mid-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

Midcap

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

The

Fund’s

primary

index

is

the

Russell

Midcap

Growth

Index,

however

to

provide

a

broader

market

comparative,

the

S&P

500

Index

is

a

secondary

benchmark.

The

S&P

500

Index

is

a

broad

based

index

of

500

selected

common

stocks,

most

of

which

are

listed

on

the

New

York

Stock

Exchange,

that

measures

the

U.S.

stock

market

as

a

whole.

The

index

is

heavily

weighted

towards

stocks

with

large

market

capitalizations

and

represents

approximately

two-thirds

of

the

total

market

value

of

all

domestic

common

stocks.

The

indices

are

unmanaged

and

do

not

reflect

the

deduction

of

fees

or

taxes

associated

with

a

mutual

fund,

such

as

investment

management,

administration

and

other

operational

fees.

Investors

cannot

directly

invest

in

the

indices.

Portfolio

Composition

as

of

March

31,

2020

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Information

Technology

34.5‌%

Health

Care

17.0‌%

Industrials

13.8‌%

Consumer

Discretionary

12.3‌%

Financials

4.6‌%

Communication

Services

4.4‌%

Consumer

Staples

3.3‌%

Real

Estate

3.0‌%

Materials

1.4‌%

Utilities

1.3‌%

Energy

0.0‌%

Short-Term

Investments

4.4‌%

100.0‌%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2020*

1

Year

5

Year

10

Year

Tributary

Growth

Opportunities

Fund

—

Institutional

Class

-11.93‌%

3.83‌%

9.68‌%

Russell

Midcap

Growth

Index

-9.45‌%

5.61‌%

10.89‌%

S&P

500®

Index

-6.98‌%

6.73‌%

10.53‌%

Prospectus

Expense

Ratio

(Gross/Net)†

 1.34‌%

 1.11‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

 1.36‌%

1.11‌%

1

Year

5

Year

Since

Inception

††

Tributary

Growth

Opportunities

Fund

—

Institutional

Plus

Class

-11.76‌%

4.03‌%

9.81‌%

Russell

Midcap

Growth

Index

-9.45‌%

5.61‌%

11.23‌%

S&P

500®

Index

-6.98‌%

6.73‌%

11.53‌%

Prospectus

Expense

Ratio

(Gross/Net)†

 0.97‌%

0.94‌% 

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

 0.96‌%

 0.94‌%

SMALL/MID

CAP

FUND

(Unaudited)

Annual

Report

2020

14

Investment

Objective

The

Tributary

Small/Mid

Cap

Fund

seeks

long-term

capital

appreciation.

Manager

Commentary

The

Tributary

Small/Mid

Cap

Fund

was

established

on

August

1,

2019.

From

inception

through

March

31,

2020,

the

Fund

returned

-19.63%

compared

to

a

decline

of

-24.32%

for

the

Russell

2500

Index

and

-29.01%

for

the

Russell

2500

Value

Index.

While

the

fourth

quarter

of

2019

was

a

period

of

strong

performance

for

the

Russell

2500

benchmark

(+8.5%),

the

most

significant

factor

driving

returns

for

the

market

and

the

Fund

in

the

period

from

August

1,

2019

through

March

31,

2020

was

the

novel

coronavirus

pandemic

that

originated

in

China

in

December

of

2019.

Initially,

it

was

commonly

thought

that

the

economic

impact

would

be

limited

to

a

disruption

in

supply

chains.

However

as

the

virus

spread

throughout

the

U.S.

and

Europe

it

became

apparent

that

global

demand

would

also

be

affected.

Capital

markets

began

a

precipitous

decline

in

mid-

February

2020

as

it

became

apparent

that

the

U.S.

was

facing

a

pandemic.

The

rapid

onset

of

the

virus

and

the

coordinated

shutdown

of

vast

swathes

of

the

economy

at

home

and

abroad

to

limit

its

spread

have

dramatically

impacted

all

areas

of

business

and

daily

life.

U.S.

fiscal

and

monetary

responses

to

limit

the

toll

on

the

economy

have

been

rapid

and

are

already

surpassing

the

actions

taken

during

the

financial

crisis

more

than

a

decade

ago,

yet

investors

are

left

with

more

questions

than

answers

in

determining

how

fast

the

economy

will

recover.

The

best

performing

sectors

in

the

Russell

2500

from

August

1,

2019

through

March

31,

2020

were

healthcare

(-9%),

utilities

(-14%)

and

information

technology

(-16%).

The

weakest

performing

sectors

in

the

Russell

2500

over

this

period

were

energy

(-66%),

consumer

discretionary

(-36%)

and

financials

(-30%).

The

Tributary

Small/Mid

Cap

Fund’s

strongest

relative

performance

over

this

period

came

from

consumer

discretionary,

industrials,

materials

and

real

estate

sectors.

In

the

consumer

discretionary

sector,

Tractor

Supply

Company

was

among

the

portfolio’s

better

holdings

due

to

its

exposure

to

animal

feed

and

medicines,

as

well

as

farm

and

ranch

supplies.

Franklin

Electric,

a

manufacturer

of

pumps

for

water

and

fuel

systems,

performed

well

in

the

industrials

sector.

Balchem,

a

specialty

ingredients

manufacturer

held

in

the

materials

sector,

performed

well

due

to

its

human

and

animal

nutrition

businesses.

In

the

real

estate

sector,

Easterly

Government

Properties

is

a

REIT

that

was

a

significant

contributor

to

the

Fund’s

sector

return

due

to

a

comparatively

defensive

business

model

with

the

government

as

a

steady

customer.

The

Fund’s

weakest

relative

performance

was

experienced

in

the

information

technology,

energy,

and

healthcare

sectors.

MTS

Systems

was

a

detractor

in

the

technology

sector.

MTS,

which

manufactures

testing

systems

and

sensors

used

in

R&D

processes,

has

experienced

soft

sales

in

its

automotive

end

markets,

and

has

higher

than

normal

debt

levels

due

to

several

recent

acquisitions.

In

the

energy

sector,

our

holdings

were

negatively

impacted

by

the

decline

in

crude

oil

prices.

Oil

prices

accelerated

lower

in

mid-February

2020

as

investors

began

considering

how

much

impact

the

coronavirus

would

have

on

global

growth.

Additionally,

in

March,

Saudi

Arabia

and

Russia

failed

to

reach

an

agreement

on

oil

production

levels

and

prices,

kicking

off

a

production

and

price

war.

With

the

challenges

faced

by

the

sector,

we

sold

portfolio

holdings

Callon

Petroleum

and

Matador

Resources,

and

consolidated

those

investments

into

another

portfolio

holding,

Parsley

Energy,

which

we

believe

is

a

high

quality

energy

company.

Integra

LifeSciences,

a

healthcare

holding,

is

a

manufacturer

of

medical

instruments

and

devices.

The

expected

strains

on

healthcare

facilities

related

to

COVID-19

will

likely

result

in

softer

sales

for

Integra,

due

to

a

short-term

decline

in

elective

medical

procedures.

Our

approach

to

investing

focuses

on

owning

a

fully

invested,

diversified

portfolio

of

quality

businesses

at

attractive

prices.

We

believe

the

companies

in

our

portfolio

will

continue

to

grow

their

intrinsic

value

for

our

shareholders

and

represent

value

that

will

be

rewarded

by

the

market

over

time.

Return

of

a

$10,000

Investment

as

of

March

31,

2020

SMALL/MID

CAP

FUND

(Unaudited)

Annual

Report

2020

15

Past

performance

does

not

guarantee

future

results.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

to

higher.

Total

returns

include

change

in

share

price,

reinvestment

of

dividends

and

capital

gains.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month

end,

please

visit

our

website

at

www.tributaryfunds.com.

(†)

The

expense

ratios

are

from

the

Fund’s

prospectus

dated

August

1,

2019.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2020.

(††)

Commencement

date

for

the

Institutional

and

Institutional

Plus

Class

was

August

2,

2019

and

August

1,

2019,

respectively.

(*)

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Investment

performance

reflects

contractual

fee

waivers

in

effect

for

certain

periods.

Without

these

fee

waivers,

the

performance

would

have

been

lower.

The

line

chart

assumes

an

initial

investment

of

$10,000

made

on

August

2,

2019.

Total

return

is

based

on

net

change

in

net

asset

value

(“NAV”)

assuming

reinvestment

of

all

dividends

and

other

distributions.

The

performance

of

Institutional

Plus

Class

will

be

different

than

Institutional

Class

based

on

differences

in

fees

borne

by

each

class.

The

Russell

2500

Index

measures

the

performance

of

the

small

to

midcap

segment

of

the

U.S.

equity

universe,

commonly

referred

to

as

“smid”

cap.

The

Russell

2500

Index

is

a

subset

of

the

Russell

3000®Index.

It

includes

approximately

2500

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

The

Russell

2500

Index

is

constructed

to

provide

a

comprehensive

and

unbiased

barometer

for

the

small

to

mid-cap

segment.

The

index

is

completely

reconstituted

annually

to

ensure

larger

stocks

do

not

distort

the

performance

and

characteristics

of

the

true

small

to

mid-cap

opportunity

set.

The

Russell

2500

Value

Index

measures

the

performance

of

the

small

to

mid-cap

value

segment

of

the

U.S.

equities

universe.

It

includes

those

Russell

2500

companies

that

are

considered

more

value

oriented

relative

to

the

overall

market

as

defined

by

Russell’s

leading

style

methodology.

The

Russell

2500

Value

Index

is

constructed

to

provide

a

comprehensive

and

unbiased

barometer

of

the

small

to

mid-cap

growth

market.

The

index

is

completely

reconstituted

annually

to

ensure

larger

stocks

do

not

distort

the

performance

and

characteristics

of

the

true

small

to

mid-cap

opportunity

set

and

that

the

represented

companies

continue

to

reflect

value

characteristics.

The

indices

are

unmanaged

and

do

not

reflect

the

deduction

of

fees

or

taxes

associated

with

a

mutual

fund,

such

as

investment

management,

administration

and

other

operational

fees.

Investors

cannot

directly

invest

in

the

indices.

Portfolio

Composition

as

of

March

31,

2020

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Financials

16.5%

Health

Care

16.4%

Industrials

16.4%

Information

Technology

16.4%

Consumer

Discretionary

10.2%

Real

Estate

8.2%

Materials

6.5%

Utilities

2.8%

Consumer

Staples

2.1%

Communication

Services

1.7%

Energy

0.9%

Short-Term

Investments

1.9%

100.0%

Average

Annual

Total

Returns

for

the

Period

Ended

March

31,

2020*

Since

Inception

††

Tributary

Small/Mid

Cap

Fund

—

Institutional

Class

-19.78%

Russell

2500

Index

-23.58%

Russell

2500

Value

Index

-28.43%

Prospectus

Expense

Ratio

(Gross/Net)†

2.09%

 1.20%

Expense

Ratio

for

the

Period

Ended

March

31,

2020

(Gross/Net)

70.42% 

1.17%

Since

Inception

††

Tributary

Small/Mid

Cap

Fund

—

Institutional

Plus

Class

-19.63%

Russell

2500

Index

-24.32%

Russell

2500

Value

Index

-29.01%

Prospectus

Expense

Ratio

(Gross/Net)†

1.84% 0.95%

Expense

Ratio

for

the

Period

Ended

March

31,

2020

(Gross/Net)

6.52% 

0.93%

SMALL

COMPANY

FUND

(Unaudited)

Annual

Report

2020

16

Investment

Objective

The

Tributary

Small

Company

Fund

seeks

long-term

capital

appreciation.

Manager

Commentary

For

the

year

ended

March

31,

2020,

Tributary

Small

Company

Fund

returned

-24.71%

(Institutional

Class

at

NAV)

and

-24.55%

(Institutional

Plus

Class

at

NAV)

compared

to

-23.99%

for

the

Russell

2000

Index

and

-29.64%

for

the

Russell

2000

Value

Index.

The

12-month

return

ending

March

31,

2020

was

down

considerably,

but

that

was

not

the

case

for

most

of

the

period.

From

March

31,

2019

until

early

October

of

2020,

the

market

bounced

back

and

forth

between

small

gains

and

small

losses.

Beginning

in

early

October

of

2020,

the

market

would

begin

to

climb,

resulting

in

the

Russell

2000

generating

a

return

of

approximately

+11.5%

from

March

31,

2019

through

February

20,

2020.

Then,

COVID-19

would

enter

the

picture

in

a

significant

way.

The

novel

coronavirus

pandemic

originated

in

China

in

December

of

2019.

It

was

commonly

thought

that

the

economic

impact

would

be

limited

to

a

disruption

in

supply

chains.

However

as

the

virus

spread

throughout

the

U.S.

and

Europe

it

became

apparent

that

global

demand

would

also

be

affected.

Capital

markets

began

a

precipitous

decline

in

mid-February

as

it

became

apparent

that

the

U.S.

was

facing

a

pandemic.

From

February

20,

2020

through

March

18,

2020,

the

Russell

2000

would

decline

41.5%,

followed

by

a

rally

from

March

18,

2020

to

the

end

of

the

month

of

+16.6%

in

the

Russell

2000.

The

rapid

onset

of

the

virus

and

the

coordinated

shutdown

of

vast

swathes

of

the

economy

at

home

and

abroad

to

limit

its

spread

have

dramatically

impacted

all

areas

of

business

and

daily

life.

U.S.

fiscal

and

monetary

responses

to

limit

the

toll

on

the

economy

have

been

rapid

and

are

already

surpassing

the

actions

taken

during

the

financial

crisis

more

than

a

decade

ago,

yet

investors

are

left

with

more

questions

than

answers

in

determining

how

fast

the

economy

will

recover.

The

best

performing

sectors

in

the

Russell

2000

over

the

last

12

months

were

utilities

(-5%),

information

technology

(-11%)

and

healthcare

(-11%).

The

weakest

performing

sectors

in

the

Russell

2000

over

the

last

12

months

were

energy

(-70%),

consumer

discretionary

(-40%)

and

materials

(-37%).

The

Tributary

Small

Company

Fund’s

strongest

relative

performance

came

from

the

real

estate

and

financial

economic

sectors.

In

the

real

estate

sector,

Easterly

Government

Properties

was

the

largest

contributor

to

the

Fund’s

sector

return

in

the

last

12

months

due,

in

part,

to

a

comparatively

defensive

business

model

with

a

steady

Government

customer.

Agree

Realty

and

Getty

Realty

also

outperformed

the

Russell

2000

real

estate

sector

return

over

the

last

12

months.

In

the

financial

sector,

the

Fund’s

better

relative

performance

was

driven

primarily

by

Selective

Insurance

Group

and

Stifel

Financial,

combined

with

relatively

stronger

performance

from

the

Fund’s

bank

stocks.

The

Tributary

Small

Company

Fund’s

weakest

relative

performance

came

from

the

energy

and

consumer

discretionary

economic

sectors.

In

the

energy

sector,

Callon

Petroleum

and

Matador

Resources

were

negatively

impacted

by

the

decline

in

crude

oil

prices

that

began

in

early

January

of

2020.

Oil

prices

continued

to

accelerate

lower

in

mid-February

as

investors

began

considering

how

much

impact

the

coronavirus

would

have

on

global

growth.

Additionally,

in

March,

Saudi

Arabia

and

Russia

failed

to

reach

an

agreement

on

oil

production

levels

and

prices,

kicking

off

a

production

and

price

war.

As

domestic

oil

producers,

Callon

and

Matador’s

future

results

were

expected

to

deteriorate

and

some

investors

were

likely

concerned

about

their

financial

viability.

Both

companies

were

sold

from

the

Fund

and

replaced

with

a

higher

quality

oil

producer

in

Parsley

Energy.

In

the

consumer

discretionary

sector,

value

stocks

tended

to

fare

worse

than

growth

stocks.

In

addition,

deep

cyclical

companies,

such

as

homebuilders,

performed

very

well.

The

Fund’s

exposure

to

growth

stocks

and

deep

cyclicals

is

limited.

Lastly,

stocks

with

China

trade/

tariff

exposure

did

not

fare

well,

such

as

Fund

holdings

G-III

Apparel,

Dorman

Products

and

Movado.

Our

approach

to

investing

focuses

on

owning

a

fully

invested,

diversified

portfolio

of

quality

businesses

at

attractive

prices.

We

believe

the

companies

in

our

portfolio

will

continue

to

grow

their

intrinsic

value

for

our

shareholders

and

represent

value

that

will

be

rewarded

by

the

market

over

time.

SMALL

COMPANY

FUND

(Unaudited)

Annual

Report

2020

17

Return

of

a

$10,000

Investment

as

of

March

31,

2020

Past

performance

does

not

guarantee

future

results.

The

performance

data

quoted

represents

past

performance

and

current

returns

may

be

lower

to

higher.

Total

returns

include

change

in

share

price,

reinvestment

of

dividends

and

capital

gains.

The

investment

return

and

principal

value

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed

may

be

worth

more

or

less

than

the

original

cost.

To

obtain

performance

information

current

to

the

most

recent

month

end,

please

visit

our

website

at

www.tributaryfunds.com.

(†)

The

expense

ratios

are

from

the

Fund’s

prospectus

dated

August

1,

2019.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2020.

(††)

Commencement

date

for

the

Institutional

Plus

Class

was

December

17,

2010.

(*)

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Investment

performance

reflects

contractual

fee

waivers

in

effect

for

certain

periods.

Without

these

fee

waivers,

the

performance

would

have

been

lower.

The

line

chart

assumes

an

initial

investment

of

$10,000

made

on

March

31,

2010.

Total

return

is

based

on

net

change

in

net

asset

value

(“NAV”)

assuming

reinvestment

of

all

dividends

and

other

distributions.

The

performance

of

Institutional

Plus

Class

will

be

different

than

Institutional

Class

based

on

differences

in

fees

borne

by

each

class.

The

Russell

2000

Index

measures

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

The

Russell

2000

Index

is

a

subset

of

the

Russell

3000®Index

representing

approximately

10%

of

the

total

market

capitalization

of

that

index.

It

includes

approximately

2000

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

The

Russell

2000

Value

Index

measures

the

performance

of

small-cap

value

segment

of

the

U.S.

equities

universe.

It

includes

those

Russell

2000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

The

indices

are

unmanaged

and

do

not

reflect

the

deduction

of

fees

or

taxes

associated

with

a

mutual

fund,

such

as

investment

management,

administration

and

other

operational

fees.

Investors

cannot

directly

invest

in

the

indices.

Portfolio

Composition

as

of

March

31,

2020

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Information

Technology

18.2‌%

Financials

17.9‌%

Industrials

17.1‌%

Health

Care

15.0‌%

Real

Estate

8.3‌%

Consumer

Discretionary

8.2‌%

Utilities

5.1‌%

Materials

4.3‌%

Communication

Services

1.6‌%

Energy

0.6‌%

Short-Term

Investments

3.7‌%

100.0‌%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2020*

1

Year

5

Year

10

Year

Tributary

Small

Company

Fund

—

Institutional

Class

-24.71‌%

-0.20‌%

6.55‌%

Russell

2000

Index

-23.99‌%

-0.25‌%

6.90‌%

Russell

2000

Value

Index

-29.64‌%

-2.42‌%

4.79‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.30‌

%

1.20‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

1.34‌%

1.21‌%

1

Year

5

Year

Since

Inception

††

Tributary

Small

Company

Fund

—

Institutional

Plus

Class

-24.55‌%

0.01‌%

5.55‌%

Russell

2000

Index

-23.99‌%

-0.25‌%

5.77‌%

Russell

2000

Value

Index

-29.64‌%

-2.42‌%

3.94‌%

Prospectus

Expense

Ratio

(Gross/Net)†

 1.

08‌

%

0.9

9‌

% 

Expense

Ratio

for

the

Year

Ended

March

31,

2020

(Gross/Net)

 1.

0

5‌%

0.98‌% 

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

18

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

34.5%

Asset

Backed

Securities

-

16.4%

$

781,793‌

Ascentium

Equipment

Receivables

Trust,

3.27%,

10/12/21 (a)

$

781,911‌

377,919‌

Ascentium

Equipment

Receivables

Trust,

2.29%,

06/10/21 (a)

376,415‌

458,945‌

Brazos

Higher

Education

Authority,

Inc.

(USD

3

Month

LIBOR

+

0.85%),

2.64%,

07/25/29 (b)

456,276‌

142,988‌

Canadian

Pacer

Auto

Receivables

Trust,

2.05%,

03/19/21 (a)

142,689‌

1,330,000‌

Capital

One

Multi-Asset

Execution

Trust,

2.08%,

03/15/23

1,329,125‌

203,888‌

CCG

Receivables

Trust

REMIC,

2.50%,

06/16/25 (a)

203,456‌

1,359,187‌

CCG

Receivables

Trust

REMIC,

3.09%,

12/15/25 (a)

1,355,232‌

645,000‌

Citibank

Credit

Card

Issuance

Trust,

2.49%,

01/20/23

649,709‌

933,650‌

Cloud

Pass-Through

Trust,

3.55%,

12/05/22 (a)(c)

937,376‌

1,908,000‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (a)

1,836,053‌

1,664,397‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41 (a)

1,680,045‌

1,458,987‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (a)

1,503,252‌

1,500,000‌

DLL

Securitization

Trust,

2.08%,

02/21/23 (a)

1,460,655‌

400,745‌

Flagstar

Mortgage

Trust,

4.00%,

07/25/48 (a)(c)

397,264‌

276,527‌

Goal

Capital

Funding

Trust

(USD

3

Month

LIBOR

+

0.70%),

2.38%,

08/25/48 (a)(b)

267,454‌

911,986‌

Great

American

Auto

Leasing,

Inc.,

2.97%,

06/15/21 (a)

910,894‌

1,850,000‌

GTE

Auto

Receivables

Trust,

2.17%,

12/15/22 (a)

1,821,475‌

1,094,276‌

Honda

Auto

Receivables

Owner

Trust,

2.75%,

09/20/21

1,091,639‌

621,499‌

Missouri

Higher

Education

Loan

Authority

(USD

1

Month

LIBOR

+

0.83%),

1.78%,

01/26/26 (b)

617,745‌

163,136‌

MMAF

Equipment

Finance,

LLC,

2.57%,

06/09/33 (a)

163,042‌

1,355,000‌

MMAF

Equipment

Finance,

LLC,

2.84%,

11/13/23 (a)

1,315,430‌

2,000,000‌

Pawnee

Equipment

Receivables,

2.29%,

10/15/24 (a)

1,972,847‌

Principal

Amount

Security

Description

Value

$

587,876‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

1.54%,

12/24/33 (a)(b)

$

582,232‌

146,936‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.53%),

1.37%,

12/24/33 (a)(b)

144,855‌

910,673‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

2.79%,

10/25/21 (b)

885,906‌

1,224,588‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

3.44%,

07/25/22 (b)

1,131,997‌

741,821‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.70%),

3.49%,

07/25/23 (b)

698,104‌

919,347‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

3.29%,

04/25/23 (b)

907,622‌

348,029‌

Social

Professional

Loan

Program

Trust,

2.64%,

08/25/47 (a)

345,957‌

737,241‌

Sofi

Consumer

Loan

Program

Trust,

3.35%,

04/26/27 (a)

730,392‌

881,162‌

SoFi

Consumer

Loan

Program

Trust,

2.02%,

01/25/29 (a)

819,335‌

1,017,163‌

SoFi

Consumer

Loan

Program

Trust,

2.77%,

05/25/26 (a)

1,008,324‌

1,000,000‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48 (a)

1,005,574‌

707,254‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (a)

692,836‌

383,416‌

Toyota

Auto

Receivables

Owner

Trust,

1.93%,

01/18/22

383,281‌

1,730,000‌

Toyota

Auto

Receivables

Owner

Trust,

1.67%,

11/15/22

1,721,793‌

631,563‌

Vantage

Data

Centers

Issuer,

LLC,

4.07%,

02/16/43 (a)

617,362‌

32,945,554‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

7.8%

1,630,000‌

BANK

2019-BNK16,

3.93%,

02/15/52

1,716,836‌

1,840,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

1,895,148‌

900,000‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

04/15/24

946,797‌

1,166,000‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

1,215,715‌

1,676,237‌

Citigroup

Commercial

Mortgage

Trust

Interest

Only

REMIC,

1.77%,

09/10/45 (a)(c)

57,449‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

19

Principal

Amount

Security

Description

Value

$

976,126‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

1.04%,

03/10/46 (c)

$

20,685‌

555,089‌

COMM

Mortgage

Trust

REMIC,

3.39%,

08/10/47

567,495‌

1,265,000‌

Cosmopolitan

Hotel

Mortgage

Trust

REMIC

(USD

1

Month

LIBOR

+

0.93%),

1.63%,

11/15/36 (a)(b)

1,060,946‌

35,919‌

DBUBS

Mortgage

Trust

Interest

Only

REMIC,

0.28%,

08/10/44 (a)(c)

81‌

4,235,321‌

GS

Mortgage

Securities

Trust

Interest

Only

REMIC,

1.33%,

08/10/44 (a)(c)

50,872‌

1,055,887‌

Harvest

Commercial

Capital

Loan

Trust,

3.29%,

09/25/46 (a)(c)

973,651‌

571,097‌

JPMDB

Commercial

Mortgage

Securities

Trust,

2.04%,

10/13/24

568,789‌

1,266,675‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (a)

1,281,711‌

211,307‌

LSTAR

Commercial

Mortgage

Trust

REMIC,

3.13%,

04/20/48 (a)(c)

210,950‌

412,432‌

LSTAR

Commercial

Mortgage

Trust

REMIC,

1.82%,

03/10/49 (a)

410,925‌

1,254,758‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Interest

Only

REMIC,

0.98%,

12/15/48 (c)

26,387‌

1,217,060‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

REMIC,

3.48%,

06/15/47

1,246,436‌

1,307,512‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

12/25/35 (a)(c)

1,306,239‌

527,836‌

Wells

Fargo

Commercial

Mortgage

Trust

REMIC,

2.53%,

10/15/45

529,551‌

48,973‌

Wells

Fargo

Commercial

Mortgage

Trust

REMIC,

2.97%,

09/15/48

48,908‌

111,545‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

Interest

Only

REMIC,

0.79%,

02/15/44 (a)(c)

415‌

247,042‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

REMIC,

2.30%,

06/15/45

246,299‌

16,625‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

REMIC,

2.70%,

03/15/45

16,731‌

1,200,000‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

REMIC,

3.65%,

12/15/46

1,192,375‌

15,591,391‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

10.3%

246,981‌

Asset

Backed

Securities

Corp.

Home

Equity

Loan

Trust

(USD

1

Month

LIBOR

+

0.80%),

1.74%,

07/25/35 (b)

246,626‌

310,629‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

1.82%,

12/25/33 (a)(b)

287,831‌

Principal

Amount

Security

Description

Value

$

334,291‌

Bayview

Commercial

Mortgage

Pass-

Through

Trust

REMIC

(USD

1

Month

LIBOR

+

0.86%),

1.80%,

04/25/36 (a)(b)

$

333,050‌

1,096,661‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.33%),

3.27%,

05/28/44 (b)

1,048,297‌

412,718‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.10%),

3.04%,

04/28/39 (b)

406,289‌

26,710‌

Bayview

Financial

Acquisition

Trust

REMIC,

6.21%,

05/28/37 (d)

26,688‌

573,154‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (a)(c)

566,505‌

1,455,857‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (a)(c)

1,398,824‌

1,514‌

Citicorp

Residential

Mortgage

Trust

REMIC,

5.09%,

07/25/36 (d)

1,512‌

926,245‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (a)(c)

938,399‌

105,125‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (a)(c)

106,131‌

346,833‌

Conseco

Finance

Corp.

REMIC

(USD

1

Month

LIBOR

+

2.75%),

3.45%,

04/15/32 (b)

345,055‌

1,203‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

08/25/20

959‌

735,211‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28 (a)(c)

720,121‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

0.75%),

1.70%,

02/25/33 (b)

150,830‌

220,659‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

5.26%,

12/25/37 (a)(d)

218,323‌

1,187,807‌

EverBank

Mortgage

Loan

Trust,

3.50%,

02/25/48 (a)(c)

1,196,971‌

338,611‌

Flagstar

Mortgage

Trust,

3.50%,

10/25/47 (a)(c)

335,184‌

431,336‌

Goldman

Sachs

Alternative

Mortgage

Products

Trust

REMIC

(USD

1

Month

LIBOR

+

0.52%),

1.47%,

01/25/35 (a)(b)

429,920‌

331,195‌

Goldman

Sachs

Alternative

Mortgage

Products

Trust

REMIC

(USD

1

Month

LIBOR

+

0.50%),

1.45%,

05/25/36 (a)(b)

325,206‌

1,421,542‌

JPMorgan

Mortgage

Trust,

3.50%,

01/25/47 (a)(c)

1,427,368‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

20

Principal

Amount

Security

Description

Value

$

664,956‌

JPMorgan

Mortgage

Trust,

3.50%,

12/25/48 (a)(c)

$

664,152‌

1,780,605‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

07/25/59 (a)(c)

1,774,125‌

53,327‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54 (a)(c)

55,147‌

118,431‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52 (a)(c)

121,908‌

172,098‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (a)(c)

177,317‌

84,841‌

NovaStar

Home

Equity

Loan

Trust

REMIC

(USD

1

Month

LIBOR

+

1.73%),

2.67%,

03/25/35 (b)

83,612‌

128,663‌

Oakwood

Mortgage

Investors,

Inc.

REMIC

(USD

1

Month

LIBOR

+

0.38%),

1.08%,

03/15/21 (a)(b)

126,778‌

143,296‌

Park

Place

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

REMIC

(USD

1

Month

LIBOR

+

0.98%),

1.92%,

10/25/34 (b)

140,259‌

11,679‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

13.02%,

03/25/21 (b)

11,095‌

4,574‌

Residential

Asset

Securities

Corp.

Trust

REMIC,

3.87%,

05/25/33 (c)

4,594‌

5,085‌

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

10/25/21

5,100‌

52,488‌

Salomon

Brothers

Mortgage

Securities,

6.93%,

08/25/28

52,157‌

311,770‌

Sequoia

Mortgage

Trust

REMIC,

3.50%,

08/25/47 (a)(c)

310,200‌

973,271‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57 (a)(c)

942,437‌

1,261,765‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(c)

1,273,227‌

431,673‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(c)

436,919‌

928,381‌

Towd

Point

Mortgage

Trust,

3.00%,

11/25/58 (a)(c)

933,697‌

145,034‌

Towd

Point

Mortgage

Trust

REMIC,

3.50%,

02/25/55 (a)(c)

145,613‌

1,573,618‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56 (a)(c)

1,574,251‌

314,542‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57 (a)(c)

308,126‌

981,915‌

Wells

Fargo

Mortgage

Backed

Securities

REMIC,

3.50%,

07/25/47 (a)(c)

978,794‌

20,629,597‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$70,264,160)

69,166,542‌

Principal

Amount

Security

Description

Value

Corporate

Bonds

-

34.8%

Communication

Services

-

1.9%

$

1,965,000‌

AT&T,

Inc.

(USD

3

Month

LIBOR

+

1.18%),

1.96%,

06/12/24 (b)

$

1,824,899‌

1,851,000‌

Verizon

Communications,

Inc.,

5.15%,

09/15/23

2,057,150‌

3,882,049‌

Consumer

Discretionary

-

5.6%

533,000‌

AMC

Networks,

Inc.,

4.75%,

12/15/22

516,850‌

825,000‌

Comcast

Corp.,

2.75%,

03/01/23

848,216‌

1,078,000‌

Dollar

General

Corp.,

3.25%,

04/15/23

1,096,226‌

380,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (a)

376,200‌

380,000‌

Hilton

Worldwide

Finance,

LLC/Hilton

Worldwide

Finance

Corp.,

4.63%,

04/01/25

353,400‌

1,175,000‌

Levi

Strauss

&

Co.,

5.00%,

05/01/25

1,110,375‌

95,000‌

NBCUniversal

Media,

LLC,

2.88%,

01/15/23

97,752‌

960,000‌

Starbucks

Corp.,

3.10%,

03/01/23

987,218‌

470,000‌

The

Goodyear

Tire

&

Rubber

Co.,

5.13%,

11/15/23

444,296‌

570,000‌

The

TJX

Cos.,

Inc.,

3.50%,

04/15/25

583,003‌

1,380,000‌

TWDC

Enterprises

18

Corp.,

2.75%,

08/16/21

1,395,709‌

1,774,000‌

ViacomCBS,

Inc.,

3.38%,

03/01/22

1,765,296‌

1,239,000‌

Whirlpool

Corp.,

MTN,

3.70%,

03/01/23

1,246,521‌

10,821,062‌

Consumer

Staples

-

2.7%

1,011,000‌

Church

&

Dwight

Co.,

Inc.,

2.88%,

10/01/22

994,775‌

82,000‌

Kraft

Heinz

Foods

Co.,

4.88%,

02/15/25 (a)

82,184‌

395,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28 (a)

395,000‌

2,005,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

2.75%,

06/26/24 (a)

1,986,911‌

1,915,000‌

Walmart,

Inc.,

3.40%,

06/26/23

2,036,669‌

5,495,539‌

Financials

-

12.5%

670,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

569,220‌

1,965,000‌

Bank

of

America

Corp.,

2.88%,

04/24/23 (c)

1,972,546‌

525,000‌

CBRE

Services,

Inc.,

5.25%,

03/15/25

576,206‌

1,229,000‌

Chubb

INA

Holdings,

Inc.,

2.30%,

11/03/20

1,230,319‌

2,011,000‌

Citigroup,

Inc.,

2.88%,

07/24/23 (c)

2,026,767‌

1,997,000‌

Intercontinental

Exchange,

Inc.,

4.00%,

10/15/23

2,092,304‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

21

Principal

Amount

Security

Description

Value

$

1,945,000‌

JPMorgan

Chase

&

Co.,

3.25%,

09/23/22

$

2,003,996‌

1,865,000‌

KeyCorp,

MTN,

2.90%,

09/15/20

1,860,728‌

835,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24 (a)

866,716‌

1,960,000‌

Morgan

Stanley,

MTN,

2.63%,

11/17/21

1,962,667‌

1,480,000‌

Prudential

Financial,

Inc.,

MTN,

5.38%,

06/21/20

1,491,219‌

1,890,000‌

Regions

Financial

Corp.,

3.80%,

08/14/23

1,913,444‌

1,090,000‌

The

Charles

Schwab

Corp.,

3.25%,

05/21/21

1,098,033‌

2,150,000‌

The

Goldman

Sachs

Group,

Inc.

(USD

3

Month

LIBOR

+

1.11%),

2.90%,

04/26/22 (b)

2,091,370‌

1,130,000‌

Truist

Financial

Corp.,

MTN,

2.15%,

02/01/21

1,128,669‌

475,000‌

Truist

Financial

Corp.,

MTN,

3.20%,

09/03/21

477,963‌

1,752,000‌

Wells

Fargo

&

Co.,

3.75%,

01/24/24

1,854,783‌

25,216,950‌

Health

Care

-

0.4%

810,000‌

Becton

Dickinson

and

Co.,

3.13%,

11/08/21

812,634‌

Industrials

-

7.6%

2,055,000‌

BMW

Finance

NV,

2.40%,

08/14/24 (a)

2,012,352‌

595,000‌

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25 (a)

612,640‌

1,990,000‌

Huntington

Ingalls

Industries,

Inc.,

5.00%,

11/15/25 (a)

2,052,747‌

1,907,000‌

Roper

Technologies,

Inc.,

2.80%,

12/15/21

1,908,733‌

1,805,000‌

Textron,

Inc.,

3.65%,

03/01/21

1,799,766‌

1,118,000‌

The

Boeing

Co.,

2.50%,

03/01/25

1,027,020‌

1,525,000‌

TTX

Co.,

3.60%,

01/15/25 (a)

1,608,388‌

1,330,000‌

Union

Pacific

Corp.,

3.20%,

06/08/21

1,342,750‌

1,870,000‌

Volkswagen

Group

of

America

Finance,

LLC,

4.25%,

11/13/23 (a)

1,847,616‌

1,062,000‌

Waste

Management,

Inc.,

2.95%,

06/15/24

1,079,845‌

15,291,857‌

Information

Technology

-

2.9%

1,928,000‌

eBay,

Inc.,

2.75%,

01/30/23

1,890,753‌

1,890,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

1,958,941‌

1,957,000‌

QUALCOMM,

Inc.,

2.90%,

05/20/24

2,019,452‌

5,869,146‌

Materials

-

0.9%

1,682,000‌

Albemarle

Corp.,

4.15%,

12/01/24

1,735,637‌

Principal

Amount

Security

Description

Value

Utilities

-

0.3%

$

685,000‌

Berkshire

Hathaway

Energy

Co.,

3.75%,

11/15/23

$

690,979‌

Total

Corporate

Bonds

(Cost

$70,100,017)

69,815,853‌

Government

&

Agency

Obligations

-

29.8%

GOVERNMENT

SECURITIES

-

23.3%

Municipals

-

0.3%

500,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.95%,

12/15/21

500,605‌

Treasury

Inflation

Index

Securities

-

0.9%

1,864,781‌

U.S.

Treasury

Inflation

Indexed

Bonds,

0.13%,

04/15/22 (e)

1,840,447‌

U.S.

Treasury

Securities

-

22.1%

2,790,000‌

U.S.

Treasury

Note,

2.00%,

02/28/21

2,838,171‌

19,605,000‌

U.S.

Treasury

Note,

1.63%,

11/15/22

20,298,833‌

15,130,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

16,450,329‌

4,350,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

4,724,848‌

44,312,181‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

6.5%

Federal

Home

Loan

Mortgage

Corp.

-

2.5%

1,545,000‌

Federal

Home

Loan

Mortgage

Corp.,

2.11%,

12/15/25

1,602,320‌

553,091‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

96,860‌

352,545‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

34,853‌

232,232‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

30,468‌

235,278‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

2.25%,

03/15/30

239,800‌

668,251‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

09/15/37

696,386‌

309,060‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

04/15/37

314,283‌

921,230‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

982,830‌

247,640‌

Federal

Whole

Loan

Securities

Trust,

3.50%,

05/25/47

247,177‌

191,751,093‌

FREMF

Mortgage

Trust

Interest

Only,

0.10%,

08/25/44 (a)

178,731‌

562,693‌

FRESB

Mortgage

Trust,

2.16%,

04/25/22 (c)

574,270‌

4,997,978‌

Federal

National

Mortgage

Association

-

1.3%

322,817‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

337,659‌

1,452,080‌

Federal

National

Mortgage

Association

Interest

Only,

0.67%,

02/25/22 (c)

12,865‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

22

Principal

Amount

Security

Description

Value

$

1,436,297‌

Federal

National

Mortgage

Association

Interest

Only,

0.21%,

01/25/22 (c)

$

8,330‌

2,364,338‌

Federal

National

Mortgage

Association

Interest

Only,

0.39%,

07/25/22 (c)

18,743‌

457,116‌

Federal

National

Mortgage

Association

Interest

Only,

2.65%,

01/25/39 (c)

33,785‌

1,560,449‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

08/25/42

1,653,470‌

45,186‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

02/25/26

46,540‌

9‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

07/25/21

9‌

242,874‌

Federal

National

Mortgage

Association

REMIC,

3.50%,

05/25/41

254,037‌

264,668‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

09/25/39

271,971‌

2,637,409‌

Government

National

Mortgage

Association

-

2.7%

1,438,910‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,439,456‌

130,602‌

Government

National

Mortgage

Association

#559205,

7.25%,

09/15/31

130,751‌

171,970‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

172,181‌

117,895‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

118,014‌

366,932‌

Government

National

Mortgage

Association

#632798,

5.13%,

11/15/34

367,306‌

1,109,650‌

Government

National

Mortgage

Association

#675589,

7.13%,

04/15/35

1,130,669‌

842,335‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

963,805‌

841,912‌

Government

National

Mortgage

Association

REMIC,

3.25%,

11/16/52 (c)

861,124‌

163,154‌

Government

National

Mortgage

Association

REMIC,

2.67%,

02/16/44

163,082‌

1,227‌

Government

National

Mortgage

Association

REMIC

#751404,

5.03%,

06/20/61 (c)

1,248‌

5,347,636‌

Total

Government

&

Agency

Obligations

(Cost

$57,559,401)

59,636,256‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.2%

Financials

-

0.2%

550‌

U.S.

Bancorp,

Series A

(USD

3

Month

LIBOR

+

1.02%)

(callable

at

1,000

beginning

04/30/20),

8.85% (b)(f)

$

387,206‌

Total

Preferred

Stocks

(Cost

$564,327)

387,206‌

Short-Term

Investments

-

1.1%

Investment

Company

-

1.1%

2,126,186‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.21% (g)

2,126,186‌

Total

Short-Term

Investments

(Cost

$2,126,186)

2,126,186‌

Investments,

at

value

-

100.4%

(Cost

$200,614,091)

201,132,043‌

Other

liabilities

in

excess

of

assets

-

(0.4)%

(753,408‌)

NET

ASSETS

-

100.0%

$

200,378,635‌

(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,

2020,

the

aggregate

value

of

these

liquid

securities

were

$58,551,605

or

29.2%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2020.

(c)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2020.

(d)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

March

31,

2020.

(e)

U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

(f)

Perpetual

maturity

security.

(g)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

INCOME

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

23

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

19.0%

Asset

Backed

Securities

-

4.1%

$

1,455,000‌

Cabela's

Credit

Card

Master

Note

Trust,

2.71%,

02/17/26

(a)

$

1,416,352‌

536,653‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

1.54%,

12/24/33

(a)(b)

531,501‌

1,108,226‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

2.79%,

10/25/21

(b)

1,078,087‌

1,656,474‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

3.44%,

07/25/22

(b)

1,531,228‌

426,753‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

3.29%,

04/25/23

(b)

421,310‌

769,874‌

Social

Professional

Loan

Program,

2.34%,

04/25/33

(a)

770,624‌

678,145‌

Social

Professional

Loan

Program,

2.49%,

01/25/36

(a)

681,794‌

679,038‌

Sofi

Consumer

Loan

Program

Trust,

3.35%,

04/26/27

(a)

672,729‌

256,286‌

SoFi

Consumer

Loan

Program

Trust,

2.77%,

05/25/26

(a)

254,059‌

198,971‌

SoFi

Consumer

Loan

Program

Trust,

2.50%,

05/26/26

(a)

189,562‌

672,633‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44

(a)

658,920‌

827,396‌

Vantage

Data

Centers

Issuer,

LLC,

4.07%,

02/16/43

(a)

808,792‌

9,014,958‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

7.0%

1,200,000‌

American

Tower

Trust

#1,

3.07%,

03/15/23

(a)

1,179,019‌

905,000‌

BANK

2019-BNK16,

3.90%,

02/15/52

981,676‌

960,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

1,054,891‌

510,125‌

CFCRE

Commercial

Mortgage

Trust

REMIC,

3.83%,

12/15/47

518,417‌

2,544,502‌

Citigroup

Commercial

Mortgage

Trust

Interest

Only

REMIC,

1.77%,

09/10/45

(a)(c)

87,206‌

976,126‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

1.04%,

03/10/46

(c)

20,685‌

1,620,000‌

Cosmopolitan

Hotel

Mortgage

Trust

REMIC

(USD

1

Month

LIBOR

+

0.93%),

1.63%,

11/15/36

(a)(b)

1,358,682‌

35,919‌

DBUBS

Mortgage

Trust

Interest

Only

REMIC,

0.28%,

08/10/44

(a)(c)

81‌

Principal

Amount

Security

Description

Value

$

6,415,145‌

GS

Mortgage

Securities

Trust

Interest

Only

REMIC,

1.33%,

08/10/44

(a)(c)

$

77,054‌

1,575,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39

(a)

1,662,509‌

406,359‌

LSTAR

Commercial

Mortgage

Trust

REMIC,

3.13%,

04/20/48

(a)(c)

405,673‌

975,000‌

Morgan

Stanley

Capital

I

Trust,

3.30%,

06/15/50

1,015,932‌

1,380,151‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

12/25/35

(a)(c)

1,378,808‌

830,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

910,169‌

1,575,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

1,631,592‌

778,613‌

Wells

Fargo

Commercial

Mortgage

Trust

Interest

Only

REMIC,

1.75%,

10/15/45

(a)(c)

26,887‌

402,549‌

Wells

Fargo

Commercial

Mortgage

Trust

REMIC,

2.53%,

10/15/45

403,857‌

2,643,017‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

Interest

Only

REMIC,

1.89%,

11/15/45

(a)(c)

99,844‌

582,899‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

REMIC,

2.63%,

03/15/45

586,667‌

1,735,000‌

Wells

Fargo-RBS

Commercial

Mortgage

Trust

REMIC,

3.65%,

12/15/46

1,723,975‌

15,123,624‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

7.9%

367,669‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

1.82%,

12/25/33

(a)(b)

340,684‌

597,435‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.33%),

3.27%,

05/28/44

(b)

571,087‌

564,812‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

1.88%),

2.82%,

08/28/44

(b)

560,499‌

462,244‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.10%),

3.04%,

04/28/39

(b)

455,044‌

1,815‌

Citicorp

Residential

Mortgage

Trust

REMIC,

5.09%,

07/25/36

(d)

1,812‌

999,483‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66

(a)(c)

1,012,598‌

725,620‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35

(a)(c)

732,566‌

173,569‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

175,904‌

25,837‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

26,392‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

INCOME

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

24

Principal

Amount

Security

Description

Value

$

1,203‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

08/25/20

$

959‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

0.75%),

1.70%,

02/25/33

(b)

150,830‌

197,432‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC,

5.26%,

12/25/37

(a)(d)

195,342‌

524,722‌

CSMLT

Trust,

3.00%,

10/25/30

(a)(c)

519,827‌

969,925‌

EverBank

Mortgage

Loan

Trust,

3.50%,

02/25/48

(a)(c)

977,408‌

445,421‌

Flagstar

Mortgage

Trust,

3.50%,

10/25/47

(a)(c)

440,913‌

238,736‌

Goldman

Sachs

Alternative

Mortgage

Products

Trust

REMIC

(USD

1

Month

LIBOR

+

0.50%),

1.45%,

05/25/36

(a)(b)

234,419‌

804,947‌

JPMorgan

Mortgage

Trust,

3.50%,

12/25/48

(a)(c)

803,974‌

393,810‌

JPMorgan

Mortgage

Trust,

3.50%,

12/25/48

(a)(c)

389,178‌

420,304‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

11/25/58

(a)(c)

414,867‌

713,802‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57

(a)(c)

737,912‌

538,230‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59

(a)(c)

539,922‌

294,128‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54

(a)(c)

304,165‌

301,459‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52

(a)(c)

310,310‌

613,328‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55

(a)(c)

631,928‌

100,597‌

NovaStar

Home

Equity

Loan

Trust

REMIC

(USD

1

Month

LIBOR

+

1.73%),

2.67%,

03/25/35

(b)

99,140‌

13,711‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

13.02%,

03/25/21

(b)

13,026‌

176,759‌

Salomon

Brothers

Mortgage

Securities,

6.93%,

08/25/28

175,646‌

854,509‌

Sequoia

Mortgage

Trust

REMIC,

3.50%,

03/25/48

(a)(c)

850,610‌

555,606‌

Sequoia

Mortgage

Trust

REMIC,

3.50%,

05/25/48

(a)(c)

552,309‌

889,634‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30

(a)(c)

892,108‌

477,343‌

Sequoia

Mortgage

Trust

REMIC,

3.50%,

08/25/47

(a)(c)

474,938‌

Principal

Amount

Security

Description

Value

$

1,261,765‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58

(a)(c)

$

1,273,227‌

451,683‌

Towd

Point

Mortgage

Trust

REMIC,

3.50%,

02/25/55

(a)(c)

453,488‌

530,188‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56

(a)(c)

530,401‌

438,896‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57

(a)(c)

429,943‌

927,445‌

Wells

Fargo

Mortgage

Backed

Securities,

3.50%,

07/25/47

(a)(c)

923,183‌

17,196,559‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$41,908,189)

41,335,141‌

Corporate

Bonds

-

28.8%

Communication

Services

-

1.3%

1,180,000‌

AT&T,

Inc.,

5.15%,

03/15/42

1,353,492‌

1,264,000‌

Verizon

Communications,

Inc.,

4.27%,

01/15/36

1,476,682‌

2,830,174‌

Consumer

Discretionary

-

5.6%

673,000‌

AMC

Networks,

Inc.,

4.75%,

12/15/22

652,608‌

545,000‌

Comcast

Corp.,

4.15%,

10/15/28

620,450‌

770,000‌

Comcast

Corp.,

Class

A,

3.30%,

02/01/27

816,377‌

649,000‌

Dollar

General

Corp.,

3.25%,

04/15/23

659,973‌

700,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24

(a)

693,000‌

580,000‌

Hilton

Worldwide

Finance,

LLC/Hilton

Worldwide

Finance

Corp.,

4.63%,

04/01/25

539,400‌

1,312,000‌

Levi

Strauss

&

Co.,

5.00%,

05/01/25

1,239,840‌

615,000‌

Newell

Brands,

Inc.,

4.00%,

06/15/22

614,572‌

410,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

400,997‌

1,260,000‌

NIKE,

Inc.,

3.88%,

11/01/45

1,489,659‌

225,000‌

Starbucks

Corp.,

2.00%,

03/12/27

212,432‌

860,000‌

The

Goodyear

Tire

&

Rubber

Co.,

5.13%,

11/15/23

812,967‌

430,000‌

The

TJX

Cos.,

Inc.,

3.75%,

04/15/27

441,550‌

1,387,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,631,425‌

1,130,000‌

Whirlpool

Corp.,

4.70%,

06/01/22

1,186,478‌

12,011,728‌

Consumer

Staples

-

1.9%

1,100,000‌

Church

&

Dwight

Co.,

Inc.,

2.88%,

10/01/22

1,082,347‌

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28

(a)

530,000‌

1,480,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27

(a)

1,504,956‌

1,065,000‌

Walmart,

Inc.,

3.70%,

06/26/28

1,197,310‌

4,314,613‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

INCOME

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

25

Principal

Amount

Security

Description

Value

Financials

-

9.8%

$

1,235,000‌

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

$

1,049,234‌

1,360,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27

(c)

1,423,444‌

1,115,000‌

CBRE

Services,

Inc.,

5.25%,

03/15/25

1,223,752‌

1,393,000‌

Citigroup,

Inc.,

3.89%,

01/10/28

(c)

1,433,908‌

1,120,000‌

CME

Group,

Inc.,

3.00%,

03/15/25

1,155,824‌

494,000‌

Crown

Castle

International

Corp.,

4.88%,

04/15/22

518,615‌

1,235,000‌

Intercontinental

Exchange,

Inc.,

4.25%,

09/21/48

1,362,946‌

1,410,000‌

JPMorgan

Chase

&

Co.,

3.20%,

06/15/26

1,464,307‌

655,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

618,681‌

785,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24

(a)

814,817‌

1,290,000‌

Morgan

Stanley,

GMTN,

3.75%,

02/25/23

1,344,204‌

1,355,000‌

Regions

Financial

Corp.,

3.80%,

08/14/23

1,371,807‌

1,375,000‌

The

Charles

Schwab

Corp.,

3.85%,

05/21/25

1,459,765‌

1,097,000‌

The

Chubb

Corp.,

6.80%,

11/15/31

1,494,557‌

1,390,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

1,430,293‌

1,375,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49

(c)(e)

1,320,000‌

1,425,000‌

Wells

Fargo

&

Co.,

3.00%,

04/22/26

1,466,729‌

20,952,883‌

Health

Care

-

0.5%

1,109,000‌

Becton

Dickinson

and

Co.,

3.73%,

12/15/24

1,137,005‌

Industrials

-

4.7%

1,430,000‌

BMW

Finance

NV,

2.85%,

08/14/29

(a)

1,422,293‌

1,200,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

1,454,591‌

724,000‌

Huntington

Ingalls

Industries,

Inc.,

5.00%,

11/15/25

(a)

746,829‌

620,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

610,501‌

1,132,000‌

Raytheon

Co.,

4.88%,

10/15/40

1,389,774‌

1,123,000‌

Textron,

Inc.,

3.65%,

03/01/21

1,119,744‌

180,000‌

The

Boeing

Co.,

2.95%,

02/01/30

166,693‌

645,000‌

TTX

Co.,

4.60%,

02/01/49

(a)

714,926‌

1,417,000‌

Volkswagen

Group

of

America

Finance,

LLC,

4.25%,

11/13/23

(a)

1,400,038‌

1,185,000‌

Waste

Management,

Inc.,

3.90%,

03/01/35

1,354,026‌

10,379,415‌

Principal

Amount

Security

Description

Value

Information

Technology

-

2.7%

$

1,355,000‌

Applied

Materials,

Inc.,

3.30%,

04/01/27

$

1,442,769‌

1,258,000‌

eBay,

Inc.,

3.60%,

06/05/27

1,295,640‌

1,376,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

1,426,192‌

1,285,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

1,553,916‌

5,718,517‌

Materials

-

1.1%

1,311,000‌

Albemarle

Corp.,

5.45%,

12/01/44

1,524,124‌

959,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

930,554‌

2,454,678‌

Real

Estate

-

0.6%

1,255,000‌

National

Retail

Properties,

Inc.,

4.30%,

10/15/28

1,278,523‌

Utilities

-

0.6%

1,014,000‌

PacifiCorp,

6.25%,

10/15/37

1,317,399‌

Total

Corporate

Bonds

(Cost

$60,352,495)

62,394,935‌

Government

&

Agency

Obligations

-

50.9%

GOVERNMENT

SECURITIES

-

19.5%

Municipals

-

1.8%

500,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.95%,

12/15/21

500,605‌

278,524‌

Florida

Housing

Finance

Corp.,

Florida

RB

FHLMC,

3.00%,

01/01/36

281,590‌

530,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.77%,

08/01/36

672,650‌

340,000‌

New

York

City

Water

&

Sewer

System,

New

York

RB,

5.72%,

06/15/42

491,099‌

290,000‌

New

York

State

Urban

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

317,086‌

225,000‌

State

of

Connecticut,

Connecticut

GO,

4.95%,

12/01/20

228,001‌

225,000‌

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

283,408‌

420,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

2.60%,

12/15/31

432,659‌

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

583,418‌

3,790,516‌

Treasury

Inflation

Index

Securities

-

1.4%

2,751,789‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28

(f)

3,083,267‌

U.S.

Treasury

Securities

-

16.3%

2,985,000‌

U.S.

Treasury

Bond,

5.38%,

02/15/31

4,438,438‌

1,480,000‌

U.S.

Treasury

Bond,

4.75%,

02/15/37

2,363,895‌

10,610,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

15,644,777‌

6,630,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

7,201,320‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

INCOME

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

26

Principal

Amount

Security

Description

Value

$

4,535,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

$

5,060,068‌

625,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

673,779‌

35,382,277‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

31.4%

Federal

Home

Loan

Mortgage

Corp.

-

15.1%

1,350,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32

1,644,216‌

1,695,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

07/15/36

1,800,465‌

996,571‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

1,088,084‌

930,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.78%,

10/25/28

(c)

1,090,661‌

26,856‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

28,285‌

1,836,953‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

1,921,583‌

356,016‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

388,977‌

316,633‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

347,653‌

1,882,153‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

1,990,145‌

627,150‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

687,040‌

928,833‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

1,005,637‌

1,590,731‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

1,734,525‌

1,361,454‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

238,425‌

666,172‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

741,704‌

1,466,520‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

10/15/41

1,539,308‌

13,896‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

06/15/21

13,979‌

148,348‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

06/15/37

150,832‌

621,493‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

03/15/40

655,380‌

169,875‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

02/15/39

174,614‌

295,048‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

314,777‌

387,621‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

04/15/41

410,425‌

250,930‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

11/15/42

266,075‌

Principal

Amount

Security

Description

Value

$

909,898‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

07/15/42

$

939,910‌

1,407,494‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

01/15/55

1,466,255‌

537,268‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

03/15/43

572,857‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

1,088,464‌

204,291,277‌

FREMF

Mortgage

Trust

Interest

Only,

0.10%,

08/25/44

(a)

190,420‌

501,755‌

FRESB

Mortgage

Trust,

3.70%,

10/25/28

(c)

538,833‌

1,370,002‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

08/25/56

(d)

1,422,939‌

781,280‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

05/25/57

(d)

812,940‌

1,313,697‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

1,424,013‌

2,006,680‌

Seasoned

Credit

Risk

Transfer

Trust,

3.50%,

03/25/58

2,120,831‌

1,186,188‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

08/25/59

1,206,091‌

730,309‌

Seasoned

Credit

Risk

Transfer

Trust,

3.25%,

07/25/56

(d)

764,904‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,472,454‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

510,299‌

32,764,000‌

Federal

National

Mortgage

Association

-

13.8%

17,651‌

Federal

National

Mortgage

Association

#679256,

7.50%,

08/01/22

17,802‌

168,762‌

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

187,053‌

165,488‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

181,329‌

14,618‌

Federal

National

Mortgage

Association

#933279,

5.50%,

08/01/37

15,998‌

21,737‌

Federal

National

Mortgage

Association

#AA5564,

4.00%,

06/01/24

22,877‌

131,471‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

143,992‌

676,435‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

715,247‌

41,472‌

Federal

National

Mortgage

Association

#AC0559,

4.00%,

10/01/24

43,649‌

275,264‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

304,969‌

51,271‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

59,034‌

629,464‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

686,071‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

INCOME

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

27

Principal

Amount

Security

Description

Value

$

182,862‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

$

200,528‌

267,752‌

Federal

National

Mortgage

Association

#AL5404,

3.87%,

08/01/21

(c)

274,872‌

892,058‌

Federal

National

Mortgage

Association

#AL9970,

3.41%,

02/01/27

(c)

1,002,490‌

2,164,370‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

2,466,910‌

1,313,315‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,382,957‌

841,426‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

911,836‌

935,424‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

1,025,062‌

1,645,171‌

Federal

National

Mortgage

Association

#AS3909,

4.00%,

11/01/44

1,782,300‌

646,243‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

681,849‌

2,288,269‌

Federal

National

Mortgage

Association

#AS6994,

4.00%,

04/01/46

2,460,085‌

1,223,908‌

Federal

National

Mortgage

Association

#BH9216,

4.00%,

01/01/48

1,325,466‌

821,466‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

863,433‌

870,364‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

933,577‌

851,583‌

Federal

National

Mortgage

Association

#MA3384,

4.00%,

06/01/48

908,517‌

1,134,782‌

Federal

National

Mortgage

Association

Interest

Only,

0.67%,

02/25/22

(c)

10,054‌

3,415,155‌

Federal

National

Mortgage

Association

Interest

Only,

0.39%,

07/25/22

(c)

27,073‌

709,989‌

Federal

National

Mortgage

Association

Interest

Only,

2.65%,

01/25/39

(c)

52,475‌

1,975,000‌

Federal

National

Mortgage

Association

Interest

Only

#AM7762,

3.49%,

01/01/35

2,287,825‌

710,000‌

Federal

National

Mortgage

Association

REMIC,

3.50%,

12/25/37

777,168‌

998,599‌

Federal

National

Mortgage

Association

REMIC,

4.01%,

04/25/29

(c)

1,120,503‌

219,598‌

Federal

National

Mortgage

Association

REMIC,

3.50%,

05/25/41

229,692‌

379,689‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

425,387‌

228,396‌

Federal

National

Mortgage

Association

REMIC,

5.00%,

02/25/32

257,864‌

420,046‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

07/25/39

431,317‌

541,367‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

09/25/39

556,304‌

Principal

Amount

Security

Description

Value

$

718,447‌

Federal

National

Mortgage

Association

REMIC,

1.50%,

01/25/40

$

724,097‌

1,182,093‌

Federal

National

Mortgage

Association

REMIC,

3.00%,

08/25/43

1,246,408‌

1,110,070‌

Federal

National

Mortgage

Association

REMIC,

3.00%,

08/25/45

1,170,203‌

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

1,108,323‌

1,003,610‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

1,001,177‌

30,023,773‌

Government

National

Mortgage

Association

-

2.5%

1,545,508‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

1,579,555‌

925,110‌

Government

National

Mortgage

Association,

3.50%,

01/20/69

(c)

1,016,296‌

814,418‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

875,140‌

1,661,025‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

1,900,555‌

2,454‌

Government

National

Mortgage

Association

REMIC

#751404,

5.03%,

06/20/61

(c)

2,496‌

5,374,042‌

Small

Business

Administration

Participation

Certificates

-

0.0%

19,163‌

SBA

Small

Business

Investment

Cos.,

2.88%,

09/10/21

19,327‌

Total

Government

&

Agency

Obligations

(Cost

$100,968,712)

110,437,202‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.5%

Investment

Company

-

1.5%

3,236,487‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.21%

(g)

3,236,487‌

Total

Short-Term

Investments

(Cost

$3,236,487)

3,236,487‌

Investments,

at

value

-

100.2%

(Cost

$206,465,883)

217,403,765‌

Other

liabilities

in

excess

of

assets

-

(0.2)%

(533,429‌)

NET

ASSETS

-

100.0%

$

216,870,336‌

(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,

2020,

the

aggregate

value

of

these

liquid

securities

were

$35,243,595

or

16.3%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2020.

(c)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2020.

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

INCOME

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

28

(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,

2020.

(e)

Perpetual

maturity

security.

(f)

U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

(g)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

FHLMC

Federal

Home

Loan

Mortgage

Corporation

GMTN

Global

Medium

Term

Note

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

NEBRASKA

TAX-FREE

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

29

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

99.5%

GOVERNMENT

SECURITIES

-

98.6%

Municipals

-

98.6%

Iowa

-

0.1%

$

100,000‌

Xenia

Rural

Water

District,

Iowa

RB,

3.00%,

12/01/20

$

100,681‌

Nebraska

-

97.2%

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

292,295‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/26

346,623‌

210,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.30%,

10/15/23

210,857‌

185,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.40%,

10/15/24

186,090‌

175,000‌

Cass

County

Sanitary

&

Improvement

District

No.

9,

Nebraska

GO,

2.90%,

05/15/22

177,609‌

100,000‌

Cass

County

School

District

No.

56

Conestoga,

Nebraska

GO,

1.30%,

12/15/20

100,146‌

250,000‌

City

of

Beatrice

NE,

Nebraska

GO,

1.70%,

12/15/23

251,332‌

500,000‌

City

of

Bellevue

NE,

Nebraska

GO,

1.65%,

12/15/20

501,530‌

215,000‌

City

of

Blair

NE,

Nebraska

GO,

2.15%,

09/15/23

218,487‌

220,000‌

City

of

Blair

NE,

Nebraska

GO,

2.30%,

09/15/24

223,566‌

650,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

5.00%,

06/15/29

831,279‌

80,000‌

City

of

Columbus

NE

Sales

Tax

Revenue,

Nebraska

RB,

5.00%,

09/15/23

89,652‌

345,000‌

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

354,474‌

65,000‌

City

of

Grand

Island

NE

Electric

System

Revenue,

Nebraska

RB,

5.00%,

08/15/27

73,321‌

275,000‌

City

of

Hastings

NE

Combined

Utility

Revenue,

Nebraska

RB,

4.50%,

10/15/21

275,699‌

300,000‌

City

of

Hastings

NE

Combined

Utility

Revenue,

Nebraska

RB,

4.50%,

10/15/26

300,741‌

375,000‌

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

394,286‌

Principal

Amount

Security

Description

Value

$

130,000‌

City

of

La

Vista

NE,

Nebraska

GO,

1.00%,

05/01/21

$

129,847‌

235,000‌

City

of

La

Vista

NE,

Nebraska

GO,

3.00%,

09/01/27

245,843‌

515,000‌

City

of

Lincoln

NE,

Nebraska

RB,

2.50%,

04/01/20

515,000‌

450,000‌

City

of

Lincoln

NE,

Nebraska

RB,

4.50%,

08/15/22

462,960‌

480,000‌

City

of

Lincoln

NE,

Nebraska

RB,

4.00%,

08/15/26

511,416‌

500,000‌

City

of

Lincoln

NE,

Nebraska

RB,

3.55%,

04/01/27

516,590‌

400,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

5.00%,

09/01/30

530,180‌

250,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

3.13%,

09/01/30

257,540‌

110,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

5.00%,

09/01/28

120,053‌

55,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

5.00%,

09/01/28

59,958‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

379,562‌

450,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/31

533,830‌

575,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.25%,

04/01/20

575,000‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

01/15/29

617,490‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

695,280‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

05/01/33

234,442‌

470,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/22

496,757‌

190,000‌

City

of

Omaha

NE,

Nebraska

RB,

5.00%,

02/01/26

203,570‌

355,000‌

City

of

Omaha

NE,

Nebraska

Special

Tax

Bond,

5.00%,

01/15/28

438,776‌

200,000‌

City

of

Omaha

NE

Sewer

Revenue,

Nebraska

RB,

5.00%,

04/01/24

228,938‌

350,000‌

City

of

Papillion

NE,

Nebraska

GO,

3.00%,

09/15/26

365,151‌

285,000‌

City

of

Papillion

NE,

Nebraska

GO,

3.00%,

09/15/27

296,568‌

105,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

1.80%,

10/01/20

105,066‌

105,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

2.05%,

10/01/21

105,086‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

NEBRASKA

TAX-FREE

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

30

Principal

Amount

Security

Description

Value

$

275,000‌

County

of

Buffalo

NE,

Nebraska

GO,

4.00%,

12/15/31

$

286,159‌

375,000‌

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

378,472‌

285,000‌

County

of

Cherry

NE,

Nebraska

GO,

3.00%,

12/15/25

305,061‌

120,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.60%,

10/01/27

120,144‌

250,000‌

County

of

Sarpy

NE,

Nebraska

COP,

2.80%,

12/15/20

252,740‌

265,000‌

Cuming

County

Public

Power

District,

Nebraska

RB,

1.50%,

12/15/25

262,215‌

105,000‌

Douglas

County

Hospital

Authority

No.

1,

Nebraska

RB,

AMBAC,

5.25%,

09/01/21

108,604‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,267,335‌

220,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

05/15/26

262,185‌

750,000‌

Douglas

County

Public

Facilities

Corp.,

Nebraska

RB,

2.00%,

05/01/24

756,143‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

200,448‌

580,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

580,470‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

262,275‌

105,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

509,

Nebraska

GO,

3.85%,

03/15/33

105,718‌

295,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

509,

Nebraska

GO,

3.90%,

03/15/34

297,041‌

210,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

509,

Nebraska

GO,

3.95%,

03/15/35

211,436‌

190,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

509,

Nebraska

GO,

4.00%,

03/15/36

191,303‌

215,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

521,

Nebraska

GO,

2.20%,

02/15/25

215,030‌

115,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

541,

Nebraska

GO,

2.95%,

07/15/24

115,561‌

85,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

549,

Nebraska

GO,

3.10%,

05/15/30

85,638‌

Principal

Amount

Security

Description

Value

$

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

549,

Nebraska

GO,

3.05%,

05/15/29

$

100,741‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

557,

Nebraska

GO,

4.25%,

11/15/34

100,945‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

779,955‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

824,490‌

700,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

01/15/30

748,790‌

665,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/34

742,353‌

1,430,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/35

1,618,131‌

325,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/28

418,736‌

300,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/28

386,526‌

350,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/29

448,598‌

250,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

01/15/32

263,057‌

23,000‌

Elm

Creek

Rural

Fire

Protection

District

No.

7,

Nebraska

GO,

1.40%,

10/15/20

23,006‌

370,000‌

Fremont

School

District,

Nebraska

GO,

5.00%,

12/15/29

478,014‌

265,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

5.00%,

12/15/39

311,174‌

185,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

4.00%,

12/15/24

194,313‌

730,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

861,780‌

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

580,416‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

816,032‌

760,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

12/15/24

851,360‌

265,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

12/15/25

302,572‌

300,000‌

Kearney

School

District,

Nebraska

GO,

2.00%,

12/15/25

310,008‌

900,000‌

Lancaster

County

Correctional

Facility

Joint

Public

Agency,

Nebraska

GO,

5.00%,

12/01/27

1,144,071‌

500,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/31

581,480‌

765,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/26

869,889‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

NEBRASKA

TAX-FREE

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

31

Principal

Amount

Security

Description

Value

$

320,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/28

$

326,589‌

475,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

4.00%,

07/01/27

553,085‌

500,000‌

Lincoln

County

Hospital

Authority

No.

1,

Nebraska

RB,

5.00%,

11/01/32

529,490‌

200,000‌

Lincoln

County

Hospital

Authority

No.

1,

Nebraska

RB,

5.00%,

11/01/25

211,796‌

500,000‌

Lincoln-Lancaster

County

Public

Building

Commission,

Nebraska

RB,

3.00%,

12/01/26

545,280‌

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

1,024,340‌

525,000‌

Metropolitan

Community

College

Area,

Nebraska

COP,

3.00%,

03/01/26

563,819‌

500,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

562,145‌

1,000,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

5.00%,

12/01/21

1,061,370‌

180,000‌

Mid-Plains

Community

College

Area

Facilities

Corp.,

Nebraska

RB,

3.00%,

10/15/25

182,822‌

1,475,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/30

1,581,289‌

140,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/31

150,153‌

210,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/25

232,632‌

200,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/26

214,458‌

540,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/27

578,372‌

330,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB,

2.45%,

09/01/24

341,824‌

230,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB,

2.80%,

09/01/26

244,315‌

540,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

1.40%,

09/01/20

540,194‌

470,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

1.50%,

03/01/21

470,338‌

350,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

1.55%,

03/01/23

349,230‌

500,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

2.00%,

03/01/24

506,520‌

Principal

Amount

Security

Description

Value

$

175,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB,

2.35%,

09/01/24

$

180,000‌

145,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/26

154,627‌

5,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/26

5,325‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/27

213,278‌

370,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/29

395,230‌

230,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/29

244,308‌

1,050,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

1,117,148‌

540,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/34

574,231‌

1,995,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/31

2,049,982‌

1,150,000‌

Nebraska

State

College

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/26

1,390,994‌

315,000‌

Nebraska

State

Colleges,

Nebraska

RB,

3.00%,

07/01/25

315,315‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

467,580‌

600,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

712,932‌

785,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/27

903,629‌

525,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

613,011‌

300,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

5.00%,

06/01/21

312,954‌

1,010,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

1,140,068‌

250,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/30

313,260‌

600,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/31

761,616‌

270,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/32

341,796‌

205,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/31

215,972‌

75,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/29

77,430‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

901,237‌

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

590,140‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

188,726‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

652,147‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

NEBRASKA

TAX-FREE

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

32

Principal

Amount

Security

Description

Value

$

1,500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

$

1,647,135‌

400,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

1.75%,

12/01/22

405,064‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

367,160‌

750,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/29

907,313‌

125,000‌

Platte

County

School

District

No.

1

Columbus

Public

Schools,

Nebraska

GO,

5.00%,

12/15/26

144,300‌

280,000‌

Platte

County

School

District

No.

1

Columbus

Public

Schools,

Nebraska

GO,

5.00%,

12/15/28

322,871‌

160,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

160,146‌

45,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

2.45%,

10/15/22

45,028‌

70,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

242,

Nebraska

GO,

3.00%,

03/15/27

70,089‌

105,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

279,

Nebraska

GO,

3.95%,

02/15/32

105,181‌

110,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

279,

Nebraska

GO,

5.15%,

02/15/34

110,091‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

104,175‌

120,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

68,

Nebraska

GO,

2.75%,

12/15/23

120,157‌

385,000‌

Scotts

Bluff

County

School

District/

Gering

School

District,

Nebraska

GO,

5.00%,

12/01/23

416,974‌

220,000‌

Southeast

Community

College,

Nebraska

COP,

5.00%,

12/15/25

265,487‌

225,000‌

Southeast

Community

College,

Nebraska

COP,

5.00%,

12/15/26

278,764‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/25

339,894‌

400,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/26

453,576‌

200,000‌

State

of

Nebraska,

Nebraska

COP,

1.60%,

03/15/21

200,278‌

500,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/22

523,055‌

270,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/24

285,806‌

Principal

Amount

Security

Description

Value

$

350,000‌

University

of

Nebraska,

Nebraska

RB,

5.00%,

05/15/24

$

404,366‌

350,000‌

University

of

Nebraska,

Nebraska

RB,

5.00%,

05/15/25

416,612‌

1,000,000‌

University

of

Nebraska,

Nebraska

RB,

4.00%,

07/01/31

1,168,680‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

580,510‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/25

593,370‌

500,000‌

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/26

609,135‌

1,700,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

09/01/28

1,859,222‌

100,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

5.00%,

12/15/22

106,700‌

200,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

5.00%,

12/15/26

213,400‌

105,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

4.00%,

12/15/28

110,286‌

200,000‌

Westside

Community

Schools,

Nebraska

GO,

4.00%,

06/01/24

218,268‌

200,000‌

Westside

Community

Schools,

Nebraska

GO,

4.00%,

06/01/25

217,622‌

230,000‌

Westside

Community

Schools,

Nebraska

GO,

4.00%,

06/01/27

249,394‌

450,000‌

York

School

District/NE,

Nebraska

GO,

2.00%,

12/15/25

462,821‌

73,559,232‌

North

Dakota

-

0.7%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

518,610‌

South

Dakota

-

0.6%

425,000‌

City

of

Brandon

SD

Sales

Tax

Revenue,

South

Dakota

RB,

3.00%,

12/01/26

460,551‌

74,639,074‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

0.9%

Federal

Home

Loan

Mortgage

Corp.

-

0.9%

600,000‌

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

646,738‌

Total

Government

&

Agency

Obligations

(Cost

$73,104,712)

75,285,812‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

NEBRASKA

TAX-FREE

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

33

Shares

Security

Description

Value

Short-Term

Investments

-

0.1%

Investment

Company

-

0.1%

92,747‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.21%

(a)

$

92,747‌

Total

Short-Term

Investments

(Cost

$92,747)

92,747‌

Investments,

at

value

-

99.6%

(Cost

$73,197,459)

75,378,559‌

Other

assets

in

excess

of

liabilities

-

0.4%

290,719‌

NET

ASSETS

-

100.0%

$

75,669,278‌

(a)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

AMBAC

American

Municipal

Bond

Assurance

Corporation

COP

Certificate

of

Participation

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

RB

Revenue

Bond

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

BALANCED

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

34

Shares

Security

Description

Value

Common

Stocks

-

56.9%

Communication

Services

-

6.2%

8,200‌

Activision

Blizzard,

Inc.

$

487,736‌

1,115‌

Alphabet,

Inc.,

Class C (a)

1,296,533‌

18,800‌

Comcast

Corp.,

Class A

646,344‌

5,025‌

Facebook,

Inc.,

Class A (a)

838,170‌

13,500‌

Verizon

Communications,

Inc.

725,355‌

3,994,138‌

Consumer

Discretionary

-

5.4%

695‌

Amazon.com,

Inc. (a)

1,355,055‌

260‌

Booking

Holdings,

Inc. (a)

349,783‌

6,000‌

NIKE,

Inc.,

Class B

496,440‌

940‌

O'Reilly

Automotive,

Inc. (a)

282,987‌

3,750‌

Royal

Caribbean

Cruises,

Ltd.

120,638‌

3,475‌

The

Home

Depot,

Inc.

648,817‌

1,300‌

Ulta

Beauty,

Inc. (a)

228,410‌

3,482,130‌

Consumer

Staples

-

4.5%

7,920‌

Church

&

Dwight

Co.,

Inc.

508,306‌

3,600‌

Constellation

Brands,

Inc.,

Class A

516,096‌

2,195‌

Costco

Wholesale

Corp.

625,860‌

6,830‌

Lamb

Weston

Holdings,

Inc.

389,993‌

7,400‌

Walmart,

Inc.

840,788‌

2,881,043‌

Energy

-

1.3%

3,100‌

Diamondback

Energy,

Inc.

81,220‌

3,400‌

EOG

Resources,

Inc.

122,128‌

9,200‌

Exxon

Mobil

Corp.

349,324‌

3,200‌

Phillips

66

171,680‌

7,100‌

Schlumberger,

Ltd.

95,779‌

820,131‌

Financials

-

5.7%

930‌

BlackRock,

Inc.

409,172‌

9,500‌

CenterState

Bank

Corp.

163,685‌

3,550‌

Chubb,

Ltd.

396,500‌

2,430‌

CME

Group,

Inc.

420,171‌

8,750‌

First

American

Financial

Corp.

371,087‌

6,950‌

JPMorgan

Chase

&

Co.

625,708‌

13,800‌

KeyCorp

143,106‌

18,400‌

Manulife

Financial

Corp.

230,736‌

4,750‌

Northern

Trust

Corp.

358,435‌

7,650‌

U.S.

Bancorp

263,543‌

10,100‌

Wells

Fargo

&

Co.

289,870‌

3,672,013‌

Health

Care

-

8.7%

5,400‌

AMN

Healthcare

Services,

Inc. (a)

312,174‌

6,325‌

Baxter

International,

Inc.

513,527‌

1,430‌

Biogen,

Inc. (a)

452,423‌

11,500‌

Boston

Scientific

Corp. (a)

375,245‌

2,130‌

Edwards

Lifesciences

Corp. (a)

401,761‌

5,200‌

Eli

Lilly

&

Co.

721,344‌

1,850‌

Humana,

Inc.

580,937‌

Shares

Security

Description

Value

4,400‌

Integer

Holdings

Corp. (a)

$

276,584‌

2,975‌

Laboratory

Corp.

of

America

Holdings (a)

376,010‌

3,214‌

LHC

Group,

Inc. (a)

450,603‌

2,040‌

Thermo

Fisher

Scientific,

Inc.

578,544‌

4,580‌

Zoetis,

Inc.

539,020‌

5,578,172‌

Industrials

-

4.6%

5,300‌

AMETEK,

Inc.

381,706‌

7,000‌

CSX

Corp.

401,100‌

9,700‌

IAA,

Inc. (a)

290,612‌

5,850‌

MasTec,

Inc. (a)

191,471‌

2,800‌

Raytheon

Co.

367,220‌

1,405‌

Roper

Technologies,

Inc.

438,093‌

10,650‌

The

Timken

Co.

344,421‌

5,850‌

Waste

Management,

Inc.

541,476‌

2,956,099‌

Information

Technology

-

14.0%

1,895‌

Adobe,

Inc. (a)

603,065‌

8,220‌

Apple,

Inc.

2,090,264‌

2,100‌

Broadcom,

Inc.

497,910‌

3,525‌

Cabot

Microelectronics

Corp.

402,343‌

3,330‌

CDW

Corp.

310,589‌

16,850‌

Cisco

Systems,

Inc.

662,373‌

3,575‌

Citrix

Systems,

Inc.

506,041‌

1,675‌

FleetCor

Technologies,

Inc. (a)

312,455‌

2,950‌

Mastercard,

Inc.,

Class A

712,602‌

5,725‌

Microchip

Technology,

Inc.

388,155‌

14,175‌

Microsoft

Corp.

2,235,539‌

1,550‌

Paycom

Software,

Inc. (a)

313,116‌

9,034,452‌

Materials

-

1.4%

6,200‌

Berry

Global

Group,

Inc. (a)

209,002‌

5,150‌

FMC

Corp.

420,704‌

1,600‌

Martin

Marietta

Materials,

Inc.

302,768‌

932,474‌

Real

Estate

-

2.5%

3,275‌

American

Tower

Corp.

REIT

713,131‌

14,350‌

First

Industrial

Realty

Trust,

Inc.

REIT

476,851‌

3,220‌

Sun

Communities,

Inc.

REIT

402,017‌

1,591,999‌

Utilities

-

2.6%

5,950‌

Atmos

Energy

Corp.

590,418‌

3,140‌

NextEra

Energy,

Inc.

755,547‌

4,400‌

Southwest

Gas

Holdings,

Inc.

306,064‌

1,652,029‌

Total

Common

Stocks

(Cost

$27,323,161)

36,594,680‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

BALANCED

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

35

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

6.5%

Asset

Backed

Securities

-

2.6%

$

380,000‌

Cabela's

Credit

Card

Master

Note

Trust,

2.71%,

02/17/26 (b)

$

369,906‌

160,000‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (b)

153,967‌

149,215‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (b)

153,742‌

84,012‌

Missouri

Higher

Education

Loan

Authority

(USD

1

Month

LIBOR

+

0.83%),

1.78%,

01/26/26 (c)

83,505‌

260,000‌

Pawnee

Equipment

Receivables,

2.29%,

10/15/24 (b)

256,470‌

89,464‌

PHEAA

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.10%),

2.32%,

06/25/38 (b)(c)

85,959‌

99,013‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

1.54%,

12/24/33 (b)(c)

98,063‌

185,875‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

3.44%,

07/25/22 (c)

171,821‌

50,931‌

Social

Professional

Loan

Program

Trust,

2.64%,

08/25/47 (b)

50,628‌

54,982‌

SoFi

Consumer

Loan

Program

Trust,

2.77%,

05/25/26 (b)

54,504‌

84,079‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (b)

82,365‌

97,917‌

Vantage

Data

Centers

Issuer,

LLC,

4.07%,

02/16/43 (b)

95,715‌

1,656,645‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

2.4%

375,000‌

American

Tower

Trust

#1,

3.07%,

03/15/23 (b)

368,443‌

190,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

195,695‌

125,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

137,356‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39 (b)

211,112‌

239,901‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (b)

242,748‌

141,006‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

12/25/35 (b)(d)

140,869‌

75,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

82,244‌

150,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

155,390‌

1,533,857‌

Principal

Amount

Security

Description

Value

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.5%

$

87,364‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

1.82%,

12/25/33 (b)(c)

$

80,952‌

132,070‌

Bayview

Financial

Acquisition

Trust

REMIC

(USD

1

Month

LIBOR

+

2.10%),

3.04%,

04/28/39 (c)

130,012‌

142,035‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (b)(d)

136,471‌

107,703‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (b)(d)

109,116‌

32,691‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (b)(d)

33,004‌

105,427‌

EverBank

Mortgage

Loan

Trust,

3.50%,

02/25/48 (b)(d)

106,240‌

103,498‌

Goldman

Sachs

Alternative

Mortgage

Products

Trust

REMIC

(USD

1

Month

LIBOR

+

0.50%),

1.45%,

05/25/36 (b)(c)

101,627‌

60,417‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (b)(d)

62,250‌

43,312‌

Towd

Point

Mortgage

Trust

REMIC,

3.50%,

02/25/55 (b)(d)

43,485‌

167,654‌

Wells

Fargo

Mortgage

Backed

Securities,

3.50%,

07/25/47 (b)(d)

166,883‌

970,040‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$4,180,376)

4,160,542‌

Corporate

Bonds

-

11.9%

Communication

Services

-

1.0%

348,000‌

AT&T,

Inc.,

4.30%,

02/15/30

374,560‌

237,000‌

Verizon

Communications,

Inc.,

4.33%,

09/21/28

273,119‌

647,679‌

Consumer

Discretionary

-

1.1%

125,000‌

Dollar

General

Corp.,

3.25%,

04/15/23

127,113‌

100,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (b)

99,000‌

50,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

48,902‌

30,000‌

Starbucks

Corp.,

2.00%,

03/12/27

28,324‌

50,000‌

The

TJX

Cos.,

Inc.,

3.75%,

04/15/27

51,343‌

215,000‌

Whirlpool

Corp.,

4.70%,

06/01/22

225,746‌

580,428‌

Consumer

Staples

-

0.9%

175,000‌

Church

&

Dwight

Co.,

Inc.,

2.88%,

10/01/22

172,191‌

205,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27 (b)

208,457‌

185,000‌

Walmart,

Inc.,

3.40%,

06/26/23

196,754‌

577,402‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

BALANCED

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

36

Principal

Amount

Security

Description

Value

Financials

-

5.1%

$

250,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27 (d)

$

261,662‌

180,000‌

CBRE

Services,

Inc.,

5.25%,

03/15/25

197,556‌

240,000‌

Citigroup,

Inc.,

3.89%,

01/10/28 (d)

247,048‌

395,000‌

CME

Group,

Inc.,

3.00%,

03/15/25

407,634‌

245,000‌

Intercontinental

Exchange,

Inc.,

3.75%,

12/01/25

257,644‌

230,000‌

JPMorgan

Chase

&

Co.,

3.25%,

09/23/22

236,976‌

90,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

85,010‌

120,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24 (b)

124,558‌

260,000‌

Morgan

Stanley,

GMTN,

3.75%,

02/25/23

270,925‌

245,000‌

Regions

Financial

Corp.,

3.80%,

08/14/23

248,039‌

220,000‌

The

Charles

Schwab

Corp.,

3.85%,

05/21/25

233,562‌

265,000‌

The

Goldman

Sachs

Group,

Inc.,

3.00%,

04/26/22

266,911‌

230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49 (d)(e)

220,800‌

270,000‌

Wells

Fargo

&

Co.,

3.00%,

04/22/26

277,907‌

3,336,232‌

Health

Care

-

0.2%

132,000‌

Becton

Dickinson

and

Co.,

3.73%,

12/15/24

135,333‌

Industrials

-

2.2%

250,000‌

BMW

Finance

NV,

2.85%,

08/14/29 (b)

248,653‌

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

256,017‌

150,000‌

Roper

Technologies,

Inc.,

2.80%,

12/15/21

150,136‌

200,000‌

Textron,

Inc.,

3.65%,

03/01/21

199,420‌

20,000‌

The

Boeing

Co.,

2.95%,

02/01/30

18,521‌

170,000‌

TTX

Co.,

3.60%,

01/15/25 (b)

179,296‌

235,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

252,291‌

155,000‌

Volkswagen

Group

of

America

Finance,

LLC,

4.25%,

11/13/23 (b)

153,145‌

1,457,479‌

Information

Technology

-

1.1%

215,000‌

eBay,

Inc.,

3.60%,

06/05/27

221,433‌

200,000‌

Oracle

Corp.,

3.40%,

07/08/24

213,805‌

270,000‌

QUALCOMM,

Inc.,

3.25%,

05/20/27

284,897‌

720,135‌

Materials

-

0.3%

209,000‌

Albemarle

Corp.,

4.15%,

12/01/24

215,665‌

Total

Corporate

Bonds

(Cost

$7,471,644)

7,670,353‌

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

20.9%

GOVERNMENT

SECURITIES

-

18.7%

Municipals

-

1.1%

$

350,000‌

California

State

University,

California

RB,

5.45%,

11/01/22

$

386,802‌

200,000‌

Santa

Monica

Community

College

District,

California

GO,

5.73%,

08/01/24

203,036‌

100,000‌

Vista

Community

Development

Commission,

California

Tax

Allocation

Bond,

7.61%,

09/01/21

102,483‌

692,321‌

Treasury

Inflation

Index

Securities

-

1.3%

231,846‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28 (f)

259,275‌

580,670‌

U.S.

Treasury

Inflation

Indexed

Note,

0.13%,

01/15/22 (f)

572,913‌

832,188‌

U.S.

Treasury

Securities

-

16.3%

330,000‌

U.S.

Treasury

Note,

2.00%,

02/28/21

335,698‌

3,775,000‌

U.S.

Treasury

Note,

1.63%,

11/15/22

3,908,599‌

3,670,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

3,986,251‌

1,995,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

2,225,984‌

45,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

48,512‌

10,505,044‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

2.2%

Federal

Home

Loan

Mortgage

Corp.

-

1.4%

200,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

07/15/36

212,444‌

115,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.78%,

10/25/28 (d)

134,867‌

179,215‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

187,471‌

100,295‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

03/15/40

105,764‌

99,765‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

106,435‌

25,230,407‌

FREMF

Mortgage

Trust

Interest

Only,

0.10%,

08/25/44 (b)

23,517‌

130,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

126,768‌

897,266‌

Federal

National

Mortgage

Association

-

0.5%

56,300‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

59,268‌

149,790‌

Federal

National

Mortgage

Association

REMIC,

4.01%,

04/25/29 (d)

168,075‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

BALANCED

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

37

Principal

Amount

Security

Description

Value

$

82,208‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

09/25/39

$

84,476‌

311,819‌

Government

National

Mortgage

Association

-

0.3%

156,557‌

Government

National

Mortgage

Association,

3.50%,

01/20/69 (d)

171,989‌

Total

Government

&

Agency

Obligations

(Cost

$12,506,367)

13,410,627‌

Shares

Security

Description

Value

Short-Term

Investments

-

3.9%

Investment

Company

-

3.9%

2,521,765‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.21% (g)

2,521,765‌

Total

Short-Term

Investments

(Cost

$2,521,765)

2,521,765‌

Investments,

at

value

-

100.1%

(Cost

$54,003,313)

64,357,967‌

Other

liabilities

in

excess

of

assets

-

(0.1)%

(89,424‌)

NET

ASSETS

-

100.0%

$

64,268,543‌

(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,

2020,

the

aggregate

value

of

these

liquid

securities

were

$4,241,145

or

6.6%

of

net

assets.

(c)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2020.

(d)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2020.

(e)

Perpetual

maturity

security.

(f)

U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

(g)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

GMTN

Global

Medium

Term

Note

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

GROWTH

OPPORTUNITIES

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

38

Shares

Security

Description

Value

Common

Stocks

-

95.1%

Communication

Services

-

4.4%

55,400‌

Altice

USA,

Inc.,

Class A (a)

$

1,234,866‌

2,700‌

IAC/InterActiveCorp. (a)

483,921‌

53,000‌

Twitter,

Inc. (a)

1,301,680‌

289,100‌

Zynga,

Inc. (a)

1,980,335‌

5,000,802‌

Consumer

Discretionary

-

12.2%

5,900‌

Burlington

Stores,

Inc. (a)

934,914‌

19,900‌

Dollar

General

Corp.

3,005,099‌

6,000‌

Domino's

Pizza,

Inc.

1,944,420‌

17,400‌

DR

Horton,

Inc.

591,600‌

3,810‌

Five

Below,

Inc. (a)

268,148‌

12,000‌

Hilton

Worldwide

Holdings,

Inc.

818,880‌

15,420‌

Lululemon

Athletica,

Inc. (a)

2,922,861‌

4,600‌

O'Reilly

Automotive,

Inc. (a)

1,384,830‌

15,500‌

Planet

Fitness,

Inc.,

Class A (a)

754,850‌

10,700‌

Restaurant

Brands

International,

Inc.

428,321‌

49,800‌

YETI

Holdings,

Inc. (a)

972,096‌

14,026,019‌

Consumer

Staples

-

3.3%

33,600‌

Church

&

Dwight

Co.,

Inc.

2,156,448‌

7,300‌

Lamb

Weston

Holdings,

Inc.

416,830‌

14,900‌

Post

Holdings,

Inc. (a)

1,236,253‌

3,809,531‌

Energy

-

0.0%

8,100‌

Apergy

Corp. (a)

46,575‌

Financials

-

4.6%

9,800‌

eHealth,

Inc. (a)

1,380,036‌

6,400‌

FactSet

Research

Systems,

Inc.

1,668,352‌

6,700‌

First

American

Financial

Corp.

284,147‌

1,100‌

LPL

Financial

Holdings,

Inc.

59,873‌

16,700‌

NASDAQ,

Inc.

1,585,665‌

14,200‌

OneMain

Holdings,

Inc.

271,504‌

5,249,577‌

Health

Care

-

17.0%

12,000‌

Bio-

Techne

Corp.

2,275,440‌

33,200‌

Centene

Corp. (a)

1,972,412‌

15,600‌

DENTSPLY

SIRONA,

Inc.

605,748‌

15,200‌

Incyte

Corp. (a)

1,113,096‌

10,610‌

Insulet

Corp. (a)

1,757,865‌

9,400‌

Integer

Holdings

Corp. (a)

590,884‌

16,600‌

Intercept

Pharmaceuticals,

Inc. (a)

1,045,136‌

8,200‌

LHC

Group,

Inc. (a)

1,149,640‌

48,400‌

Livongo

Health,

Inc. (a)

1,380,852‌

7,500‌

PerkinElmer,

Inc.

564,600‌

14,700‌

Sarepta

Therapeutics,

Inc. (a)

1,437,954‌

15,400‌

Seattle

Genetics,

Inc. (a)

1,776,852‌

7,400‌

Teleflex,

Inc.

2,167,164‌

Shares

Security

Description

Value

5,800‌

The

Cooper

Cos.,

Inc.

$

1,598,886‌

19,436,529‌

Industrials

-

13.7%

21,300‌

AMETEK,

Inc.

1,534,026‌

9,500‌

Cintas

Corp.

1,645,590‌

21,800‌

Dover

Corp.

1,829,892‌

13,600‌

IAA,

Inc. (a)

407,456‌

12,800‌

ITT,

Inc.

580,608‌

15,500‌

L3Harris

Technologies,

Inc.

2,791,860‌

9,400‌

MasTec

,

Inc. (a)

307,662‌

10,950‌

Old

Dominion

Freight

Line,

Inc.

1,437,297‌

4,900‌

Oshkosh

Corp.

315,217‌

44,900‌

Quanta

Services,

Inc.

1,424,677‌

2,230‌

TransDigm

Group,

Inc. 

714,024‌

31,900‌

TransUnion

2,111,142‌

12,400‌

XPO

Logistics,

Inc. (a)

604,500‌

15,703,951‌

Information

Technology

-

34.3%

11,000‌

ACI

Worldwide,

Inc. (a)

265,650‌

74,700‌

Advanced

Micro

Devices,

Inc. (a)

3,397,356‌

20,700‌

Akamai

Technologies,

Inc. (a)

1,893,843‌

11,100‌

Atlassian

Corp.

PLC,

Class A (a)

1,523,586‌

15,600‌

Broadridge

Financial

Solutions,

Inc.

1,479,348‌

9,670‌

CDW

Corp.

901,921‌

25,400‌

DocuSign,

Inc. (a)

2,346,960‌

2,100‌

Fair

Isaac

Corp. (a)

646,149‌

32,900‌

Fiserv,

Inc. (a)

3,125,171‌

5,100‌

FleetCor

Technologies,

Inc. (a)

951,354‌

20,100‌

Fortinet,

Inc. (a)

2,033,517‌

21,000‌

Inphi

Corp. (a)

1,662,570‌

14,500‌

Jack

Henry

&

Associates,

Inc.

2,250,980‌

8,400‌

Lam

Research

Corp.

2,016,000‌

4,500‌

Microchip

Technology,

Inc.

305,100‌

300‌

Palo

Alto

Networks,

Inc. (a)

49,188‌

36,000‌

Paychex,

Inc.

2,265,120‌

52,700‌

Pure

Storage,

Inc.,

Class A (a)

648,210‌

10,750‌

RingCentral,

Inc.,

Class A (a)

2,278,032‌

9,000‌

Science

Applications

International

Corp.

671,670‌

11,590‌

Splunk

,

Inc. (a)

1,463,006‌

40,520‌

Square,

Inc. (a)

2,122,437‌

16,400‌

SS&C

Technologies

Holdings,

Inc.

718,648‌

14,500‌

Twilio

,

Inc. (a)

1,297,605‌

25,400‌

Xilinx,

Inc.

1,979,676‌

5,800‌

Zebra

Technologies

Corp. (a)

1,064,880‌

39,357,977‌

Materials

-

1.4%

2,200‌

Berry

Global

Group,

Inc. (a)

74,162‌

75,500‌

Element

Solutions,

Inc. (a)

631,180‌

7,400‌

FMC

Corp.

604,506‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

GROWTH

OPPORTUNITIES

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

39

Shares

Security

Description

Value

1,460‌

Martin

Marietta

Materials,

Inc.

$

276,276‌

1,586,124‌

Real

Estate

-

2.9%

48,900‌

Americold

Realty

Trust

REIT

1,664,556‌

14,100‌

CBRE

Group,

Inc.,

Class A (a)

531,711‌

9,300‌

Sun

Communities,

Inc.

REIT

1,161,105‌

3,357,372‌

Utilities

-

1.3%

15,100‌

Atmos

Energy

Corp.

1,498,373‌

Total

Common

Stocks

(Cost

$89,200,674)

109,072,830‌

Shares

Security

Description

Value

Short-Term

Investments

-

4.4%

Investment

Company

-

4.4%

4,970,023‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.21% (b)

4,970,023‌

Total

Short-Term

Investments

(Cost

$4,970,023)

4,970,023‌

Investments,

at

value

-

99.5%

(Cost

$94,170,697)

114,042,853‌

Other

assets

in

excess

of

liabilities

-

0.5%

621,622‌

NET

ASSETS

-

100.0%

$

114,664,475‌

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

SMALL/MID

CAP

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

40

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

99.7%

Communication

Services

-

1.7%

461‌

Nexstar

Media

Group,

Inc.,

Class A

$

26,613‌

Consumer

Discretionary

-

10.4%

218‌

Burlington

Stores,

Inc.

(a)

34,544‌

628‌

Dorman

Products,

Inc.

(a)

34,709‌

477‌

Dunkin'

Brands

Group,

Inc.

25,329‌

434‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

20,112‌

552‌

Tractor

Supply

Co.

46,672‌

161,366‌

Consumer

Staples

-

2.1%

244‌

Casey's

General

Stores,

Inc.

32,327‌

Energy

-

0.9%

2,583‌

Parsley

Energy,

Inc.,

Class A

14,801‌

Financials

-

16.8%

222‌

Affiliated

Managers

Group,

Inc.

13,129‌

650‌

Arthur

J

Gallagher

&

Co.

52,982‌

700‌

Columbia

Banking

System,

Inc.

18,760‌

517‌

Cullen/Frost

Bankers,

Inc.

28,843‌

774‌

Great

Western

Bancorp,

Inc.

15,852‌

663‌

Selective

Insurance

Group,

Inc.

32,951‌

485‌

South

State

Corp.

28,484‌

831‌

Stifel

Financial

Corp.

34,304‌

379‌

UMB

Financial

Corp.

17,578‌

791‌

United

Bankshares

,

Inc.

18,256‌

261,139‌

Health

Care

-

16.6%

791‌

AMN

Healthcare

Services,

Inc.

(a)

45,728‌

354‌

ICON

PLC

(a)

48,144‌

945‌

Integra

LifeSciences

Holdings

Corp.

(a)

42,213‌

199‌

Masimo

Corp.

(a)

35,247‌

633‌

Omnicell

,

Inc.

(a)

41,512‌

601‌

PerkinElmer,

Inc.

45,243‌

258,087‌

Industrials

-

16.7%

585‌

Barnes

Group,

Inc.

24,470‌

304‌

Carlisle

Cos.,

Inc.

38,085‌

367‌

EnerSys

18,174‌

560‌

Fortune

Brands

Home

&

Security,

Inc.

24,220‌

535‌

Forward

Air

Corp.

27,098‌

512‌

Franklin

Electric

Co.,

Inc.

24,131‌

334‌

Oshkosh

Corp.

21,486‌

791‌

Quanta

Services,

Inc.

25,098‌

585‌

Robert

Half

International,

Inc.

22,084‌

485‌

Tetra

Tech,

Inc.

34,251‌

259,097‌

Information

Technology

-

16.7%

469‌

Ambarella

,

Inc.

(a)

22,775‌

445‌

Broadridge

Financial

Solutions,

Inc.

42,199‌

130‌

CACI

International,

Inc.,

Class A

(a)

27,449‌

173‌

Coherent,

Inc.

(a)

18,409‌

576‌

ExlService

Holdings,

Inc.

(a)

29,969‌

232‌

Leidos

Holdings,

Inc.

21,263‌

Shares

Security

Description

Value

222‌

Littelfuse

,

Inc.

$

29,619‌

494‌

MAXIMUS,

Inc.

28,751‌

633‌

MTS

Systems

Corp.

14,243‌

404‌

PTC,

Inc.

(a)

24,729‌

259,406‌

Materials

-

6.6%

329‌

Balchem

Corp.

32,479‌

757‌

RPM

International,

Inc.

45,041‌

543‌

Sonoco

Products

Co.

25,168‌

102,688‌

Real

Estate

-

8.3%

545‌

American

Campus

Communities,

Inc.

REIT

15,124‌

757‌

Duke

Realty

Corp.

REIT

24,512‌

1,794‌

Easterly

Government

Properties,

Inc.

REIT

44,204‌

189‌

Jones

Lang

LaSalle,

Inc.

19,085‌

518‌

Lamar

Advertising

Co.,

Class A

REIT

26,563‌

129,488‌

Utilities

-

2.9%

505‌

IDACORP,

Inc.

44,334‌

Total

Common

Stocks

(Cost

$1,797,077)

1,549,346‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.9%

Investment

Company

-

1.9%

29,363‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.21%

(b)

29,363‌

Total

Short-Term

Investments

(Cost

$29,363)

29,363‌

Investments,

at

value

-

101.6%

(Cost

$1,826,440)

1,578,709‌

Other

liabilities

in

excess

of

assets

-

(1.6)%

(24,385‌)

NET

ASSETS

-

100.0%

$

1,554,324‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2020

SMALL

COMPANY

FUND

Annual

Report

2020

See

accompanying

Notes

to

Financial

Statements.

41

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2020.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

95.7%

Communication

Services

-

1.6%

164,048‌

Nexstar

Media

Group,

Inc.,

Class A

$

9,470,491‌

Consumer

Discretionary

-

8.1%

244,076‌

Boot

Barn

Holdings,

Inc.

(a)

3,155,903‌

206,168‌

Dorman

Products,

Inc.

(a)

11,394,905‌

395,710‌

G-III

Apparel

Group,

Ltd.

(a)

3,046,967‌

398,297‌

La-Z-Boy,

Inc.

8,185,003‌

319,228‌

Movado

Group,

Inc.

3,773,275‌

136,854‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

6,341,814‌

264,915‌

Standard

Motor

Products,

Inc.

11,012,517‌

46,910,384‌

Energy

-

0.6%

636,461‌

Parsley

Energy,

Inc.,

Class A

3,646,921‌

Financials

-

17.8%

458,890‌

Atlantic

Union

Bankshares

Corp.

10,049,691‌

258,154‌

Carolina

Financial

Corp.

6,678,444‌

227,783‌

Columbia

Banking

System,

Inc.

6,104,584‌

340,288‌

Great

Western

Bancorp,

Inc.

6,969,098‌

236,650‌

Mercantile

Bank

Corp.

5,009,880‌

299,055‌

Moelis

&

Co.,

Class A

8,403,446‌

893,395‌

Old

National

Bancorp

11,783,880‌

276,110‌

Selective

Insurance

Group,

Inc.

13,722,667‌

195,638‌

South

State

Corp.

11,489,820‌

301,493‌

Stifel

Financial

Corp.

12,445,631‌

111,952‌

UMB

Financial

Corp.

5,192,334‌

225,344‌

United

Bankshares

,

Inc.

5,200,940‌

103,050,415‌

Health

Care

-

14.9%

293,734‌

AMN

Healthcare

Services,

Inc.

(a)

16,980,762‌

424,529‌

AngioDynamics

,

Inc.

(a)

4,427,837‌

334,192‌

Integra

LifeSciences

Holdings

Corp.

(a)

14,928,357‌

162,274‌

LHC

Group,

Inc.

(a)

22,750,815‌

120,265‌

Medpace

Holdings,

Inc.

(a)

8,825,046‌

169,036‌

Omnicell

,

Inc.

(a)

11,085,381‌

310,139‌

Varex

Imaging

Corp.

(a)

7,043,257‌

86,041,455‌

Industrials

-

17.0%

156,289‌

American

Woodmark

Corp.

(a)

7,122,090‌

219,469‌

Barnes

Group,

Inc.

9,180,388‌

203,647‌

Comfort

Systems

USA,

Inc.

7,443,298‌

104,193‌

CSW

Industrials,

Inc.

6,756,916‌

81,414‌

EnerSys

4,031,621‌

241,280‌

Forward

Air

Corp.

12,220,832‌

263,252‌

Franklin

Electric

Co.,

Inc.

12,407,067‌

177,337‌

ICF

International,

Inc.

12,183,052‌

318,674‌

Kforce

,

Inc.

8,148,494‌

244,963‌

Korn

Ferry

5,957,500‌

187,583‌

Tetra

Tech,

Inc.

13,247,112‌

98,698,370‌

Information

Technology

-

18.1%

117,937‌

Ambarella

,

Inc.

(a)

5,727,021‌

355,806‌

Benchmark

Electronics,

Inc.

7,112,562‌

Shares

Security

Description

Value

48,328‌

CACI

International,

Inc.,

Class A

(a)

$

10,204,457‌

341,505‌

CalAmp

Corp.

(a)

1,536,772‌

84,967‌

Cass

Information

Systems,

Inc.

2,987,440‌

316,457‌

CTS

Corp.

7,876,615‌

202,510‌

ExlService

Holdings,

Inc.

(a)

10,536,595‌

67,060‌

Littelfuse

,

Inc.

8,947,145‌

307,590‌

Methode

Electronics,

Inc.

8,129,604‌

268,794‌

MTS

Systems

Corp.

6,047,865‌

274,337‌

Onto

Innovation,

Inc.

(a)

8,139,579‌

237,758‌

PC

Connection,

Inc.

9,798,007‌

203,951‌

Silicon

Motion

Technology

Corp.,

ADR

7,476,844‌

376,312‌

Sykes

Enterprises,

Inc.

(a)

10,205,581‌

104,726,087‌

Materials

-

4.3%

134,674‌

Balchem

Corp.

13,295,017‌

235,098‌

Carpenter

Technology

Co

rp.

4,584,411‌

98,761‌

Kaiser

Aluminum

Corp.

6,842,162‌

24,721,590‌

Real

Estate

-

8.2%

146,313‌

Agree

Realty

Corp.

REIT

9,056,775‌

806,383‌

Easterly

Government

Properties,

Inc.

REIT

19,869,277‌

331,256‌

Getty

Realty

Corp.

REIT

7,864,017‌

401,806‌

Marcus

&

Millichap,

Inc.

(a)

10,888,943‌

47,679,012‌

Utilities

-

5.1%

87,234‌

Chesapeake

Utilities

Corp.

7,476,826‌

169,590‌

IDACORP,

Inc.

14,888,306‌

134,120‌

Unitil

Corp.

7,017,159‌

29,382,291‌

Total

Common

Stocks

(Cost

$572,599,888)

554,327,016‌

Shares

Security

Description

Value

Short-Term

Investments

-

3.7%

Investment

Company

-

3.7%

21,333,677‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

0.21%

(b)

21,333,677‌

Total

Short-Term

Investments

(Cost

$21,333,677)

21,333,677‌

Investments,

at

value

-

99.4%

(Cost

$593,933,565)

575,660,693‌

Other

assets

in

excess

of

liabilities

-

0.6%

3,218,483‌

NET

ASSETS

-

100.0%

$

578,879,176‌

Annual

Report

2020

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2020

42

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

Assets:

Investments,

at

cost

$

200,614,091‌

$

206,465,883‌

Unrealized

appreciation

(depreciation)

of

investments

517,952‌

10,937,882‌

Total

investments,

at

value

201,132,043‌

217,403,765‌

Receivable

for

capital

shares

issued

41,493‌

91,288‌

Receivable

for

investments

sold

256,484‌

–‌

Interest

and

dividends

receivable

1,116,342‌

1,239,760‌

Receivable

from

investment

adviser

–‌

–‌

Prepaid

expenses

25,858‌

27,257‌

Total

Assets

202,572,220‌

218,762,070‌

Liabilities:

Distributions

payable

315,019‌

420,114‌

Payable

for

investments

purchased

1,724,106‌

1,288,236‌

Payable

for

capital

shares

redeemed

36,445‌

51,088‌

Other

payable

–‌

–‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

48,491‌

61,124‌

Co-administration

fees

payable

to

related

parties

7,779‌

8,413‌

Administration

fees

payable

to

related

parties

11,972‌

12,948‌

Shareholder

service

fees

3,910‌

2,220‌

Other

fees

45,863‌

47,591‌

Total

Liabilities

2,193,585‌

1,891,734‌

Net

Assets

$

200,378,635‌

$

216,870,336‌

Composition

of

Net

Assets:

Paid-In

Capital

$

202,416,592‌

$

209,799,283‌

Distributable

earnings

(2,037,957‌)

7,071,053‌

Net

Assets

$

200,378,635‌

$

216,870,336‌

Institutional

Class:

Net

assets

10,650,219‌

5,884,473‌

Shares

of

beneficial

interest

(See

note

5

)

1,145,438‌

551,387‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.30‌

$

10.67‌

Institutional

Plus

Class:

Net

assets

189,728,416‌

210,985,863‌

Shares

of

beneficial

interest

(See

note

5

)

20,342,957‌

19,771,365‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.33‌

$

10.67‌

Annual

Report

2020

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2020

43

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

GROWTH

OPPORTUNITIES

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

73,197,459‌

$

54,003,313‌

$

94,170,697‌

$

1,826,440‌

$

593,933,565‌

2,181,100‌

10,354,654‌

19,872,156‌

(247,731‌)

(18,272,872‌)

75,378,559‌

64,357,967‌

114,042,853‌

1,578,709‌

575,660,693‌

41,173‌

488‌

65,556‌

–‌

2,235,143‌

618,410‌

63,090‌

712,223‌

–‌

8,804,034‌

739,942‌

197,169‌

46,890‌

752‌

615,278‌

–‌

–‌

–‌

1,765‌

–‌

4,708‌

13,027‌

16,253‌

1,773‌

61,281‌

76,782,792‌

64,631,741‌

114,883,775‌

1,582,999‌

587,376,429‌

98,982‌

–‌

–‌

–‌

–‌

745,410‌

50,701‌

–‌

7,091‌

6,241,005‌

217,985‌

229,364‌

99,679‌

–‌

1,679,658‌

–‌

3,241‌

–‌

–‌

–‌

12,585‌

30,338‌

72,043‌

–‌

407,816‌

2,916‌

2,562‌

4,634‌

50‌

23,737‌

4,487‌

3,943‌

7,132‌

77‌

36,532‌

–‌

12,070‌

4,680‌

–‌

24,640‌

31,149‌

30,979‌

31,132‌

21,457‌

83,865‌

1,113,514‌

363,198‌

219,300‌

28,675‌

8,497,253‌

$

75,669,278‌

$

64,268,543‌

$

114,664,475‌

$

1,554,324‌

$

578,879,176‌

$

73,795,697‌

$

52,368,057‌

$

90,336,717‌

$

1,862,801‌

$

668,568,658‌

1,873,581‌

11,900,486‌

24,327,758‌

(308,477‌)

(89,689,482‌)

$

75,669,278‌

$

64,268,543‌

$

114,664,475‌

$

1,554,324‌

$

578,879,176‌

–‌

32,818,685‌

10,669,649‌

19,323‌

55,889,735‌

–‌

2,073,220‌

786,905‌

2,413‌

2,757,530‌

$

–‌

$

15.83‌

$

13.56‌

$

8.01‌

$

20.27‌

75,669,278‌

31,449,858‌

103,994,826‌

1,535,001‌

522,989,441‌

7,773,581‌

2,008,008‌

7,462,420‌

191,425‌

25,637,372‌

$

9.73‌

$

15.66‌

$

13.94‌

$

8.02‌

$

20.40‌

Annual

Report

2020

Statements

of

Operations

Year

or

Period

Ended

March

31,

2020

44

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

Investment

Income:

Interest

$

5,386,822‌

$

6,316,615‌

Dividend

62,323‌

45,986‌

Foreign

tax

withholding

–‌

–‌

Total

Income

5,449,145‌

6,362,601‌

Expenses:

Investment

advisory

fees

(Note

3)

974,935‌

1,253,640‌

Administration

fees

227,010‌

243,255‌

Shareholder

service

fees

-

Institutional

Class

20,029‌

11,017‌

Custodian

fees

18,933‌

20,935‌

Chief

compliance

officer

fees

13,521‌

14,508‌

Director

fees

12,858‌

13,711‌

Registration

and

filing

fees

24,130‌

25,533‌

Transfer

agent

fees

60,615‌

60,237‌

Other

Fees

104,466‌

105,486‌

Total

expenses

before

waivers

1,456,497‌

1,748,322‌

Expenses

waived

by

adviser

(Note

3)

(413,891‌)

(558,469‌)

Total

Expenses

1,042,606‌

1,189,853‌

Net

Investment

Income

(Loss)

4,406,539‌

5,172,748‌

Realized

and

Unrealized

Gain

(Loss)

On

Investments:

Net

realized

gain

(loss)

on

investments

transactions

498,702‌

958,471‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

323,095‌

8,844,847‌

Net

realized

and

unrealized

gain

(loss)

on

investments

821,797‌

9,803,318‌

Net

increase

(decrease)

in

net

assets

from

operations

$

5,228,336‌

$

14,976,066‌

*

Commencement

of

operations

was

August

1,

2019.

Annual

Report

2020

Statements

of

Operations

Year

or

Period

Ended

March

31,

2020

45

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

GROWTH

OPPORTUNITIES

FUND

SMALL/MID

CAP

FUND*

SMALL

COMPANY

FUND

$

1,881,102‌

$

756,738‌

$

–‌

$

–‌

$

–‌

26,583‌

739,052‌

1,348,942‌

10,226‌

11,962,376‌

–‌

(2,748‌)

(6,317‌)

(8‌)

–‌

1,907,

68

5‌

1,493,042‌

1,342,625‌

10,218‌

11,962,376‌

299,816‌

550,844‌

1,081,156‌

5,567‌

6,854,332‌

87,267‌

85,513‌

167,842‌

761‌

938,901‌

–‌

74,755‌

25,100‌

–‌

198,100‌

6,005‌

6,820‌

11,689‌

3,374‌

66,807‌

5,156‌

4,940‌

9,498‌

53‌

52,323‌

4,941‌

4,932‌

9,762‌

42‌

55,570‌

1,685‌

24,558‌

24,721‌

4,035‌

53,030‌

18,698‌

45,193‌

63,510‌

13,890‌

318,952‌

64,667‌

58,022‌

49,876‌

24,035‌

153,853‌

488,235‌

855,577‌

1,443,154‌

51,757‌

8,691,868‌

(153,327‌)

(160,801‌)

(68,755‌)

(45,547‌)

(562,569‌)

334,908‌

694,776‌

1,374,399‌

6,210‌

8,129,299‌

1,572,777‌

798,266‌

(31,774‌)

4,008‌

3,833,077‌

(

51,331‌

)

3,287,909‌

11,447,990‌

(62,566‌)

(63,182,388‌)

2,381,079‌

(4,735,780‌)

(26,376,172‌)

(247,731‌)

(130,306,531‌)

2,329,748‌

(1,447,871‌)

(14,928,182‌)

(310,297‌)

(193,488,919‌)

$

3,902,525‌

$

(649,605‌)

$

(14,959,956‌)

$

(306,289‌)

$

(189,655,842‌)

Annual

Report

2020

Statements

of

Changes

in

Net

Assets

46

See

accompanying

Notes

to

Financial

Statements.

p

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

For

the

Year

Ended

March

31,

2020

For

the

Year

Ended

March

31,

2019

For

the

Year

Ended

March

31,

2020

For

the

Year

Ended

March

31,

2019

For

the

Year

Ended

March

31,

2020

Operations:

Net

investment

income

(loss)

$

4,406,539‌

$

3,771,317‌

$

5,172,748‌

$

5,074,394‌

$

1,572,777‌

Net

realized

gain

(loss)

on

investment

transactions

498,702‌

(458,292‌)

958,471‌

(722,984‌)

(

51,331‌

)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

323,095‌

1,845,975‌

8,844,847‌

3,977,777‌

2,381,079‌

Net

increase

(decrease)

in

net

assets

from

operations

5,228,336‌

5,159,000‌

14,976,066‌

8,329,187‌

3,902,525‌

Distributions

to

Shareholders:

Institutional

Class

(245,658‌)

(334,436‌)

(166,935‌)

(191,515‌)

–‌

Institutional

Plus

Class

(4,472,125‌)

(3,721,286‌)

(5,889,633‌)

(5,752,279‌)

(1,646,438‌)

Return

of

Capital

Institutional

Plus

Class

–‌

–‌

–‌

–‌

–‌

Change

in

net

assets

from

distributions

to

shareholders

(4,717,783‌)

(4,055,722‌)

(6,056,568‌)

(5,943,794‌)

(1,646,438‌)

Capital

Transactions:

Proceeds

from

shares

issued

Institutional

Class

1,596,447‌

3,335,867‌

653,225‌

269,705‌

–‌

Institutional

Plus

Class

46,270,678‌

47,643,785‌

38,192,608‌

29,286,868‌

11,054,567‌

Proceeds

from

dividends

reinvested

Institutional

Class

193,801‌

192,225‌

166,403‌

191,275‌

–‌

Institutional

Plus

Class

868,591‌

751,656‌

819,497‌

754,540‌

272,209‌

Cost

of

shares

redeemed

Institutional

Class

(1,748,764‌)

(8,314,061‌)

(1,529,500‌)

(1,097,974‌)

–‌

Institutional

Plus

Class

(29,541,728‌)

(25,017,947‌)

(26,953,804‌)

(34,143,903‌)

(9,707,953‌)

Change

in

net

assets

from

capital

transactions

17,639,025‌

18,591,525‌

11,348,429‌

(4,739,489‌)

1,618,823‌

Change

in

net

assets

18,149,578‌

19,694,803‌

20,267,927‌

(2,354,096‌)

3,874,910‌

Net

Assets:

Beginning

of

Year

182,229,057‌

162,534,254‌

196,602,409‌

198,956,505‌

71,794,368‌

**

End

of

Year

$

200,378,635‌

$

182,229,057‌

$

216,870,336‌

$

196,602,409‌

$

75,669,278‌

Share

Transactions

Institutional

Class:

Shares

issued

171,275‌

363,674‌

62,559‌

26,981‌

–‌

Shares

reinvested

20,703‌

20,920‌

15,772‌

19,138‌

–‌

Shares

redeemed

(187,184‌)

(902,822‌)

(145,490‌)

(109,695‌)

–‌

Change

in

shares

4,794‌

(518,228‌)

(67,159‌)

(63,576‌)

–‌

Share

Transactions

Institutional

Plus

Class:

Shares

issued

4,929,077‌

5,166,572‌

3,624,681‌

2,927,218‌

1,137,410‌

Shares

reinvested

92,512‌

81,544‌

77,600‌

75,475‌

27,993‌

Shares

redeemed

(3,147,846‌)

(2,715,227‌)

(2,548,545‌)

(3,418,489‌)

(998,363‌)

Change

in

shares

1,873,743‌

2,532,889‌

1,153,736‌

(415,796‌)

167,040‌

*

Commencement

of

operations.

**

Net

assets

for

the

period

March

31,

2019

were

updated

retrospectively

for

the

adoption

of

Accounting

Standards

Update

no.

2017-08,

"Receivables-Nonrefundable

Fees

and

Other

Costs

(Subtopic

310-20):

Premium

Amortization

on

Purchased

Callable

Debt

Securities."

See

Note

7.

Annual

Report

2020

Statements

of

Changes

in

Net

Assets

47

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

GROWTH

OPPORTUNITIES

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

For

the

Year

Ended

March

31,

2019

For

the

Year

Ended

March

31,

2020

For

the

Year

Ended

March

31,

2019

For

the

Year

Ended

March

31,

2020

For

the

Year

Ended

March

31,

2019

August

1,

2019

*

Through

March

31,

2020

For

the

Year

Ended

March

31,

2020

For

the

Year

Ended

March

31,

2019

$

1,722,303‌

$

798,266‌

$

692,713‌

$

(31,774‌)

$

(211,951‌)

$

4,008‌

$

3,833,077‌

$

2,046,395‌

(37,571‌)

3,287,909‌

2,440,610‌

11,447,990‌

8,663,259‌

(62,566‌)

(63,182,388‌)

33,124,779‌

1,310,968‌

(4,735,780‌)

1,704,434‌

(26,376,172‌)

7,148,950‌

(247,731‌)

(130,306,531‌)

(15,604,091‌)

2,995,700‌

(649,605‌)

4,837,757‌

(14,959,956‌)

15,600,258‌

(306,289‌)

(189,655,842‌)

19,567,083‌

–‌

(1,803,989‌)

(2,703,104‌)

(803,304‌)

(1,519,803‌)

(36‌)

(1,130,610‌)

(4,536,409‌)

(1,732,027‌)

(1,749,752‌)

(2,143,360‌)

(7,251,010‌)

(12,031,449‌)

(2,152‌)

(11,261,847‌)

(26,857,264‌)

(561,894‌)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(2,293,921‌)

(3,553,741‌)

(4,846,464‌)

(8,054,314‌)

(13,551,252‌)

(2,188‌)

(12,392,457‌)

(31,393,673‌)

–‌

1,526,871‌

2,557,873‌

323,327‌

874,244‌

24,901‌

19,583,511‌

29,232,702‌

12,553,191‌

5,285,256‌

4,400,142‌

15,262,256‌

18,903,033‌

1,837,926‌

301,966,907‌

370,943,274‌

–‌

1,680,316‌

2,506,444‌

765,846‌

1,383,739‌

36‌

1,007,202‌

4,190,150‌

357,022‌

1,490,812‌

1,859,934‌

3,856,918‌

6,390,096‌

1,222‌

7,182,603‌

17,577,803‌

–‌

(7,333,369‌)

(7,419,936‌)

(3,151,785‌)

(4,625,639‌)

(1,049‌)

(38,693,082‌)

(111,975,067‌)

(6,192,682‌)

(5,703,461‌)

(2,367,661‌)

(21,961,417‌)

(18,550,810‌)

(235‌)

(326,108,229‌)

(174,615,302‌)

6,717,531‌

(3,053,575‌)

1,536,796‌

(4,904,855‌)

4,374,663‌

1,862,801‌

(35,061,088‌)

135,353,560‌

7,419,310‌

(7,256,921‌)

1,528,089‌

(27,919,125‌)

6,423,669‌

1,554,324‌

(237,109,387‌)

123,526,970‌

65,525,591‌

71,525,464‌

69,997,375‌

142,583,600‌

136,159,931‌

–‌

815,988,563‌

692,461,593‌

$

72,944,901‌

$

64,268,543‌

$

71,525,464‌

$

114,664,475‌

$

142,583,600‌

$

1,554,324‌

$

578,879,176‌

$

815,988,563‌

–‌

86,805‌

149,596‌

19,418‌

53,755‌

2,510‌

725,055‌

1,044,934‌

–‌

95,528‌

155,678‌

45,290‌

96,227‌

3‌

34,600‌

164,642‌

–‌

(427,225‌)

(442,756‌)

(188,136‌)

(281,948‌)

(100‌)

(1,449,193‌)

(3,835,822‌)

–‌

(244,892‌)

(137,482‌)

(123,428‌)

(131,966‌)

2,413‌

(689,538‌)

(2,626,246‌)

1,327,450‌

307,893‌

262,116‌

883,185‌

1,153,836‌

191,334‌

11,203,250‌

13,396,018‌

37,781‌

85,859‌

116,413‌

222,045‌

434,110‌

113‌

245,307‌

686,633‌

(655,692‌)

(332,015‌)

(139,960‌)

(1,291,575‌)

(1,145,807‌)

(22‌)

(12,113,217‌)

(6,160,102‌)

709,539‌

61,737‌

238,569‌

(186,345‌)

442,139‌

191,425‌

(664,660‌)

7,922,549‌

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2020

48

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

Return

of

Capital

Net

Asset

Value,

End

of

Period

Total

Return

(b)

Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

(c)

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(c)

Expense

to

Average

Net

Assets

(c)(d)

Portfolio

Turnover

(b)

SHORT-INTERMEDIATE

BOND

FUND

Institutional

Class

03/31/20

$

9.27‌

$

0.20‌

$

0.04‌

$

0.24‌

$

(0.20‌)

$

(0.01‌)

$

—‌

$

9.30‌

2.60‌

%

$

10,650‌

0.71‌

%

2.09‌

%

1.21‌

%

50‌

%

03/31/19

9.21‌

0.19‌

0.07‌

0.26‌

(0.19‌)

(0.01‌)

—‌

9.27‌

2.88‌

10,569‌

0.76‌

2.03‌

1.17‌

43‌

03/31/18

9.32‌

0.16‌

(0.07‌)

0.09‌

(0.19‌)

(0.01‌)

—‌

9.21‌

0.93‌

15,281‌

0.77‌

1.71‌

1.22‌

43‌

03/31/17

9.38‌

0.16‌

(0.03‌)

0.13‌

(0.18‌)

(0.01‌)

—‌

9.32‌

1.48‌

9,933‌

0.75‌

1.75‌

1.28‌

48‌

03/31/16

9.45‌

0.14‌

(0.04‌)

0.10‌

(0.16‌)

(0.01‌)

—‌

9.38‌

1.11‌

12,202‌

0.76‌

1.50‌

1.11‌

40‌

Institutional

Plus

Class

03/31/20

9.29‌

0.21‌

0.06‌

0.27‌

(0.22‌)

(0.01‌)

—‌

9.33‌

2.90‌

189,728‌

0.52‌

2.27‌

0.72‌

50‌

03/31/19

9.24‌

0.21‌

0.06‌

0.27‌

(0.21‌)

(0.01‌)

—‌

9.29‌

2.99‌

171,660‌

0.54‌

2.25‌

0.73‌

43‌

03/31/18

9.35‌

0.18‌

(0.07‌)

0.11‌

(0.21‌)

(0.01‌)

—‌

9.24‌

1.17‌

147,253‌

0.54‌

1.94‌

0.73‌

43‌

03/31/17

9.41‌

0.19‌

(0.03‌)

0.16‌

(0.21‌)

(0.01‌)

—‌

9.35‌

1.70‌

118,220‌

0.54‌

1.98‌

0.75‌

48‌

03/31/16

9.48‌

0.16‌

(0.04‌)

0.12‌

(0.18‌)

(0.01‌)

—‌

9.41‌

1.32‌

112,308‌

0.54‌

1.73‌

0.77‌

40‌

INCOME

FUND

Institutional

Class

03/31/20

10.22‌

0.24‌

0.50‌

0.74‌

(0.28‌)

(0.01‌)

—‌

10.67‌

7.27‌

5,884‌

0.75‌

2.29‌

1.52‌

30‌

03/31/19

10.09‌

0.25‌

0.18‌

0.43‌

(0.29‌)

(0.01‌)

—‌

10.22‌

4.31‌

6,322‌

0.80‌

2.49‌

1.48‌

33‌

03/31/18

10.22‌

0.24‌

(0.08‌)

0.16‌

(0.28‌)

(0.01‌)

—‌

10.09‌

1.61‌

6,884‌

0.82‌

2.33‌

1.48‌

33‌

03/31/17

10.41‌

0.24‌

(0.14‌)

0.10‌

(0.28‌)

(0.01‌)

—‌

10.22‌

0.89‌

6,621‌

0.82‌

2.29‌

1.62‌

44‌

03/31/16

10.51‌

0.24‌

(0.05‌)

0.19‌

(0.28‌)

(0.01‌)

—‌

10.41‌

1.77‌

6,809‌

0.81‌

2.29‌

1.19‌

24‌

Institutional

Plus

Class

03/31/20

10.22‌

0.26‌

0.50‌

0.76‌

(0.30‌)

(0.01‌)

—‌

10.67‌

7.47‌

210,986‌

0.56‌

2.48‌

0.82‌

30‌

03/31/19

10.09‌

0.27‌

0.17‌

0.44‌

(0.30‌)

(0.01‌)

—‌

10.22‌

4.50‌

190,280‌

0.61‌

2.67‌

0.82‌

33‌

03/31/18

10.22‌

0.26‌

(0.08‌)

0.18‌

(0.30‌)

(0.01‌)

—‌

10.09‌

1.80‌

192,073‌

0.64‌

2.52‌

0.82‌

33‌

03/31/17

10.41‌

0.26‌

(0.15‌)

0.11‌

(0.29‌)

(0.01‌)

—‌

10.22‌

1.07‌

193,808‌

0.64‌

2.47‌

0.83‌

44‌

03/31/16

10.52‌

0.25‌

(0.07‌)

0.18‌

(0.28‌)

(0.01‌)

—‌

10.41‌

1.81‌

187,490‌

0.64‌

2.41‌

0.85‌

24‌

NEBRASKA

TAX-FREE

FUND

Institutional

Plus

Class

03/31/20

9.59‌

0.20‌

0.15‌

0.35‌

(0.21‌)

—‌

—‌

9.73‌

3.71‌

75,669‌

0.45‌

2.10‌

0.65‌

39‌

03/31/19

9.50‌

0.24‌

0.17‌

0.41‌

(0.25‌)

—‌

(0.07‌)

9.59‌

4.39‌

72,945‌

0.45‌

2.52‌

0.66‌

17‌

03/31/18

9.69‌

0.25‌

(0.12‌)

0.13‌

(0.32‌)

—‌

—‌

9.50‌

1.31‌

65,526‌

0.45‌

2.56‌

0.67‌

5‌

03/31/17

10.05‌

0.26‌

(0.30‌)

(0.04‌)

(0.32‌)

—‌

—‌

9.69‌

(0.43‌)

71,709‌

0.45‌

2.66‌

0.69‌

11‌

03/31/16

(f)

10.00‌

0.07‌

0.07‌

0.14‌

(0.09‌)

—‌

—‌

10.05‌

1.35‌

57,029‌

0.45‌

2.96‌

0.85‌

5‌

BALANCED

FUND

Institutional

Class

03/31/20

16.85‌

0.18‌

(0.35‌)

(0.17‌)

(0.17‌)

(0.68‌)

—‌

15.83‌

(1.52‌)

32,819‌

1.04‌

1.00‌

1.28‌

19‌

03/31/19

16.87‌

0.15‌

1.00‌

1.15‌

(0.15‌)

(1.02‌)

—‌

16.85‌

7.22‌

39,049‌

1.09‌

0.90‌

1.28‌

23‌

03/31/18

16.86‌

0.13‌

1.29‌

1.42‌

(0.14‌)

(1.27‌)

—‌

16.87‌

8.46‌

41,426‌

1.18‌

0.76‌

1.27‌

15‌

03/31/17

16.71‌

0.13‌

1.11‌

1.24‌

(0.13‌)

(0.96‌)

—‌

16.86‌

7.71‌

49,241‌

1.18‌

0.75‌

1.26‌

22‌

03/31/16

17.66‌

0.05‌

(0.57‌)

(0.52‌)

(0.06‌)

(0.37‌)

—‌

16.71‌

(2.93‌)

71,090‌

1.19‌

0.31‌

1.26‌

42‌

Institutional

Plus

Class

03/31/20

16.69‌

0.21‌

(0.35‌)

(0.14‌)

(0.21‌)

(0.68‌)

—‌

15.66‌

(1.34‌)

31,450‌

0.8

5‌

1.19‌

1.03‌

19‌

03/31/19

16.73‌

0.19‌

0.98‌

1.17‌

(0.19‌)

(1.02‌)

—‌

16.69‌

7.43‌

32,477‌

0.90‌

1.10‌

1.04‌

23‌

03/31/18

16.74‌

0.16‌

1.28‌

1.44‌

(0.18‌)

(1.27‌)

—‌

16.73‌

8.66‌

28,571‌

0.99‌

0.95‌

1.03‌

15‌

03/31/17

16.61‌

0.16‌

1.10‌

1.26‌

(0.17‌)

(0.96‌)

—‌

16.74‌

7.90‌

33,209‌

0.99‌

0.94‌

1.03‌

22‌

03/31/16

17.57‌

0.09‌

(0.59‌)

(0.50‌)

(0.09‌)

(0.37‌)

—‌

16.61‌

(2.78‌)

35,592‌

0.99‌

0.51‌

1.01‌

42‌

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2020

49

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

Return

of

Capital

Net

Asset

Value,

End

of

Period

Total

Return

(b)

Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

(c)

Net

Investment

Income

(Loss)

to

Average

Net

Assets

(c)

Expense

to

Average

Net

Assets

(c)(d)

Portfolio

Turnover

(b)

GROWTH

OPPORTUNITIES

FUND

Institutional

Class

03/31/20

$

16.30‌

$

(0.03‌)

$

(1.72‌)

$

(1.75‌)

$

—‌

$

(0.99‌)

$

—‌

$

13.56‌

(11.93‌)

%

$

10,670‌

1.11‌

%

(0.18‌)

%

1.36‌

%

66‌

%

03/31/19

16.22‌

(0.05‌)

1.83‌

1.78‌

—‌

(1.70‌)

—‌

16.30‌

12.37‌

14,840‌

1.11‌

(0.31‌)

1.34‌

42‌

03/31/18

16.48‌

(0.04‌)

2.35‌

2.31‌

—‌

(2.57‌)

—‌

16.22‌

14.66‌

16,906‌

1.13‌

(0.25‌)

1.33‌

50‌

03/31/17

14.82‌

(0.05‌)

2.65‌

2.60‌

—‌

(0.94‌)

—‌

16.48‌

17.89‌

17,999‌

1.14‌

(0.31‌)

1.25‌

36‌

03/31/16

19.02‌

(0.06‌)

(1.83‌)

(1.89‌)

—‌

(2.31‌)

—‌

14.82‌

(9.78‌)

43,260‌

1.16‌

(0.34‌)

1.27‌

57‌

Institutional

Plus

Class

03/31/20

16.70‌

0.00‌

(e)

(1.77‌)

(1.77‌)

—‌

(0.99‌)

—‌

13.94‌

(11.76‌)

103,995‌

0.94‌

0.00‌

0.96‌

66‌

03/31/19

16.55‌

(0.02‌)

1.87‌

1.85‌

—‌

(1.70‌)

—‌

16.70‌

12.56‌

127,744‌

0.94‌

(0.13‌)

0.97‌

42‌

03/31/18

16.74‌

(0.01‌)

2.39‌

2.38‌

—‌

(2.57‌)

—‌

16.55‌

14.86‌

119,254‌

0.94‌

(0.06‌)

0.97‌

50‌

03/31/17

15.00‌

(0.01‌)

2.69‌

2.68‌

—‌

(0.94‌)

—‌

16.74‌

18.21‌

110,522‌

0.94‌

(0.08‌)

0.98‌

36‌

03/31/16

19.19‌

(0.02‌)

(1.86‌)

(1.88‌)

—‌

(2.31‌)

—‌

15.00‌

(9.63‌)

103,537‌

0.94‌

(0.10‌)

0.99‌

57‌

SMALL/MID

CAP

FUND

Institutional

Class

03/31/20

(g)

10.00‌

0.03‌

(2.00‌)

(1.97‌)

(0.02‌)

—‌

—‌

8.01‌

(19.78‌)

19‌

1.1

7‌

0.

41‌

70.42‌

13‌

Institutional

Plus

Class

03/31/20

(g)

10.00‌

0.04‌

(2.00‌)

(1.96‌)

(0.02‌)

—‌

—‌

8.02‌

(19.63‌)

1,535‌

0.93‌

0.61‌

6.52‌

13‌

SMALL

COMPANY

FUND

Institutional

Class

03/31/20

27.27‌

0.08‌

(6.70‌)

(6.62‌)

—‌

(0.38‌)

—‌

20.27‌

(24.71‌)

55,890‌

1.21‌

0.28‌

1.34‌

33‌

03/31/19

28.21‌

0.03‌

0.35‌

0.38‌

—‌

(1.32‌)

—‌

27.27‌

1.67‌

94,013‌

1.20‌

0.11‌

1.30‌

26‌

03/31/18

28.28‌

(0.02‌)

(h)

1.45‌

1.43‌

—‌

(1.50‌)

—‌

28.21‌

5.11‌

171,338‌

1.22‌

(0.06‌)

1.29‌

28‌

03/31/17

23.17‌

0.07‌

5.45‌

5.52‌

(0.06‌)

(0.35‌)

—‌

28.28‌

23.87‌

210,573‌

1.20‌

0.27‌

1.31‌

33‌

03/31/16

24.06‌

0.02‌

(0.20‌)

(0.18‌)

(0.04‌)

(0.67‌)

—‌

23.17‌

(0.65‌)

51,527‌

1.18‌

0.10‌

1.34‌

32‌

Institutional

Plus

Class

03/31/20

27.45‌

0.14‌

(6.74‌)

(6.60‌)

(0.07‌)

(0.38‌)

—‌

20.40‌

(24.55‌)

522,989‌

0.98‌

0.50‌

1.05‌

33‌

03/31/19

28.35‌

0.09‌

0.35‌

0.44‌

(0.02‌)

(1.32‌)

—‌

27.45‌

1.90‌

721,976‌

0.99‌

0.32‌

1.08‌

26‌

03/31/18

28.35‌

0.05‌

1.45‌

1.50‌

—‌

(1.50‌)

—‌

28.35‌

5.34‌

521,124‌

0.99‌

0.17‌

1.08‌

28‌

03/31/17

23.20‌

0.12‌

5.47‌

5.59‌

(0.09‌)

(0.35‌)

—‌

28.35‌

24.14‌

379,675‌

0.99‌

0.47‌

1.06‌

33‌

03/31/16

24.12‌

0.07‌

(0.21‌)

(0.14‌)

(0.11‌)

(0.67‌)

—‌

23.20‌

(0.48‌)

220,980‌

0.99‌

0.30‌

1.07‌

32‌

(a)

Per

share

data

calculated

using

average

share

method.

(b)

Not

annualized

for

a

period

less

than

one

year.

(c)

Annualized

for

a

period

less

than

one

year.

(d)

Ratios

excluding

contractual

and

voluntary

waivers.

(e)

Amount

represents

less

than

$0.005.

(f)

Commencement

of

operations

of

Tributary

Nebraska

Tax-Free

Fund

-

Institutional

Plus

Class

shares

was

January

1,

2016.

(g)

Commencement

of

operations

of

Tributary

Small/Mid

Cap

Fund

-

Institutional

and

Institutional

Plus

Class

shares

was

August

2,

2019

and

August

1,

2019,

respectively.

(h)

Realized

and

unrealized

gains

and

losses

per

share

in

this

caption

are

balancing

amounts

necessary

to

reconcile

the

change

in

net

asset

value

per

share

for

the

period,

and

may

not

reconcile

with

the

aggregate

gains

and

losses

in

the

Statement

of

Operations

due

to

share

transactions

for

the

period.

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

50

1.

Organization

Tributary

Funds,

Inc.

(the

“Company”)

was

organized

in

October

1994

as

a

Nebraska

corporation

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company

issuing

its

shares

in

series.

The

Company

consists

of

seven

series,

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund,

Balanced

Fund,

Growth

Opportunities

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

Fund,

Growth

Opportunities

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

are

all

diversified

series.

Nebraska

Tax-

Free

Fund

is

a

non-diversified

series.

Each

series

represents

a

distinct

portfolio

with

its

own

investment

objectives

and

policies.

Refer

to

the

prospectus

for

each

Fund’s

investment

objective.

All

Funds

offer

Institutional

Plus

Class

shares

without

a

sales

charge

and

the

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

Fund,

Growth

Opportunities

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

also

offer

Institutional

Class

shares.

The

two

classes

differ

principally

in

applicable

minimum

investment

and

shareholder

servicing

fees.

Shareholders

bear

the

common

expenses

of

each

Fund

and

earn

income

and

realized

gains/losses

from

each

Fund

pro

rata

based

on

the

average

daily

net

assets

of

each

class,

without

discrimination

between

share

classes.

Each

share

class

also

has

different

voting

rights

on

matters

affecting

a

single

class.

No

class

has

preferential

dividend

rights.

2.

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services-Investment

Companies

.

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Company

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

net

asset

value

(“NAV”)

per

share

of

each

Fund

is

determined

each

business

day

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”),

which

is

normally

4

p.m.

Eastern

Time.

In

valuing

a

Fund’s

assets

for

calculating

the

NAV,

securities

listed

on

a

securities

exchange,

market

or

automated

quotation

system

for

which

quotations

are

readily

available,

including

traded

over

the

counter

securities,

are

valued

at

the

official

closing

price

on

the

primary

exchange

or

market

on

which

they

traded

or,

if

there

is

no

such

reported

price

on

the

valuation

date,

at

the

most

recent

quoted

sale

price

or

bid

price.

Investments

in

investment

companies

are

valued

at

the

NAV

per

share

determined

as

of

the

close

of

the

NYSE.

Short-term

debt

investments

(maturing

within

60

days)

may

be

valued

on

an

amortized

cost

basis,

unless

such

value

does

not

approximate

fair

value.

Debt

securities

(other

than

short-term

investments)

are

valued

at

prices

furnished

by

pricing

services

and

generally

reflect

last

reported

sales

price

if

the

security

is

actively

traded

or

an

evaluated

bid

price

obtained

by

employing

methodologies

that

utilize

actual

market

transactions;

broker

supplied

valuations;

or

factors

such

as

yield,

maturity,

call

features,

credit

ratings,

or

developments

relating

to

specific

securities

in

arriving

at

the

valuation.

Prices

provided

by

pricing

services

are

subject

to

review

and

determination

of

the

appropriate

price

whenever

a

furnished

price

is

significantly

different

from

the

previous

day’s

furnished

price.

Securities

for

which

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Company’s

Fair

Value

Committee

(“Fair

Value

Committee”)

pursuant

to

procedures

established

by

the

Company’s

Board

of

Directors

(“Board”).

Situations

that

may

require

an

investment

to

be

fair

valued

include

instances

where

a

security

is

thinly

traded,

halted,

or

restricted

as

to

resale.

In

addition,

investments

may

be

fair

valued

based

on

the

occurrence

of

a

significant

event.

Significant

events

may

be

specific

to

a

particular

issuer,

such

as

mergers,

restructurings,

or

defaults.

Alternatively,

significant

events

may

affect

an

entire

market,

such

as

natural

disasters,

government

actions,

and

significant

changes

in

the

value

of

U.S.

securities

markets.

Securities

are

fair

valued

based

on

observable

and

unobservable

inputs,

including

the

Fair

Value

Committee's

own

assumptions

in

determining

fair

value.

Factors

used

in

determining

fair

value

include,

but

are

not

limited

to:

type

of

security

or

asset,

trading

activity

of

similar

markets

or

securities,

fundamental

analytical

data

relating

to

the

investment,

evaluation

of

the

forces

that

influence

the

market

in

which

the

security

is

purchased

and

sold,

and

information

as

to

any

transactions

or

offers

with

respect

to

the

security.

Under

the

Company’s

pricing

and

valuation

procedures,

the

Board

has

delegated

the

daily

operational

oversight

of

the

securities

valuation

function

to

the

Fair

Value

Committee,

which

consists

of

representatives

from

the

Funds’

Adviser,

Sub-Adviser,

and

the

Treasurer,

who

serves

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

51

on

the

committee

as

a

non-voting

member.

The

Fair

Value

Committee

is

responsible

for

determining

fair

valuations

for

any

security

for

which

market

quotations

are

not

readily

available.

For

those

securities

fair

valued

under

procedures

adopted

by

the

Board,

the

Fair

Value

Committee

reviews

and

affirms

the

reasonableness

of

the

fair

valuation

determinations

after

considering

all

relevant

information

that

is

reasonably

available.

The

Fair

Valuation

Committee’s

determinations

are

subject

to

review

by

the

Funds’

Board

at

its

next

regularly

scheduled

meeting

covering

the

calendar

quarter

in

which

the

fair

valuation

was

determined.

The

Funds

use

a

framework

for

measuring

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

(exit

price).

One

component

of

fair

value

is

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

various

“inputs”

used

to

determine

the

value

of

the

Funds’

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

includes

valuations

based

on

quoted

prices

of

identical

securities

in

active

markets

including

valuations

for

securities

listed

on

a

securities

exchange

or

investments

in

mutual

funds.

Level

2

–

includes

valuations

for

which

all

significant

inputs

are

observable,

either

directly

or

indirectly.

Direct

observable

inputs

include

broker

quotes

in

active

markets,

closing

prices

of

similar

securities

in

active

markets,

closing

prices

for

identical

or

similar

securities

in

non-active

markets,

or

corporate

action

or

reorganization

entitlement

values.

Indirect

significant

observable

inputs

include

factors

such

as

interest

rates,

yield

curves,

prepayment

speeds

or

credit

ratings.

Level

2

includes

valuations

for

fixed

income

securities

priced

by

pricing

services,

broker

quotes

in

active

markets,

or

ADRs

and

GDRs

for

which

quoted

prices

in

active

markets

are

not

available.

Level

3

–

includes

valuations

based

on

inputs

that

are

unobservable

and

significant

to

the

fair

value

measurement,

including

the

Fair

Value

Committee's

own

assumptions

in

determining

the

fair

value

of

the

investment.

Inputs

used

to

determine

the

fair

value

of

Level

3

securities

include

security

specific

inputs

such

as:

credit

quality,

issuer

news,

trading

characteristics,

or

industry

specific

inputs

such

as:

trading

activity

of

similar

markets

or

securities,

changes

in

the

security’s

underlying

index,

or

comparable

securities’

models.

Level

3

valuations

include

securities

that

are

priced

based

on

single

source

broker

quotes,

where

prices

may

be

unavailable

due

to

halted

trading,

restricted

to

resale

due

to

market

events,

newly

issued

or

investments

for

which

reliable

quotes

are

not

available.

To

assess

the

continuing

appropriateness

of

security

valuations,

the

co-administrator

regularly

compares

current

day

prices

with

prior

day

prices,

transaction

prices,

and

alternative

vendor

prices.

When

the

comparison

results

exceed

pre-defined

thresholds,

the

co-administrator

challenges

the

prices

exceeding

tolerance

levels

with

the

pricing

service

or

broker.

To

substantiate

Level

3

unobservable

inputs,

the

adviser

and

co-administrator

use

a

variety

of

techniques

as

appropriate,

including,

transaction

backtesting

or

disposition

analysis

and

review

of

related

market

activity.

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund’s

investments

as

of

March

31,

2020,

by

category:

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Short-Intermediate

Bond

Fund

Asset

Backed

Securities

$

–‌

$

32,945,554‌

$

–‌

$

32,945,554‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

15,591,391‌

–‌

15,591,391‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

20,629,597‌

–‌

20,629,597‌

Corporate

Bonds

–‌

69,815,853‌

–‌

69,815,853‌

Government

&

Agency

Obligations

–‌

59,636,256‌

–‌

59,636,256‌

Preferred

Stocks

387,206‌

–‌

–‌

387,206‌

Short-Term

Investments

2,126,186‌

–‌

–‌

2,126,186‌

Total

$

2,513,392‌

$

198,618,651‌

$

–‌

$

201,132,043‌

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

52

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

9,014,958‌

$

–‌

$

9,014,958‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

15,123,624‌

–‌

15,123,624‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

17,196,559‌

–‌

17,196,559‌

Corporate

Bonds

–‌

62,394,935‌

–‌

62,394,935‌

Government

&

Agency

Obligations

–‌

110,437,202‌

–‌

110,437,202‌

Short-Term

Investments

3,236,487‌

–‌

–‌

3,236,487‌

Total

$

3,236,487‌

$

214,167,278‌

$

–‌

$

217,403,765‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

75,285,812‌

$

–‌

$

75,285,812‌

Short-Term

Investments

92,747‌

–‌

–‌

92,747‌

Total

$

92,747‌

$

75,285,812‌

$

–‌

$

75,378,559‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks

$

36,594,680‌

$

–‌

$

–‌

$

36,594,680‌

Asset

Backed

Securities

–‌

1,656,645‌

–‌

1,656,645‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

1,533,857‌

–‌

1,533,857‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

970,040‌

–‌

970,040‌

Corporate

Bonds

–‌

7,670,353‌

–‌

7,670,353‌

Government

&

Agency

Obligations

–‌

13,410,627‌

–‌

13,410,627‌

Short-Term

Investments

2,521,765‌

–‌

–‌

2,521,765‌

Total

$

39,116,445‌

$

25,241,522‌

$

–‌

$

64,357,967‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Growth

Opportunities

Fund

Common

Stocks*

$

109,072,830‌

$

–‌

$

–‌

$

109,072,830‌

Short-Term

Investments

4,970,023‌

–‌

–‌

4,970,023‌

Total

$

114,042,853‌

$

–‌

$

–‌

$

114,042,853‌

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

53

*

See

Schedules

of

Portfolio

Investments

for

further

industry

classification.

Guarantees

and

Indemnifications

In

the

normal

course

of

business,

the

Company

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications

for

certain

liabilities.

Each

Fund’s

maximum

exposure

under

these

arrangements

is

unknown.

However,

since

their

commencement

of

operations,

the

Funds

have

not

had

claims

or

losses

pursuant

to

these

contracts

and

expect

the

risk

of

loss

to

be

remote.

Under

the

Company's

organizational

documents,

its

Officers

and

Directors

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

certain

of

the

Company's

contracts

with

service

providers

contain

general

indemnification

clauses.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Security

Transactions,

Investment

Income

and

Foreign

Taxes

Securities

transactions

are

accounted

for

no

later

than

one

business

day

following

trade

date.

For

financial

reporting

purposes,

however,

on

the

last

business

day

of

the

reporting

period,

security

transactions

are

accounted

for

on

trade

date.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premium

or

accretion

of

discount,

using

the

effective

interest

method.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Dividends

and

interest

from

non-U.S.

sources

received

by

a

Fund

are

generally

subject

to

non-U.S.

net

withholding

taxes.

Such

withholding

taxes

may

be

reduced

or

eliminated

under

the

terms

of

applicable

U.S.

income

tax

treaties,

and

each

Fund

intends

to

undertake

any

procedural

steps

required

to

claim

the

benefits

of

such

treaties.

Gains

or

losses

realized

on

the

sales

of

securities

are

determined

by

comparing

the

identified

cost

of

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

on

foreign

dividends

have

been

paid

or

provided

for

in

accordance

with

each

applicable

country’s

tax

rules

and

rates.

Allocation

of

Expenses

Expenses

directly

attributable

to

a

Fund

are

charged

directly

to

that

Fund,

while

expenses

which

are

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

another

appropriate

basis.

Expenses

directly

attributable

to

a

class

are

charged

directly

to

that

class,

while

expenses

attributable

to

both

classes

are

allocated

to

each

class

based

upon

the

ratio

of

net

assets

for

each

class

as

a

percentage

of

total

net

assets.

Distributions

to

Shareholders

Dividends

from

net

investment

income

are

declared

daily

and

paid

monthly

for

the

Short-Intermediate

Bond,

Income,

and

Nebraska

Tax-Free

Funds.

The

Balanced

Fund

declares

and

pays

dividends

from

net

investment

income,

if

any,

quarterly.

The

Growth

Opportunities

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

declare

and

pay

dividends

from

net

investment

income,

if

any,

annually.

Distributions

of

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually

for

all

the

Funds

only

to

the

extent

they

exceed

available

capital

loss

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

1,549,346‌

$

–‌

$

–‌

$

1,549,346‌

Short-Term

Investments

29,363‌

–‌

–‌

29,363‌

Total

$

1,578,709‌

$

–‌

$

–‌

$

1,578,709‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

554,327,016‌

$

–‌

$

–‌

$

554,327,016‌

Short-Term

Investments

21,333,677‌

–‌

–‌

21,333,677‌

Total

$

575,660,693‌

$

–‌

$

–‌

$

575,660,693‌

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

54

carryovers.

The

amount

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations

which

may

differ

from

GAAP

and

are

recorded

on

the

ex-dividend

date.

3.

Related

Party

Transactions

and

Fees

and

Agreements

Tributary

Capital

Management,

LLC

(“Tributary”

or

“Adviser”),

a

subsidiary

of

First

National

Bank

of

Omaha

(“FNBO”),

which

is

a

subsidiary

of

First

National

Bank

of

Nebraska,

Inc.,

serves

as

the

investment

adviser

to

the

Funds.

Each

Fund

pays

a

monthly

fee

at

an

annual

rate

of

the

following

percentages

of

each

Fund’s

average

daily

net

assets:

0.50%

for

the

Short-Intermediate

Bond

Fund,

0.60%

for

the

Income

Fund,

0.40%

for

the

Nebraska

Tax-Free

Fund,

0.75%

for

each

of

the

Balanced

Fund

and

Growth

Opportunities

Fund,

and

0.85%

for

each

of

the

Small/Mid

Cap

Fund

and

Small

Company

Fund.

First

National

Fund

Advisers

(“FNFA”

or

“Sub-Adviser”),

a

division

of

FNBO,

serves

as

the

investment

sub-adviser

for

the

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund,

Balanced

Fund

and

Growth

Opportunities

Fund.

Sub-advisory

fees

paid

to

FNFA

are

paid

by

Tributary.

For

the

services

provided

and

expenses

assumed

under

the

FNFA

Sub-Advisory

Agreement,

Tributary

pays

FNFA

a

fee

equal

to

0.25%

of

the

average

daily

net

assets

of

the

Short-Intermediate

Bond

Fund,

0.30%

of

the

average

daily

net

assets

of

the

Income

Fund,

0.20%

of

the

average

daily

net

assets

of

the

Nebraska

Tax-Free

Fund,

0.375%

of

the

average

daily

net

assets

of

the

Balanced

Fund,

and

0.375%

of

the

average

daily

net

assets

of

the

Growth

Opportunities

Fund.

Costs

incurred

with

the

organization

and

offering

of

Small/Mid

Cap

Fund

have

been

paid

by

the

Adviser.

Tributary

has

contractually

agreed

to

waive

advisory

fees

and

reduce

the

administration

fee

payable

to

the

Adviser

and/or

reimburse

other

expenses

of

each

Fund

to

the

extent

necessary

to

limit

the

total

operating

expenses

of

each

Fund,

exclusive

of

shareholder

servicing

fees

(Institutional

Class

only),

brokerage

costs,

interest,

taxes

and

dividend

and

extraordinary

expenses,

to

an

annual

rate

of

the

percentage

of

each

Fund’s

average

daily

net

assets

as

follows.

Prior

to

August

1,

2019,

the

expense

caps

for

the

Short-Intermediate

Bond

Fund

and

Income

Fund

were

0.54%

and

0.60%,

respectively.

The

amounts

waived

for

each

Fund

are

recorded

as

expenses

waived

in

each

Fund’s

Statement

of

Operations.

Other

Fund

service

providers

have

also

contractually

agreed

to

waive

a

portion

of

their

fees.

For

the

year

ended

March

31,

2020,

fees

waived

were

as

follows:

Tributary

may

recover

fees

waived

or

expenses

reimbursed,

if

such

payment

is

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement.

At

March

31,

2020,

the

amount

of

potentially

recoverable

expenses

are

as

follows:

Short-Intermediate

Bond

Fund

–

$1,079,812;

Income

Fund

–

$1,363,258;

Nebraska

Tax-Free

Fund

–

$449,131;

Balanced

Fund

–

$331,990;

Growth

Opportunities

Fund

–

$200,143;

Small/Mid

Cap

Fund

–

$45,544;

Small

Company

Fund

–

$1,756,807.

MUFG

Union

Bank,

N.A.

serves

as

the

custodian

for

each

of

the

Funds.

DST

Systems,

Inc.

serves

as

transfer

agent

for

the

Funds,

whose

functions

include

disbursing

dividends

and

other

distributions.

Tributary

and

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

(“Co-

Administrators”)

serve

as

co-administrators

of

the

Funds.

Certain

officers

of

the

Expense

Caps

Short-Intermediate

Bond

Fund

0.52

%

Income

Fund

0.55

Nebraska

Tax-Free

Fund

0.45

Balanced

Fund

0.85

Growth

Opportunities

Fund

0.94

Small/Mid

Cap

Fund

0.95

Small

Company

Fund

0.99

Investment

Adviser

Fees

Waived

Investment

Adviser

Expenses

Reimbursed

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

Short-Intermediate

Bond

Fund

$

412,917‌

$

–‌

$

974‌

$

413,891‌

Income

Fund

557,424‌

–‌

1,045‌

558,469‌

Nebraska

Tax-Free

Fund

152,952‌

–‌

375‌

153,327‌

Balanced

Fund

160,434‌

–‌

367‌

160,801‌

Growth

Opportunities

Fund

68,036‌

–‌

719‌

68,755‌

Small/Mid

Cap

Fund

5,56

7‌

39,97

7‌

3‌

45,547‌

Small

Company

Fund

558,551‌

–‌

4,018‌

562,569‌

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

55

Funds

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Funds.

As

compensation

for

its

administrative

services,

each

co-administrator

is

entitled

to

a

fee,

calculated

daily

and

paid

monthly

based

on

each

Fund's

average

daily

net

assets.

Tributary

receives

0.07%

of

each

Fund's

average

daily

net

assets.

Foreside

Fund

Officer

Services,

LLC

provides

the

Funds’

Anti-Money

Laundering

Compliance

Officer

and

Chief

Compliance

Officer

services.

The

Company

has

adopted

an

Administrative

Services

Plan,

which

allows

the

Funds'

Institutional

Class

shares

to

charge

a

shareholder

services

fee,

pursuant

to

which

each

Fund

is

authorized

to

pay

compensation

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

to

banks

and

other

financial

institutions,

that

may

include

the

advisers,

their

correspondent

and

affiliated

banks,

including

FNBO

(each

a

“Service

Organization”).

Under

the

Administrative

Services

Plan,

the

Funds

may

enter

into

a

Servicing

Agreement

with

a

Service

Organization

whereby

such

Service

Organization

agrees

to

provide

certain

record

keeping

and/or

administrative

support

services

for

their

customers

or

account

holders

who

are

the

beneficial

or

record

owner

of

the

shares

of

a

Fund.

One

of

the

Servicing

Agreements

the

Funds

maintain

is

with

FNBO.

For

the

year

ended

March

31,

2020,

the

Funds

paid

FNBO

as

follows:

Short-Intermediate

Bond

Fund

–

$2,955;

Income

Fund

–

$4,274;

Balanced

Fund

–

$744;

Small

Company

Fund

–

$539.

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,

2020,

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,

2020,

were

as

follows:

5.

Capital

Share

Transactions

The

Company

is

authorized

to

issue

a

total

of

1,000,000,000

shares

of

common

stock,

999,999,990

of

which

may

be

issued

in

series

with

a

par

value

of

$0.00001

per

share.

The

Board

is

empowered

to

allocate

such

shares

among

different

series

of

the

Company’s

shares

without

shareholder

approval.

6.

Federal

Income

Taxes

The

following

information

is

presented

on

an

income

tax

basis.

It

is

each

Fund’s

policy

to

continue

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

all

of

its

net

taxable

income,

including

any

net

realized

gains

on

investments,

to

its

shareholders

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

and

excise

taxes.

Therefore,

no

provision

is

made

for

federal

income

or

excise

taxes.

Differences

between

amounts

reported

for

financial

statements

and

federal

income

tax

purposes

are

primarily

due

to

timing

and

character

difference

in

recognizing

gains

and

losses

on

investment

transactions.

Purchases

Sales

Short-Intermediate

Bond

Fund

$

76,164,993‌

$

44,759,271‌

Income

Fund

38,349,090‌

31,183,995‌

Nebraska

Tax-Free

Fund

30,903,722‌

28,407,413‌

Balanced

Fund

10,193,414‌

13,812,223‌

Growth

Opportunities

Fund

91,037,474‌

106,824,092‌

Small/Mid

Cap

Fund

2,000,339‌

140,695‌

Small

Company

Fund

252,014,507‌

282,692,526‌

Purchases

Sales

Short-Intermediate

Bond

Fund

$

38,677,440‌

$

50,734,273‌

Income

Fund

35,795,322‌

30,377,348‌

Nebraska

Tax-Free

Fund

611,250‌

–‌

Balanced

Fund

3,355,932‌

5,373,362‌

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

56

To

the

extent

the

differences

between

the

amounts

recognized

for

financial

statements

and

federal

income

tax

purposes

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

federal

income

tax

treatment;

temporary

differences

do

not

require

reclassification.

Permanent

differences

may

include

but

are

not

limited

to

the

following:

amortization

adjustments,

return

of

capital,

reclassifications

related

to

net

operating

losses

and

equalization.

These

reclassifications

have

no

impact

on

net

assets.

As

of

March

31,

2020,

the

cost

of

investments

and

the

components

of

net

unrealized

appreciation/(depreciation)

were

as

follows:

At

March

31,

2020,

the

components

of

distributable

taxable

earnings

for

U.S.

federal

income

tax

purposes

were

as

follows:

The

tax

character

of

dividends

and

distributions

paid

during

the

Funds’

fiscal

years

or

periods

ended

March

31,

2020

and

March

31,

2019,

were

as

follows:

Net

Increase

(Decrease)

Distributable

Earnings

Paid-in-Capital

Short-Intermediate

Bond

Fund

$

–‌

$

–‌

Income

Fund

–‌

–‌

Nebraska

Tax-Free

Fund

2,176,676‌

(2,176,676‌)

Balanced

Fund

–‌

–‌

Growth

Opportunities

Fund

(392,869‌)

392,869‌

Small/Mid

Cap

Fund

–‌

–‌

Small

Company

Fund

(475,000‌)

475,000‌

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Short-Intermediate

Bond

Fund

$

201,015,302‌

$

2,881,352‌

$

(2,764,611‌)

$

116,741‌

Income

Fund

207,733,624‌

11,937,376‌

(2,267,235‌)

9,670,141‌

Nebraska

Tax-Free

Fund

73,323,118‌

2,151,074‌

(95,633‌)

2,055,441‌

Balanced

Fund

54,142,137‌

12,912,383‌

(2,696,553‌)

10,215,830‌

Growth

Opportunities

Fund

94,392,677‌

26,827,228‌

(7,177,052‌)

19,650,176‌

Small/Mid

Cap

Fund

1,828,338‌

36,653‌

(286,282‌)

(249,629‌)

Small

Company

Fund

600,771,341‌

90,210,979‌

(115,321,627‌)

(25,110,648‌)

Undistributed

Net

Investment

Income*

Undistributed

Net

Long-Term

Capital

Gains

Other

Temporary

Differences

Unrealized

Gain

(Loss)**

Capital

Loss

Carry

Forward***

Short-Intermediate

Bond

Fund

$

551,366‌

$

–‌

$

(315,019‌)

$

116,741‌

$

(2,391,045‌)

Income

Fund

915,046‌

–‌

(420,114‌)

9,670,141‌

(3,094,020‌)

Nebraska

Tax-Free

Fund

–‌

–‌

–‌

2,055,441‌

(181,860‌)

Balanced

Fund

29,941‌

1,654,715‌

–‌

10,215,830‌

–‌

Growth

Opportunities

Fund

–‌

4,744,356‌

–‌

19,650,176‌

(66,774‌)

Small/Mid

Cap

Fund

1,624‌

–‌

–‌

(249,629‌)

(60,472‌)

Small

Company

Fund

1,210,275‌

–‌

–‌

(25,110,648‌)

(65,789,109‌)

*

Undistributed

net

investment

income

includes

any

undistributed

net

short-term

capital

gains,

if

any.

**

Unrealized

gains

(loss)

are

adjusted

for

open

wash

sale

loss

deferrals,

market

discount/premium

amortization,

return

of

capital

paid

by

REIT

securities

and

equity

return

of

capital

securities.

***

Capital

loss

carry

forward

includes

deferred

post

October

loss

and

late

year

losses.

Net

Ordinary

Income*

Tax

Exempt

Income

Net

Long

Term

Capital

Gains**

Return

of

Capital

Total

Distributions

Paid***

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Short-Intermediate

Bond

Fund

$

4,682,112

$

4,015,041

$

–

$

–

$

–

$

–

$–

$–

$

4,682,112

$

4,015,041

Income

Fund

6,044,663

5,954,743

–

–

–

–

 –

 –

6,044,663

5,954,743

Nebraska

Tax-Free

Fund

34,127

40,950

1,538,000

1,454,182

–

–

 74,311

798,789

1,646,438

2,293,921

Balanced

Fund

780,937

702,416

–

–

2,772,804

4,144,048

 –

 –

3,553,741

4,846,464

Growth

Opportunities

Fund

–

–

–

–

8,529,314

13,876,252

 –

 –

8,529,314

13,876,252

Small/Mid

Cap

Fund

2,188

–

–

–

–

–

 –

 –

2,188

–

Small

Company

Fund

3,399,868

1,594,767

–

–

9,467,589

32,498,906

 –

 –

12,867,457

34,093,673

Notes

to

Financial

Statements

March

31,

2020

Annual

Report

2020

57

At

March

31,

2020,

the

following

Funds

had

net

capital

loss

carryforwards

available

for

U.S.

federal

income

tax

purposes

to

offset

future

net

realized

capital

gains.

Details

of

the

capital

loss

carryforwards

are

listed

in

the

table

below.

Under

current

tax

law,

certain

capital

losses

realized

after

October

31,

and

certain

ordinary

losses

realized

after

December

31

but

before

the

end

of

the

fiscal

year

("Post-October

losses"

and

“Late

Year

Losses”,

respectively)

may

be

deferred

and

treated

as

occurring

on

the

first

business

day

of

the

following

fiscal

year.

For

the

year

ended

March

31,

2020,

the

Funds

deferred

losses

to

April

1,

2020

as

follows:

The

Funds

comply

with

FASB

ASC

Topic

740,

“Income

Taxes.”

FASB

ASC

Topic

740

provides

guidance

for

how

uncertain

tax

positions

should

be

recognized,

measured,

presented

and

disclosed

in

the

financial

statements.

FASB

ASC

Topic

740

requires

the

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

each

Fund’s

tax

return

to

determine

whether

it

is

more-likely-than-not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority

based

on

the

technical

merits

of

the

position.

Funds

with

tax

positions

not

deemed

to

meet

the

"more-likely-than-not"

threshold

would

be

required

to

record

a

tax

expense

in

the

current

year.

Management

completed

an

evaluation

of

the

Funds’

tax

positions

and

based

on

that

evaluation,

determined

that

no

tax

liability

resulted

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

and

therefore

no

provision

for

federal

income

tax

was

required

in

the

Funds’

financial

statements

for

the

year

or

period

ended

March

31,

2020.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations.

During

the

period,

the

Funds

did

not

incur

any

interest

or

penalties.

7.

Recent

Accounting

Pronouncements

In

March

2017,

the

FASB

issued

Accounting

Standards

Update

(“ASU”)

No.

2017-08,

Receivables—Nonrefundable

Fees

and

Other

Costs

(Subtopic

310-20):

Premium

Amortization

on

Purchased

Callable

Debt

Securities.

The

amendments

in

the

ASU

shorten

the

amortization

period

for

certain

callable

debt

securities,

held

at

a

premium,

to

be

amortized

to

the

earliest

call

date.

The

ASU

does

not

require

an

accounting

change

for

securities

held

at

a

discount;

which

continues

to

be

amortized

to

maturity.

The

ASU

is

effective

for

fiscal

years

and

interim

periods

within

those

fiscal

years

beginning

after

December

15,

2018.

The

Funds

have

adopted

ASU

No.

2017-08

within

these

financial

statements.

The

Nebraska

Tax-Free

Fund

has

applied

ASU

2017-08

on

a

modified

retrospective

basis

through

a

cumulative-effect

adjustment

as

of

the

beginning

of

the

period

of

adoption.

8.

Subsequent

Events

Management

is

currently

evaluating

the

recent

introduction

of

the

COVID-19

virus

and

its

impact

on

the

financial

services

industry

and

has

concluded

that

while

it

is

reasonably

possible

that

the

virus

could

have

a

negative

effect

on

the

fair

value

of

the

Funds’

investments

and

results

of

operations,

the

specific

impact

is

not

readily

determinable

as

of

the

date

of

these

financial

statements.

The

financial

statements

do

not

include

any

adjustments

that

might

result

from

the

outcome

of

this

uncertainty.

*

Net

ordinary

income

consists

of

net

taxable

income

derived

from

dividends,

interest,

and

net

short-term

capital

gains,

if

any.

**

The

Funds

designated

as

long-term

dividend,

pursuant

to

the

Internal

Revenue

code

section

852(b)(3),

the

amount

necessary

to

reduce

earnings

and

profits

of

the

Funds

related

to

net

capital

gains

to

zero

for

the

fiscal

year

ended

March

31,

2019

and

March

31,

2020.

Equalization

debits

included

in

the

long

term

distributions

were

$325,000

and

$2,700,000

for

Growth

Opportunities

Fund

and

Small

Company

Fund,

respectively,

for

the

year

ended

March

31,

2019.

Equalization

debits

included

in

the

long

term

distributions

were

$475,000

for

Growth

Opportunities

Fund

and

included

in

ordinary

income

were

$475,000

for

Small

Company

Fund.

***

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

No

Expiration

Short

Term

Long

Term

Total

Short-Intermediate

Bond

Fund

$

229,378‌

$

2,161,667‌

$

2,391,045‌

Income

Fund

847,458‌

2,246,562‌

3,094,020‌

Nebraska

Tax-Free

Fund

8,004‌

173,856‌

181,860‌

Small/Mid

Cap

Fund

60,472‌

–‌

60,472‌

Late

Year

Losses/Post-October

Losses

Growth

Opportunities

Fund

$

66,774‌

Small

Company

Fund

65,789,109‌

Report

of

Independent

Registered

Public

Accounting

Firm

Annual

Report

2020

58

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

Growth

Opportunities

Fund,

Tributary

Small

Company

Fund,

and

Tributary

Small/Mid

Cap

Fund

(the

“Funds”)

as

of

March

31,

2020,

and

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,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

periods

in

the

period

then

ended

for

Tributary

Short-Intermediate

Bond

Fund,

Tributary

Income

Fund,

Tributary

Nebraska

Tax-Free

Fund,

Tributary

Balanced

Fund,

Tributary

Growth

Opportunities

Fund,

and

Tributary

Small

Company

Fund,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

financial

highlights

for

the

period

August

1,

2019

(commencement

of

operations)

through

March

31,

2020

for

Tributary

Small/Mid

Cap

Fund

(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,

2020,

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

above,

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,

2020,

by

correspondence

with

the

custodian

and

brokers

or

by

other

appropriate

auditing

procedures

where

replies

from

brokers

or

counterparties

were

not

received.

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

29,

2020

Additional

Fund

Information

March

31,

2020

(Unaudited)

Annual

Report

2020

59

Proxy

Voting

Policy

Information

regarding

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

without

charge,

upon

request,

by

calling

1-800-662-4203.

The

information

also

is

included

in

the

Company’s

Statement

of

Additional

Information,

which

is

available

on

the

Funds'

website

at

www.tributaryfunds.com

and

on

the

Securities

and

Exchange

Commission’s

(the

"SEC")

website

at

www.sec.gov.

Information

relating

to

how

each

Fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve

months

ended

June

30

is

available

without

charge,

upon

request,

by

writing

to

the

Company

at

P.O.

Box

219022,

Kansas

City,

Missouri,

64141-6002,

by

calling

1-800-662-4203

and

on

the

SEC’s

website

at

www.sec.gov.

Quarterly

Holdings

The

Company

files

a

complete

list

of

its

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Forms

N-PORT

are

available

free

of

charge

on

the

SEC’s

website

at

www.sec.gov

or

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

Information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330.

Other

Federal

Income

Tax

Information

The

information

reported

below

is

for

the

year

ended

March

31,

2020.

Foreign

tax

and

qualified

dividend

information

for

the

calendar

year

2020

will

be

provided

on

your

2020

Form

1099-DIV.

For

the

year

ended

March

31,

2020,

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

2020

will

be

reported

in

conjunction

with

your

2020

Form

1099-DIV.

For

the

year

ended

March

31,

2020,

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,

2020,

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,

2020,

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,

2020,

Small

Company

Fund

designates

26.42%

of

its

income

dividends

as

short-term

capital

gain

dividends

exempt

from

U.S.

tax

for

foreign

shareholders

and

Nebraska

Tax-Free

Fund

designates

97.83%

of

its

income

dividend

distributed

as

tax-exempt

dividends.

Table

of

Shareholder

Expenses

As

a

shareholder

of

the

Funds

,

you

incur

ongoing

costs,

including

management

fees,

shareholder

servicing

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

October

1,

2019,

through

March

31,

2020.

Qualified

Dividend

Income

Short-Intermediate

Bond

Fund

0.42%

Balanced

Fund

84.03%

Small/Mid

Cap

Fund

100.00%

Small

Company

Fund

100.00%

Dividends

Received

Deduction

Short-Intermediate

Bond

Fund

0.42%

Balanced

Fund

77.23%

Small/Mid

Cap

Fund

100.00%

Small

Company

Fund

100.00%

Qualified

Interest

Income

Short-Intermediate

Bond

Fund

91.29%

Income

Fund

84.41%

Nebraska

Tax-Free

Fund

0.65%

Balanced

Fund

47.04%

Additional

Fund

Information

March

31,

2020

(Unaudited)

Annual

Report

2020

60

Actual

Expenses

–

The

first

set

of

columns

next

to

each

Fund

of

the

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

set

of

columns

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes

–

The

second

line

set

of

columns

next

to

each

Fund

of

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

each

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

each

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only.

Therefore,

the

second

set

of

columns

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

Additional

Fund

Information

March

31,

2020

(Unaudited)

Annual

Report

2020

61

Expenses

Using

Actual

Fund

Return

Expenses

Using

Hypothetical

5%

Return

Beginning

Account

Value

10/1/19

Ending

Account

Value

3/31/20

Expense

Paid

During

Period*

Expense

Ratio

During

Period*

Beginning

Account

Value

10/1/19

Ending

Account

Value

3/31/20

Expenses

Paid

During

Period*

Expense

Ratio

During

Period*

Short-Intermediate

Bond

Fund

Institutional

Class

$

1,000.00‌

$

1,004.28‌

$

3.46‌

0.69‌%

$

1,000.00‌

$

1,021.55‌

$

3.49‌

0.69‌%

Institutional

Plus

Class

1,000.00‌

1,005.16‌

2.61‌

0.52‌

1,000.00‌

1,022.40‌

2.63‌

0.52‌

Income

Fund

Institutional

Class

$

1,000.00‌

$

1,019.50‌

$

3.74‌

0.74‌%

$

1,000.00‌

$

1,021.30‌

$

3.74‌

0.74‌%

Institutional

Plus

Class

1,000.00‌

1,020.48‌

2.78‌

0.55‌

1,000.00‌

1,022.25‌

2.78‌

0.55‌

Nebraska

Tax-Free

Fund

Institutional

Plus

Class

$

1,000.00‌

$

1,010.65‌

$

2.21‌

0.44‌%

$

1,000.00‌

$

1,022.80‌

$

2.23‌

0.44‌%

Balanced

Fund

Institutional

Class

$

1,000.00‌

$

930.23‌

$

4.97‌

1.03‌%

$

1,000.00‌

$

1,019.85‌

$

5.20‌

1.03‌%

Institutional

Plus

Class

1,000.00‌

930.85‌

4.05‌

0.84‌

1,000.00‌

1,020.80‌

4.24‌

0.84‌

Growth

Opportunities

Fund

Institutional

Class

$

1,000.00‌

$

852.42‌

$

5.14‌

1.11‌%

$

1,000.00‌

$

1,019.45‌

$

5.60‌

1.11‌%

Institutional

Plus

Class

1,000.00‌

853.24‌

4.31‌

0.93‌

1,000.00‌

1,020.35‌

4.70‌

0.93‌

Small/Mid

Cap

Fund

Institutional

Class

$

1,000.00‌

$

774.29‌

$

5.19‌

1.17‌%

$

1,000.00‌

$

1,019.15‌

$

8.90‌

1.17‌%

Institutional

Plus

Class

1,000.00‌

775.06‌

4.17‌

0.94‌

1,000.00‌

1,020.30‌

7.12‌

0.94‌

Small

Company

Fund

Institutional

Class

$

1,000.00‌

$

727.04‌

$

5.18‌

1.20‌%

$

1,000.00‌

$

1,019.00‌

$

6.06‌

1.20‌%

Institutional

Plus

Class

1,000.00‌

727.95‌

4.23‌

0.98‌

1,000.00‌

1,020.10‌

4.95‌

0.98‌

*

Expenses

are

equal

to

each

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half-year

(183)

divided

by

366

to

reflect

the

half-year

period.

Directors

and

Officers

March

31,

2020

(Unaudited)

Annual

Report

2020

62

Overall,

responsibility

for

management

of

the

Company

rests

with

its

Board,

which

is

elected

by

the

shareholders

of

the

Company.

The

Company

is

managed

by

the

Directors

in

accordance

with

the

laws

governing

corporations

in

Nebraska.

The

Board

oversees

all

of

the

Funds.

Directors

serve

until

their

respective

successors

have

been

elected

and

qualified

or

until

their

earlier

death,

resignation

or

removal.

The

Directors

elect

the

officers

of

the

Company

to

supervise

its

day-to-day

operations.

Information

about

the

Directors

and

officers

of

the

Company

is

set

forth

below.

The

Funds’

Statement

of

Additional

Information

includes

additional

information

about

the

Directors

and

is

available,

without

charge,

upon

request,

by

calling

1-800-662-4203

or

on

the

Funds’

website

www.tributaryfunds.com

.

1

The

address

for

all

Directors

is

1620

Dodge

Street,

Omaha,

Nebraska

68197.

Name,

Address

(1)

,

Age

and

Position(s)

Held

with

Funds

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Director

Other

Directorships

Held

by

Director

Interested

Directors

Stephen

C.

Wade

(2)

Age:

54

Indefinite;

Since

2016.

Senior

Vice

President

-

Investment

Services,

First

National

Bank

of

Omaha

(December

2013

to

present);

Managing

Director

-

Institutional

Trust,

First

National

Bank

of

Omaha

(February

2011

to

December

2013).

7

Director,

First

National

Capital

Markets,

Inc.

Director,

Chairman

of

the

Board

and

President

Brittany

A.

Fahrenkrog

(2)

Age:

41

Indefinite;

Since

2016

Director,

Client

Services,

Tributary

Capital

Management,

LLC

(since

May

2010).

7

None.

Director

and

Senior

Vice

President

Independent

Directors

Robert

A.

Reed

Age:

79

Indefinite;

Since

1994

Chairman

of

the

Board,

Physicians

Mutual

Life

Insurance

Company

(since

2015).

President

and

Chief

Executive

Officer,

Physicians

Mutual

Insurance

Company

and

Physicians

Life

Insurance

Company

(1974

to

December

2014).

7

None.

Director;

Chairman

Corporate

Governance

and

Nominations

Committee

Gary

D.

Parker

Age:

74

Indefinite;

Since

2005

Retired

since

2000.

7

None.

Director;

Chairman

Audit

Committee

David

F.

Larrabee

Age:59

Indefinite;

Since

2016

Retired

since

2012.

Senior

Vice

President,

Intermediary

Sales,

American

Century

Investments,

Inc.

and

President

and

CEO,

American

Century

Investment

Services,

Inc.

(broker/dealer

subsidiary)

(2009

to

May

2012);

prior

to

2009,

Mr.

Larrabee

held

various

senior

positions

with

American

Century

Investments,

Inc.

7

None.

Lead

Independent

Director

Directors

and

Officers

March

31,

2020

(Unaudited)

Annual

Report

2020

63

2

As

defined

in

the

1940

Act,

Mr.

Wade

is

an

“interested”

Director

because

he

is

an

officer

of

First

National

Bank

of

Omaha,

the

parent

of

the

Funds'

investment

adviser,

and

an

owner

of

securities

issued

by

First

National

of

Nebraska,

Inc.,

and

Ms.

Fahrenkrog

is

an

"interested"

Director

because

she

is

an

employee

of

Tributary

Capital

Management,

LLC,

the

Funds'

investment

adviser,

and

an

officer

of

First

National

Bank

of

Omaha.

1

The

address

for

all

Directors

is

1620

Dodge

Street,

Omaha,

Nebraska

68197.

3

The

address

for

Ms.

Shaw

and

Mr.

Tackett

is

Three

Canal

Plaza,

Suite

600,

Portland,

ME

04101.

4

The

address

for

Mr.

Ruehle

is

690

Taylor

Road,

Suite

210,

Columbus,

OH

43230.

Name,

Address

(1)

,

Age

and

Position(s)

Held

with

Funds

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Director

Other

Directorships

Held

by

Director

Independent

Directors

(continued)

Donna

Walsh

Age:56

Indefinite;

Since

2018

Industry

Advisor,

Panorama

Point

Partners

(since

2018);

Advisor,

Tenaska

Capital

Management

(2008-

2017);

Co-Founder

and

Managing

Director,

Odin

Capital

Management

(1999

to

2016).

7

None.

Director

Name,

Address,

Age

and

Position(s)

Held

with

Funds

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Officers

Karen

Shaw

(3)

Age:

47

Indefinite;

Since

August

2015

Senior

Vice

President,

Apex

Fund

Services

(since

2019);

Senior

Vice

President,

Atlantic

Fund

Services

(2008-2019).

Treasurer,

Principal

Financial

Officer

Rodney

L.

Ruehle

(4)

Age:

51

Indefinite;

Since

August

2009

Director,

Foreside

Management

Services,

LLC

(2008

to

present);

Chief

Compliance

Officer

of

Praxis

Mutual

Funds

(May

2015

to

present);

Chief

Compliance

Officer

of

Absolute

Shares

Trust

(November

2017

to

present);

Chief

Compliance

Officer

of

Horizons

ETF

Trust

(December

2016

to

February

2019);

Chief

Compliance

Officer

of

Context

Capital

Funds

(November

2015

to

March

2018);

Chief

Compliance

Officer

of

Asset

Management

Fund

(November

2009-April

2016);

Chief

Compliance

Officer

of

Advisers

Investment

Trust

(July

2011-December

2016

and

March

2019

to

present);

Chief

Compliance

Officer

of

Penn

Series

Funds,

Inc.

(February

2012-November

2014).

Chief

Compliance

and

Anti-Money

Laundering

Officer

Zachary

Tackett

(3)

Age:

32

Indefinite;

Since

November

2019

Senior

Counsel,

Apex

Fund

Services

(since

2019);

Counsel

Atlantic

Fund

Services

(2014-2019).

Secretary

TF-ANR-0320

Investment

Adviser

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

1089

Omaha,

Nebraska

68197

Investment

Sub-Adviser

(Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund,

Balanced

Fund

and

Growth

Opportunities

Fund

only)

First

National

Fund

Advisers

205

West

Oak

Street,

3rd

Floor

Fort

Collins,

Colorado

80521

Custodian

MUFG

Union

Bank,

N.A.

350

California

Street

San

Francisco,

California

94104

Co-Administrators

Apex

Fund

Services

Three

Canal

Plaza

Portland,

Maine

04101

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

1089

Omaha,

Nebraska

68197

Distributor

Northern

Lights

Distributors,

LLC

4221

North

203rd

Street,

Suite

100

Elkhorn,

Nebraska

68022

Legal

Counsel

Husch

Blackwell

LLP

13330

California

Street,

Suite

200

Omaha,

Nebraska

68154

Compliance

Services

Foreside

Fund

Officer

Services,

LLC

690

Taylor

Road,

Suite

210

Gahanna,

Ohio

43230

This

report

has

been

prepared

for

the

general

information

of

Tributary

Funds’

shareholders.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Tributary

Funds’

prospectus.

The

prospectus

contains

more

complete

information

about

Tributary

Funds’

investment

objectives,

management

fees

and

expenses,

risks

and

operating

policies.

Please

read

the

prospectus

carefully

before

investing

or

sending

money.

For

more

information

call

1-800-662-4203

or

write

to:

Tributary

Funds

Service

Center

P.O.

Box

219022

Kansas

City,

Missouri

64121-9022

or

go

to:

www.tributaryfunds.com

or

email:

ClientServices@tributarycapital.com

ITEM 2. CODE OF ETHICS.

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 13(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 $87,000 in 2019 and $101,500 in 2020.

(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 $0 in 2019 and $0 in 2020.

(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 $18,000 in 2019 and $21,000 in 2020. 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 2019 and $0 in 2020.

(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 2019 and $0 in 2020. 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 the report to shareholders under Item 1.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors since the registrant last disclosed such procedures.

ITEM 11. CONTROLS AND PROCEDURES

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

 (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in

Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics.

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

(a)(3)  Not applicable.

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

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 27, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By           /s/ Stephen C. Wade

Stephen C. Wade

President                                    

Date       May 27, 2020

By           /s Karen Shaw

Karen Shaw

Treasurer                                   

Date       May 27, 2020