N-CSR 1 primary-document.htm
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