SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

1

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

46.6%

Asset

Backed

Securities

-

22.4%

$

657,157‌

Affirm

Asset

Securitization

Trust,

1.07%,

08/15/25 (a)

$

638,645‌

1,658,013‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (a)

1,596,146‌

2,020,000‌

AMSR

Trust,

1.63%,

07/17/37 (a)

1,828,307‌

1,216,839‌

Atalaya

Equipment

Leasing

Trust,

1.23%,

05/15/26 (a)

1,181,738‌

1,209,168‌

AXIS

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (a)

1,165,098‌

2,380,000‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (a)

2,353,728‌

1,101,205‌

Carvana

Auto

Receivables

Trust,

0.49%,

03/10/26

1,060,731‌

1,107,818‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (a)(b)

1,066,218‌

2,100,000‌

CCG

Receivables

Trust,

3.91%,

07/16/29 (a)

2,060,413‌

440,150‌

CCG

Receivables

Trust

REMIC,

0.54%,

12/14/27 (a)

431,594‌

2,084,553‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (a)

1,860,655‌

751,304‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (a)

699,268‌

551,036‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52 (a)

486,407‌

478,446‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41 (a)

444,778‌

375,217‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (a)

359,505‌

312,503‌

Dell

Equipment

Finance

Trust,

0.57%,

10/23/23 (a)

309,474‌

1,190,000‌

DLLMT,

LLC,

1.00%,

07/21/25 (a)

1,129,582‌

780,307‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (a)

672,878‌

1,773,385‌

FirstKey

Homes

Trust,

1.34%,

08/17/37 (a)

1,584,763‌

228,829‌

Freed

ABS

Trust,

1.41%,

03/20/28 (a)

226,998‌

117,913‌

Goal

Capital

Funding

Trust

(USD

3

Month

LIBOR

+

0.70%),

5.46%,

08/25/48 (a)(c)

115,691‌

1,345,063‌

Iowa

Student

Loan

Liquidity

Corp.

(USD

1

Month

LIBOR

+

0.67%),

4.71%,

08/25/70 (c)

1,275,336‌

1,241,417‌

Navient

Student

Loan

Trust,

0.97%,

12/16/69 (a)

1,039,959‌

1,292,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

5.92%,

10/15/31 (a)(c)

1,278,544‌

Principal

Amount

Security

Description

Value

$

472,802‌

NMEF

Funding,

LLC,

0.81%,

12/15/27 (a)

$

466,091‌

987,547‌

NMEF

Funding,

LLC,

2.58%,

10/16/28 (a)

952,388‌

1,725,000‌

NMEF

Funding,

LLC,

6.07%,

06/15/29 (a)

1,722,202‌

1,160,864‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

4.96%,

09/25/61 (c)

1,118,639‌

1,187,387‌

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51 (a)

1,036,717‌

911,110‌

Pawneee

Equipment

Receivables,

1.10%,

07/15/27 (a)

874,007‌

1,755,000‌

PenFed

Auto

Receivables

Owner

Trust,

3.96%,

04/15/26 (a)

1,728,641‌

103,642‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

5.45%,

12/24/33 (a)(c)

102,748‌

25,905‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.53%),

5.28%,

12/24/33 (a)(c)

25,721‌

297,019‌

Progress

Residential

Trust,

2.27%,

09/17/36 (a)

281,038‌

875,000‌

Progress

Residential

Trust,

2.69%,

10/17/36 (a)

828,644‌

1,751,584‌

Progress

Residential

Trust,

1.05%,

04/17/38 (a)

1,509,405‌

971,651‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

5.36%,

10/25/23 (c)

959,295‌

843,041‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

6.01%,

04/15/29 (c)

841,136‌

483,628‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.70%),

6.06%,

07/25/23 (c)

478,613‌

605,591‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

5.86%,

04/25/23 (c)

599,722‌

578,076‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (a)

553,523‌

707,139‌

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43 (a)

561,531‌

496,096‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48 (a)

479,052‌

889,632‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (a)

731,575‌

545,773‌

Sofi

Professional

Loan

Program,

LLC,

3.09%,

08/17/48 (a)

513,203‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

2

Principal

Amount

Security

Description

Value

$

1,822,358‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (a)

$

1,778,158‌

223,553‌

Tricon

American

Homes

Trust,

2.75%,

03/17/38 (a)

204,810‌

2,390,000‌

UNIFY

Auto

Receivables

Trust,

0.98%,

07/15/26 (a)

2,291,659‌

2,380,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (a)

2,098,979‌

47,603,953‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

16.4%

1,496,701‌

BANK

2019-BNK16,

3.93%,

02/15/52

1,471,495‌

1,840,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

1,752,471‌

1,615,000‌

BPR

Trust

(USD

1

Month

LIBOR

+

1.25%),

5.57%,

02/15/29 (a)(c)

1,570,782‌

1,475,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

09/15/36 (a)(c)

1,390,534‌

950,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.90%),

5.22%,

10/15/36 (a)(c)

903,538‌

860,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.85%),

5.17%,

11/15/38 (a)(c)

827,328‌

510,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.70%),

5.02%,

01/15/34 (a)(c)

493,517‌

2,000,000‌

BXHPP

Trust

(USD

1

Month

LIBOR

+

0.65%),

4.97%,

08/15/36 (a)(c)

1,870,440‌

900,000‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

05/15/52

873,411‌

1,009,945‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

963,726‌

888,648‌

Citigroup

Commercial

Mortgage

Trust,

3.85%,

11/10/46

876,238‌

540,362‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

0.96%,

03/10/46 (b)

15‌

166,027‌

COMM

Mortgage

Trust

REMIC,

3.39%,

08/10/47

163,801‌

2,000,000‌

FirstKey

Homes

Trust,

4.25%,

07/17/26 (a)

1,886,740‌

1,600,000‌

GCT

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

5.12%,

02/15/38 (a)(c)

1,484,580‌

1,800,000‌

Goldman

Sachs

Mortgage

Securities

Corp.

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

10/15/36 (a)(c)

1,678,156‌

624,218‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44 (a)(b)

1‌

289,998‌

Harvest

Commercial

Capital

Loan

Trust,

3.29%,

09/25/46 (a)(b)

278,958‌

426,096‌

JPMBB

Commercial

Mortgage

Securities

Trust,

3.32%,

03/17/49

410,469‌

246,099‌

JPMDB

Commercial

Mortgage

Securities

Trust,

2.04%,

11/13/52

237,256‌

Principal

Amount

Security

Description

Value

$

488,550‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (a)

$

468,415‌

1,086,156‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (a)

1,024,242‌

624,883‌

KKR

Industrial

Portfolio

Trust

(USD

1

Month

LIBOR

+

0.55%),

4.87%,

12/15/37 (a)(c)

603,703‌

1,772,192‌

KNDR

2021-KIND

A

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

08/15/38 (a)(c)

1,673,793‌

610,000‌

MED

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

11/15/38 (a)(c)

587,052‌

1,000,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.80%),

5.12%,

04/15/38 (a)(c)

969,816‌

1,102,832‌

MHP

2022-MHIL,

5.15%,

01/15/27 (a)

(c)

1,055,849‌

1,130,265‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

3.25%,

12/15/47

1,083,756‌

359,821‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

REMIC,

3.48%,

06/15/47

353,078‌

750,000‌

ReadyCap

Commercial

Morgage

Trust

CLO,

5.59%,

01/25/37 (a)(c)

729,148‌

1,730,000‌

SREIT

Trust

(USD

1

Month

LIBOR

+

0.58%),

4.89%,

07/15/36 (a)(c)

1,660,557‌

750,660‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (a)(b)

686,218‌

618,794‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41 (a)(b)

538,135‌

925,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (a)

854,711‌

1,290,000‌

TRTX

Issuer,

Ltd.

CLO,

5.46%,

02/15/39 (a)(c)

1,241,584‌

1,450,000‌

VASA

Trust

(USD

1

Month

LIBOR

+

0.90%),

5.22%,

07/15/39 (a)(c)

1,337,103‌

1,093,671‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (a)(b)

893,494‌

34,894,110‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

7.8%

803,347‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (a)(b)

725,252‌

125,230‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

5.26%,

12/25/33 (a)(c)

118,756‌

418,068‌

BRAVO

Residential

Funding

Trust,

4.68%,

11/25/69 (a)(c)

413,823‌

833,899‌

BRAVO

Residential

Funding

Trust,

4.68%,

01/25/70 (a)(c)

823,302‌

402,090‌

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59 (a)(b)

380,763‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

3

Principal

Amount

Security

Description

Value

$

382,373‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (a)(b)

$

325,369‌

907,420‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (a)(b)

875,913‌

400,422‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30 (a)(b)

388,212‌

995,183‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (a)(b)

959,496‌

406,222‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53 (a)

389,152‌

527,244‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (a)(b)

497,591‌

45,825‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (a)(b)

42,529‌

1,182‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/23

1,119‌

233,032‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28 (a)(b)

214,434‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

5.51%,

02/25/33 (c)

154,571‌

172,149‌

CSMLT

Trust,

2.99%,

10/25/30 (a)(b)

156,593‌

1,317,659‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (a)(b)

1,269,839‌

545,721‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

500,901‌

245,537‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45 (b)

239,597‌

56,469‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50 (a)(b)

55,345‌

77,620‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59 (a)(b)

77,220‌

359,656‌

MFRA

Trust,

1.79%,

08/25/49 (a)(b)

330,691‌

446,675‌

MFRA

Trust,

0.85%,

01/25/56 (a)(b)

390,773‌

604,155‌

MFRA

Trust,

3.91%,

04/25/66 (a)(d)

567,880‌

288,448‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

07/25/59 (a)(b)

283,811‌

312,090‌

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58 (a)(b)

292,869‌

28,144‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54 (a)(b)

25,901‌

46,956‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52 (a)(b)

43,510‌

77,557‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (a)(b)

72,061‌

558,872‌

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50 (a)(b)

494,109‌

Principal

Amount

Security

Description

Value

$

11,679‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

6.71%,

12/31/23 (c)

$

9,259‌

2‌

Residential

Asset

Securities

Corp.

Trust

REMIC,

3.87%,

05/25/33 (b)

2‌

5,085‌

Residential

Asset

Securitization

Trust

REMIC,

3.75%,

12/31/23

5,256‌

739,541‌

RMF

Buyout

Issuance

Trust,

1.26%,

11/25/31 (a)(b)

693,864‌

650,000‌

Towd

Point

Mortgage

Trust,

3.75%,

10/25/56 (a)(b)

605,921‌

975,330‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57 (a)(b)

925,036‌

948,520‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(b)

882,755‌

136,076‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(b)

130,888‌

209,512‌

Towd

Point

Mortgage

Trust,

3.00%,

11/25/58 (a)(b)

205,308‌

901,625‌

Towd

Point

Mortgage

Trust,

2.25%,

02/25/60 (a)(b)

838,975‌

1,084,821‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (a)(b)

967,844‌

247,956‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56 (a)(b)

243,786‌

40,385‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57 (a)(b)

39,863‌

16,660,139‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$105,614,442)

99,158,202‌

Corporate

Bonds

-

30.4%

Communication

Services

-

2.4%

2,364,000‌

AT&T,

Inc.,

1.70%,

03/25/26

2,130,430‌

750,000‌

Meta

Platforms,

Inc.,

3.50%,

08/15/27

699,000‌

885,000‌

Netflix,

Inc.,

4.38%,

11/15/26

851,813‌

1,000,000‌

The

Walt

Disney

Co.,

1.75%,

01/13/26

915,274‌

738,000‌

Verizon

Communications,

Inc.,

1.68%,

10/30/30

575,249‌

5,171,766‌

Consumer

Discretionary

-

5.5%

895,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

557,672‌

1,845,000‌

Dollar

General

Corp.,

3.88%,

04/15/27

1,759,172‌

1,100,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

1,013,546‌

680,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (a)

658,599‌

1,875,000‌

Lennar

Corp.,

4.50%,

04/30/24

1,849,933‌

1,261,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31 (a)

1,000,843‌

1,826,000‌

McDonald's

Corp.,

MTN,

3.70%,

01/30/26

1,775,316‌

1,475,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

1,387,673‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

4

Principal

Amount

Security

Description

Value

$

1,419,000‌

Whirlpool

Corp.,

MTN,

3.70%,

03/01/23

$

1,416,421‌

11,419,175‌

Consumer

Staples

-

1.4%

400,000‌

Cargill,

Inc.,

3.50%,

04/22/25 (a)

387,042‌

440,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28 (a)

429,000‌

2,205,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

2.75%,

06/26/24 (a)

2,130,533‌

2,946,575‌

Financials

-

10.9%

820,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

780,951‌

775,000‌

Bank

of

America

Corp.,

MTN,

3.46%,

03/15/25 (b)

754,428‌

1,485,000‌

Bank

of

America

Corp.,

MTN,

2.02%,

02/13/26 (b)

1,378,407‌

2,445,000‌

Citigroup,

Inc.,

1.46%,

06/09/27 (b)

2,120,812‌

1,220,000‌

Comcast

Corp.,

5.25%,

11/07/25

1,235,985‌

2,200,000‌

Intercontinental

Exchange,

Inc.,

3.75%,

12/01/25

2,137,682‌

2,500,000‌

JPMorgan

Chase

&

Co.,

1.05%,

11/19/26 (b)

2,205,091‌

2,340,000‌

Morgan

Stanley,

2.19%,

04/28/26 (b)

2,174,481‌

418,000‌

National

Retail

Properties,

Inc.,

4.00%,

11/15/25

401,631‌

947,000‌

National

Retail

Properties,

Inc.,

3.60%,

12/15/26

883,272‌

990,000‌

Oracle

Corp.,

5.80%,

11/10/25

1,012,161‌

1,490,000‌

Principal

Life

Global

Funding

II,

1.25%,

06/23/25 (a)

1,355,081‌

1,936,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (b)(e)

1,893,408‌

2,360,000‌

The

Goldman

Sachs

Group,

Inc.,

0.67%,

03/08/24 (b)

2,334,573‌

2,015,000‌

Wells

Fargo

&

Co.,

4.81%,

07/25/28 (b)

1,968,043‌

420,000‌

Wells

Fargo

&

Co.,

3.75%,

01/24/24

414,293‌

23,050,299‌

Industrials

-

5.3%

2,085,000‌

BMW

US

Capital,

LLC,

2.80%,

04/11/26 (a)

1,947,850‌

2,125,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

2,066,107‌

2,305,000‌

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25

2,227,110‌

1,450,000‌

Roper

Technologies,

Inc.,

1.00%,

09/15/25

1,299,146‌

1,850,000‌

TTX

Co.,

3.60%,

01/15/25 (a)

1,783,374‌

Principal

Amount

Security

Description

Value

$

2,208,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (a)

$

2,108,660‌

11,432,247‌

Information

Technology

-

3.9%

900,000‌

eBay,

Inc.,

3.45%,

08/01/24

875,494‌

2,325,000‌

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.,

2.70%,

05/01/25

2,188,363‌

1,195,000‌

Oracle

Corp.,

3.40%,

07/08/24

1,165,833‌

2,410,000‌

TSMC

Global,

Ltd.,

0.75%,

09/28/25 (a)

2,175,386‌

2,060,000‌

Xilinx,

Inc.,

2.95%,

06/01/24

2,003,987‌

8,409,063‌

Materials

-

0.8%

1,765,000‌

The

Mosaic

Co.,

4.25%,

11/15/23

1,750,273‌

Utilities

-

0.2%

430,000‌

PacifiCorp,

2.95%,

06/01/23

426,184‌

Total

Corporate

Bonds

(Cost

$69,112,713)

64,605,582‌

Government

&

Agency

Obligations

-

22.2%

GOVERNMENT

SECURITIES

-

19.7%

Municipals

-

1.4%

550,000‌

County

of

El

Paso

CO,

Colorado

RB,

1.20%,

06/01/25

497,521‌

250,000‌

Douglas

County

School

District

No.

17,

Nebraska

GO,

1.23%,

06/15/25

229,441‌

240,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

0.95%,

12/15/25

214,992‌

370,000‌

Little

Co.

of

Mary

Hospital

of

Indiana,

Inc.,

Indiana,

1.58%,

11/01/24

344,787‌

1,425,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

1,265,672‌

235,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

203,914‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

0.76%,

12/01/24

157,764‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

147,610‌

3,061,701‌

U.S.

Treasury

Securities

-

18.3%

900,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

884,672‌

10,650,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

10,194,463‌

18,880,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

17,941,162‌

11,080,000‌

U.S.

Treasury

Note/Bond,

0.50%,

02/28/26

9,872,886‌

38,893,183‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

2.5%

Federal

Home

Loan

Mortgage

Corp.

-

1.3%

266,702‌

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

247,390‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

5

Principal

Amount

Security

Description

Value

$

331,215‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (d)

$

322,957‌

1,290,000‌

Federal

Home

Loan

Mortgage

Corp.,

2.11%,

12/15/25

1,270,243‌

335,970‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

54,653‌

99,004‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

9,252‌

94,215‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

12,006‌

208,762‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

203,851‌

796,448‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57 (b)

745,476‌

2,865,828‌

Federal

National

Mortgage

Association

-

0.1%

100,567‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

97,381‌

180,734‌

Federal

National

Mortgage

Association

Interest

Only,

2.67%,

01/25/39 (b)

2,852‌

100,233‌

Government

National

Mortgage

Association

-

1.1%

1,305,352‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,301,908‌

147,594‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

147,375‌

102,340‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

102,137‌

315,820‌

Government

National

Mortgage

Association

#632798,

5.13%,

11/15/34

315,093‌

451,393‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

455,854‌

74,253‌

Government

National

Mortgage

Association

REMIC,

3.25%,

11/16/52 (b)

72,401‌

2,394,768‌

Total

Government

&

Agency

Obligations

(Cost

$49,340,170)

47,315,713‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.2%

Financials

-

0.2%

550‌

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

01/30/23),

13.03% (b)(e)

$

448,630‌

Total

Preferred

Stocks

(Cost

$564,328)

448,630‌

Short-Term

Investments

-

0.3%

Investment

Company

-

0.3%

663,336‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.05% (f)

663,336‌

Total

Short-Term

Investments

(Cost

$663,336)

663,336‌

Investments,

at

value

-

99.7%

(Cost

$225,294,989)

212,191,463‌

Other

assets

in

excess

of

liabilities

-

0.3%

630,978‌

NET

ASSETS

-

100.0%

$

212,822,441‌

(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

December

31,

2022,

the

aggregate

value

of

these

liquid

securities

were

$97,704,677

or

45.9%

of

net

assets.

(b)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2022.

(c)

Floating

rate

security.

Rate

presented

is

as

of

December

31,

2022.

(d)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

December

31,

2022.

(e)

Perpetual

maturity

security.

(f)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022.

ABS

Asset

Backed

Security

CLO

Collateralized

Loan

Obligation

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

INCOME

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

6

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

28.2%

Asset

Backed

Securities

-

10.3%

$

960,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46

(a)

$

819,932‌

552,671‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36

(a)

532,049‌

400,000‌

AMSR

Trust,

1.63%,

07/17/37

(a)

362,041‌

1,250,000‌

ARM

Master

Trust,

2.43%,

11/15/27

(a)

1,151,520‌

557,793‌

Capital

Automotive,

1.44%,

08/15/51

(a)

477,805‌

861,307‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61

(a)

744,755‌

962,193‌

Colony

American

Finance,

Ltd.,

1.17%,

12/15/52

(a)

849,342‌

424,878‌

Commonbond

Student

Loan

Trust,

1.17%,

09/25/51

(a)

344,831‌

864,171‌

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53

(a)

762,119‌

549,099‌

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45

(a)

463,455‌

915,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38

(a)

781,776‌

893,021‌

Home

Partners

of

America

Trust,

2.20%,

01/17/41

(a)

751,704‌

552,914‌

Navient

Student

Loan

Trust,

1.11%,

02/18/70

(a)

465,489‌

1,100,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

5.92%,

10/15/31

(a)(b)

1,088,544‌

365,585‌

Nelnet

Student

Loan

Trust,

1.63%,

04/20/62

(a)

329,437‌

654,166‌

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62

(a)

578,870‌

94,612‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

5.45%,

12/24/33

(a)(b)

93,795‌

813,070‌

Progress

Residential

Trust,

1.52%,

07/17/38

(a)

703,033‌

435,000‌

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46

(a)

369,926‌

786,901‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.00%),

5.36%,

10/25/23

(b)

776,894‌

1,140,364‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

6.01%,

04/15/29

(b)

1,137,787‌

281,110‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.50%),

5.86%,

04/25/23

(b)

278,385‌

Principal

Amount

Security

Description

Value

$

339,306‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31

(a)

$

324,894‌

102,726‌

Social

Professional

Loan

Program,

2.34%,

04/25/33

(a)

100,593‌

653,933‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44

(a)

638,073‌

595,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46

(a)

513,866‌

1,335,646‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39

(a)

1,105,302‌

1,632,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45

(a)

1,439,300‌

17,985,517‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

8.3%

1,200,000‌

American

Tower

Trust

I,

3.07%,

03/15/23

(a)

1,193,282‌

1,150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.53%,

03/10/37

(a)(c)

1,037,357‌

905,000‌

BANK

2019-BNK16,

3.90%,

02/15/52

864,438‌

1,255,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

09/15/36

(a)(b)

1,183,132‌

200,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.90%),

5.22%,

10/15/36

(a)(b)

190,219‌

860,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

828,589‌

540,362‌

COMM

Mortgage

Trust

Interest

Only

REMIC,

0.96%,

03/10/46

(c)

15‌

975,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

858,551‌

790,000‌

Goldman

Sachs

Mortgage

Securities

Trust

(USD

1

Month

LIBOR

+

0.89%),

5.20%,

11/15/36

(a)(b)

763,190‌

945,489‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44

(a)(c)

2‌

1,575,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39

(a)

1,354,186‌

600,000‌

MED

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

11/15/38

(a)(b)

577,428‌

1,325,000‌

MHC

Commercial

Mortgage

Trust

(USD

1

Month

LIBOR

+

0.85%),

5.17%,

05/15/38

(a)(b)

1,285,103‌

414,205‌

Morgan

Stanley

Capital

I

Trust,

3.30%,

06/15/50

397,113‌

792,363‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41

(a)(c)

724,341‌

477,356‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41

(a)(c)

415,133‌

610,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39

(a)

563,647‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

INCOME

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

7

Principal

Amount

Security

Description

Value

$

830,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

$

797,021‌

1,575,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

1,429,871‌

14,462,618‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

9.6%

148,225‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

5.26%,

12/25/33

(a)(b)

140,562‌

560,553‌

BRAVO

Residential

Funding

Trust,

4.68%,

11/25/69

(a)(b)

554,862‌

1,063,360‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63

(a)(c)

904,836‌

495,500‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.95%,

12/26/30

(a)(c)

480,390‌

281,366‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53

(a)

269,543‌

432,228‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66

(a)(c)

407,919‌

316,302‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35

(a)(c)

293,555‌

98,317‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

93,657‌

16,657‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

15,710‌

1,182‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.00%,

12/31/23

1,119‌

874,037‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47

(a)(c)

776,068‌

948,016‌

Credit

Suisse

Mortgage

Trust,

2.50%,

11/25/56

(a)(c)

810,443‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

5.51%,

02/25/33

(b)

154,571‌

165,528‌

CSMLT

Trust,

2.99%,

10/25/30

(a)(c)

150,570‌

825,346‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

757,561‌

695,143‌

Flagstar

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

596,004‌

749,894‌

Flagstar

Mortgage

Trust,

2.50%,

07/25/51

(a)(c)

641,072‌

256,154‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45

(c)

249,958‌

21,512‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

3.00%,

10/25/50

(a)(c)

21,084‌

Principal

Amount

Security

Description

Value

$

40,834‌

Goldman

Sachs

Mortgage-Backed

Securities

Corp.

Trust,

2.63%,

01/25/59

(a)(c)

$

40,624‌

1,067,104‌

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51

(a)(c)

925,285‌

897,842‌

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51

(a)(c)

767,550‌

641,334‌

MFRA

Trust,

3.91%,

04/25/66

(a)(d)

602,827‌

359,381‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57

(a)(c)

337,027‌

267,014‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59

(a)(c)

245,939‌

155,227‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54

(a)(c)

142,856‌

119,524‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52

(a)(c)

110,754‌

276,401‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55

(a)(c)

256,812‌

673,599‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52

(a)(c)

595,504‌

1,469,903‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

1,260,270‌

864,984‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51

(a)(c)

741,623‌

1,041,832‌

PSMC

Trust,

2.50%,

08/25/51

(a)(c)

895,854‌

13,711‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC

(USD

1

Month

LIBOR

+

14.76%),

6.71%,

12/31/23

(b)

10,871‌

912,739‌

Sequoia

Mortgage

Trust,

2.50%,

06/25/51

(a)(c)

783,662‌

291,360‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30

(a)(c)

267,428‌

684,275‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58

(a)(c)

636,831‌

66,629‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56

(a)(c)

65,508‌

56,351‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

04/25/57

(a)(c)

55,623‌

893,620‌

Woodward

Capital

Management,

2.50%,

01/25/52

(a)(c)

766,175‌

16,828,507‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$54,981,733)

49,276,642‌

Corporate

Bonds

-

27.2%

Communication

Services

-

2.2%

1,400,000‌

Alphabet,

Inc.,

2.25%,

08/15/60

788,673‌

1,220,000‌

AT&T,

Inc.,

4.30%,

12/15/42

1,000,881‌

1,200,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

1,055,924‌

458,000‌

Netflix,

Inc.,

4.38%,

11/15/26

440,825‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

INCOME

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

8

Principal

Amount

Security

Description

Value

$

800,000‌

Verizon

Communications,

Inc.,

3.55%,

03/22/51

$

569,883‌

3,856,186‌

Consumer

Discretionary

-

4.7%

740,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

461,092‌

525,000‌

Comcast

Corp.,

4.15%,

10/15/28

503,447‌

1,355,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

1,219,020‌

700,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24

(a)

677,969‌

413,000‌

Lennar

Corp.,

4.50%,

04/30/24

407,479‌

1,265,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(a)

1,004,018‌

1,505,000‌

McDonald's

Corp.,

3.63%,

09/01/49

1,132,120‌

810,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

762,044‌

1,195,000‌

NIKE,

Inc.,

3.88%,

11/01/45

1,033,702‌

1,267,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,086,513‌

8,287,404‌

Consumer

Staples

-

0.3%

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28

(a)

516,750‌

Financials

-

8.5%

575,000‌

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

547,618‌

1,425,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32

(c)

1,140,547‌

1,330,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

1,048,299‌

1,310,000‌

Citigroup,

Inc.,

4.91%,

05/24/33

(c)

1,226,727‌

1,414,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

1,154,241‌

1,465,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30

(c)

1,228,573‌

920,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

814,340‌

1,330,000‌

Morgan

Stanley,

GMTN,

3.77%,

01/24/29

(c)

1,217,953‌

835,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

708,368‌

1,202,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65

(c)(e)

1,175,556‌

947,000‌

The

Chubb

Corp.,

6.80%,

11/15/31

1,016,031‌

1,505,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33

(c)

1,222,031‌

1,230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49

(c)(e)

1,072,031‌

1,480,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31

(c)

1,225,538‌

14,797,853‌

Industrials

-

5.1%

1,299,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

1,051,068‌

1,260,000‌

BMW

Finance

NV,

2.85%,

08/14/29

(a)

1,094,926‌

Principal

Amount

Security

Description

Value

$

1,200,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

$

1,084,911‌

896,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

871,168‌

1,262,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,145,382‌

1,197,000‌

Raytheon

Technologies

Corp.,

4.88%,

10/15/40

1,116,851‌

815,000‌

TTX

Co.,

4.60%,

02/01/49

(a)

703,075‌

813,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25

(a)

776,422‌

1,535,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

1,200,123‌

9,043,926‌

Information

Technology

-

3.6%

1,153,000‌

eBay,

Inc.,

3.60%,

06/05/27

1,086,509‌

1,325,000‌

NVIDIA

Corp.,

3.50%,

04/01/50

1,000,054‌

1,175,000‌

Oracle

Corp.,

2.30%,

03/25/28

1,017,750‌

1,175,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

1,010,344‌

1,303,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30

(a)

999,706‌

1,345,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

1,130,950‌

6,245,313‌

Materials

-

1.1%

1,111,000‌

Albemarle

Corp.,

5.45%,

12/01/44

1,003,942‌

959,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

932,584‌

1,936,526‌

Real

Estate

-

0.7%

1,230,000‌

National

Retail

Properties,

Inc.,

4.30%,

10/15/28

1,141,122‌

Utilities

-

1.0%

1,059,000‌

PacifiCorp,

6.25%,

10/15/37

1,127,753‌

740,000‌

Texas

Electric

Market

Stabilization

Funding

N,

LLC,

4.27%,

08/01/34

(a)

702,386‌

1,830,139‌

Total

Corporate

Bonds

(Cost

$55,732,849)

47,655,219‌

Government

&

Agency

Obligations

-

44.0%

GOVERNMENT

SECURITIES

-

20.1%

Municipals

-

1.5%

350,000‌

City

of

Lincoln

NE

Electric

System

Revenue,

Nebraska

RB,

1.75%,

09/01/32

259,741‌

385,000‌

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Texas

RB,

4.37%,

02/01/42

333,884‌

121,564‌

Florida

Housing

Finance

Corp.,

Florida

RB

FHLMC,

3.00%,

01/01/36

117,179‌

340,000‌

New

York

City

Municipal

Water

Finance

Authority,

New

York

RB,

5.72%,

06/15/42

365,912‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

INCOME

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

9

Principal

Amount

Security

Description

Value

$

505,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.77%,

08/01/36

$

522,863‌

290,000‌

New

York

State

Urban

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

297,815‌

125,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

1.71%,

12/01/30

98,671‌

225,000‌

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

231,261‌

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

443,460‌

2,670,786‌

Treasury

Inflation

Index

Securities

-

1.0%

1,693,096‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28

(f)

1,670,304‌

U.S.

Treasury

Securities

-

17.6%

8,795,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

8,085,216‌

2,970,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

2,763,840‌

5,860,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

4,993,819‌

11,525,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

9,776,891‌

7,940,000‌

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

5,243,812‌

30,863,578‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

23.9%

Federal

Home

Loan

Mortgage

Corp.

-

10.1%

740,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32

673,207‌

416,632‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

398,441‌

8,463‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

8,259‌

1,039,173‌

Federal

Home

Loan

Mortgage

Corp.

#RA6436,

2.50%,

12/01/51

885,859‌

1,129,515‌

Federal

Home

Loan

Mortgage

Corp.

#RA7549,

4.00%,

06/01/52

1,059,878‌

1,829,906‌

Federal

Home

Loan

Mortgage

Corp.

#RA7779,

4.50%,

08/01/52

1,763,084‌

428,865‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

402,543‌

1,808,956‌

Federal

Home

Loan

Mortgage

Corp.

#SD1046,

4.00%,

07/01/52

1,708,038‌

146,684‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

145,553‌

135,920‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

134,870‌

1,032,538‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

939,480‌

Principal

Amount

Security

Description

Value

$

325,273‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

$

322,453‌

357,079‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

342,022‌

709,860‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

681,127‌

827,003‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

134,531‌

164,227‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

162,316‌

16,002‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.00%,

10/15/41

15,912‌

6,532‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.00%,

04/15/41

6,517‌

23,655‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

11/15/42

23,353‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

902,602‌

298,343‌

FRESB

Mortgage

Trust,

3.70%,

10/25/28

(c)

281,867‌

712,655‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

08/25/56

(d)

665,783‌

601,627‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

586,323‌

362,022‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57

(c)

338,853‌

595,377‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

08/25/59

543,288‌

797,333‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

11/25/59

729,609‌

609,768‌

Seasoned

Credit

Risk

Transfer

Trust,

2.00%,

05/25/60

543,237‌

384,842‌

Seasoned

Credit

Risk

Transfer

Trust,

3.25%,

07/25/56

(d)

362,116‌

826,815‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

738,194‌

514,566‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

461,223‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,308,325‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

433,328‌

17,702,191‌

Federal

National

Mortgage

Association

-

12.6%

84,640‌

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

86,434‌

66,681‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

66,102‌

8,179‌

Federal

National

Mortgage

Association

#933279,

5.50%,

08/01/37

8,205‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

INCOME

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

10

Principal

Amount

Security

Description

Value

$

3,226‌

Federal

National

Mortgage

Association

#AA5564,

4.00%,

06/01/24

$

3,149‌

62,241‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

61,654‌

378,824‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

344,681‌

8,685‌

Federal

National

Mortgage

Association

#AC0559,

4.00%,

10/01/24

8,477‌

144,010‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

142,724‌

24,911‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

26,006‌

307,016‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

295,834‌

97,118‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

94,032‌

168,408‌

Federal

National

Mortgage

Association

#AL9970,

2.88%,

02/01/27

(c)

157,163‌

2,014,913‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

1,807,484‌

1,232,920‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,122,416‌

309,075‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

296,170‌

433,779‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

426,931‌

626,280‌

Federal

National

Mortgage

Association

#AS3909,

4.00%,

11/01/44

599,883‌

341,099‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

322,352‌

511,032‌

Federal

National

Mortgage

Association

#AS6994,

4.00%,

04/01/46

489,276‌

511,372‌

Federal

National

Mortgage

Association

#BH9216,

4.00%,

01/01/48

487,911‌

402,625‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

357,004‌

405,089‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

376,572‌

1,207,522‌

Federal

National

Mortgage

Association

#CB2094,

3.00%,

11/01/51

1,061,721‌

1,482,857‌

Federal

National

Mortgage

Association

#CB3233,

3.00%,

04/01/52

1,308,330‌

3,289,165‌

Federal

National

Mortgage

Association

#FS0331,

3.00%,

01/01/52

2,897,234‌

2,382,058‌

Federal

National

Mortgage

Association

#FS1555,

3.50%,

04/01/52

2,174,525‌

1,981,861‌

Federal

National

Mortgage

Association

#FS2060,

4.00%,

06/01/52

1,872,464‌

149,843‌

Federal

National

Mortgage

Association

#MA3384,

4.00%,

06/01/48

143,176‌

280,715‌

Federal

National

Mortgage

Association

Interest

Only,

2.67%,

01/25/39

(c)

4,429‌

Principal

Amount

Security

Description

Value

$

1,975,000‌

Federal

National

Mortgage

Association

Interest

Only

#AM7762,

3.49%,

01/01/35

$

1,759,643‌

927,560‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

828,629‌

438,146‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29

(c)

409,298‌

182,665‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

177,551‌

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

912,663‌

869,195‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

866,560‌

21,996,683‌

Government

National

Mortgage

Association

-

1.2%

460,645‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

441,091‌

376,379‌

Government

National

Mortgage

Association,

3.50%,

01/20/69

(c)

361,610‌

434,116‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

388,539‌

890,115‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

898,913‌

2,090,153‌

Total

Government

&

Agency

Obligations

(Cost

$85,365,193)

76,993,695‌

Shares

Security

Description

Value

Short-Term

Investments

-

0.2%

Investment

Company

-

0.2%

384,051‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.05%

(g)

384,051‌

Total

Short-Term

Investments

(Cost

$384,051)

384,051‌

Investments,

at

value

-

99.6%

(Cost

$196,463,826)

174,309,607‌

Other

assets

in

excess

of

liabilities

-

0.4%

691,144‌

NET

ASSETS

-

100.0%

$

175,000,751‌

(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

December

31,

2022,

the

aggregate

value

of

these

liquid

securities

were

$47,099,783

or

26.9%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

December

31,

2022.

(c)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2022.

(d)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

December

31,

2022.

(e)

Perpetual

maturity

security.

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

INCOME

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

11

(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

December

31,

2022.

FHLMC

Federal

Home

Loan

Mortgage

Corporation

GMTN

Global

Medium

Term

Note

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

RB

Revenue

Bond

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

12

Principal

Amount

Security

Description

Value

Government

&

Agency

Obligations

-

97.0%

GOVERNMENT

SECURITIES

-

95.4%

Municipals

-

95.4%

Nebraska

-

93.6%

$

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

$

261,741‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/26

312,709‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

283,983‌

400,000‌

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

346,919‌

210,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.30%,

10/15/23

207,129‌

185,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.40%,

10/15/24

182,587‌

150,000‌

Central

Plains

Energy

Project,

Nebraska

RB,

5.00%,

01/01/24

151,561‌

250,000‌

City

of

Beatrice

NE,

Nebraska

GO,

1.70%,

12/15/23

244,793‌

350,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

322,358‌

215,000‌

City

of

Blair

NE,

Nebraska

GO,

2.15%,

09/15/23

213,166‌

220,000‌

City

of

Blair

NE,

Nebraska

GO,

2.30%,

09/15/24

216,643‌

55,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

48,401‌

120,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

103,091‌

325,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

343,542‌

650,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

5.00%,

06/15/29

726,313‌

80,000‌

City

of

Columbus

NE

Sales

Tax

Revenue,

Nebraska

RB,

5.00%,

09/15/23

81,031‌

345,000‌

City

of

Falls

City

NE,

Nebraska

GO,

4.25%,

11/15/30

355,477‌

345,000‌

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

344,994‌

150,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/31

158,910‌

Principal

Amount

Security

Description

Value

$

430,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/34

$

449,550‌

300,000‌

City

of

Kearney

NE,

Nebraska

GO,

4.00%,

05/15/27

308,246‌

160,000‌

City

of

Kearney

NE,

Nebraska

GO,

2.75%,

06/15/27

154,675‌

400,000‌

City

of

Kearney

NE,

Nebraska

RB,

1.25%,

12/15/27

349,268‌

375,000‌

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

375,650‌

235,000‌

City

of

La

Vista

NE,

Nebraska

GO,

3.00%,

09/01/27

235,204‌

200,000‌

City

of

Lincoln

NE,

Nebraska

GO,

5.00%,

11/15/34

228,382‌

195,000‌

City

of

Norfolk

NE,

Nebraska

GO,

2.70%,

09/01/25

189,152‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

360,674‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/32

191,963‌

150,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/33

158,968‌

400,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/34

376,088‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/37

226,103‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

599,530‌

355,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

01/15/28

387,077‌

250,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

3.00%,

12/15/27

249,626‌

375,000‌

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

357,419‌

285,000‌

County

of

Cherry

NE,

Nebraska

GO,

3.00%,

12/15/25

286,812‌

300,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/34

304,074‌

435,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

437,435‌

245,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.00%,

09/01/27

245,184‌

125,000‌

County

of

Jefferson

NE,

Nebraska

GO,

2.00%,

12/01/25

120,444‌

325,000‌

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

306,740‌

200,000‌

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

177,585‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

13

Principal

Amount

Security

Description

Value

$

400,000‌

Cozad

City

School

District,

Nebraska

GO,

4.00%,

06/15/28

$

416,607‌

265,000‌

Cuming

County

Public

Power

District,

Nebraska

RB,

1.50%,

12/15/25

248,318‌

280,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/36

314,879‌

260,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/27

284,452‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,164,662‌

200,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

3.00%,

05/15/24

199,394‌

220,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

05/15/26

234,827‌

750,000‌

Douglas

County

Public

Facilities

Corp.,

Nebraska

RB,

2.00%,

05/01/24

735,709‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

178,336‌

580,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

579,977‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

260,024‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

490,

Nebraska

GO,

2.70%,

08/15/28

93,831‌

280,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

240,005‌

215,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

521,

Nebraska

GO,

2.20%,

02/15/25

205,885‌

325,000‌

Douglas

County

School

District

No.

17/

NE,

Nebraska

GO,

4.00%,

12/15/41

329,014‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

682,672‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

760,411‌

300,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

299,700‌

250,000‌

Douglas

County

School

District

No.

59/

NE,

Nebraska

GO,

4.00%,

06/15/34

258,136‌

250,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/32

265,035‌

370,000‌

Fremont

School

District,

Nebraska

GO,

5.00%,

12/15/29

417,486‌

65,000‌

Grand

Island

Electric

Department,

Nebraska

RB,

5.00%,

08/15/27

66,219‌

530,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

556,821‌

Principal

Amount

Security

Description

Value

$

400,000‌

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

$

380,617‌

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

509,063‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

729,558‌

300,000‌

Kearney

School

District,

Nebraska

GO,

2.00%,

12/15/25

291,393‌

500,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/31

519,287‌

370,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/34

318,001‌

320,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/28

303,469‌

200,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

220,189‌

475,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

4.00%,

07/01/27

499,735‌

500,000‌

Lincoln-Lancaster

County

Public

Building

Commission,

Nebraska

RB,

3.00%,

12/01/26

502,322‌

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

954,426‌

260,000‌

Lyons-Decatur

Northeast

Schools,

Nebraska

GO,

5.00%,

12/15/30

277,595‌

525,000‌

Metropolitan

Community

College

Area,

Nebraska

COP,

3.00%,

03/01/26

525,755‌

300,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

307,222‌

250,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/31

286,863‌

210,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/25

210,934‌

500,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

470,147‌

290,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.00%,

03/01/52

278,444‌

350,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

1.55%,

03/01/23

348,982‌

500,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

2.00%,

03/01/24

493,158‌

125,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

143,424‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

208,912‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

14

Principal

Amount

Security

Description

Value

$

500,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

0.60%,

01/01/51

(a)

$

493,079‌

315,000‌

Nebraska

State

Colleges,

Nebraska

RB,

3.00%,

07/01/25

314,087‌

475,000‌

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

417,035‌

325,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

319,344‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

419,615‌

600,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

634,069‌

350,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

370,144‌

1,010,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

1,045,324‌

300,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/31

337,473‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/36

401,218‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/46

333,410‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

790,177‌

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

522,910‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

175,045‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

606,204‌

1,000,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

983,043‌

150,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/30

167,475‌

250,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

278,562‌

245,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/31

260,257‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

350,588‌

750,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/29

791,291‌

160,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

159,920‌

105,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

23,

Nebraska

GO,

2.30%,

08/15/34

85,255‌

Principal

Amount

Security

Description

Value

$

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

245,

Nebraska

GO,

3.45%,

11/15/28

$

99,996‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

100,180‌

30,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

68,

Nebraska

GO,

2.75%,

12/15/23

30,002‌

320,000‌

Sarpy

County

School

District

No.

1,

Nebraska

GO,

5.00%,

12/15/29

365,821‌

300,000‌

Southeast

Community

College

Area,

Nebraska

RB,

4.00%,

03/15/31

312,323‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/25

310,085‌

400,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/26

414,380‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

285,579‌

270,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/24

270,540‌

500,000‌

The

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

521,529‌

400,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

370,029‌

1,700,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

09/01/28

1,701,298‌

100,000‌

Westside

Community

Schools,

Nebraska

GO,

2.30%,

12/01/28

96,058‌

450,000‌

York

County

NE

School

District

No.

12,

Nebraska

GO,

2.00%,

12/15/25

435,993‌

45,122,431‌

North

Dakota

-

1.0%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

484,027‌

South

Dakota

-

0.8%

425,000‌

City

of

Brandon

SD

Sales

Tax

Revenue,

South

Dakota

RB,

3.00%,

12/01/26

423,354‌

46,029,812‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.6%

Federal

Home

Loan

Mortgage

Corp.

-

1.6%

297,261‌

Federal

Home

Loan

Mortgage

Corp.,

2.34%,

07/25/41

(b)

227,171‌

591,975‌

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

535,103‌

762,274‌

Total

Government

&

Agency

Obligations

(Cost

$49,285,348)

46,792,086‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

15

Shares

Security

Description

Value

Short-Term

Investments

-

2.5%

Investment

Company

-

2.5%

1,192,775‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.05%

(c)

$

1,192,775‌

Total

Short-Term

Investments

(Cost

$1,192,775)

1,192,775‌

Investments,

at

value

-

99.5%

(Cost

$50,478,123)

47,984,861‌

Other

assets

in

excess

of

liabilities

-

0.5%

233,370‌

NET

ASSETS

-

100.0%

$

48,218,231‌

(a)

Adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2022.

(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

December

31,

2022,

the

aggregate

value

of

these

liquid

securities

were

$227,171

or

0.5%

of

net

assets.

(c)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022.

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

December

31,

2022

(Unaudited)

BALANCED

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

16

Shares

Security

Description

Value

Common

Stocks

-

58.5%

Communication

Services

-

4.4%

6,975‌

Activision

Blizzard,

Inc.

$

533,936‌

12,900‌

Alphabet,

Inc.,

Class C (a)

1,144,617‌

14,900‌

Comcast

Corp.,

Class A

521,053‌

2,335‌

Meta

Platforms,

Inc.,

Class A (a)

280,994‌

13,700‌

Verizon

Communications,

Inc.

539,780‌

3,020,380‌

Consumer

Discretionary

-

5.9%

11,740‌

Amazon.com,

Inc. (a)

986,160‌

228‌

Booking

Holdings,

Inc. (a)

459,484‌

11,550‌

Gentex

Corp.

314,968‌

3,605‌

NIKE,

Inc.,

Class B

421,821‌

810‌

O'Reilly

Automotive,

Inc. (a)

683,664‌

900‌

Pool

Corp.

272,097‌

5,500‌

Rent-A-Center,

Inc./TX,

Class A

124,025‌

4,150‌

Royal

Caribbean

Cruises,

Ltd. (a)

205,135‌

1,825‌

The

Home

Depot,

Inc.

576,445‌

4,043,799‌

Consumer

Staples

-

4.4%

6,250‌

Church

&

Dwight

Co.,

Inc.

503,812‌

2,250‌

Constellation

Brands,

Inc.,

Class A

521,437‌

1,385‌

Costco

Wholesale

Corp.

632,253‌

5,980‌

Lamb

Weston

Holdings,

Inc.

534,373‌

6,050‌

Walmart,

Inc.

857,830‌

3,049,705‌

Energy

-

2.5%

1,050‌

Diamondback

Energy,

Inc.

143,619‌

2,290‌

EOG

Resources,

Inc.

296,601‌

8,075‌

Exxon

Mobil

Corp.

890,672‌

3,500‌

Phillips

66

364,280‌

1,695,172‌

Financials

-

6.4%

8,700‌

Brown

&

Brown,

Inc.

495,639‌

3,290‌

Chubb,

Ltd.

725,774‌

3,050‌

CME

Group,

Inc.

512,888‌

5,500‌

Equitable

Holdings,

Inc.

157,850‌

5,800‌

First

American

Financial

Corp.

303,572‌

4,950‌

JPMorgan

Chase

&

Co.

663,795‌

7,750‌

KeyCorp

135,005‌

1,190‌

Moody's

Corp.

331,558‌

4,200‌

Morgan

Stanley

357,084‌

2,060‌

The

PNC

Financial

Services

Group,

Inc.

325,356‌

9,200‌

Wells

Fargo

&

Co.

379,868‌

4,388,389‌

Health

Care

-

9.0%

6,965‌

Abbott

Laboratories

764,687‌

2,600‌

AMN

Healthcare

Services,

Inc. (a)

267,332‌

4,760‌

Edwards

Lifesciences

Corp. (a)

355,144‌

3,135‌

Eli

Lilly

&

Co.

1,146,908‌

8,725‌

Horizon

Therapeutics

PLC (a)

992,905‌

1,355‌

Humana,

Inc.

694,017‌

Shares

Security

Description

Value

4,300‌

Lantheus

Holdings,

Inc. (a)

$

219,128‌

2,549‌

LHC

Group,

Inc. (a)

412,148‌

1,455‌

Thermo

Fisher

Scientific,

Inc.

801,254‌

3,430‌

Zoetis,

Inc.

502,667‌

6,156,190‌

Industrials

-

5.5%

4,800‌

AMETEK,

Inc.

670,656‌

1,000‌

Cintas

Corp.

451,620‌

17,400‌

CSX

Corp.

539,052‌

4,450‌

MasTec,

Inc. (a)

379,719‌

7,207‌

Raytheon

Technologies

Corp.

727,330‌

4,600‌

The

Timken

Co.

325,082‌

4,205‌

Waste

Management,

Inc.

659,680‌

3,753,139‌

Information

Technology

-

13.9%

1,435‌

Adobe,

Inc. (a)

482,921‌

18,680‌

Apple,

Inc.

2,427,092‌

1,995‌

CDW

Corp.

356,267‌

2,932‌

Entegris,

Inc.

192,310‌

4,875‌

Fiserv,

Inc. (a)

492,716‌

2,230‌

FleetCor

Technologies,

Inc. (a)

409,606‌

2,350‌

Mastercard,

Inc.,

Class A

817,165‌

5,900‌

Microchip

Technology,

Inc.

414,475‌

9,425‌

Microsoft

Corp.

2,260,304‌

4,480‌

NVIDIA

Corp.

654,707‌

1,010‌

Paycom

Software,

Inc. (a)

313,413‌

4,100‌

Perficient,

Inc. (a)

286,303‌

3,925‌

QUALCOMM,

Inc.

431,515‌

9,538,794‌

Materials

-

1.9%

4,890‌

Berry

Global

Group,

Inc.

295,503‌

2,665‌

FMC

Corp.

332,592‌

1,690‌

Linde

PLC

551,244‌

19,231‌

PureCycle

Technologies,

Inc. (a)

130,002‌

1,309,341‌

Real

Estate

-

2.4%

2,290‌

American

Tower

Corp.

REIT

485,160‌

11,590‌

First

Industrial

Realty

Trust,

Inc.

REIT

559,333‌

4,145‌

Sun

Communities,

Inc.

REIT

592,735‌

1,637,228‌

Utilities

-

2.2%

2,580‌

American

Water

Works

Co.,

Inc.

393,244‌

4,615‌

Atmos

Energy

Corp.

517,203‌

7,370‌

NextEra

Energy,

Inc.

616,132‌

1,526,579‌

Total

Common

Stocks

(Cost

$24,696,597)

40,118,716‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

BALANCED

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

17

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

9.8%

Asset

Backed

Securities

-

4.5%

$

155,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46 (b)

$

132,385‌

182,807‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (b)

175,985‌

50,000‌

AMSR

Trust,

1.63%,

07/17/37 (b)

45,255‌

110,998‌

AXIS

Equipment

Finance

Receivables

IX,

LLC,

0.75%,

11/20/26 (b)

106,952‌

210,000‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (b)

207,682‌

84,461‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (b)(c)

81,290‌

250,000‌

CCG

Receivables

Trust,

3.91%,

07/16/29 (b)

245,287‌

236,158‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (b)

210,793‌

114,206‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61 (b)

98,752‌

63,002‌

Colony

American

Finance,

Ltd.,

1.83%,

03/15/50 (b)

58,639‌

34,111‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (b)

32,682‌

105,000‌

DLLMT,

LLC,

1.00%,

07/21/25 (b)

99,669‌

52,020‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (b)

44,859‌

135,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38 (b)

115,344‌

130,000‌

Navient

Student

Loan

Trust

(USD

1

Month

LIBOR

+

1.60%),

5.92%,

10/15/31 (b)(d)

128,646‌

133,319‌

NMEF

Funding,

LLC,

2.58%,

10/16/28 (b)

128,572‌

65,000‌

NMEF

Funding,

LLC,

6.07%,

06/15/29 (b)

64,895‌

99,942‌

North

Texas

Higher

Education

Authority,

Inc.

(USD

1

Month

LIBOR

+

0.57%),

4.96%,

09/25/61 (d)

96,307‌

60,741‌

Pawneee

Equipment

Receivables,

1.10%,

07/15/27 (b)

58,267‌

17,456‌

Preferred

Term

Securities

XII,

Ltd./

Preferred

Term

Securities

XII,

Inc.

(USD

3

Month

LIBOR

+

0.70%),

5.45%,

12/24/33 (b)(d)

17,305‌

119,863‌

Progress

Residential

Trust,

1.52%,

07/17/38 (b)

103,641‌

127,962‌

SLM

Student

Loan

Trust

(USD

3

Month

LIBOR

+

1.65%),

6.01%,

04/15/29 (d)

127,673‌

52,201‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (b)

49,984‌

Principal

Amount

Security

Description

Value

$

203,235‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (b)

$

167,127‌

144,250‌

Stack

Infrastructure

Issuer,

LLC,

4.54%,

02/25/44 (b)

140,751‌

70,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46 (b)

60,455‌

131,683‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39 (b)

108,974‌

180,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (b)

158,746‌

3,066,917‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

3.9%

375,000‌

American

Tower

Trust

I,

3.07%,

03/15/23 (b)

372,900‌

150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.53%,

03/10/37 (b)(c)

135,307‌

190,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

180,962‌

97,481‌

BX

Commercial

Mortgage

Trust,

5.35%,

02/15/39 (b)(d)

93,927‌

160,000‌

BX

Trust

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

09/15/36 (b)(d)

150,838‌

125,000‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

120,434‌

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

154,099‌

185,000‌

Goldman

Sachs

Mortgage

Securities

Trust

(USD

1

Month

LIBOR

+

0.89%),

5.20%,

11/15/36 (b)(d)

178,722‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39 (b)

171,960‌

92,528‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (b)

88,715‌

116,464‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (b)

109,826‌

143,960‌

KNDR

2021-KIND

A

(USD

1

Month

LIBOR

+

0.95%),

5.27%,

08/15/38 (b)(d)

135,966‌

125,000‌

ReadyCap

Commercial

Morgage

Trust

CLO,

5.59%,

01/25/37 (b)(d)

121,525‌

75,000‌

SREIT

Trust

(USD

1

Month

LIBOR

+

0.58%),

4.89%,

07/15/36 (b)(d)

71,989‌

80,953‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (b)(c)

74,004‌

130,000‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (b)

120,121‌

100,000‌

TRTX

Issuer,

Ltd.

CLO,

5.46%,

02/15/39 (b)(d)

96,247‌

75,000‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

72,020‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

BALANCED

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

18

Principal

Amount

Security

Description

Value

$

150,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

$

136,178‌

114,721‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (b)(c)

93,723‌

2,679,463‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.4%

107,113‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (b)(c)

96,700‌

35,221‌

Bayview

Commercial

Asset

Trust

REMIC

(USD

1

Month

LIBOR

+

0.87%),

5.26%,

12/25/33 (b)(d)

33,400‌

145,666‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (b)(c)

123,950‌

54,995‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (b)(c)

53,086‌

58,806‌

Cascade

Funding

Mortgage

Trust,

LLC,

0.80%,

02/25/31 (b)(c)

56,697‌

46,576‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (b)(c)

43,957‌

14,250‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (b)(c)

13,225‌

114,546‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47 (b)(c)

101,707‌

74,026‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (b)(c)

71,339‌

90,202‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51

82,794‌

29,199‌

Freddie

Mac

Whole

Loan

Securities,

3.66%,

09/25/45 (c)

28,493‌

27,228‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (b)(c)

25,298‌

160,844‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52 (b)(c)

142,196‌

144,904‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (b)(c)

129,279‌

1,002,121‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$7,325,732)

6,748,501‌

Corporate

Bonds

-

12.5%

Communication

Services

-

1.1%

348,000‌

AT&T,

Inc.,

4.30%,

02/15/30

327,676‌

150,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

131,991‌

317,000‌

Verizon

Communications,

Inc.,

4.33%,

09/21/28

304,790‌

764,457‌

Consumer

Discretionary

-

1.4%

240,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

215,915‌

100,000‌

Hanesbrands,

Inc.,

4.63%,

05/15/24 (b)

96,853‌

315,000‌

McDonald's

Corp.,

2.13%,

03/01/30

263,504‌

50,000‌

Newell

Brands,

Inc.,

4.45%,

04/01/26

47,040‌

50,000‌

Starbucks

Corp.,

2.00%,

03/12/27

44,671‌

Principal

Amount

Security

Description

Value

$

265,000‌

The

Walt

Disney

Co.,

2.65%,

01/13/31

$

226,195‌

75,000‌

Whirlpool

Corp.,

MTN,

3.70%,

03/01/23

74,864‌

969,042‌

Consumer

Staples

-

0.2%

165,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27 (b)

153,074‌

Financials

-

4.9%

275,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27 (c)

257,639‌

326,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

256,951‌

280,000‌

Citigroup,

Inc.,

3.89%,

01/10/28 (c)

261,651‌

270,000‌

CME

Group,

Inc.,

3.00%,

03/15/25

260,880‌

310,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

253,051‌

310,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30 (c)

259,971‌

110,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

97,367‌

50,000‌

Metropolitan

Life

Global

Funding

I,

3.60%,

01/11/24 (b)

49,239‌

290,000‌

Morgan

Stanley,

GMTN,

3.77%,

01/24/29 (c)

265,569‌

70,000‌

Morgan

Stanley,

GMTN,

3.75%,

02/25/23

69,856‌

225,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

190,877‌

100,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (c)(e)

97,800‌

220,000‌

The

Charles

Schwab

Corp.,

3.85%,

05/21/25

214,793‌

275,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

261,834‌

230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49 (c)(e)

200,461‌

325,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31 (c)

269,122‌

3,267,061‌

Health

Care

-

0.2%

125,000‌

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

96,543‌

37,000‌

Becton

Dickinson

and

Co.,

3.73%,

12/15/24

36,080‌

132,623‌

Industrials

-

2.5%

255,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

206,330‌

250,000‌

BMW

Finance

NV,

2.85%,

08/14/29 (b)

217,247‌

300,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

291,686‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

BALANCED

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

19

Principal

Amount

Security

Description

Value

$

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

$

235,974‌

170,000‌

TTX

Co.,

3.60%,

01/15/25 (b)

163,878‌

175,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

168,220‌

250,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (b)

238,752‌

335,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

261,916‌

1,784,003‌

Information

Technology

-

2.2%

170,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

138,627‌

235,000‌

eBay,

Inc.,

3.60%,

06/05/27

221,448‌

140,000‌

NVIDIA

Corp.,

2.85%,

04/01/30

122,123‌

130,000‌

Oracle

Corp.,

3.40%,

07/08/24

126,827‌

155,000‌

Oracle

Corp.,

2.30%,

03/25/28

134,256‌

313,000‌

QUALCOMM,

Inc.,

2.15%,

05/20/30

264,811‌

280,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30 (b)

214,826‌

310,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

260,665‌

1,483,583‌

Total

Corporate

Bonds

(Cost

$9,609,260)

8,553,843‌

Government

&

Agency

Obligations

-

15.5%

GOVERNMENT

SECURITIES

-

14.8%

Municipals

-

0.2%

125,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

1.69%,

12/15/31

94,047‌

50,000‌

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

41,863‌

135,910‌

Treasury

Inflation

Index

Securities

-

0.4%

267,205‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28 (f)

262,984‌

U.S.

Treasury

Securities

-

14.2%

340,000‌

U.S.

Treasury

Note,

2.75%,

11/15/23

334,209‌

1,005,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

962,013‌

3,095,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

2,941,096‌

2,585,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

2,405,565‌

1,805,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

1,538,199‌

1,860,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

1,577,876‌

9,758,958‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

0.7%

Federal

Home

Loan

Mortgage

Corp.

-

0.5%

61,203‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (g)

59,677‌

41,840‌

Federal

Home

Loan

Mortgage

Corp.

#SB8006,

3.00%,

09/01/34

39,272‌

22,608‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

22,076‌

Principal

Amount

Security

Description

Value

$

240,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

$

207,946‌

328,971‌

Federal

National

Mortgage

Association

-

0.1%

17,086‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

16,771‌

65,722‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29 (c)

61,395‌

78,166‌

Government

National

Mortgage

Association

-

0.1%

63,695‌

Government

National

Mortgage

Association,

3.50%,

01/20/69 (c)

61,196‌

Total

Government

&

Agency

Obligations

(Cost

$11,176,155)

10,626,185‌

Shares

Security

Description

Value

Short-Term

Investments

-

3.5%

Investment

Company

-

3.5%

2,418,146‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.05% (h)

2,418,146‌

Total

Short-Term

Investments

(Cost

$2,418,146)

2,418,146‌

Investments,

at

value

-

99.8%

(Cost

$55,225,890)

68,465,391‌

Other

assets

in

excess

of

liabilities

-

0.2%

137,896‌

NET

ASSETS

-

100.0%

$

68,603,287‌

(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

December

31,

2022,

the

aggregate

value

of

these

liquid

securities

were

$6,883,410

or

10.0%

of

net

assets.

(c)

Variable

or

adjustable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2022.

(d)

Floating

rate

security.

Rate

presented

is

as

of

December

31,

2022.

(e)

Perpetual

maturity

security.

(f)

U.S.

Treasury

inflation

indexed

security,

par

amount

is

adjusted

for

inflation.

(g)

Debt

obligation

initially

issued

at

one

coupon

rate

which

converts

to

higher

coupon

rate

at

a

specified

date.

Rate

presented

is

as

of

December

31,

2022.

(h)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022.

CLO

Collateralized

Loan

Obligation

GMTN

Global

Medium

Term

Note

GO

General

Obligation

LIBOR

London

Interbank

Offered

Rate

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SMALL/MID

CAP

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

20

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

98.7%

Communication

Services

-

1.9%

1,483‌

Nexstar

Media

Group,

Inc.,

Class A

$

259,569‌

Consumer

Discretionary

-

10.4%

2,301‌

Burlington

Stores,

Inc.

(a)

466,551‌

2,107‌

Dorman

Products,

Inc.

(a)

170,393‌

1,442‌

LGI

Homes,

Inc.

(a)

133,529‌

6,053‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

283,523‌

1,661‌

Tractor

Supply

Co.

373,675‌

1,427,671‌

Consumer

Staples

-

3.5%

1,061‌

Casey's

General

Stores,

Inc.

238,035‌

478‌

Coca-Cola

Consolidated,

Inc.

244,908‌

482,943‌

Energy

-

4.5%

13,232‌

CNX

Resources

Corp.

(a)

222,827‌

8,006‌

Marathon

Oil

Corp.

216,722‌

5,234‌

SM

Energy

Co.

182,300‌

621,849‌

Financials

-

15.8%

6,895‌

Atlantic

Union

Bankshares

Corp.

242,290‌

3,030‌

Brown

&

Brown,

Inc.

172,619‌

1,685‌

Cullen/Frost

Bankers,

Inc.

225,284‌

219‌

Markel

Corp.

(a)

288,530‌

4,935‌

Moelis

&

Co.,

Class A

189,356‌

3,265‌

Selective

Insurance

Group,

Inc.

289,312‌

3,833‌

SouthState

Corp.

292,688‌

4,675‌

Stifel

Financial

Corp.

272,880‌

2,317‌

UMB

Financial

Corp.

193,516‌

2,166,475‌

Health

Care

-

11.5%

2,398‌

AMN

Healthcare

Services,

Inc.

(a)

246,562‌

989‌

ICON

PLC

(a)

192,113‌

3,330‌

Integra

LifeSciences

Holdings

Corp.

(a)

186,713‌

802‌

Molina

Healthcare,

Inc.

(a)

264,837‌

3,330‌

Omnicell

,

Inc.

(a)

167,899‌

2,479‌

Pacira

BioSciences

,

Inc.

(a)

95,714‌

3,022‌

PerkinElmer,

Inc.

423,745‌

1,577,583‌

Industrials

-

18.7%

835‌

CACI

International,

Inc.,

Class A

(a)

250,993‌

1,175‌

Carlisle

Cos.,

Inc.

276,889‌

2,860‌

EnerSys

211,182‌

3,241‌

Fortune

Brands

Innovations,

Inc.

185,094‌

2,244‌

Forward

Air

Corp.

235,373‌

3,590‌

Franklin

Electric

Co.,

Inc.

286,302‌

2,204‌

ICF

International,

Inc.

218,306‌

2,309‌

Oshkosh

Corp.

203,631‌

1,888‌

Quanta

Services,

Inc.

269,040‌

2,625‌

Robert

Half

International,

Inc.

193,804‌

1,621‌

Tetra

Tech,

Inc.

235,353‌

2,565,967‌

Shares

Security

Description

Value

Information

Technology

-

20.2%

3,274‌

Ambarella

,

Inc.

(a)

$

269,221‌

3,906‌

Black

Knight,

Inc.

(a)

241,195‌

3,646‌

Blackbaud

,

Inc.

(a)

214,604‌

1,248‌

Broadridge

Financial

Solutions,

Inc.

167,394‌

9,594‌

Cambium

Networks

Corp.

(a)

207,902‌

2,520‌

Diodes,

Inc.

(a)

191,873‌

899‌

ExlService

Holdings,

Inc.

(a)

152,318‌

1,337‌

Littelfuse

,

Inc.

294,407‌

3,095‌

MKS

Instruments,

Inc.

262,239‌

3,598‌

Power

Integrations,

Inc.

258,049‌

2,350‌

PTC,

Inc.

(a)

282,094‌

1,969‌

Qualys

,

Inc.

(a)

220,981‌

2,762,277‌

Materials

-

3.7%

1,596‌

Balchem

Corp.

194,888‌

3,249‌

RPM

International,

Inc.

316,615‌

511,503‌

Real

Estate

-

5.8%

3,201‌

Agree

Realty

Corp.

REIT

227,047‌

11,198‌

Easterly

Government

Properties,

Inc.

REIT

159,796‌

1,224‌

Jones

Lang

LaSalle,

Inc.

(a)

195,069‌

2,196‌

Lamar

Advertising

Co.,

Class A

REIT

207,302‌

789,214‌

Utilities

-

2.7%

3,444‌

IDACORP,

Inc.

371,435‌

Total

Common

Stocks

(Cost

$12,905,668)

13,536,486‌

Shares

Security

Description

Value

Short-Term

Investments

-

5.8%

Investment

Company

-

5.8%

796,939‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.05%

(b)

796,939‌

Total

Short-Term

Investments

(Cost

$796,939)

796,939‌

Investments,

at

value

-

104.5%

(Cost

$13,702,607)

14,333,425‌

Other

liabilities

in

excess

of

assets

-

(4.5)%

(622,922‌)

NET

ASSETS

-

100.0%

$

13,710,503‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SMALL

COMPANY

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

21

Shares

Security

Description

Value

Common

Stocks

-

99.1%

Communication

Services

-

1.4%

755,577‌

Gray

Television,

Inc.

$

8,454,907‌

Consumer

Discretionary

-

11.4%

142,874‌

Boot

Barn

Holdings,

Inc.

(a)

8,932,482‌

131,258‌

Dorman

Products,

Inc.

(a)

10,614,834‌

258,227‌

La-Z-Boy,

Inc.

5,892,740‌

66,065‌

LGI

Homes,

Inc.

(a)

6,117,619‌

174,647‌

Monarch

Casino

&

Resort,

Inc.

(a)

13,428,608‌

294,058‌

Movado

Group,

Inc.

9,483,371‌

176,682‌

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

8,275,785‌

134,673‌

Patrick

Industries,

Inc.

8,161,184‌

70,906,623‌

Consumer

Staples

-

1.8%

21,949‌

Coca-Cola

Consolidated,

Inc.

11,245,790‌

Energy

-

4.9%

666,753‌

CNX

Resources

Corp.

(a)

11,228,120‌

281,508‌

Northern

Oil

and

Gas,

Inc.

8,676,077‌

1,139,673‌

Permian

Resources

Corp.

10,712,926‌

30,617,123‌

Financials

-

16.9%

384,906‌

Atlantic

Union

Bankshares

Corp.

13,525,597‌

231,772‌

BRP

Group,

Inc.,

Class A

(a)

5,826,748‌

204,299‌

Mercantile

Bank

Corp.

6,839,930‌

274,949‌

Moelis

&

Co.,

Class A

10,549,793‌

160,111‌

Origin

Bancorp,

Inc.

5,876,074‌

233,880‌

Seacoast

Banking

Corp.

of

Florida

7,294,717‌

209,314‌

Selective

Insurance

Group,

Inc.

18,547,313‌

147,101‌

SouthState

Corp.

11,232,632‌

186,698‌

Stewart

Information

Services

Corp.

7,977,606‌

93,392‌

Stifel

Financial

Corp.

5,451,291‌

67,082‌

UMB

Financial

Corp.

5,602,689‌

168,687‌

United

Bankshares

,

Inc.

6,830,137‌

105,554,527‌

Health

Care

-

13.8%

74,132‌

Addus

HomeCare

Corp.

(a)

7,375,393‌

77,039‌

AMN

Healthcare

Services,

Inc.

(a)

7,921,150‌

370,225‌

Avanos

Medical,

Inc.

(a)

10,018,288‌

84,545‌

Harmony

Biosciences

Holdings,

Inc.

(a)

4,658,430‌

183,877‌

Integer

Holdings

Corp.

(a)

12,588,219‌

185,621‌

Integra

LifeSciences

Holdings

Corp.

(a)

10,407,769‌

53,734‌

Medpace

Holdings,

Inc.

(a)

11,413,639‌

179,918‌

Omnicell

,

Inc.

(a)

9,071,466‌

112,288‌

Pacira

BioSciences

,

Inc.

(a)

4,335,440‌

226,394‌

Supernus

Pharmaceuticals,

Inc.

(a)

8,075,474‌

85,865,268‌

Industrials

-

19.0%

128,859‌

American

Woodmark

Corp.

(a)

6,296,051‌

263,533‌

Barnes

Group,

Inc.

10,765,323‌

127,769‌

Comfort

Systems

USA,

Inc.

14,703,657‌

68,318‌

CSW

Industrials,

Inc.

7,920,106‌

143,177‌

EnerSys

10,572,190‌

121,083‌

EnPro

Industries,

Inc.

13,160,511‌

Shares

Security

Description

Value

121,083‌

Forward

Air

Corp.

$

12,700,396‌

158,294‌

Franklin

Electric

Co.,

Inc.

12,623,946‌

105,384‌

ICF

International,

Inc.

10,438,285‌

182,940‌

Kforce

,

Inc.

10,030,600‌

181,328‌

Korn

Ferry

9,178,823‌

118,389,888‌

Information

Technology

-

17.9%

113,306‌

Advanced

Energy

Industries,

Inc.

9,719,389‌

104,076‌

Ambarella

,

Inc.

(a)

8,558,170‌

374,367‌

Benchmark

Electronics,

Inc.

9,991,855‌

224,504‌

Blackbaud

,

Inc.

(a)

13,214,305‌

435,199‌

Cambium

Networks

Corp.

(a)

9,430,762‌

171,449‌

Cass

Information

Systems,

Inc.

7,855,793‌

206,916‌

CTS

Corp.

8,156,629‌

143,322‌

Diodes,

Inc.

(a)

10,912,537‌

57,125‌

ExlService

Holdings,

Inc.

(a)

9,678,689‌

155,605‌

Onto

Innovation,

Inc.

(a)

10,595,144‌

94,991‌

Power

Integrations,

Inc.

6,812,755‌

53,491‌

SPS

Commerce,

Inc.

(a)

6,869,849‌

111,795,877‌

Materials

-

3.1%

79,220‌

Balchem

Corp.

9,673,554‌

125,007‌

Kaiser

Aluminum

Corp.

9,495,532‌

19,169,086‌

Real

Estate

-

5.9%

162,509‌

Agree

Realty

Corp.

REIT

11,526,763‌

546,252‌

Easterly

Government

Properties,

Inc.

REIT

7,795,016‌

285,772‌

Marcus

&

Millichap,

Inc.

9,844,845‌

767,413‌

Sunstone

Hotel

Investors,

Inc.

REIT

7,413,210‌

36,579,834‌

Utilities

-

3.0%

57,198‌

Chesapeake

Utilities

Corp.

6,759,660‌

111,198‌

IDACORP,

Inc.

11,992,704‌

18,752,364‌

Total

Common

Stocks

(Cost

$477,093,761)

617,331,287‌

Shares

Security

Description

Value

Short-Term

Investments

-

0.8%

Investment

Company

-

0.8%

4,915,604‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

4.05%

(b)

4,915,604‌

Total

Short-Term

Investments

(Cost

$4,915,604)

4,915,604‌

Investments,

at

value

-

99.9%

(Cost

$482,009,365)

622,246,891‌

Other

assets

in

excess

of

liabilities

-

0.1%

931,162‌

NET

ASSETS

-

100.0%

$

623,178,053‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2022

(Unaudited)

SMALL

COMPANY

FUND

Quarterly

Report

2022

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

22

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2022.

REIT

Real

Estate

Investment

Trust

Notes

to

Schedules

of

Portfolio

Investments

December

31,

2022

(Unaudited)

Quarterly

Report

2022

23

1.

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

has

designated

the

Adviser,

as

defined

in

Note

3,

as

the

Funds’

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Funds.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser’s

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser’s

fair

valuation

procedures

as

a

part

of

the

Funds’

compliance

program

and

will

review

any

changes

made

to

the

procedures.

Situations

that

may

require

an

investment

to

be

fair

valued

include

instances

where

a

security

is

thinly

traded,

halted,

or

restricted

as

to

resale.

In

addition,

investments

may

be

fair

valued

based

on

the

occurrence

of

a

significant

event.

Significant

events

may

be

specific

to

a

particular

issuer,

such

as

mergers,

restructurings,

or

defaults.

Alternatively,

significant

events

may

affect

an

entire

market,

such

as

natural

disasters,

government

actions,

and

significant

changes

in

the

value

of

U.S.

securities

markets.

Securities

are

fair

valued

based

on

observable

and

unobservable

inputs,

including

the

Adviser’s

own

assumptions

in

determining

fair

value.

Factors

used

in

determining

fair

value

include,

but

are

not

limited

to:

type

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.

Notes

to

Schedules

of

Portfolio

Investments

December

31,

2022

(Unaudited)

Quarterly

Report

2022

24

Level

2

–

includes

valuations

for

which

all

significant

inputs

are

observable,

either

directly

or

indirectly.

Direct

observable

inputs

include

broker

quotes

in

active

markets,

closing

prices

of

similar

securities

in

active

markets,

closing

prices

for

identical

or

similar

securities

in

non-active

markets,

or

corporate

action

or

reorganization

entitlement

values.

Indirect

significant

observable

inputs

include

factors

such

as

interest

rates,

yield

curves,

prepayment

speeds

or

credit

ratings.

Level

2

includes

valuations

for

fixed

income

securities

priced

by

pricing

services,

broker

quotes

in

active

markets,

or

ADRs

and

GDRs

for

which

quoted

prices

in

active

markets

are

not

available.

Level

3

–

includes

valuations

based

on

inputs

that

are

unobservable

and

significant

to

the

fair

value

measurement,

including

the

Fair

Value

Committee's

own

assumptions

in

determining

the

fair

value

of

the

investment.

Inputs

used

to

determine

the

fair

value

of

Level

3

securities

include

security

specific

inputs

such

as:

credit

quality,

issuer

news,

trading

characteristics,

or

industry

specific

inputs

such

as:

trading

activity

of

similar

markets

or

securities,

changes

in

the

security’s

underlying

index,

or

comparable

securities’

models.

Level

3

valuations

include

securities

that

are

priced

based

on

single

source

broker

quotes,

where

prices

may

be

unavailable

due

to

halted

trading,

restricted

to

resale

due

to

market

events,

newly

issued

or

investments

for

which

reliable

quotes

are

not

available.

To

assess

the

continuing

appropriateness

of

security

valuations,

the

co-administrator

regularly

compares

current

day

prices

with

prior

day

prices,

transaction

prices,

and

alternative

vendor

prices.

When

the

comparison

results

exceed

pre-defined

thresholds,

the

co-administrator

challenges

the

prices

exceeding

tolerance

levels

with

the

pricing

service

or

broker.

To

substantiate

Level

3

unobservable

inputs,

the

adviser

and

co-administrator

use

a

variety

of

techniques

as

appropriate,

including,

transaction

backtesting

or

disposition

analysis

and

review

of

related

market

activity.

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

The

following

is

a

summary

of

the

inputs

used

to

value

each

Fund’s

investments

as

of

December

31,

2022,

by

category:

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Short-Intermediate

Bond

Fund

Asset

Backed

Securities

$

–‌

$

47,603,953‌

$

–‌

$

47,603,953‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

34,894,110‌

–‌

34,894,110‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

16,660,139‌

–‌

16,660,139‌

Corporate

Bonds

–‌

64,605,582‌

–‌

64,605,582‌

Government

&

Agency

Obligations

–‌

47,315,713‌

–‌

47,315,713‌

Preferred

Stocks

448,630‌

–‌

–‌

448,630‌

Short-Term

Investments

663,336‌

–‌

–‌

663,336‌

Total

$

1,111,966‌

$

211,079,497‌

$

–‌

$

212,191,463‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

17,985,517‌

$

–‌

$

17,985,517‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

14,462,618‌

–‌

14,462,618‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

16,828,507‌

–‌

16,828,507‌

Corporate

Bonds

–‌

47,655,219‌

–‌

47,655,219‌

Government

&

Agency

Obligations

–‌

76,993,695‌

–‌

76,993,695‌

Short-Term

Investments

384,051‌

–‌

–‌

384,051‌

Total

$

384,051‌

$

173,925,556‌

$

–‌

$

174,309,607‌

Notes

to

Schedules

of

Portfolio

Investments

December

31,

2022

(Unaudited)

Quarterly

Report

2022

25

*

See

Schedules

of

Portfolio

Investments

for

further

industry

classification.

Security

Transactions,

Investment

Income

and

Foreign

Taxes

Securities

transactions

are

accounted

for

no

later

than

one

business

day

following

trade

date.

For

financial

reporting

purposes,

however,

on

the

last

business

day

of

the

reporting

period,

security

transactions

are

accounted

for

on

trade

date.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premium

or

accretion

of

discount,

using

the

effective

interest

method.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Dividends

and

interest

from

non-U.S.

sources

received

by

a

Fund

are

generally

subject

to

non-U.S.

net

withholding

taxes.

Such

withholding

taxes

may

be

reduced

or

eliminated

under

the

terms

of

applicable

U.S.

income

tax

treaties,

and

each

Fund

intends

to

undertake

any

procedural

steps

required

to

claim

the

benefits

of

such

treaties.

Gains

or

losses

realized

on

the

sales

of

securities

are

determined

by

comparing

the

identified

cost

of

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

on

foreign

dividends

have

been

paid

or

provided

for

in

accordance

with

each

applicable

country’s

tax

rules

and

rates.

Interest

only

stripped

mortgage

backed

securities

(“IO

Strips”)

are

securities

that

receive

only

interest

payments

from

a

pool

of

mortgage

loans.

Little

to

no

principal

will

be

received

by

the

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

46,792,086‌

$

–‌

$

46,792,086‌

Short-Term

Investments

1,192,775‌

–‌

–‌

1,192,775‌

Total

$

1,192,775‌

$

46,792,086‌

$

–‌

$

47,984,861‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks*

$

40,118,716‌

$

–‌

$

–‌

$

40,118,716‌

Asset

Backed

Securities

–‌

3,066,917‌

–‌

3,066,917‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

2,679,463‌

–‌

2,679,463‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

1,002,121‌

–‌

1,002,121‌

Corporate

Bonds

–‌

8,553,843‌

–‌

8,553,843‌

Government

&

Agency

Obligations

–‌

10,626,185‌

–‌

10,626,185‌

Short-Term

Investments

2,418,146‌

–‌

–‌

2,418,146‌

Total

$

42,536,862‌

$

25,928,529‌

$

–‌

$

68,465,391‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

13,536,486‌

$

–‌

$

–‌

$

13,536,486‌

Short-Term

Investments

796,939‌

–‌

–‌

796,939‌

Total

$

14,333,425‌

$

–‌

$

–‌

$

14,333,425‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

617,331,287‌

$

–‌

$

–‌

$

617,331,287‌

Short-Term

Investments

4,915,604‌

–‌

–‌

4,915,604‌

Total

$

622,246,891‌

$

–‌

$

–‌

$

622,246,891‌

Notes

to

Schedules

of

Portfolio

Investments

December

31,

2022

(Unaudited)

Quarterly

Report

2022

26

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.