0001752724-23-130519.txt : 20230613 0001752724-23-130519.hdr.sgml : 20230613 20230613165533 ACCESSION NUMBER: 0001752724-23-130519 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230613 DATE AS OF CHANGE: 20230613 EFFECTIVENESS DATE: 20230613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tributary Funds, Inc. CENTRAL INDEX KEY: 0000932381 IRS NUMBER: 000000000 STATE OF INCORPORATION: NE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-08846 FILM NUMBER: 231011963 BUSINESS ADDRESS: STREET 1: 1620 DODGE STREET STREET 2: STOP 1075 CITY: OMAHA STATE: NE ZIP: 68197 BUSINESS PHONE: 1-800-662-4203 MAIL ADDRESS: STREET 1: 1620 DODGE STREET STREET 2: STOP 1075 CITY: OMAHA STATE: NE ZIP: 68197 FORMER COMPANY: FORMER CONFORMED NAME: FIRST FOCUS FUNDS INC DATE OF NAME CHANGE: 20010731 FORMER COMPANY: FORMER CONFORMED NAME: FIRST OMAHA FUNDS INC DATE OF NAME CHANGE: 19941103 0000932381 S000022134 Short-Intermediate Bond Fund C000063508 Institutional FOSIX C000091254 Institutional Plus FOSPX 0000932381 S000022135 Income Fund C000063509 Institutional FOINX C000091255 Institutional Plus FOIPX 0000932381 S000022136 Balanced Fund C000063510 Institutional FOBAX C000091256 Institutional Plus FOBPX 0000932381 S000022139 Small Company Fund C000063513 Institutional FOSCX C000091259 Institutional Plus FOSBX 0000932381 S000052300 Tributary Nebraska Tax-Free Fund C000164428 Institutional Plus Class FONPX 0000932381 S000059580 Tributary Small/Mid Cap Fund C000195178 Institutional Class FSMCX C000195179 Institutional Plus Class FSMBX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000932381 XXXXXXXX 811-08846 false false false N-1A S000052300 true S000059580 true S000022139 true S000022135 true S000022134 true S000022136 true Tributary Funds, Inc. 811-08846 0000932381 2549000T9YMVQWFGOI81 1620 Dodge Street Omaha 68197 US-NE US 800-662-4203 U.S. Bank, N.A. 1555 N Rivercenter Dr., Ste 302 Milwaukee 53212 414-276-3737 Records as Custodian for Funds First National Advisers, LLC 205 West Oak Street, 3rd Floor Fort Collins 80521 402-602-3424 Records as Sub-Adviser for Funds Tributary Capital Management, LLC 1620 Dodge Street, Stop 1089 Omaha 68197 800-662-4203 Records as Adviser for Funds SS&C GIDS, Inc. 333 West 11th Street Kansas City 64105 816-435-1000 Shareholder records Apex Fund Services Three Canal Plaza, Suite 600 Portland 04101 207-347-2000 Fund records Northern Lights Distributors, LLC 4221 North 203rd Street, Suite 100 Elkhorn 68022 855-891-0091 Records as Distributor for the Funds N N N-1A 6 Y Donna Walsh N/A N Gary D. Parker N/A N Brittany A. Fahrenkrog N/A Y David F. Larrabee N/A N Stephen C. Wade N/A Y Rodney Ruehle N/A Three Canal Plaza Suite 100 Portland 04101 XXXXXX N N N N N N N Northern Lights Distributors, LLC 8-65857 000126159 N/A N N Cohen & Company, Ltd. 925 N/A N N N N N TRIBUTARY NEBRASKA TAX-FREE FUND S000052300 254900FCXQMK7GBR9C40 N 1 0 0 N/A Y N N N N/A N/A N/A Rule 17a-7 (17 CFR 270.17a-7) Y Y Y N Tributary Capital Management, LLC 801-60282 000112528 N/A N First National Advisers, LLC 801-71275 000153128 LDVFX8JEECFFE8HRWA73 Y N SS&C GIDS, Inc. 84-00448 N/A N N N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N N U.S. Bank, N.A. H85Z6XZP8b10ES0m2G89 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N SS&C GIDS, Inc. 84-00448 SEC File Number N N First National Bank of Omaha 85-10721 SEC File Number Y N N Apex Fund Services N/A Y N Tributary Capital Management, LLC 801-60282 SEC file number Y N N 0.00 ROBERT W. BAIRD & CO. 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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of Tributary Funds, Inc.
In planning and performing our audit of the financial statements of Tributary Funds, Inc. comprising Tributary Short‐Intermediate Bond Fund, Tributary Income Fund, Tributary Nebraska Tax‐Free Fund, Tributary Balanced Fund, Tributary Small/Mid Cap Fund, and Tributary Small Company Fund (the “Funds”) as of and for the year ended March 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N‐CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March 31, 2023.
This report is intended solely for the information and use of management and the Board of Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Cleveland, Ohio
May 30, 2023