N-CSR

As filed with the Securities and Exchange Commission on June 8, 2023

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, 2022 – March 31, 2023

ITEM 1. REPORT TO STOCKHOLDERS.

Tributary

Funds

®

Annual

Report

March

31,

2023

Tributary

Short-Intermediate

Bond

Fund

Institutional

Class:

FOSIX

Institutional

Plus

Class:

FOSPX

Tributary

Income

Fund

Institutional

Class:

FOINX

Institutional

Plus

Class:

FOIPX

Tributary

Nebraska

Tax-Free

Fund

Institutional

Plus

Class:

FONPX

Tributary

Balanced

Fund

Institutional

Class:

FOBAX

Institutional

Plus

Class:

FOBPX

Tributary

Small/Mid

Cap

Fund

Institutional

Class:

FSMCX

Institutional

Plus

Class:

FSMBX

Tributary

Small

Company

Fund

Institutional

Class:

FOSCX

Institutional

Plus

Class:

FOSBX

Investors

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

Tributary

Funds.

Mutual

funds

involve

risk

including

loss

of

principal.

This

and

other

important

information

about

the

Tributary

Funds

is

contained

in

the

prospectus,

which

can

be

obtained

by

calling

1-800-662-4203

or

by

visiting

www.tributaryfunds.com.

The

prospectus

should

be

read

carefully

before

investing.

The

Tributary

Funds

are

distributed

by

Northern

Lights

Distributors,

LLC

member

FINRA.

Northern

Lights

Distributors,

LLC

(the

“Distributor”)

and

the

Tributary

Funds’

investment

adviser

are

not

affiliated.

Notice

to

Investors

Shares

of

Tributary

Funds:

Are

Not

FDIC

Insured

May

Lose

Value

Have

No

Bank

Guarantee

Annual

Report

2023

Table

of

Contents

Management

Discussion

and

Analysis

4

Schedules

of

Portfolio

Investments

16

Statements

of

Assets

and

Liabilities

38

Statements

of

Operations

40

Statements

of

Changes

in

Net

Assets

42

Financial

Highlights

44

Notes

to

Financial

Statements

46

Report

of

Independent

Registered

Public

Accounting

Firm

55

Additional

Fund

Information

56

Directors

and

Officers

59

SHORT-INTERMEDIATE

BOND

FUND

(Unaudited)

Annual

Report

2023

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

story

of

the

past

12

months

begins

and

ends

with

the

Federal

Reserve,

with

inflation

as

the

antagonist.

With

headline

CPI

over

8%,

the

Fed

finally

raised

its

target

overnight

rate

by

25

basis

points

(bps)

in

March

2022,

to

a

range

of

0.25%-0.50%.

Over

the

subsequent

year,

the

Fed

raised

rates

at

every

single

meeting

and

made

it

abundantly

clear

that

bringing

down

inflation

was

the

objective.

By

the

end

of

the

fiscal

year

in

March

2023,

the

Fed

had

raised

its

target

rate

by

450

bps,

the

most

rapid

increase

in

the

fed

funds

rate

since

Paul

Volcker

ran

the

Fed

in

the

early

1980s.

The

reason

for

the

hurried

approach

was

of

course

inflation,

which

remained

well

above

the

Fed’s

2%

target,

even

though

it

began

to

trend

lower

in

the

back

half

of

the

year.

Somewhat

surprisingly,

in

the

face

of

historically

swift

monetary

tightening

the

economy

performed

relatively

well.

Consumer

spending

decelerated

but

remained

healthy

and

confidence

surveys

showed

resilience.

The

labor

market

was

without

question

the

bright

spot

as

monthly

job

gains

from

the

Establishment

survey

averaged

350,000

over

the

past

year

and

the

unemployment

rate

ended

the

period

at

3.6%.

Business

spending

and

housing-related

activity

were

the

weak

links

in

the

economy,

as

industrial

production

figures

slowed

meaningfully,

and

home

builder

sentiment

dropped

to

the

lowest

level

since

the

depths

of

the

pandemic

in

early

2020.

While

the

real

economy

held

its

own,

the

financial

economy

was

under

stress.

As

the

old

Wall

Street

adage

goes,

the

Fed

raises

rates

until

something

breaks—and

it

may

have

happened

at

the

end

of

the

fiscal

year.

Indeed,

Silicon

Valley

Bank

(SVB)

and

Signature

Bank

both

failed

in

March,

with

SVB

being

one

of

the

largest

bank

failures

in

history

(surpassed

only

by

Washington

Mutual

during

the

global

financial

crisis

in

2008).

As

the

Federal

Reserve

drove

short-term

yields

higher,

the

US

Treasury

curve

flattened

further

and

inverted

to

historically

negative

levels.

The

2-year

yield

rose

169

bps

to

close

at

4.03%

while

the

10-year

yield

rose

113

bps

to

end

at

3.47%.

As

in

the

previous

year,

the

largest

driver

of

return

in

the

fixed

income

market

over

the

last

12

months

was

the

significant

move

higher

in

bond

yields.

As

yields

rose,

the

U.S.

Treasury

Index

fell

4.5%

for

the

year.

The

best

performing

area

in

fixed

income

was

the

corporate

bond

market,

which

eked

out

a

positive

excess

return

over

similar-maturity

treasuries

of

+0.27%.

This

masks

some

divergence

within

the

sector

however,

as

financial

bonds

underperformed

on

the

heels

of

the

SVB-induced

banking

crisis,

while

industrial

corporates

performed

quite

well.

All

other

sectors

underperformed

US

Treasuries,

with

ABS

posting

a

-0.5%

excess

return

(loss),

agency

CMBS

with

a

-0.46%

excess

return,

agency

MBS

at

-2.15%

and

non-agency

CMBS

coming

in

last

with

a

-2.46%

excess

return.

Contrary

to

the

previous

year,

Treasury

Inflation

Protected

Securities

(TIPS)

underperformed

their

nominal

counterparts

over

the

prior

12-months

as

inflation

expectations

fell

and

real

yields

rose.

The

Tributary

Short-Intermediate

Bond

Fund

returned

+.05%

(net,

Institutional

Plus)

for

the

year

ended

March

31,

2023,

compared

to

+.26%

for

the

Bloomberg

U.S.

Government/Credit

1-3

Year

Index.

The

Fund

underperformed

the

benchmark

this

year

due

primarily

to

our

sector

allocation

decision

and

overweight

exposure

to

the

non-agency

CMBS

and

ABS

sectors.

The

non-agency

sectors

underperformed

as

liquidity

in

the

market

was

strained

and

concerns

grew

about

the

fundamental

outlook

for

the

commercial

real-

estate

sector.

On

the

positive

side,

our

yield

advantage

over

the

benchmark

contributed

positively

to

return,

as

did

our

curve

positioning

due

to

our

underweight

exposure

to

the

2-year

portion

of

the

curve.

During

the

year

we

increased

the

Fund’s

allocation

to

the

U.S.

Treasury

sector,

given

our

view

that

caution

and

prudence

were

appropriate.

We

reduced

our

exposure

to

the

structured

product

market,

primarily

due

to

paydowns

in

the

RMBS

and

CMBS

sectors

that

were

reinvested

in

other

areas.

We

also

allowed

our

exposure

to

the

corporate

credit

market

to

decline

with

bond

calls

and

maturities,

as

spreads

didn’t

offer

a

compelling

value

proposition

for

significant

new

additions.

With

respect

to

specific

activity

worth

mentioning,

we

purchased

several

new-issue

equipment

loan

ABS

securities.

The

shorter-

average

life

profile,

strong

credit

characteristics,

and

attractive

spreads

on

offer

made

for

compelling

investments.

In

terms

of

credit

quality

there

was

no

significant

change

during

the

year,

as

the

Fund

maintained

a

Aa2

weighted

average

credit

rating.

As

the

fiscal

year

closed,

the

divergence

between

the

market’s

and

the

Fed’s

assessment

of

the

economic

and

policy

outlook

could

hardly

have

been

larger.

The

market

is

pricing

nearly

75bps

of

rate

cuts

by

December,

even

as

the

Federal

Reserve’s

dot

plot

(released

after

the

SVB

failure)

indicates

their

intention

to

hold

rates

steady

thru

the

end

of

the

year.

There

is

similar

divergence

of

opinion

within

the

market

concerning

the

trajectory

of

inflation

and

the

real

economy,

with

good

arguments

and

data

points

on

both

sides.

Given

recent

events

in

the

banking

sector

and

the

inevitable

tightening

in

lending

conditions,

we

would

be

more

sympathetic

to

the

weaker

growth/

lower

inflation

camp;

but

that

is

not

a

terribly

high-conviction

belief.

As

such

we

are

still

relatively

cautious

and

aligned

more

risk-neutral

with

respect

to

our

benchmarks.

In

terms

of

portfolio

positioning,

we

are

neutral

to

the

benchmark

with

respect

to

duration

as

the

likelihood

of

higher

or

lower

yields

is

still

balanced

in

our

estimation.

Following

the

widening

in

March,

spread

sector

valuations

remain

on

the

cheaper

side

from

a

historical

perspective,

but

the

potential

for

significant

underperformance

in

a

recessionary

environment

leaves

us

guarded.

We

believe

that

patience

now

could

pay

solid

dividends

over

the

coming

months.

With

regards

to

sector

allocation,

we

remain

underweight

the

traditional

U.S.

government

sectors

and

continue

to

allow

our

agency

MBS

exposure

to

roll

off.

The

non-agency

securitized

sectors

remain

our

biggest

overweight

relative

to

the

benchmark.

While

we

continue

to

be

comfortable

with

our

holdings

in

this

space

given

strong

collateral

and

credit

enhancements,

the

macro

and

sector-specific

headwinds

are

real

and

growing.

As

such

our

performance

expectations

have

dimmed

somewhat,

and

we

may

look

to

reduce

exposure

opportunistically

over

the

coming

months.

In

the

corporate

credit

sector,

we

continue

to

hold

a

slight

overweight,

primarily

in

the

industrial

subsector,

with

a

neutral

exposure

to

financials

and

an

underweight

in

the

utility

subsector.

SHORT-INTERMEDIATE

BOND

FUND

(Unaudited)

Annual

Report

2023

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,

2023

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,

2022.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2023.

(*)

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,

2013.

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

1-3

Year

U.S.

Government/Credit

Index

is

a

broad

based

benchmark

that

measures

the

non-securitized

component

of

the

U.S.

Aggregate

Index.

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

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

index.

Portfolio

Composition

as

of

March

31,

2023

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

U.S.

Treasury

Securities

27.8‌%

Corporate

Bonds

27.0‌%

Asset

Backed

Securities

20.0‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

13.3‌%

Non-Agency

Residential

Mortgage

Backed

Securities

6.6‌%

U.S.

Government

Mortgage

Backed

Securities

2.0‌%

Short-Term

Investments

1.6‌%

Municipals

1.2‌%

Exchange

Traded

Fund

0.4‌%

Preferred

Stocks

0.1‌%

100.0‌%

Portfolio

Analysis

as

of

March

31,

2023

(Portfolio

composition

is

subject

to

change)

Weighted

Average

to

Maturity:

4.3

years

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2023*

1

Year

5

Year

10

Year

Tributary

Short-Intermediate

Bond

Fund

—

Institutional

Class

-0.13‌%

1.17‌%

1.11‌%

Bloomberg

Barclays

1-3

Year

US

Government/Credit

Index

0.26‌%

1.26‌%

1.01‌%

Bloomberg

Barclays

U.S.

Government/

Credit

1-5

Year

Index

-0.33‌%

1.32‌%

1.13‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.09‌

%

0.64‌

%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

1.28‌%

0.65‌%

1

Year

5

Year

10

Year

Tributary

Short-Intermediate

Bond

Fund

—

Institutional

Plus

Class

0.05‌%

1.36‌%

1.33‌%

Bloomberg

Barclays

1-3

Year

US

Government/Credit

Index

0.26‌%

1.26‌%

1.01‌%

Bloomberg

Barclays

U.S.

Government/

Credit

1-5

Year

Index

-0.33‌%

1.32‌%

1.13‌%

Prospectus

Expense

Ratio

(Gross/Net)†

0.72‌

%

0.48‌

%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

0.74‌%

0.48‌%

INCOME

FUND

(Unaudited)

Annual

Report

2023

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

story

of

the

past

12

months

begins

and

ends

with

the

Federal

Reserve,

with

inflation

as

the

antagonist.

With

headline

CPI

over

8%,

the

Fed

finally

raised

its

target

overnight

rate

by

25

basis

points

(bps)

in

March

2022,

to

a

range

of

0.25%-0.50%.

Over

the

subsequent

year,

the

Fed

raised

rates

at

every

single

meeting

and

made

it

abundantly

clear

that

bringing

down

inflation

was

the

objective.

By

the

end

of

the

fiscal

year

in

March

2023,

the

Fed

had

raised

its

target

rate

by

450

bps,

the

most

rapid

increase

in

the

fed

funds

rate

since

Paul

Volcker

ran

the

Fed

in

the

early

1980s.

The

reason

for

the

hurried

approach

was

of

course

inflation,

which

remained

well

above

the

Fed’s

2%

target,

even

though

it

began

to

trend

lower

in

the

back

half

of

the

year.

Somewhat

surprisingly,

in

the

face

of

historically

swift

monetary

tightening

the

economy

performed

relatively

well.

Consumer

spending

decelerated

but

remained

healthy

and

confidence

surveys

showed

resilience.

The

labor

market

was

without

question

the

bright

spot

as

monthly

job

gains

from

the

Establishment

survey

averaged

350,000

over

the

past

year

and

the

unemployment

rate

ended

the

period

at

3.6%.

Business

spending

and

housing-related

activity

were

the

weak

links

in

the

economy,

as

industrial

production

figures

slowed

meaningfully,

and

home

builder

sentiment

dropped

to

the

lowest

level

since

the

depths

of

the

pandemic

in

early

2020.

While

the

real

economy

held

its

own,

the

financial

economy

was

under

stress.

As

the

old

Wall

Street

adage

goes,

the

Fed

raises

rates

until

something

breaks—and

it

may

have

happened

at

the

end

of

the

fiscal

year.

Indeed,

Silicon

Valley

Bank

(SVB)

and

Signature

Bank

both

failed

in

March,

with

SVB

being

one

of

the

largest

bank

failures

in

history

(surpassed

only

by

Washington

Mutual

during

the

global

financial

crisis

in

2008).

As

the

Federal

Reserve

drove

short-term

yields

higher,

the

US

Treasury

curve

flattened

further

and

inverted

to

historically

negative

levels.

The

2-year

yield

rose

169

bps

to

close

at

4.03%

while

the

30-year

yield

rose

120

bps

to

end

at

3.65%.

As

in

the

previous

year,

the

largest

driver

of

return

in

the

fixed

income

market

over

the

last

12

months

was

the

significant

move

higher

in

bond

yields.

As

yields

rose,

the

U.S.

Treasury

Index

fell

4.5%

for

the

year.

The

best

performing

area

in

fixed

income

was

the

corporate

bond

market,

which

eked

out

a

positive

excess

return

over

similar-maturity

treasuries

of

+0.27%.

This

masks

some

divergence

within

the

sector

however,

as

financial

bonds

underperformed

on

the

heels

of

the

SVB-induced

banking

crisis,

while

industrial

corporates

performed

quite

well.

All

other

sectors

underperformed

U.S.

Treasuries,

with

ABS

posting

a

-0.5%

excess

return

(loss),

agency

CMBS

with

a

-0.46%

excess

return,

agency

MBS

at

-2.15%,

and

non-agency

CMBS

coming

in

last

with

a

-2.46%

excess

return.

Contrary

to

the

previous

year,

Treasury

Inflation

Protected

Securities

(TIPS)

underperformed

their

nominal

counterparts

over

the

prior

12-months

as

inflation

expectations

fell

and

real

yields

rose.

The

Tributary

Income

Fund

returned

-4.68%

(net,

Institutional

Plus)

for

the

year

ended

March

31,

2023,

compared

to

-4.78%

for

the

Bloomberg

US

Aggregate

Bond

Index.

The

Fund

outperformed

the

benchmark

this

year

due

primarily

to

our

lower

duration

exposure

which

benefitted

as

yields

rose.

The

Fund’s

yield

curve

positioning

was

also

a

positive

contributor

given

our

lower

exposure

to

the

2-5

year

portion

of

the

curve,

while

our

yield

advantage

over

the

benchmark

continued

to

generate

positive

excess

return.

Lastly,

security

selection

was

a

modest

positive

as

bonds

in

the

industrial

corporate

and

CMBS

sectors

outperformed

their

respective

peer

groups.

On

the

negative

side,

our

sector

allocation

decision

was

the

largest

detractor

from

performance,

mostly

due

to

our

overweight

exposure

to

the

non-agency

CMBS

and

RMBS

sectors

(although

our

underweight

to

the

agency

MBS

sector

was

a

benefit).

The

non-

agency

sectors

underperformed

as

liquidity

in

the

market

was

strained

and

concerns

grew

about

the

fundamental

outlook

for

the

commercial

real-estate

sector.

During

the

year

we

increased

the

Fund’s

allocation

to

the

U.S.

Treasury

and

Agency

MBS

sectors,

given

our

view

that

caution

and

prudence

were

appropriate.

We

reduced

our

exposure

to

the

structured

product

market,

primarily

due

to

paydowns

in

the

RMBS

and

CMBS

sectors

that

were

reinvested

in

other

areas.

We

also

allowed

our

exposure

to

the

corporate

credit

market

to

decline

with

bond

calls

and

maturities,

as

spreads

didn’t

offer

a

compelling

value

proposition

for

significant

new

additions.

There

were

no

specific

transactions

worth

highlighting,

other

than

our

purchases

of

several

specified

agency

MBS

passthroughs.

In

terms

of

credit

quality

there

was

no

significant

change

during

the

year,

as

the

Fund

maintained

a

Aa2

weighted

average

credit

rating.

As

the

fiscal

year

closed,

the

divergence

between

the

market’s

and

the

Fed’s

assessment

of

the

economic

and

policy

outlook

could

hardly

have

been

larger.

The

market

is

pricing

nearly

75bps

of

rate

cuts

by

December,

even

as

the

Federal

Reserve’s

dot

plot

(released

after

the

SVB

failure)

indicates

their

intention

to

hold

rates

steady

thru

the

end

of

the

year.

There

is

similar

divergence

of

opinion

within

the

market

concerning

the

trajectory

of

inflation

and

the

real

economy,

with

good

arguments

and

data

points

on

both

sides.

Given

recent

events

in

the

banking

sector

and

the

inevitable

tightening

in

lending

conditions,

we

would

be

more

sympathetic

to

the

weaker

growth/

lower

inflation

camp;

but

that

is

not

a

terribly

high-conviction

belief.

As

such

we

are

still

relatively

cautious

and

aligned

more

risk-neutral

with

respect

to

our

benchmarks.

In

terms

of

portfolio

positioning,

we

remain

neutral

to

the

benchmark

with

respect

to

duration

as

the

likelihood

of

higher

or

lower

yields

is

still

balanced

in

our

estimation.

Following

the

widening

in

March,

spread

sector

valuations

remain

on

the

cheaper

side

from

a

historical

perspective,

but

the

potential

for

significant

underperformance

in

a

recessionary

environment

leaves

us

guarded.

We

believe

that

patience

now

could

pay

solid

dividends

over

the

coming

months.

With

regards

to

sector

allocation,

we

remain

underweight

the

traditional

U.S.

government

sectors

and

the

agency

MBS

space,

although

we

have

reduced

our

underweight

to

the

latter

and

would

expect

to

continue

adding

as

spreads

remain

relatively

wide.

The

non-agency

securitized

sectors

remain

our

biggest

overweight

relative

to

the

benchmark.

While

we

continue

to

be

comfortable

with

our

holdings

in

this

space

given

strong

collateral

and

credit

enhancements,

the

macro

and

sector-specific

headwinds

are

real

and

growing.

As

such

our

performance

expectations

have

dimmed

somewhat,

and

we

may

look

to

reduce

exposure

opportunistically

over

the

coming

months.

In

the

corporate

credit

sector,

we

continue

to

hold

a

slight

overweight,

primarily

INCOME

FUND

(Unaudited)

Annual

Report

2023

7

in

the

industrial

subsector,

with

a

neutral

exposure

to

financials

and

an

underweight

in

the

utility

subsector.

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,

2023

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,

2022.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2023.

(*)

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,

2013.

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,

2023

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

U.S.

Treasury

Securities

28.7‌%

Corporate

Bonds

24.7‌%

U.S.

Government

Mortgage

Backed

Securities

22.0‌%

Asset

Backed

Securities

8.2‌%

Non-Agency

Residential

Mortgage

Backed

Securities

8.0‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

5.9‌%

Municipals

1.2‌%

Short-Term

Investments

0.8‌%

Exchange

Traded

Fund

0.5‌%

100.0‌%

Portfolio

Analysis

as

of

March

31,

2023

(Portfolio

composition

is

subject

to

change)

Weighted

Average

to

Maturity:

12.4

years

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2023*

1

Year

5

Year

10

Year

Tributary

Income

Fund

—

Institutional

Class

-4.81‌%

0.73‌%

1.37‌%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

-4.78‌%

0.91‌%

1.36‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.56‌%

0.63‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

1.79‌%

0.63‌%

1

Year

5

Year

10

Year

Tributary

Income

Fund

—

Institutional

Plus

Class

-4.68‌%

0.89‌%

1.52‌%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

-4.78‌%

0.91‌%

1.36‌%

Prospectus

Expense

Ratio

(Gross/Net)†

0.83‌%

0.50‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

0.85‌%

0.51‌%

NEBRASKA

TAX-FREE

FUND

(Unaudited)

Annual

Report

2023

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

story

of

the

past

12

months

begins

and

ends

with

the

Federal

Reserve,

with

inflation

as

the

antagonist.

With

headline

CPI

over

8%,

the

Fed

finally

raised

its

target

overnight

rate

by

25

basis

points

(bps)

in

March

2022,

to

a

range

of

0.25%-0.50%.

Over

the

subsequent

year,

the

Fed

raised

rates

at

every

single

meeting

and

made

it

abundantly

clear

that

bringing

down

inflation

was

the

objective.

By

the

end

of

the

fiscal

year

in

March

2023,

the

Fed

had

raised

its

target

rate

by

450

bps,

the

most

rapid

increase

in

the

fed

funds

rate

since

Paul

Volcker

ran

the

Fed

in

the

early

1980s.

The

reason

for

the

hurried

approach

was

of

course

inflation,

which

remained

well

above

the

Fed’s

2%

target,

even

though

it

began

to

trend

lower

in

the

back

half

of

the

year.

Somewhat

surprisingly,

in

the

face

of

historically

swift

monetary

tightening

the

economy

performed

relatively

well.

Consumer

spending

decelerated

but

remained

healthy

and

confidence

surveys

showed

resilience.

The

labor

market

was

without

question

the

bright

spot

as

monthly

job

gains

from

the

Establishment

survey

averaged

350,000

over

the

past

year

and

the

unemployment

rate

ended

the

period

at

3.6%.

Business

spending

and

housing-related

activity

were

the

weak

links

in

the

economy,

as

industrial

production

figures

slowed

meaningfully,

and

home

builder

sentiment

dropped

to

the

lowest

level

since

the

depths

of

the

pandemic

in

early

2020.

While

the

real

economy

held

its

own,

the

financial

economy

was

under

stress.

As

the

old

Wall

Street

adage

goes,

the

Fed

raises

rates

until

something

breaks—and

it

may

have

happened

at

the

end

of

the

fiscal

year.

Indeed,

Silicon

Valley

Bank

(SVB)

and

Signature

Bank

both

failed

in

March,

with

SVB

being

one

of

the

largest

bank

failures

in

history

(surpassed

only

by

Washington

Mutual

during

the

global

financial

crisis

in

2008).

As

the

Federal

Reserve

drove

short-term

yields

higher,

the

BVAL

AAA

municipal

curve

flattened

significantly

and

inverted

on

the

front

end.

The

1-year

yield

rose

93

bps

to

close

at

2.45%,

while

the

10-year

yield

rose

only

4

bps

to

end

at

2.26%.

Due

to

the

technical

supply/demand

nature

of

the

tax-exempt

market,

the

longer-end

of

the

municipal

curve

steepened,

as

the

30-year

yield

rose

by

77

bps

close

at

3.31%.

The

primary

return

drivers

in

the

municipal

market

for

the

past

year

were

maturity

and

credit

quality.

Longer

maturities

suffered

losses

as

longer-term

yields

rose,

while

lower-rated

issuers

also

saw

their

yields

rise

as

quality

was

in

demand.

The

BBB

index

lost

-1.32%

last

year,

while

the

AA

index

rose

by

0.58%.

In

terms

of

sector

performance,

general

obligation

(GO)

bonds

outperformed

revenue

debt,

and

within

the

revenue

space,

higher

beta

issuers

such

as

hospitals

and

housing

authorities

performed

the

worst,

while

electric

utilities

were

among

the

best.

The

Tributary

Nebraska

Tax-Free

Fund

returned

0.91%

(net,

Institutional

Plus)

for

the

year

ended

March

31,

2023

compared

to

1.61%

for

the

Bloomberg

1-15

Year

Municipal

Blend

Index.

The

majority

of

the

Fund’s

underperformance

over

the

past

twelve-month

period

was

due

to

our

yield

curve

positioning

and

security

selection.

The

Fund

was

overweight

the

5-7

year

segment

of

the

curve,

and

underweight

the

10-year,

which

detracted

from

return.

Regarding

security

selection,

the

Fund

holds

an

overweight

position

in

low

(i.e.,

under

5%)

coupon

bonds

that

also

tend

to

have

shorter

call

structures,

with

both

features

being

more

prevalent

in

the

Nebraska

municipal

bond

market

than

in

other

states’

markets.

Given

the

rate

movements

over

the

year,

the

optionality

in

these

bonds

led

to

underperformance.

Partially

offsetting

the

contribution

of

these

factors

to

the

Fund’s

underperformance

was

the

Fund’s

higher

quality

bias,

as

AAA-

and

AA-rated

bonds

outperformed

lower

quality

bonds

over

the

twelve-month

period.

During

the

year

the

Fund’s

overall

sector

allocation

shifted

as

general

obligation

holdings

increased

from

42%

to

49%,

revenue

holdings

remained

stable

at

41%,

and

pre-refunded

holdings

declined

from

12%

to

2%.

The

decline

in

pre-refunded

holdings

was

primarily

to

fund

the

heavy

outflow

cycle

during

the

three-month

period

ending

December

31,

2022,

as

these

holdings

are

generally

much

more

liquid

than

the

Fund’s

other

assets.

The

increase

in

the

Fund’s

allocation

to

general

obligation

bonds

is

primarily

the

result

of

recent

additions

of

non-rated

holdings.

Due

to

the

lack

of

liquidity

being

provided

by

local

banks,

these

bonds

presented

relative

value

opportunities

as

the

deals

required

significantly

higher

yield

spreads

than

was

historically

required

to

appeal

to

investors.

Lastly,

the

Fund’s

allocation

to

non-Nebraska

municipal

bonds

increased

during

the

year

due

to

the

material

decline

in

issuance

of

Nebraska

municipal

bonds

during

the

period.

Over

time

and

as

issuance

increases,

our

intent

is

to

transition

these

holdings

back

to

Nebraska

issuers.

As

the

fiscal

year

closed,

the

divergence

between

the

market’s

and

the

Fed’s

assessment

of

the

economic

and

policy

outlook

could

hardly

have

been

larger.

The

market

is

pricing

nearly

75bps

of

rate

cuts

by

December,

even

as

the

Federal

Reserve’s

dot

plot

(released

after

the

SVB

failure)

indicates

their

intention

to

hold

rates

steady

thru

the

end

of

the

year.

There

is

similar

divergence

of

opinion

within

the

market

concerning

the

trajectory

of

inflation

and

the

real

economy,

with

good

arguments

and

data

points

on

both

sides.

Given

recent

events

in

the

banking

sector

and

the

inevitable

tightening

in

lending

conditions,

we

would

be

more

sympathetic

to

the

weaker

growth/

lower

inflation

camp;

but

that

is

not

a

terribly

high-conviction

belief.

As

such

we

are

still

relatively

cautious

and

aligned

more

risk-neutral

with

respect

to

our

benchmarks.

Specific

to

the

Nebraska

market,

the

state’s

labor

market

remained

strong

with

an

unemployment

rate

of

2.3%

through

February,

compared

to

the

national

unemployment

rate

of

3.6%.

The

leisure

and

hospitality

sector

within

the

Nebraska

economy

continues

to

flourish.

In

Omaha,

hotel

revenue

reached

$251

million

during

2022,

a

record

for

the

city,

and

lodging

tax

collections

assessed

at

the

state

level

are

up

by

more

than

25%

since

2019,

per

the

Nebraska

Tourism

Commission.

In

general,

agricultural

commodity

prices

have

receded

from

their

peaks

reached

during

the

first

quarter

of

2022

but

remain

materially

higher

than

their

5-

and

10-year

averages,

which

continues

to

provide

strength

and

stability

to

the

heavily

agrarian

Nebraska

economy.

Overall,

the

state

continues

to

be

in

relatively

good

shape

by

nearly

every

financial

metric.

With

a

newly

elected

governor

taking

office

in

January,

a

key

factor

to

monitor

in

the

coming

months

will

be

the

restructuring

of

tax

laws

within

the

state,

as

bills

relating

to

primary

education

and

community

college

funding

have

NEBRASKA

TAX-FREE

FUND

(Unaudited)

Annual

Report

2023

9

already

been

introduced

as

a

means

of

reducing

property

tax

burdens

and

creating

a

more

efficient

government

funding

system.

We

will

be

closely

monitoring

any

negative

impacts

on

local

municipal

issuers

arising

from

these

changes.

We

remain

focused

on

uncovering

value

and

avoiding

issuers

that

face

deteriorating

credit

profiles,

ensuring

we

preserve

capital

over

the

cycle.

Consistent

with

that,

our

preference

for

higher

quality

general

obligation

and

essential-service

revenue

bonds

remains

unchanged.

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,

2023

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,

2022.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2023.

(*)

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,

2013.

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,

2023

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Municipals

92.3‌%

Short-Term

Investments

6.4‌%

U.S.

Government

Mortgage

Backed

Securities

1.3‌%

100.0‌%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2023*

1

Year

5

Year

10

Year

Tributary

Nebraska

Tax-Free

Fund

—

Institutional

Plus

Class

†

0.91‌%

1.54‌%

1.86‌%

Bloomberg

Barclays

1-15

Year

Municipal

Blend

Index

(1-17)

1.61‌%

2.08‌%

2.14‌%

Bloomberg

Barclays

Municipal

Bond

Index

0.26‌%

2.03‌%

2.38‌%

Prospectus

Expense

Ratio

(Gross/Net)††

0.68‌%

0.45‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

0.74‌%

0.44‌%

BALANCED

FUND

(Unaudited)

Annual

Report

2023

10

Investment

Objective

The

Tributary

Balanced

Fund

seeks

capital

appreciation

and

current

income.

Manager

Commentary

For

the

fiscal

year

ended

March

31,

2023,

the

Tributary

Balanced

Fund

(net,

Institutional

Plus)

return

was

-4.46%.

Compared

to

the

Composite

Index

(60%

Russell

3000;

40%

Barclays

Capital

U.S.

Intermediate

Government/

Credit),

the

Fund

outperformed

the

benchmark

return

of

-5.47%.

Both

equity

and

fixed

income

absolute

returns

were

negatively

impacted

by

high

inflation

and

the

Federal

Reserve’s

aggressive

tightening

of

monetary

policy.

This

led

to

a

significant

move

higher

in

bond

yields

and

lower

valuations

in

the

stock

market.

There

were

three

primary

drivers

of

relative

performance.

First,

the

asset

allocation

exposure

to

stocks,

bonds

and

cash.

For

the

latest

fiscal

year,

the

portfolio

management

team

underweighted

equities

with

an

average

allocation

of

59.5%,

and

overweighted

bonds

with

average

exposure

of

35.9%.

As

bonds

outperformed

equities,

this

tactical

decision

had

a

positive

impact

on

relative

performance.

Second,

fixed

income

returns

negatively

impacted

relative

performance.

Individual

bond

holdings

lost

-1.75%,

slightly

behind

the

Barclays

Capital

U.S.

Intermediate

Index

return

of

-1.68%.

The

major

driver

for

the

relative

outperformance

of

the

Fund

was

strong

stock

selection.

Individual

stock

holdings

lost

-6.22%,

well

above

the

Russell

3000

Index

return

of

-8.58%.

In

equities,

9

of

11

sectors

had

positive

relative

performance,

led

by

healthcare,

consumer

discretionary,

financials,

industrials,

basic

materials

and

consumer

staples.

The

top

five

contributors

were

Lamb

Weston

(consumer

staples),

Eli

Lilly

(healthcare),

O’Reilly

Automotive

(consumer

discretionary),

Horizon

Therapeutics

(healthcare)

and

Exxon

Mobil

(energy).

Not

owning

Tesla

contributed

to

relative

returns.

Stock

selection

was

negative

in

communication

services

and

utilities.

The

bottom

five

detractors

from

performance

include

Alphabet

(information

technology),

Meta

Platforms

(communication

services),

Amazon

(consumer

discretionary),

Edwards

Lifesciences

(healthcare)

and

Sun

Communities

(real

estate).

Not

owning

Merck

negatively

impacted

relative

returns.

For

the

last

year,

our

sector

allocation

negatively

impacted

returns,

primarily

from

the

overweight

allocation

to

communication

services,

and

low

exposure

to

energy.

In

fixed

income,

the

primary

driver

of

relative

returns

over

the

past

year

was

sector

allocation

and

the

overweight

exposure

to

the

non-agency

CMBS

and

ABS

sectors.

The

non-agency

sectors

underperformed

as

liquidity

in

the

market

was

strained

and

concerns

grew

about

the

fundamental

outlook

for

the

commercial

real

estate

sector.

On

the

positive

side,

our

yield

advantage

over

the

benchmark

contributed

positively

to

returns,

as

did

our

curve

positioning

on

the

Treasury

yield

curve.

During

the

year,

we

increased

the

Fund’s

allocation

to

the

U.S.

Treasuries,

given

our

concerns

on

the

economy.

In

terms

of

credit

quality,

there

was

no

significant

change

during

the

year

as

the

Fund

maintained

a

high-quality

approach

with

an

Aa3

weighted

average

credit

rating.

The

macro-environment

remains

uncertain

with

U.S.

economic

activity

dependent

on

the

trends

in

inflation,

unemployment,

income

and

interest

rates.

Inflation

has

decelerated

somewhat

with

the

latest

consumer

price

index

(CPI)

at

5.0%,

down

from

8.5%

a

year

ago.

A

major

positive

in

the

economy

has

been

the

labor

market,

and

continued

growth

in

private

employment.

The

unemployment

rate

of

3.5%

remains

close

to

its

lowest

level

since

1969.

An

economic

downturn

seems

probable

as

most

leading

indicators

currently

point

to

a

deceleration

at

the

minimum

and/or

probable

contraction.

The

Federal

Reserve

has

been

aggressively

tightening

monetary

policy

with

the

current

Fed

Funds

rate

target

at

4.75%

-

5.0%.

This

has

resulted

in

an

inverted

yield

curve,

which

is

historically

an

accurate

predictor

of

recessions.

Due

to

a

slowing

economy

and

the

recent

failures

of

two

of

the

largest

banks

in

U.S.

history,

the

bond

market

expects

the

Fed

to

“pivot”

to

easier

monetary

policy

in

the

second

half

of

2023.

This

may

be

optimistic

as

inflation

will

likely

persist

above

the

Federal

Reserve’s

2%

target.

We

expect

continued

volatility

in

both

asset

classes

as

the

bond

and

stock

market

react

to

economic

risks.

In

terms

of

portfolio

positioning,

we

are

neutral

to

the

fixed

income

benchmark

with

respect

to

duration

as

the

likelihood

of

higher

or

lower

yields

is

balanced

in

our

estimation.

Spread

sector

valuations

remain

on

the

cheaper

side

from

a

historical

perspective,

but

the

potential

for

significant

underperformance

in

a

recessionary

environment

leaves

us

cautious.

We

plan

to

maintain

a

high-quality

portfolio

and

believe

that

patience

could

pay

solid

dividends

over

the

coming

months.

In

equities,

our

primary

concern

is

the

decline

in

the

outlook

for

earnings.

Slowing

revenue

growth,

elevated

input

costs

and

higher

interest

expenses

have

created

a

challenging

environment

for

corporate

profits.

With

an

earnings

decline

underway,

we

are

near-term

cautious

and

have

maintained

a

defensive

position

in

our

equity

portfolio.

For

long-term

investors,

both

equity

and

fixed

income

valuations

are

more

attractive.

As

of

March

31st,

the

rise

in

interest

rates

has

led

to

a

yield-to-

maturity

in

the

bond

portfolio

of

4.8%.

With

cash

earning

a

similar

yield,

the

defensive

part

of

the

Fund

holdings

will

likely

generate

solid

returns

in

the

upcoming

year.

Equity

valuations

have

improved

with

the

U.S.

broad

market

trading

on

a

price-to-earnings

(P/E)

ratio

of

17.5x

as

of

the

end

of

March.

Although

the

valuation

remains

a

modest

premium

to

historical

averages,

the

level

has

compressed

from

the

19x

multiple

from

a

year

ago

and

22x

valuation

from

two

years

ago.

Although

the

Fund

allocation

remains

somewhat

defensive

with

high

exposure

to

cash

and

fixed

income,

we

believe

the

Tributary

Balanced

Fund

is

well

positioned

to

earn

higher

than

average

return

due

to

the

attractive

valuations.

We

continue

to

closely

monitor

the

changing

economic

and

market

environment

and

will

further

adjust

Fund

allocations

as

warranted.

BALANCED

FUND

(Unaudited)

Annual

Report

2023

11

Return

of

a

$10,000

Investment

as

of

March

31,

2023

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,

2022.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2023.

(*)

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,

2013.

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,

2023

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Information

Technology

15.8‌%

Government

Securities

15.3‌%

Financials

12.5‌%

Health

Care

8.4‌%

Industrials

7.9‌%

Consumer

Discretionary

7.6‌%

Communication

Services

5.9‌%

Consumer

Staples

4.6‌%

Asset

Backed

Securities

4.2‌%

Short-Term

Investments

4.0‌%

Non-Agency

Commercial

Mortgage

Backed

Securities

3.2‌%

Energy

2.4‌%

Real

Estate

2.3‌%

Utilities

2.1‌%

Materials

1.8‌%

Non-Agency

Residential

Mortgage

Backed

Securities

1.4‌%

U.S.

Government

Mortgage

Backed

Securities

0.6‌%

100.0‌%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2023*

1

Year

5

Year

10

Year

Tributary

Balanced

Fund

—

Institutional

Class

-4.63‌%

7.15‌%

7.39‌%

60%

Russell

3000,

40%

Barclays

US

Intermediate

Gov

/Credit

-5.47‌%

7.17‌%

7.74‌%

Bloomberg

Barclays

US

Intermediate

Government/Credit

Bond

Index

-1.66‌%

1.40‌%

1.32‌%

Russell

3000

Index

-8.58‌%

10.45‌%

11.73‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.28‌%

0.99‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

1.31‌%

0.96‌%

1

Year

5

Year

10

Year

Tributary

Balanced

Fund

—

Institutional

Plus

Class

-4.46‌%

7.34‌%

7.59‌%

60%

Russell

3000,

40%

Barclays

US

Intermediate

Gov

/Credit

-5.47‌%

7.17‌%

7.74‌%

Bloomberg

Barclays

US

Intermediate

Government/Credit

Bond

Index

-1.66‌%

1.40‌%

1.32‌%

Russell

3000

Index

-8.58‌%

10.45‌%

11.73‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.03‌%

0.80‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

1.08‌%

0.79‌%

SMALL/MID

CAP

FUND

(Unaudited)

Annual

Report

2023

12

Investment

Objective

The

Tributary

Small/Mid

Cap

Fund

seeks

long-term

capital

appreciation.

Manager

Commentary

For

the

year

ended

March

31,

2023,

the

Tributary

Small/Mid

Cap

Fund

(net,

Institutional

Plus)

returned

-6.49%

versus

-10.39%

for

the

Russell

2500

Index

and

-10.53%

for

the

Russell

2500

Value

Index.

The

market

experienced

substantial

volatility

during

the

twelve-month

period,

characterized

by

significant

slides

and

sizable

rallies.

From

March

31,

2022,

through

June

16,

the

Russell

2500

Index

dropped

-19%,

followed

by

a

+21%

climb

that

lasted

until

August

16.

From

there

the

market

swung

lower,

experiencing

a

-17%

drop

through

September

26.

A

+22%

gain

then

ensued,

persisting

until

February

2,

2023.

A

final

-9%

slide

concluded

the

period,

bringing

the

Russell

2500’s

cumulative

twelve-month

tally

to

a

-10.4%

decline.

Multiple

factors

were

the

culprits

for

the

market’s

see-saw,

but

many

of

them

were

correlated

with

a

significant

common

element

–

the

unwind

of

the

unprecedented

stimulus

thrown

at

the

economy

and

markets

during

the

COVID

pandemic.

Excesses

and

imbalances

were

created,

and

it’s

taking

time

and

a

certain

amount

of

pain

to

wring

them

out.

Entering

the

Fund’s

2023

fiscal

year,

inflation

was

a

major

concern,

rising

at

an

alarming

rate.

The

Consumer

Price

Index

peaked

at

9.1%

in

June

of

2022

and

has

been

slowly

declining

ever

since.

While

trending

in

the

right

direction,

the

Federal

Reserve

has

made

it

clear

that

their

mission

to

tame

inflation

is

not

finished.

Over

the

last

year,

the

Federal

Reserve

has

repeatedly

ratcheted

interest

rates

upward,

but

it

appears

issues

such

as

wage-related

inflation

remain

a

concern.

Many

expect

the

Fed’s

efforts

to

culminate

in

a

recession,

possibly

in

the

later

months

of

2023.

Evidence

of

an

economic

slowdown

is

building,

including

deteriorating

corporate

earnings

expectations.

In

early

March

2023,

a

new

concern

emerged,

as

worries

regarding

the

health

of

regional

banks

gripped

the

market.

Silicon

Valley

Bank

and

Signature

Bank

faced

balance

sheet

difficulties

and

experienced

bank

runs,

ultimately

landing

them

in

receivership.

The

Federal

Reserve,

Treasury,

FDIC

and

larger

U.S.

banks

all

stepped

up

in

various

ways

to

help

soothe

concerns

about

the

regional

banking

system.

However,

investors

remain

watchful

for

further

banking

problems.

Stability

of

deposits

and

net

interest

margins

are

the

current

focus,

but

economic

deterioration

could

lead

to

credit

issues

in

the

coming

months.

The

Fed

will

continue

monitoring

banking

conditions,

as

any

reduction

in

the

ability

and

willingness

of

banks

to

lend

could

exacerbate

weakening

economic

conditions.

Global

concerns

have

weighed

on

investors

as

well.

The

war

in

Ukraine,

now

over

one

year

old,

is

still

impacting

supply

chains

and

oil

prices.

Geopolitical

tensions

are

rising

with

China,

including

China’s

territorial

claim

of

Taiwan.

If

China

were

to

ever

initiate

an

invasion

of

Taiwan,

it

would

have

political,

economic

and

financial

reverberations

worldwide.

In

particular,

the

world

relies

heavily

on

Taiwan

for

a

considerable

percentage

of

semiconductors,

especially

the

most

sophisticated,

high-end

chips.

From

an

investment

standpoint,

several

factors

favored

the

Tributary

Small/

Mid

Cap

Fund’s

value-oriented,

quality-focused

discipline

over

the

past

twelve

months.

Notably,

profitable

companies

in

the

Russell

2500

Index

outperformed

unprofitable

companies

by

a

margin

of

-7.8%

versus

-26.5%

as

investors

developed

a

heightened

aversion

to

risk.

Among

profitable

companies,

high

valuation

underperformed

over

the

last

year,

with

the

highest

Price/Earnings

(forward

twelve

months)

quintile

posting

the

lowest

return

(down

-14.3%).

On

a

market

cap

basis,

the

highest

market

cap

quintiles

in

the

index

posted

the

best

performance,

while

the

smallest

market

cap

quintiles

performed

the

worst.

The

lowest

market

cap

quintile

(companies

with

market

caps

under

$450

million),

was

most

noteworthy

with

a

decline

of

-26.8%,

while

the

second-lowest

market

cap

quintile

($450

million

to

$1

billion)

also

struggled

with

a

-18.3%

drop.

The

Tributary

Small/Mid

Cap

Fund

outperformed

the

Russell

2500

Index

in

nine

out

of

eleven

market

sectors

over

the

past

twelve

months.

The

Fund’s

strongest

relative

performance

occurred

in

the

industrials,

consumer

discretionary,

real

estate

and

information

technology

sectors.

In

the

industrials

sector,

the

Fund’s

return

of

+3.5%

surpassed

the

-1.2%

decline

in

the

Russell

2500

industrials

sector,

led

by

strong

years

from

Quanta

Services,

Franklin

Electric,

Enersys

and

ICF

International.

The

Fund’s

consumer

discretionary

holdings

posted

a

+4.5%

return,

compared

to

the

benchmark

sector’s

-5.7%

loss.

Favorable

returns

from

Ollie’s

Bargain

Outlet

and

Burlington

Stores

contributed

to

the

Fund’s

outperformance.

In

real

estate,

positive

returns

from

American

Campus

Communities

and

Agree

Realty

helped

limit

the

Fund’s

sector

return

to

a

-12.6%

loss,

considerably

better

than

the

Russell

2500

real

estate

sector’s

-21.1%

slide.

The

Fund’s

information

technology

sector,

aided

by

returns

from

Diodes,

Blackbaud

and

PTC,

declined

-7.6%,

less

severe

than

the

-10.5%

return

experienced

by

the

Russell

2500’s

information

technology

sector.

The

Fund

underperformed

in

only

two

sectors,

healthcare

and

energy.

With

a

decline

of

-24.9%,

the

Fund’s

healthcare

holdings

fell

short

of

the

-15.8%

return

experienced

by

the

Russell

2500

healthcare

sector.

Omnicell,

Pacira

Biosciences

and

PerkinElmer

were

among

the

Fund’s

most

significant

healthcare

detractors.

In

the

energy

sector,

the

Fund’s

-18.3%

return

trailed

the

benchmark

sector’s

-2.8%

return.

Natural

gas

producer

CNX

Resources

was

the

leading

detractor.

The

Fund

initiated

five

new

positions

over

the

past

twelve

months,

Agree

Realty,

Black

Knight,

Marathon

Oil,

SM

Energy

and

Diodes.

Six

positions

were

eliminated

over

the

past

year,

American

Campus

Communities,

LHC

Group,

Pioneer

Natural

Resources,

Duke

Realty,

G-III

Apparel

Group

and

Cambium

Networks.

In

addition,

MasterBrand

shares

were

sold

when

they

were

received

as

a

Fortune

Brands

spinoff.

Portfolio

holdings

remained

diversified

across

market

sectors,

in

line

with

our

investment

philosophy.

The

coming

months

hold

considerable

uncertainty.

Monitoring

economic

conditions

and

evaluating

business

results

from

the

Fund’s

holdings

remain

a

clear

focus

for

our

team.

At

the

same

time,

we

recognize

the

value

and

importance

of

maintaining

a

long-term

perspective.

By

positioning

the

portfolio

in

sound

businesses

with

attractive

valuations

and

employing

a

longer

investment

horizon

than

most,

we

believe

we

can

successfully

navigate

rougher

economic

periods

and

capitalize

on

opportunities

that

often

emerge

from

short-term

turbulence.

SMALL/MID

CAP

FUND

(Unaudited)

Annual

Report

2023

13

Return

of

a

$10,000

Investment

as

of

March

31,

2023

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,

2022.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2023.

(††)

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

value

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,

2023

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Industrials

23.1%

Information

Technology

16.7%

Financials

14.9%

Health

Care

11.6%

Consumer

Discretionary

10.5%

Real

Estate

5.5%

Energy

3.9%

Consumer

Staples

3.5%

Materials

3.5%

Utilities

2.7%

Communication

Services

1.8%

Short-Term

Investments

2.3%

100.0%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2023*

1

Year

Since

Inception

††

Tributary

Small/Mid

Cap

Fund

—

Institutional

Class

-6.45%

10.59%

Russell

2500

Index

-10.39%

7.46%

Russell

2500

Value

Index

-10.53%

7.27%

Prospectus

Expense

Ratio

(Gross/Net)†

 34.23%

1.15% 

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

 5.92%

0.92% 

1

Year

Since

Inception

††

Tributary

Small/Mid

Cap

Fund

—

Institutional

Plus

Class

-6.49%

10.78%

Russell

2500

Index

-10.39%

7.17%

Russell

2500

Value

Index

-10.53%

7.03%

Prospectus

Expense

Ratio

(Gross/Net)†

 2.12%

0.90% 

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

 1.76%

0.91% 

SMALL

COMPANY

FUND

(Unaudited)

Annual

Report

2023

14

Investment

Objective

The

Tributary

Small

Company

Fund

seeks

long-term

capital

appreciation.

Manager

Commentary

The

twelve

months

ending

March

31,

2023,

was

a

wild

ride

as

returns

for

the

Russell

2000

Index

bounced

back

and

forth

throughout

the

last

year.

From

April

1,

2022,

through

the

middle

of

June

2022,

the

Russell

2000

was

down

approximately

20%.

By

mid-August

2022,

it

had

recovered

to

be

down

only

2%.

Near

the

end

of

September

2022,

the

Russell

2000

was

down

nearly

20%.

By

February

2,

2023,

it

recovered

once

again

to

be

down

by

approximately

2%.

Then,

by

the

end

of

March

2023,

the

twelve-month

return

was

down

close

to

12%.

What

were

some

of

the

factors

driving

this

volatility

over

the

last

year?

Entering

the

Fund’s

2023

fiscal

year,

inflation

was

a

major

concern,

rising

at

an

alarming

rate.

The

Consumer

Price

Index

would

peak

at

nearly

9%

in

June

of

2022

and

has

been

slowly

declining

ever

since.

While

trending

in

the

right

direction,

the

Federal

Reserve

has

made

it

very

clear

that

their

mission

to

tame

inflation

is

not

finished.

Over

the

last

year,

the

Federal

Reserve

has

raised

interest

rates

eight

times,

but

it

appears

wage-related

inflation

continues

to

concern

Fed

officials.

The

war

in

Ukraine

is

now

over

one

year

old

but

is

still

having

an

impact

on

supply

chains

and

oil

prices.

Another

geopolitical

issue

that

has

been

worsening

recently

is

China’s

territorial

claim

of

Taiwan.

A

full-

scale

military

invasion

and

takeover

of

Taiwan

would

likely

have

a

material

impact

on

international

business

and

stock

markets.

In

particular,

the

world

relies

heavily

on

Taiwan

for

a

considerable

percentage

of

semiconductors

manufactured

annually,

especially

the

most

sophisticated,

high-end

chips.

In

early

March,

concerns

regarding

the

health

of

regional

banks

suddenly

gripped

the

market

as

Silicon

Valley

Bank

and

Signature

Bank

faced

balance

sheet

difficulties

and

witnessed

runs

on

their

deposits,

ultimately

landing

them

into

receivership.

The

Federal

Reserve,

the

Treasury

Department,

the

Federal

Deposit

Insurance

Corporation,

and

larger

U.S.

banks

would

all

step

up

in

different

ways

to

help

soothe

investors’

concerns

about

the

health

of

the

regional

banking

system.

However,

legitimate

contagion

concerns

remain

and

the

potential

for

unforeseen

banking

problems,

such

as

underwriting/credit

risk,

may

need

to

be

dealt

with

in

future

quarters.

How

this

banking

crisis

evolves

and

how

it

is

handled

by

regulators

and

elected

officials

will

most

certainly

impact

the

economy

and

markets

moving

forward.

For

the

year

ended

March

31,

2023,

Tributary

Small

Company

Fund

returned

-3.25%

(Institutional

Class

at

NAV)

and

-3.02%

(Institutional

Plus

Class

at

NAV)

compared

to

-11.61%

for

the

Russell

2000

Index

and

-12.96%

for

the

Russell

2000

Value

Index.

Stock

market

return

trends

over

the

last

twelve

months

favored

companies

with

positive

earnings,

higher

returns

on

investment

and

lower

price

volatility

tended

to

do

well.

Our

Fund

tends

to

own

higher

quality

businesses

and

the

trends

witnessed

over

the

last

twelve

months

would

typically

benefit

our

portfolio.

Out

of

the

eleven

broad

economic

sectors

we

monitor,

the

Fund

outperformed

the

corresponding

Russell

2000

return

in

seven

of

them.

The

Fund’s

two

strongest

economic

sectors

compared

to

the

Russell

2000

were

industrials

and

information

technology.

Comfort

Systems,

ICF

International

and

EnPro

Industries

were

the

top

contributors

to

the

Fund’s

industrial

sector

performance.

The

top

contributors

to

the

Fund’s

information

technology

return

were

CTS

Corporation,

Blackbaud

and

Power

Integrations.

The

Fund

underperformed

the

corresponding

Russell

2000

sector

return

in

four

of

the

eleven

broad

economic

sectors

we

monitor

The

Fund’s

two

weakest

economic

sectors

compared

to

the

Russell

2000

were

materials

and

energy.

In

the

materials

sector,

Kaiser

Aluminum

and

Balchem

fell

short

of

the

return

generated

by

the

Russell

2000

materials

sector.

In

the

energy

sector,

CNX

Resources,

a

natural

gas-focused

exploration

and

production

company,

underperformed

the

Russell

2000

energy

sector

return.

However,

the

Fund’s

oil-focused

exploration

and

production

companies,

Permian

Resources

and

Northern

Oil

and

Gas,

performed

better

than

the

Russell

2000

energy

sector

return.

Looking

to

the

next

year,

market

volatility

would

not

be

a

surprise

as

many

of

the

issues

that

impacted

the

stock

market

over

the

last

twelve

months

continue

to

this

day.

Rather

than

attempting

to

forecast

the

direction

or

magnitude

of

inflation

or

interest

rates,

the

probability

or

outcome

of

armed

conflict

or

whether

the

U.S.

is

or

will

be

in

a

recession,

we

will

focus

on

the

long

term,

owning

a

diversified

portfolio

of

high-quality

businesses

at

attractive

prices.

This

investment

philosophy

has

been

diligently

implemented

in

this

portfolio

for

over

two

decades,

producing

solid

risk-adjusted

returns.

To

our

shareholders,

we

would

like

to

say

thank

you.

We

are

honored

that

you

have

entrusted

us

with

your

investment

in

the

Tributary

Small

Company

Fund

and

we

look

forward

to

discussing

our

fiscal

year

2024

results

with

you

in

next

year’s

letter.

SMALL

COMPANY

FUND

(Unaudited)

Annual

Report

2023

15

Return

of

a

$10,000

Investment

as

of

March

31,

2023

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,

2022.

Net

expense

ratios

are

net

of

contractual

waivers

which

are

in

effect

through

August

1,

2023.

(*)

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,

2013.

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,

2023

Percentage

Based

on

Total

Value

of

Investments

(Portfolio

composition

is

subject

to

change)

Industrials

21.5‌%

Information

Technology

16.0‌%

Financials

15.9‌%

Health

Care

13.4‌%

Consumer

Discretionary

10.2‌%

Energy

5.7‌%

Real

Estate

5.0‌%

Materials

3.1‌%

Consumer

Staples

3.0‌%

Utilities

2.9‌%

Communication

Services

1.2‌%

Short-Term

Investments

2.1‌%

100.0‌%

Average

Annual

Total

Returns

for

the

Year

Ended

March

31,

2023*

1

Year

5

Year

10

Year

Tributary

Small

Company

Fund

—

Institutional

Class

-3.25‌%

6.19‌%

8.79‌%

Russell

2000

Index

-11.61‌%

4.71‌%

8.04‌%

Russell

2000

Value

Index

-12.96‌%

4.55‌%

7.22‌%

Prospectus

Expense

Ratio

(Gross/Net)†

1.33‌% 

1.18‌% 

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

1.35‌% 

1.17‌% 

1

Year

5

Year

10

Year

Tributary

Small

Company

Fund

—

Institutional

Plus

Class

-3.02‌%

6.43‌%

9.02‌%

Russell

2000

Index

-11.61‌%

4.71‌%

8.04‌%

Russell

2000

Value

Index

-12.96‌%

4.55‌%

7.22‌%

Prospectus

Expense

Ratio

(Gross/Net)†

 1.05‌%

0.96‌%

Expense

Ratio

for

the

Year

Ended

March

31,

2023

(Gross/Net)

 1.06‌%

0.96‌% 

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

16

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

39.6%

Asset

Backed

Securities

-

19.9%

$

501,889‌

Affirm

Asset

Securitization

Trust,

1.07%,

08/15/25 (a)

$

487,334‌

1,560,000‌

AFG

ABS

I,

LLC,

6.30%,

09/16/30 (a)

1,570,108‌

1,648,031‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (a)

1,612,319‌

2,020,000‌

AMSR

Trust,

1.63%,

07/17/37 (a)

1,870,553‌

971,412‌

Atalaya

Equipment

Leasing

Trust,

1.23%,

05/15/26 (a)

946,880‌

981,455‌

AXIS

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (a)

952,807‌

2,380,000‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (a)

2,369,485‌

911,655‌

Carvana

Auto

Receivables

Trust,

0.49%,

03/10/26

881,566‌

1,048,142‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (a)(b)

1,013,789‌

1,070,000‌

CCG

Receivables

Trust,

5.82%,

09/16/30 (a)

1,080,445‌

1,195,584‌

CCG

Receivables

Trust,

2.55%,

03/15/27 (a)

1,191,185‌

1,848,671‌

CCG

Receivables

Trust,

3.91%,

07/16/29 (a)

1,821,501‌

321,830‌

CCG

Receivables

Trust

REMIC,

0.54%,

12/14/27 (a)

316,670‌

2,071,253‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (a)

1,880,825‌

693,844‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (a)

656,299‌

525,961‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52 (a)

475,042‌

454,882‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41 (a)

423,964‌

354,081‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (a)

338,468‌

92,297‌

Dell

Equipment

Finance

Trust,

0.57%,

10/23/23 (a)

92,039‌

2,400,000‌

DLLAD,

LLC,

4.79%,

01/20/28 (a)

2,375,556‌

748,602‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (a)

648,678‌

1,772,186‌

FirstKey

Homes

Trust,

1.34%,

08/17/37 (a)

1,621,973‌

46,248‌

Freed

ABS

Trust,

1.41%,

03/20/28 (a)

46,152‌

99,186‌

Goal

Capital

Funding

Trust

(USD

3

Month

LIBOR

+

0.70%),

5.66%,

08/25/48 (a)(c)

98,451‌

1,267,717‌

Iowa

Student

Loan

Liquidity

Corp.

(USD

1

Month

LIBOR

+

0.67%),

5.29%,

08/25/70 (c)

1,216,934‌

Principal

Amount

Security

Description

Value

$

1,290,000‌

LAD

Auto

Receivables

Trust,

5.68%,

10/15/26 (a)

$

1,287,999‌

1,195,113‌

Navient

Student

Loan

Trust,

0.97%,

12/16/69 (a)

1,014,575‌

1,162,162‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

6.28%,

10/15/31 (a)(c)

1,158,739‌

262,670‌

NMEF

Funding,

LLC,

0.81%,

12/15/27 (a)

260,138‌

849,133‌

NMEF

Funding,

LLC,

2.58%,

10/16/28 (a)

823,871‌

1,725,000‌

NMEF

Funding,

LLC,

6.07%,

06/15/29 (a)

1,737,363‌

1,099,992‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

5.42%,

09/25/61 (c)

1,053,133‌

1,181,035‌

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51 (a)

1,048,973‌

765,303‌

Pawneee

Equipment

Receivables,

1.10%,

07/15/27 (a)

735,246‌

1,755,000‌

PenFed

Auto

Receivables

Owner

Trust,

3.96%,

04/15/26 (a)

1,732,953‌

96,349‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

5.61%,

12/24/33 (a)(c)

95,787‌

24,082‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.53%),

5.44%,

12/24/33 (a)(c)

23,817‌

297,019‌

Progress

Residential

Trust,

2.27%,

09/17/36 (a)

283,932‌

873,896‌

Progress

Residential

Trust,

2.69%,

10/17/36 (a)

835,787‌

1,950,402‌

Progress

Residential

Trust,

1.05%,

04/17/38 (a)

1,719,282‌

883,825‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

5.82%,

10/25/23 (c)

865,615‌

758,101‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

6.47%,

04/15/29 (c)

755,703‌

442,112‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.70%),

6.52%,

07/25/23 (c)

439,747‌

549,386‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

6.32%,

04/25/23 (c)

547,409‌

476,814‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (a)

463,692‌

671,800‌

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43 (a)

564,225‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

17

Principal

Amount

Security

Description

Value

$

456,303‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48 (a)

$

440,416‌

852,762‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (a)

712,513‌

503,065‌

Sofi

Professional

Loan

Program,

LLC,

3.09%,

08/17/48 (a)

475,486‌

1,335,581‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (a)

1,311,683‌

223,409‌

Tricon

American

Homes

Trust,

2.75%,

03/17/38 (a)

208,861‌

2,390,000‌

UNIFY

Auto

Receivables

Trust,

0.98%,

07/15/26 (a)

2,315,076‌

1,380,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (a)

1,241,763‌

50,142,807‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

13.1%

1,439,000‌

BANK

2019-BNK16,

3.93%,

02/15/52

1,417,266‌

1,840,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

1,766,899‌

1,615,000‌

BPR

Trust,

6.19%,

02/15/29 (a)(c)

1,577,249‌

461,165‌

BX

Trust,

5.64%,

01/15/34 (a)(c)

447,211‌

940,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.63%,

09/15/36 (a)(c)

891,675‌

950,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.90%),

5.58%,

10/15/36 (a)(c)

911,495‌

860,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.85%),

5.54%,

11/15/38 (a)(c)

826,576‌

2,000,000‌

BXHPP

Trust

(USD

1

Month

LIBOR

+

0.65%),

5.33%,

08/15/36 (a)(c)

1,875,228‌

900,000‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

05/15/52

875,286‌

946,400‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

907,196‌

127,301‌

COMM

Mortgage

Trust

REMIC,

3.39%,

08/10/47

125,571‌

2,000,000‌

FirstKey

Homes

Trust,

4.25%,

07/17/26 (a)

1,950,740‌

1,600,000‌

GCT

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

5.48%,

02/15/38 (a)(c)

1,465,699‌

1,800,000‌

Goldman

Sachs

Mortgage

Securities

Corp.

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.63%,

10/15/36 (a)(c)

1,698,036‌

583,798‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44 (a)(b)

6‌

266,944‌

Harvest

Commercial

Capital

Loan

Trust,

3.29%,

09/25/46 (a)(b)

258,936‌

393,707‌

JPMBB

Commercial

Mortgage

Securities

Trust,

3.32%,

03/17/49

379,470‌

213,006‌

JPMDB

Commercial

Mortgage

Securities

Trust,

2.04%,

11/13/52

205,718‌

Principal

Amount

Security

Description

Value

$

460,039‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (a)

$

442,230‌

1,003,034‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (a)

951,415‌

624,883‌

KKR

Industrial

Portfolio

Trust,

5.49%,

12/15/37 (a)(c)

605,586‌

1,772,192‌

KNDR

2021-KIND

A,

5.89%,

08/15/38 (a)(c)

1,673,521‌

608,193‌

MED

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.64%,

11/15/38 (a)(c)

585,380‌

1,000,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

5.48%,

04/15/38 (a)(c)

966,857‌

1,102,832‌

MHP

2022-MHIL,

5.64%,

01/15/27 (a)

(c)

1,058,581‌

1,130,265‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

3.25%,

12/15/47

1,089,377‌

291,781‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

REMIC,

3.48%,

06/15/47

287,336‌

750,000‌

ReadyCap

Commercial

Morgage

Trust

CLO,

6.22%,

01/25/37 (a)(c)

732,768‌

1,730,000‌

SREIT

Trust

(USD

1

Month

LIBOR

+

0.58%),

5.26%,

07/15/36 (a)(c)

1,657,016‌

725,213‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (a)(b)

668,650‌

578,917‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41 (a)(b)

510,823‌

925,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (a)

882,785‌

1,290,000‌

TRTX

Issuer,

Ltd.

CLO,

6.21%,

02/15/39 (a)(c)

1,253,142‌

1,450,000‌

VASA

Trust

(USD

1

Month

LIBOR

+

0.90%),

5.58%,

07/15/39 (a)(c)

1,346,132‌

1,032,021‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (a)(b)

849,882‌

33,141,738‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

6.6%

783,854‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (a)(b)

716,794‌

119,876‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

5.72%,

12/25/33 (a)(c)

113,695‌

387,019‌

BRAVO

Residential

Funding

Trust,

5.31%,

11/25/69 (a)(c)

377,228‌

769,031‌

BRAVO

Residential

Funding

Trust,

5.31%,

01/25/70 (a)(c)

759,293‌

383,302‌

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59 (a)(b)

362,467‌

383,713‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (a)(b)

328,956‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

18

Principal

Amount

Security

Description

Value

$

768,941‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (a)(b)

$

742,210‌

343,305‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30 (a)(b)

334,080‌

873,017‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (a)(b)

846,275‌

388,721‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53 (a)

372,187‌

505,103‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (a)(b)

478,942‌

44,575‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (a)(b)

42,291‌

1,182‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/23

1,132‌

221,250‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28 (a)(b)

206,790‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

5.97%,

02/25/33 (c)

154,622‌

165,855‌

CSMLT

Trust,

2.99%,

10/25/30 (a)(b)

154,215‌

1,245,233‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (a)(b)

1,179,157‌

545,581‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

506,265‌

225,160‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45 (b)

219,594‌

45,035‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50 (a)(b)

44,237‌

28,717‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59 (a)(b)

28,581‌

1,048,157‌

JPMorgan

Mortgage

Trust,

3.00%,

06/25/29 (a)(b)

998,217‌

335,723‌

MFRA

Trust,

1.79%,

08/25/49 (a)(b)

306,763‌

424,904‌

MFRA

Trust,

0.85%,

01/25/56 (a)(b)

374,725‌

591,892‌

MFRA

Trust,

3.91%,

04/25/66 (a)(d)

559,523‌

223,952‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

07/25/59 (a)(b)

220,538‌

300,454‌

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58 (a)(b)

281,515‌

26,808‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54 (a)(b)

24,518‌

44,465‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52 (a)(b)

41,164‌

75,349‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (a)(b)

69,956‌

530,740‌

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50 (a)(b)

477,532‌

Principal

Amount

Security

Description

Value

$

11,532‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

5.88%,

12/31/23 (c)

$

8,812‌

4‌

Residential

Asset

Securities

Corp.

Trust

REMIC,

3.87%,

05/25/33 (b)

4‌

5,085‌

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

12/31/23

5,299‌

651,306‌

RMF

Buyout

Issuance

Trust,

1.26%,

11/25/31 (a)(b)

622,369‌

650,000‌

Towd

Point

Mortgage

Trust,

3.75%,

10/25/56 (a)(b)

609,309‌

917,942‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57 (a)(b)

870,462‌

924,308‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(b)

864,436‌

129,029‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(b)

124,051‌

162,025‌

Towd

Point

Mortgage

Trust,

3.00%,

11/25/58 (a)(b)

159,304‌

830,682‌

Towd

Point

Mortgage

Trust,

2.25%,

02/25/60 (a)(b)

775,676‌

1,038,155‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (a)(b)

936,351‌

199,213‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56 (a)(b)

195,379‌

31,894‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57 (a)(b)

31,535‌

16,526,449‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$105,078,566)

99,810,994‌

Corporate

Bonds

-

26.9%

Communication

Services

-

2.5%

2,704,000‌

AT&T,

Inc.,

1.70%,

03/25/26

2,487,680‌

1,420,000‌

Meta

Platforms,

Inc.,

3.50%,

08/15/27

1,371,455‌

1,135,000‌

Netflix,

Inc.,

4.38%,

11/15/26

1,122,231‌

1,000,000‌

The

Walt

Disney

Co.,

1.75%,

01/13/26

937,311‌

738,000‌

Verizon

Communications,

Inc.,

1.68%,

10/30/30

595,692‌

6,514,369‌

Consumer

Discretionary

-

4.3%

660,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

405,775‌

300,000‌

Carnival

Corp.,

4.00%,

08/01/28 (a)

258,249‌

2,555,000‌

Dollar

General

Corp.,

3.88%,

04/15/27

2,491,806‌

1,300,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

1,232,400‌

1,875,000‌

Lennar

Corp.,

4.50%,

04/30/24

1,852,106‌

1,261,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31 (a)

1,075,002‌

2,161,000‌

McDonald's

Corp.,

MTN,

3.70%,

01/30/26

2,123,906‌

1,500,000‌

Newell

Brands,

Inc.,

4.70%,

04/01/26

1,443,750‌

10,882,994‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

19

Principal

Amount

Security

Description

Value

Consumer

Staples

-

0.9%

$

440,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28 (a)

$

418,000‌

1,855,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

2.75%,

06/26/24 (a)

1,806,722‌

2,224,722‌

Energy

-

0.3%

550,000‌

Crestwood

Midstream

Partners

LP/

Crestwood

Midstream

Finance

Corp.,

5.63%,

05/01/27 (a)

529,875‌

250,000‌

Range

Resources

Corp.,

4.88%,

05/15/25

245,103‌

774,978‌

Financials

-

10.6%

1,030,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

983,218‌

2,300,000‌

Bank

of

America

Corp.,

3.71%,

04/24/28 (b)

2,173,511‌

520,000‌

Bank

of

America

Corp.,

MTN,

2.02%,

02/13/26 (b)

487,188‌

2,915,000‌

Citigroup,

Inc.,

1.46%,

06/09/27 (b)

2,588,149‌

1,220,000‌

Comcast

Corp.,

5.25%,

11/07/25

1,246,567‌

2,120,000‌

Goldman

Sachs

Group,

Inc.,

3.62%,

03/15/28 (b)

2,005,441‌

2,570,000‌

Intercontinental

Exchange,

Inc.,

3.75%,

12/01/25

2,499,719‌

2,965,000‌

JPMorgan

Chase

&

Co.,

1.05%,

11/19/26 (b)

2,645,872‌

2,615,000‌

Morgan

Stanley,

2.19%,

04/28/26 (b)

2,453,546‌

418,000‌

National

Retail

Properties,

Inc.,

4.00%,

11/15/25

405,714‌

947,000‌

National

Retail

Properties,

Inc.,

3.60%,

12/15/26

896,287‌

2,225,000‌

Oracle

Corp.,

5.80%,

11/10/25

2,280,547‌

1,490,000‌

Principal

Life

Global

Funding

II,

1.25%,

06/23/25 (a)

1,362,694‌

2,231,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (b)(e)

2,113,872‌

2,500,000‌

Wells

Fargo

&

Co.,

4.81%,

07/25/28 (b)

2,468,659‌

26,610,984‌

Industrials

-

4.3%

2,085,000‌

BMW

US

Capital,

LLC,

2.80%,

04/11/26 (a)

1,983,846‌

1,740,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

1,711,165‌

2,525,000‌

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25

2,467,276‌

1,650,000‌

Roper

Technologies,

Inc.,

1.00%,

09/15/25

1,508,552‌

1,400,000‌

TTX

Co.,

3.60%,

01/15/25 (a)

1,362,580‌

Principal

Amount

Security

Description

Value

$

1,858,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (a)

$

1,795,310‌

10,828,729‌

Information

Technology

-

3.3%

900,000‌

eBay,

Inc.,

3.45%,

08/01/24

882,585‌

2,325,000‌

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.,

2.70%,

05/01/25

2,206,644‌

1,195,000‌

Oracle

Corp.,

3.40%,

07/08/24

1,170,689‌

2,410,000‌

TSMC

Global,

Ltd.,

0.75%,

09/28/25 (a)

2,194,487‌

1,660,000‌

Xilinx,

Inc.,

2.95%,

06/01/24

1,621,406‌

8,075,811‌

Materials

-

0.7%

1,765,000‌

The

Mosaic

Co.,

4.25%,

11/15/23

1,746,232‌

Total

Corporate

Bonds

(Cost

$71,145,804)

67,658,819‌

Government

&

Agency

Obligations

-

30.7%

GOVERNMENT

SECURITIES

-

28.8%

Municipals

-

1.2%

550,000‌

County

of

El

Paso

CO,

Colorado

RB,

1.20%,

06/01/25

515,725‌

240,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

0.95%,

12/15/25

218,650‌

370,000‌

Little

Co.

of

Mary

Hospital

of

Indiana,

Inc.,

Indiana,

1.58%,

11/01/24

350,318‌

1,425,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

1,277,045‌

235,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

206,433‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

0.76%,

12/01/24

159,369‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

151,209‌

2,878,749‌

U.S.

Treasury

Securities

-

27.6%

550,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

543,104‌

12,400,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

11,983,922‌

29,730,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

28,580,285‌

6,100,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

5,779,035‌

24,980,000‌

U.S.

Treasury

Note/Bond,

0.50%,

02/28/26

22,703,502‌

69,589,848‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.9%

Federal

Home

Loan

Mortgage

Corp.

-

1.1%

249,911‌

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

227,842‌

321,946‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (d)

315,944‌

1,280,000‌

Federal

Home

Loan

Mortgage

Corp.,

2.11%,

12/15/25

1,246,237‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

20

Principal

Amount

Security

Description

Value

$

326,420‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

$

51,025‌

93,675‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

7,589‌

91,314‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

10,889‌

188,816‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

184,817‌

768,377‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57 (b)

724,752‌

2,769,095‌

Federal

National

Mortgage

Association

-

0.0%

90,808‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

88,415‌

178,861‌

Federal

National

Mortgage

Association

Interest

Only,

2.67%,

01/25/39 (b)

2,605‌

91,020‌

Government

National

Mortgage

Association

-

0.8%

1,291,979‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,288,072‌

145,120‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

144,845‌

100,799‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

100,553‌

433,623‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

438,488‌

70,813‌

Government

National

Mortgage

Association

REMIC,

3.25%,

11/16/52 (b)

69,205‌

2,041,163‌

Total

Government

&

Agency

Obligations

(Cost

$78,745,080)

77,369,875‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.1%

Financials

-

0.1%

500‌

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

05/01/23),

14.62% (b)(e)

375,000‌

Total

Preferred

Stocks

(Cost

$513,025)

375,000‌

Exchange

Traded

Fund

-

0.4%

13,000‌

Vanguard

Short-Term

Corporate

Bond

ETF

990,990‌

Total

Exchange

Traded

Fund

(Cost

$986,827)

990,990‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.6%

Investment

Company

-

1.6%

3,952,421‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.69% (f)

$

3,952,421‌

Total

Short-Term

Investments

(Cost

$3,952,421)

3,952,421‌

Investments,

at

value

-

99.3%

(Cost

$260,421,723)

250,158,099‌

Other

assets

in

excess

of

liabilities

-

0.7%

1,749,145‌

NET

ASSETS

-

100.0%

$

251,907,244‌

(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,

2023,

the

aggregate

value

of

these

liquid

securities

were

$98,887,805

or

39.3%

of

net

assets.

(b)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2023.

(c)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2023.

(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,

2023.

(e)

Perpetual

maturity

security.

(f)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2023.

ABS

Asset

Backed

Security

CLO

Collateralized

Loan

Obligation

ETF

Exchange

Traded

Fund

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

INCOME

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

21

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

21.9%

Asset

Backed

Securities

-

8.1%

$

960,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46

(a)

$

846,898‌

549,344‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36

(a)

537,440‌

400,000‌

AMSR

Trust,

1.63%,

07/17/37

(a)

370,407‌

1,250,000‌

ARM

Master

Trust,

2.43%,

11/15/27

(a)

1,166,500‌

555,113‌

Capital

Automotive,

1.44%,

08/15/51

(a)

488,015‌

855,812‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61

(a)

755,300‌

918,408‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52

(a)

829,497‌

408,547‌

Commonbond

Student

Loan

Trust,

1.17%,

09/25/51

(a)

336,244‌

793,701‌

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53

(a)

716,850‌

528,067‌

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45

(a)

460,614‌

915,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38

(a)

807,139‌

882,302‌

Home

Partners

of

America

Trust,

2.20%,

01/17/41

(a)

765,520‌

532,975‌

Navient

Student

Loan

Trust,

1.11%,

02/18/70

(a)

449,520‌

989,457‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

6.28%,

10/15/31

(a)(b)

986,543‌

344,397‌

Nelnet

Student

Loan

Trust,

1.63%,

04/20/62

(a)

311,864‌

617,385‌

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62

(a)

558,715‌

87,954‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

5.61%,

12/24/33

(a)(b)

87,441‌

813,070‌

Progress

Residential

Trust,

1.52%,

07/17/38

(a)

729,810‌

435,000‌

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46

(a)

382,018‌

715,774‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

5.82%,

10/25/23

(b)

701,027‌

1,025,466‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

6.47%,

04/15/29

(b)

1,022,223‌

255,698‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

6.32%,

04/25/23

(b)

254,778‌

Principal

Amount

Security

Description

Value

$

279,869‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31

(a)

$

272,167‌

83,121‌

Social

Professional

Loan

Program,

2.34%,

04/25/33

(a)

81,665‌

479,259‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44

(a)

470,683‌

595,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46

(a)

528,398‌

1,313,651‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39

(a)

1,108,694‌

932,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45

(a)

838,640‌

16,864,610‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

5.8%

1,150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.53%,

03/10/37

(a)(c)

1,057,103‌

790,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.63%,

09/15/36

(a)(b)

749,387‌

200,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.90%),

5.58%,

10/15/36

(a)(b)

191,894‌

860,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

831,206‌

975,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

857,807‌

790,000‌

Goldman

Sachs

Mortgage

Securities

Trust

(USD

1

Month

LIBOR

+

0.89%),

5.57%,

11/15/36

(a)(b)

759,132‌

884,266‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44

(a)(c)

9‌

1,575,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39

(a)

1,353,976‌

598,223‌

MED

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.64%,

11/15/38

(a)(b)

575,784‌

1,325,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.85%),

5.53%,

05/15/38

(a)(b)

1,278,459‌

386,347‌

Morgan

Stanley

Capital

I

Trust,

3.30%,

06/15/50

371,314‌

765,502‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41

(a)(c)

705,797‌

446,593‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41

(a)(c)

394,064‌

610,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39

(a)

582,161‌

830,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

799,892‌

1,575,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

1,444,841‌

11,952,826‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

INCOME

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

22

Principal

Amount

Security

Description

Value

Non-Agency

Residential

Mortgage

Backed

Securities

-

8.0%

$

141,889‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

5.72%,

12/25/33

(a)(b)

$

134,572‌

518,922‌

BRAVO

Residential

Funding

Trust,

5.31%,

11/25/69

(a)(b)

505,794‌

1,067,087‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63

(a)(c)

914,810‌

424,820‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30

(a)(c)

413,405‌

269,244‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53

(a)

257,792‌

414,077‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66

(a)(c)

392,631‌

307,679‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35

(a)(c)

291,913‌

93,335‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

90,687‌

16,316‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

15,756‌

1,182‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/23

1,132‌

848,140‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47

(a)(c)

760,607‌

929,364‌

Credit

Suisse

Mortgage

Trust,

2.50%,

11/25/56

(a)(c)

804,191‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

5.97%,

02/25/33

(b)

154,622‌

159,476‌

CSMLT

Trust,

2.99%,

10/25/30

(a)(c)

148,284‌

825,135‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

765,673‌

686,292‌

Flagstar

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

592,142‌

737,613‌

Flagstar

Mortgage

Trust,

2.50%,

07/25/51

(a)(c)

636,422‌

234,897‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45

(c)

229,089‌

17,156‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50

(a)(c)

16,852‌

15,108‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59

(a)(c)

15,036‌

1,056,266‌

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51

(a)(c)

920,228‌

885,843‌

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51

(a)(c)

764,317‌

628,316‌

MFRA

Trust,

3.91%,

04/25/66

(a)(d)

593,956‌

Principal

Amount

Security

Description

Value

$

345,328‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57

(a)(c)

$

326,901‌

256,533‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59

(a)(c)

235,994‌

147,862‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54

(a)(c)

135,228‌

113,183‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52

(a)(c)

104,781‌

268,532‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55

(a)(c)

249,313‌

662,261‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52

(a)(c)

584,859‌

1,453,817‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

1,254,372‌

853,665‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

736,553‌

1,022,825‌

PSMC

Trust,

2.50%,

08/25/51

(a)(c)

894,576‌

13,539‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

5.88%,

12/31/23

(b)

10,346‌

896,171‌

Sequoia

Mortgage

Trust,

2.50%,

06/25/51

(a)(c)

773,228‌

272,130‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30

(a)(c)

256,403‌

666,808‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58

(a)(c)

623,616‌

53,531‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56

(a)(c)

52,501‌

44,504‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57

(a)(c)

44,003‌

880,485‌

Woodward

Capital

Management,

2.50%,

01/25/52

(a)(c)

759,694‌

16,462,279‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$50,226,500)

45,279,715‌

Corporate

Bonds

-

24.5%

Communication

Services

-

2.1%

1,080,000‌

Alphabet,

Inc.,

2.25%,

08/15/60

665,804‌

1,305,000‌

AT&T,

Inc.,

4.30%,

12/15/42

1,135,752‌

1,505,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

1,408,135‌

458,000‌

Netflix,

Inc.,

4.38%,

11/15/26

452,848‌

880,000‌

Verizon

Communications,

Inc.,

3.55%,

03/22/51

671,403‌

4,333,942‌

Consumer

Discretionary

-

4.0%

530,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

325,849‌

625,000‌

Comcast

Corp.,

4.15%,

10/15/28

618,266‌

1,535,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

1,409,949‌

400,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

379,200‌

413,000‌

Lennar

Corp.,

4.50%,

04/30/24

407,957‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

INCOME

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

23

Principal

Amount

Security

Description

Value

$

1,265,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(a)

$

1,078,413‌

1,655,000‌

McDonald's

Corp.,

3.63%,

09/01/49

1,324,727‌

885,000‌

Newell

Brands,

Inc.,

4.70%,

04/01/26

851,813‌

590,000‌

NIKE,

Inc.,

3.88%,

11/01/45

532,795‌

1,442,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,301,726‌

8,230,695‌

Consumer

Staples

-

0.2%

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28

(a)

503,500‌

Financials

-

8.2%

575,000‌

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

548,884‌

1,710,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32

(c)

1,427,036‌

1,480,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

1,178,329‌

1,435,000‌

Citigroup,

Inc.,

4.91%,

05/24/33

(c)

1,408,499‌

1,724,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

1,453,190‌

1,640,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30

(c)

1,431,670‌

1,155,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

981,050‌

1,480,000‌

Morgan

Stanley,

4.89%,

07/20/33

(c)

1,454,720‌

1,145,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

938,643‌

1,252,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65

(c)(e)

1,186,270‌

947,000‌

The

Chubb

Corp.,

6.80%,

11/15/31

1,044,231‌

1,690,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33

(c)

1,451,321‌

1,075,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49

(c)(e)

914,827‌

1,345,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31

(c)

1,139,804‌

16,558,474‌

Industrials

-

4.0%

1,299,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

1,085,596‌

1,260,000‌

BMW

Finance

NV,

2.85%,

08/14/29

(a)

1,133,106‌

1,385,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

1,305,321‌

421,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

414,023‌

1,077,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,009,394‌

1,347,000‌

Raytheon

Technologies

Corp.,

4.88%,

10/15/40

1,312,973‌

815,000‌

TTX

Co.,

4.60%,

02/01/49

(a)

750,698‌

Principal

Amount

Security

Description

Value

$

513,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25

(a)

$

495,691‌

1,385,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

1,104,742‌

8,611,544‌

Information

Technology

-

3.5%

1,468,000‌

eBay,

Inc.,

3.60%,

06/05/27

1,400,734‌

1,425,000‌

NVIDIA

Corp.,

3.50%,

04/01/50

1,166,590‌

1,015,000‌

Oracle

Corp.,

2.30%,

03/25/28

908,347‌

1,380,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

1,279,549‌

1,303,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30

(a)

1,040,350‌

1,605,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

1,400,812‌

7,196,382‌

Materials

-

0.9%

1,111,000‌

Albemarle

Corp.,

5.45%,

12/01/44

1,050,488‌

819,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

823,313‌

1,873,801‌

Real

Estate

-

0.6%

1,330,000‌

National

Retail

Properties,

Inc.,

4.30%,

10/15/28

1,251,559‌

Utilities

-

1.0%

1,259,000‌

PacifiCorp,

6.25%,

10/15/37

1,409,730‌

721,738‌

Texas

Electric

Market

Stabilization

Funding

N,

LLC,

4.27%,

08/01/34

(a)

698,994‌

2,108,724‌

Total

Corporate

Bonds

(Cost

$56,503,796)

50,668,621‌

Government

&

Agency

Obligations

-

51.6%

GOVERNMENT

SECURITIES

-

29.7%

Municipals

-

1.2%

385,000‌

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Texas

RB,

4.37%,

02/01/42

356,152‌

111,651‌

Florida

Housing

Finance

Corp.,

Florida

RB

FHLMC,

3.00%,

01/01/36

108,080‌

340,000‌

New

York

City

Municipal

Water

Finance

Authority,

New

York

RB,

5.72%,

06/15/42

380,247‌

505,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.77%,

08/01/36

529,538‌

290,000‌

New

York

State

Urban

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

303,692‌

125,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

1.71%,

12/01/30

102,908‌

225,000‌

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

238,799‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

INCOME

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

24

Principal

Amount

Security

Description

Value

$

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

$

457,456‌

2,476,872‌

Treasury

Inflation

Index

Securities

-

0.8%

1,699,582‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28

(f)

1,716,684‌

U.S.

Treasury

Securities

-

27.7%

10,520,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

10,210,975‌

450,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

444,357‌

4,500,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

4,325,977‌

11,145,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

10,558,581‌

14,060,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

12,325,567‌

15,075,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

13,230,668‌

8,440,000‌

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

5,981,850‌

57,077,975‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

21.9%

Federal

Home

Loan

Mortgage

Corp.

-

9.5%

740,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32

692,065‌

407,276‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

394,942‌

7,519‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

7,384‌

1,021,217‌

Federal

Home

Loan

Mortgage

Corp.

#RA6436,

2.50%,

12/01/51

886,398‌

1,119,207‌

Federal

Home

Loan

Mortgage

Corp.

#RA7549,

4.00%,

06/01/52

1,071,100‌

1,798,977‌

Federal

Home

Loan

Mortgage

Corp.

#RA7779,

4.50%,

08/01/52

1,764,719‌

413,646‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

392,836‌

1,791,842‌

Federal

Home

Loan

Mortgage

Corp.

#SD1046,

4.00%,

07/01/52

1,727,020‌

2,113,165‌

Federal

Home

Loan

Mortgage

Corp.

#SD1663,

4.00%,

10/01/52

2,031,487‌

137,101‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

137,031‌

130,419‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

130,352‌

1,012,273‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

933,581‌

317,771‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

319,578‌

346,916‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

338,625‌

691,947‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

679,483‌

Principal

Amount

Security

Description

Value

$

803,496‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

$

125,601‌

161,345‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

160,894‌

8,467‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

10/15/41

8,431‌

19,927‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

11/15/42

19,677‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

913,802‌

292,585‌

FRESB

Mortgage

Trust,

3.70%,

10/25/28

(c)

284,523‌

698,999‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

08/25/56

(d)

658,234‌

590,509‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

570,943‌

349,262‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57

(c)

329,433‌

580,358‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

08/25/59

535,464‌

777,952‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

11/25/59

715,700‌

592,027‌

Seasoned

Credit

Risk

Transfer

Trust,

2.00%,

05/25/60

534,547‌

378,010‌

Seasoned

Credit

Risk

Transfer

Trust,

3.25%,

07/25/56

(d)

358,433‌

794,467‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

715,468‌

497,313‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

449,641‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,338,960‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

443,189‌

19,669,541‌

Federal

National

Mortgage

Association

-

11.4%

81,247‌

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

82,972‌

65,409‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

65,781‌

8,084‌

Federal

National

Mortgage

Association

#933279,

5.50%,

08/01/37

8,167‌

2,308‌

Federal

National

Mortgage

Association

#AA5564,

4.00%,

06/01/24

2,307‌

59,554‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

59,893‌

371,196‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

342,340‌

6,802‌

Federal

National

Mortgage

Association

#AC0559,

4.00%,

10/01/24

6,768‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

INCOME

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

25

Principal

Amount

Security

Description

Value

$

138,214‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

$

139,000‌

24,158‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

25,238‌

295,061‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

289,633‌

95,013‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

93,751‌

167,327‌

Federal

National

Mortgage

Association

#AL9970,

2.88%,

02/01/27

(c)

157,569‌

1,999,992‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

1,871,417‌

1,224,752‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,118,048‌

303,225‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

296,757‌

413,883‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

413,680‌

615,841‌

Federal

National

Mortgage

Association

#AS3909,

4.00%,

11/01/44

601,126‌

330,372‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

318,052‌

507,017‌

Federal

National

Mortgage

Association

#AS6994,

4.00%,

04/01/46

494,373‌

503,383‌

Federal

National

Mortgage

Association

#BH9216,

4.00%,

01/01/48

489,934‌

395,121‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

358,032‌

394,979‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

373,028‌

1,179,150‌

Federal

National

Mortgage

Association

#CB2094,

3.00%,

11/01/51

1,059,694‌

1,461,704‌

Federal

National

Mortgage

Association

#CB3233,

3.00%,

04/01/52

1,318,415‌

3,241,347‌

Federal

National

Mortgage

Association

#FS0331,

3.00%,

01/01/52

2,918,991‌

2,350,081‌

Federal

National

Mortgage

Association

#FS1555,

3.50%,

04/01/52

2,194,535‌

1,960,257‌

Federal

National

Mortgage

Association

#FS2060,

4.00%,

06/01/52

1,890,556‌

1,098,607‌

Federal

National

Mortgage

Association

#FS3363,

3.00%,

06/01/52

988,760‌

2,356,615‌

Federal

National

Mortgage

Association

#FS3498,

3.50%,

07/01/52

2,190,821‌

146,276‌

Federal

National

Mortgage

Association

#MA3384,

4.00%,

06/01/48

142,363‌

277,806‌

Federal

National

Mortgage

Association

Interest

Only,

2.67%,

01/25/39

(c)

4,046‌

888,115‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

807,157‌

437,724‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29

(c)

415,691‌

Principal

Amount

Security

Description

Value

$

174,714‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

$

171,434‌

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

930,746‌

855,707‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

852,727‌

23,493,802‌

Government

National

Mortgage

Association

-

1.0%

450,025‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

431,682‌

379,596‌

Government

National

Mortgage

Association,

3.50%,

01/20/69

(c)

367,629‌

421,126‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

385,453‌

855,073‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

864,667‌

2,049,431‌

Total

Government

&

Agency

Obligations

(Cost

$112,133,167)

106,484,305‌

Shares

Security

Description

Value

Exchange

Traded

Fund

-

0.5%

10,000‌

iShares

Core

U.S.

Aggregate

Bond

ETF

996,400‌

Total

Exchange

Traded

Fund

(Cost

$990,567)

996,400‌

Short-Term

Investments

-

0.8%

Investment

Company

-

0.8%

1,701,599‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.69%

(g)

1,701,599‌

Total

Short-Term

Investments

(Cost

$1,701,599)

1,701,599‌

Investments,

at

value

-

99.3%

(Cost

$221,555,629)

205,130,640‌

Other

assets

in

excess

of

liabilities

-

0.7%

1,441,012‌

NET

ASSETS

-

100.0%

$

206,571,652‌

(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,

2023,

the

aggregate

value

of

these

liquid

securities

were

$43,430,074

or

21.0%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2023.

(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,

2023.

(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,

2023.

(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,

2023.

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

INCOME

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

26

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corporation

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

NEBRASKA

TAX-FREE

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

27

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

94.8%

GOVERNMENT

SECURITIES

-

93.4%

Municipals

-

93.4%

Alaska

-

0.2%

$

100,000‌

Alaska

Municipal

Bond

Bank

Authority,

Alaska

RB,

5.00%,

12/01/35

$

115,945‌

Illinois

-

1.3%

250,000‌

La

Salle

&

Bureau

Counties

Township

High

School

District

No.

120

LaSalle-

Peru,

Illinois

GO,

5.00%,

12/01/29

280,292‌

400,000‌

Park

Ridge

Park

District,

Illinois

GO,

5.00%,

12/01/35

465,233‌

745,525‌

Iowa

-

0.4%

220,000‌

City

of

Bettendorf

IA,

Iowa

GO,

4.00%,

06/01/35

235,789‌

Nebraska

-

86.5%

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

265,446‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/26

314,761‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

291,239‌

400,000‌

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

356,965‌

210,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.30%,

10/15/23

208,534‌

185,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.40%,

10/15/24

183,670‌

150,000‌

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

01/01/24

151,142‌

250,000‌

City

of

Beatrice

NE,

Nebraska

GO,

1.70%,

12/15/23

246,824‌

350,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

334,376‌

215,000‌

City

of

Blair

NE,

Nebraska

GO,

2.15%,

09/15/23

214,261‌

220,000‌

City

of

Blair

NE,

Nebraska

GO,

2.30%,

09/15/24

217,994‌

55,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

49,614‌

120,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

106,292‌

325,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

350,727‌

650,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

5.00%,

06/15/29

735,519‌

Principal

Amount

Security

Description

Value

$

80,000‌

City

of

Columbus

NE

Sales

Tax

Revenue,

Nebraska

RB,

5.00%,

09/15/23

$

80,775‌

345,000‌

City

of

Falls

City

NE,

Nebraska

GO,

4.25%,

11/15/30

360,354‌

250,000‌

City

of

Falls

City

NE,

Nebraska

GO,

3.65%,

11/15/32

250,216‌

345,000‌

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

345,044‌

150,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/31

162,227‌

430,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/34

457,207‌

300,000‌

City

of

Kearney

NE,

Nebraska

GO,

4.00%,

05/15/27

311,443‌

160,000‌

City

of

Kearney

NE,

Nebraska

GO,

2.75%,

06/15/27

158,571‌

400,000‌

City

of

Kearney

NE,

Nebraska

RB,

1.25%,

12/15/27

359,597‌

375,000‌

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

375,863‌

235,000‌

City

of

La

Vista

NE,

Nebraska

GO,

3.00%,

09/01/27

235,450‌

200,000‌

City

of

Lincoln

NE,

Nebraska

GO,

5.00%,

11/15/34

233,408‌

195,000‌

City

of

Norfolk

NE,

Nebraska

GO,

2.70%,

09/01/25

191,051‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

361,810‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/32

200,007‌

155,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/33

168,464‌

400,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/34

396,315‌

250,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/36

292,527‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/37

230,511‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

606,796‌

300,000‌

City

of

Omaha

NE,

Nebraska

Tax

Allocation

Bond,

4.00%,

02/15/31

332,534‌

355,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

01/15/28

389,947‌

250,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

3.00%,

12/15/27

251,605‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

NEBRASKA

TAX-FREE

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

28

Principal

Amount

Security

Description

Value

$

200,000‌

City

of

West

Point

NE,

Nebraska

GO,

3.25%,

11/01/28

$

200,477‌

140,000‌

County

of

Brown

NE,

Nebraska

GO,

3.70%,

01/15/26

141,246‌

375,000‌

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

361,870‌

275,000‌

County

of

Cedar

NE,

Nebraska

GO,

3.80%,

09/15/28

279,964‌

285,000‌

County

of

Cherry

NE,

Nebraska

GO,

3.00%,

12/15/25

287,546‌

300,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/34

308,542‌

435,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

448,381‌

245,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.00%,

09/01/27

248,654‌

125,000‌

County

of

Jefferson

NE,

Nebraska

GO,

2.00%,

12/01/25

121,896‌

325,000‌

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

316,415‌

250,000‌

County

of

Sarpy

NE,

Nebraska

GO,

3.00%,

06/01/29

253,043‌

200,000‌

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

182,257‌

400,000‌

Cozad

City

School

District,

Nebraska

GO,

4.00%,

06/15/28

419,761‌

265,000‌

Cuming

County

Public

Power

District,

Nebraska

RB,

1.50%,

12/15/25

251,947‌

300,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/36

344,304‌

260,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/27

287,579‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,176,611‌

200,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

3.00%,

05/15/24

199,960‌

220,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

05/15/26

235,755‌

750,000‌

Douglas

County

Public

Facilities

Corp.,

Nebraska

RB,

2.00%,

05/01/24

740,827‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

185,567‌

580,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

580,145‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

260,095‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

490,

Nebraska

GO,

2.70%,

08/15/28

96,480‌

Principal

Amount

Security

Description

Value

$

280,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

$

247,801‌

215,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

521,

Nebraska

GO,

2.20%,

02/15/25

207,861‌

325,000‌

Douglas

County

School

District

No.

17/

NE,

Nebraska

GO,

4.00%,

12/15/41

331,706‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

693,444‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

760,282‌

300,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

301,052‌

250,000‌

Douglas

County

School

District

No.

59/

NE,

Nebraska

GO,

4.00%,

06/15/34

261,823‌

250,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/32

270,315‌

370,000‌

Fremont

School

District,

Nebraska

GO,

5.00%,

12/15/29

424,723‌

65,000‌

Grand

Island

Electric

Department,

Nebraska

RB,

5.00%,

08/15/27

66,009‌

155,000‌

Gretna

Fire

Protection

District,

Nebraska

GO,

3.20%,

06/01/28

155,357‌

530,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

566,259‌

400,000‌

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

398,018‌

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

517,800‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

740,249‌

160,000‌

KBR

Rural

Public

Power

District/NE,

Nebraska

RB,

3.20%,

12/15/28

156,430‌

300,000‌

Kearney

School

District,

Nebraska

GO,

2.00%,

12/15/25

294,787‌

500,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/31

525,618‌

370,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/34

320,628‌

320,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/28

312,788‌

200,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

225,266‌

475,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

4.00%,

07/01/27

505,135‌

500,000‌

Lincoln-Lancaster

County

Public

Building

Commission,

Nebraska

RB,

3.00%,

12/01/26

506,990‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

NEBRASKA

TAX-FREE

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

29

Principal

Amount

Security

Description

Value

$

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

$

972,833‌

260,000‌

Lyons-Decatur

Northeast

Schools,

Nebraska

GO,

5.00%,

12/15/30

280,275‌

525,000‌

Metropolitan

Community

College

Area,

Nebraska

COP,

3.00%,

03/01/26

529,676‌

115,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/35

121,263‌

325,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

333,203‌

300,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

3.30%,

12/01/29

300,974‌

250,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/31

295,724‌

210,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/25

210,406‌

500,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

482,275‌

150,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

03/01/34

151,830‌

100,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

09/01/34

100,794‌

290,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.00%,

03/01/52

282,127‌

500,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

2.00%,

03/01/24

494,754‌

125,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

146,463‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

209,282‌

500,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

0.60%,

01/01/51

(a)

496,685‌

315,000‌

Nebraska

State

Colleges,

Nebraska

RB,

3.00%,

07/01/25

315,024‌

475,000‌

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

428,528‌

325,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

327,556‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

427,494‌

600,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

648,265‌

350,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

375,566‌

Principal

Amount

Security

Description

Value

$

1,010,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

$

1,052,517‌

300,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/31

342,449‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/36

408,585‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/46

346,826‌

135,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/28

143,181‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

803,695‌

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

530,354‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

174,247‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

601,910‌

300,000‌

Omaha

School

District,

Nebraska

GO,

2.00%,

12/15/34

255,793‌

1,000,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

1,001,240‌

150,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/30

170,036‌

250,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

283,263‌

245,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/31

266,363‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

350,796‌

750,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/29

802,155‌

160,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

160,038‌

105,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

23,

Nebraska

GO,

2.30%,

08/15/34

89,909‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

245,

Nebraska

GO,

3.45%,

11/15/28

100,039‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

100,231‌

30,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

68,

Nebraska

GO,

2.75%,

12/15/23

30,009‌

320,000‌

Sarpy

County

School

District

No.

1,

Nebraska

GO,

5.00%,

12/15/29

372,028‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

NEBRASKA

TAX-FREE

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

30

Principal

Amount

Security

Description

Value

$

300,000‌

Southeast

Community

College

Area,

Nebraska

RB,

4.00%,

03/15/31

$

315,163‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/25

311,158‌

400,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/26

416,831‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

291,193‌

270,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/24

270,284‌

195,000‌

State

of

Nebraska,

Nebraska

COP,

5.00%,

04/01/28

213,348‌

500,000‌

The

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

527,766‌

175,000‌

Village

of

Ansley

NE,

Nebraska

GO,

3.40%,

03/15/28

176,101‌

435,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

426,214‌

1,700,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

09/01/28

1,732,382‌

200,000‌

Village

of

Callaway

NE,

Nebraska

GO,

3.75%,

02/15/31

198,598‌

185,000‌

Village

of

Ceresco

NE,

Nebraska

GO,

3.60%,

12/15/32

186,207‌

100,000‌

Westside

Community

Schools,

Nebraska

GO,

2.30%,

12/01/28

99,224‌

450,000‌

York

County

NE

School

District

No.

12,

Nebraska

GO,

2.00%,

12/15/25

441,165‌

49,421,044‌

North

Dakota

-

0.9%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

497,149‌

South

Dakota

-

0.8%

425,000‌

City

of

Brandon

SD

Sales

Tax

Revenue,

South

Dakota

RB,

3.00%,

12/01/26

429,613‌

Texas

-

1.0%

360,000‌

City

of

Lubbock

TX,

Texas

GO,

5.00%,

02/15/36

415,166‌

150,000‌

County

of

Travis

TX,

Texas

GO,

3.00%,

03/01/30

153,138‌

568,304‌

Wisconsin

-

2.3%

400,000‌

City

of

Neenah

WI,

Wisconsin

GO,

4.00%,

03/01/32

426,464‌

500,000‌

County

of

Dane

WI,

Wisconsin

GO,

3.00%,

06/01/31

495,394‌

340,000‌

Western

Technical

College

District,

Wisconsin

GO,

5.00%,

04/01/31

391,049‌

1,312,907‌

53,326,276‌

Principal

Amount

Security

Description

Value

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.4%

Federal

Home

Loan

Mortgage

Corp.

-

1.4%

$

296,510‌

Federal

Home

Loan

Mortgage

Corp.,

2.34%,

07/25/41

(b)

$

234,191‌

590,085‌

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

539,672‌

773,863‌

Total

Government

&

Agency

Obligations

(Cost

$55,791,150)

54,100,139‌

Shares

Security

Description

Value

Short-Term

Investments

-

6.4%

Investment

Company

-

6.4%

3,675,657‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.69%

(c)

3,675,657‌

Total

Short-Term

Investments

(Cost

$3,675,657)

3,675,657‌

Investments,

at

value

-

101.2%

(Cost

$59,466,807)

57,775,796‌

Other

liabilities

in

excess

of

assets

-

(1.2)%

(657,973‌)

NET

ASSETS

-

100.0%

$

57,117,823‌

(a)

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2023.

(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,

2023,

the

aggregate

value

of

these

liquid

securities

were

$234,191

or

0.4%

of

net

assets.

(c)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2023.

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,

2023

BALANCED

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

31

Shares

Security

Description

Value

Common

Stocks

-

59.5%

Communication

Services

-

4.8%

6,775‌

Activision

Blizzard,

Inc.

$

579,872‌

12,600‌

Alphabet,

Inc.,

Class C (a)

1,310,400‌

14,700‌

Comcast

Corp.,

Class A

557,277‌

2,335‌

Meta

Platforms,

Inc.,

Class A (a)

494,880‌

13,350‌

Verizon

Communications,

Inc.

519,182‌

3,461,611‌

Consumer

Discretionary

-

6.4%

11,540‌

Amazon.com,

Inc. (a)

1,191,967‌

225‌

Booking

Holdings,

Inc. (a)

596,792‌

11,350‌

Gentex

Corp.

318,141‌

4,005‌

NIKE,

Inc.,

Class B

491,173‌

790‌

O'Reilly

Automotive,

Inc. (a)

670,694‌

860‌

Pool

Corp.

294,498‌

4,850‌

Royal

Caribbean

Cruises,

Ltd. (a)

316,705‌

1,785‌

The

Home

Depot,

Inc.

526,789‌

7,400‌

Upbound

Group,

Inc.,

Class A

181,374‌

4,588,133‌

Consumer

Staples

-

4.4%

6,070‌

Church

&

Dwight

Co.,

Inc.

536,649‌

2,170‌

Constellation

Brands,

Inc.,

Class A

490,181‌

1,355‌

Costco

Wholesale

Corp.

673,259‌

5,830‌

Lamb

Weston

Holdings,

Inc.

609,352‌

5,910‌

Walmart,

Inc.

871,429‌

3,180,870‌

Energy

-

2.4%

1,050‌

Diamondback

Energy,

Inc.

141,929‌

2,240‌

EOG

Resources,

Inc.

256,771‌

7,885‌

Exxon

Mobil

Corp.

864,669‌

4,500‌

Phillips

66

456,210‌

1,719,579‌

Financials

-

7.8%

9,800‌

Brown

&

Brown,

Inc.

562,716‌

3,460‌

Chubb,

Ltd.

671,863‌

3,000‌

CME

Group,

Inc.

574,560‌

7,900‌

Equitable

Holdings,

Inc.

200,581‌

5,750‌

First

American

Financial

Corp.

320,045‌

4,805‌

Fiserv,

Inc. (a)

543,109‌

4,850‌

JPMorgan

Chase

&

Co.

632,004‌

2,295‌

Mastercard,

Inc.,

Class A

834,026‌

1,160‌

Moody's

Corp.

354,983‌

4,070‌

Morgan

Stanley

357,346‌

2,060‌

The

PNC

Financial

Services

Group,

Inc.

261,826‌

9,050‌

Wells

Fargo

&

Co.

338,289‌

5,651,348‌

Health

Care

-

8.3%

6,790‌

Abbott

Laboratories

687,555‌

1,300‌

AMN

Healthcare

Services,

Inc. (a)

107,848‌

4,660‌

Edwards

Lifesciences

Corp. (a)

385,522‌

3,045‌

Eli

Lilly

&

Co.

1,045,714‌

3,795‌

Horizon

Therapeutics

PLC (a)

414,186‌

Shares

Security

Description

Value

1,330‌

Humana,

Inc.

$

645,662‌

7,500‌

Inmode,

Ltd. (a)

239,700‌

3,440‌

Jazz

Pharmaceuticals

PLC (a)

503,375‌

6,000‌

Lantheus

Holdings,

Inc. (a)

495,360‌

1,505‌

Thermo

Fisher

Scientific,

Inc.

867,437‌

3,430‌

Zoetis,

Inc.

570,889‌

5,963,248‌

Industrials

-

5.6%

4,690‌

AMETEK,

Inc.

681,598‌

1,350‌

Cintas

Corp.

624,618‌

17,200‌

CSX

Corp.

514,968‌

4,400‌

MasTec,

Inc. (a)

415,536‌

7,657‌

Raytheon

Technologies

Corp.

749,850‌

4,550‌

The

Timken

Co.

371,826‌

4,155‌

Waste

Management,

Inc.

677,971‌

4,036,367‌

Information

Technology

-

13.6%

1,390‌

Adobe,

Inc. (a)

535,664‌

18,350‌

Apple,

Inc.

3,025,915‌

1,965‌

CDW

Corp.

382,959‌

2,872‌

Entegris,

Inc.

235,533‌

5,700‌

Microchip

Technology,

Inc.

477,546‌

9,245‌

Microsoft

Corp.

2,665,333‌

4,380‌

NVIDIA

Corp.

1,216,633‌

1,365‌

Paycom

Software,

Inc. (a)

414,974‌

5,500‌

Perficient,

Inc. (a)

397,045‌

3,840‌

QUALCOMM,

Inc.

489,907‌

9,841,509‌

Materials

-

1.8%

4,790‌

Berry

Global

Group,

Inc.

282,131‌

2,585‌

FMC

Corp.

315,706‌

1,665‌

Linde

PLC

591,808‌

20,231‌

PureCycle

Technologies,

Inc. (a)

141,617‌

1,331,262‌

Real

Estate

-

2.3%

2,240‌

American

Tower

Corp.

REIT

457,721‌

11,290‌

First

Industrial

Realty

Trust,

Inc.

REIT

600,628‌

4,045‌

Sun

Communities,

Inc.

REIT

569,860‌

1,628,209‌

Utilities

-

2.1%

2,505‌

American

Water

Works

Co.,

Inc.

366,957‌

5,190‌

Atmos

Energy

Corp.

583,148‌

7,170‌

NextEra

Energy,

Inc.

552,664‌

1,502,769‌

Total

Common

Stocks

(Cost

$24,862,476)

42,904,905‌

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

8.7%

Asset

Backed

Securities

-

4.2%

$

155,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46 (b)

136,739‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

BALANCED

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

32

Principal

Amount

Security

Description

Value

$

181,706‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (b)

$

177,769‌

50,000‌

AMSR

Trust,

1.63%,

07/17/37 (b)

46,301‌

90,094‌

AXIS

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (b)

87,465‌

210,000‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (b)

209,072‌

79,912‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (b)(c)

77,292‌

110,000‌

CCG

Receivables

Trust,

5.82%,

09/16/30 (b)

111,074‌

220,080‌

CCG

Receivables

Trust,

3.91%,

07/16/29 (b)

216,845‌

234,652‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (b)

213,078‌

113,478‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61 (b)

100,150‌

58,184‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (b)

55,036‌

32,189‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (b)

30,770‌

105,000‌

DLLMT,

LLC,

1.00%,

07/21/25 (b)

100,754‌

49,907‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (b)

43,245‌

135,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38 (b)

119,086‌

116,936‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

6.28%,

10/15/31 (b)(d)

116,591‌

114,633‌

NMEF

Funding,

LLC,

2.58%,

10/16/28 (b)

111,223‌

65,000‌

NMEF

Funding,

LLC,

6.07%,

06/15/29 (b)

65,466‌

94,701‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

5.42%,

09/25/61 (d)

90,667‌

51,020‌

Pawneee

Equipment

Receivables,

1.10%,

07/15/27 (b)

49,016‌

16,228‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

5.61%,

12/24/33 (b)(d)

16,133‌

119,863‌

Progress

Residential

Trust,

1.52%,

07/17/38 (b)

107,589‌

115,069‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

6.47%,

04/15/29 (d)

114,705‌

43,057‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (b)

41,872‌

194,812‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (b)

162,772‌

Principal

Amount

Security

Description

Value

$

105,719‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (b)

$

103,827‌

70,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46 (b)

62,164‌

129,515‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39 (b)

109,308‌

180,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (b)

161,969‌

3,037,978‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

3.2%

150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.53%,

03/10/37 (b)(c)

137,883‌

190,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

182,452‌

97,481‌

BX

Commercial

Mortgage

Trust,

5.84%,

02/15/39 (b)(d)

93,845‌

160,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.63%,

09/15/36 (b)(d)

151,775‌

125,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

120,815‌

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

153,965‌

185,000‌

Goldman

Sachs

Mortgage

Securities

Trust

(USD

1

Month

LIBOR

+

0.89%),

5.57%,

11/15/36 (b)(d)

177,772‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39 (b)

171,933‌

87,128‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (b)

83,755‌

107,551‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (b)

102,017‌

143,960‌

KNDR

2021-KIND

A,

5.89%,

08/15/38 (b)(d)

135,944‌

125,000‌

ReadyCap

Commercial

Morgage

Trust

CLO,

6.22%,

01/25/37 (b)(d)

122,128‌

75,000‌

SREIT

Trust

(USD

1

Month

LIBOR

+

0.58%),

5.26%,

07/15/36 (b)(d)

71,836‌

78,209‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (b)(c)

72,109‌

130,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (b)

124,067‌

100,000‌

TRTX

Issuer,

Ltd.

CLO,

6.21%,

02/15/39 (b)(d)

97,143‌

75,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

72,279‌

150,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

137,604‌

108,254‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (b)(c)

89,148‌

2,298,470‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

BALANCED

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

33

Principal

Amount

Security

Description

Value

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.3%

$

104,514‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (b)(c)

$

95,573‌

33,715‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

5.72%,

12/25/33 (b)(d)

31,976‌

146,176‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (b)(c)

125,317‌

46,602‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (b)(c)

44,982‌

51,587‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (b)(c)

50,007‌

44,620‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (b)(c)

42,309‌

13,862‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (b)(c)

13,152‌

111,152‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47 (b)(c)

99,681‌

69,957‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (b)(c)

66,245‌

90,179‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

83,680‌

26,776‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45 (c)

26,114‌

26,452‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (b)(c)

24,559‌

163,233‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52 (b)(c)

144,155‌

138,670‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (b)(c)

125,072‌

972,822‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$6,812,796)

6,309,270‌

Corporate

Bonds

-

11.7%

Communication

Services

-

1.1%

348,000‌

AT&T,

Inc.,

4.30%,

02/15/30

338,159‌

150,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

140,346‌

317,000‌

Verizon

Communications,

Inc.,

4.33%,

09/21/28

313,371‌

791,876‌

Consumer

Discretionary

-

1.2%

240,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

220,448‌

315,000‌

McDonald's

Corp.,

2.13%,

03/01/30

272,431‌

50,000‌

Newell

Brands,

Inc.,

4.70%,

04/01/26

48,125‌

50,000‌

Starbucks

Corp.,

2.00%,

03/12/27

45,451‌

265,000‌

The

Walt

Disney

Co.,

2.65%,

01/13/31

234,146‌

820,601‌

Consumer

Staples

-

0.2%

165,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27 (b)

155,273‌

Principal

Amount

Security

Description

Value

Financials

-

4.7%

$

160,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32 (c)

$

133,524‌

140,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27 (c)

132,972‌

326,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

259,551‌

280,000‌

Citigroup,

Inc.,

3.89%,

01/10/28 (c)

267,523‌

270,000‌

CME

Group,

Inc.,

3.00%,

03/15/25

261,625‌

310,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

261,304‌

310,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30 (c)

270,620‌

110,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

93,433‌

50,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24 (b)

49,207‌

270,000‌

Morgan

Stanley,

4.89%,

07/20/33 (c)

265,388‌

225,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

184,450‌

100,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (c)(e)

94,750‌

220,000‌

The

Charles

Schwab

Corp.,

3.85%,

05/21/25

211,581‌

275,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

265,276‌

230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49 (c)(e)

195,730‌

325,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31 (c)

275,417‌

3,222,351‌

Health

Care

-

0.1%

125,000‌

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

101,212‌

37,000‌

Becton

Dickinson

&

Co.,

3.73%,

12/15/24

36,174‌

137,386‌

Industrials

-

2.3%

255,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

213,108‌

250,000‌

BMW

Finance

NV,

2.85%,

08/14/29 (b)

224,823‌

300,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

295,028‌

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

243,679‌

170,000‌

TTX

Co.,

3.60%,

01/15/25 (b)

165,456‌

175,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

172,860‌

250,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (b)

241,565‌

285,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

227,330‌

1,783,849‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

BALANCED

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

34

Principal

Amount

Security

Description

Value

Information

Technology

-

2.1%

$

170,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

$

142,794‌

235,000‌

eBay,

Inc.,

3.60%,

06/05/27

224,232‌

140,000‌

NVIDIA

Corp.,

2.85%,

04/01/30

127,467‌

130,000‌

Oracle

Corp.,

3.40%,

07/08/24

127,355‌

155,000‌

Oracle

Corp.,

2.30%,

03/25/28

138,713‌

293,000‌

QUALCOMM,

Inc.,

2.15%,

05/20/30

256,702‌

280,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30 (b)

223,560‌

310,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

270,562‌

1,511,385‌

Total

Corporate

Bonds

(Cost

$9,245,092)

8,422,721‌

Government

&

Agency

Obligations

-

15.9%

GOVERNMENT

SECURITIES

-

15.3%

Municipals

-

0.2%

125,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

1.69%,

12/15/31

98,787‌

50,000‌

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

43,230‌

142,017‌

Treasury

Inflation

Index

Securities

-

0.4%

268,226‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28 (f)

270,286‌

U.S.

Treasury

Securities

-

14.7%

245,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

241,928‌

1,005,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

971,278‌

3,095,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

2,975,311‌

2,685,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

2,543,723‌

2,450,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

2,147,769‌

1,960,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

1,720,206‌

10,600,215‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

0.6%

Federal

Home

Loan

Mortgage

Corp.

-

0.4%

59,490‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (g)

58,381‌

40,356‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

38,325‌

20,448‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

20,015‌

240,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

212,815‌

329,536‌

Federal

National

Mortgage

Association

-

0.1%

15,351‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

15,051‌

65,659‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29 (c)

62,353‌

77,404‌

Principal

Amount

Security

Description

Value

Government

National

Mortgage

Association

-

0.1%

$

64,239‌

Government

National

Mortgage

Association,

3.50%,

01/20/69 (c)

$

62,214‌

Total

Government

&

Agency

Obligations

(Cost

$11,827,261)

11,481,672‌

Shares

Security

Description

Value

Short-Term

Investments

-

4.0%

Investment

Company

-

4.0%

2,912,914‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.69% (h)

2,912,914‌

Total

Short-Term

Investments

(Cost

$2,912,914)

2,912,914‌

Investments,

at

value

-

99.8%

(Cost

$55,660,539)

72,031,482‌

Other

assets

in

excess

of

liabilities

-

0.2%

122,513‌

NET

ASSETS

-

100.0%

$

72,153,995‌

(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,

2023,

the

aggregate

value

of

these

liquid

securities

were

$6,386,873

or

8.9%

of

net

assets.

(c)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2023.

(d)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2023.

(e)

Perpetual

maturity

security.

(f)

U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

(g)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

March

31,

2023.

(h)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2023.

CLO

Collateralized

Loan

Obligation

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SMALL/MID

CAP

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

35

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2023.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

97.9%

Communication

Services

-

1.8%

1,527‌

Nexstar

Media

Group,

Inc.,

Class A

$

263,652‌

Consumer

Discretionary

-

10.6%

1,986‌

Burlington

Stores,

Inc.

(a)

401,371‌

2,170‌

Dorman

Products,

Inc.

(a)

187,184‌

1,486‌

LGI

Homes,

Inc.

(a)

169,449‌

6,235‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

361,256‌

1,711‌

Tractor

Supply

Co.

402,153‌

1,521,413‌

Consumer

Staples

-

3.5%

1,093‌

Casey's

General

Stores,

Inc.

236,591‌

492‌

Coca-Cola

Consolidated,

Inc.

263,259‌

499,850‌

Energy

-

3.9%

13,629‌

CNX

Resources

Corp.

(a)

218,336‌

8,246‌

Marathon

Oil

Corp.

197,574‌

5,392‌

SM

Energy

Co.

151,839‌

567,749‌

Financials

-

14.9%

5,993‌

Atlantic

Union

Bankshares

Corp.

210,055‌

3,121‌

Brown

&

Brown,

Inc.

179,208‌

2,450‌

Cullen/Frost

Bankers,

Inc.

258,083‌

225‌

Markel

Corp.

(a)

287,417‌

5,083‌

Moelis

&

Co.,

Class A

195,391‌

3,363‌

Selective

Insurance

Group,

Inc.

320,595‌

3,948‌

SouthState

Corp.

281,334‌

4,816‌

Stifel

Financial

Corp.

284,577‌

2,387‌

UMB

Financial

Corp.

137,778‌

2,154,438‌

Health

Care

-

11.7%

3,238‌

AMN

Healthcare

Services,

Inc.

(a)

268,625‌

1,018‌

ICON

PLC

(a)

217,435‌

3,430‌

Integra

LifeSciences

Holdings

Corp.

(a)

196,916‌

1,035‌

Molina

Healthcare,

Inc.

(a)

276,852‌

3,430‌

Omnicell

,

Inc.

(a)

201,238‌

2,554‌

Pacira

BioSciences

,

Inc.

(a)

104,229‌

3,113‌

PerkinElmer,

Inc.

414,838‌

1,680,133‌

Industrials

-

23.1%

1,636‌

Broadridge

Financial

Solutions,

Inc.

239,789‌

860‌

CACI

International,

Inc.,

Class A

(a)

254,801‌

1,210‌

Carlisle

Cos.,

Inc.

273,545‌

2,946‌

EnerSys

255,949‌

1,127‌

ExlService

Holdings,

Inc.

(a)

182,382‌

3,338‌

Fortune

Brands

Innovations,

Inc.

196,041‌

1,753‌

Forward

Air

Corp.

188,903‌

3,230‌

Franklin

Electric

Co.,

Inc.

303,943‌

2,946‌

ICF

International,

Inc.

323,176‌

2,379‌

Oshkosh

Corp.

197,885‌

1,945‌

Quanta

Services,

Inc.

324,115‌

3,146‌

Robert

Half

International,

Inc.

253,473‌

Shares

Security

Description

Value

2,329‌

Tetra

Tech,

Inc.

$

342,153‌

3,336,155‌

Information

Technology

-

16.7%

2,571‌

Ambarella

,

Inc.

(a)

199,047‌

4,023‌

Black

Knight,

Inc.

(a)

231,564‌

3,756‌

Blackbaud

,

Inc.

(a)

260,291‌

2,596‌

Diodes,

Inc.

(a)

240,805‌

1,377‌

Littelfuse

,

Inc.

369,160‌

2,462‌

MKS

Instruments,

Inc.

218,182‌

3,706‌

Power

Integrations,

Inc.

313,676‌

2,420‌

PTC,

Inc.

(a)

310,317‌

2,028‌

Qualys

,

Inc.

(a)

263,680‌

2,406,722‌

Materials

-

3.5%

1,644‌

Balchem

Corp.

207,933‌

3,347‌

RPM

International,

Inc.

291,992‌

499,925‌

Real

Estate

-

5.5%

3,297‌

Agree

Realty

Corp.

REIT

226,207‌

11,534‌

Easterly

Government

Properties,

Inc.

REIT

158,477‌

1,260‌

Jones

Lang

LaSalle,

Inc.

(a)

183,318‌

2,262‌

Lamar

Advertising

Co.,

Class A

REIT

225,951‌

793,953‌

Utilities

-

2.7%

3,547‌

IDACORP,

Inc.

384,246‌

Total

Common

Stocks

(Cost

$13,190,209)

14,108,236‌

Shares

Security

Description

Value

Short-Term

Investments

-

2.3%

Investment

Company

-

2.3%

325,726‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.69%

(b)

325,726‌

Total

Short-Term

Investments

(Cost

$325,726)

325,726‌

Investments,

at

value

-

100.2%

(Cost

$13,515,935)

14,433,962‌

Other

liabilities

in

excess

of

assets

-

(0.2)%

(22,529‌)

NET

ASSETS

-

100.0%

$

14,411,433‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SMALL

COMPANY

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

36

Shares

Security

Description

Value

Common

Stocks

-

97.8%

Communication

Services

-

1.2%

915,981‌

Gray

Television,

Inc.

$

7,987,354‌

Consumer

Discretionary

-

10.2%

149,788‌

Boot

Barn

Holdings,

Inc.

(a)

11,479,752‌

137,249‌

Dorman

Products,

Inc.

(a)

11,839,099‌

214,233‌

La-Z-Boy,

Inc.

6,229,896‌

69,080‌

LGI

Homes,

Inc.

(a)

7,877,193‌

161,796‌

Monarch

Casino

&

Resort,

Inc.

11,997,173‌

184,746‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

10,704,183‌

140,821‌

Patrick

Industries,

Inc.

9,689,893‌

69,817,189‌

Consumer

Staples

-

3.0%

22,951‌

Coca-Cola

Consolidated,

Inc.

12,280,621‌

334,003‌

Hostess

Brands,

Inc.

(a)

8,309,995‌

20,590,616‌

Energy

-

5.7%

697,188‌

CNX

Resources

Corp.

(a)

11,168,952‌

342,514‌

Northern

Oil

and

Gas,

Inc.

10,395,300‌

1,191,694‌

Permian

Resources

Corp.

12,512,787‌

182,239‌

SM

Energy

Co.

5,131,850‌

39,208,889‌

Financials

-

15.9%

402,475‌

Atlantic

Union

Bankshares

Corp.

14,106,749‌

242,351‌

BRP

Group,

Inc.,

Class A

(a)

6,170,256‌

179,275‌

Cass

Information

Systems,

Inc.

7,764,400‌

213,625‌

Mercantile

Bank

Corp.

6,532,653‌

290,837‌

Moelis

&

Co.,

Class A

11,179,774‌

205,721‌

Origin

Bancorp,

Inc.

6,613,930‌

244,555‌

Seacoast

Banking

Corp.

of

Florida

5,795,954‌

202,226‌

Selective

Insurance

Group,

Inc.

19,278,205‌

153,816‌

SouthState

Corp.

10,960,928‌

226,468‌

Stewart

Information

Services

Corp.

9,137,984‌

89,295‌

UMB

Financial

Corp.

5,154,107‌

176,387‌

United

Bankshares

,

Inc.

6,208,822‌

108,903,762‌

Health

Care

-

13.3%

77,516‌

Addus

HomeCare

Corp.

(a)

8,275,608‌

118,250‌

AMN

Healthcare

Services,

Inc.

(a)

9,810,020‌

387,124‌

Avanos

Medical,

Inc.

(a)

11,513,068‌

140,289‌

Harmony

Biosciences

Holdings,

Inc.

(a)

4,580,436‌

192,270‌

Integer

Holdings

Corp.

(a)

14,900,925‌

194,094‌

Integra

LifeSciences

Holdings

Corp.

(a)

11,142,937‌

27,739‌

Medpace

Holdings,

Inc.

(a)

5,216,319‌

216,285‌

Omnicell

,

Inc.

(a)

12,689,441‌

117,414‌

Pacira

BioSciences

,

Inc.

(a)

4,791,665‌

236,728‌

Supernus

Pharmaceuticals,

Inc.

(a)

8,576,655‌

91,497,074‌

Industrials

-

21.5%

134,741‌

American

Woodmark

Corp.

(a)

7,015,964‌

275,562‌

Barnes

Group,

Inc.

11,099,637‌

133,601‌

Comfort

Systems

USA,

Inc.

19,500,402‌

Shares

Security

Description

Value

84,052‌

CSW

Industrials,

Inc.

$

11,677,344‌

149,712‌

EnerSys

13,006,979‌

123,418‌

EnPro

Industries,

Inc.

12,821,896‌

41,874‌

ExlService

Holdings,

Inc.

(a)

6,776,470‌

104,115‌

Forward

Air

Corp.

11,219,432‌

150,320‌

Franklin

Electric

Co.,

Inc.

14,145,112‌

140,669‌

ICF

International,

Inc.

15,431,389‌

210,205‌

Kforce

,

Inc.

13,293,364‌

219,629‌

Korn

Ferry

11,363,605‌

147,351,594‌

Information

Technology

-

16.0%

118,478‌

Advanced

Energy

Industries,

Inc.

11,610,844‌

108,826‌

Ambarella

,

Inc.

(a)

8,425,309‌

391,456‌

Benchmark

Electronics,

Inc.

9,273,593‌

234,752‌

Blackbaud

,

Inc.

(a)

16,268,313‌

455,064‌

Cambium

Networks

Corp.

(a)

8,063,734‌

216,361‌

CTS

Corp.

10,701,215‌

149,864‌

Diodes,

Inc.

(a)

13,901,385‌

162,708‌

Onto

Innovation,

Inc.

(a)

14,298,779‌

99,327‌

Power

Integrations,

Inc.

8,407,037‌

55,933‌

SPS

Commerce,

Inc.

(a)

8,518,596‌

109,468,805‌

Materials

-

3.1%

89,979‌

Balchem

Corp.

11,380,544‌

130,713‌

Kaiser

Aluminum

Corp.

9,755,111‌

21,135,655‌

Real

Estate

-

5.0%

94,995‌

Agree

Realty

Corp.

REIT

6,517,607‌

571,186‌

Easterly

Government

Properties,

Inc.

REIT

7,848,096‌

373,369‌

Marcus

&

Millichap,

Inc.

11,988,878‌

802,443‌

Sunstone

Hotel

Investors,

Inc.

REIT

7,928,137‌

34,282,718‌

Utilities

-

2.9%

59,809‌

Chesapeake

Utilities

Corp.

7,654,954‌

116,274‌

IDACORP,

Inc.

12,595,962‌

20,250,916‌

Total

Common

Stocks

(Cost

$524,110,058)

670,494,572‌

Shares

Security

Description

Value

Short-Term

Investments

-

2.1%

Investment

Company

-

2.1%

14,440,451‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.69%

(b)

14,440,451‌

Total

Short-Term

Investments

(Cost

$14,440,451)

14,440,451‌

Investments,

at

value

-

99.9%

(Cost

$538,550,509)

684,935,023‌

Other

assets

in

excess

of

liabilities

-

0.1%

989,343‌

NET

ASSETS

-

100.0%

$

685,924,366‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2023

SMALL

COMPANY

FUND

Annual

Report

2023

See

accompanying

Notes

to

Financial

Statements.

37

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2023.

REIT

Real

Estate

Investment

Trust

Annual

Report

2023

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2023

38

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Assets:

Investments,

at

cost

$

260,421,723‌

Unrealized

appreciation

(depreciation)

of

investments

(10,263,624‌)

Total

investments,

at

value

250,158,099‌

Receivable

for

capital

shares

issued

493,975‌

Receivable

for

investments

sold

510,092‌

Interest

and

dividends

receivable

1,327,086‌

Receivable

from

investment

advisor

–‌

Prepaid

expenses

18,989‌

Total

Assets

252,508,241‌

Liabilities:

Distributions

payable

324,081‌

Payable

for

investments

purchased

–‌

Payable

for

capital

shares

redeemed

138,912‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

57,508‌

Administration

fees

payable

to

non-related

parties

10,383‌

Administration

fees

payable

to

related

parties

14,797‌

Shareholder

service

fees

1,801‌

Other

fees

53,515‌

Total

Liabilities

600,997‌

Net

Assets

$

251,907,244‌

Composition

of

Net

Assets:

Paid-In

Capital

$

267,730,715‌

Distributable

earnings

(15,823,471‌)

Net

Assets

$

251,907,244‌

Institutional

Class:

Net

assets

5,843,075‌

Shares

of

beneficial

interest

(See

note

5

)

666,425‌

Net

asset

value,

offering

and

redemption

price

per

share

$

8.77‌

Institutional

Plus

Class:

Net

assets

246,064,169‌

Shares

of

beneficial

interest

(See

note

5

)

27,977,637‌

Net

asset

value,

offering

and

redemption

price

per

share

$

8.80‌

Annual

Report

2023

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2023

39

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

221,555,629‌

$

59,466,807‌

$

55,660,539‌

$

13,515,935‌

$

538,550,509‌

(16,424,989‌)

(1,691,011‌)

16,370,943‌

918,027‌

146,384,514‌

205,130,640‌

57,775,796‌

72,031,482‌

14,433,962‌

684,935,023‌

433,317‌

2,000‌

26,236‌

650‌

1,235,746‌

443,351‌

–‌

455,007‌

–‌

–‌

1,114,862‌

494,084‌

174,098‌

4,366‌

578,021‌

–‌

803‌

–‌

–‌

–‌

17,250‌

4,990‌

8,876‌

3,871‌

62,799‌

207,139,420‌

58,277,673‌

72,695,699‌

14,442,849‌

686,811,589‌

323,166‌

96,034‌

–‌

–‌

–‌

–‌

997,933‌

417,809‌

–‌

–‌

125,544‌

27,703‌

36,745‌

509‌

258,181‌

48,515‌

–‌

33,149‌

167‌

443,484‌

8,473‌

2,351‌

2,944‌

591‌

28,202‌

12,075‌

3,351‌

4,195‌

842‌

40,192‌

793‌

–‌

9,149‌

14‌

21,244‌

49,202‌

32,478‌

37,713‌

29,293‌

95,920‌

567,768‌

1,159,850‌

541,704‌

31,416‌

887,223‌

$

206,571,652‌

$

57,117,823‌

$

72,153,995‌

$

14,411,433‌

$

685,924,366‌

$

226,979,656‌

$

59,287,857‌

$

54,227,142‌

$

13,764,386‌

$

526,009,108‌

(20,408,004‌)

(2,170,034‌)

17,926,853‌

647,047‌

159,915,258‌

$

206,571,652‌

$

57,117,823‌

$

72,153,995‌

$

14,411,433‌

$

685,924,366‌

2,564,072‌

–‌

30,017,468‌

402,015‌

51,987,279‌

279,496‌

–‌

1,717,144‌

29,361‌

1,913,989‌

$

9.17‌

$

–‌

$

17.48‌

$

13.69‌

$

27.16‌

204,007,580‌

57,117,823‌

42,136,527‌

14,009,418‌

633,937,087‌

22,244,720‌

6,211,009‌

2,448,054‌

1,020,069‌

23,163,585‌

$

9.17‌

$

9.20‌

$

17.21‌

$

13.73‌

$

27.37‌

Annual

Report

2023

Statements

of

Operations

Year

Ended

March

31,

2023

40

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Investment

Income:

Interest

$

5,762,104‌

Dividend

92,070‌

Total

Income

5,854,174‌

Expenses:

Investment

advisory

fees

(Note

3)

1,105,276‌

Administration

fees

266,194‌

Shareholder

service

fees

-

Institutional

Class

10,447‌

Custodian

fees

20,001‌

Chief

compliance

officer

fees

20,781‌

Director

fees

29,578‌

Registration

and

filing

fees

7,381‌

Transfer

agent

fees

69,504‌

Other

Fees

143,909‌

Total

expenses

before

waivers

1,673,071‌

Expenses

waived

by

adviser

(Note

3)

(598,708‌)

Total

Expenses

1,074,363‌

Net

Investment

Income

(Loss)

4,779,811‌

Realized

and

Unrealized

Gain

(Loss)

On

Investments:

Net

realized

gain

(loss)

on

investments

transactions

(1,164,927‌)

Change

in

unrealized

appreciation

(depreciation)

on

investments

(3,423,509‌)

Net

realized

and

unrealized

(loss)

on

investments

(4,588,436‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

191,375‌

Annual

Report

2023

Statements

of

Operations

Year

Ended

March

31,

2023

41

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

5,911,196‌

$

1,266,696‌

$

756,850‌

$

–‌

$

90‌

60,351‌

58,467‌

656,828‌

130,348‌

10,050,833‌

5,971,547‌

1,325,163‌

1,413,678‌

130,348‌

10,050,923‌

1,086,200‌

228,980‌

539,756‌

91,902‌

5,733,370‌

218,017‌

68,936‌

86,661‌

13,022‌

812,186‌

3,455‌

–‌

51,883‌

22‌

114,044‌

18,578‌

6,209‌

6,910‌

5,186‌

50,784‌

17,147‌

5,284‌

6,582‌

1,068‌

61,139‌

24,011‌

7,800‌

9,673‌

1,364‌

90,611‌

8,049‌

2,290‌

9,026‌

15,755‌

30,756‌

65,076‌

20,298‌

44,507‌

33,134‌

240,664‌

123,693‌

83,889‌

92,546‌

45,357‌

180,034‌

1,564,226‌

423,686‌

847,544‌

206,810‌

7,313,588‌

(641,904‌)

(169,110‌)

(225,111‌)

(108,559‌)

(758,198‌)

922,322‌

254,576‌

622,433‌

98,251‌

6,555,390‌

5,049,225‌

1,070,587‌

791,245‌

32,097‌

3,495,533‌

(1,936,967‌)

(410,527‌)

1,846,408‌

(170,928‌)

47,310,673‌

(11,441,382‌)

(580,986‌)

(6,493,121‌)

(428,302‌)

(77,151,814‌)

(13,378,349‌)

(991,513‌)

(4,646,713‌)

(599,230‌)

(29,841,141‌)

$

(8,329,124‌)

$

79,074‌

$

(3,855,468‌)

$

(567,133‌)

$

(26,345,608‌)

Annual

Report

2023

Statements

of

Changes

in

Net

Assets

42

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

For

the

Year

Ended

March

31,

2023

For

the

Year

Ended

March

31,

2022

For

the

Year

Ended

March

31,

2023

For

the

Year

Ended

March

31,

2022

Operations:

Net

investment

income

$

4,779,811‌

$

2,871,492‌

$

5,049,225‌

$

3,699,267‌

Net

realized

gain

(loss)

on

investment

transactions

(1,164,927‌)

635,054‌

(1,936,967‌)

1,451,112‌

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(3,423,509‌)

(9,576,753‌)

(11,441,382‌)

(12,101,557‌)

Net

increase

(decrease)

in

net

assets

from

operations

191,375‌

(6,070,207‌)

(8,329,124‌)

(6,951,178‌)

Distributions

to

Shareholders:

Institutional

Class

(151,503‌)

(167,418‌)

(72,647‌)

(75,035‌)

Institutional

Plus

Class

(5,652,771‌)

(4,200,000‌)

(5,298,212‌)

(4,805,926‌)

Change

in

net

assets

from

distributions

to

shareholders

(5,804,274‌)

(4,367,418‌)

(5,370,859‌)

(4,880,961‌)

Capital

Transactions:

Proceeds

from

shares

issued

Institutional

Class

398,623‌

1,035,714‌

453,519‌

388,955‌

Institutional

Plus

Class

84,973,412‌

39,169,629‌

78,478,237‌

24,959,818‌

Proceeds

from

dividends

reinvested

Institutional

Class

101,116‌

120,741‌

71,821‌

73,669‌

Institutional

Plus

Class

1,500,903‌

816,732‌

1,094,921‌

682,336‌

Cost

of

shares

redeemed

Institutional

Class

(2,348,003‌)

(3,403,173‌)

(774,118‌)

(2,204,848‌)

Institutional

Plus

Class

(48,421,673‌)

(43,322,579‌)

(35,987,596‌)

(38,540,061‌)

Change

in

net

assets

from

capital

transactions

36,204,378‌

(5,582,936‌)

43,336,784‌

(14,640,131‌)

Change

in

net

assets

30,591,479‌

(16,020,561‌)

29,636,801‌

(26,472,270‌)

Net

Assets:

Beginning

of

Year

221,315,765‌

237,336,326‌

176,934,851‌

203,407,121‌

End

of

Year

$

251,907,244‌

$

221,315,765‌

$

206,571,652‌

$

176,934,851‌

Share

Transactions

Institutional

Class:

Shares

issued

44,857‌

111,502‌

48,684‌

36,616‌

Shares

reinvested

11,546‌

12,955‌

7,818‌

7,002‌

Shares

redeemed

(264,685‌)

(366,539‌)

(82,234‌)

(207,852‌)

Change

in

shares

(208,282‌)

(242,082‌)

(25,732‌)

(164,234‌)

Share

Transactions

Institutional

Plus

Class:

Shares

issued

9,669,795‌

4,191,769‌

8,511,319‌

2,371,697‌

Shares

reinvested

170,925‌

87,479‌

119,526‌

64,739‌

Shares

redeemed

(5,505,865‌)

(4,643,983‌)

(3,940,744‌)

(3,668,090‌)

Change

in

shares

4,334,855‌

(364,735‌)

4,690,101‌

(1,231,654‌)

Annual

Report

2023

Statements

of

Changes

in

Net

Assets

43

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

For

the

Year

Ended

March

31,

2023

For

the

Year

Ended

March

31,

2022

For

the

Year

Ended

March

31,

2023

For

the

Year

Ended

March

31,

2022

For

the

Year

Ended

March

31,

2023

For

the

Year

Ended

March

31,

2022

For

the

Year

Ended

March

31,

2023

For

the

Year

Ended

March

31,

2022

$

1,070,587‌

$

1,105,539‌

$

791,245‌

$

483,704‌

$

32,097‌

$

1,905‌

$

3,495,533‌

$

2,322,010‌

(410,527‌)

36,290‌

1,846,408‌

6,139,255‌

(170,928‌)

179,633‌

47,310,673‌

123,598,693‌

(580,986‌)

(3,968,078‌)

(6,493,121‌)

(1,274,367‌)

(428,302‌)

303,794‌

(77,151,814‌)

(57,061,092‌)

79,074‌

(2,826,249‌)

(3,855,468‌)

5,348,592‌

(567,133‌)

485,332‌

(26,345,608‌)

68,859,611‌

–‌

–‌

(1,607,077‌)

(2,963,761‌)

(6,533‌)

(1,314‌)

(6,118,398‌)

(8,381,078‌)

(1,070,132‌)

(1,192,930‌)

(2,315,867‌)

(3,739,640‌)

(229,573‌)

(173,882‌)

(75,302,122‌)

(96,402,217‌)

(1,070,132‌)

(1,192,930‌)

(3,922,944‌)

(6,703,401‌)

(236,106‌)

(175,196‌)

(81,420,520‌)

(104,783,295‌)

–‌

–‌

1,496,026‌

2,009,855‌

150,767‌

270,449‌

9,490,706‌

9,187,390‌

19,369,646‌

6,476,424‌

4,521,272‌

5,098,845‌

8,455,979‌

3,487,213‌

196,602,512‌

193,305,916‌

–‌

–‌

1,474,414‌

2,793,569‌

6,533‌

1,314‌

5,001,970‌

7,601,878‌

182,467‌

189,719‌

1,978,584‌

3,170,396‌

123,626‌

89,540‌

31,878,738‌

43,614,208‌

–‌

–‌

(4,318,356‌)

(6,165,885‌)

(22,575‌)

(12,772‌)

(12,154,537‌)

(26,458,746‌)

(25,074,071‌)

(11,270,798‌)

(5,011,852‌)

(4,472,514‌)

(1,290,113‌)

(116,749‌)

(181,585,498‌)

(237,840,771‌)

(5,521,958‌)

(4,604,655‌)

140,088‌

2,434,266‌

7,424,217‌

3,718,995‌

49,233,891‌

(10,590,125‌)

(6,513,016‌)

(8,623,834‌)

(7,638,324‌)

1,079,457‌

6,620,978‌

4,029,131‌

(58,532,237‌)

(46,513,809‌)

63,630,839‌

72,254,673‌

79,792,319‌

78,712,862‌

7,790,455‌

3,761,324‌

744,456,603‌

790,970,412‌

$

57,117,823‌

$

63,630,839‌

$

72,153,995‌

$

79,792,319‌

$

14,411,433‌

$

7,790,455‌

$

685,924,366‌

$

744,456,603‌

–‌

–‌

81,294‌

97,882‌

10,580‌

18,107‌

334,129‌

271,497‌

–‌

–‌

87,936‌

137,981‌

484‌

86‌

191,280‌

234,626‌

–‌

–‌

(246,206‌)

(306,098‌)

(1,601‌)

(866‌)

(418,652‌)

(763,835‌)

–‌

–‌

(76,976‌)

(70,235‌)

9,463‌

17,327‌

106,757‌

(257,712‌)

2,118,760‌

659,124‌

259,496‌

253,603‌

603,266‌

234,427‌

6,782,803‌

5,708,750‌

20,140‌

19,417‌

119,702‌

158,772‌

9,124‌

5,871‌

1,210,739‌

1,337,203‌

(2,779,695‌)

(1,154,633‌)

(289,302‌)

(219,532‌)

(93,628‌)

(7,901‌)

(6,213,360‌)

(6,848,961‌)

(640,795‌)

(476,092‌)

89,896‌

192,843‌

518,762‌

232,397‌

1,780,182‌

196,992‌

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2023

44

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

03/31/23

$

9.00‌

$

0.18‌

$

(0.20‌)

$

(0.02‌)

$

(0.19‌)

$

(0.02‌)

$

—‌

$

8.77‌

(0.13‌)

%

$

5,843‌

0.65‌

%

(e)

2.00‌

%

(e)

1.28‌

%

(e)

35‌

%

03/31/22

9.42‌

0.10‌

(0.36‌)

(0.26‌)

(0.15‌)

(0.01‌)

—‌

9.00‌

(2.80‌)

7,873‌

0.65‌

1.07‌

1.09‌

40‌

03/31/21

9.30‌

0.14‌

0.18‌

0.32‌

(0.18‌)

(0.02‌)

—‌

9.42‌

3.44‌

10,518‌

0.68‌

1.43‌

1.21‌

50‌

03/31/20

9.27‌

0.20‌

0.04‌

0.24‌

(0.20‌)

(0.01‌)

—‌

9.30‌

2.60‌

10,650‌

0.71‌

2.09‌

1.21‌

50‌

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

Institutional

Plus

Class

03/31/23

9.03‌

0.19‌

(0.19‌)

0.00‌

(0.21‌)

(0.02‌)

—‌

8.80‌

0.05‌

246,064‌

0.48‌

(e)

2.17‌

(e)

0.74‌

(e)

35‌

03/31/22

9.45‌

0.12‌

(0.36‌)

(0.24‌)

(0.17‌)

(0.01‌)

—‌

9.03‌

(2.64‌)

213,443‌

0.49‌

1.23‌

0.72‌

40‌

03/31/21

9.33‌

0.15‌

0.19‌

0.34‌

(0.20‌)

(0.02‌)

—‌

9.45‌

3.63‌

226,818‌

0.49‌

1.61‌

0.73‌

50‌

03/31/20

9.29‌

0.21‌

0.06‌

0.27‌

(0.22‌)

(0.01‌)

—‌

9.33‌

0.00‌

189,728‌

0.52‌

2.27‌

0.72‌

50‌

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

INCOME

FUND

Institutional

Class

03/31/23

9.91‌

0.25‌

(0.73‌)

(0.48‌)

(0.25‌)

(0.01‌)

—‌

9.17‌

(4.81‌)

2,564‌

0.63‌

(e)

2.67‌

(e)

1.79‌

(e)

27‌

03/31/22

10.56‌

0.18‌

(0.58‌)

(0.40‌)

(0.24‌)

(0.01‌)

—‌

9.91‌

(3.92‌)

3,025‌

0.66‌

1.75‌

1.56‌

28‌

03/31/21

10.67‌

0.19‌

(0.04‌)

0.15‌

(0.25‌)

(0.01‌)

—‌

10.56‌

1.34‌

4,959‌

0.72‌

1.70‌

1.52‌

34‌

03/31/20

10.22‌

0.24‌

0.50‌

0.74‌

(0.28‌)

(0.01‌)

—‌

10.67‌

7.27‌

5,884‌

0.75‌

2.29‌

1.52‌

30‌

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

Institutional

Plus

Class

03/31/23

9.91‌

0.26‌

(0.73‌)

(0.47‌)

(0.26‌)

(0.01‌)

—‌

9.17‌

(4.68‌)

204,008‌

0.51‌

(e)

2.79‌

(e)

0.85‌

(e)

27‌

03/31/22

10.56‌

0.20‌

(0.59‌)

(0.39‌)

(0.25‌)

(0.01‌)

—‌

9.91‌

(3.80‌)

173,910‌

0.53‌

1.88‌

0.83‌

28‌

03/31/21

10.67‌

0.20‌

(0.03‌)

0.17‌

(0.27‌)

(0.01‌)

—‌

10.56‌

1.52‌

198,448‌

0.55‌

1.88‌

0.82‌

34‌

03/31/20

10.22‌

0.26‌

0.50‌

0.76‌

(0.30‌)

(0.01‌)

—‌

10.67‌

7.47‌

210,986‌

0.56‌

2.48‌

0.82‌

30‌

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

NEBRASKA

TAX-FREE

FUND

Institutional

Plus

Class

03/31/23

9.29‌

0.17‌

(0.09‌)

0.08‌

(0.17‌)

—‌

—‌

9.20‌

0.91‌

57,118‌

0.44‌

1.87‌

0.74‌

19‌

03/31/22

9.86‌

0.15‌

(0.56‌)

(0.41‌)

(0.15‌)

(0.01‌)

—‌

9.29‌

(4.17‌)

63,631‌

0.45‌

1.57‌

0.68‌

11‌

03/31/21

9.73‌

0.16‌

0.14‌

0.30‌

(0.16‌)

(0.01‌)

—‌

9.86‌

3.08‌

72,255‌

0.45‌

1.63‌

0.67‌

15‌

03/31/20

9.59‌

0.20‌

0.15‌

0.35‌

(0.21‌)

—‌

—‌

9.73‌

3.71‌

75,669‌

0.45‌

2.10‌

0.65‌

39‌

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

BALANCED

FUND

Institutional

Class

03/31/23

19.37‌

0.18‌

(1.13‌)

(0.95‌)

(0.16‌)

(0.78‌)

—‌

17.48‌

(4.63‌)

30,017‌

0.96‌

1.00‌

1.31‌

22‌

03/31/22

19.66‌

0.10‌

1.28‌

1.38‌

(0.10‌)

(1.57‌)

—‌

19.37‌

6.65‌

34,743‌

1.00‌

0.48‌

1.28‌

23‌

03/31/21

15.83‌

0.13‌

4.80‌

4.93‌

(0.13‌)

(0.97‌)

—‌

19.66‌

31.47‌

36,650‌

1.02‌

0.71‌

1.30‌

21‌

03/31/20

16.85‌

0.18‌

(0.35‌)

(0.17‌)

(0.17‌)

(0.68‌)

—‌

15.83‌

(1.52‌)

32,819‌

1.04‌

1.00‌

1.28‌

19‌

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

Institutional

Plus

Class

03/31/23

19.10‌

0.20‌

(1.10‌)

(0.90‌)

(0.21‌)

(0.78‌)

—‌

17.21‌

(4.46‌)

42,137‌

0.79‌

1.17‌

1.08‌

22‌

03/31/22

19.43‌

0.14‌

1.25‌

1.39‌

(0.15‌)

(1.57‌)

—‌

19.10‌

6.79‌

45,049‌

0.81‌

0.67‌

1.03‌

23‌

03/31/21

15.66‌

0.16‌

4.76‌

4.92‌

(0.18‌)

(0.97‌)

—‌

19.43‌

31.76‌

42,063‌

0.84‌

0.89‌

1.05‌

21‌

03/31/20

16.69‌

0.21‌

(0.35‌)

(0.14‌)

(0.21‌)

(0.68‌)

—‌

15.66‌

(1.34‌)

31,450‌

0.85‌

1.19‌

1.03‌

19‌

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

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2023

45

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)

SMALL/MID

CAP

FUND

Institutional

Class

03/31/23

$

14.89‌

$

0.04‌

$

(1.00‌)

$

(0.96‌)

$

—‌

$

(0.24‌)

$

—‌

$

13.69‌

(6.45‌)%

$

402‌

0.92‌

%

0.28‌%

5.92‌%

24‌%

03/31/22

13.83‌

0.01‌

1.60‌

1.61‌

—‌

(0.55‌)

—‌

14.89‌

11.58‌

296‌

0.95‌

0.04‌

33.98‌

22‌

03/31/21

8.01‌

0.00‌

(f)

5.82‌

5.82‌

—‌

—‌

—‌

13.83‌

72.66‌

36‌

1.19‌

(0.01‌)

77.98‌

28‌

03/31/20

(g)

10.00‌

0.03‌

(2.00‌)

(1.97‌)

(0.02‌)

—‌

—‌

8.01‌

(19.78‌)

19‌

1.17‌

0.41‌

70.42‌

13‌

Institutional

Plus

Class

03/31/23

14.95‌

0.04‌

(1.01‌)

(0.97‌)

(0.01‌)

(0.24‌)

—‌

13.73‌

(6.49‌)

14,009‌

0.91‌

0.30‌

1.76‌

24‌

03/31/22

13.86‌

0.01‌

1.63‌

1.64‌

—‌

(0.55‌)

—‌

14.95‌

11.77‌

7,494‌

0.95‌

0.04‌

2.12‌

22‌

03/31/21

8.02‌

0.03‌

5.84‌

5.87‌

(0.03‌)

—‌

—‌

13.86‌

73.22‌

3,726‌

0.95‌

0.24‌

3.02‌

28‌

03/31/20

(g)

10.00‌

0.04‌

(2.00‌)

(1.96‌)

(0.02‌)

—‌

—‌

8.02‌

(19.63‌)

1,535‌

0.93‌

0.61‌

6.52‌

13‌

SMALL

COMPANY

FUND

Institutional

Class

03/31/23

31.88‌

0.09‌

(1.27‌)

(1.18‌)

(0.00‌)

(f)

(3.54‌)

—‌

27.16‌

(3.25‌)

51,987‌

1.17‌

0.32‌

1.35‌

37‌

03/31/22

33.85‌

0.04‌

3.14‌

3.18‌

—‌

(5.15‌)

—‌

31.88‌

9.16‌

57,610‌

1.18‌

0.11‌

1.33‌

41‌

03/31/21

20.27‌

0.07‌

13.52‌

13.59‌

(0.01‌)

—‌

—‌

33.85‌

67.03‌

69,896‌

1.17‌

0.28‌

1.34‌

64‌

03/31/20

27.27‌

0.08‌

(6.70‌)

(6.62‌)

—‌

(0.38‌)

—‌

20.27‌

(24.71‌)

55,890‌

1.21‌

0.28‌

1.34‌

33‌

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

Institutional

Plus

Class

03/31/23

32.12‌

0.16‌

(1.28‌)

(1.12‌)

(0.09‌)

(3.54‌)

—‌

27.37‌

(3.02‌)

633,937‌

0.96‌

0.54‌

1.06‌

37‌

03/31/22

34.03‌

0.12‌

3.16‌

3.28‌

(0.04‌)

(5.15‌)

—‌

32.12‌

9.41‌

686,847‌

0.96‌

0.33‌

1.05‌

41‌

03/31/21

20.40‌

0.13‌

13.60‌

13.73‌

(0.10‌)

—‌

—‌

34.03‌

67.37‌

721,075‌

0.96‌

0.49‌

1.05‌

64‌

03/31/20

27.45‌

0.14‌

(6.74‌)

(6.60‌)

(0.07‌)

(0.38‌)

—‌

20.40‌

(24.55‌)

522,989‌

0.98‌

0.50‌

1.05‌

33‌

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

(a)

Per

share

data

calculated

using

average

share

method.

(b)

Not

annualized

for

a

period

less

than

one

year.

(c)

Annualized

for

a

period

less

than

one

year.

(d)

Ratios

excluding

contractual

and

voluntary

waivers.

(e)

The

ratios

of

expenses

and

net

investment

loss

to

average

net

assets

do

not

reflect

the

Fund’s

proportionate

share

of

income

and

expenses

of

underlying

investment

companies

in

which

the

Fund

invests.

(f)

Amount

represents

less

than

$0.005.

(g)

Commencement

of

operations

of

Tributary

Small/Mid

Cap

Fund

–

Institutional

and

Institutional

Plus

Class

shares

was

August

2,

2019

and

August

1,

2019,

respectively.

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

46

1.

Organization

Tributary

Funds,

Inc.

(the

“Company”)

was

organized

in

October

1994

as

a

Nebraska

corporation

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company

issuing

its

shares

in

series.

The

Company

consists

of

six

series,

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund,

Balanced

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

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,

Small/Mid

Cap

Fund

and

Small

Company

Fund

also

offer

Institutional

Class

shares.

The

two

classes

differ

principally

in

applicable

minimum

investment

and

shareholder

servicing

fees.

Shareholders

bear

the

common

expenses

of

each

Fund

and

earn

income

and

realized

gains/losses

from

each

Fund

pro

rata

based

on

the

average

daily

net

assets

of

each

class,

without

discrimination

between

share

classes.

Each

share

class

also

has

different

voting

rights

on

matters

affecting

a

single

class.

No

class

has

preferential

dividend

rights.

2.

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services-Investment

Companies

.

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Company

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

net

asset

value

(“NAV”)

per

share

of

each

Fund

is

determined

each

business

day

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”),

which

is

normally

4

p.m.

Eastern

Time.

In

valuing

a

Fund’s

assets

for

calculating

the

NAV,

securities

listed

on

a

securities

exchange,

market

or

automated

quotation

system

for

which

quotations

are

readily

available,

including

traded

over

the

counter

securities,

are

valued

at

the

official

closing

price

on

the

primary

exchange

or

market

on

which

they

traded

or,

if

there

is

no

such

reported

price

on

the

valuation

date,

at

the

most

recent

quoted

sale

price

or

bid

price.

Investments

in

investment

companies

are

valued

at

the

NAV

per

share

determined

as

of

the

close

of

the

NYSE.

Short-term

debt

investments

(maturing

within

60

days)

may

be

valued

on

an

amortized

cost

basis,

unless

such

value

does

not

approximate

fair

value.

Debt

securities

(other

than

short-term

investments)

are

valued

at

prices

furnished

by

pricing

services

and

generally

reflect

last

reported

sales

price

if

the

security

is

actively

traded

or

an

evaluated

bid

price

obtained

by

employing

methodologies

that

utilize

actual

market

transactions;

broker

supplied

valuations;

or

factors

such

as

yield,

maturity,

call

features,

credit

ratings,

or

developments

relating

to

specific

securities

in

arriving

at

the

valuation.

Prices

provided

by

pricing

services

are

subject

to

review

and

determination

of

the

appropriate

price

whenever

a

furnished

price

is

significantly

different

from

the

previous

day’s

furnished

price.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Board

of

Directors

(the

“Board”)

has

designated

the

Adviser,

as

defined

in

Note

3,

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

the

Funds’

compliance

program

and

will

review

any

changes

made

to

the

procedures.

Situations

that

may

require

an

investment

to

be

fair

valued

include

instances

where

a

security

is

thinly

traded,

halted,

or

restricted

as

to

resale.

In

addition,

investments

may

be

fair

valued

based

on

the

occurrence

of

a

significant

event.

Significant

events

may

be

specific

to

a

particular

issuer,

such

as

mergers,

restructurings,

or

defaults.

Alternatively,

significant

events

may

affect

an

entire

market,

such

as

natural

disasters,

government

actions,

and

significant

changes

in

the

value

of

U.S.

securities

markets.

Securities

are

fair

valued

based

on

observable

and

unobservable

inputs,

including

the

Adviser’s

own

assumptions

in

determining

fair

value.

Factors

used

in

determining

fair

value

include,

but

are

not

limited

to:

type

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

47

of

security

or

asset,

trading

activity

of

similar

markets

or

securities,

fundamental

analytical

data

relating

to

the

investment,

evaluation

of

the

forces

that

influence

the

market

in

which

the

security

is

purchased

and

sold,

and

information

as

to

any

transactions

or

offers

with

respect

to

the

security.

For

those

securities

fair

valued

under

procedures

adopted

by

the

Board,

the

Adviser

reviews

and

affirms

the

reasonableness

of

the

fair

valuation

determinations

after

considering

all

relevant

information

that

is

reasonably

available.

The

Adviser’s

determinations

are

subject

to

review

by

the

Funds’

Board

at

its

next

regularly

scheduled

meeting

covering

the

calendar

quarter

in

which

the

fair

valuation

was

determined.

The

Funds

use

a

framework

for

measuring

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

(exit

price).

One

component

of

fair

value

is

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

various

“inputs”

used

to

determine

the

value

of

the

Funds’

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

includes

valuations

based

on

quoted

prices

of

identical

securities

in

active

markets

including

valuations

for

securities

listed

on

a

securities

exchange

or

investments

in

mutual

funds.

Level

2

–

includes

valuations

for

which

all

significant

inputs

are

observable,

either

directly

or

indirectly.

Direct

observable

inputs

include

broker

quotes

in

active

markets,

closing

prices

of

similar

securities

in

active

markets,

closing

prices

for

identical

or

similar

securities

in

non-active

markets,

or

corporate

action

or

reorganization

entitlement

values.

Indirect

significant

observable

inputs

include

factors

such

as

interest

rates,

yield

curves,

prepayment

speeds

or

credit

ratings.

Level

2

includes

valuations

for

fixed

income

securities

priced

by

pricing

services,

broker

quotes

in

active

markets,

or

American

depositary

receipts

(“ADR”)

and

Global

depositary

receipts

(“GDR”)

for

which

quoted

prices

in

active

markets

are

not

available.

Level

3

–

includes

valuations

based

on

inputs

that

are

unobservable

and

significant

to

the

fair

value

measurement,

including

the

Fair

Value

Committee's

own

assumptions

in

determining

the

fair

value

of

the

investment.

Inputs

used

to

determine

the

fair

value

of

Level

3

securities

include

security

specific

inputs

such

as:

credit

quality,

issuer

news,

trading

characteristics,

or

industry

specific

inputs

such

as:

trading

activity

of

similar

markets

or

securities,

changes

in

the

security’s

underlying

index,

or

comparable

securities’

models.

Level

3

valuations

include

securities

that

are

priced

based

on

single

source

broker

quotes,

where

prices

may

be

unavailable

due

to

halted

trading,

restricted

to

resale

due

to

market

events,

newly

issued

or

investments

for

which

reliable

quotes

are

not

available.

To

assess

the

continuing

appropriateness

of

security

valuations,

the

co-administrator

regularly

compares

current

day

prices

with

prior

day

prices,

transaction

prices,

and

alternative

vendor

prices.

When

the

comparison

results

exceed

pre-defined

thresholds,

the

co-administrator

challenges

the

prices

exceeding

tolerance

levels

with

the

pricing

service

or

broker.

To

substantiate

Level

3

unobservable

inputs,

the

adviser

and

co-administrator

use

a

variety

of

techniques

as

appropriate,

including,

transaction

backtesting

or

disposition

analysis

and

review

of

related

market

activity.

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

48

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund’s

investments

as

of

March

31,

2023,

by

category:

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Short-Intermediate

Bond

Fund

Asset

Backed

Securities

$

–‌

$

50,142,807‌

$

–‌

$

50,142,807‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

33,141,738‌

–‌

33,141,738‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

16,526,449‌

–‌

16,526,449‌

Corporate

Bonds

–‌

67,658,819‌

–‌

67,658,819‌

Government

&

Agency

Obligations

–‌

77,369,875‌

–‌

77,369,875‌

Preferred

Stocks

375,000‌

–‌

–‌

375,000‌

Exchange

Traded

Fund

990,990‌

–‌

–‌

990,990‌

Short-Term

Investments

3,952,421‌

–‌

–‌

3,952,421‌

Total

$

5,318,411‌

$

244,839,688‌

$

–‌

$

250,158,099‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

16,864,610‌

$

–‌

$

16,864,610‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

11,952,826‌

–‌

11,952,826‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

16,462,279‌

–‌

16,462,279‌

Corporate

Bonds

–‌

50,668,621‌

–‌

50,668,621‌

Government

&

Agency

Obligations

–‌

106,484,305‌

–‌

106,484,305‌

Exchange

Traded

Fund

996,400‌

–‌

–‌

996,400‌

Short-Term

Investments

1,701,599‌

–‌

–‌

1,701,599‌

Total

$

2,697,999‌

$

202,432,641‌

$

–‌

$

205,130,640‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

54,100,139‌

$

–‌

$

54,100,139‌

Short-Term

Investments

3,675,657‌

–‌

–‌

3,675,657‌

Total

$

3,675,657‌

$

54,100,139‌

$

–‌

$

57,775,796‌

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

49

*

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.

Interest

only

stripped

mortgage

backed

securities

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks*

$

42,904,905‌

$

–‌

$

–‌

$

42,904,905‌

Asset

Backed

Securities

–‌

3,037,978‌

–‌

3,037,978‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

2,298,470‌

–‌

2,298,470‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

972,822‌

–‌

972,822‌

Corporate

Bonds

–‌

8,422,721‌

–‌

8,422,721‌

Government

&

Agency

Obligations

–‌

11,481,672‌

–‌

11,481,672‌

Short-Term

Investments

2,912,914‌

–‌

–‌

2,912,914‌

Total

$

45,817,819‌

$

26,213,663‌

$

–‌

$

72,031,482‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

14,108,236‌

$

–‌

$

–‌

$

14,108,236‌

Short-Term

Investments

325,726‌

–‌

–‌

325,726‌

Total

$

14,433,962‌

$

–‌

$

–‌

$

14,433,962‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

670,494,572‌

$

–‌

$

–‌

$

670,494,572‌

Short-Term

Investments

14,440,451‌

–‌

–‌

14,440,451‌

Total

$

684,935,023‌

$

–‌

$

–‌

$

684,935,023‌

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

50

(“IO

Strips”)

are

securities

that

receive

only

interest

payments

from

a

pool

of

mortgage

loans.

Little

to

no

principal

will

be

received

by

the

Funds

upon

maturity

from

an

IO

Strip.

Periodic

adjustments

are

recorded

to

reduce

the

cost

of

the

security

until

maturity,

which

are

included

in

interest

income.

Allocation

of

Expenses

Expenses

directly

attributable

to

a

Fund

are

charged

directly

to

that

Fund,

while

expenses

which

are

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

another

appropriate

basis.

Expenses

directly

attributable

to

a

class

are

charged

directly

to

that

class,

while

expenses

attributable

to

both

classes

are

allocated

to

each

class

based

upon

the

ratio

of

net

assets

for

each

class

as

a

percentage

of

total

net

assets.

Distributions

to

Shareholders

Dividends

from

net

investment

income

are

declared

daily

and

paid

monthly

for

the

Short-Intermediate

Bond,

Income,

and

Nebraska

Tax-Free

Funds.

The

Balanced

Fund

declares

and

pays

dividends

from

net

investment

income,

if

any,

quarterly.

The

Small/Mid

Cap

Fund

and

Small

Company

Fund

declare

and

pay

dividends

from

net

investment

income,

if

any,

annually.

Distributions

of

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually

for

all

the

Funds

only

to

the

extent

they

exceed

available

capital

loss

carryovers.

The

amount

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations

which

may

differ

from

GAAP

and

are

recorded

on

the

ex-dividend

date.

3.

Related

Party

Transactions

and

Fees

and

Agreements

Tributary

Capital

Management,

LLC

(“Tributary”

or

“Adviser”),

a

wholly-owned

subsidiary

of

First

National

Bank

of

Omaha

(“FNBO”),

which

is

a

subsidiary

of

First

National

Bank

of

Nebraska,

Inc.,

serves

as

the

investment

adviser

to

the

Funds.

Each

Fund

pays

a

monthly

fee

at

an

annual

rate

of

the

following

percentages

of

each

Fund’s

average

daily

net

assets:

0.50%

for

the

Short-Intermediate

Bond

Fund,

0.60%

for

the

Income

Fund,

0.40%

for

the

Nebraska

Tax-Free

Fund,

0.75%

for

the

Balanced

Fund,

and

0.85%

for

each

of

the

Small/Mid

Cap

Fund

and

Small

Company

Fund.

First

National

Advisers,

LLC

(“FNA”

or

“Sub-Adviser”),

a

wholly-owned

subsidiary

of

FNBO,

serves

as

the

investment

sub-

adviser

for

the

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund

and

Balanced

Fund.

Sub-advisory

fees

paid

to

FNA

are

paid

by

Tributary.

For

the

services

provided

and

expenses

assumed

under

the

FNA

Sub-Advisory

Agreement,

Tributary

pays

FNA

a

fee

equal

to

0.25%

of

the

average

daily

net

assets

of

the

Short-Intermediate

Bond

Fund,

0.30%

of

the

average

daily

net

assets

of

the

Income

Fund,

0.20%

of

the

average

daily

net

assets

of

the

Nebraska

Tax-Free

Fund,

and

0.375%

of

the

average

daily

net

assets

of

the

Balanced

Fund.

Tributary

has

contractually

agreed

to

waive

advisory

fees

and

reduce

the

administration

fee

payable

to

the

Adviser

and/or

reimburse

other

expenses

of

each

Fund

to

the

extent

necessary

to

limit

the

total

operating

expenses

of

each

Fund,

exclusive

of

shareholder

servicing

fees

(Institutional

Class

only),

brokerage

costs,

interest,

taxes

and

dividend

and

extraordinary

expenses,

to

an

annual

rate

of

the

percentage

of

each

Fund’s

average

daily

net

assets

as

follows.

These

fee

waivers

will

continue

through

August

1,

2023,

unless

the

Board

approves

a

change

in

or

elimination

of

the

waiver.

Prior

to

August

1,

2022,

the

expense

caps

for

Short-Intermediate

Bond

Fund,

Income

Fund

and

Small/Mid

Cap

Fund

were

0.49%,

0.53%

and

0.95%,

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,

2023,

fees

waived

were

as

follows:

Expense

Caps

Short-Intermediate

Bond

Fund

0.48

%

Income

Fund

0.50

Nebraska

Tax-Free

Fund

0.45

Balanced

Fund

0.80

Small/Mid

Cap

Fund

0.90

Small

Company

Fund

0.96

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

51

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,

2023,

the

amount

of

potentially

recoverable

expenses

are

as

follows:

Short-Intermediate

Bond

Fund

–

$1,691,618;

Income

Fund

–

$1,880,827;

Nebraska

Tax-Free

Fund

–

$499,431;

Balanced

Fund

–

$607,613;

Small/Mid

Cap

Fund

–

$244,473;

Small

Company

Fund

–

$2,219,064.

U.S.

Bank,

N.A.

serves

as

the

custodian

for

each

of

the

Funds.

SS&C

GIDS,

Inc.

serves

as

transfer

agent

for

the

Funds,

whose

functions

include

disbursing

dividends

and

other

distributions.

Tributary

and

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

(“Co-Administrators”)

serve

as

Co-Administrators

of

the

Funds.

Certain

directors

and

officers

of

the

Funds

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Funds.

As

compensation

for

its

administrative

services,

each

Co-Administrator

is

entitled

to

a

fee,

calculated

daily

and

paid

monthly

based

on

each

Fund's

average

daily

net

assets.

Tributary

receives

0.07%

of

each

Fund's

average

daily

net

assets.

Foreside

Fund

Officer

Services,

LLC

provides

the

Funds’

Anti-Money

Laundering

Compliance

Officer

and

Chief

Compliance

Officer

services.

The

Company

has

adopted

a

Distribution

and

Service

Plan

(“Plan”)

under

Rule

12b-1

of

the

1940

Act

pursuant

to

which

each

Fund

is

authorized

to

make

payments

to

banks,

the

Distributor,

broker-dealers,

and

other

institutions

for

providing

distribution

or

shareholder

service

assistance.

The

Plan

authorizes

each

Fund

to

make

payments

with

respect

to

certain

classes

of

shares

in

an

amount

not

in

excess,

on

an

annual

basis,

of

up

to

0.25%

of

the

average

daily

net

assets

of

that

Fund.

The

Company

has

no

class

of

shares

outstanding

to

which

the

Plan

is

applicable.

The

Company

has

adopted

an

Administrative

Services

Plan,

which

allows

the

Funds'

Institutional

Class

shares

to

charge

a

shareholder

services

fee,

pursuant

to

which

each

Fund

is

authorized

to

pay

compensation

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

to

banks

and

other

financial

institutions,

that

may

include

the

advisers,

their

correspondent

and

affiliated

banks,

including

FNBO

(each

a

“Service

Organization”).

Under

the

Administrative

Services

Plan,

the

Funds

may

enter

into

a

Servicing

Agreement

with

a

Service

Organization

whereby

such

Service

Organization

agrees

to

provide

certain

record

keeping

and/or

administrative

support

services

for

their

customers

or

account

holders

who

are

the

beneficial

or

record

owner

of

the

shares

of

a

Fund.

One

of

the

Servicing

Agreements

the

Funds

maintain

is

with

FNBO.

For

the

year

ended

March

31,

2023,

the

Funds

paid

FNBO

as

follows:

Short-Intermediate

Bond

Fund

–

$39;

Income

Fund

–

$33;

Balanced

Fund

–

$107;

Small/Mid

Cap

Fund

–

$0

and

Small

Company

Fund

–

$0.

The

amounts

accrued

for

shareholder

service

fees

are

included

under

Shareholder

service

fees

–

Institutional

Class

within

the

Statements

of

Operations.

4.

Investment

Transactions

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

U.S.

Government

securities

and

short-term

investments

(maturing

less

than

one

year

from

acquisition),

for

the

year

ended

March

31,

2023,

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,

2023,

were

as

follows:

Investment

Adviser

Fees

Waived

Investment

Adviser

Expenses

Reimbursed

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

Short-Intermediate

Bond

Fund

$

597,354‌

$

–‌

$

1,354‌

$

598,708‌

Income

Fund

640,795‌

–‌

1,109‌

641,904‌

Nebraska

Tax-Free

Fund

168,759‌

–‌

351‌

169,110‌

Balanced

Fund

224,670‌

–‌

441‌

225,111‌

Small/Mid

Cap

Fund

91,902‌

16,591‌

66‌

108,559‌

Small

Company

Fund

754,068‌

–‌

4,130‌

758,198‌

Purchases

Sales

Short-Intermediate

Bond

Fund

$

51,221,115‌

$

61,429,002‌

Income

Fund

18,348,259‌

31,603,625‌

Nebraska

Tax-Free

Fund

10,404,575‌

17,662,778‌

Balanced

Fund

7,374,140‌

12,020,480‌

Small/Mid

Cap

Fund

9,620,709‌

2,649,705‌

Small

Company

Fund

245,559,153‌

270,831,324‌

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

52

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser.

Any

such

purchase

or

sale

transaction

must

be

effected

without

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

Prior

to

September

8,

2022,

the

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security's

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

Effective

September

8,

2022,

the

transaction

must

be

effected

at

a

“readily

available

market

quotation”,

which

is

defined

as

a

quoted

price

(unadjusted)

in

active

markets

for

identical

investments

that

the

fund

can

access

at

the

measurement

date

(provided

that

a

quotation

will

not

be

readily

available

if

it

is

not

reliable).

For

the

year

ended

March

31,

2023,

the

Nebraska

Tax-Free

Fund

engaged

in

securities

transactions

with

affiliates,

as

set

forth

below.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

of

Directors

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7:

5.

Capital

Share

Transactions

The

Company

is

authorized

to

issue

a

total

of

1,000,000,000

shares

of

common

stock,

999,999,990

of

which

may

be

issued

in

series

with

a

par

value

of

$0.00001

per

share.

The

Board

is

empowered

to

allocate

such

shares

among

different

series

of

the

Company’s

shares

without

shareholder

approval.

6.

Federal

Income

Taxes

The

following

information

is

presented

on

an

income

tax

basis.

It

is

each

Fund’s

policy

to

continue

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

all

of

its

net

taxable

income,

including

any

net

realized

gains

on

investments,

to

its

shareholders

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

and

excise

taxes.

Therefore,

no

provision

is

made

for

federal

income

or

excise

taxes.

Differences

between

amounts

reported

for

financial

statements

and

federal

income

tax

purposes

are

primarily

due

to

timing

and

character

difference

in

recognizing

gains

and

losses

on

investment

transactions.

To

the

extent

the

differences

between

the

amounts

recognized

for

financial

statements

and

federal

income

tax

purposes

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

federal

income

tax

treatment;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

in

the

current

year

are

due

to

the

utilization

of

equalization.

These

reclassifications

have

no

impact

on

net

assets.

Purchases

Sales

Short-Intermediate

Bond

Fund

$

57,831,914‌

$

14,392,849‌

Income

Fund

71,387,221‌

17,226,208‌

Nebraska

Tax-Free

Fund

–‌

9,915‌

Balanced

Fund

7,496,367‌

4,623,279‌

Purchases

Sales

Net

Realized

Gains

(Losses)

$

314,793‌

$

972,226‌

$

(2,237‌)

Net

Increase

(Decrease)

Distributable

Earnings

Paid-in-Capital

Short-Intermediate

Bond

Fund

$

–‌

$

–‌

Income

Fund

–‌

–‌

Nebraska

Tax-Free

Fund

–‌

–‌

Balanced

Fund

–‌

–‌

Small/Mid

Cap

Fund

–‌

–‌

Small

Company

Fund

(3,550,000‌)

3,550,000‌

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

53

*

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,

2022

and

March

31,

2023.

***

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

As

of

March

31,

2023,

the

cost

of

investments

and

the

components

of

net

unrealized

appreciation/(depreciation)

were

as

follows:

At

March

31,

2023,

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

ended

March

31,

2023

and

March

31,

2022,

were

as

follows:

At

March

31,

2023,

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.

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Short-Intermediate

Bond

Fund

$

261,334,896‌

$

535,247‌

$

(11,712,044‌)

$

(11,176,797‌)

Income

Fund

222,719,296‌

820,990‌

(18,409,646‌)

(17,588,656‌)

Nebraska

Tax-Free

Fund

59,493,319‌

226,799‌

(1,944,322‌)

(1,717,523‌)

Balanced

Fund

55,806,220‌

19,025,734‌

(2,800,472‌)

16,225,262‌

Small/Mid

Cap

Fund

13,622,204‌

1,685,399‌

(873,641‌)

811,758‌

Small

Company

Fund

542,868,037‌

181,373,966‌

(39,306,980‌)

142,066,986‌

Undistributed

Net

Investment

Income*

Undistributed

Tax

Exempt

Income

Undistributed

Net

Long-Term

Capital

Gains

Other

Temporary

Differences

Unrealized

Gain

(Loss)**

Capital

Loss

Carry

Forward***

Short-Intermediate

Bond

Fund

$

341,705‌

$

–‌

$

–‌

$

(324,081‌)

$

(11,176,797‌)

$

(4,664,298‌)

Income

Fund

803,899‌

–‌

–‌

(323,166‌)

(17,588,656‌)

(3,300,081‌)

Nebraska

Tax-Free

Fund

5,825‌

90,500‌

–‌

(96,034‌)

(1,717,523‌)

(452,802‌)

Balanced

Fund

25,723‌

–‌

1,675,868‌

–‌

16,225,262‌

–‌

Small/Mid

Cap

Fund

13,470‌

–‌

–‌

–‌

811,758‌

(178,181‌)

Small

Company

Fund

3,583,939‌

–‌

14,264,333‌

–‌

142,066,986‌

–‌

*

Undistributed

net

investment

income

includes

any

undistributed

net

short-term

capital

gains,

if

any.

**

Unrealized

gains

(loss)

are

adjusted

for

open

wash

sale

loss

deferrals,

bond

income

accruals,

return

of

capital

paid

by

REIT

securities

and

equity

return

of

capital

securities.

***

Capital

loss

carry

forward

includes

deferred

post

October

loss

and

late

year

losses.

Net

Ordinary

Income*

Tax

Exempt

Income

Net

Long

Term

Capital

Gains**

Total

Distributions

Paid***

2023

2022

2023

2022

2023

2022

2023

2022

Short-Intermediate

Bond

Fund

$

5,755,855

$

4,396,939

$

–

$

–

$

–

$

–

$

5,755,855

$

4,396,939

Income

Fund

5,367,082

4,919,849

–

–

–

–

5,367,082

4,919,849

Nebraska

Tax-Free

Fund

59,851

13,975

992,361

1,099,532

–

87,333

1,052,212

1,200,840

Balanced

Fund

772,020

983,698

–

–

3,150,924

5,719,703

3,922,944

6,703,401

Small/Mid

Cap

Fund

44,422

72,973

–

–

191,684

102,223

236,106

175,196

Small

Company

Fund

4,421,040

44,750,569

–

–

76,999,480

60,032,726

81,420,520

104,783,295

No

Expiration

Short

Term

Long

Term

Total

Short-Intermediate

Bond

Fund

$

869,313‌

$

3,794,985‌

$

4,664,298‌

Income

Fund

1,241,999‌

2,058,082‌

3,300,081‌

Nebraska

Tax-Free

Fund

59,151‌

393,651‌

452,802‌

Notes

to

Financial

Statements

March

31,

2023

Annual

Report

2023

54

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,

2023,

the

Funds

deferred

losses

to

April

1,

2023

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

ended

March

31,

2023.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations,

as

incurred.

During

the

period,

the

Funds

did

not

incur

any

interest

or

penalties.

7.

Subsequent

Events

Management

has

evaluated

subsequent

events

for

the

Funds

through

the

date

the

financial

statements

are

issued,

and

has

concluded

that

there

were

no

other

events

that

require

adjustments

to

the

financial

statements

or

disclosure

in

the

notes.

Fund

Post

October

31

Capital

Loss

Deferral

Small/Mid

Cap

Fund

$

178,181‌

Report

of

Independent

Registered

Public

Accounting

Firm

Annual

Report

2023

55

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

the

funds

listed

below

(the

“Funds”)

as

of

March

31,

2023,

the

related

statements

of

operations,

the

statements

of

changes

in

net

assets,

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

below

(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,

2023,

the

results

of

their

operations,

the

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

below

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,

2023,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Funds’

auditor

since

2015.

COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

May

30,

2023

Fund

Name

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Tributary

Short-Intermediate

Bond

Fund,

Tributary

Income

Fund,

Tributary

Nebraska

Tax-Free

Fund,

Tributary

Balanced

Fund,

and

Tributary

Small

Company

Fund

For

the

year

ended

March

31,

2023

For

the

years

ended

March

31,

2023

and

2022

For

the

years

ended

March

31,

2023,

2022,

2021,

2020

and

2019

Tributary

Small/Mid

Cap

Fund

For

the

year

ended

March

31,

2023

For

the

years

ended

March

31,

2023

and

2022

For

the

years

ended

March

31,

2023,

2022,

2021

and

for

the

period

from

August

1,

2019

(commencement

of

operations)

through

March

31,

2020

Additional

Fund

Information

March

31,

2023

(Unaudited)

Annual

Report

2023

56

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.

Other

Federal

Income

Tax

Information

The

information

reported

below

is

for

the

year

ended

March

31,

2023.

Foreign

tax

and

qualified

dividend

information

for

the

calendar

year

2023

will

be

provided

on

your

2023

Form

1099-DIV.

For

the

year

ended

March

31,

2023,

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

2023

will

be

reported

in

conjunction

with

your

2023

Form

1099-DIV.

For

the

year

ended

March

31,

2023,

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,

2023,

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,

2023,

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,

2023,

Small/Mid

Cap

Fund

and

Small

Company

Fund

designate

79.47%

and

56.35%,

respectively,

of

its

income

dividends

as

short-term

capital

gain

dividends

exempt

from

U.S.

tax

for

foreign

shareholders

and

Nebraska

Tax-Free

Fund

designates

94.31%

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

April

1,

2022,

through

March

31,

2023.

Qualified

Dividend

Income

Short-Intermediate

Bond

Fund

0.45%

Balanced

Fund

68.46%

Small/Mid

Cap

Fund

60.79%

Small

Company

Fund

94.86%

Dividends

Received

Deduction

Short-Intermediate

Bond

Fund

0.45%

Balanced

Fund

66.00%

Small/Mid

Cap

Fund

61.07%

Small

Company

Fund

94.27%

Qualified

Interest

Income

Short-Intermediate

Bond

Fund

85.30%

Income

Fund

89.10%

Nebraska

Tax-Free

Fund

1.20%

Balanced

Fund

52.82%

Additional

Fund

Information

March

31,

2023

(Unaudited)

Annual

Report

2023

57

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,

2023

(Unaudited)

Annual

Report

2023

58

Expenses

Using

Actual

Fund

Return

Expenses

Using

Hypothetical

5%

Return

Beginning

Account

Value

10/1/22

Ending

Account

Value

3/31/23

Expense

Paid

During

Period*

Expense

Ratio

During

Period*

Beginning

Account

Value

10/1/22

Ending

Account

Value

3/31/23

Expenses

Paid

During

Period*

Expense

Ratio

During

Period*

Short-Intermediate

Bond

Fund

Institutional

Class

$

1,000.00‌

$

1,000.00‌

$

2.99‌

0.60‌%

$

1,000.00‌

$

1,021.94‌

$

3.02‌

0.60‌%

Institutional

Plus

Class

1,000.00‌

1,000.00‌

2.39‌

0.48‌

1,000.00‌

1,022.54‌

2.42‌

0.48‌

Income

Fund

Institutional

Class

$

1,000.00‌

$

1,000.00‌

$

2.94‌

0.59‌%

$

1,000.00‌

$

1,021.99‌

$

2.97‌

0.59‌%

Institutional

Plus

Class

1,000.00‌

1,000.00‌

2.49‌

0.50‌

1,000.00‌

1,022.44‌

2.52‌

0.50‌

Nebraska

Tax-Free

Fund

Institutional

Plus

Class

$

1,000.00‌

$

1,000.00‌

$

2.19‌

0.44‌%

$

1,000.00‌

$

1,022.74‌

$

2.22‌

0.44‌%

Balanced

Fund

Institutional

Class

$

1,000.00‌

$

1,114.00‌

$

5.01‌

0.95‌%

$

1,000.00‌

$

1,020.19‌

$

4.78‌

0.95‌%

Institutional

Plus

Class

1,000.00‌

1,114.43‌

4.16‌

0.79‌

1,000.00‌

1,020.99‌

3.98‌

0.79‌

Small/Mid

Cap

Fund

Institutional

Class

$

1,000.00‌

$

1,000.00‌

$

4.59‌

0.92‌%

$

1,000.00‌

$

1,020.34‌

$

4.63‌

0.92‌%

Institutional

Plus

Class

1,000.00‌

1,000.00‌

4.49‌

0.90‌

1,000.00‌

1,020.44‌

4.53‌

0.90‌

Small

Company

Fund

Institutional

Class

$

1,000.00‌

$

1,000.00‌

$

5.78‌

1.16‌%

$

1,000.00‌

$

1,019.15‌

$

5.84‌

1.16‌%

Institutional

Plus

Class

1,000.00‌

1,000.00‌

4.74‌

0.95‌

1,000.00‌

1,020.19‌

4.78‌

0.95‌

*

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

(182)

divided

by

365

to

reflect

the

half-year

period.

Directors

and

Officers

March

31,

2023

(Unaudited)

Annual

Report

2023

59

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.

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.

3

Robert

A.

Reed

has

resigned

as

Director

of

the

Company

and

Chairman

of

the

Company’s

Corporate

Governance

and

Nominations

Committee,

effective

April

24,

2023.

The

Corporate

Governance

and

Nominations

Committee

intends

to

appoint

a

replacement

Chair

at

its

next

regularly

scheduled

meeting

on

June

1,

2023.

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:

57

Indefinite;

Since

2016.

Senior

Vice

President

-

Investment

Services,

First

National

Bank

of

Omaha

(December

2013

to

present).

6

Director,

First

National

Capital

Markets,

Inc.

Director,

Chairman

of

the

Board

and

President

Brittany

A.

Fahrenkrog

(2)

Age:

44

Indefinite;

Since

2016

Director,

Client

Services,

Tributary

Capital

Management,

LLC

(since

May

2010).

6

None.

Director

and

Senior

Vice

President

Independent

Directors

Robert

A.

Reed

(3)

Age:

82

Indefinite;

Since

1994

Chairman

of

the

Board,

Physicians

Mutual

Life

Insurance

Company

(since

2015).

6

None.

Director;

Chairman

Corporate

Governance

and

Nominations

Committee

Gary

D.

Parker

Age:

77

Indefinite;

Since

2005

Retired

since

2000.

6

None.

Director;

Chairman

Audit

Committee

David

F.

Larrabee

Age:

62

Indefinite;

Since

2016

Retired

since

2012.

6

None.

Lead

Independent

Director

Directors

and

Officers

March

31,

2023

(Unaudited)

Annual

Report

2023

60

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,

Portland,

ME

04101.

4

The

address

for

Mr.

Ruehle

is

Three

Canal

Plaza,

Suite

100,

Portland,

ME

04101.

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

M.

Walsh

Age:

59

Indefinite;

Since

2018

Partner,

InterAlpen

Partners

(since

2022);

Industry

Adviser,

Panorama

Point

Partners

(2017-2021).

6

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:

50

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:

55

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

Advisers

Investment

Trust

(July

2011-December

2016

and

March

2019

to

present).

Chief

Compliance

and

Anti-Money

Laundering

Officer

Zachary

Tackett

(3)

Age:

35

Indefinite;

Since

November

2019

Senior

Counsel,

Apex

Fund

Services

(since

2019);

Counsel,

Atlantic

Fund

Services

(2014-2019).

Secretary

3110-NLD-05/03/2023

TF-ANR-0323

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

and

Balanced

Fund

only)

First

National

Advisers,

LLC

14010

FNB

Parkway

Omaha,

Nebraska

68154

Custodian

U.S.

Bank,

N.A.

1155

N.

Rivercenter

Dr.

MK-WI-S302

Milwaukee,

WI

53212

Co-Administrators

Apex

Fund

Services

Three

Canal

Plaza

Portland,

Maine

04101

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

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

Three

Canal

Plaza,

Suite

100

Portland,

ME

04101

This

report

has

been

prepared

for

the

general

information

of

Tributary

Funds’

shareholders.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Tributary

Funds’

prospectus.

The

prospectus

contains

more

complete

information

about

Tributary

Funds’

investment

objectives,

management

fees

and

expenses,

risks

and

operating

policies.

Please

read

the

prospectus

carefully

before

investing

or

sending

money.

For

more

information

call

1-800-662-4203

or

write

to:

Tributary

Funds

Service

Center

P.O.

Box

219022

Kansas

City,

Missouri

64121-9022

or

go

to:

www.tributaryfunds.com

or

email:

ClientServices@tributarycapital.com

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 $101,500 in 2022 and $93,000 in 2023.

(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 2022 and $1,500 in 2023.

(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 $21,000 in 2022 and $19,200 in 2023. 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 2022 and $0 in 2023.

(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 2022 and $0 in 2023. 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 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 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 25, 2023

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 25, 2023

By	/s/ Karen Shaw
	Karen Shaw Treasurer
Date	May 25, 2023

EX-99.CODE ETH

TRIBUTARY funds, INC.

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

Principal FINANCIAL OFFICERS

I.Covered Officers/Purpose of the Code

Tributary Funds, Inc.’s (the “Company” or the “Funds”) code of ethics (the “Code”) applies to the Company’s Principal Executive Officer (“President”) and Principal Financial Officer (“Treasurer”) (the “Covered Officers” each of whom is identified in Exhibit A) for the purpose of promoting:

·

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·

full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;

·

compliance with applicable laws and governmental rules and regulations;

·

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

·

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest.

II.Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview.  A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Company.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Company. 

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (“Investment Company Act”).  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as “affiliated persons” of the Company.  The Principal Executive Officer is an employee of an affiliate of the Adviser.  The Principal Financial Officer is an employee of the Company’s Co-administrator.  The Company’s and these Service Provider’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Service Provider of which the Principal Financial Officer is also an employee.  As a result, this Code recognizes that the Principal Financial Officer will, in the normal course of his or her duties (whether formally for the Company or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Company.  The participation of the Principal Financial Officer in such activities is inherent in the contractual relationship between the Company and the Service Provider and is consistent with the performance by the Principal Financial Officer of his or her duties as an officer of the Company.  Thus, if performed in conformity with the provisions of the Investment Company Act, will be deemed to have been handled ethically.  In addition, it is recognized by the Board of Directors (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act.  The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company. 

Each Covered Officer must:

·

not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

·

not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Company;

·

not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

III.Disclosure & Compliance

·

Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

·

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s Directors and auditors, and to governmental regulators and self-regulatory organizations;

·

each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Company and the Company’s adviser or subadviser and co-administrators with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submit to, the SEC and in other public communications made by the Company; and

·

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.Reporting and Accountability

Each Covered Officer must:

·

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code;

·

annually thereafter affirm to the Board that he/she has complied with the requirements of the Code;

·

not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

·

notify the Chief Legal Officer (or equivalent) or the Qualified Legal Compliance Committee (“QLCC”) promptly if he/she knows of any violation of this Code.  Failure to do so is itself a violation of this Code; and

·

report at least annually any change in his affiliations from the prior year.

The CLO (or equivalent) is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. 

The Company will follow these procedures in investigating and enforcing this Code:

·

the CLO or equivalent will take all appropriate action to investigate any potential violations reported to it;

·

if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take any further action;

·

if the CLO concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or its board; or a recommendation to dismiss the Covered Officer;and

·

any changes to this Code will, to the extent required, be disclosed as provided by SEC rules.

V.  Other Policies and Procedures

            This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder.  Insofar as other policies or procedures of the Funds, the Funds’ advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code.  The Funds’ and their investment adviser’s, principal underwriter’s and service providers’ codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser’s more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

            Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Company’s board, including a majority of independent directors.

VII. Confidentiality

            All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment advisers and the respective Service Providers.

VIII. Internal Use

            The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion. 

Date:  August 19, 2010, as amended March 31, 2017

Exhibit A

Persons Covered by this Code of Ethics

Principal Executive Officer and President – Stephen C. Wade

Principal Financial Officer and Treasurer – Karen Shaw

Exhibit B

Principal Executive Officer and Principal Financial Officer

Initial and Annual Certifications

TRIBUTARY FUNDS, INC.

Principal Executive Officer

Initial Certification of Compliance with the

Code of Ethics for Principal Executive and

Principal Financial Officers

I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with each of the Code’s provisions to which I am subject.

                                                                        ____________________________________

                                                                                                       (Signature)

Name:  Stephen C. Wade                                 

Title:    President & Principal Executive Officer

Date:                                                               

TRIBUTARY FUNDS, INC.

Principal Financial Officer

Initial Certification of Compliance with the

Code of Ethics for Principal Executive and

Principal Financial Officers

I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with each of the Code’s provisions to which I am subject.

                                                                        ____________________________________

                                                                                                       (Signature)

Name:  Karen Shaw                             

Title:    Treasurer & Principal Financial Officer

Date:                                                               

TRIBUTARY FUNDS, INC.

Principal Executive Officer

Annual Certification of Compliance with the

Code of Ethics for the Principal Executive Officer

I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

                                                                        ____________________________________

                                                                                                       (Signature)

Name:  Stephen C. Wade                                 

Title:    President & Principal Executive Officer

Date:                                                               

TRIBUTARY FUNDS, INC.

Principal Financial Officer

Annual Certification of Compliance with the

Code of Ethics for the Principal Financial Officer

I hereby certify that I have received the Code of Ethics for Principal Executive and Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.

                                                                        ____________________________________

                                                                                                       (Signature)

Name:  Karen Shaw                             

Title:    Treasurer & Principal Financial Officer

Date:                                                               

EX-99.CERT

Exhibit 13(a)(2)(a)

I, Stephen C. Wade, certify that:

1.     I have reviewed this report on Form N-CSR of Tributary Funds, Inc. (the “Registrant”);

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assetsof the Registrant as of, and for, the periods presented in this report;

4.     The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act ) for the Registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)   Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.     The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	May 25, 2023	/s/ Stephen C. Wade
		Stephen C. Wade
		President

Exhibit 13(a)(2)(b)

I, Karen Shaw, certify that:

1.     I have reviewed this report on Form N-CSR of Tributary Funds, Inc. (the “Registrant”);

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assetsof the Registrant as of, and for, the periods presented in this report;

4.     The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act ) for the Registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)   Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.     The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	May 25, 2023	/s/ Karen Shaw
		Karen Shaw
		Treasurer

EX-99.906 CERT

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of the Tributary Funds, Inc. (the “Registrant”) on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), the undersigned officer of the Trust does hereby certify that, to the best of such officer’s knowledge:

1.

The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated:	May 25, 2023
	/s/ Stephen C. Wade
	Stephen C. Wade
	President

Dated:	May 25, 2023
	/s/ Karen Shaw
	Karen Shaw
	Treasurer

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.