UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-08846

Tributary Funds, Inc.

Tributary Capital Management, LLC

1620 Dodge Street

Omaha, Nebraska 68197

Karen Shaw

Apex Fund Services

190 Middle Street

Portland, ME 04101

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

Date of fiscal year end: March 31

Date of reporting period: April 1, 2024 – March 31, 2025

ITEM 1. REPORT TO SHAREHOLDERS.

(a)           A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended (“Act”), is attached hereto.

Annual Shareholder Report - March 31, 2025

Tributary Balanced Fund

FOBAX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$95	0.93%

How did the Fund perform in the last year? 

For the fiscal year ended March 31, 2025, the Tributary Balanced Fund returned 4.65% (Institutional Class), underperforming the +6.75% benchmark return. There were two primary drivers of relative performance. On the positive side, individual bond holdings gained +6.13%, ahead of the Barclays Capital U.S. Intermediate Index +5.65% return. On the negative side, individual stock holdings returned +4.96%, lagging the Russell 3000 Index's +7.22% return.

In fixed income, the largest driver of relative returns was the yield advantage, primarily from the Fund’s overweight exposure to non-agency securitized product. The modest lower-quality bias and overweight allocation to financial corporate credits also added to returns. In sector allocation, the Fund remains underweight U.S. government bonds and overweight the non-agency securitized sectors. Over the last year, we increased exposure by nearly 4% in ABS, finding compelling value in auto, equipment and consumer-loan backed securitizations. The Fund maintains a high-quality portfolio with a weighted average credit rating of Aa3.

In equities, financials, industrials, basic materials and utilities contributed to relative returns. The top three contributors were RTX, Walmart and Nvidia. Stock selection was negative in information technology, consumer discretionary, consumer staples and energy. The bottom three detractors from performance include Tesla, Lamb Weston and Microchip. U.S. economic activity slowed in the first quarter, and economists increased their probability of a recession as result of tariffs and the potential for an extended trade war. The equity team increased exposure to defensive sectors of the market and believes our diversified equity holdings are well positioned due to their higher profit outlook and relative valuation discount.

Fixed income remains attractive on a valuation basis as compared to equities with the yield-to-maturity in the bond portfolio of 4.5%. We expect the defensive part of the Fund holdings will likely generate solid returns in the upcoming year. Equity valuations are somewhat elevated with the Russell 3000 P/E of 21.0x at the end of March. We are defensively positioned in asset allocation with Fund’s stock exposure 58.2% as of March 31st. We continue to closely monitor the changing economic and market environment and will further adjust Fund allocations as warranted.

Total Return Based on a $10,000 Investment 

Date	Institutional Class	Russell 3000 Index	Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index	Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)
3/15	$10,000	$10,000	$10,000	$10,000
6/15	$9,921	$10,014	$9,938	$9,984
9/15	$9,365	$9,288	$10,032	$9,585
12/15	$9,654	$9,870	$9,963	$9,921
3/16	$9,707	$9,966	$10,206	$10,086
6/16	$9,817	$10,228	$10,368	$10,310
9/16	$9,962	$10,678	$10,385	$10,588
12/16	$10,005	$11,127	$10,170	$10,769
3/17	$10,455	$11,766	$10,250	$11,172
6/17	$10,703	$12,121	$10,346	$11,416
9/17	$10,952	$12,675	$10,408	$11,756
12/17	$11,401	$13,478	$10,387	$12,190
3/18	$11,339	$13,392	$10,286	$12,102
6/18	$11,624	$13,912	$10,286	$12,384
9/18	$12,139	$14,903	$10,308	$12,920
12/18	$11,162	$12,772	$10,479	$11,881
3/19	$12,158	$14,566	$10,722	$12,984
6/19	$12,573	$15,162	$10,999	$13,455
9/19	$12,871	$15,338	$11,150	$13,626
12/19	$13,583	$16,734	$11,191	$14,383
3/20	$11,973	$13,236	$11,460	$12,661
6/20	$13,545	$16,152	$11,782	$14,451
9/20	$14,237	$17,639	$11,854	$15,289
12/20	$15,300	$20,229	$11,911	$16,659
3/21	$15,741	$21,513	$11,690	$17,163
6/21	$16,708	$23,285	$11,805	$18,074
9/21	$16,663	$23,262	$11,807	$18,070
12/21	$17,800	$25,420	$11,740	$19,031
3/22	$16,788	$24,078	$11,211	$18,097
6/22	$15,073	$20,057	$10,945	$16,085
9/22	$14,373	$19,161	$10,610	$15,476
12/22	$15,122	$20,537	$10,773	$16,255
3/23	$16,011	$22,012	$11,024	$17,107
6/23	$16,956	$23,858	$10,935	$17,907
9/23	$16,428	$23,082	$10,844	$17,502
12/23	$17,777	$25,868	$11,338	$19,090
3/24	$18,922	$28,460	$11,321	$20,215
6/24	$19,556	$29,376	$11,393	$20,662
9/24	$20,308	$31,205	$11,868	$21,778
12/24	$20,265	$32,027	$11,678	$21,989
3/25	$19,802	$30,515	$11,961	$21,581

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective August 29, 2024, the Fund changed its primary benchmark index from the Composite Index (60% Russell 3000^® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) to the Russell 3000^® Index due to regulatory requirements. The Fund retained the Composite Index (60% Russell 3000^® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) as a secondary benchmark index because the Composite Index (60% Russell 3000^® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) more closely reflects the market sectors in which the Fund invests.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Class	4.65%	10.59%	7.07%
Russell 3000 Index	7.22%	18.18%	11.80%
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index	5.65%	0.86%	1.81%
Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)	6.75%	11.25%	8.00%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$78,573,410
# of Portfolio Holdings	208
Portfolio Turnover Rate	22%
Investment Advisory Fees (Net of fees waived)	$341,026

Sector Weightings

(% total investments)

Value	Value
Information Technology	18.1%
Government Securities	14.5%
Financials	12.7%
Consumer Discretionary	7.5%
Asset Backed Securities	7.3%
Industrials	6.6%
Communication Services	6.3%
Health Care	6.3%
Consumer Staples	4.5%
Short-Term Investments	3.7%
Non-Agency Commercial Mortgage Backed Securities	2.8%
Energy	2.5%
Utilities	2.1%
Real Estate	1.8%
Materials	1.3%
Non-Agency Residential Mortgage Backed Securities	1.3%
U.S. Government Mortgage Backed Securities	0.7%

Top Ten Holdings 

(% of net assets)

Apple, Inc.	4.34%
U.S. Treasury Note/Bond	3.89%
U.S. Treasury Note/Bond	3.83%
Microsoft Corp.	3.79%
NVIDIA Corp.	3.60%
Alphabet, Inc., Class C	2.34%
Amazon.com, Inc.	2.29%
U.S. Treasury Note/Bond	2.08%
U.S. Treasury Note/Bond	1.92%
U.S. Treasury Note	1.83%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOBAX-25

Annual Shareholder Report - March 31, 2025

Tributary Balanced Fund

FOBPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Balanced Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$78	0.76%

How did the Fund perform in the last year? 

For the fiscal year ended March 31, 2025, the Tributary Balanced Fund returned 4.78% (Institutional Plus Class), underperforming the +6.75% benchmark return. There were two primary drivers of relative performance. On the positive side, individual bond holdings gained +6.13%, ahead of the Barclays Capital U.S. Intermediate Index +5.65% return. On the negative side, individual stock holdings returned +4.96%, lagging the Russell 3000 Index's +7.22% return.

In fixed income, the largest driver of relative returns was the yield advantage, primarily from the Fund’s overweight exposure to non-agency securitized product. The modest lower-quality bias and overweight allocation to financial corporate credits also added to returns. In sector allocation, the Fund remains underweight U.S. government bonds and overweight the non-agency securitized sectors. Over the last year, we increased exposure by nearly 4% in ABS, finding compelling value in auto, equipment and consumer-loan backed securitizations. The Fund maintains a high-quality portfolio with a weighted average credit rating of Aa3.

In equities, financials, industrials, basic materials and utilities contributed to relative returns. The top three contributors were RTX, Walmart and Nvidia. Stock selection was negative in information technology, consumer discretionary, consumer staples and energy. The bottom three detractors from performance include Tesla, Lamb Weston and Microchip. U.S. economic activity slowed in the first quarter, and economists increased their probability of a recession as result of tariffs and the potential for an extended trade war. The equity team increased exposure to defensive sectors of the market and believes our diversified equity holdings are well positioned due to their higher profit outlook and relative valuation discount.

Fixed income remains attractive on a valuation basis as compared to equities with the yield-to-maturity in the bond portfolio of 4.5%. We expect the defensive part of the Fund holdings will likely generate solid returns in the upcoming year. Equity valuations are somewhat elevated with the Russell 3000 P/E of 21.0x at the end of March. We are defensively positioned in asset allocation with Fund’s stock exposure 58.2% as of March 31st. We continue to closely monitor the changing economic and market environment and will further adjust Fund allocations as warranted.

Total Return Based on a $10,000 Investment 

Date	Institutional Plus Class	Russell 3000 Index	Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index	Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)
3/15	$10,000	$10,000	$10,000	$10,000
6/15	$9,920	$10,014	$9,938	$9,984
9/15	$9,371	$9,288	$10,032	$9,585
12/15	$9,668	$9,870	$9,963	$9,921
3/16	$9,722	$9,966	$10,206	$10,086
6/16	$9,840	$10,228	$10,368	$10,310
9/16	$9,986	$10,678	$10,385	$10,588
12/16	$10,035	$11,127	$10,170	$10,769
3/17	$10,490	$11,766	$10,250	$11,172
6/17	$10,742	$12,121	$10,346	$11,416
9/17	$11,001	$12,675	$10,408	$11,756
12/17	$11,463	$13,478	$10,387	$12,190
3/18	$11,399	$13,392	$10,286	$12,102
6/18	$11,689	$13,912	$10,286	$12,384
9/18	$12,212	$14,903	$10,308	$12,920
12/18	$11,233	$12,772	$10,479	$11,881
3/19	$12,245	$14,566	$10,722	$12,984
6/19	$12,668	$15,162	$10,999	$13,455
9/19	$12,980	$15,338	$11,150	$13,626
12/19	$13,706	$16,734	$11,191	$14,383
3/20	$12,082	$13,236	$11,460	$12,661
6/20	$13,680	$16,152	$11,782	$14,451
9/20	$14,378	$17,639	$11,854	$15,289
12/20	$15,465	$20,229	$11,911	$16,659
3/21	$15,919	$21,513	$11,690	$17,163
6/21	$16,903	$23,285	$11,805	$18,074
9/21	$16,859	$23,262	$11,807	$18,070
12/21	$18,020	$25,420	$11,740	$19,031
3/22	$17,000	$24,078	$11,211	$18,097
6/22	$15,276	$20,057	$10,945	$16,085
9/22	$14,575	$19,161	$10,610	$15,476
12/22	$15,336	$20,537	$10,773	$16,255
3/23	$16,243	$22,012	$11,024	$17,107
6/23	$17,206	$23,858	$10,935	$17,907
9/23	$16,683	$23,082	$10,844	$17,502
12/23	$18,066	$25,868	$11,338	$19,090
3/24	$19,232	$28,460	$11,321	$20,215
6/24	$19,888	$29,376	$11,393	$20,662
9/24	$20,660	$31,205	$11,868	$21,778
12/24	$20,617	$32,027	$11,678	$21,989
3/25	$20,151	$30,515	$11,961	$21,581

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective August 29, 2024, the Fund changed its primary benchmark index from the Composite Index (60% Russell 3000^® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) to the Russell 3000^® Index due to regulatory requirements. The Fund retained the Composite Index (60% Russell 3000^® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) as a secondary benchmark index because the Composite Index (60% Russell 3000^® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index) more closely reflects the market sectors in which the Fund invests.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Plus Class	4.78%	10.77%	7.26%
Russell 3000 Index	7.22%	18.18%	11.80%
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index	5.65%	0.86%	1.81%
Composite Index (60% Russell 3000® Index, 40% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index)	6.75%	11.25%	8.00%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$78,573,410
# of Portfolio Holdings	208
Portfolio Turnover Rate	22%
Investment Advisory Fees (Net of fees waived)	$341,026

Sector Weightings

(% total investments)

Value	Value
Information Technology	18.1%
Government Securities	14.5%
Financials	12.7%
Consumer Discretionary	7.5%
Asset Backed Securities	7.3%
Industrials	6.6%
Communication Services	6.3%
Health Care	6.3%
Consumer Staples	4.5%
Short-Term Investments	3.7%
Non-Agency Commercial Mortgage Backed Securities	2.8%
Energy	2.5%
Utilities	2.1%
Real Estate	1.8%
Materials	1.3%
Non-Agency Residential Mortgage Backed Securities	1.3%
U.S. Government Mortgage Backed Securities	0.7%

Top Ten Holdings 

(% of net assets)

Apple, Inc.	4.34%
U.S. Treasury Note/Bond	3.89%
U.S. Treasury Note/Bond	3.83%
Microsoft Corp.	3.79%
NVIDIA Corp.	3.60%
Alphabet, Inc., Class C	2.34%
Amazon.com, Inc.	2.29%
U.S. Treasury Note/Bond	2.08%
U.S. Treasury Note/Bond	1.92%
U.S. Treasury Note	1.83%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOBPX-25

Annual Shareholder Report - March 31, 2025

Tributary Income Fund

FOINX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$63	0.61%

How did the Fund perform in the last year? 

The Tributary Income Fund returned 5.06%  (Institutional Class) for the fiscal year ended March 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index return of 4.88%.

To recap the year, the U.S. Treasury yield curve steepened sharply as the Fed initiated rate cuts amid perceived labor market weakness. The 2-year yield dropped 74 basis points to 3.89%, while the 10-year remained at 4.20% and the 30-year rose to 4.57%. The U.S. economy grew 2.8% in 2024, driven by strong consumer spending, though early 2025 showed signs of deceleration. Core inflation declined to 2.8% y/y in March 2025 from 3.8% a year earlier but remains firmly above the Fed’s 2% target. The Fed cut rates by 100 basis points in late 2024 but paused in January 2025 as inflation persisted and economic performance proved resilient.

Despite flat to wider yield spreads, spread sectors outperformed thanks to higher carry. Lower-quality bonds led, with high-yield corporate bonds returning 7.70%. Within investment grade, non-agency CMBS performed best, followed by corporate bonds and ABS. Agency MBS also delivered positive excess returns, particularly in 2% and 6.5% coupons.

The Fund’s outperformance stemmed from its yield advantage, driven by overweight exposure to non-agency securitized products, favorable yield curve positioning (underweight 30-year bonds), and overweight in financial corporate credits. The primary detractor was underperformance in the 3.5–5.0% coupon range of agency MBS.

Although no significant changes were made to the Fund’s sector allocation, we made numerous adjustments as we navigated the volatile environment. Exposure to agency MBS increased, focusing on 30-year passthroughs with lower-loan balances. Corporate credit allocation rose modestly, with new positions in Boeing, Kroger, HP Enterprises and Mars Inc. The Fund maintains a high-quality portfolio with an Aa2 average credit rating.

The Fund currently maintains a slightly longer duration than the benchmark and remains overweight in the 5–10-year part of the curve. We are overweight in agency MBS and non-agency CMBS, with modest overweight exposure to corporate credit given wider spreads. Amid increased macro uncertainty, including volatile trade policy and deteriorating sentiment, the Fund remains conservatively positioned to preserve flexibility and take advantage of opportunities.

Total Return Based on a $10,000 Investment 

Date	Institutional Class	Bloomberg Barclays U.S. Aggregate Bond Index
3/15	$10,000	$10,000
6/15	$9,854	$9,832
9/15	$9,975	$9,953
12/15	$9,892	$9,896
3/16	$10,177	$10,196
6/16	$10,393	$10,422
9/16	$10,462	$10,470
12/16	$10,169	$10,158
3/17	$10,268	$10,241
6/17	$10,439	$10,389
9/17	$10,510	$10,477
12/17	$10,561	$10,518
3/18	$10,433	$10,364
6/18	$10,413	$10,348
9/18	$10,413	$10,350
12/18	$10,562	$10,519
3/19	$10,883	$10,829
6/19	$11,205	$11,162
9/19	$11,451	$11,415
12/19	$11,426	$11,436
3/20	$11,674	$11,796
6/20	$12,056	$12,138
9/20	$12,159	$12,213
12/20	$12,232	$12,294
3/21	$11,831	$11,880
6/21	$12,065	$12,097
9/21	$12,071	$12,103
12/21	$12,048	$12,105
3/22	$11,367	$11,386
6/22	$10,827	$10,852
9/22	$10,341	$10,336
12/22	$10,463	$10,530
3/23	$10,820	$10,842
6/23	$10,720	$10,750
9/23	$10,405	$10,403
12/23	$11,087	$11,112
3/24	$11,047	$11,026
6/24	$11,072	$11,033
9/24	$11,649	$11,606
12/24	$11,293	$11,251
3/25	$11,606	$11,564

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

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Class	5.06%	-0.12%	1.50%
Bloomberg Barclays U.S. Aggregate Bond Index	4.88%	-0.40%	1.46%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$171,791,960
# of Portfolio Holdings	201
Portfolio Turnover Rate	16%
Investment Advisory Fees (Net of fees waived)	$393,386

Sector Weightings

(% total investments)

Value	Value
U.S. Government Mortgage Backed Securities	30.4%
Corporate Bonds	26.5%
U.S. Treasury Securities	23.7%
Asset Backed Securities	6.7%
Non-Agency Residential Mortgage Backed Securities	6.5%
Non-Agency Commercial Mortgage Backed Securities	2.9%
Short-Term Investments	2.6%
Municipals	0.7%

Top Ten Holdings 

(% of net assets)

U.S. Treasury Note/Bond	7.94%
U.S. Treasury Bond	5.07%
U.S. Treasury Note/Bond	3.24%
U.S. Treasury Note/Bond	3.07%
U.S. Treasury Note/Bond	1.79%
Federal Home Loan Mortgage Corp.	1.46%
Federal National Mortgage Association	1.38%
Federal National Mortgage Association	1.37%
Federal National Mortgage Association	1.05%
Federal Home Loan Mortgage Corp.	1.05%

Holdings are shown excluding cash equivalents

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOINX-25

Annual Shareholder Report - March 31, 2025

Tributary Income Fund

FOIPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$50	0.49%

How did the Fund perform in the last year? 

The Tributary Income Fund returned 5.08%  (Institutional Plus Class) for the fiscal year ended March 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index return of 4.88%.

To recap the year, the U.S. Treasury yield curve steepened sharply as the Fed initiated rate cuts amid perceived labor market weakness. The 2-year yield dropped 74 basis points to 3.89%, while the 10-year remained at 4.20% and the 30-year rose to 4.57%. The U.S. economy grew 2.8% in 2024, driven by strong consumer spending, though early 2025 showed signs of deceleration. Core inflation declined to 2.8% y/y in March 2025 from 3.8% a year earlier but remains firmly above the Fed’s 2% target. The Fed cut rates by 100 basis points in late 2024 but paused in January 2025 as inflation persisted and economic performance proved resilient.

Despite flat to wider yield spreads, spread sectors outperformed thanks to higher carry. Lower-quality bonds led, with high-yield corporate bonds returning 7.70%. Within investment grade, non-agency CMBS performed best, followed by corporate bonds and ABS. Agency MBS also delivered positive excess returns, particularly in 2% and 6.5% coupons.

The Fund’s outperformance stemmed from its yield advantage, driven by overweight exposure to non-agency securitized products, favorable yield curve positioning (underweight 30-year bonds), and overweight in financial corporate credits. The primary detractor was underperformance in the 3.5–5.0% coupon range of agency MBS.

Although no significant changes were made to the Fund’s sector allocation, we made numerous adjustments as we navigated the volatile environment. Exposure to agency MBS increased, focusing on 30-year passthroughs with lower-loan balances. Corporate credit allocation rose modestly, with new positions in Boeing, Kroger, HP Enterprises and Mars Inc. The Fund maintains a high-quality portfolio with an Aa2 average credit rating.

The Fund currently maintains a slightly longer duration than the benchmark and remains overweight in the 5–10-year part of the curve. We are overweight in agency MBS and non-agency CMBS, with modest overweight exposure to corporate credit given wider spreads. Amid increased macro uncertainty, including volatile trade policy and deteriorating sentiment, the Fund remains conservatively positioned to preserve flexibility and take advantage of opportunities.

Total Return Based on a $10,000 Investment 

Date	Institutional Plus Class	Bloomberg Barclays U.S. Aggregate Bond Index
3/15	$10,000	$10,000
6/15	$9,859	$9,832
9/15	$9,975	$9,953
12/15	$9,896	$9,896
3/16	$10,181	$10,196
6/16	$10,392	$10,422
9/16	$10,476	$10,470
12/16	$10,187	$10,158
3/17	$10,290	$10,241
6/17	$10,466	$10,389
9/17	$10,544	$10,477
12/17	$10,601	$10,518
3/18	$10,475	$10,364
6/18	$10,460	$10,348
9/18	$10,465	$10,350
12/18	$10,609	$10,519
3/19	$10,947	$10,829
6/19	$11,275	$11,162
9/19	$11,529	$11,415
12/19	$11,509	$11,436
3/20	$11,765	$11,796
6/20	$12,155	$12,138
9/20	$12,264	$12,213
12/20	$12,343	$12,294
3/21	$11,944	$11,880
6/21	$12,187	$12,097
9/21	$12,200	$12,103
12/21	$12,169	$12,105
3/22	$11,490	$11,386
6/22	$10,948	$10,852
9/22	$10,461	$10,336
12/22	$10,587	$10,530
3/23	$10,952	$10,842
6/23	$10,853	$10,750
9/23	$10,538	$10,403
12/23	$11,234	$11,112
3/24	$11,198	$11,026
6/24	$11,227	$11,033
9/24	$11,816	$11,606
12/24	$11,458	$11,251
3/25	$11,767	$11,564

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

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Plus Class	5.08%	0.00%	1.64%
Bloomberg Barclays U.S. Aggregate Bond Index	4.88%	-0.40%	1.46%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$171,791,960
# of Portfolio Holdings	201
Portfolio Turnover Rate	16%
Investment Advisory Fees (Net of fees waived)	$393,386

Sector Weightings

(% total investments)

Value	Value
U.S. Government Mortgage Backed Securities	30.4%
Corporate Bonds	26.5%
U.S. Treasury Securities	23.7%
Asset Backed Securities	6.7%
Non-Agency Residential Mortgage Backed Securities	6.5%
Non-Agency Commercial Mortgage Backed Securities	2.9%
Short-Term Investments	2.6%
Municipals	0.7%

Top Ten Holdings 

(% of net assets)

U.S. Treasury Note/Bond	7.94%
U.S. Treasury Bond	5.07%
U.S. Treasury Note/Bond	3.24%
U.S. Treasury Note/Bond	3.07%
U.S. Treasury Note/Bond	1.79%
Federal Home Loan Mortgage Corp.	1.46%
Federal National Mortgage Association	1.38%
Federal National Mortgage Association	1.37%
Federal National Mortgage Association	1.05%
Federal Home Loan Mortgage Corp.	1.05%

Holdings are shown excluding cash equivalents

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOIPX-25

Annual Shareholder Report - March 31, 2025

Tributary Nebraska Tax-Free Fund

FONPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Nebraska Tax-Free Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$45	0.45%

How did the Fund perform in the last year? 

The Tributary Nebraska Tax-Free Fund returned 1.28% (Institutional Plus Class) for the fiscal year ended March 31, 2025, compared to a return of 1.57% for the Bloomberg 1-15 Year Municipal Blend Index.       

Over the trailing 12 months, the municipal bond AAA curve steepened significantly, with the 2-year yield falling 34 basis points to 2.97%, the 10-year increasing to 3.42%, and the 30-year rising to 4.46%. While returns were positive, municipal bond valuations cheapened versus the taxable market, as the ratio of municipal-to-Treasury yields increased dramatically on the longer end of the curve due to elevated new issue supply, municipal fund outflows and increased hedging costs for dealers.

Although yield spreads were slightly tighter in most sectors of the market over the past year, higher carry drove outperformance in lower-quality municipal bonds. Lower-quality bonds performed best, with the BBB Muni Index posting a total return of 2.39% and the HY Muni Index posting a total return of 5.59%, both significantly outperforming the AAA Muni Index.

The biggest positive contributors to the Fund’s performance were yield curve positioning (Fund is underweight 20-30yr) and our shorter duration relative to the index. The biggest detractor from the Fund’s performance was an underweight position in lower-quality assets, as the Fund held fewer BBB-rated bonds compared to the index and peer group.

During the year, the Fund’s overall sector allocation remained stable, with general obligation holdings representing 52% of the portfolio, revenue holdings increasing slightly from 39% to 40%, and pre-refunded holdings stable at around 1-2%. At different times of the year, we found greater value in the shorter-duration non-rated (but strong credit-quality) general obligation bonds, and as the longer end of the curve steepened later, we increased our exposure to longer-maturity bonds and gradually lengthened the duration of the portfolio.

Nebraska’s economy remains strong, with 2.9% unemployment and continued agricultural resilience. Livestock prices hit record highs, and grain prices stabilized. However, budget deficits loom due to tax cuts and higher post-pandemic spending. We will be closely monitoring any proposed state-level spending cuts and the potential impact on issuers.

Total Return Based on a $10,000 Investment 

Date	Institutional Plus Class	Bloomberg Barclays Municipal Bond Index	Bloomberg Barclays 1-15 Year Municipal Blend Index (1-17)
3/15	$10,000	$10,000	$10,000
6/15	$9,953	$9,911	$9,933
9/15	$10,095	$10,075	$10,084
12/15	$10,201	$10,226	$10,197
3/16	$10,339	$10,398	$10,346
6/16	$10,485	$10,669	$10,542
9/16	$10,465	$10,637	$10,521
12/16	$10,181	$10,252	$10,198
3/17	$10,295	$10,414	$10,356
6/17	$10,442	$10,617	$10,526
9/17	$10,496	$10,730	$10,623
12/17	$10,518	$10,810	$10,639
3/18	$10,429	$10,690	$10,543
6/18	$10,484	$10,784	$10,632
9/18	$10,474	$10,767	$10,625
12/18	$10,653	$10,949	$10,808
3/19	$10,887	$11,266	$11,079
6/19	$11,056	$11,507	$11,283
9/19	$11,173	$11,688	$11,411
12/19	$11,239	$11,774	$11,504
3/20	$11,292	$11,700	$11,446
6/20	$11,550	$12,019	$11,755
9/20	$11,643	$12,166	$11,889
12/20	$11,748	$12,388	$12,048
3/21	$11,640	$12,344	$12,009
6/21	$11,721	$12,519	$12,117
9/21	$11,696	$12,486	$12,106
12/21	$11,732	$12,576	$12,152
3/22	$11,155	$11,793	$11,504
6/22	$10,937	$11,446	$11,325
9/22	$10,585	$11,050	$11,033
12/22	$10,998	$11,503	$11,429
3/23	$11,256	$11,823	$11,689
6/23	$11,152	$11,811	$11,640
9/23	$10,754	$11,344	$11,309
12/23	$11,482	$12,240	$12,030
3/24	$11,418	$12,193	$11,995
6/24	$11,344	$12,190	$11,954
9/24	$11,685	$12,521	$12,266
12/24	$11,535	$12,369	$12,136
3/25	$11,564	$12,341	$12,183

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-15 Year Municipal Blend Index to the Bloomberg Barclays Municipal Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-15 Year Municipal Blend Index as a secondary benchmark index because the Bloomberg Barclays 1-15 Year Municipal Blend Index more closely reflects the market sectors in which the Fund invests.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Plus Class	1.28%	0.48%	1.46%
Bloomberg Barclays Municipal Bond Index	1.22%	1.07%	2.13%
Bloomberg Barclays 1-15 Year Municipal Blend Index (1-17)	1.57%	1.26%	1.99%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$50,575,718
# of Portfolio Holdings	168
Portfolio Turnover Rate	18%
Investment Advisory Fees (Net of fees waived)	$37,076

Sector Weightings

(% total investments)

Value	Value
Municipals	95.3%
U.S. Government Mortgage Backed Securities	2.8%
Short-Term Investments	1.9%

Top Ten Holdings 

(% of net assets)

Omaha Public Power District	2.52%
Douglas County Hospital Authority No. 2	2.26%
Loup River Public Power District	1.93%
Omaha School District	1.53%
Gretna Public Schools	1.40%
Douglas County School District No. 59	1.32%
Omaha School District	1.29%
Omaha School District	1.16%
City of Omaha NE, Series A	1.10%
Douglas County Sanitary & Improvement District No. 464	1.10%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FONPX-25

Annual Shareholder Report - March 31, 2025

Tributary Short-Intermediate Bond Fund

FOSIX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$68	0.66%

How did the Fund perform in the last year? 

The Tributary Short-Intermediate Bond Fund returned  5.81%  (Institutional Class)  for the fiscal year ended March 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index return of 4.88%. 

To recap the year, the U.S. Treasury yield curve steepened sharply as the Fed initiated rate cuts amid perceived labor market weakness. The 2-year yield dropped 74 basis points to 3.89%, while the 10-year remained at 4.20% and the 30-year rose to 4.57%. The U.S. economy grew 2.8% in 2024, driven by strong consumer spending, though early 2025 showed signs of deceleration. Core inflation declined to 2.8% year-over-year in March 2025 from 3.8% a year earlier but remains firmly above the Fed’s 2% target. The Fed cut rates by 100 basis points in late 2024 but paused in January 2025 as inflation persisted and economic performance proved resilient.

Despite flat to wider yield spreads, spread sectors outperformed thanks to higher carry. Lower-quality bonds led, with high-yield corporate bonds returning 7.70%. Within investment grade, non-agency CMBS performed best, followed by corporate bonds and ABS. Agency MBS also delivered positive excess returns, particularly in 2% and 6.5% coupons.

The Fund’s outperformance stemmed from its yield advantage, driven by overweight exposure to non-agency securitized products, favorable yield curve positioning (no exposure to 30-year bonds) and overweight in financial corporate credits. The lone detractor was small negative security selection in the corporate portfolio.

While there were no significant changes to the Fund’s sector allocation during the year, we did increase ABS exposure by nearly 4%. Corporate credit exposure was slightly increased, including new issues from Boeing, HP Enterprises, Exelon and Mars. The Fund maintains a high-quality portfolio with an Aa3 average credit rating.

The Fund currently maintains a longer duration than the benchmark as the balance of risks tilts towards lower yields. We are overweight in ABS and non-agency CMBS, with a modest overweight exposure to corporate credit given wider spreads. Amid increased macro uncertainty—fueled by tariff instability, weaker sentiment data and rising recession risk—the Fund remains conservatively positioned to preserve flexibility and take advantage of opportunities.

Total Return Based on a $10,000 Investment 

Date	Institutional Class	Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays 1-3 Year US Government/Credit Index	Bloomberg Barclays U.S. Government/Credit 1-5 Year Index
3/15	$10,000	$10,000	$10,000	$10,000
6/15	$10,010	$9,832	$10,014	$9,998
9/15	$10,041	$9,953	$10,043	$10,058
12/15	$9,997	$9,896	$10,007	$10,001
3/16	$10,110	$10,196	$10,104	$10,162
6/16	$10,192	$10,422	$10,172	$10,261
9/16	$10,242	$10,470	$10,175	$10,265
12/16	$10,186	$10,158	$10,135	$10,157
3/17	$10,260	$10,241	$10,176	$10,215
6/17	$10,344	$10,389	$10,208	$10,273
9/17	$10,394	$10,477	$10,242	$10,317
12/17	$10,389	$10,518	$10,221	$10,286
3/18	$10,355	$10,364	$10,200	$10,234
6/18	$10,373	$10,348	$10,229	$10,252
9/18	$10,414	$10,350	$10,263	$10,278
12/18	$10,493	$10,519	$10,384	$10,428
3/19	$10,653	$10,829	$10,509	$10,597
6/19	$10,802	$11,162	$10,665	$10,800
9/19	$10,883	$11,415	$10,739	$10,896
12/19	$10,929	$11,436	$10,802	$10,950
3/20	$10,930	$11,796	$10,985	$11,188
6/20	$11,235	$12,138	$11,114	$11,386
9/20	$11,302	$12,213	$11,139	$11,428
12/20	$11,364	$12,294	$11,163	$11,466
3/21	$11,306	$11,880	$11,158	$11,400
6/21	$11,342	$12,097	$11,163	$11,431
9/21	$11,349	$12,103	$11,173	$11,437
12/21	$11,282	$12,105	$11,110	$11,354
3/22	$10,989	$11,386	$10,833	$10,962
6/22	$10,842	$10,852	$10,765	$10,837
9/22	$10,688	$10,336	$10,606	$10,603
12/22	$10,782	$10,530	$10,700	$10,730
3/23	$10,975	$10,842	$10,862	$10,925
6/23	$10,955	$10,750	$10,821	$10,858
9/23	$11,042	$10,403	$10,900	$10,880
12/23	$11,380	$11,112	$11,194	$11,255
3/24	$11,464	$11,026	$11,241	$11,270
6/24	$11,583	$11,033	$11,348	$11,364
9/24	$11,919	$11,606	$11,684	$11,761
12/24	$11,928	$11,251	$11,681	$11,677
3/25	$12,130	$11,564	$11,871	$11,914

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-3 Year US Government/Credit Index to the Bloomberg Barclays U.S. Aggregate Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-3 Year US Government/Credit Index as a secondary benchmark index because the Bloomberg Barclays 1-3 Year US Government/Credit Index more closely reflects the market sectors in which the Fund invests.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Class	5.81%	2.10%	1.95%
Bloomberg Barclays U.S. Aggregate Bond Index	4.88%	-0.40%	1.46%
Bloomberg Barclays 1-3 Year US Government/Credit Index	5.61%	1.56%	1.73%
Bloomberg Barclays U.S. Government/Credit 1-5 Year Index	5.71%	1.27%	1.77%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$227,182,318
# of Portfolio Holdings	215
Portfolio Turnover Rate	42%
Investment Advisory Fees (Net of fees waived)	$444,005

Sector Weightings

(% total investments)

Value	Value
Corporate Bonds	29.3%
Asset Backed Securities	28.1%
U.S. Treasury Securities	24.0%
Non-Agency Commercial Mortgage Backed Securities	11.0%
Non-Agency Residential Mortgage Backed Securities	4.7%
U.S. Government Mortgage Backed Securities	1.2%
Municipals	0.9%
Short-Term Investments	0.7%
Preferred Stocks	0.1%

Top Ten Holdings 

(% of net assets)

U.S. Treasury Note	8.81%
U.S. Treasury Note/Bond	7.68%
U.S. Treasury Note	7.10%
DLLAD, LLC	1.06%
Mars, Inc.	1.00%
Bank of America Corp.	1.00%
Exelon Corp.	0.99%
Wells Fargo & Co.	0.99%
Goldman Sachs Group, Inc.	0.98%
Morgan Stanley	0.97%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOSIX-25

Annual Shareholder Report - March 31, 2025

Tributary Short-Intermediate Bond Fund

FOSPX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Short-Intermediate Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

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

How did the Fund perform in the last year? 

The Tributary Short-Intermediate Bond Fund returned  5.91%  (Institutional Plus Class)  for the fiscal year ended March 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index return of 4.88%. 

To recap the year, the U.S. Treasury yield curve steepened sharply as the Fed initiated rate cuts amid perceived labor market weakness. The 2-year yield dropped 74 basis points to 3.89%, while the 10-year remained at 4.20% and the 30-year rose to 4.57%. The U.S. economy grew 2.8% in 2024, driven by strong consumer spending, though early 2025 showed signs of deceleration. Core inflation declined to 2.8% year-over-year in March 2025 from 3.8% a year earlier but remains firmly above the Fed’s 2% target. The Fed cut rates by 100 basis points in late 2024 but paused in January 2025 as inflation persisted and economic performance proved resilient.

Despite flat to wider yield spreads, spread sectors outperformed thanks to higher carry. Lower-quality bonds led, with high-yield corporate bonds returning 7.70%. Within investment grade, non-agency CMBS performed best, followed by corporate bonds and ABS. Agency MBS also delivered positive excess returns, particularly in 2% and 6.5% coupons.

The Fund’s outperformance stemmed from its yield advantage, driven by overweight exposure to non-agency securitized products, favorable yield curve positioning (no exposure to 30-year bonds) and overweight in financial corporate credits. The lone detractor was small negative security selection in the corporate portfolio.

While there were no significant changes to the Fund’s sector allocation during the year, we did increase ABS exposure by nearly 4%. Corporate credit exposure was slightly increased, including new issues from Boeing, HP Enterprises, Exelon and Mars. The Fund maintains a high-quality portfolio with an Aa3 average credit rating.

The Fund currently maintains a longer duration than the benchmark as the balance of risks tilts towards lower yields. We are overweight in ABS and non-agency CMBS, with a modest overweight exposure to corporate credit given wider spreads. Amid increased macro uncertainty—fueled by tariff instability, weaker sentiment data and rising recession risk—the Fund remains conservatively positioned to preserve flexibility and take advantage of opportunities.

Total Return Based on a $10,000 Investment 

Date	Institutional Plus Class	Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays 1-3 Year US Government/Credit Index	Bloomberg Barclays U.S. Government/Credit 1-5 Year Index
3/15	$10,000	$10,000	$10,000	$10,000
6/15	$10,016	$9,832	$10,014	$9,998
9/15	$10,043	$9,953	$10,043	$10,058
12/15	$10,015	$9,896	$10,007	$10,001
3/16	$10,132	$10,196	$10,104	$10,162
6/16	$10,219	$10,422	$10,172	$10,261
9/16	$10,276	$10,470	$10,175	$10,265
12/16	$10,225	$10,158	$10,135	$10,157
3/17	$10,304	$10,241	$10,176	$10,215
6/17	$10,394	$10,389	$10,208	$10,273
9/17	$10,450	$10,477	$10,242	$10,317
12/17	$10,441	$10,518	$10,221	$10,286
3/18	$10,424	$10,364	$10,200	$10,234
6/18	$10,448	$10,348	$10,229	$10,252
9/18	$10,496	$10,350	$10,263	$10,278
12/18	$10,581	$10,519	$10,384	$10,428
3/19	$10,735	$10,829	$10,509	$10,597
6/19	$10,903	$11,162	$10,665	$10,800
9/19	$10,990	$11,415	$10,739	$10,896
12/19	$11,041	$11,436	$10,802	$10,950
3/20	$11,046	$11,796	$10,985	$11,188
6/20	$11,359	$12,138	$11,114	$11,386
9/20	$11,432	$12,213	$11,139	$11,428
12/20	$11,500	$12,294	$11,163	$11,466
3/21	$11,448	$11,880	$11,158	$11,400
6/21	$11,489	$12,097	$11,163	$11,431
9/21	$11,502	$12,103	$11,173	$11,437
12/21	$11,439	$12,105	$11,110	$11,354
3/22	$11,145	$11,386	$10,833	$10,962
6/22	$11,002	$10,852	$10,765	$10,837
9/22	$10,852	$10,336	$10,606	$10,603
12/22	$10,952	$10,530	$10,700	$10,730
3/23	$11,151	$10,842	$10,862	$10,925
6/23	$11,136	$10,750	$10,821	$10,858
9/23	$11,215	$10,403	$10,900	$10,880
12/23	$11,563	$11,112	$11,194	$11,255
3/24	$11,668	$11,026	$11,241	$11,270
6/24	$11,783	$11,033	$11,348	$11,364
9/24	$12,144	$11,606	$11,684	$11,761
12/24	$12,161	$11,251	$11,681	$11,677
3/25	$12,358	$11,564	$11,871	$11,914

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years.   Effective August 29, 2024, the Fund changed its primary benchmark index from the Bloomberg Barclays 1-3 Year US Government/Credit Index to the Bloomberg Barclays U.S. Aggregate Bond Index due to regulatory requirements. The Fund retained the Bloomberg Barclays 1-3 Year US Government/Credit Index as a secondary benchmark index because the Bloomberg Barclays 1-3 Year US Government/Credit Index more closely reflects the market sectors in which the Fund invests.  

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Plus Class	5.91%	2.27%	2.14%
Bloomberg Barclays U.S. Aggregate Bond Index	4.88%	-0.40%	1.46%
Bloomberg Barclays 1-3 Year US Government/Credit Index	5.61%	1.56%	1.73%
Bloomberg Barclays U.S. Government/Credit 1-5 Year Index	5.71%	1.27%	1.77%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$227,182,318
# of Portfolio Holdings	215
Portfolio Turnover Rate	42%
Investment Advisory Fees (Net of fees waived)	$444,005

Sector Weightings

(% total investments)

Value	Value
Corporate Bonds	29.3%
Asset Backed Securities	28.1%
U.S. Treasury Securities	24.0%
Non-Agency Commercial Mortgage Backed Securities	11.0%
Non-Agency Residential Mortgage Backed Securities	4.7%
U.S. Government Mortgage Backed Securities	1.2%
Municipals	0.9%
Short-Term Investments	0.7%
Preferred Stocks	0.1%

Top Ten Holdings 

(% of net assets)

U.S. Treasury Note	8.81%
U.S. Treasury Note/Bond	7.68%
U.S. Treasury Note	7.10%
DLLAD, LLC	1.06%
Mars, Inc.	1.00%
Bank of America Corp.	1.00%
Exelon Corp.	0.99%
Wells Fargo & Co.	0.99%
Goldman Sachs Group, Inc.	0.98%
Morgan Stanley	0.97%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOSPX-25

Annual Shareholder Report - March 31, 2025

Tributary Small Company Fund

FOSCX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$116	1.18%

How did the Fund perform in the last year? 

For the year ended March 31, 2025, the Tributary Small Company Fund returned -3.64% (Institutional Class) compared to -4.01% for the Russell 2000 Index and -3.12% for the Russell 2000 Value Index.

The past year was marked by heightened volatility driven by macroeconomic uncertainty, shifting Federal Reserve policy expectations and political developments. Despite three Fed rate cuts in late 2024, fluctuating inflation data and cautious Fed communication fueled market swings. Mixed jobs reports and manufacturing activity and a surge in the 10-year Treasury yield added pressure to rate-sensitive sectors. Global factors, such as the Bank of Japan’s rate hikes and currency shifts, contributed to market complexity.

U.S. election dynamics also impacted sentiment. Markets rallied late in 2024 on expectations of tax cuts and deregulation following the likelihood of a Trump re-election. A strong post-election bounce in small caps gave way to renewed volatility in early 2025, as proposed tariffs of 10–25% and talk of reciprocal tariffs raised concerns about slower growth, weaker earnings and rising inflation.

Market leadership shifted throughout the year, with alternating periods favoring speculative, low-quality stocks and then higher-quality, defensive names. Style leadership also rotated between growth and value, and between large and small caps, with a modest tilt toward defensive factors supporting the Fund’s relative performance.

Within the Russell 2000, consumer staples (+19%), utilities (+13%) and financials (+12%) led sector returns. The Fund’s best relative sector results were in consumer discretionary, utilities and real estate. Conversely, energy (-24%), consumer discretionary (-14%) and healthcare (-11%) were the weakest sectors, with the Fund’s largest relative underperformance in communications services, healthcare and materials.

Top contributors to Fund returns included Ollie’s Bargain Outlet (consumer discretionary), ExlService Holdings (industrials) and CNX Resources (energy). The largest detractors were ICF International (industrials), AMN Healthcare Services (healthcare) and SM Energy (energy).

As uncertainty persists in the economic and policy landscape, we remain committed to our long-standing philosophy: investing in high-quality, attractively priced businesses. We believe this disciplined approach will continue to serve our shareholders well over time.

Total Return Based on a $10,000 Investment 

Date	Institutional Class	Russell 2000® Index	Russell 2000® Value Index
3/15	$10,000	$10,000	$10,000
6/15	$9,871	$10,042	$9,880
9/15	$9,235	$8,845	$8,820
12/15	$9,635	$9,163	$9,073
3/16	$9,935	$9,024	$9,228
6/16	$10,167	$9,366	$9,625
9/16	$10,951	$10,213	$10,479
12/16	$12,037	$11,116	$11,953
3/17	$12,307	$11,390	$11,938
6/17	$12,477	$11,670	$12,018
9/17	$12,807	$12,332	$12,632
12/17	$13,059	$12,744	$12,890
3/18	$12,935	$12,733	$12,550
6/18	$13,687	$13,720	$13,592
9/18	$14,329	$14,211	$13,810
12/18	$11,656	$11,340	$11,232
3/19	$13,152	$12,994	$12,572
6/19	$13,330	$13,266	$12,745
9/19	$13,619	$12,948	$12,672
12/19	$14,357	$14,235	$13,747
3/20	$9,902	$9,877	$8,845
6/20	$10,908	$12,387	$10,517
9/20	$11,211	$12,998	$10,786
12/20	$14,531	$17,076	$14,385
3/21	$16,539	$19,245	$17,429
6/21	$17,413	$20,071	$18,224
9/21	$17,218	$19,196	$17,681
12/21	$19,226	$19,607	$18,451
3/22	$18,054	$18,131	$18,008
6/22	$16,196	$15,013	$15,257
9/22	$15,386	$14,685	$14,554
12/22	$16,752	$15,600	$15,779
3/23	$17,466	$16,027	$15,675
6/23	$18,295	$16,861	$16,174
9/23	$17,414	$15,996	$15,695
12/23	$19,572	$18,241	$18,090
3/24	$20,306	$19,186	$18,615
6/24	$19,962	$18,557	$17,936
9/24	$21,887	$20,277	$19,757
12/24	$21,410	$20,345	$19,547
3/25	$19,567	$18,417	$18,033

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

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Class	-3.64%	14.59%	6.94%
Russell 2000® Index	-4.01%	13.27%	6.30%
Russell 2000® Value Index	-3.12%	15.31%	6.07%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$656,368,447
# of Portfolio Holdings	60
Portfolio Turnover Rate	29%
Investment Advisory Fees (Net of fees waived)	$5,656,249

Sector Weightings

(% total investments)

Value	Value
Industrials	21.8%
Financials	18.9%
Consumer Discretionary	13.4%
Information Technology	13.3%
Health Care	11.0%
Real Estate	7.0%
Energy	4.1%
Utilities	3.5%
Materials	3.4%
Consumer Staples	1.1%
Short-Term Investments	2.5%

Top Ten Holdings 

(% of net assets)

Integer Holdings Corp.	2.97%
Ollie's Bargain Outlet Holdings, Inc.	2.82%
Enpro, Inc.	2.62%
ESCO Technologies, Inc.	2.59%
Selective Insurance Group, Inc.	2.53%
Patrick Industries, Inc.	2.34%
Moelis & Co., Class A	2.22%
Korn Ferry	2.16%
Stewart Information Services Corp.	2.12%
Kforce, Inc.	2.11%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOSCX-25

Annual Shareholder Report - March 31, 2025

Tributary Small Company Fund

FOSBX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small Company Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$94	0.95%

How did the Fund perform in the last year? 

For the year ended March 31, 2025, the Tributary Small Company Fund returned -3.43% (Institutional Plus Class) compared to -4.01% for the Russell 2000 Index and -3.12% for the Russell 2000 Value Index.

The past year was marked by heightened volatility driven by macroeconomic uncertainty, shifting Federal Reserve policy expectations and political developments. Despite three Fed rate cuts in late 2024, fluctuating inflation data and cautious Fed communication fueled market swings. Mixed jobs reports and manufacturing activity and a surge in the 10-year Treasury yield added pressure to rate-sensitive sectors. Global factors, such as the Bank of Japan’s rate hikes and currency shifts, contributed to market complexity.

U.S. election dynamics also impacted sentiment. Markets rallied late in 2024 on expectations of tax cuts and deregulation following the likelihood of a Trump re-election. A strong post-election bounce in small caps gave way to renewed volatility in early 2025, as proposed tariffs of 10–25% and talk of reciprocal tariffs raised concerns about slower growth, weaker earnings and rising inflation.

Market leadership shifted throughout the year, with alternating periods favoring speculative, low-quality stocks and then higher-quality, defensive names. Style leadership also rotated between growth and value, and between large and small caps, with a modest tilt toward defensive factors supporting the Fund’s relative performance.

Within the Russell 2000, consumer staples (+19%), utilities (+13%) and financials (+12%) led sector returns. The Fund’s best relative sector results were in consumer discretionary, utilities and real estate. Conversely, energy (-24%), consumer discretionary (-14%) and healthcare (-11%) were the weakest sectors, with the Fund’s largest relative underperformance in communications services, healthcare and materials.

Top contributors to Fund returns included Ollie’s Bargain Outlet (consumer discretionary), ExlService Holdings (industrials) and CNX Resources (energy). The largest detractors were ICF International (industrials), AMN Healthcare Services (healthcare) and SM Energy (energy).

As uncertainty persists in the economic and policy landscape, we remain committed to our long-standing philosophy: investing in high-quality, attractively priced businesses. We believe this disciplined approach will continue to serve our shareholders well over time.

Total Return Based on a $10,000 Investment 

Date	Institutional Plus Class	Russell 2000® Index	Russell 2000® Value Index
3/15	$10,000	$10,000	$10,000
6/15	$9,876	$10,042	$9,880
9/15	$9,245	$8,845	$8,820
12/15	$9,648	$9,163	$9,073
3/16	$9,952	$9,024	$9,228
6/16	$10,193	$9,366	$9,625
9/16	$10,982	$10,213	$10,479
12/16	$12,077	$11,116	$11,953
3/17	$12,356	$11,390	$11,938
6/17	$12,530	$11,670	$12,018
9/17	$12,874	$12,332	$12,632
12/17	$13,135	$12,744	$12,890
3/18	$13,016	$12,733	$12,550
6/18	$13,782	$13,720	$13,592
9/18	$14,434	$14,211	$13,810
12/18	$11,751	$11,340	$11,232
3/19	$13,264	$12,994	$12,572
6/19	$13,447	$13,266	$12,745
9/19	$13,747	$12,948	$12,672
12/19	$14,506	$14,235	$13,747
3/20	$10,007	$9,877	$8,845
6/20	$11,032	$12,387	$10,517
9/20	$11,346	$12,998	$10,786
12/20	$14,711	$17,076	$14,385
3/21	$16,748	$19,245	$17,429
6/21	$17,644	$20,071	$18,224
9/21	$17,457	$19,196	$17,681
12/21	$19,506	$19,607	$18,451
3/22	$18,325	$18,131	$18,008
6/22	$16,454	$15,013	$15,257
9/22	$15,638	$14,685	$14,554
12/22	$17,038	$15,600	$15,779
3/23	$17,772	$16,027	$15,675
6/23	$18,629	$16,861	$16,174
9/23	$17,739	$15,996	$15,695
12/23	$19,941	$18,241	$18,090
3/24	$20,705	$19,186	$18,615
6/24	$20,363	$18,557	$17,936
9/24	$22,339	$20,277	$19,757
12/24	$21,864	$20,345	$19,547
3/25	$19,995	$18,417	$18,033

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

Average Annual Total Returns 

	One Year	Five Year	Ten Year
Institutional Plus Class	-3.43%	14.85%	7.17%
Russell 2000® Index	-4.01%	13.27%	6.30%
Russell 2000® Value Index	-3.12%	15.31%	6.07%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$656,368,447
# of Portfolio Holdings	60
Portfolio Turnover Rate	29%
Investment Advisory Fees (Net of fees waived)	$5,656,249

Sector Weightings

(% total investments)

Value	Value
Industrials	21.8%
Financials	18.9%
Consumer Discretionary	13.4%
Information Technology	13.3%
Health Care	11.0%
Real Estate	7.0%
Energy	4.1%
Utilities	3.5%
Materials	3.4%
Consumer Staples	1.1%
Short-Term Investments	2.5%

Top Ten Holdings 

(% of net assets)

Integer Holdings Corp.	2.97%
Ollie's Bargain Outlet Holdings, Inc.	2.82%
Enpro, Inc.	2.62%
ESCO Technologies, Inc.	2.59%
Selective Insurance Group, Inc.	2.53%
Patrick Industries, Inc.	2.34%
Moelis & Co., Class A	2.22%
Korn Ferry	2.16%
Stewart Information Services Corp.	2.12%
Kforce, Inc.	2.11%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FOSBX-25

Annual Shareholder Report - March 31, 2025

Tributary Small/Mid Cap Fund

FSMCX

: Institutional Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$90	0.92%

How did the Fund perform in the last year? 

The Tributary Small/Mid Cap Fund had a challenging year ending March 31, 2025, with a return of -4.61% (Institutional Class), underperforming the Russell 2500 Index (-3.11%) and the Russell 2500 Value Index (-1.47%). The fiscal year began with optimism for a soft economic landing and anticipated Federal Reserve rate cuts in mid-2024. However, persistent inflation delayed these rate cuts, leading to a retracement of early gains. Despite easing inflationary trends in May, weak retail sales heightened recession concerns, causing small and mid-cap stocks to underperform into June.

The Federal Reserve's rate cut in September sparked a brief equity rally, followed by a post-election stock price surge in November. However, inflation concerns resurfaced in December, and indications that the Fed might shorten this rate-cutting cycle dampened economic growth expectations for 2025.

The Fund outperformed the benchmark in consumer discretionary, materials and real estate sectors, with strong returns from Ollie’s Bargain Outlet, Dorman Products, and Tractor Supply. However, it faced significant headwinds in the information technology and healthcare sectors. An overweight position in semiconductor-related companies led to underperformance due to delayed market recovery expectations. AMN Healthcare and Enovis struggled with changing market dynamics and negative sentiment toward medical device companies.

Macroeconomic factors and political developments significantly impacted the Fund's performance in the December quarter. The creation of the Department of Government Efficiency and expectations for federal spending cuts negatively affected companies with government exposure, such as ICF International, Tetra Tech and CACI International. Additionally, the prospect of prolonged high interest rates negatively impacted housing-related holdings, contributing to the Fund's underperformance in the December quarter.

Throughout the year, the Fund initiated new positions in Permian Resources, Northern Oil and Gas, Lincoln Electric, Domino’s Pizza and TopBuild, while eliminating positions in Marathon Oil, Quanta Services, CNX Resources, Oshkosh, Gentex and LGI Homes. Despite near-term challenges, the Fund maintains a long-term investment horizon focused on companies with durable business models, attractive cash flow generation, strong balance sheets and solid management teams.

Total Return Based on a $10,000 Investment 

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

The above chart represents historical performance of a hypothetical $10,000 investment since inception.   

Average Annual Total Returns 

	One Year	Five Year	Since Inception 08/2/19
Institutional Class	-4.61%	15.67%	9.38%
Russell 2500 Index	-3.11%	14.91%	7.81%
Russell 2500 Value Index	-1.47%	16.65%	8.00%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$37,902,393
# of Portfolio Holdings	56
Portfolio Turnover Rate	25%
Investment Advisory Fees (Net of fees waived)	$78,984

Sector Weightings

(% total investments)

Value	Value
Industrials	21.2%
Financials	17.9%
Consumer Discretionary	14.0%
Information Technology	12.9%
Health Care	10.0%
Real Estate	6.5%
Energy	4.8%
Consumer Staples	4.0%
Materials	3.6%
Utilities	2.5%
Communication Services	1.4%
Short-Term Investments	1.2%

Top Ten Holdings 

(% of net assets)

Burlington Stores, Inc.	3.13%
Ollie's Bargain Outlet Holdings, Inc.	3.00%
Stifel Financial Corp.	2.91%
Casey's General Stores, Inc.	2.65%
ExlService Holdings, Inc.	2.62%
Markel Group, Inc.	2.57%
IDACORP, Inc.	2.51%
Tractor Supply Co.	2.41%
Agree Realty Corp. REIT	2.29%
Revvity, Inc.	2.27%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FSMCX-25

Annual Shareholder Report - March 31, 2025

Tributary Small/Mid Cap Fund

FSMBX

: Institutional Plus Class

Fund Overview

This annual shareholder report contains important information about the Tributary Small/Mid Cap Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at www.tributaryfunds.com/resources. You can also request this information by contacting us at (800) 662-4203.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Plus	$88	0.90%

How did the Fund perform in the last year? 

The Tributary Small/Mid Cap Fund had a challenging year ending March 31, 2025, with a return of -4.54% (Institutional Plus Class), underperforming the Russell 2500 Index (-3.11%) and the Russell 2500 Value Index (-1.47%). The fiscal year began with optimism for a soft economic landing and anticipated Federal Reserve rate cuts in mid-2024. However, persistent inflation delayed these rate cuts, leading to a retracement of early gains. Despite easing inflationary trends in May, weak retail sales heightened recession concerns, causing small and mid-cap stocks to underperform into June.

The Federal Reserve's rate cut in September sparked a brief equity rally, followed by a post-election stock price surge in November. However, inflation concerns resurfaced in December, and indications that the Fed might shorten this rate-cutting cycle dampened economic growth expectations for 2025.

The Fund outperformed the benchmark in consumer discretionary, materials and real estate sectors, with strong returns from Ollie’s Bargain Outlet, Dorman Products, and Tractor Supply. However, it faced significant headwinds in the information technology and healthcare sectors. An overweight position in semiconductor-related companies led to underperformance due to delayed market recovery expectations. AMN Healthcare and Enovis struggled with changing market dynamics and negative sentiment toward medical device companies.

Macroeconomic factors and political developments significantly impacted the Fund's performance in the December quarter. The creation of the Department of Government Efficiency and expectations for federal spending cuts negatively affected companies with government exposure, such as ICF International, Tetra Tech and CACI International. Additionally, the prospect of prolonged high interest rates negatively impacted housing-related holdings, contributing to the Fund's underperformance in the December quarter.

Throughout the year, the Fund initiated new positions in Permian Resources, Northern Oil and Gas, Lincoln Electric, Domino’s Pizza and TopBuild, while eliminating positions in Marathon Oil, Quanta Services, CNX Resources, Oshkosh, Gentex and LGI Homes. Despite near-term challenges, the Fund maintains a long-term investment horizon focused on companies with durable business models, attractive cash flow generation, strong balance sheets and solid management teams.

Total Return Based on a $10,000 Investment 

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

The above chart represents historical performance of a hypothetical $10,000 investment since inception.   

Average Annual Total Returns 

	One Year	Five Year	Since Inception 08/1/19
Institutional Plus Class	-4.54%	15.81%	9.52%
Russell 2500 Index	-3.11%	14.91%	7.63%
Russell 2500 Value Index	-1.47%	16.65%	7.84%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Fund Statistics

Total Net Assets	$37,902,393
# of Portfolio Holdings	56
Portfolio Turnover Rate	25%
Investment Advisory Fees (Net of fees waived)	$78,984

Sector Weightings

(% total investments)

Value	Value
Industrials	21.2%
Financials	17.9%
Consumer Discretionary	14.0%
Information Technology	12.9%
Health Care	10.0%
Real Estate	6.5%
Energy	4.8%
Consumer Staples	4.0%
Materials	3.6%
Utilities	2.5%
Communication Services	1.4%
Short-Term Investments	1.2%

Top Ten Holdings 

(% of net assets)

Burlington Stores, Inc.	3.13%
Ollie's Bargain Outlet Holdings, Inc.	3.00%
Stifel Financial Corp.	2.91%
Casey's General Stores, Inc.	2.65%
ExlService Holdings, Inc.	2.62%
Markel Group, Inc.	2.57%
IDACORP, Inc.	2.51%
Tractor Supply Co.	2.41%
Agree Realty Corp. REIT	2.29%
Revvity, Inc.	2.27%

Holdings are shown excluding cash equivalents.

Additional information is available by scanning the QR code or at www.tributaryfunds.com/resources including its:

• prospectus

• financial information

• holdings

• proxy information

Annual Shareholder Report - March 31, 2025

TFA-FSMBX-25

(b)          Not applicable.

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant for the audit of the Registrant’s annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $93,000 in 2024 and $96,600 in 2025.

(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 $1,500 in 2024 and $3,000 in 2025.

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $19,200 in 2024 and $19,200 in 2025. 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 2024 and $0 in 2025.

(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 2024 and $0 in 2025. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant’s investment adviser or any Affiliate.

(h) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)           Included as part of financial statements filed under Item 7(a).

(b)          Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)      

Tributary

Funds

®

Annual

Financials

and

Other

Information

March

31,

2025

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

2025

Table

of

Contents

Schedules

of

Portfolio

Investments

4

Statements

of

Assets

and

Liabilities

26

Statements

of

Operations

28

Statements

of

Changes

in

Net

Assets

30

Financial

Highlights

32

Notes

to

Financial

Statements

34

Report

of

Independent

Registered

Public

Accounting

Firm

42

Important

Tax

Information

43

Additional

Fund

Information

44

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

4

1

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

43.9%

Asset

Backed

Securities

-

28.1%

$

482,438‌

AFG

ABS

I,

LLC,

6.30%,

09/16/30(a)

$

484,005‌

670,000‌

American

Heritage

Auto

Receivables

Trust,

5.07%,

06/17/30(a)

676,734‌

907,081‌

AMSR

Trust,

1.63%,

07/17/37(a)

899,523‌

539,831‌

Auxilior

Term

Funding,

LLC,

5.84%,

03/15/27(a)

543,577‌

986,693‌

Auxilior

Term

Funding,

LLC,

6.18%,

12/15/28(a)

995,573‌

1,200,000‌

Avant

Loans

Funding

Trust,

5.12%,

05/15/34(a)

1,205,756‌

804,338‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28(a)

806,126‌

100,000‌

Bankers

Healthcare

Group

Securitization

Trust

2024-1CON,

6.49%,

04/17/35(a)

101,946‌

508,750‌

Bankers

Healthcare

Group

Securitization

Trust

2024-1CON,

5.81%,

04/17/35(a)

517,215‌

1,585,000‌

BofA

Auto

Trust,

5.31%,

06/17/30(a)

1,618,246‌

250,000‌

Capital

One

Prime

Auto

Receivables

Trust,

4.66%,

01/15/30

251,534‌

1,450,017‌

Capteris

Equipment

Finance,

LLC,

5.58%,

07/20/32(a)

1,462,636‌

1,295,000‌

CarMax

Auto

Owner

Trust,

5.50%,

01/16/29

1,316,415‌

661,182‌

CCG

Receivables

Trust,

4.99%,

03/15/32(a)

664,394‌

1,442,648‌

CCG

Receivables

Trust,

6.28%,

04/14/32(a)

1,463,700‌

2,064,242‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60(a)

2,036,992‌

2,040,000‌

Chase

Auto

Owner

Trust,

5.59%,

06/25/29(a)

2,099,519‌

300,000‌

Cherry

Securitization

Trust,

5.70%,

04/15/32(a)

300,896‌

1,347,328‌

Citizens

Auto

Receivables

Trust,

5.84%,

01/18/28(a)

1,357,911‌

268,460‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41(a)

252,686‌

234,235‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46(a)

226,151‌

257,509‌

CoreVest

American

Finance,

Ltd.,

1.17%,

12/15/52(a)

253,143‌

131,250‌

CP

EF

Asset

Securitization

II,

LLC,

7.48%,

03/15/32(a)

132,884‌

1,747,333‌

Dell

Equipment

Finance

Trust,

5.65%,

01/22/29(a)

1,754,746‌

1,290,000‌

Dext

ABS

2025-1,

LLC,

4.77%,

08/15/35(a)

1,291,740‌

Principal

Amount

Security

Description

Value

$

2,400,000‌

DLLAD,

LLC,

4.79%,

01/20/28(a)

$

2,403,781‌

1,335,000‌

DLLAD,

LLC,

5.30%,

07/20/29(a)

1,356,605‌

524,911‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45(a)

475,270‌

660,000‌

First

Help

Financial

LLC,

4.94%,

11/15/30(a)

661,141‌

1,009,692‌

First

Help

Financial,

LLC,

5.69%,

02/15/30(a)

1,020,001‌

1,698,889‌

FirstKey

Homes

Trust,

1.34%,

08/17/37(a)

1,672,568‌

1,047,471‌

Foundation

Finance

Trust,

4.60%,

03/15/50(a)

1,044,714‌

1,420,000‌

GreatAmerica

Leasing

Receivables

Funding,

LLC,

4.98%,

01/18/28(a)

1,429,848‌

758,054‌

GreenSky

Home

Improvement

Trust,

5.67%,

06/25/59(a)

767,550‌

435,000‌

GreenSky

Home

Improvement

Trust,

5.55%,

06/25/59(a)

441,071‌

1,240,000‌

GreenState

Auto

Receivables

Trust,

5.19%,

01/16/29(a)

1,250,868‌

850,000‌

Honda

Auto

Receivables

Owner

Trust,

5.67%,

06/21/28

860,240‌

1,000,000‌

HPEFS

Equipment

Trust,

5.35%,

10/20/31(a)

1,012,176‌

1,000,000‌

Huntington

Auto

Trust,

5.23%,

01/16/29(a)

1,009,837‌

905,268‌

Huntington

Bank

Auto

Credit-Linked

Notes,

5.44%,

10/20/32(a)

909,339‌

1,190,000‌

Huntington

Bank

Auto

Credit-Linked

Notes,

4.96%,

03/21/33(a)

1,187,803‌

962,331‌

Iowa

Student

Loan

Liquidity

Corp.,

5.10%,

08/25/70(b)

949,613‌

847,183‌

LAD

Auto

Receivables

Trust,

6.12%,

09/15/27(a)

850,461‌

950,000‌

M&T

Equipment

Notes,

4.94%,

08/18/31(a)

954,094‌

670,000‌

MMAF

Equipment

Finance,

LLC,

4.95%,

07/14/31(a)

677,514‌

121,374‌

Navient

Student

Loan

Trust,

6.03%,

10/15/31(a)(b)

121,476‌

840,849‌

Navient

Student

Loan

Trust,

0.97%,

12/16/69(a)

745,632‌

578,804‌

NMEF

Funding,

LLC,

6.57%,

06/17/30(a)

583,611‌

778,607‌

NMEF

Funding,

LLC,

5.15%,

12/15/31(a)

780,496‌

343,470‌

NMEF

Funding,

LLC,

6.07%,

06/15/29(a)

344,392‌

745,236‌

North

Texas

Higher

Education

Authority,

Inc.,

5.00%,

09/25/61(b)

742,489‌

1,126,941‌

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51(a)

1,088,153‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

5

Principal

Amount

Security

Description

Value

$

1,950,000‌

OCCU

Auto

Receivables

Trust,

6.23%,

06/15/28(a)

$

1,975,374‌

725,007‌

Octane

Receivables

Trust,

5.80%,

07/20/32(a)

733,011‌

1,000,000‌

PEAC

Solutions

Receivables,

LLC,

4.65%,

10/20/31(a)

999,617‌

1,070,000‌

PEAC

Solutions

Receivables,

LLC,

5.04%,

07/20/32(a)

1,076,628‌

1,135,000‌

Post

Road

Equipment

Finance,

LLC,

4.90%,

05/15/31(a)

1,137,819‌

1,500,000‌

Purchasing

Power

Funding,

LLC,

5.89%,

08/15/28(a)

1,512,201‌

1,310,000‌

SBNA

Auto

Receivables

Trust,

5.32%,

12/15/28(a)

1,314,986‌

419,681‌

SLM

Student

Loan

Trust,

5.82%,

10/25/25(b)

418,749‌

364,684‌

SLM

Student

Loan

Trust,

6.47%,

04/15/29(b)

365,440‌

192,231‌

SLM

Student

Loan

Trust,

6.52%,

07/25/28(b)

192,406‌

1,320,000‌

SoFi

Consumer

Loan

Program

Trust,

5.12%,

02/27/34(a)

1,329,914‌

448,325‌

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43(a)

393,077‌

190,156‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48(a)

188,049‌

595,287‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47(a)

525,804‌

261,472‌

Sofi

Professional

Loan

Program,

LLC,

3.09%,

08/17/48(a)

255,412‌

221,354‌

Tricon

American

Homes

Trust,

2.75%,

03/17/38(a)

217,982‌

1,380,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45(a)

1,357,573‌

1,000,053‌

Verdant

Receivables,

LLC,

5.68%,

12/12/31(a)

1,015,601‌

860,000‌

Wingspire

Equipment

Finance,

LLC,

4.99%,

09/20/32(a)

860,052‌

63,924,486‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

11.1%

655,043‌

BANK

2019-BNK16,

3.93%,

02/15/52

653,599‌

496,026‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

487,188‌

940,000‌

BX

Trust,

5.38%,

09/15/36(a)(b)

930,600‌

737,277‌

BX

Trust,

5.28%,

11/15/38(a)(b)

735,203‌

194,308‌

BX

Trust,

5.13%,

01/15/34(a)(b)

193,580‌

1,100,000‌

BXHPP

Trust,

5.08%,

08/15/36(a)(b)

1,061,766‌

1,500,000‌

BXMT

2025-FL5,

Ltd.

CLO,

5.96%,

10/18/42(a)(b)

1,497,189‌

753,619‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

05/15/52

714,712‌

Principal

Amount

Security

Description

Value

$

428,135‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

$

423,125‌

1,000,000‌

FirstKey

Homes

Trust,

4.50%,

07/17/38(a)

990,489‌

1,984,583‌

FirstKey

Homes

Trust,

4.25%,

07/17/38(a)

1,967,737‌

1,800,000‌

Goldman

Sachs

Mortgage

Securities

Corp.

Trust,

5.38%,

10/15/36(a)(b)

1,786,581‌

400,227‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44(a)(c)

235‌

96,186‌

JPMBB

Commercial

Mortgage

Securities

Trust,

3.32%,

03/17/49

95,566‌

1,770,220‌

KNDR

2021-KIND

A,

5.39%,

08/15/38(a)(b)

1,745,984‌

304,710‌

MHC

Commercial

Mortgage

Trust,

5.23%,

04/15/38(a)(b)

303,949‌

1,046,655‌

SREIT

Trust,

5.01%,

07/15/36(a)(b)

1,040,767‌

530,093‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(a)(c)

502,203‌

322,735‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41(a)(c)

298,080‌

921,924‌

Tricon

Residential

Trust,

3.86%,

04/17/39(a)

902,531‌

1,245,391‌

TRTX

Issuer,

Ltd.

CLO,

5.97%,

02/15/39(a)(b)

1,236,158‌

1,450,000‌

VASA

Trust,

5.33%,

07/15/39(a)(b)

1,406,894‌

799,293‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51(a)(c)

690,630‌

708,435‌

Velocity

Commercial

Capital

Loan

Trust,

6.58%,

04/25/54(a)(c)

716,130‌

1,445,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

4.95%,

07/15/35(a)(c)

1,450,948‌

1,073,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

1,124,875‌

2,145,000‌

WSTN

Trust,

6.30%,

07/05/37(a)(c)

2,181,608‌

25,138,327‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

4.7%

653,251‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67(a)(c)

615,603‌

146,151‌

BRAVO

Residential

Funding

Trust,

5.09%,

11/25/69(a)(b)

145,596‌

277,884‌

BRAVO

Residential

Funding

Trust,

5.09%,

01/25/70(a)(b)

276,962‌

185,699‌

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59(a)(c)

181,090‌

352,609‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(a)(c)

323,949‌

294,671‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53(a)

283,434‌

322,583‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(a)(c)

313,560‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

6

Principal

Amount

Security

Description

Value

$

31,721‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(a)(c)

$

30,756‌

1,145‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

01/07/26

1,072‌

114,926‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28(a)(c)

110,041‌

101,184‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

SOFR

+

1.13%),

6.09%,

02/25/33(b)

105,762‌

100,922‌

CSMLT

Trust,

2.97%,

10/25/30(a)(c)

96,541‌

879,066‌

Ellington

Financial

Mortgage

Trust,

5.73%,

01/25/60(a)(d)

885,836‌

489,507‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51(a)

485,482‌

52,853‌

Freddie

Mac

Whole

Loan

Securities,

3.67%,

09/25/45(c)

52,405‌

482,687‌

JPMorgan

Mortgage

Trust,

3.00%,

06/25/29(a)(c)

472,239‌

183,969‌

MFRA

Trust,

2.79%,

08/25/49(a)(c)

175,863‌

158,493‌

MFRA

Trust,

0.85%,

01/25/56(a)(c)

151,911‌

413,801‌

MFRA

Trust,

3.91%,

04/25/66(a)(d)

408,016‌

218,627‌

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58(a)(c)

213,568‌

19,796‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54(a)(c)

19,000‌

32,682‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52(a)(c)

31,211‌

53,602‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(a)(c)

51,710‌

281,945‌

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50(a)(c)

264,344‌

11,499‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

6.63%,

01/07/26(b)

7,306‌

5,085‌

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

01/07/26

5,193‌

39,473‌

RMF

Buyout

Issuance

Trust,

1.26%,

11/25/31(a)(c)

39,306‌

650,000‌

Towd

Point

Mortgage

Trust,

3.75%,

10/25/56(a)(c)

633,833‌

502,200‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57(a)(c)

487,988‌

105,620‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58(a)(c)

103,847‌

356,424‌

Towd

Point

Mortgage

Trust,

2.25%,

02/25/60(a)(c)

346,479‌

722,060‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61(a)(c)

667,723‌

1,461,306‌

Woodward

Capital

Management,

6.14%,

04/25/44(a)(c)

1,473,281‌

Principal

Amount

Security

Description

Value

$

1,286,771‌

Woodward

Capital

Management,

5.65%,

01/25/45(a)(d)

$

1,291,525‌

10,752,432‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$100,307,643)

99,815,245‌

Corporate

Bonds

-

29.4%

Communication

Services

-

0.7%

300,000‌

AT&T,

Inc.,

4.35%,

03/01/29

296,990‌

335,000‌

Netflix,

Inc.,

4.38%,

11/15/26

335,589‌

738,000‌

Verizon

Communications,

Inc.,

1.68%,

10/30/30

628,166‌

575,000‌

Verizon

Communications,

Inc.,

4.13%,

03/16/27

572,034‌

1,832,779‌

Consumer

Discretionary

-

3.7%

250,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

187,539‌

300,000‌

Carnival

Corp.,

4.00%,

08/01/28(a)

287,010‌

2,100,000‌

Dollar

General

Corp.,

3.88%,

04/15/27

2,071,922‌

1,000,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

987,185‌

900,000‌

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

891,184‌

575,000‌

Harley-Davidson

Financial

Services,

Inc.,

5.95%,

06/11/29(a)

580,043‌

1,211,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31(a)

1,065,510‌

162,000‌

Mileage

Plus

Holdings,

LLC/Mileage

Plus

Intellectual

Property

Assets,

Ltd.,

6.50%,

06/20/27(a)

162,698‌

300,000‌

Newell

Brands,

Inc.,

6.38%,

05/15/30

291,850‌

740,000‌

Newell

Brands,

Inc.,

5.70%,

04/01/26

739,093‌

800,000‌

Tapestry,

Inc.,

5.10%,

03/11/30

799,591‌

435,000‌

Warnermedia

Holdings,

Inc.,

4.05%,

03/15/29

409,663‌

8,473,288‌

Consumer

Staples

-

2.2%

200,000‌

Agilent

Technologies,

Inc.,

2.75%,

09/15/29

184,277‌

440,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28(a)

435,713‌

2,270,000‌

Mars,

Inc.,

4.80%,

03/01/30(a)

2,282,984‌

10,000‌

Mars,

Inc.,

0.88%,

07/16/26(a)

9,567‌

1,350,000‌

The

Campbell's

Co.,

5.20%,

03/19/27

1,366,800‌

200,000‌

Turning

Point

Brands,

Inc.,

7.63%,

03/15/32(a)

208,333‌

500,000‌

United

Rentals

North

America,

Inc.,

4.88%,

01/15/28

491,462‌

4,979,136‌

Energy

-

2.6%

950,000‌

Energy

Transfer

LP,

5.63%,

05/01/27(a)

949,028‌

2,155,000‌

Energy

Transfer

LP,

4.95%,

05/15/28

2,169,910‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

7

Principal

Amount

Security

Description

Value

$

1,895,000‌

Occidental

Petroleum

Corp.,

5.00%,

08/01/27

$

1,901,327‌

300,000‌

PBF

Holding

Co.,

LLC/PBF

Finance

Corp.,

9.88%,

03/15/30(a)

283,754‌

600,000‌

Range

Resources

Corp.,

4.88%,

05/15/25

599,273‌

5,903,292‌

Financials

-

11.8%

2,300,000‌

Bank

of

America

Corp.,

3.71%,

04/24/28(c)

2,260,985‌

384,000‌

CBRE

Services,

Inc.,

4.88%,

03/01/26

383,911‌

1,345,000‌

CBRE

Services,

Inc.,

5.50%,

04/01/29

1,379,195‌

2,170,000‌

Citigroup,

Inc.,

5.17%,

02/13/30(c)

2,198,238‌

550,000‌

Enact

Holdings,

Inc.,

6.25%,

05/28/29

564,305‌

2,260,000‌

Goldman

Sachs

Group,

Inc.,

3.62%,

03/15/28(c)

2,218,063‌

235,000‌

JPMorgan

Chase

&

Co.,

3.54%,

05/01/28(c)

230,291‌

2,035,000‌

JPMorgan

Chase

&

Co.,

5.14%,

01/24/31(c)

2,066,737‌

1,410,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

1,344,315‌

2,155,000‌

Morgan

Stanley,

5.45%,

07/20/29(c)

2,204,094‌

1,047,000‌

NNN

REIT,

Inc.,

3.60%,

12/15/26

1,031,115‌

1,900,000‌

Regions

Financial

Corp.,

5.72%,

06/06/30(c)

1,945,732‌

2,031,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65(c)(e)

2,023,797‌

2,180,000‌

Truist

Financial

Corp.,

MTN,

4.87%,

01/26/29(c)

2,192,649‌

2,065,000‌

U.S.

Bancorp,

5.78%,

06/12/29(c)

2,129,717‌

125,000‌

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33(a)

124,688‌

2,245,000‌

Wells

Fargo

&

Co.,

4.81%,

07/25/28(c)

2,252,204‌

26,550,036‌

Industrials

-

2.4%

925,000‌

Clean

Harbors,

Inc.,

4.88%,

07/15/27(a)

911,905‌

600,000‌

Huntington

Ingalls

Industries,

Inc.,

5.35%,

01/15/30

608,164‌

1,150,000‌

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25

1,149,025‌

2,065,000‌

RTX

Corp.,

3.50%,

03/15/27

2,028,807‌

625,000‌

The

Boeing

Co.,

6.30%,

05/01/29

655,432‌

5,353,333‌

Information

Technology

-

1.3%

1,250,000‌

Dell

International,

LLC/EMC

Corp.,

4.75%,

04/01/28

1,255,715‌

1,640,000‌

Hewlett

Packard

Enterprise

Co.,

4.40%,

09/25/27

1,635,018‌

200,000‌

NCR

Atleos

Corp.,

9.50%,

04/01/29(a)

216,861‌

3,107,594‌

Principal

Amount

Security

Description

Value

Materials

-

1.7%

$

1,990,000‌

Albemarle

Corp.,

4.65%,

06/01/27

$

1,973,551‌

1,885,000‌

The

Mosaic

Co.,

5.38%,

11/15/28

1,925,870‌

3,899,421‌

Utilities

-

3.0%

1,550,000‌

Duke

Energy

Corp.,

4.85%,

01/05/27

1,560,132‌

625,000‌

Duke

Energy

Corp.,

3.15%,

08/15/27

606,215‌

2,230,000‌

Exelon

Corp.,

5.13%,

03/15/31

2,254,701‌

650,000‌

FirstEnergy

Corp.,

3.90%,

07/15/27

639,128‌

1,550,000‌

Florida

Power

&

Light

Co.,

4.40%,

05/15/28

1,551,758‌

6,611,934‌

Total

Corporate

Bonds

(Cost

$66,291,678)

66,710,813‌

Government

&

Agency

Obligations

-

26.2%

GOVERNMENT

SECURITIES

-

25.0%

Municipals

-

0.9%

325,000‌

City

of

Blair

NE

Water

System

Revenue,

Nebraska

RB,

6.10%,

05/15/27

325,088‌

1,425,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

1,367,534‌

235,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

221,116‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

161,589‌

2,075,327‌

U.S.

Treasury

Securities

-

24.1%

20,640,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

20,021,606‌

16,025,000‌

U.S.

Treasury

Note,

4.13%,

07/31/28

16,138,302‌

18,000,000‌

U.S.

Treasury

Note/Bond,

2.75%,

02/15/28

17,448,750‌

1,050,000‌

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

1,062,304‌

54,670,962‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.2%

Federal

Home

Loan

Mortgage

Corp.

-

0.4%

209,356‌

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

184,237‌

173,108‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54(d)

170,752‌

589,187‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

11/25/57(c)

556,233‌

254,134‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

42,110‌

45,009‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

2,126‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

SHORT-INTERMEDIATE

BOND

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

8

Principal

Amount

Security

Description

Value

$

64,822‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

$

6,820‌

44,607‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

44,434‌

1,006,712‌

Federal

National

Mortgage

Association

-

0.0%

26,655‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

26,331‌

141,584‌

Federal

National

Mortgage

Association

Interest

Only,

2.70%,

01/25/39(c)

744‌

27,075‌

Government

National

Mortgage

Association

-

0.8%

1,176,750‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,174,761‌

123,565‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

123,455‌

87,620‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

87,422‌

302,005‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

305,563‌

1,691,201‌

Total

Government

&

Agency

Obligations

(Cost

$59,288,240)

59,471,277‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.1%

Financials

-

0.1%

400‌

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

04/30/25),

13.96%(c)(e)

344,400‌

Total

Preferred

Stocks

(Cost

$410,420)

344,400‌

Short-Term

Investments

-

0.7%

Investment

Company

-

0.7%

1,519,981‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.22%(f)

1,519,981‌

Total

Short-Term

Investments

(Cost

$1,519,981)

1,519,981‌

Investments,

at

value

-

100.3%

(Cost

$227,817,962)

227,861,716‌

Other

liabilities

in

excess

of

assets

-

(0.3)%

(679,398‌)

NET

ASSETS

-

100.0%

$

227,182,318‌

(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,

2025,

the

aggregate

value

of

these

liquid

securities

were

$98,565,650

or

43.4%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2025.

(c)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2025.

(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,

2025.

(e)

Perpetual

maturity

security.

(f)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2025.

ABS

Asset

Backed

Security

CLO

Collateralized

Loan

Obligation

GO

General

Obligation

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

INCOME

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

9

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

16.1%

Asset

Backed

Securities

-

6.7%

$

960,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46(a)

$

919,732‌

106,250‌

ARM

Master

Trust,

2.43%,

11/15/27(a)

105,852‌

546,033‌

Capital

Automotive,

1.44%,

08/15/51(a)

520,271‌

852,915‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61(a)

815,225‌

285,046‌

Commonbond

Student

Loan

Trust,

1.17%,

09/25/51(a)

248,518‌

449,650‌

CoreVest

American

Finance,

Ltd.,

1.17%,

12/15/52(a)

442,027‌

318,329‌

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53(a)

309,879‌

357,485‌

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45(a)

329,938‌

915,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38(a)

873,232‌

823,623‌

Home

Partners

of

America

Trust,

2.20%,

01/17/41(a)

752,634‌

103,337‌

Navient

Student

Loan

Trust,

6.03%,

10/15/31(a)(b)

103,424‌

384,511‌

Navient

Student

Loan

Trust,

1.11%,

02/18/70(a)

337,869‌

206,359‌

Nelnet

Student

Loan

Trust,

1.63%,

04/20/62(a)

193,742‌

369,806‌

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62(a)

343,785‌

809,368‌

Progress

Residential

Trust,

1.52%,

07/17/38(a)

782,898‌

600,000‌

Purchasing

Power

Funding,

LLC,

5.89%,

08/15/28(a)

604,881‌

435,000‌

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46(a)

417,846‌

339,882‌

SLM

Student

Loan

Trust,

5.82%,

10/25/25(b)

339,127‌

493,300‌

SLM

Student

Loan

Trust,

6.47%,

04/15/29(b)

494,323‌

595,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46(a)

576,911‌

1,138,014‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39(a)

1,051,031‌

932,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45(a)

916,854‌

11,479,999‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

2.9%

790,000‌

BX

Trust,

5.38%,

09/15/36(a)(b)

782,100‌

577,289‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

573,365‌

Principal

Amount

Security

Description

Value

$

390,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

5.32%,

11/15/36(a)(b)

$

386,215‌

606,214‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44(a)(c)

356‌

1,065,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39(a)

984,753‌

559,542‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(a)(c)

530,103‌

248,967‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41(a)(c)

229,947‌

607,971‌

Tricon

Residential

Trust,

3.86%,

04/17/39(a)

595,183‌

393,575‌

Velocity

Commercial

Capital

Loan

Trust,

6.58%,

04/25/54(a)(c)

397,850‌

480,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

503,206‌

4,983,078‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

6.5%

195,962‌

BRAVO

Residential

Funding

Trust,

5.09%,

11/25/69(a)(b)

195,218‌

980,590‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(a)(c)

900,886‌

204,101‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53(a)

196,318‌

264,450‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(a)(c)

257,053‌

218,951‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(a)(c)

212,294‌

67,380‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

68,455‌

13,359‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

13,253‌

1,145‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

01/07/26

1,072‌

643,652‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47(a)(c)

580,752‌

730,398‌

Credit

Suisse

Mortgage

Trust,

2.50%,

11/25/56(a)(c)

654,883‌

101,184‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

SOFR

+

1.13%),

6.09%,

02/25/33(b)

105,762‌

97,040‌

CSMLT

Trust,

2.97%,

10/25/30(a)(c)

92,828‌

740,327‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51(a)

734,240‌

600,145‌

Flagstar

Mortgage

Trust,

2.50%,

07/25/51(a)(c)

534,485‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

INCOME

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

10

Principal

Amount

Security

Description

Value

$

55,139‌

Freddie

Mac

Whole

Loan

Securities,

3.67%,

09/25/45(c)

$

54,671‌

857,230‌

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51(a)(c)

764,349‌

743,669‌

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51(a)(c)

654,583‌

439,265‌

MFRA

Trust,

3.91%,

04/25/66(a)(d)

433,124‌

248,207‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57(a)(c)

240,696‌

189,309‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59(a)(c)

177,523‌

138,811‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54(a)(c)

133,226‌

83,191‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52(a)(c)

79,446‌

248,051‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(a)(c)

239,298‌

567,281‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52(a)(c)

510,425‌

1,252,243‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51(a)(c)

1,114,983‌

853,428‌

PSMC

Trust,

2.50%,

08/25/51(a)(c)

758,732‌

13,500‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

6.63%,

01/07/26(b)

8,577‌

739,946‌

Sequoia

Mortgage

Trust,

2.50%,

06/25/51(a)(c)

655,083‌

142,953‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30(a)(c)

138,890‌

735,587‌

Woodward

Capital

Management,

2.50%,

01/25/52(a)(c)

650,080‌

11,161,185‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$29,433,636)

27,624,262‌

Corporate

Bonds

-

26.5%

Communication

Services

-

1.6%

345,000‌

Alphabet,

Inc.,

2.25%,

08/15/60

191,472‌

1,165,000‌

AT&T,

Inc.,

4.30%,

12/15/42

979,117‌

915,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

865,430‌

905,000‌

Verizon

Communications,

Inc.,

3.55%,

03/22/51

646,146‌

2,682,165‌

Consumer

Discretionary

-

2.9%

985,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

921,572‌

600,000‌

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

594,123‌

855,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31(a)

752,280‌

1,550,000‌

McDonald's

Corp.,

3.63%,

09/01/49

1,130,849‌

209,000‌

Newell

Brands,

Inc.,

5.70%,

04/01/26

208,744‌

525,000‌

Tapestry,

Inc.,

5.10%,

03/11/30

524,732‌

Principal

Amount

Security

Description

Value

$

1,192,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

$

1,014,773‌

5,147,073‌

Consumer

Staples

-

1.8%

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28(a)

524,836‌

685,000‌

Mars,

Inc.,

5.20%,

03/01/35(a)

688,430‌

940,000‌

The

Campbell's

Co.,

2.38%,

04/24/30

839,461‌

625,000‌

The

Campbell's

Co.,

4.75%,

03/23/35

598,831‌

565,000‌

The

Kroger

Co.,

5.00%,

09/15/34

552,154‌

3,203,712‌

Energy

-

1.0%

1,185,000‌

Energy

Transfer

LP,

5.55%,

05/15/34

1,184,272‌

595,000‌

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

518,388‌

1,702,660‌

Financials

-

9.3%

1,345,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32(c)

1,183,798‌

1,360,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

1,183,889‌

1,220,000‌

Citigroup,

Inc.,

4.91%,

05/24/33(c)

1,196,329‌

1,244,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

1,095,873‌

1,195,000‌

JPMorgan

Chase

&

Co.,

5.34%,

01/23/35(c)

1,207,723‌

1,105,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

1,053,523‌

1,215,000‌

Morgan

Stanley,

4.89%,

07/20/33(c)

1,196,972‌

400,000‌

Regions

Financial

Corp.,

5.50%,

09/06/35(c)

394,849‌

930,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

845,786‌

1,000,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65(c)(e)

996,454‌

947,000‌

The

Chubb

Corp.,

6.80%,

11/15/31

1,054,649‌

1,345,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33(c)

1,185,415‌

1,210,000‌

Truist

Financial

Corp.,

MTN,

5.12%,

01/26/34(c)

1,188,246‌

985,000‌

U.S.

Bancorp,

4.84%,

02/01/34(c)

957,130‌

1,315,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31(c)

1,185,177‌

15,925,813‌

Industrials

-

4.2%

1,364,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

1,201,440‌

1,275,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

1,129,813‌

225,000‌

Emerson

Electric

Co.,

5.00%,

03/15/35

226,503‌

1,177,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,141,234‌

1,252,000‌

RTX

Corp.,

4.88%,

10/15/40

1,170,508‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

INCOME

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

11

Principal

Amount

Security

Description

Value

$

280,000‌

The

Boeing

Co.,

6.53%,

05/01/34

$

300,016‌

815,000‌

TTX

Co.,

4.60%,

02/01/49(a)

710,725‌

1,385,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

1,163,737‌

7,043,976‌

Information

Technology

-

2.2%

625,000‌

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/34

608,904‌

1,140,000‌

Oracle

Corp.,

2.30%,

03/25/28

1,070,784‌

1,125,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

947,447‌

1,220,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

1,099,037‌

3,726,172‌

Materials

-

1.0%

550,000‌

Albemarle

Corp.,

5.05%,

06/01/32

526,039‌

376,000‌

Albemarle

Corp.,

5.45%,

12/01/44

338,500‌

819,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

823,558‌

1,688,097‌

Real

Estate

-

0.6%

1,125,000‌

NNN

REIT,

Inc.,

4.30%,

10/15/28

1,108,591‌

Utilities

-

1.9%

1,160,000‌

Duke

Energy

Corp.,

5.75%,

09/15/33

1,208,923‌

420,000‌

Exelon

Corp.,

6.50%,

03/15/55(c)

418,210‌

425,000‌

Exelon

Corp.,

5.13%,

03/15/31

429,708‌

670,000‌

NiSource,

Inc.,

5.35%,

04/01/34

672,172‌

616,308‌

Texas

Electric

Market

Stabilization

Funding

N,

LLC,

4.27%,

08/01/34(a)

608,938‌

3,337,951‌

Total

Corporate

Bonds

(Cost

$48,171,762)

45,566,210‌

Government

&

Agency

Obligations

-

54.8%

GOVERNMENT

SECURITIES

-

24.4%

Municipals

-

0.7%

230,000‌

Empire

State

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

234,933‌

340,000‌

New

York

City

Municipal

Water

Finance

Authority,

New

York

RB,

5.72%,

06/15/42

348,460‌

225,000‌

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

229,933‌

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

447,144‌

1,260,470‌

Treasury

Inflation

Index

Securities

-

0.3%

535,483‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28(f)

539,439‌

U.S.

Treasury

Securities

-

23.4%

9,910,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

8,711,509‌

720,000‌

U.S.

Treasury

Bond,

3.63%,

05/15/53

606,487‌

5,905,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

5,267,675‌

15,715,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

13,646,268‌

Principal

Amount

Security

Description

Value

$

3,145,000‌

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

$

3,082,346‌

1,475,000‌

U.S.

Treasury

Note/Bond,

4.25%,

11/15/34

1,479,379‌

9,190,000‌

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

5,560,668‌

1,750,000‌

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

1,770,508‌

40,124,840‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

30.4%

Federal

Home

Loan

Mortgage

Corp.

-

12.7%

740,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32(c)

691,000‌

329,641‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

318,461‌

566,807‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

08/25/56(d)

528,502‌

267,812‌

Federal

Home

Loan

Mortgage

Corp.,

3.00%,

11/25/57(c)

252,834‌

593,124‌

Federal

Home

Loan

Mortgage

Corp.,

2.50%,

11/25/59

537,966‌

1,904‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

1,895‌

858,951‌

Federal

Home

Loan

Mortgage

Corp.

#RA6436,

2.50%,

12/01/51

723,060‌

1,025,838‌

Federal

Home

Loan

Mortgage

Corp.

#RA7549,

4.00%,

06/01/52

957,844‌

1,508,217‌

Federal

Home

Loan

Mortgage

Corp.

#RA7779,

4.50%,

08/01/52

1,445,179‌

1,318,438‌

Federal

Home

Loan

Mortgage

Corp.

#RA8528,

5.00%,

02/01/53

1,303,457‌

1,366,293‌

Federal

Home

Loan

Mortgage

Corp.

#RA9070,

6.00%,

05/01/53

1,403,903‌

1,549,784‌

Federal

Home

Loan

Mortgage

Corp.

#SD1046,

4.00%,

07/01/52

1,455,024‌

1,991,796‌

Federal

Home

Loan

Mortgage

Corp.

#SD1087,

3.50%,

06/01/52

1,807,488‌

2,680,487‌

Federal

Home

Loan

Mortgage

Corp.

#SD1663,

4.00%,

10/01/52

2,515,442‌

1,757,168‌

Federal

Home

Loan

Mortgage

Corp.

#SD1740,

4.50%,

10/01/52

1,689,828‌

78,389‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

78,489‌

80,381‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

80,463‌

826,347‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

743,212‌

223,159‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

220,247‌

280,234‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

266,763‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

INCOME

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

12

Principal

Amount

Security

Description

Value

$

560,224‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

$

533,672‌

625,561‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

103,655‌

107,907‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

106,850‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

928,769‌

484,695‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

467,837‌

615,914‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

566,430‌

382,813‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

351,475‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,371,568‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

465,354‌

21,916,667‌

Federal

National

Mortgage

Association

-

16.3%

59,148‌

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

59,537‌

51,423‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

50,747‌

5,367‌

Federal

National

Mortgage

Association

#933279,

5.50%,

08/01/37

5,440‌

45,351‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

44,797‌

305,832‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

275,063‌

100,872‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

99,638‌

18,520‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

19,310‌

222,416‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

213,936‌

75,179‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

72,304‌

158,497‌

Federal

National

Mortgage

Association

#AL9970,

2.88%,

02/01/27(c)

154,398‌

1,130,038‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

1,046,380‌

1,157,384‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,061,350‌

253,560‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

243,309‌

334,816‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

327,820‌

263,992‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

252,535‌

Principal

Amount

Security

Description

Value

$

332,963‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

$

292,710‌

324,394‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

298,484‌

995,996‌

Federal

National

Mortgage

Association

#CB2094,

3.00%,

11/01/51

868,660‌

1,253,170‌

Federal

National

Mortgage

Association

#CB3233,

3.00%,

04/01/52

1,097,182‌

1,881,344‌

Federal

National

Mortgage

Association

#CB4393,

4.50%,

08/01/52

1,808,125‌

445,108‌

Federal

National

Mortgage

Association

#CB4561,

5.00%,

09/01/52

439,828‌

1,642,817‌

Federal

National

Mortgage

Association

#CB7422,

5.50%,

11/01/53

1,655,033‌

2,386,111‌

Federal

National

Mortgage

Association

#CB9308,

5.00%,

10/01/54

2,354,709‌

1,891,142‌

Federal

National

Mortgage

Association

#FM2725,

3.00%,

02/01/50

1,643,009‌

2,716,334‌

Federal

National

Mortgage

Association

#FS0331,

3.00%,

01/01/52

2,361,728‌

1,946,892‌

Federal

National

Mortgage

Association

#FS1555,

3.50%,

04/01/52

1,764,875‌

1,641,209‌

Federal

National

Mortgage

Association

#FS2060,

4.00%,

06/01/52

1,544,137‌

947,563‌

Federal

National

Mortgage

Association

#FS3363,

3.00%,

06/01/52

823,273‌

1,975,256‌

Federal

National

Mortgage

Association

#FS3498,

3.50%,

07/01/52

1,789,132‌

1,081,535‌

Federal

National

Mortgage

Association

#FS4081,

5.00%,

01/01/53

1,070,104‌

1,519,037‌

Federal

National

Mortgage

Association

#FS5179,

5.00%,

06/01/53

1,502,487‌

219,907‌

Federal

National

Mortgage

Association

Interest

Only,

2.70%,

01/25/39(c)

1,155‌

662,714‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

597,468‌

434,306‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29(c)

426,172‌

113,637‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

111,527‌

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

924,655‌

739,287‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

736,929‌

28,037,946‌

Government

National

Mortgage

Association

-

1.4%

329,248‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

317,016‌

362,686‌

Government

National

Mortgage

Association,

3.50%,

01/20/69(c)

351,453‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

INCOME

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

13

Principal

Amount

Security

Description

Value

$

754,244‌

Government

National

Mortgage

Association

#786915,

5.50%,

09/20/53

$

763,525‌

334,183‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

303,223‌

595,532‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

602,549‌

2,337,766‌

Total

Government

&

Agency

Obligations

(Cost

$99,822,889)

94,217,128‌

Shares

Security

Description

Value

Short-Term

Investments

-

2.6%

Investment

Company

-

2.6%

4,411,347‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.22%(g)

4,411,347‌

Total

Short-Term

Investments

(Cost

$4,411,347)

4,411,347‌

Investments,

at

value

-

100.0%

(Cost

$181,839,634)

171,818,947‌

Other

liabilities

in

excess

of

assets

-

0.0%

(26,987‌)

NET

ASSETS

-

100.0%

$

171,791,960‌

(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,

2025,

the

aggregate

value

of

these

liquid

securities

were

$28,747,660

or

16.7%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2025.

(c)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2025.

(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,

2025.

(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,

2025.

GO

General

Obligation

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

NEBRASKA

TAX-FREE

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

14

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

97.5%

GOVERNMENT

SECURITIES

-

94.7%

Municipals

-

94.7%

Alaska

-

0.2%

$

100,000‌

Alaska

Municipal

Bond

Bank

Authority,

Alaska

RB,

5.00%,

12/01/35

$

109,021‌

Colorado

-

1.2%

150,000‌

County

of

El

Paso

CO,

Colorado

COP,

5.00%,

12/01/37

162,746‌

395,000‌

Denver

City

&

County

School

District

No.

1,

Colorado

GO,

5.50%,

12/01/46

437,152‌

599,898‌

Illinois

-

0.9%

250,000‌

La

Salle

&

Bureau

Counties

Township

High

School

District

No.

120

LaSalle-

Peru,

Illinois

GO,

5.00%,

12/01/29

263,904‌

200,000‌

Park

Ridge

Park

District,

Illinois

GO,

5.00%,

12/01/35

216,112‌

480,016‌

Iowa

-

0.9%

220,000‌

City

of

Bettendorf

IA,

Iowa

GO,

4.00%,

06/01/35

224,577‌

225,000‌

Woodbine

Community

School

District

Infrastructure

Sales

Service

&

Use

Tax,

Iowa

RB,

5.00%,

06/01/32

245,765‌

470,342‌

Nebraska

-

86.3%

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

253,457‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

288,884‌

200,000‌

Burt

County

Public

Power

District,

Nebraska

RB,

4.75%,

07/01/34

203,822‌

400,000‌

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

367,619‌

350,000‌

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

09/01/32

371,202‌

285,000‌

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

09/01/33

302,675‌

305,000‌

City

of

Ashland

NE,

Nebraska

GO,

3.85%,

04/01/34

289,609‌

200,000‌

City

of

Aurora

NE,

Nebraska

GO,

5.00%,

12/15/28

202,623‌

300,000‌

City

of

Beatrice

NE,

Nebraska

RB,

4.40%,

03/15/29

298,703‌

200,000‌

City

of

Bellevue

NE,

Nebraska

GO,

5.00%,

09/15/30

214,366‌

350,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

315,609‌

Principal

Amount

Security

Description

Value

$

140,000‌

City

of

Bellevue

NE,

Nebraska

RB,

5.00%,

09/15/34

$

147,998‌

55,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

51,789‌

120,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

109,487‌

325,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

332,940‌

250,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

5.00%,

06/15/29

265,761‌

130,000‌

City

of

Crete

NE,

Nebraska

GO,

3.70%,

05/01/26

129,994‌

200,000‌

City

of

David

City

NE,

Nebraska

GO,

4.05%,

12/15/27

198,692‌

130,000‌

City

of

David

City

NE

Electric

Utility

Revenue,

Nebraska

RB,

4.40%,

12/15/29

130,472‌

345,000‌

City

of

Falls

City

NE,

Nebraska

GO,

4.25%,

11/15/30

349,844‌

250,000‌

City

of

Falls

City

NE,

Nebraska

GO,

3.65%,

11/15/32

238,795‌

345,000‌

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

344,624‌

50,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/32

51,190‌

430,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/34

436,347‌

300,000‌

City

of

Kearney

NE,

Nebraska

GO,

4.00%,

05/15/27

303,392‌

100,000‌

City

of

Kearney

NE,

Nebraska

GO,

2.75%,

06/15/27

97,763‌

220,000‌

City

of

Kearney

NE

Combined

Utilities

Revenue,

Nebraska

RB,

5.00%,

06/15/32

231,883‌

400,000‌

City

of

Kearney

NE

Combined

Utilities

Revenue,

Nebraska

RB,

1.25%,

12/15/27

366,614‌

375,000‌

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

374,917‌

150,000‌

City

of

La

Vista

NE,

Nebraska

GO,

5.00%,

09/15/33

157,843‌

145,000‌

City

of

McCook

NE,

Nebraska

GO,

5.00%,

09/15/31

151,790‌

150,000‌

City

of

Nebraska

City

NE,

Nebraska

GO,

3.80%,

01/15/33

143,128‌

195,000‌

City

of

Norfolk

NE,

Nebraska

GO,

2.70%,

09/01/25

193,776‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

NEBRASKA

TAX-FREE

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

15

Principal

Amount

Security

Description

Value

$

205,000‌

City

of

North

Platte

NE,

Nebraska

GO,

4.00%,

12/15/33

$

207,602‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

359,683‌

45,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/32

47,077‌

400,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/34

371,940‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/37

217,524‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

557,188‌

500,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

04/15/37

555,205‌

250,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

04/15/43

266,518‌

250,000‌

City

of

Papillion

NE,

Nebraska

RB,

3.75%,

09/15/29

248,932‌

250,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

3.00%,

12/15/27

249,367‌

200,000‌

City

of

West

Point

NE,

Nebraska

GO,

3.25%,

11/01/28

192,195‌

200,000‌

Colfax

County

School

District

No.

58,

Nebraska

GO

AGC,

5.00%,

12/15/35

210,910‌

45,000‌

County

of

Brown

NE,

Nebraska

GO,

3.70%,

01/15/26

45,039‌

375,000‌

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

369,252‌

275,000‌

County

of

Cedar

NE,

Nebraska

GO,

3.80%,

09/15/28

274,820‌

300,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/34

302,347‌

435,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

437,848‌

245,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.00%,

09/01/27

242,389‌

125,000‌

County

of

Jefferson

NE,

Nebraska

GO,

2.00%,

12/01/25

123,675‌

325,000‌

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

312,040‌

250,000‌

County

of

Sarpy

NE,

Nebraska

GO,

3.00%,

06/01/29

248,274‌

200,000‌

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

187,183‌

200,000‌

Cozad

City

School

District,

Nebraska

GO,

4.00%,

06/15/28

203,586‌

265,000‌

Cuming

County

Public

Power

District,

Nebraska

RB,

1.50%,

12/15/25

260,215‌

Principal

Amount

Security

Description

Value

$

250,000‌

Cuming

County

School

District

No.

20,

Nebraska

GO

AGC,

5.25%,

12/15/35

$

267,988‌

250,000‌

Custer

County

School

District

No.

25,

Nebraska

GO,

5.00%,

12/15/33

263,700‌

300,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/36

322,626‌

370,000‌

Dodge

County

School

District

No.

1,

Nebraska

GO,

5.00%,

12/15/29

398,271‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,142,042‌

300,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

11/15/34

319,048‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

177,328‌

580,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

556,214‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

248,779‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

490,

Nebraska

GO,

2.70%,

08/15/28

93,027‌

280,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

251,548‌

250,000‌

Douglas

County

School

District

No.

10,

Nebraska

GO,

4.00%,

12/15/32

256,743‌

200,000‌

Douglas

County

School

District

No.

17,

Nebraska

GO,

5.00%,

12/15/37

222,196‌

325,000‌

Douglas

County

School

District

No.

17,

Nebraska

GO,

4.00%,

12/15/41

319,994‌

250,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/34

251,784‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

668,240‌

350,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

350,266‌

150,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

148,245‌

250,000‌

Elkhorn

School

District,

Nebraska

GO,

5.00%,

12/15/37

276,452‌

200,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

5.00%,

12/15/39

217,834‌

200,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

12/15/30

208,908‌

530,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

540,571‌

400,000‌

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

373,518‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

NEBRASKA

TAX-FREE

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

16

Principal

Amount

Security

Description

Value

$

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

$

484,754‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

708,255‌

160,000‌

KBR

Rural

Public

Power

District/NE,

Nebraska

RB,

3.20%,

12/15/28

152,170‌

300,000‌

Kearney

School

District,

Nebraska

GO,

2.00%,

12/15/25

296,778‌

150,000‌

Lancaster

County

School

District

No.

1,

Nebraska

GO,

4.00%,

01/15/31

151,723‌

100,000‌

Lancaster

County

School

District

No.

1,

Nebraska

GO,

3.00%,

01/15/37

89,797‌

370,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/34

299,118‌

320,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/28

301,627‌

200,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

212,870‌

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

974,737‌

260,000‌

Lyons-Decatur

Northeast

Schools,

Nebraska

GO,

5.00%,

12/15/30

272,197‌

275,000‌

Metropolitan

Community

College

Area,

Nebraska

COP,

3.00%,

03/01/26

274,653‌

115,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/35

116,783‌

325,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

325,325‌

315,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

5.00%,

12/01/37

343,013‌

300,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

3.30%,

12/01/29

294,933‌

350,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/32

385,768‌

110,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/25

110,000‌

500,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

476,847‌

150,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

03/01/34

146,335‌

100,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

09/01/34

97,214‌

Principal

Amount

Security

Description

Value

$

220,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.00%,

03/01/52

$

214,312‌

125,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

135,980‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

202,496‌

315,000‌

Nebraska

State

Colleges,

Nebraska

RB,

3.00%,

07/01/25

314,720‌

455,000‌

Nebraska

State

Colleges

Facilities

Corp.,

Nebraska

RB,

5.00%,

07/15/29

485,974‌

475,000‌

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

441,482‌

325,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

314,551‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

409,354‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

410,361‌

185,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

5.00%,

04/15/44

194,336‌

100,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/31

106,905‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/36

383,122‌

200,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/42

214,152‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/46

326,872‌

1,200,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.25%,

02/01/53

1,272,144‌

250,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.50%,

02/01/54

269,744‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

774,797‌

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

512,024‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

171,151‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

586,319‌

325,000‌

Omaha

School

District,

Nebraska

GO,

2.00%,

12/15/34

256,838‌

700,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

654,492‌

525,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/41

426,518‌

250,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

266,592‌

200,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/37

218,212‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

NEBRASKA

TAX-FREE

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

17

Principal

Amount

Security

Description

Value

$

300,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/43

$

319,456‌

300,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/44

317,477‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

349,987‌

100,000‌

Public

Power

Generation

Agency,

Nebraska

RB,

3.25%,

01/01/36

90,431‌

130,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

124,309‌

105,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

23,

Nebraska

GO,

2.30%,

08/15/34

78,599‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

245,

Nebraska

GO,

3.45%,

11/15/28

96,098‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

87,019‌

300,000‌

Sarpy

County

School

District

No.

1,

Nebraska

GO,

3.85%,

12/15/28

298,654‌

275,000‌

Scotts

Bluff

County

School

District

No.

16,

Nebraska

GO,

5.00%,

12/01/29

292,260‌

300,000‌

Southeast

Community

College

Area,

Nebraska

RB,

4.00%,

03/15/31

304,446‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

292,319‌

500,000‌

The

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

507,089‌

105,000‌

Village

of

Ansley

NE,

Nebraska

GO,

3.40%,

03/15/28

103,728‌

435,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

395,125‌

450,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

09/01/28

442,934‌

200,000‌

Village

of

Callaway

NE,

Nebraska

GO,

3.75%,

02/15/31

190,200‌

185,000‌

Village

of

Ceresco

NE,

Nebraska

GO,

3.60%,

12/15/32

175,877‌

250,000‌

Westside

Community

Schools,

Nebraska

GO,

5.00%,

12/01/37

268,904‌

450,000‌

York

County

School

District

No.

12,

Nebraska

GO,

2.00%,

12/15/25

445,168‌

100,000‌

York

County

School

District

No.

96,

Nebraska

GO,

5.00%,

12/15/28

106,084‌

43,648,248‌

New

York

-

1.1%

325,000‌

New

York

City

Transitional

Finance

Authority,

New

York

RB,

5.00%,

05/01/42

344,460‌

Principal

Amount

Security

Description

Value

$

200,000‌

New

York

City

Transitional

Finance

Authority,

New

York

RB,

5.00%,

05/01/42

$

212,513‌

556,973‌

North

Dakota

-

0.9%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

457,382‌

South

Dakota

-

0.5%

220,000‌

County

of

Lincoln

SD,

South

Dakota

GO,

5.00%,

12/01/43

230,004‌

Texas

-

0.9%

300,000‌

Conroe

Independent

School

District,

Texas

GO,

5.00%,

02/15/44

319,321‌

150,000‌

County

of

Travis

TX,

Texas

GO,

3.00%,

03/01/30

146,923‌

466,244‌

Wisconsin

-

1.8%

400,000‌

City

of

Neenah

WI,

Wisconsin

GO,

4.00%,

03/01/32

408,769‌

500,000‌

County

of

Dane

WI,

Wisconsin

GO,

3.00%,

06/01/31

480,314‌

889,083‌

47,907,211‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

2.8%

Federal

Home

Loan

Mortgage

Corp.

-

2.8%

198,824‌

Federal

Home

Loan

Mortgage

Corp.,

4.68%,

10/25/40(a)

204,091‌

194,898‌

Federal

Home

Loan

Mortgage

Corp.,

3.87%,

05/25/41(a)

193,070‌

289,137‌

Federal

Home

Loan

Mortgage

Corp.,

2.34%,

07/25/41(b)

237,422‌

249,555‌

Federal

Home

Loan

Mortgage

Corp.

FHLMC,

4.76%,

08/25/41

259,269‌

533,349‌

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

510,097‌

1,403,949‌

Total

Government

&

Agency

Obligations

(Cost

$51,461,776)

49,311,160‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.8%

Investment

Company

-

1.8%

934,982‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.22%(c)

934,982‌

Total

Short-Term

Investments

(Cost

$934,982)

934,982‌

Investments,

at

value

-

99.3%

(Cost

$52,396,758)

50,246,142‌

Other

assets

in

excess

of

liabilities

-

0.7%

329,576‌

NET

ASSETS

-

100.0%

$

50,575,718‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

NEBRASKA

TAX-FREE

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

18

(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,

2025.

(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,

2025,

the

aggregate

value

of

these

liquid

securities

were

$237,422

or

0.5%

of

net

assets.

(c)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2025.

AGC

Assured

Guaranty

Corporation

COP

Certificate

of

Participation

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

RB

Revenue

Bond

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

BALANCED

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

19

Shares

Security

Description

Value

Common

Stocks

-

58.1%

Communication

Services

-

5.5%

11,755‌

Alphabet,

Inc.,

Class C

$

1,836,484‌

8,100‌

Corning,

Inc.

370,818‌

2,435‌

Meta

Platforms,

Inc.,

Class A

1,403,436‌

1,470‌

T-Mobile

US,

Inc.

392,064‌

6,350‌

Verizon

Communications,

Inc.

288,036‌

4,290,838‌

Consumer

Discretionary

-

6.0%

9,430‌

Amazon.com,

Inc.(a)

1,794,152‌

87‌

Booking

Holdings,

Inc.

400,801‌

231‌

O'Reilly

Automotive,

Inc.(a)

330,926‌

995‌

Pool

Corp.

316,758‌

1,615‌

Royal

Caribbean

Cruises,

Ltd.

331,786‌

2,900‌

SharkNinja,

Inc.(a)

241,889‌

1,485‌

Tesla,

Inc.(a)

384,852‌

1,975‌

Texas

Roadhouse,

Inc.

329,094‌

1,585‌

The

Home

Depot,

Inc.

580,887‌

4,711,145‌

Consumer

Staples

-

3.7%

5,950‌

Church

&

Dwight

Co.,

Inc.

655,036‌

685‌

Costco

Wholesale

Corp.

647,859‌

5,520‌

Lamb

Weston

Holdings,

Inc.

294,216‌

9,600‌

The

Coca-Cola

Co.

687,552‌

7,005‌

Walmart,

Inc.

614,969‌

2,899,632‌

Energy

-

2.1%

2,180‌

Diamondback

Energy,

Inc.

348,538‌

3,050‌

EOG

Resources,

Inc.

391,132‌

6,415‌

Exxon

Mobil

Corp.

762,936‌

1,525‌

Phillips

66

188,307‌

1,690,913‌

Financials

-

8.4%

4,175‌

Brown

&

Brown,

Inc.

519,370‌

1,870‌

Chubb,

Ltd.

564,721‌

1,905‌

CME

Group,

Inc.

505,378‌

6,865‌

Equitable

Holdings,

Inc.

357,598‌

6,375‌

First

American

Financial

Corp.

418,391‌

2,630‌

Fiserv,

Inc.(a)

580,783‌

4,025‌

JPMorgan

Chase

&

Co.

987,333‌

1,620‌

Mastercard,

Inc.,

Class A

887,954‌

915‌

Moody's

Corp.

426,106‌

4,385‌

Morgan

Stanley

511,598‌

4,450‌

Synchrony

Financial

235,583‌

8,220‌

Wells

Fargo

&

Co.

590,114‌

6,584,929‌

Health

Care

-

6.2%

4,740‌

Abbott

Laboratories

628,761‌

1,830‌

Amgen,

Inc.

570,136‌

4,125‌

Edwards

Lifesciences

Corp.(a)

298,980‌

1,160‌

Eli

Lilly

&

Co.

958,056‌

465‌

Humana,

Inc.

123,039‌

Shares

Security

Description

Value

2,810‌

Jazz

Pharmaceuticals

PLC(a)

$

348,862‌

3,720‌

Lantheus

Holdings,

Inc.(a)

363,072‌

1,045‌

Thermo

Fisher

Scientific,

Inc.

519,992‌

1,370‌

UFP

Technologies,

Inc.(a)

276,343‌

1,125‌

United

Therapeutics

Corp.(a)

346,804‌

2,630‌

Zoetis,

Inc.

433,029‌

4,867,074‌

Industrials

-

5.0%

2,925‌

AMETEK,

Inc.

503,510‌

2,640‌

Cintas

Corp.

542,599‌

8,700‌

CSX

Corp.

256,041‌

5,075‌

Ingersoll

Rand,

Inc.

406,152‌

3,610‌

MasTec,

Inc.(a)

421,323‌

1,115‌

Paycom

Software,

Inc.

243,605‌

4,857‌

RTX

Corp.

643,358‌

4,795‌

The

Timken

Co.

344,617‌

2,615‌

Waste

Management,

Inc.

605,399‌

3,966,604‌

Information

Technology

-

16.4%

1,260‌

Adobe,

Inc.(a)

483,248‌

9,445‌

Amphenol

Corp.,

Class A

619,497‌

15,360‌

Apple,

Inc.

3,411,917‌

2,140‌

CDW

Corp.

342,956‌

4,102‌

Entegris,

Inc.

358,843‌

226‌

Fair

Isaac

Corp.(a)

416,780‌

1,790‌

Manhattan

Associates,

Inc.(a)

309,742‌

5,720‌

Microchip

Technology,

Inc.

276,905‌

7,925‌

Microsoft

Corp.

2,974,966‌

10,748‌

Napco

Security

Technologies,

Inc.

247,419‌

26,100‌

NVIDIA

Corp.

2,828,718‌

4,015‌

QUALCOMM,

Inc.

616,744‌

12,887,735‌

Materials

-

1.3%

3,975‌

FMC

Corp.

167,705‌

1,300‌

Linde

PLC

605,332‌

36,701‌

PureCycle

Technologies,

Inc.(a)

253,971‌

1,027,008‌

Real

Estate

-

1.8%

2,250‌

American

Tower

Corp.

REIT

489,600‌

9,310‌

First

Industrial

Realty

Trust,

Inc.

REIT

502,368‌

3,105‌

Sun

Communities,

Inc.

REIT

399,427‌

1,391,395‌

Utilities

-

1.7%

2,880‌

Atmos

Energy

Corp.

445,190‌

5,620‌

NextEra

Energy,

Inc.

398,402‌

5,415‌

The

Southern

Co.

497,909‌

1,341,501‌

Total

Common

Stocks

(Cost

$21,754,661)

45,658,774‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

BALANCED

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

20

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

11.4%

Asset

Backed

Securities

-

7.3%

$

155,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46(b)

$

148,498‌

85,000‌

American

Heritage

Auto

Receivables

Trust,

5.07%,

06/17/30(b)

85,854‌

22,453‌

AMSR

Trust,

1.63%,

07/17/37(b)

22,265‌

103,968‌

Auxilior

Term

Funding,

LLC,

5.84%,

03/15/27(b)

104,689‌

300,000‌

Avant

Loans

Funding

Trust,

5.12%,

05/15/34(b)

301,439‌

85,309‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28(b)

85,498‌

175,000‌

BofA

Auto

Trust,

5.31%,

06/17/30(b)

178,671‌

41,407‌

CCG

Receivables

Trust,

5.82%,

09/16/30(b)

41,626‌

88,816‌

CCG

Receivables

Trust,

4.99%,

03/15/32(b)

89,247‌

82,437‌

CCG

Receivables

Trust,

6.28%,

04/14/32(b)

83,640‌

36,439‌

CCG

Receivables

Trust,

3.91%,

07/16/29(b)

36,352‌

233,858‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60(b)

230,770‌

113,094‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61(b)

108,096‌

280,000‌

Chase

Auto

Owner

Trust,

5.59%,

06/25/29(b)

288,169‌

272,332‌

Citizens

Auto

Receivables

Trust,

5.84%,

01/18/28(b)

274,471‌

21,294‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46(b)

20,559‌

34,994‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45(b)

31,685‌

90,000‌

First

Help

Financial

LLC,

4.94%,

11/15/30(b)

90,156‌

143,771‌

Foundation

Finance

Trust,

4.60%,

03/15/50(b)

143,392‌

190,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38(b)

181,327‌

200,000‌

GreatAmerica

Leasing

Receivables

Funding,

LLC,

4.98%,

01/18/28(b)

201,387‌

67,383‌

GreenSky

Home

Improvement

Trust,

5.67%,

06/25/59(b)

68,227‌

100,000‌

GreenSky

Home

Improvement

Trust,

5.55%,

06/25/59(b)

101,396‌

170,000‌

GreenState

Auto

Receivables

Trust,

5.19%,

01/16/29(b)

171,490‌

135,000‌

Huntington

Auto

Trust,

5.23%,

01/16/29(b)

136,328‌

Principal

Amount

Security

Description

Value

$

160,000‌

Huntington

Bank

Auto

Credit-Linked

Notes,

4.96%,

03/21/33(b)

$

159,705‌

100,000‌

Kubota

Credit

Owner

Trust,

5.19%,

05/15/30(b)

102,100‌

149,503‌

LAD

Auto

Receivables

Trust,

6.12%,

09/15/27(b)

150,081‌

105,000‌

M&T

Equipment

Notes,

4.94%,

08/18/31(b)

105,452‌

12,213‌

Navient

Student

Loan

Trust,

6.03%,

10/15/31(b)(c)

12,223‌

102,919‌

NMEF

Funding,

LLC,

5.15%,

12/15/31(b)

103,169‌

12,942‌

NMEF

Funding,

LLC,

6.07%,

06/15/29(b)

12,977‌

64,159‌

North

Texas

Higher

Education

Authority,

Inc.,

5.00%,

09/25/61(c)

63,923‌

94,745‌

Octane

Receivables

Trust,

5.80%,

07/20/32(b)

95,791‌

140,000‌

PEAC

Solutions

Receivables,

LLC,

5.04%,

07/20/32(b)

140,867‌

150,000‌

Post

Road

Equipment

Finance,

LLC,

4.90%,

05/15/31(b)

150,373‌

119,317‌

Progress

Residential

Trust,

1.52%,

07/17/38(b)

115,415‌

200,000‌

Purchasing

Power

Funding,

LLC,

5.89%,

08/15/28(b)

201,627‌

55,354‌

SLM

Student

Loan

Trust,

6.47%,

04/15/29(c)

55,469‌

200,000‌

SoFi

Consumer

Loan

Program

Trust,

5.12%,

02/27/34(b)

201,502‌

135,992‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47(b)

120,119‌

280,000‌

Space

Coast

Credit

Union

Auto

Receivables

Trust,

5.11%,

06/15/29(b)

282,384‌

70,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46(b)

67,872‌

112,199‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39(b)

103,623‌

180,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45(b)

177,075‌

115,000‌

Wingspire

Equipment

Finance,

LLC,

4.99%,

09/20/32(b)

115,007‌

5,761,986‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

2.8%

51,220‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

50,307‌

64,495‌

BX

Commercial

Mortgage

Trust,

5.33%,

02/15/39(b)(c)

64,294‌

160,000‌

BX

Trust,

5.38%,

09/15/36(b)(c)

158,400‌

83,908‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

83,338‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

BALANCED

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

21

Principal

Amount

Security

Description

Value

$

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

5.32%,

11/15/36(b)(c)

$

173,301‌

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

165,108‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39(b)

184,930‌

143,799‌

KNDR

2021-KIND

A,

5.39%,

08/15/38(b)(c)

141,831‌

57,090‌

SREIT

Trust,

5.01%,

07/15/36(b)(c)

56,769‌

57,167‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41(b)(d)

54,159‌

129,568‌

Tricon

Residential

Trust,

3.86%,

04/17/39(b)

126,842‌

96,542‌

TRTX

Issuer,

Ltd.

CLO,

5.97%,

02/15/39(b)(c)

95,826‌

141,693‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

137,055‌

83,842‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51(b)(d)

72,444‌

275,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

4.95%,

07/15/35(b)(d)

276,132‌

145,000‌

Wells

Fargo

Commercial

Mortgage

Trust,

6.10%,

01/15/58

152,010‌

220,000‌

WSTN

Trust,

6.30%,

07/05/37(b)(d)

223,755‌

2,216,501‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.3%

87,100‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67(b)(d)

82,080‌

134,327‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63(b)(d)

123,409‌

126,048‌

Chase

Mortgage

Finance

Corp.,

3.50%,

06/25/62(b)(d)

116,660‌

28,497‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66(b)(d)

27,700‌

9,864‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35(b)(d)

9,565‌

84,353‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47(b)(d)

76,110‌

119,195‌

Ellington

Financial

Mortgage

Trust,

5.73%,

01/25/60(b)(e)

120,113‌

80,910‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51(b)

80,245‌

6,285‌

Freddie

Mac

Whole

Loan

Securities,

3.67%,

09/25/45(d)

6,232‌

18,818‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55(b)(d)

18,154‌

139,823‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52(b)(d)

125,809‌

96,448‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61(b)(d)

89,190‌

Principal

Amount

Security

Description

Value

$

122,317‌

Woodward

Capital

Management,

5.65%,

01/25/45(b)(e)

$

122,769‌

998,036‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$9,093,573)

8,976,523‌

Corporate

Bonds

-

11.5%

Communication

Services

-

0.8%

303,000‌

AT&T,

Inc.,

4.30%,

02/15/30

298,311‌

319,000‌

Verizon

Communications,

Inc.,

4.78%,

02/15/35(b)

309,666‌

607,977‌

Consumer

Discretionary

-

1.5%

310,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

290,038‌

200,000‌

Ford

Motor

Credit

Co.,

LLC,

5.80%,

03/08/29

198,041‌

330,000‌

McDonald's

Corp.,

2.13%,

03/01/30

294,039‌

30,000‌

Newell

Brands,

Inc.,

5.70%,

04/01/26

29,963‌

50,000‌

Starbucks

Corp.,

2.00%,

03/12/27

47,718‌

335,000‌

The

Walt

Disney

Co.,

2.65%,

01/13/31

302,638‌

1,162,437‌

Consumer

Staples

-

0.8%

300,000‌

Mars,

Inc.,

4.80%,

03/01/30(b)

301,716‌

115,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27(b)

111,460‌

250,000‌

The

Campbell's

Co.,

2.38%,

04/24/30

223,261‌

636,437‌

Energy

-

0.3%

245,000‌

Energy

Transfer

LP,

4.95%,

05/15/28

246,695‌

Financials

-

4.3%

345,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32(d)

303,651‌

326,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

283,785‌

245,000‌

Citigroup,

Inc.,

4.91%,

05/24/33(d)

240,247‌

60,000‌

Citigroup,

Inc.,

3.89%,

01/10/28(d)

59,260‌

250,000‌

Enact

Holdings,

Inc.,

6.25%,

05/28/29

256,503‌

350,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

308,324‌

340,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30(d)

311,984‌

150,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

143,012‌

285,000‌

Morgan

Stanley,

4.89%,

07/20/33(d)

280,771‌

225,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

204,626‌

175,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65(d)(f)

174,379‌

330,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33(d)

290,845‌

210,000‌

U.S.

Bancorp,

4.84%,

02/01/34(d)

204,058‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

BALANCED

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

22

Principal

Amount

Security

Description

Value

$

345,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31(d)

$

310,940‌

3,372,385‌

Health

Care

-

0.1%

125,000‌

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

107,507‌

Industrials

-

1.6%

310,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

273,055‌

230,000‌

BMW

Finance

NV,

2.85%,

08/14/29(b)

212,577‌

150,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

149,814‌

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

252,099‌

175,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

172,940‌

285,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

239,470‌

1,299,955‌

Information

Technology

-

1.7%

170,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

148,494‌

305,000‌

eBay,

Inc.,

3.60%,

06/05/27

299,273‌

225,000‌

Oracle

Corp.,

2.30%,

03/25/28

211,339‌

328,000‌

QUALCOMM,

Inc.,

2.15%,

05/20/30

293,972‌

55,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30(b)

46,542‌

345,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

310,793‌

1,310,413‌

Utilities

-

0.4%

300,000‌

Exelon

Corp.,

5.13%,

03/15/31

303,323‌

Total

Corporate

Bonds

(Cost

$9,417,051)

9,047,129‌

Government

&

Agency

Obligations

-

15.2%

GOVERNMENT

SECURITIES

-

14.5%

Municipals

-

0.0%

50,000‌

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

45,540‌

Treasury

Inflation

Index

Securities

-

0.4%

284,565‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28(g)

285,132‌

U.S.

Treasury

Securities

-

14.1%

1,485,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

1,440,508‌

3,375,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

3,010,737‌

3,520,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

3,056,625‌

1,670,000‌

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

1,636,731‌

405,000‌

U.S.

Treasury

Note/Bond,

4.25%,

11/15/34

406,202‌

1,495,000‌

U.S.

Treasury

Note/Bond,

4.25%,

02/28/29

1,512,520‌

11,063,323‌

Principal

Amount

Security

Description

Value

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

0.7%

Federal

Home

Loan

Mortgage

Corp.

-

0.3%

$

31,987‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54(e)

$

31,552‌

4,831‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

4,812‌

240,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

217,997‌

254,361‌

Federal

National

Mortgage

Association

-

0.3%

149,264‌

Federal

National

Mortgage

Association,

6.83%,

07/25/32(d)

156,023‌

4,650‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

4,608‌

65,146‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29(d)

63,926‌

224,557‌

Government

National

Mortgage

Association

-

0.1%

61,378‌

Government

National

Mortgage

Association,

3.50%,

01/20/69(d)

59,477‌

Total

Government

&

Agency

Obligations

(Cost

$12,024,489)

11,932,390‌

Shares

Security

Description

Value

Short-Term

Investments

-

3.7%

Investment

Company

-

3.7%

2,871,142‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.22%(h)

2,871,142‌

Total

Short-Term

Investments

(Cost

$2,871,142)

2,871,142‌

Investments,

at

value

-

99.9%

(Cost

$55,160,916)

78,485,958‌

Other

assets

in

excess

of

liabilities

-

0.1%

87,452‌

NET

ASSETS

-

100.0%

$

78,573,410‌

(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,

2025,

the

aggregate

value

of

these

liquid

securities

were

$9,245,042

or

11.8%

of

net

assets.

(c)

Floating

rate

security.

Rate

presented

is

as

of

March

31,

2025.

(d)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

March

31,

2025.

(e)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

March

31,

2025.

(f)

Perpetual

maturity

security.

(g)

U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

(h)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2025.

CLO

Collateralized

Loan

Obligation

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

BALANCED

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

23

LLC

Limited

Liability

Company

LP

Limited

Partnership

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

SMALL/MID

CAP

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

24

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2025.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

98.9%

Communication

Services

-

1.4%

2,945‌

Nexstar

Media

Group,

Inc.,

Class A

$

527,803‌

Consumer

Discretionary

-

14.0%

4,985‌

Burlington

Stores,

Inc.(a)

1,188,075‌

1,078‌

Domino's

Pizza,

Inc.

495,287‌

3,927‌

Dorman

Products,

Inc.(a)

473,361‌

9,759‌

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

1,135,557‌

1,540‌

TopBuild

Corp.(a)

469,623‌

16,592‌

Tractor

Supply

Co.

914,219‌

7,025‌

Wyndham

Hotels

&

Resorts,

Inc.

635,833‌

5,311,955‌

Consumer

Staples

-

4.0%

2,310‌

Casey's

General

Stores,

Inc.

1,002,632‌

3,022‌

Lancaster

Colony

Corp.

528,850‌

1,531,482‌

Energy

-

4.8%

16,977‌

Northern

Oil

&

Gas,

Inc.

513,215‌

57,820‌

Permian

Resources

Corp.

800,807‌

16,919‌

SM

Energy

Co.

506,724‌

1,820,746‌

Financials

-

17.9%

16,418‌

Atlantic

Union

Bankshares

Corp.

511,257‌

4,756‌

Brown

&

Brown,

Inc.

591,646‌

5,640‌

Cullen/Frost

Bankers,

Inc.

706,128‌

520‌

Markel

Group,

Inc.(a)

972,197‌

11,722‌

Moelis

&

Co.,

Class A

684,096‌

8,835‌

Selective

Insurance

Group,

Inc.

808,756‌

9,104‌

SouthState

Corp.

845,033‌

11,683‌

Stifel

Financial

Corp.

1,101,240‌

5,505‌

UMB

Financial

Corp.

556,555‌

6,776,908‌

Health

Care

-

10.0%

15,822‌

AMN

Healthcare

Services,

Inc.(a)

387,006‌

17,766‌

Enovis

Corp.(a)

678,839‌

3,445‌

ICON

PLC(a)

602,841‌

5,524‌

Integer

Holdings

Corp.(a)

651,887‌

1,829‌

Molina

Healthcare,

Inc.(a)

602,454‌

8,103‌

Revvity,

Inc.

857,298‌

3,780,325‌

Industrials

-

21.3%

3,234‌

Broadridge

Financial

Solutions,

Inc.

784,116‌

2,021‌

CACI

International,

Inc.,

Class A(a)

741,545‌

2,271‌

Carlisle

Cos.,

Inc.

773,275‌

6,794‌

EnerSys

622,195‌

4,061‌

Enpro,

Inc.

657,029‌

21,019‌

ExlService

Holdings,

Inc.(a)

992,307‌

8,642‌

Fortune

Brands

Innovations,

Inc.

526,125‌

5,235‌

Franklin

Electric

Co.,

Inc.

491,462‌

7,179‌

ICF

International,

Inc.

610,000‌

2,791‌

Lincoln

Electric

Holdings,

Inc.

527,946‌

10,817‌

Robert

Half,

Inc.

590,067‌

Shares

Security

Description

Value

25,118‌

Tetra

Tech,

Inc.

$

734,701‌

8,050,768‌

Information

Technology

-

12.9%

8,219‌

Ambarella,

Inc.(a)

413,662‌

9,066‌

Blackbaud,

Inc.(a)

562,545‌

8,180‌

Diodes,

Inc.(a)

353,131‌

3,619‌

Littelfuse,

Inc.

712,002‌

5,832‌

MKS

Instruments,

Inc.

467,435‌

4,138‌

Onto

Innovation,

Inc.(a)

502,105‌

11,433‌

Power

Integrations,

Inc.

577,367‌

4,850‌

PTC,

Inc.(a)

751,507‌

4,369‌

Qualys,

Inc.(a)

550,188‌

4,889,942‌

Materials

-

3.6%

3,792‌

Balchem

Corp.

629,472‌

6,333‌

RPM

International,

Inc.

732,601‌

1,362,073‌

Real

Estate

-

6.5%

11,221‌

Agree

Realty

Corp.

REIT

866,149‌

3,426‌

Jones

Lang

LaSalle,

Inc.(a)

849,340‌

6,602‌

Lamar

Advertising

Co.,

Class A

REIT

751,175‌

2,466,664‌

Utilities

-

2.5%

8,180‌

IDACORP,

Inc.

950,680‌

Total

Common

Stocks

(Cost

$38,469,532)

37,469,346‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.2%

Investment

Company

-

1.2%

460,548‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.22%(b)

460,548‌

Total

Short-Term

Investments

(Cost

$460,548)

460,548‌

Investments,

at

value

-

100.1%

(Cost

$38,930,080)

37,929,894‌

Other

liabilities

in

excess

of

assets

-

(0.1)%

(27,501‌)

NET

ASSETS

-

100.0%

$

37,902,393‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

SMALL

COMPANY

FUND

Annual

Report

2025

See

accompanying

Notes

to

Financial

Statements.

25

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2025.

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

97.4%

Consumer

Discretionary

-

13.4%

156,533‌

Acushnet

Holdings

Corp.

$

10,747,556‌

104,660‌

Boot

Barn

Holdings,

Inc.(a)

11,243,624‌

89,699‌

Dorman

Products,

Inc.(a)

10,812,317‌

132,361‌

LGI

Homes,

Inc.(a)

8,798,036‌

162,543‌

Monarch

Casino

&

Resort,

Inc.

12,637,718‌

158,820‌

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

18,480,295‌

181,555‌

Patrick

Industries,

Inc.

15,352,291‌

88,071,837‌

Consumer

Staples

-

1.1%

508,732‌

Utz

Brands,

Inc.

7,162,947‌

Energy

-

4.0%

400,838‌

Northern

Oil

&

Gas,

Inc.

12,117,333‌

377,370‌

SM

Energy

Co.

11,302,231‌

149,708‌

Vital

Energy,

Inc.(a)

3,176,804‌

26,596,368‌

Financials

-

18.9%

403,092‌

Atlantic

Union

Bankshares

Corp.

12,552,285‌

188,610‌

Cass

Information

Systems,

Inc.

8,157,383‌

170,187‌

Mercantile

Bank

Corp.

7,392,923‌

250,022‌

Moelis

&

Co.,

Class A

14,591,284‌

270,470‌

Origin

Bancorp,

Inc.

9,377,195‌

387,739‌

Seacoast

Banking

Corp.

of

Florida

9,976,524‌

181,228‌

Selective

Insurance

Group,

Inc.

16,589,611‌

194,686‌

Stewart

Information

Services

Corp.

13,890,846‌

279,094‌

The

Baldwin

Insurance

Group,

Inc.,

Class A(a)

12,472,711‌

113,219‌

UMB

Financial

Corp.

11,446,441‌

86,956‌

Walker

&

Dunlop,

Inc.

7,422,564‌

123,869,767‌

Health

Care

-

11.0%

137,088‌

Addus

HomeCare

Corp.(a)

13,556,632‌

294,533‌

AMN

Healthcare

Services,

Inc.(a)

7,204,277‌

398,198‌

Avanos

Medical,

Inc.(a)

5,706,177‌

358,536‌

Enovis

Corp.(a)

13,699,661‌

165,287‌

Integer

Holdings

Corp.(a)

19,505,519‌

238,981‌

Simulations

Plus,

Inc.

5,859,814‌

203,506‌

Supernus

Pharmaceuticals,

Inc.(a)

6,664,822‌

72,196,902‌

Industrials

-

21.8%

69,773‌

Alamo

Group,

Inc.

12,434,246‌

39,199‌

CSW

Industrials,

Inc.

11,427,292‌

136,215‌

EnerSys

12,474,570‌

106,097‌

Enpro,

Inc.

17,165,434‌

106,751‌

ESCO

Technologies,

Inc.

16,986,219‌

286,803‌

ExlService

Holdings,

Inc.(a)

13,539,970‌

102,243‌

Franklin

Electric

Co.,

Inc.

9,598,573‌

135,666‌

ICF

International,

Inc.

11,527,540‌

283,602‌

Kforce,

Inc.

13,865,302‌

209,124‌

Korn

Ferry

14,184,881‌

Shares

Security

Description

Value

498,741‌

NV5

Global,

Inc.(a)

$

9,610,739‌

142,814,766‌

Information

Technology

-

13.3%

110,605‌

Advanced

Energy

Industries,

Inc.

10,541,763‌

139,547‌

Ambarella,

Inc.(a)

7,023,401‌

301,176‌

Benchmark

Electronics,

Inc.

11,453,723‌

165,483‌

Blackbaud,

Inc.(a)

10,268,220‌

338,106‌

Cohu,

Inc.(a)

4,973,539‌

181,032‌

CTS

Corp.

7,521,880‌

231,490‌

Diodes,

Inc.(a)

9,993,423‌

299,838‌

LiveRamp

Holdings,

Inc.(a)

7,837,765‌

182,927‌

Power

Integrations,

Inc.

9,237,813‌

755,095‌

Viavi

Solutions,

Inc.(a)

8,449,513‌

87,301,040‌

Materials

-

3.4%

77,352‌

Balchem

Corp.

12,840,432‌

159,865‌

Kaiser

Aluminum

Corp.

9,691,016‌

22,531,448‌

Real

Estate

-

7.0%

95,971‌

Agree

Realty

Corp.

REIT

7,408,001‌

318,031‌

CareTrust

REIT,

Inc.

9,089,326‌

386,890‌

Marcus

&

Millichap,

Inc.

13,328,361‌

533,819‌

NETSTREIT

Corp.

REIT

8,461,031‌

784,298‌

Sunstone

Hotel

Investors,

Inc.

REIT

7,380,244‌

45,666,963‌

Utilities

-

3.5%

78,528‌

Chesapeake

Utilities

Corp.

10,085,351‌

112,239‌

IDACORP,

Inc.

13,044,417‌

23,129,768‌

Total

Common

Stocks

(Cost

$496,970,942)

639,341,806‌

Shares

Security

Description

Value

Short-Term

Investments

-

2.5%

Investment

Company

-

2.5%

16,524,400‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.22%(b)

16,524,400‌

Total

Short-Term

Investments

(Cost

$16,524,400)

16,524,400‌

Investments,

at

value

-

99.9%

(Cost

$513,495,342)

655,866,206‌

Other

assets

in

excess

of

liabilities

-

0.1%

502,241‌

NET

ASSETS

-

100.0%

$

656,368,447‌

Annual

Report

2025

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2025

26

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Assets:

Investments,

at

cost

$

227,817,962‌

Unrealized

appreciation

(depreciation)

of

investments

43,754‌

Total

investments,

at

value

227,861,716‌

Receivable

for

capital

shares

issued

66,521‌

Receivable

for

investments

sold

710,249‌

Interest

and

dividends

receivable

1,255,034‌

Receivable

from

investment

advisor

–‌

Prepaid

expenses

16,642‌

Total

Assets

229,910,162‌

Liabilities:

Distributions

payable

409,404‌

Payable

for

investments

purchased

1,896,235‌

Payable

for

capital

shares

redeemed

300,595‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

43,706‌

Administration

fees

payable

to

non-related

parties

9,556‌

Administration

fees

payable

to

related

parties

13,486‌

Shareholder

service

fees

891‌

Other

fees

53,971‌

Total

Liabilities

2,727,844‌

Net

Assets

$

227,182,318‌

Composition

of

Net

Assets:

Paid-In

Capital

$

235,798,068‌

Distributable

earnings

(8,615,750‌)

Net

Assets

$

227,182,318‌

Institutional

Class:

Net

assets

4,372,191‌

Shares

of

beneficial

interest

(See

note

5

)

482,271‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.07‌

Institutional

Plus

Class:

Net

assets

222,810,127‌

Shares

of

beneficial

interest

(See

note

5

)

24,500,296‌

Net

asset

value,

offering

and

redemption

price

per

share

$

9.09‌

Annual

Report

2025

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2025

27

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

181,839,634‌

$

52,396,758‌

$

55,160,916‌

$

38,930,080‌

$

513,495,342‌

(10,020,687‌)

(2,150,616‌)

23,325,042‌

(1,000,186‌)

142,370,864‌

171,818,947‌

50,246,142‌

78,485,958‌

37,929,894‌

655,866,206‌

37,229‌

23,900‌

34,324‌

111,398‌

767,756‌

–‌

204,438‌

–‌

–‌

–‌

924,165‌

500,419‌

173,057‌

20,194‌

806,504‌

–‌

2,741‌

–‌

–‌

–‌

14,691‌

3,921‌

9,181‌

3,533‌

56,808‌

172,795,032‌

50,981,561‌

78,702,520‌

38,065,019‌

657,497,274‌

274,766‌

62,629‌

–‌

–‌

–‌

409,222‌

268,485‌

50,916‌

106,873‌

–‌

226,768‌

31,720‌

–‌

17‌

553,116‌

25,827‌

–‌

20,272‌

18,208‌

410,576‌

7,248‌

2,141‌

3,363‌

1,602‌

28,245‌

10,229‌

3,021‌

4,747‌

2,261‌

39,863‌

639‌

–‌

4,465‌

8‌

8,734‌

48,373‌

37,847‌

45,347‌

33,657‌

88,293‌

1,003,072‌

405,843‌

129,110‌

162,626‌

1,128,827‌

$

171,791,960‌

$

50,575,718‌

$

78,573,410‌

$

37,902,393‌

$

656,368,447‌

$

191,356,856‌

$

53,781,596‌

$

52,672,837‌

$

39,128,312‌

$

487,740,984‌

(19,564,896‌)

(3,205,878‌)

25,900,573‌

(1,225,919‌)

168,627,463‌

$

171,791,960‌

$

50,575,718‌

$

78,573,410‌

$

37,902,393‌

$

656,368,447‌

2,015,689‌

–‌

26,384,711‌

426,283‌

39,483,532‌

218,183‌

–‌

1,356,867‌

27,095‌

1,418,587‌

$

9.24‌

$

–‌

$

19.45‌

$

15.73‌

$

27.83‌

169,776,271‌

50,575,718‌

52,188,699‌

37,476,110‌

616,884,915‌

18,384,178‌

5,585,995‌

2,734,779‌

2,383,167‌

22,008,763‌

$

9.23‌

$

9.05‌

$

19.08‌

$

15.73‌

$

28.03‌

Annual

Report

2025

Statements

of

Operations

For

the

Year

Ended

March

31,

2025

28

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

Investment

Income:

Interest

$

9,863,922‌

Dividend

99,939‌

Total

Income

9,963,861‌

Expenses:

Investment

advisory

fees

(Note

3)

1,100,095‌

Administration

fees

262,119‌

Shareholder

service

fees

-

Institutional

Class

9,746‌

Custodian

fees

20,110‌

Chief

compliance

officer

fees

19,138‌

Director

fees

21,395‌

Registration

and

filing

fees

7,657‌

Transfer

agent

fees

57,299‌

Other

Fees

157,757‌

Total

expenses

before

waivers

1,655,316‌

Expenses

waived

by

adviser

(Note

3)

(657,356‌)

Total

Expenses

997,960‌

Net

Investment

Income

(Loss)

8,965,901‌

Realized

and

Unrealized

Gain

(Loss)

On

Investments:

Net

realized

gain

(loss)

on

investments

transactions

(555,266‌)

Change

in

unrealized

appreciation

(depreciation)

on

investments

4,456,950‌

Net

realized

and

unrealized

gain

(loss)

on

investments

3,901,684‌

Net

increase

(decrease)

in

net

assets

from

operations

$

12,867,585‌

Annual

Report

2025

Statements

of

Operations

For

the

Year

Ended

March

31,

2025

29

See

accompanying

Notes

to

Financial

Statements.

INCOME

FUND

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

$

6,749,531‌

$

1,423,117‌

$

1,132,098‌

$

–‌

$

–‌

61,559‌

34,866‌

754,312‌

315,201‌

10,195,902‌

6,811,090‌

1,457,983‌

1,886,410‌

315,201‌

10,195,902‌

1,019,132‌

212,372‌

627,119‌

203,362‌

6,413,277‌

202,356‌

63,252‌

99,608‌

28,485‌

898,699‌

2,563‌

–‌

50,476‌

92‌

104,579‌

16,221‌

4,999‌

8,007‌

5,247‌

58,163‌

14,794‌

4,550‌

7,200‌

2,252‌

64,067‌

16,559‌

5,191‌

8,086‌

2,024‌

73,608‌

9,656‌

2,077‌

8,390‌

8,062‌

32,760‌

52,138‌

20,365‌

47,400‌

33,073‌

227,387‌

127,597‌

100,482‌

119,942‌

56,908‌

198,535‌

1,461,016‌

413,288‌

976,228‌

339,505‌

8,071,075‌

(626,723‌)

(175,601‌)

(286,573‌)

(124,516‌)

(761,362‌)

834,293‌

237,687‌

689,655‌

214,989‌

7,309,713‌

5,976,797‌

1,220,296‌

1,196,755‌

100,212‌

2,886,189‌

(1,104,954‌)

(213,221‌)

4,885,559‌

285,185‌

45,178,740‌

3,682,813‌

(293,846‌)

(2,032,570‌)

(4,503,243‌)

(67,827,996‌)

2,577,859‌

(507,067‌)

2,852,989‌

(4,218,058‌)

(22,649,256‌)

$

8,554,656‌

$

713,229‌

$

4,049,744‌

$

(4,117,846‌)

$

(19,763,067‌)

Annual

Report

2025

Statements

of

Changes

in

Net

Assets

30

See

accompanying

Notes

to

Financial

Statements.

SHORT-INTERMEDIATE

BOND

FUND

INCOME

FUND

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2024

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2024

Operations:

Net

investment

income

$

8,965,901‌

$

7,319,630‌

$

5,976,797‌

$

5,648,213‌

Net

realized

gain

(loss)

on

investment

transactions

(555,266‌)

(3,543,498‌)

(1,104,954‌)

(5,035,741‌)

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

4,456,950‌

5,850,428‌

3,682,813‌

2,721,489‌

Net

increase

(decrease)

in

net

assets

from

operations

12,867,585‌

9,626,560‌

8,554,656‌

3,333,961‌

Distributions

to

Shareholders:

Institutional

Class

(185,449‌)

(151,608‌)

(64,532‌)

(70,722‌)

Institutional

Plus

Class

(8,826,270‌)

(6,123,097‌)

(5,581,167‌)

(5,329,088‌)

Change

in

net

assets

from

distributions

to

shareholders

(9,011,719‌)

(6,274,705‌)

(5,645,699‌)

(5,399,810‌)

Capital

Transactions:

Proceeds

from

shares

issued

Institutional

Class

117,639‌

42,033‌

121,931‌

85,384‌

Institutional

Plus

Class

32,721,721‌

43,046,171‌

23,023,731‌

40,630,338‌

Proceeds

from

dividends

reinvested

Institutional

Class

151,166‌

114,437‌

63,985‌

70,682‌

Institutional

Plus

Class

3,799,784‌

2,067,046‌

2,129,531‌

1,477,689‌

Cost

of

shares

redeemed

Institutional

Class

(1,233,701‌)

(831,632‌)

(414,432‌)

(480,638‌)

Institutional

Plus

Class

(29,777,860‌)

(82,149,451‌)

(26,374,358‌)

(75,956,643‌)

Change

in

net

assets

from

capital

transactions

5,778,749‌

(37,711,396‌)

(1,449,612‌)

(34,173,188‌)

Change

in

net

assets

9,634,615‌

(34,359,541‌)

1,459,345‌

(36,239,037‌)

Net

Assets:

Beginning

of

Year

217,547,703‌

251,907,244‌

170,332,615‌

206,571,652‌

End

of

Year

$

227,182,318‌

$

217,547,703‌

$

171,791,960‌

$

170,332,615‌

Share

Transactions

Institutional

Class:

Shares

issued

13,061‌

4,779‌

13,335‌

9,620‌

Shares

reinvested

16,778‌

13,003‌

6,994‌

7,865‌

Shares

redeemed

(136,577‌)

(95,198‌)

(45,616‌)

(53,511‌)

Change

in

shares

(106,738‌)

(77,416‌)

(25,287‌)

(36,026‌)

Share

Transactions

Institutional

Plus

Class:

Shares

issued

3,620,664‌

4,875,990‌

2,522,562‌

4,520,352‌

Shares

reinvested

420,305‌

233,954‌

232,609‌

164,200‌

Shares

redeemed

(3,299,039‌)

(9,329,215‌)

(2,886,011‌)

(8,414,254‌)

Change

in

shares

741,930‌

(4,219,271‌)

(130,840‌)

(3,729,702‌)

Annual

Report

2025

Statements

of

Changes

in

Net

Assets

31

See

accompanying

Notes

to

Financial

Statements.

NEBRASKA

TAX-FREE

FUND

BALANCED

FUND

SMALL/MID

CAP

FUND

SMALL

COMPANY

FUND

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2024

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2024

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2024

For

the

Year

Ended

March

31,

2025

For

the

Year

Ended

March

31,

2024

$

1,220,296‌

$

1,138,863‌

$

1,196,755‌

$

1,100,652‌

$

100,212‌

$

31,879‌

$

2,886,189‌

$

3,057,471‌

(213,221‌)

(379,728‌)

4,885,559‌

3,012,721‌

285,185‌

(285,638‌)

45,178,740‌

41,649,370‌

(293,846‌)

(165,759‌)

(2,032,570‌)

8,986,669‌

(4,503,243‌)

2,585,030‌

(67,827,996‌)

63,814,346‌

713,229‌

593,376‌

4,049,744‌

13,100,042‌

(4,117,846‌)

2,331,271‌

(19,763,067‌)

108,521,187‌

–‌

–‌

(1,396,625‌)

(1,777,891‌)

–‌

–‌

(2,792,847‌)

(1,383,666‌)

(1,203,214‌)

(1,139,235‌)

(2,854,033‌)

(2,813,362‌)

(51,220‌)

(35,171‌)

(47,888,708‌)

(21,066,694‌)

(1,203,214‌)

(1,139,235‌)

(4,250,658‌)

(4,591,253‌)

(51,220‌)

(35,171‌)

(50,681,555‌)

(22,450,360‌)

–‌

–‌

612,375‌

3,116,777‌

6,444‌

19,800‌

5,152,924‌

8,394,511‌

9,220,816‌

12,358,621‌

5,802,850‌

5,816,007‌

31,414,536‌

1,114,892‌

148,242,126‌

173,827,761‌

–‌

–‌

1,289,899‌

1,634,028‌

–‌

–‌

2,420,384‌

1,233,870‌

486,655‌

350,879‌

2,495,079‌

2,430,852‌

9,200‌

17,020‌

25,784,299‌

10,061,250‌

–‌

–‌

(7,982,258‌)

(5,913,923‌)

(56,785‌)

(8,380‌)

(17,770,888‌)

(13,890,885‌)

(13,855,148‌)

(14,068,084‌)

(6,667,975‌)

(4,522,171‌)

(3,154,276‌)

(3,998,525‌)

(192,996,008‌)

(195,641,468‌)

(4,147,677‌)

(1,358,584‌)

(4,450,030‌)

2,561,570‌

28,219,119‌

(2,855,193‌)

(29,167,163‌)

(16,014,961‌)

(4,637,662‌)

(1,904,443‌)

(4,650,944‌)

11,070,359‌

24,050,053‌

(559,093‌)

(99,611,785‌)

70,055,866‌

55,213,380‌

57,117,823‌

83,224,354‌

72,153,995‌

13,852,340‌

14,411,433‌

755,980,232‌

685,924,366‌

$

50,575,718‌

$

55,213,380‌

$

78,573,410‌

$

83,224,354‌

$

37,902,393‌

$

13,852,340‌

$

656,368,447‌

$

755,980,232‌

–‌

–‌

30,500‌

171,742‌

389‌

1,398‌

164,275‌

298,306‌

–‌

–‌

63,113‌

89,274‌

–‌

–‌

75,074‌

42,241‌

–‌

–‌

(394,061‌)

(320,845‌)

(3,464‌)

(589‌)

(571,689‌)

(503,609‌)

–‌

–‌

(300,448‌)

(59,829‌)

(3,075‌)

809‌

(332,340‌)

(163,062‌)

1,011,304‌

1,360,833‌

292,130‌

320,734‌

1,761,239‌

77,465‌

4,725,483‌

6,178,672‌

53,470‌

38,876‌

124,418‌

134,916‌

512‌

1,105‌

794,585‌

342,219‌

(1,520,070‌)

(1,569,427‌)

(335,180‌)

(250,293‌)

(187,938‌)

(289,285‌)

(6,222,988‌)

(6,972,793‌)

(455,296‌)

(169,718‌)

81,368‌

205,357‌

1,573,813‌

(210,715‌)

(702,920‌)

(451,902‌)

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2025

32

See

accompanying

Notes

to

Financial

Statements.

Investment

Activities

Ratios/Supplemental

Data

Distributions

to

Shareholders

from:

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

Total

from

Investment

Operations

Net

Investment

Income

Net

Realized

Gains

on

Investments

Net

Asset

Value,

End

of

Period

Total

Return

Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Expense

to

Average

Net

Assets

(b)

Portfolio

Turnover

SHORT-INTERMEDIATE

BOND

FUND

Institutional

Class

03/31/25

$

8.91‌

$

0.35‌

$

0.16‌

$

0.51‌

$

(0.31‌)

$

(0.04‌)

$

9.07‌

5.81‌

%

$

4,372‌

0.66‌

%

3.86‌

%

1.44‌

%

42‌

%

03/31/24

8.77‌

0.29‌

0.09‌

0.38‌

(0.24‌)

(0.00‌)

(c)

8.91‌

4.45‌

5,247‌

0.64‌

3.26‌

1.33‌

48‌

03/31/23

9.00‌

0.18‌

(0.20‌)

(0.02‌)

(0.19‌)

(0.02‌)

8.77‌

(0.13‌)

5,843‌

0.65‌

2.00‌

1.28‌

35‌

03/31/22

9.42‌

0.10‌

(0.36‌)

(0.26‌)

(0.15‌)

(0.01‌)

9.00‌

(2.80‌)

7,873‌

0.65‌

1.07‌

1.09‌

40‌

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

Institutional

Plus

Class

03/31/25

8.94‌

0.37‌

0.15‌

0.52‌

(0.33‌)

(0.04‌)

9.09‌

5.91‌

222,810‌

0.45‌

4.07‌

0.74‌

42‌

03/31/24

8.80‌

0.30‌

0.10‌

0.40‌

(0.26‌)

(0.00‌)

(c)

8.94‌

4.64‌

212,301‌

0.46‌

3.45‌

0.73‌

48‌

03/31/23

9.03‌

0.19‌

(0.19‌)

0.00‌

(0.21‌)

(0.02‌)

8.80‌

0.05‌

246,064‌

0.48‌

2.17‌

0.74‌

35‌

03/31/22

9.45‌

0.12‌

(0.36‌)

(0.24‌)

(0.17‌)

(0.01‌)

9.03‌

(2.64‌)

213,443‌

0.49‌

1.23‌

0.72‌

40‌

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

INCOME

FUND

Institutional

Class

03/31/25

9.08‌

0.30‌

0.15‌

0.45‌

(0.28‌)

(0.01‌)

9.24‌

5.06‌

2,016‌

0.

61‌

3.3

9‌

2.

16‌

16‌

03/31/24

9.17‌

0.29‌

(0.10‌)

0.19‌

(0.27‌)

(0.01‌)

9.08‌

2.10‌

2,211‌

0.64‌

3.20‌

1.95‌

33‌

03/31/23

9.91‌

0.25‌

(0.73‌)

(0.48‌)

(0.25‌)

(0.01‌)

9.17‌

—‌

2,564‌

0.63‌

2.67‌

1.79‌

27‌

03/31/22

10.56‌

0.18‌

(0.58‌)

(0.40‌)

(0.24‌)

(0.01‌)

9.91‌

(3.92‌)

3,025‌

0.66‌

1.75‌

1.56‌

28‌

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

Institutional

Plus

Class

03/31/25

9.08‌

0.32‌

0.13‌

0.45‌

(0.29‌)

(0.01‌)

9.23‌

5.08‌

169,776‌

0.49‌

3.51‌

0.84‌

16‌

03/31/24

9.17‌

0.30‌

(0.10‌)

0.20‌

(0.28‌)

(0.01‌)

9.08‌

2.25‌

168,121‌

0.49‌

3.35‌

0.84‌

33‌

03/31/23

9.91‌

0.26‌

(0.73‌)

(0.47‌)

(0.26‌)

(0.01‌)

9.17‌

—‌

204,008‌

0.51‌

2.79‌

0.85‌

27‌

03/31/22

10.56‌

0.20‌

(0.59‌)

(0.39‌)

(0.25‌)

(0.01‌)

9.91‌

(3.80‌)

173,910‌

0.53‌

1.88‌

0.83‌

28‌

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

NEBRASKA

TAX-FREE

FUND

Institutional

Plus

Class

03/31/25

9.14‌

0.21‌

(0.09‌)

0.12‌

(0.21‌)

—‌

9.05‌

1.28‌

50,576‌

0.45‌

2.29‌

0.78‌

18‌

03/31/24

9.20‌

0.19‌

(0.06‌)

0.13‌

(0.19‌)

—‌

9.14‌

1.44‌

55,213‌

0.45‌

2.08‌

0.75‌

17‌

03/31/23

9.29‌

0.17‌

(0.09‌)

0.08‌

(0.17‌)

—‌

9.20‌

0.91‌

57,118‌

0.44‌

1.87‌

0.74‌

19‌

03/31/22

9.86‌

0.15‌

(0.56‌)

(0.41‌)

(0.15‌)

(0.01‌)

9.29‌

(4.17‌)

63,631‌

0.45‌

1.57‌

0.68‌

11‌

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

BALANCED

FUND

Institutional

Class

03/31/25

19.51‌

0.27‌

0.68‌

0.95‌

(0.26‌)

(0.75‌)

19.45‌

4.65‌

26,385‌

0.93‌

1.32‌

1.32‌

22‌

03/31/24

17.48‌

0.24‌

2.86‌

3.10‌

(0.23‌)

(0.84‌)

19.51‌

18.18‌

32,335‌

0.95‌

1.32‌

1.31‌

19‌

03/31/23

19.37‌

0.18‌

(1.13‌)

(0.95‌)

(0.16‌)

(0.78‌)

17.48‌

(4.63‌)

30,017‌

0.96‌

1.00‌

1.31‌

22‌

03/31/22

19.66‌

0.10‌

1.28‌

1.38‌

(0.10‌)

(1.57‌)

19.37‌

6.65‌

34,743‌

1.00‌

0.48‌

1.28‌

23‌

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

Institutional

Plus

Class

03/31/25

19.18‌

0.30‌

0.66‌

0.96‌

(0.31‌)

(0.75‌)

19.08‌

4.78‌

52,189‌

0.76‌

1.49‌

1.08‌

22‌

03/31/24

17.21‌

0.27‌

2.82‌

3.09‌

(0.28‌)

(0.84‌)

19.18‌

18.41‌

50,890‌

0.77‌

1.49‌

1.07‌

19‌

03/31/23

19.10‌

0.20‌

(1.10‌)

(0.90‌)

(0.21‌)

(0.78‌)

17.21‌

(4.46‌)

42,137‌

0.79‌

1.17‌

1.08‌

22‌

03/31/22

19.43‌

0.14‌

1.25‌

1.39‌

(0.15‌)

(1.57‌)

19.10‌

6.79‌

45,049‌

0.81‌

0.67‌

1.03‌

23‌

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

Financial

Highlights

For

a

Share

Outstanding

Annual

Report

2025

33

See

accompanying

Notes

to

Financial

Statements.

Investment

Activities

Ratios/Supplemental

Data

Distributions

to

Shareholders

from:

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

Total

from

Investment

Operations

Net

Investment

Income

Net

Realized

Gains

on

Investments

Net

Asset

Value,

End

of

Period

Total

Return

Net

Assets,

End

of

Period

(000's)

Expense

to

Average

Net

Assets

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Expense

to

Average

Net

Assets

(b)

Portfolio

Turnover

SMALL/MID

CAP

FUND

Institutional

Class

03/31/25

$

16.49‌

$

0.07‌

$

(0.83‌)

$

(0.76‌)

$

—‌

$

—‌

$

15.73‌

(4.61‌)

%

$

426‌

0.92‌

%

0.40‌

%

5.50‌

%

25‌

%

03/31/24

13.69‌

0.03‌

2.77‌

2.80‌

—‌

—‌

16.49‌

20.45‌

498‌

0.93‌

0.22‌

5.71‌

23‌

03/31/23

14.89‌

0.04‌

(1.00‌)

(0.96‌)

—‌

(0.24‌)

13.69‌

(6.45‌)

402‌

0.92‌

0.28‌

5.92‌

24‌

03/31/22

13.83‌

0.01‌

1.60‌

1.61‌

—‌

(0.55‌)

14.89‌

11.58‌

296‌

0.95‌

0.04‌

33.98‌

22‌

03/31/21

8.01‌

0.00‌

5.82‌

5.82‌

—‌

—‌

13.83‌

72.66‌

36‌

1.19‌

(0.01‌)

77.98‌

28‌

Institutional

Plus

Class

03/31/25

16.50‌

0.07‌

(0.82‌)

(0.75‌)

(0.02‌)

—‌

15.73‌

(4.54‌)

37,476‌

0.90‌

0.42‌

1.34‌

25‌

03/31/24

13.73‌

0.04‌

2.77‌

2.81‌

(0.04‌)

—‌

16.50‌

20.51‌

13,355‌

0.90‌

0.26‌

1.62‌

23‌

03/31/23

14.95‌

0.04‌

(1.01‌)

(0.97‌)

(0.01‌)

(0.24‌)

13.73‌

(6.49‌)

14,009‌

0.91‌

0.30‌

1.76‌

24‌

03/31/22

13.86‌

0.01‌

1.63‌

1.64‌

—‌

(0.55‌)

14.95‌

11.77‌

7,494‌

0.95‌

0.04‌

2.12‌

22‌

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

SMALL

COMPANY

FUND

Institutional

Class

03/31/25

30.70‌

0.05‌

(0.89‌)

(0.84‌)

—‌

(2.03‌)

27.83‌

(3.64‌)

39,484‌

1.18‌

0.17‌

1.37‌

29‌

03/31/24

27.16‌

0.07‌

4.31‌

4.38‌

(0.06‌)

(0.78‌)

30.70‌

16.26‌

53,758‌

1.17‌

0.24‌

1.34‌

27‌

03/31/23

31.88‌

0.09‌

(1.27‌)

(1.18‌)

(0.00‌)

(c)

(3.54‌)

27.16‌

(3.25‌)

51,987‌

1.17‌

0.32‌

1.35‌

37‌

03/31/22

33.85‌

0.04‌

3.14‌

3.18‌

—‌

(5.15‌)

31.88‌

9.16‌

57,610‌

1.18‌

0.11‌

1.33‌

41‌

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

Institutional

Plus

Class

03/31/25

30.92‌

0.12‌

(0.89‌)

(0.77‌)

(0.09‌)

(2.03‌)

28.03‌

(3.43‌)

616,885‌

0.95‌

0.40‌

1.05‌

29‌

03/31/24

27.37‌

0.13‌

4.34‌

4.47‌

(0.14‌)

(0.78‌)

30.92‌

16.50‌

702,223‌

0.95‌

0.46‌

1.06‌

27‌

03/31/23

32.12‌

0.16‌

(1.28‌)

(1.12‌)

(0.09‌)

(3.54‌)

27.37‌

(3.02‌)

633,937‌

0.96‌

0.54‌

1.06‌

37‌

03/31/22

34.03‌

0.12‌

3.16‌

3.28‌

(0.04‌)

(5.15‌)

32.12‌

9.41‌

686,847‌

0.96‌

0.33‌

1.05‌

41‌

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

(a)

Per

share

data

calculated

using

average

share

method.

(b)

Ratios

excluding

contractual

and

voluntary

waivers.

(c)

Amount

represents

less

than

$0.005.

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

34

1.

Organization

Tributary

Funds,

Inc.

(the

“Company”)

was

organized

in

October

1994

as

a

Nebraska

corporation

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company

issuing

its

shares

in

series.

The

Company

consists

of

six

series,

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund,

Balanced

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

The

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

Fund,

Nebraska

Tax-Free

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

are

all

diversified

series.

Each

series

represents

a

distinct

portfolio

with

its

own

investment

objectives

and

policies.

Refer

to

the

prospectus

for

each

Fund’s

investment

objective.

All

Funds

offer

Institutional

Plus

Class

shares

without

a

sales

charge

and

the

Short-Intermediate

Bond

Fund,

Income

Fund,

Balanced

Fund,

Small/Mid

Cap

Fund

and

Small

Company

Fund

also

offer

Institutional

Class

shares.

The

two

classes

differ

principally

in

applicable

minimum

investment

and

shareholder

servicing

fees.

Shareholders

bear

the

common

expenses

of

each

Fund

and

earn

income

and

realized

gains/losses

from

each

Fund

pro

rata

based

on

the

average

daily

net

assets

of

each

class,

without

discrimination

between

share

classes.

Each

share

class

also

has

different

voting

rights

on

matters

affecting

a

single

class.

No

class

has

preferential

dividend

rights.

Each

Fund

included

herein

is

deemed

to

be

an

individual

reporting

segment

and

is

not

part

of

a

consolidated

reporting

entity.

The

objective

and

strategy

of

each

Fund

is

used

by

the

Adviser,

as

defined

in

Note

3,

to

make

investment

decisions,

and

the

results

of

the

operations,

as

shown

on

the

Statements

of

Operations

and

the

Financial

Highlights

for

each

Fund

is

the

information

utilized

for

the

day-to-day

management

of

the

Funds.

Each

Fund

is

party

to

the

expense

agreements

as

disclosed

in

the

Notes

to

the

Financial

Statements

and

there

are

no

resources

allocated

to

the

Funds

based

on

performance

measurements.

Due

to

the

significance

of

oversight

and

its

role,

the

Adviser

is

deemed

to

be

the

Chief

Operating

Decision

Maker.

2.

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services-Investment

Companies

.

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Company

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

period.

Actual

results

could

differ

from

those

estimates.

Security

Valuation

The

net

asset

value

(“NAV”)

per

share

of

each

Fund

is

determined

each

business

day

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”),

which

is

normally

4

p.m.

Eastern

Time.

In

valuing

a

Fund’s

assets

for

calculating

the

NAV,

securities

listed

on

a

securities

exchange,

market

or

automated

quotation

system

for

which

quotations

are

readily

available,

including

traded

over

the

counter

securities,

are

valued

at

the

official

closing

price

on

the

primary

exchange

or

market

on

which

they

traded

or,

if

there

is

no

such

reported

price

on

the

valuation

date,

at

the

most

recent

quoted

sale

price

or

bid

price.

Investments

in

investment

companies

are

valued

at

the

NAV

per

share

determined

as

of

the

close

of

the

NYSE.

Short-term

debt

investments

(maturing

within

60

days)

may

be

valued

on

an

amortized

cost

basis,

unless

such

value

does

not

approximate

fair

value.

Debt

securities

(other

than

short-term

investments)

are

valued

at

prices

furnished

by

pricing

services

and

generally

reflect

last

reported

sales

price

if

the

security

is

actively

traded

or

an

evaluated

bid

price

obtained

by

employing

methodologies

that

utilize

actual

market

transactions;

broker

supplied

valuations;

or

factors

such

as

yield,

maturity,

call

features,

credit

ratings,

or

developments

relating

to

specific

securities

in

arriving

at

the

valuation.

Prices

provided

by

pricing

services

are

subject

to

review

and

determination

of

the

appropriate

price

whenever

a

furnished

price

is

significantly

different

from

the

previous

day’s

furnished

price.

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Board

of

Directors

(the

“Board”)

has

designated

the

Adviser,

as

defined

in

Note

3,

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

35

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

the

Funds’

compliance

program

and

will

review

any

changes

made

to

the

procedures.

Situations

that

may

require

an

investment

to

be

fair

valued

include

instances

where

a

security

is

thinly

traded,

halted,

or

restricted

as

to

resale.

In

addition,

investments

may

be

fair

valued

based

on

the

occurrence

of

a

significant

event.

Significant

events

may

be

specific

to

a

particular

issuer,

such

as

mergers,

restructurings,

or

defaults.

Alternatively,

significant

events

may

affect

an

entire

market,

such

as

natural

disasters,

government

actions,

and

significant

changes

in

the

value

of

U.S.

securities

markets.

Securities

are

fair

valued

based

on

observable

and

unobservable

inputs,

including

the

Adviser’s

own

assumptions

in

determining

fair

value.

Factors

used

in

determining

fair

value

include,

but

are

not

limited

to:

type

of

security

or

asset,

trading

activity

of

similar

markets

or

securities,

fundamental

analytical

data

relating

to

the

investment,

evaluation

of

the

forces

that

influence

the

market

in

which

the

security

is

purchased

and

sold,

and

information

as

to

any

transactions

or

offers

with

respect

to

the

security.

For

those

securities

fair

valued

under

procedures

adopted

by

the

Board,

the

Adviser

reviews

and

affirms

the

reasonableness

of

the

fair

valuation

determinations

after

considering

all

relevant

information

that

is

reasonably

available.

The

Adviser’s

determinations

are

subject

to

review

by

the

Funds’

Board

at

its

next

regularly

scheduled

meeting

covering

the

calendar

quarter

in

which

the

fair

valuation

was

determined.

The

Funds

use

a

framework

for

measuring

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

(exit

price).

One

component

of

fair

value

is

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

various

“inputs”

used

to

determine

the

value

of

the

Funds’

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

includes

valuations

based

on

quoted

prices

of

identical

securities

in

active

markets

including

valuations

for

securities

listed

on

a

securities

exchange

or

investments

in

mutual

funds.

Level

2

–

includes

valuations

for

which

all

significant

inputs

are

observable,

either

directly

or

indirectly.

Direct

observable

inputs

include

broker

quotes

in

active

markets,

closing

prices

of

similar

securities

in

active

markets,

closing

prices

for

identical

or

similar

securities

in

non-active

markets,

or

corporate

action

or

reorganization

entitlement

values.

Indirect

significant

observable

inputs

include

factors

such

as

interest

rates,

yield

curves,

prepayment

speeds

or

credit

ratings.

Level

2

includes

valuations

for

fixed

income

securities

priced

by

pricing

services,

broker

quotes

in

active

markets,

or

American

depositary

receipts

(“ADR”)

and

Global

depositary

receipts

(“GDR”)

for

which

quoted

prices

in

active

markets

are

not

available.

Level

3

–

includes

valuations

based

on

inputs

that

are

unobservable

and

significant

to

the

fair

value

measurement,

including

the

Fair

Value

Committee's

own

assumptions

in

determining

the

fair

value

of

the

investment.

Inputs

used

to

determine

the

fair

value

of

Level

3

securities

include

security

specific

inputs

such

as:

credit

quality,

issuer

news,

trading

characteristics,

or

industry

specific

inputs

such

as:

trading

activity

of

similar

markets

or

securities,

changes

in

the

security’s

underlying

index,

or

comparable

securities’

models.

Level

3

valuations

include

securities

that

are

priced

based

on

single

source

broker

quotes,

where

prices

may

be

unavailable

due

to

halted

trading,

restricted

to

resale

due

to

market

events,

newly

issued

or

investments

for

which

reliable

quotes

are

not

available.

To

assess

the

continuing

appropriateness

of

security

valuations,

the

co-administrator

regularly

compares

current

day

prices

with

prior

day

prices,

transaction

prices,

and

alternative

vendor

prices.

When

the

comparison

results

exceed

pre-defined

thresholds,

the

co-administrator

challenges

the

prices

exceeding

tolerance

levels

with

the

pricing

service

or

broker.

To

substantiate

Level

3

unobservable

inputs,

the

Adviser

and

co-administrator

use

a

variety

of

techniques

as

appropriate,

including,

transaction

backtesting

or

disposition

analysis

and

review

of

related

market

activity.

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

36

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund’s

investments

as

of

March

31,

2025,

by

category:

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Short-Intermediate

Bond

Fund

Asset

Backed

Securities

$

–‌

$

63,924,486‌

$

–‌

$

63,924,486‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

25,138,327‌

–‌

25,138,327‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

10,752,432‌

–‌

10,752,432‌

Corporate

Bonds

–‌

66,710,813‌

–‌

66,710,813‌

Government

&

Agency

Obligations

–‌

59,471,277‌

–‌

59,471,277‌

Preferred

Stocks

344,400‌

–‌

–‌

344,400‌

Short-Term

Investments

1,519,981‌

–‌

–‌

1,519,981‌

Total

$

1,864,381‌

$

225,997,335‌

$

–‌

$

227,861,716‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

11,479,999‌

$

–‌

$

11,479,999‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

4,983,078‌

–‌

4,983,078‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

11,161,185‌

–‌

11,161,185‌

Corporate

Bonds

–‌

45,566,210‌

–‌

45,566,210‌

Government

&

Agency

Obligations

–‌

94,217,128‌

–‌

94,217,128‌

Short-Term

Investments

4,411,347‌

–‌

–‌

4,411,347‌

Total

$

4,411,347‌

$

167,407,600‌

$

–‌

$

171,818,947‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

49,311,160‌

$

–‌

$

49,311,160‌

Short-Term

Investments

934,982‌

–‌

–‌

934,982‌

Total

$

934,982‌

$

49,311,160‌

$

–‌

$

50,246,142‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks*

$

45,658,774‌

$

–‌

$

–‌

$

45,658,774‌

Asset

Backed

Securities

–‌

5,761,986‌

–‌

5,761,986‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

2,216,501‌

–‌

2,216,501‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

998,036‌

–‌

998,036‌

Corporate

Bonds

–‌

9,047,129‌

–‌

9,047,129‌

Government

&

Agency

Obligations

–‌

11,932,390‌

–‌

11,932,390‌

Short-Term

Investments

2,871,142‌

–‌

–‌

2,871,142‌

Total

$

48,529,916‌

$

29,956,042‌

$

–‌

$

78,485,958‌

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

37

*

See

Schedules

of

Portfolio

Investments

for

further

industry

classification.

Guarantees

and

Indemnifications

In

the

normal

course

of

business,

the

Company

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications

for

certain

liabilities.

Each

Fund’s

maximum

exposure

under

these

arrangements

is

unknown.

However,

since

their

commencement

of

operations,

the

Funds

have

not

had

claims

or

losses

pursuant

to

these

contracts

and

expect

the

risk

of

loss

to

be

remote.

Under

the

Company's

organizational

documents,

its

officers

and

directors

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

certain

of

the

Company's

contracts

with

service

providers

contain

general

indemnification

clauses.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Security

Transactions,

Investment

Income

and

Foreign

Taxes

Securities

transactions

are

accounted

for

no

later

than

one

business

day

following

trade

date.

For

financial

reporting

purposes,

however,

on

the

last

business

day

of

the

reporting

period,

security

transactions

are

accounted

for

on

trade

date.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premium,

which

may

be

to

the

earliest

call

date

on

certain

callable

debt

securities

or

the

accretion

of

discount,

using

the

effective

interest

method.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Dividends

and

interest

from

non-U.S.

sources

received

by

a

Fund

are

generally

subject

to

non-U.S.

net

withholding

taxes.

Such

withholding

taxes

may

be

reduced

or

eliminated

under

the

terms

of

applicable

U.S.

income

tax

treaties,

and

each

Fund

intends

to

undertake

any

procedural

steps

required

to

claim

the

benefits

of

such

treaties.

Gains

or

losses

realized

on

the

sales

of

securities

are

determined

by

comparing

the

identified

cost

of

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

on

foreign

dividends

have

been

paid

or

provided

for

in

accordance

with

each

applicable

country’s

tax

rules

and

rates.

Interest

only

stripped

mortgage

backed

securities

(“IO

Strips”)

are

securities

that

receive

only

interest

payments

from

a

pool

of

mortgage

loans.

Little

to

no

principal

will

be

received

by

the

Funds

upon

maturity

from

an

IO

Strip.

Periodic

adjustments

are

recorded

to

reduce

the

cost

of

the

security

until

maturity,

which

are

included

in

interest

income.

Allocation

of

Expenses

Expenses

directly

attributable

to

a

Fund

are

charged

directly

to

that

Fund,

while

expenses

which

are

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

another

appropriate

basis.

Expenses

directly

attributable

to

a

class

are

charged

directly

to

that

class,

while

expenses

attributable

to

both

classes

are

allocated

to

each

class

based

upon

the

ratio

of

net

assets

for

each

class

as

a

percentage

of

total

net

assets.

Distributions

to

Shareholders

Dividends

from

net

investment

income

are

declared

daily

and

paid

monthly

for

the

Short-Intermediate

Bond,

Income,

and

Nebraska

Tax-Free

Funds.

The

Balanced

Fund

declares

and

pays

dividends

from

net

investment

income,

if

any,

quarterly.

The

Small/Mid

Cap

Fund

and

Small

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

37,469,346‌

$

–‌

$

–‌

$

37,469,346‌

Short-Term

Investments

460,548‌

–‌

–‌

460,548‌

Total

$

37,929,894‌

$

–‌

$

–‌

$

37,929,894‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

639,341,806‌

$

–‌

$

–‌

$

639,341,806‌

Short-Term

Investments

16,524,400‌

–‌

–‌

16,524,400‌

Total

$

655,866,206‌

$

–‌

$

–‌

$

655,866,206‌

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

38

Company

Fund

declare

and

pay

dividends

from

net

investment

income,

if

any,

annually.

Distributions

of

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually

for

all

the

Funds

only

to

the

extent

they

exceed

available

capital

loss

carryovers.

The

amount

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations

which

may

differ

from

GAAP

and

are

recorded

on

the

ex-dividend

date.

3.

Related

Party

Transactions

and

Fees

and

Agreements

Tributary

Capital

Management,

LLC

(“Tributary”

or

“Adviser”),

a

wholly-owned

subsidiary

of

First

National

Bank

of

Omaha

(“FNBO”),

which

is

a

subsidiary

of

First

National

Bank

of

Nebraska,

Inc.,

serves

as

the

investment

adviser

to

the

Funds.

Each

Fund

pays

a

monthly

fee

at

an

annual

rate

of

the

following

percentages

of

each

Fund’s

average

daily

net

assets:

0.50%

for

the

Short-Intermediate

Bond

Fund,

0.60%

for

the

Income

Fund,

0.40%

for

the

Nebraska

Tax-Free

Fund,

0.75%

for

the

Balanced

Fund,

and

0.85%

for

each

of

the

Small/Mid

Cap

Fund

and

Small

Company

Fund.

First

National

Advisers,

LLC

(“FNA”

or

“Sub-Adviser”),

a

wholly-owned

subsidiary

of

FNBO,

serves

as

the

investment

sub-

adviser

for

the

Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund

and

Balanced

Fund.

Sub-advisory

fees

paid

to

FNA

are

paid

by

Tributary.

For

the

services

provided

and

expenses

assumed

under

the

FNA

Sub-Advisory

Agreement,

Tributary

pays

FNA

a

fee

equal

to

0.25%

of

the

average

daily

net

assets

of

the

Short-Intermediate

Bond

Fund,

0.30%

of

the

average

daily

net

assets

of

the

Income

Fund,

0.20%

of

the

average

daily

net

assets

of

the

Nebraska

Tax-Free

Fund,

and

0.375%

of

the

average

daily

net

assets

of

the

Balanced

Fund.

Tributary

has

contractually

agreed

to

waive

advisory

fees

payable

to

the

Adviser

and/or

reimburse

other

expenses

of

each

Fund

to

the

extent

necessary

to

limit

the

total

operating

expenses

of

each

Fund,

exclusive

of

shareholder

servicing

fees

(Institutional

Class

only),

brokerage

costs,

interest,

taxes

and

dividend

and

extraordinary

expenses,

to

an

annual

rate

of

the

percentage

of

each

Fund’s

average

daily

net

assets

as

follows.

Each

Fund

has

agreed

to

reimburse

the

Adviser

in

an

amount

equal

to

the

full

amount

of

fees

that,

but

for

waivers

and/or

reimbursements,

would

have

been

payable

by

the

Fund

to

the

Adviser,

or

were

reimbursed

by

the

Adviser

in

excess

of

its

investment

advisory

fee.

Such

reimbursement

by

a

Fund

would

be

made

monthly,

but

only

so

long

as

the

net

annual

operating

expenses

of

the

Fund,

after

taking

into

account

any

reimbursement

are

equal

to

or

less

than

the

Fund’s

then-current

expense

limitation

and

the

expense

limitation

in

effect

at

the

time

of

the

waiver

or

reimbursement.

These

fee

waivers

will

continue

through

August

1,

2025,

unless

the

Board

approves

a

change

in

or

elimination

of

the

waiver.

The

amounts

waived

for

each

Fund

are

recorded

as

expenses

waived

in

each

Fund’s

Statement

of

Operations.

Other

Fund

service

providers

have

also

contractually

agreed

to

waive

a

portion

of

their

fees.

For

the

year

ended

March

31,

2025,

fees

waived

were

as

follows:

Tributary

may

recover

fees

waived

or

expenses

reimbursed,

if

such

payment

is

made

within

three

years

of

the

fee

waiver

or

expense

reimbursement.

At

March

31,

2025,

the

amount

of

potentially

recoverable

expenses

are

as

follows:

Short-Intermediate

Bond

Fund

–

$1,856,203;

Income

Fund

–

$1,880,018;

Nebraska

Tax-Free

Fund

–

$507,562;

Balanced

Fund

–

$760,730;

Small/Mid

Cap

Fund

–

$340,674;

Small

Company

Fund

–

$2,239,865.

Expense

Caps

Short-Intermediate

Bond

Fund

0.45

%

Income

Fund

0.49

Nebraska

Tax-Free

Fund

0.45

Balanced

Fund

0.77

Small/Mid

Cap

Fund

0.90

Small

Company

Fund

0.96

Investment

Adviser

Fees

Waived

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

Short-Intermediate

Bond

Fund

$

656,090‌

$

1,266‌

$

657,356‌

Income

Fund

625,746‌

977‌

626,723‌

Nebraska

Tax-Free

Fund

175,296‌

305‌

175,601‌

Balanced

Fund

286,093‌

480‌

286,573‌

Small/Mid

Cap

Fund

124,378‌

138‌

124,516‌

Small

Company

Fund

757,028‌

4,334‌

761,362‌

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

39

U.S.

Bank,

N.A.

serves

as

the

custodian

for

each

of

the

Funds.

SS&C

GIDS,

Inc.

serves

as

transfer

agent

for

the

Funds,

whose

functions

include

disbursing

dividends

and

other

distributions.

Tributary

and

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings,

LLC

(d/b/a

Apex

Fund

Services)

(“Co-Administrators”)

serve

as

Co-Administrators

of

the

Funds.

Certain

directors

and

officers

of

the

Funds

are

also

officers

or

employees

of

the

above

named

service

providers,

and

during

their

terms

of

office

received

no

compensation

from

the

Funds.

As

compensation

for

its

administrative

services,

each

Co-Administrator

is

entitled

to

a

fee,

calculated

daily

and

paid

monthly

based

on

each

Fund's

average

daily

net

assets.

Tributary

receives

0.07%

of

each

Fund's

average

daily

net

assets.

Foreside

Fund

Officer

Services,

LLC

provides

the

Funds’

Anti-Money

Laundering

Compliance

Officer

and

Chief

Compliance

Officer

services.

The

Company

has

adopted

a

Distribution

and

Service

Plan

(“Plan”)

under

Rule

12b-1

of

the

1940

Act

pursuant

to

which

each

Fund

is

authorized

to

make

payments

to

banks,

the

Distributor,

broker-dealers,

and

other

institutions

for

providing

distribution

or

shareholder

service

assistance.

The

Plan

authorizes

each

Fund

to

make

payments

with

respect

to

certain

classes

of

shares

in

an

amount

not

in

excess,

on

an

annual

basis,

of

up

to

0.25%

of

the

average

daily

net

assets

of

that

Fund.

The

Company

has

no

class

of

shares

outstanding

to

which

the

Plan

is

applicable.

The

Company

has

adopted

an

Administrative

Services

Plan,

which

allows

the

Funds'

Institutional

Class

shares

to

charge

a

shareholder

services

fee,

pursuant

to

which

each

Fund

is

authorized

to

pay

compensation

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

to

banks

and

other

financial

institutions,

that

may

include

the

advisers,

their

correspondent

and

affiliated

banks,

including

FNBO

(each

a

“Service

Organization”).

Under

the

Administrative

Services

Plan,

the

Funds

may

enter

into

a

Servicing

Agreement

with

a

Service

Organization

whereby

such

Service

Organization

agrees

to

provide

certain

record

keeping

and/or

administrative

support

services

for

their

customers

or

account

holders

who

are

the

beneficial

or

record

owner

of

the

shares

of

a

Fund.

One

of

the

Servicing

Agreements

the

Funds

maintain

is

with

FNBO.

For

the

year

ended

March

31,

2025,

the

Funds

paid

FNBO

as

follows:

Short-Intermediate

Bond

Fund

–

$22;

Income

Fund

–

$0;

Balanced

Fund

–

$0;

Small/Mid

Cap

Fund

–

$0

and

Small

Company

Fund

–

$0.

The

amounts

accrued

for

shareholder

service

fees

are

included

under

Shareholder

service

fees

–

Institutional

Class

within

the

Statements

of

Operations.

4.

Investment

Transactions

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

U.S.

Government

securities

and

short-term

investments

(maturing

less

than

one

year

from

acquisition),

for

the

year

ended

March

31,

2025,

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,

2025,

were

as

follows:

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Adviser

and

any

applicable

sub-adviser.

Any

such

purchase

or

sale

transaction

must

be

effected

without

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

a

“readily

available

market

quotation:,

which

is

defined

as

a

quoted

price

(unadjusted)

in

active

markets

for

identical

investments

that

the

fund

can

access

at

the

measurement

date

(provided

that

a

quotation

will

not

be

readily

available

if

it

is

not

reliable).

For

the

year

ended

March

31,

2025,

the

Funds

did

not

engage

in

securities

transactions

with

affiliates.

Purchases

Sales

Short-Intermediate

Bond

Fund

$

64,199,624‌

$

59,387,749‌

Income

Fund

8,955,918‌

17,826,110‌

Nebraska

Tax-Free

Fund

9,251,439‌

11,604,018‌

Balanced

Fund

14,727,720‌

21,515,627‌

Small/Mid

Cap

Fund

33,925,465‌

6,013,652‌

Small

Company

Fund

210,674,686‌

280,155,465‌

Purchases

Sales

Short-Intermediate

Bond

Fund

$

32,235,204‌

$

31,827,083‌

Income

Fund

18,430,535‌

12,869,603‌

Nebraska

Tax-Free

Fund

–‌

49,399‌

Balanced

Fund

2,983,358‌

4,182,658‌

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

40

5.

Capital

Share

Transactions

The

Company

is

authorized

to

issue

a

total

of

1,000,000,000

shares

of

common

stock,

999,999,990

of

which

may

be

issued

in

series

with

a

par

value

of

$0.00001

per

share.

The

Board

is

empowered

to

allocate

such

shares

among

different

series

of

the

Company’s

shares

without

shareholder

approval.

6.

Federal

Income

Taxes

The

following

information

is

presented

on

an

income

tax

basis.

It

is

each

Fund’s

policy

to

continue

to

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

all

of

its

net

taxable

income,

including

any

net

realized

gains

on

investments,

to

its

shareholders

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

and

excise

taxes.

Therefore,

no

provision

is

made

for

federal

income

or

excise

taxes.

Differences

between

amounts

reported

for

financial

statements

and

federal

income

tax

purposes

are

due

to

timing

and

character

difference

in

recognizing

gains

and

losses

on

investment

transactions.

To

the

extent

the

differences

between

the

amounts

recognized

for

financial

statements

and

federal

income

tax

purposes

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

federal

income

tax

treatment;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

in

the

current

year

are

due

to

differences

in

distributions

for

book

and

tax

purposes.

These

reclassifications

have

no

impact

on

net

assets.

As

of

March

31,

2025,

the

cost

of

investments

and

the

components

of

net

unrealized

appreciation/(depreciation)

were

as

follows:

At

March

31,

2025,

the

components

of

distributable

taxable

earnings

for

U.S.

federal

income

tax

purposes

were

as

follows:

Net

Increase

(Decrease)

Distributable

Earnings

Paid-in-Capital

Short-Intermediate

Bond

Fund

$

–‌

$

–‌

Income

Fund

–‌

–‌

Nebraska

Tax-Free

Fund

–‌

–‌

Balanced

Fund

(211,151‌)

211,151‌

Small/Mid

Cap

Fund

–‌

–‌

Small

Company

Fund

(4,714,000‌)

4,714,000‌

Tax

Cost

of

Investments

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Short-Intermediate

Bond

Fund

$

226,862,764‌

$

3,006,204‌

$

(2,007,252‌)

$

998,952‌

Income

Fund

182,618,094‌

1,029,415‌

(11,828,562‌)

(10,799,147‌)

Nebraska

Tax-Free

Fund

52,405,155‌

23,159‌

(2,182,172‌)

(2,159,013‌)

Balanced

Fund

55,179,106‌

25,020,134‌

(1,713,282‌)

23,306,852‌

Small/Mid

Cap

Fund

39,101,619‌

3,670,904‌

(4,842,629‌)

(1,171,725‌)

Small

Company

Fund

518,521,623‌

176,954,744‌

(39,610,161‌)

137,344,583‌

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

$

803,785‌

$

–‌

$

–‌

$

(409,404‌)

$

998,952‌

$

(10,009,083‌)

Income

Fund

788,173‌

–‌

–‌

(274,766‌)

(10,799,147‌)

(9,279,156‌)

Nebraska

Tax-Free

Fund

1,174‌

62,229‌

–‌

(62,629‌)

(2,159,013‌)

(1,047,639‌)

Balanced

Fund

35,257‌

–‌

2,589,897‌

–‌

23,306,852‌

(31,433‌)

Small/Mid

Cap

Fund

52,284‌

–‌

–‌

–‌

(1,171,725‌)

(106,478‌)

Small

Company

Fund

1,383,629‌

–‌

33,359,913‌

–‌

137,344,583‌

(3,460,662‌)

*

Undistributed

net

investment

income

includes

any

undistributed

net

short-term

capital

gains,

if

any.

**

Unrealized

gains

(loss)

are

adjusted

for

open

wash

sale

loss

deferrals,

bond

income

accruals,

return

of

capital

paid

by

REIT

securities

and

equity

return

of

capital

securities.

***

Capital

loss

carryforward

includes

deferred

post

October

loss

and

late

year

ordinary

losses.

Notes

to

Financial

Statements

March

31,

2025

Annual

Report

2025

41

*

Net

ordinary

income

consists

of

net

taxable

income

derived

from

dividends,

interest,

and

net

short-term

capital

gains,

if

any.

**

The

Funds

designated

as

long-term

dividend,

pursuant

to

the

Internal

Revenue

code

section

852(b)(3),

the

amount

necessary

to

reduce

earnings

and

profits

of

the

Funds

related

to

net

capital

gains

to

zero

for

the

fiscal

year

ended

March

31,

2024

and

March

31,

2025.

***

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

Funds’

fiscal

years

ended

March

31,

2025

and

March

31,

2024,

were

as

follows:

At

March

31,

2025,

the

following

Funds

had

net

capital

loss

carryforwards

available

for

U.S.

federal

income

tax

purposes

to

offset

future

net

realized

capital

gains.

Details

of

the

capital

loss

carryforwards

are

listed

in

the

table

below.

Under

current

tax

law,

certain

capital

losses

realized

after

October

31,

and

certain

ordinary

losses

realized

after

December

31

but

before

the

end

of

the

fiscal

year

("Post-October

losses"

and

“Late

Year

Losses”,

respectively)

may

be

deferred

and

treated

as

occurring

on

the

first

business

day

of

the

following

fiscal

year.

For

the

year

ended

March

31,

2025,

the

Funds

deferred

losses

to

April

1,

2025

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,

2025.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statements

of

Operations,

as

incurred.

The

federal

returns

are

subject

to

examination

by

the

Internal

Revenue

Service

for

a

period

of

three

years

from

date

of

filing,

while

the

state

returns

may

remain

open

for

an

additional

year

depending

upon

jurisdiction.

7.

Subsequent

Events

Management

has

evaluated

subsequent

events

for

the

Funds

through

the

date

the

financial

statements

are

issued,

and

has

concluded

that

there

were

no

other

events

that

require

adjustments

to

the

financial

statements

or

disclosure

in

the

notes.

Net

Ordinary

Income*

Tax

Exempt

Income

Net

Long

Term

Capital

Gains**

Total

Distributions

Paid***

2025

2024

2025

2024

2025

2024

2025

2024

Short-Intermediate

Bond

Fund

$

8,968,955

$

6,232,146

$

–

$

–

$

–

$

–

$

8,968,955

$

6,232,146

Income

Fund

5,667,412

5,426,497

–

–

–

–

5,667,412

5,426,497

Nebraska

Tax-Free

Fund

29,779

67,506

1,173,257

1,105,312

–

–

1,203,036

1,172,818

Balanced

Fund

1,443,672

1,101,784

–

–

2,806,986

3,489,469

4,250,658

4,591,253

Small/Mid

Cap

Fund

51,220

35,171

–

–

–

–

51,220

35,171

Small

Company

Fund

5,853,114

5,541,785

–

–

44,828,441

16,908,575

50,681,555

22,450,360

No

Expiration

Short

Term

Long

Term

Total

Short-Intermediate

Bond

Fund

$

988,934‌

$

9,020,149‌

$

10,009,083‌

Income

Fund

1,620,998‌

7,658,158‌

9,279,156‌

Nebraska

Tax-Free

Fund

165,191‌

882,448‌

1,047,639‌

Small/Mid

Cap

Fund

106,478‌

–‌

106,478‌

Late

Year

Losses/Post-October

Losses

Balanced

Fund

$

31,433‌

Small

Company

Fund

3,460,662‌

Report

of

Independent

Registered

Public

Accounting

Firm

Annual

Report

2025

42

To

the

Shareholders

and

Board

of

Directors

of

Tributary

Funds,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Tributary

Funds,

Inc.

comprising

Tributary

Short-Intermediate

Bond

Fund,

Tributary

Income

Fund,

Tributary

Nebraska

Tax-Free

Fund,

Tributary

Balanced

Fund,

Tributary

Small/Mid

Cap

Fund,

and

Tributary

Small

Company

Fund

(the

“Funds”)

as

of

March

31,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025,

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

28,

2025

Important

Tax

Information

March

31,

2025

(Unaudited)

Annual

Report

2025

43

Other

Federal

Income

Tax

Information

The

information

reported

below

is

for

the

year

ended

March

31,

2025.

Foreign

tax

and

qualified

dividend

information

for

the

calendar

year

2025

will

be

provided

on

your

2025

Form

1099-DIV.

For

the

year

ended

March

31,

2025,

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

2025

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

year

ended

March

31,

2025,

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,

2025,

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,

2025,

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,

2025,

Balanced

Fund

and

Small

Company

Fund

designate

17.11%

and

66.59%,

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

97.52%

of

its

income

dividend

distributed

as

tax-exempt

dividends.

Qualified

Dividend

Income

Short-Intermediate

Bond

Fund

0.28%

Balanced

Fund

40.30%

Small/Mid

Cap

Fund

100.00%

Small

Company

Fund

100.00%

Dividends

Received

Deduction

Short-Intermediate

Bond

Fund

0.28%

Balanced

Fund

39.06%

Small/Mid

Cap

Fund

100.00%

Small

Company

Fund

100.00%

Qualified

Interest

Income

Short-Intermediate

Bond

Fund

98.32%

Income

Fund

95.80%

Nebraska

Tax-Free

Fund

0.05%

Balanced

Fund

53.56%

Additional

Fund

Information

March

31,

2025

(Unaudited)

Annual

Report

2025

44

Changes

in

and

Disagreements

with

Accountants

(Item

8

of

Form

N-CSR)

N/A

Proxy

Disclosure

(Item

9

of

Form

N-CSR)

N/A

Remuneration

Paid

to

Directors,

Officers,

and

Others

(Item

10

of

Form

N-CSR)

Please

see

financial

statements

in

Item

7.

Statement

Regarding

the

Basis

for

the

Board’s

Approval

of

Investment

Advisory

Contract

(Item

11

of

Form

N-CSR)

N/A

TF-ANR-0325

Investment

Adviser

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

3399

Omaha,

Nebraska

68197

Investment

Sub-Adviser

(Short-Intermediate

Bond

Fund,

Income

Fund,

Nebraska

Tax-Free

Fund

and

Balanced

Fund

only)

First

National

Advisers,

LLC

14010

FNB

Parkway

Omaha,

Nebraska

68154

Custodian

U.S.

Bank,

N.A.

1155

N.

Rivercenter

Dr.

MK-WI-S302

Milwaukee,

WI

53212

Co-Administrators

Apex

Fund

Services

190

Middle

Street

Portland,

Maine

04101

Tributary

Capital

Management,

LLC

1620

Dodge

Street,

Stop

3399

Omaha,

Nebraska

68197

Distributor

Northern

Lights

Distributors,

LLC

4221

North

203rd

Street,

Suite

100

Elkhorn,

Nebraska

68022

Legal

Counsel

Husch

Blackwell

LLP

14606

Branch

Street,

Suite

200

Omaha,

Nebraska

68154

Compliance

Services

Foreside

Fund

Officer

Services,

LLC

190

Middle

Street

Portland,

ME

04101

This

report

has

been

prepared

for

the

general

information

of

Tributary

Funds’

shareholders.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Tributary

Funds’

prospectus.

The

prospectus

contains

more

complete

information

about

Tributary

Funds’

investment

objectives,

management

fees

and

expenses,

risks

and

operating

policies.

Please

read

the

prospectus

carefully

before

investing

or

sending

money.

For

more

information

call

1-800-662-4203

or

write

to:

Tributary

Funds

Service

Center

P.O.

Box

219022

Kansas

City,

Missouri

64121-9022

or

go

to:

www.tributaryfunds.com

or

email:

ClientServices@tributarycapital.com

.

(b)       Included as part of financial statements filed under Item 7(a).

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Included as part of financial statements filed under Item 7(a).

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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

ITEM 16. CONTROLS AND PROCEDURES

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

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant              Tributary Funds, Inc.

By:	/s/ Karen Shaw
	Karen Shaw Treasurer
Date:	5/29/25

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:	5/29/25

By:	/s/ Karen Shaw
	Karen Shaw Treasurer
Date:	5/29/25