NPORT-EX 2 07005.htm
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
1
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
43.4%
Asset
Backed
Securities
-
23.7%
$
374,661‌
Affirm
Asset
Securitization
Trust,
1.07%,
08/15/25 (a)
$
364,122‌
1,559,985‌
AFG
ABS
I,
LLC,
6.30%,
09/16/30 (a)
1,554,472‌
840,403‌
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (a)
810,922‌
2,020,000‌
AMSR
Trust,
1.63%,
07/17/37 (a)
1,850,576‌
719,555‌
Atalaya
Equipment
Leasing
Trust,
1.23%,
05/15/26 (a)
704,280‌
740,321‌
AXIS
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (a)
721,693‌
2,173,617‌
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28 (a)
2,153,391‌
710,430‌
Carvana
Auto
Receivables
Trust,
0.49%,
03/10/26
691,370‌
934,284‌
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (a)(b)
901,313‌
1,070,000‌
CCG
Receivables
Trust,
5.82%,
09/16/30 (a)
1,071,200‌
789,303‌
CCG
Receivables
Trust,
2.55%,
03/15/27 (a)
788,167‌
690,405‌
CCG
Receivables
Trust,
3.91%,
07/16/29 (a)
676,741‌
215,208‌
CCG
Receivables
Trust
REMIC,
0.54%,
12/14/27 (a)
212,586‌
2,064,242‌
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (a)
1,852,432‌
2,265,000‌
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28 (a)
2,258,593‌
668,183‌
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (a)
631,125‌
497,263‌
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52 (a)
447,487‌
427,288‌
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41 (a)
394,382‌
335,905‌
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (a)
316,567‌
1,900,000‌
Dell
Equipment
Finance
Trust,
5.65%,
01/22/29 (a)
1,901,214‌
2,400,000‌
DLLAD,
LLC,
4.79%,
01/20/28 (a)
2,352,160‌
715,177‌
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (a)
613,729‌
1,770,464‌
FirstKey
Homes
Trust,
1.34%,
08/17/37 (a)
1,606,796‌
89,687‌
Goal
Capital
Funding
Trust
(USD
3
Month
LIBOR
+
0.70%),
6.10%,
08/25/48 (a)(c)
89,001‌
1,230,437‌
Iowa
Student
Loan
Liquidity
Corp.
(USD
1
Month
LIBOR
+
0.67%),
5.82%,
08/25/70 (c)
1,218,187‌
Principal
Amount
Security
Description
Value
$
1,274,540‌
LAD
Auto
Receivables
Trust,
5.68%,
10/15/26 (a)
$
1,268,369‌
1,145,549‌
Navient
Student
Loan
Trust,
0.97%,
12/16/69 (a)
968,166‌
990,464‌
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
6.79%,
10/15/31 (a)(c)
989,073‌
80,566‌
NMEF
Funding,
LLC,
0.81%,
12/15/27 (a)
80,287‌
703,478‌
NMEF
Funding,
LLC,
2.58%,
10/16/28 (a)
687,263‌
1,725,000‌
NMEF
Funding,
LLC,
6.07%,
06/15/29 (a)
1,712,236‌
1,060,256‌
North
Texas
Higher
Education
Authority,
Inc.
(USD
1
Month
LIBOR
+
0.57%),
5.72%,
09/25/61 (c)
1,016,599‌
1,175,591‌
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51 (a)
1,029,826‌
628,223‌
Pawneee
Equipment
Receivables,
1.10%,
07/15/27 (a)
606,354‌
1,755,000‌
PenFed
Auto
Receivables
Owner
Trust,
3.96%,
04/15/26 (a)
1,722,715‌
63,608‌
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
6.21%,
12/24/33 (a)(c)
62,939‌
15,898‌
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.53%),
6.04%,
12/24/33 (a)(c)
15,768‌
296,700‌
Progress
Residential
Trust,
2.27%,
09/17/36 (a)
282,614‌
872,877‌
Progress
Residential
Trust,
2.69%,
10/17/36 (a)
837,119‌
1,950,402‌
Progress
Residential
Trust,
1.05%,
04/17/38 (a)
1,708,140‌
845,740‌
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
6.26%,
10/25/23 (c)
824,898‌
721,123‌
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
6.91%,
04/15/29 (c)
713,121‌
417,779‌
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.70%),
6.96%,
07/25/23 (c)
417,310‌
387,250‌
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (a)
375,736‌
643,202‌
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43 (a)
539,263‌
413,997‌
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48 (a)
396,299‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
2
Principal
Amount
Security
Description
Value
$
817,508‌
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (a)
$
680,327‌
467,406‌
Sofi
Professional
Loan
Program,
LLC,
3.09%,
08/17/48 (a)
439,472‌
1,330,843‌
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (a)
1,310,459‌
223,032‌
Tricon
American
Homes
Trust,
2.75%,
03/17/38 (a)
206,276‌
2,390,000‌
UNIFY
Auto
Receivables
Trust,
0.98%,
07/15/26 (a)
2,348,830‌
1,380,000‌
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (a)
1,236,761‌
48,658,726‌
Non-Agency
Commercial
Mortgage
Backed
Securities
-
12.9%
1,383,017‌
BANK
2019-BNK16,
3.93%,
02/15/52
1,369,217‌
1,840,000‌
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
1,762,602‌
1,615,000‌
BPR
Trust,
6.51%,
02/15/29 (a)(c)
1,584,535‌
461,165‌
BX
Trust,
5.96%,
01/15/34 (a)(c)
452,560‌
940,000‌
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
6.14%,
09/15/36 (a)(c)
899,900‌
860,000‌
BX
Trust
(USD
1
Month
LIBOR
+
0.85%),
6.04%,
11/15/38 (a)(c)
838,423‌
1,100,000‌
BXHPP
Trust
(USD
1
Month
LIBOR
+
0.65%),
5.84%,
08/15/36 (a)(c)
1,034,836‌
900,000‌
Cantor
Commercial
Real
Estate
Lending,
3.62%,
05/15/52
852,884‌
885,650‌
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
844,831‌
90,152‌
COMM
Mortgage
Trust
REMIC,
3.39%,
08/10/47
89,105‌
2,000,000‌
FirstKey
Homes
Trust,
4.25%,
07/17/38 (a)
1,905,128‌
1,800,000‌
Goldman
Sachs
Mortgage
Securities
Corp.
Trust
(USD
1
Month
LIBOR
+
0.95%),
6.14%,
10/15/36 (a)(c)
1,692,818‌
553,744‌
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44 (a)(b)
6‌
191,988‌
Harvest
Commercial
Capital
Loan
Trust,
3.29%,
09/25/46 (a)(b)
186,251‌
349,461‌
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/17/49
334,456‌
181,283‌
JPMDB
Commercial
Mortgage
Securities
Trust,
2.04%,
11/13/52
175,308‌
432,899‌
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (a)
417,016‌
921,168‌
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (a)
875,378‌
624,883‌
KKR
Industrial
Portfolio
Trust,
5.81%,
12/15/37 (a)(c)
613,891‌
Principal
Amount
Security
Description
Value
$
1,772,192‌
KNDR
2021-KIND
A,
6.21%,
08/15/38 (a)(c)
$
1,701,895‌
1,000,000‌
MHC
Commercial
Mortgage
Trust,
6.06%,
04/15/38 (a)(c)
981,504‌
200,445‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
REMIC,
3.48%,
06/15/47
197,708‌
715,968‌
ReadyCap
Commercial
Mortgage
Trust
CLO,
6.72%,
01/25/37 (a)(c)
703,556‌
1,730,000‌
SREIT
Trust
(USD
1
Month
LIBOR
+
0.58%),
5.77%,
07/15/36 (a)(c)
1,677,889‌
702,092‌
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (a)(b)
640,182‌
542,501‌
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41 (a)(b)
473,009‌
925,000‌
Tricon
Residential
Trust,
3.86%,
04/17/39 (a)
861,534‌
1,290,000‌
TRTX
Issuer,
Ltd.
CLO,
6.72%,
02/15/39 (a)(c)
1,255,082‌
1,450,000‌
VASA
Trust
(USD
1
Month
LIBOR
+
0.90%),
6.09%,
07/15/39 (a)(c)
1,274,073‌
1,009,947‌
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (a)(b)
821,059‌
26,516,636‌
Non-Agency
Residential
Mortgage
Backed
Securities
-
6.8%
762,110‌
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (a)(b)
683,814‌
94,215‌
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
6.02%,
12/25/33 (a)(c)
90,314‌
345,184‌
BRAVO
Residential
Funding
Trust,
5.82%,
11/25/69 (a)(c)
337,709‌
688,774‌
BRAVO
Residential
Funding
Trust,
5.82%,
01/25/70 (a)(c)
682,197‌
361,283‌
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59 (a)(b)
339,449‌
381,721‌
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (a)(b)
324,200‌
659,569‌
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (a)(b)
635,484‌
744,646‌
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (a)(b)
720,408‌
372,861‌
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53 (a)
352,341‌
481,352‌
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (a)(b)
451,903‌
42,742‌
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (a)(b)
39,953‌
1,182‌
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/23
1,141‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
3
Principal
Amount
Security
Description
Value
$
197,954‌
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28 (a)(b)
$
182,672‌
159,521‌
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
6.28%,
02/25/33 (c)
151,189‌
159,596‌
CSMLT
Trust,
2.97%,
10/25/30 (a)(b)
146,512‌
1,075,257‌
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (a)(b)
1,007,785‌
545,441‌
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51 (a)
512,267‌
197,125‌
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45 (b)
192,477‌
16,196‌
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50 (a)(b)
16,049‌
951,388‌
JPMorgan
Mortgage
Trust,
3.00%,
06/25/29 (a)(b)
899,877‌
315,941‌
MFRA
Trust,
1.79%,
08/25/49 (a)(b)
284,004‌
387,139‌
MFRA
Trust,
0.85%,
01/25/56 (a)(b)
339,102‌
576,242‌
MFRA
Trust,
3.91%,
04/25/66 (a)(d)
538,155‌
130,359‌
Mill
City
Mortgage
Loan
Trust,
2.75%,
07/25/59 (a)(b)
128,949‌
285,632‌
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58 (a)(b)
271,582‌
25,812‌
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54 (a)(b)
23,282‌
43,159‌
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52 (a)(b)
39,348‌
72,789‌
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (a)(b)
67,071‌
500,261‌
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50 (a)(b)
445,425‌
11,532‌
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
5.32%,
12/31/23 (c)
8,767‌
1‌
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
5,347‌
556,955‌
RMF
Buyout
Issuance
Trust,
1.26%,
11/25/31 (a)(b)
532,759‌
650,000‌
Towd
Point
Mortgage
Trust,
3.75%,
10/25/56 (a)(b)
607,914‌
868,234‌
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57 (a)(b)
815,129‌
123,418‌
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58 (a)(b)
117,778‌
114,503‌
Towd
Point
Mortgage
Trust,
3.00%,
11/25/58 (a)(b)
112,939‌
760,099‌
Towd
Point
Mortgage
Trust,
2.25%,
02/25/60 (a)(b)
706,263‌
Principal
Amount
Security
Description
Value
$
977,003‌
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (a)(b)
$
863,430‌
144,603‌
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56 (a)(b)
142,460‌
21,040‌
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57 (a)(b)
20,797‌
13,838,244‌
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$93,824,028)
89,013,606‌
Corporate
Bonds
-
27.0%
Communication
Services
-
2.7%
2,704,000‌
AT&T,
Inc.,
1.70%,
03/25/26
2,464,674‌
1,420,000‌
Meta
Platforms,
Inc.,
3.50%,
08/15/27
1,348,195‌
1,135,000‌
Netflix,
Inc.,
4.38%,
11/15/26
1,108,234‌
738,000‌
Verizon
Communications,
Inc.,
1.68%,
10/30/30
582,638‌
5,503,741‌
Consumer
Discretionary
-
4.3%
460,000‌
AMC
Networks,
Inc.,
4.25%,
02/15/29
247,281‌
300,000‌
Carnival
Corp.,
4.00%,
08/01/28 (a)
265,956‌
2,100,000‌
Dollar
General
Corp.,
3.88%,
04/15/27
2,003,782‌
1,300,000‌
Ford
Motor
Credit
Co.,
LLC,
4.54%,
08/01/26
1,221,994‌
1,225,000‌
Lennar
Corp.,
4.50%,
04/30/24
1,214,517‌
1,211,000‌
Levi
Strauss
&
Co.,
3.50%,
03/01/31 (a)
1,002,102‌
1,661,000‌
McDonald's
Corp.,
MTN,
3.70%,
01/30/26
1,605,544‌
1,350,000‌
Newell
Brands,
Inc.,
4.70%,
04/01/26
1,268,123‌
8,829,299‌
Consumer
Staples
-
0.2%
440,000‌
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28 (a)
415,800‌
Energy
-
0.4%
550,000‌
Crestwood
Midstream
Partners
LP/
Crestwood
Midstream
Finance
Corp.,
5.63%,
05/01/27 (a)
521,400‌
250,000‌
Range
Resources
Corp.,
4.88%,
05/15/25
245,014‌
766,414‌
Financials
-
12.3%
1,030,000‌
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
986,130‌
2,300,000‌
Bank
of
America
Corp.,
3.71%,
04/24/28 (b)
2,155,691‌
2,390,000‌
Citigroup,
Inc.,
1.46%,
06/09/27 (b)
2,122,514‌
920,000‌
Comcast
Corp.,
5.25%,
11/07/25
924,971‌
475,000‌
Enact
Holdings,
Inc.,
6.50%,
08/15/25 (a)
466,605‌
2,120,000‌
Goldman
Sachs
Group,
Inc.,
3.62%,
03/15/28 (b)
1,989,136‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
4
Principal
Amount
Security
Description
Value
$
2,000,000‌
Intercontinental
Exchange,
Inc.,
3.75%,
12/01/25
$
1,940,259‌
2,665,000‌
JPMorgan
Chase
&
Co.,
1.05%,
11/19/26 (b)
2,387,117‌
360,000‌
KeyCorp,
MTN,
2.25%,
04/06/27
298,672‌
2,250,000‌
Morgan
Stanley,
2.19%,
04/28/26 (b)
2,112,093‌
418,000‌
NNN
REIT,
Inc.,
4.00%,
11/15/25
397,470‌
1,047,000‌
NNN
REIT,
Inc.,
3.60%,
12/15/26
973,211‌
2,025,000‌
Oracle
Corp.,
5.80%,
11/10/25
2,047,552‌
1,490,000‌
Principal
Life
Global
Funding
II,
1.25%,
06/23/25 (a)
1,359,299‌
2,031,000‌
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (b)(e)
1,941,067‌
1,180,000‌
U.S.
Bancorp,
5.73%,
10/21/26 (b)
1,179,322‌
2,145,000‌
Wells
Fargo
&
Co.,
4.81%,
07/25/28 (b)
2,096,572‌
25,377,681‌
Industrials
-
4.9%
2,085,000‌
BMW
US
Capital,
LLC,
2.80%,
04/11/26 (a)
1,966,363‌
75,000‌
Clean
Harbors,
Inc.,
4.88%,
07/15/27 (a)
71,814‌
1,740,000‌
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
1,689,181‌
2,025,000‌
Huntington
Ingalls
Industries,
Inc.,
3.84%,
05/01/25
1,947,096‌
1,400,000‌
Roper
Technologies,
Inc.,
1.00%,
09/15/25
1,272,925‌
1,400,000‌
TTX
Co.,
3.60%,
01/15/25 (a)
1,355,041‌
1,858,000‌
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (a)
1,779,480‌
10,081,900‌
Information
Technology
-
1.5%
2,075,000‌
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.,
2.70%,
05/01/25
1,966,590‌
1,175,000‌
TSMC
Global,
Ltd.,
0.75%,
09/28/25 (a)
1,057,473‌
3,024,063‌
Utilities
-
0.7%
1,550,000‌
Florida
Power
&
Light
Co.,
4.40%,
05/15/28
1,520,879‌
Total
Corporate
Bonds
(Cost
$58,698,013)
55,519,777‌
Government
&
Agency
Obligations
-
28.9%
GOVERNMENT
SECURITIES
-
26.6%
Municipals
-
1.6%
325,000‌
City
of
Blair
NE
Water
System
Revenue,
Nebraska
RB,
6.10%,
05/15/27
320,253‌
550,000‌
County
of
El
Paso
CO,
Colorado
RB,
1.20%,
06/01/25
509,115‌
Principal
Amount
Security
Description
Value
$
240,000‌
Grand
Island
Public
Schools,
Nebraska
GO,
0.95%,
12/15/25
$
216,865‌
370,000‌
Little
Co.
of
Mary
Hospital
of
Indiana,
Inc.,
Indiana
Special
Purpose
Bond,
1.58%,
11/01/24
346,479‌
1,425,000‌
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,262,570‌
235,000‌
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
204,106‌
170,000‌
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
0.76%,
12/01/24
159,168‌
170,000‌
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
149,764‌
3,168,320‌
U.S.
Treasury
Securities
-
25.0%
15,880,000‌
U.S.
Treasury
Note,
2.13%,
05/15/25
15,081,038‌
12,915,000‌
U.S.
Treasury
Note,
2.25%,
02/15/27
12,009,436‌
26,980,000‌
U.S.
Treasury
Note/Bond,
0.50%,
02/28/26
24,235,628‌
51,326,102‌
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
2.3%
Federal
Home
Loan
Mortgage
Corp.
-
1.3%
245,426‌
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
219,444‌
315,087‌
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (d)
303,940‌
1,275,000‌
Federal
Home
Loan
Mortgage
Corp.,
2.11%,
12/15/25
1,245,234‌
316,691‌
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
48,737‌
89,334‌
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
6,881‌
88,951‌
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
10,462‌
174,621‌
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
169,265‌
734,973‌
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57 (b)
676,873‌
2,680,836‌
Federal
National
Mortgage
Association
-
0.0%
81,007‌
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
78,110‌
176,967‌
Federal
National
Mortgage
Association
Interest
Only,
2.70%,
01/25/39 (b)
2,448‌
80,558‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
5
Principal
Amount
Security
Description
Value
Government
National
Mortgage
Association
-
1.0%
$
1,278,385‌
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
$
1,273,697‌
142,598‌
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
142,254‌
99,234‌
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
98,925‌
411,300‌
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
408,534‌
67,341‌
Government
National
Mortgage
Association
REMIC,
3.25%,
11/16/52 (b)
65,444‌
1,988,854‌
Total
Government
&
Agency
Obligations
(Cost
$60,713,641)
59,244,670‌
Shares
Security
Description
Value
Preferred
Stocks
-
0.2%
Financials
-
0.2%
500‌
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
07/31/23),
15.88% (b)(e)
362,750‌
Total
Preferred
Stocks
(Cost
$513,025)
362,750‌
Short-Term
Investments
-
0.1%
Investment
Company
-
0.1%
264,711‌
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.00% (f)
264,711‌
Total
Short-Term
Investments
(Cost
$264,711)
264,711‌
Investments,
at
value
-
99.6%
(Cost
$214,013,418)
204,405,514‌
Other
assets
in
excess
of
liabilities
-
0.4%
922,237‌
NET
ASSETS
-
100.0%
$
205,327,751‌
(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
June
30,
2023,
the
aggregate
value
of
these
liquid
securities
were
$88,408,420
or
43.1%
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
June
30,
2023.
(c)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2023.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2023.
(e)
Perpetual
maturity
security.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2023.
ABS
Asset
Backed
Security
CLO
Collateralized
Loan
Obligation
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
LP
Limited
Partnership
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
INCOME
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
6
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
23.5%
Asset
Backed
Securities
-
9.2%
$
960,000‌
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46
(a)
$
839,406‌
400,000‌
AMSR
Trust,
1.63%,
07/17/37
(a)
366,451‌
1,250,000‌
ARM
Master
Trust,
2.43%,
11/15/27
(a)
1,167,279‌
552,432‌
Capital
Automotive,
1.44%,
08/15/51
(a)
477,082‌
852,915‌
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61
(a)
738,933‌
868,297‌
Colony
American
Finance,
Ltd.,
1.17%,
12/15/52
(a)
781,380‌
392,523‌
Commonbond
Student
Loan
Trust,
1.17%,
09/25/51
(a)
319,180‌
699,680‌
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53
(a)
629,518‌
508,383‌
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45
(a)
441,922‌
915,000‌
FRTKL
2021-SFR1,
1.57%,
09/17/38
(a)
793,573‌
871,500‌
Home
Partners
of
America
Trust,
2.20%,
01/17/41
(a)
738,622‌
512,307‌
Navient
Student
Loan
Trust,
1.11%,
02/18/70
(a)
427,611‌
843,274‌
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
6.79%,
10/15/31
(a)(b)
842,090‌
324,895‌
Nelnet
Student
Loan
Trust,
1.63%,
04/20/62
(a)
291,271‌
581,099‌
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62
(a)
515,688‌
87,954‌
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
6.21%,
12/24/33
(a)(b)
87,030‌
810,489‌
Progress
Residential
Trust,
1.52%,
07/17/38
(a)
711,428‌
435,000‌
Sabey
Data
Center
Issuer,
LLC,
1.88%,
06/20/46
(a)
377,498‌
684,930‌
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.00%),
6.26%,
10/25/23
(b)
668,051‌
975,448‌
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
6.91%,
04/15/29
(b)
964,624‌
227,299‌
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31
(a)
220,541‌
477,559‌
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44
(a)
470,244‌
595,000‌
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46
(a)
520,628‌
Principal
Amount
Security
Description
Value
$
1,277,532‌
Tricon
American
Homes
Trust,
1.48%,
11/17/39
(a)
$
1,076,668‌
932,000‌
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45
(a)
835,262‌
15,301,980‌
Non-Agency
Commercial
Mortgage
Backed
Securities
-
5.5%
1,150,000‌
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37
(a)(c)
1,024,237‌
790,000‌
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
6.14%,
09/15/36
(a)(b)
756,299‌
860,000‌
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
822,647‌
790,000‌
Goldman
Sachs
Mortgage
Securities
Trust
(USD
1
Month
LIBOR
+
0.89%),
6.08%,
11/15/36
(a)(b)
770,922‌
838,744‌
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44
(a)(c)
8‌
1,065,000‌
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39
(a)
914,247‌
1,325,000‌
MHC
Commercial
Mortgage
Trust,
6.11%,
05/15/38
(a)(b)
1,299,217‌
359,600‌
Morgan
Stanley
Capital
I
Trust,
3.30%,
06/15/50
344,564‌
741,098‌
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41
(a)(c)
675,748‌
418,501‌
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41
(a)(c)
364,892‌
610,000‌
Tricon
Residential
Trust,
3.86%,
04/17/39
(a)
568,147‌
830,000‌
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
800,717‌
865,000‌
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
788,456‌
9,130,101‌
Non-Agency
Residential
Mortgage
Backed
Securities
-
8.8%
111,515‌
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
6.02%,
12/25/33
(a)(b)
106,898‌
462,829‌
BRAVO
Residential
Funding
Trust,
5.82%,
11/25/69
(a)(b)
452,807‌
1,061,548‌
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63
(a)(c)
901,583‌
258,259‌
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53
(a)
244,046‌
394,606‌
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66
(a)(c)
370,464‌
295,023‌
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35
(a)(c)
275,772‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
INCOME
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
7
Principal
Amount
Security
Description
Value
$
90,306‌
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
$
86,430‌
15,968‌
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
15,251‌
1,182‌
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
12/31/23
1,141‌
827,489‌
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47
(a)(c)
734,770‌
890,271‌
Credit
Suisse
Mortgage
Trust,
2.50%,
11/25/56
(a)(c)
766,693‌
159,521‌
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC
(USD
1
Month
LIBOR
+
1.13%),
6.28%,
02/25/33
(b)
151,189‌
153,458‌
CSMLT
Trust,
2.97%,
10/25/30
(a)(c)
140,877‌
824,923‌
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51
(a)
774,751‌
674,527‌
Flagstar
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
575,113‌
719,017‌
Flagstar
Mortgage
Trust,
2.50%,
07/25/51
(a)(c)
615,635‌
205,649‌
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45
(c)
200,800‌
6,170‌
Goldman
Sachs
Mortgage-Backed
Securities
Corp.
Trust,
3.00%,
10/25/50
(a)(c)
6,114‌
1,035,399‌
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51
(a)(c)
881,831‌
868,839‌
Mello
Mortgage
Capital
Acceptance,
2.50%,
08/25/51
(a)(c)
741,304‌
611,703‌
MFRA
Trust,
3.91%,
04/25/66
(a)(d)
571,273‌
330,149‌
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57
(a)(c)
309,742‌
245,907‌
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59
(a)(c)
226,074‌
142,365‌
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54
(a)(c)
128,413‌
109,858‌
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52
(a)(c)
100,159‌
259,408‌
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55
(a)(c)
239,029‌
654,076‌
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52
(a)(c)
568,294‌
1,425,574‌
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
1,215,468‌
837,239‌
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51
(a)(c)
714,970‌
1,003,968‌
PSMC
Trust,
2.50%,
08/25/51
(a)(c)
863,208‌
Principal
Amount
Security
Description
Value
$
13,539‌
Residential
Accredit
Loans,
Inc.
Trust
REMIC
(USD
1
Month
LIBOR
+
14.76%),
5.32%,
12/31/23
(b)
$
10,293‌
874,238‌
Sequoia
Mortgage
Trust,
2.50%,
06/25/51
(a)(c)
746,065‌
254,526‌
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30
(a)(c)
237,281‌
38,856‌
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
10/25/56
(a)(c)
38,281‌
29,358‌
Towd
Point
Mortgage
Trust
REMIC,
2.75%,
04/25/57
(a)(c)
29,019‌
851,826‌
Woodward
Capital
Management,
2.50%,
01/25/52
(a)(c)
724,151‌
14,765,189‌
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$43,907,587)
39,197,270‌
Corporate
Bonds
-
26.3%
Communication
Services
-
2.3%
805,000‌
Alphabet,
Inc.,
2.25%,
08/15/60
489,676‌
1,155,000‌
AT&T,
Inc.,
4.30%,
12/15/42
980,557‌
1,250,000‌
Meta
Platforms,
Inc.,
3.85%,
08/15/32
1,161,056‌
458,000‌
Netflix,
Inc.,
4.38%,
11/15/26
447,199‌
785,000‌
Verizon
Communications,
Inc.,
3.55%,
03/22/51
585,570‌
3,664,058‌
Consumer
Discretionary
-
3.9%
365,000‌
AMC
Networks,
Inc.,
4.25%,
02/15/29
196,212‌
625,000‌
Comcast
Corp.,
4.15%,
10/15/28
605,549‌
1,245,000‌
Dollar
General
Corp.,
3.50%,
04/03/30
1,116,431‌
400,000‌
Ford
Motor
Credit
Co.,
LLC,
4.54%,
08/01/26
375,998‌
980,000‌
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(a)
810,950‌
1,430,000‌
McDonald's
Corp.,
3.63%,
09/01/49
1,127,729‌
735,000‌
Newell
Brands,
Inc.,
4.70%,
04/01/26
690,422‌
540,000‌
NIKE,
Inc.,
3.88%,
11/01/45
471,913‌
1,192,000‌
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,048,676‌
6,443,880‌
Consumer
Staples
-
0.3%
530,000‌
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28
(a)
500,850‌
Financials
-
8.8%
575,000‌
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust,
3.50%,
01/15/25
550,510‌
1,450,000‌
Bank
of
America
Corp.,
2.69%,
04/22/32
(c)
1,201,682‌
1,330,000‌
CBRE
Services,
Inc.,
2.50%,
04/01/31
1,069,744‌
1,210,000‌
Citigroup,
Inc.,
4.91%,
05/24/33
(c)
1,170,863‌
1,324,000‌
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,107,913‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
INCOME
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
8
Principal
Amount
Security
Description
Value
$
1,390,000‌
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30
(c)
$
1,197,378‌
1,155,000‌
KeyCorp,
MTN,
2.25%,
04/06/27
958,241‌
1,220,000‌
Morgan
Stanley,
4.89%,
07/20/33
(c)
1,174,188‌
1,145,000‌
Regions
Financial
Corp.,
1.80%,
08/12/28
924,855‌
1,152,000‌
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65
(c)(e)
1,100,989‌
947,000‌
The
Chubb
Corp.,
6.80%,
11/15/31
1,040,983‌
1,380,000‌
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33
(c)
1,165,759‌
1,075,000‌
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49
(c)(e)
873,438‌
1,345,000‌
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31
(c)
1,138,798‌
14,675,341‌
Industrials
-
4.7%
1,099,000‌
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
903,014‌
1,260,000‌
BMW
Finance
NV,
2.85%,
08/14/29
(a)
1,110,667‌
1,175,000‌
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,081,711‌
421,000‌
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
408,704‌
1,077,000‌
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
987,167‌
1,212,000‌
Raytheon
Technologies
Corp.,
4.88%,
10/15/40
1,154,098‌
815,000‌
TTX
Co.,
4.60%,
02/01/49
(a)
733,019‌
513,000‌
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25
(a)
491,320‌
1,385,000‌
Waste
Management,
Inc.,
1.50%,
03/15/31
1,103,098‌
7,972,798‌
Information
Technology
-
3.3%
1,168,000‌
eBay,
Inc.,
3.60%,
06/05/27
1,104,215‌
855,000‌
NVIDIA
Corp.,
3.50%,
04/01/50
694,800‌
1,015,000‌
Oracle
Corp.,
2.30%,
03/25/28
895,697‌
1,175,000‌
QUALCOMM,
Inc.,
4.30%,
05/20/47
1,065,260‌
843,000‌
TSMC
Global,
Ltd.,
1.38%,
09/28/30
(a)
661,181‌
1,300,000‌
Xilinx,
Inc.,
2.38%,
06/01/30
1,122,239‌
5,543,392‌
Materials
-
1.0%
195,000‌
Albemarle
Corp.,
5.05%,
06/01/32
188,800‌
771,000‌
Albemarle
Corp.,
5.45%,
12/01/44
724,859‌
819,000‌
The
Mosaic
Co.,
5.45%,
11/15/33
797,631‌
1,711,290‌
Real
Estate
-
0.7%
1,230,000‌
NNN
REIT,
Inc.,
4.30%,
10/15/28
1,144,045‌
Principal
Amount
Security
Description
Value
Utilities
-
1.3%
$
505,000‌
Florida
Power
&
Light
Co.,
4.40%,
05/15/28
$
495,512‌
1,059,000‌
PacifiCorp,
6.25%,
10/15/37
1,058,311‌
721,738‌
Texas
Electric
Market
Stabilization
Funding
N,
LLC,
4.27%,
08/01/34
(a)
686,642‌
2,240,465‌
Total
Corporate
Bonds
(Cost
$49,416,477)
43,896,119‌
Government
&
Agency
Obligations
-
49.2%
GOVERNMENT
SECURITIES
-
22.5%
Municipals
-
1.2%
105,727‌
Florida
Housing
Finance
Corp.,
Florida
RB
FHLMC,
3.00%,
01/01/36
94,188‌
340,000‌
New
York
City
Municipal
Water
Finance
Authority,
New
York
RB,
5.72%,
06/15/42
349,127‌
505,000‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.77%,
08/01/36
530,545‌
290,000‌
New
York
State
Urban
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
303,384‌
125,000‌
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
1.71%,
12/01/30
101,776‌
225,000‌
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
227,809‌
410,000‌
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
447,874‌
2,054,703‌
Treasury
Inflation
Index
Securities
-
1.0%
1,723,106‌
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28
(f)
1,681,548‌
U.S.
Treasury
Securities
-
20.3%
8,185,000‌
U.S.
Treasury
Bond,
3.63%,
08/15/43
7,682,710‌
2,450,000‌
U.S.
Treasury
Note,
2.13%,
05/15/25
2,326,734‌
3,725,000‌
U.S.
Treasury
Note,
2.25%,
02/15/27
3,463,813‌
5,300,000‌
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
4,539,367‌
11,770,000‌
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
10,081,741‌
8,365,000‌
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
5,734,273‌
33,828,638‌
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
26.7%
Federal
Home
Loan
Mortgage
Corp.
-
11.3%
740,000‌
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32
676,550‌
394,970‌
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
373,653‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
INCOME
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
9
Principal
Amount
Security
Description
Value
$
6,635‌
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
$
6,462‌
998,339‌
Federal
Home
Loan
Mortgage
Corp.
#RA6436,
2.50%,
12/01/51
853,330‌
1,109,628‌
Federal
Home
Loan
Mortgage
Corp.
#RA7549,
4.00%,
06/01/52
1,042,148‌
1,763,399‌
Federal
Home
Loan
Mortgage
Corp.
#RA7779,
4.50%,
08/01/52
1,696,654‌
398,631‌
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
373,304‌
1,762,898‌
Federal
Home
Loan
Mortgage
Corp.
#SD1046,
4.00%,
07/01/52
1,664,829‌
2,082,747‌
Federal
Home
Loan
Mortgage
Corp.
#SD1663,
4.00%,
10/01/52
1,958,827‌
125,543‌
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
123,213‌
121,761‌
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
119,499‌
988,598‌
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
892,425‌
298,927‌
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
295,196‌
336,927‌
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
322,690‌
673,357‌
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
643,789‌
779,547‌
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
119,968‌
158,436‌
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
154,593‌
1,950‌
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.00%,
10/15/41
1,944‌
14,257‌
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
11/15/42
14,084‌
960,000‌
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
891,849‌
284,154‌
FRESB
Mortgage
Trust,
3.70%,
10/25/28
(c)
269,597‌
679,876‌
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56
(d)
627,592‌
572,676‌
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
551,151‌
334,079‌
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57
(c)
307,670‌
562,218‌
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
08/25/59
507,922‌
754,936‌
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
678,389‌
574,657‌
Seasoned
Credit
Risk
Transfer
Trust,
2.00%,
05/25/60
506,683‌
Principal
Amount
Security
Description
Value
$
366,990‌
Seasoned
Credit
Risk
Transfer
Trust,
3.25%,
07/25/56
(d)
$
341,293‌
762,800‌
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
674,012‌
476,596‌
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
422,670‌
1,510,000‌
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,310,437‌
500,000‌
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
439,737‌
18,862,160‌
Federal
National
Mortgage
Association
-
14.3%
78,255‌
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
78,812‌
63,935‌
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
63,138‌
5,899‌
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
5,872‌
1,721‌
Federal
National
Mortgage
Association
#AA5564,
4.00%,
06/01/24
1,691‌
56,905‌
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
56,194‌
362,240‌
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
327,001‌
4,911‌
Federal
National
Mortgage
Association
#AC0559,
4.00%,
10/01/24
4,801‌
134,678‌
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
132,997‌
23,260‌
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
24,152‌
287,831‌
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
276,746‌
91,491‌
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
87,966‌
166,270‌
Federal
National
Mortgage
Association
#AL9970,
2.88%,
02/01/27
(c)
154,382‌
1,985,408‌
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
1,808,381‌
1,216,835‌
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,096,843‌
291,388‌
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
280,008‌
405,002‌
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
397,435‌
582,874‌
Federal
National
Mortgage
Association
#AS3909,
4.00%,
11/01/44
557,521‌
327,710‌
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
308,856‌
498,668‌
Federal
National
Mortgage
Association
#AS6994,
4.00%,
04/01/46
476,163‌
492,634‌
Federal
National
Mortgage
Association
#BH9216,
4.00%,
01/01/48
470,104‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
INCOME
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
10
Principal
Amount
Security
Description
Value
$
388,490‌
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
$
345,154‌
381,760‌
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
352,915‌
1,148,128‌
Federal
National
Mortgage
Association
#CB2094,
3.00%,
11/01/51
1,015,085‌
1,439,811‌
Federal
National
Mortgage
Association
#CB3233,
3.00%,
04/01/52
1,277,564‌
3,181,936‌
Federal
National
Mortgage
Association
#FS0331,
3.00%,
01/01/52
2,809,902‌
2,315,171‌
Federal
National
Mortgage
Association
#FS1555,
3.50%,
04/01/52
2,118,768‌
1,916,942‌
Federal
National
Mortgage
Association
#FS2060,
4.00%,
06/01/52
1,810,973‌
1,084,487‌
Federal
National
Mortgage
Association
#FS3363,
3.00%,
06/01/52
957,110‌
2,321,309‌
Federal
National
Mortgage
Association
#FS3498,
3.50%,
07/01/52
2,116,954‌
1,270,680‌
Federal
National
Mortgage
Association
#FS4081,
5.00%,
01/01/53
1,253,072‌
142,518‌
Federal
National
Mortgage
Association
#MA3384,
4.00%,
06/01/48
135,878‌
274,864‌
Federal
National
Mortgage
Association
Interest
Only,
2.70%,
01/25/39
(c)
3,803‌
846,174‌
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
749,367‌
437,323‌
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29
(c)
409,034‌
165,520‌
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
159,094‌
955,000‌
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
905,850‌
841,991‌
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
838,783‌
23,868,369‌
Government
National
Mortgage
Association
-
1.1%
444,237‌
Government
National
Mortgage
Association,
2.85%,
04/16/50
421,698‌
363,872‌
Government
National
Mortgage
Association,
3.50%,
01/20/69
(c)
346,410‌
409,772‌
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
367,969‌
811,055‌
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
805,601‌
1,941,678‌
Total
Government
&
Agency
Obligations
(Cost
$88,898,383)
82,237,096‌
Shares
Security
Description
Value
Short-Term
Investments
-
0.7%
Investment
Company
-
0.7%
1,199,137‌
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.00%
(g)
$
1,199,137‌
Total
Short-Term
Investments
(Cost
$1,199,137)
1,199,137‌
Investments,
at
value
-
99.7%
(Cost
$183,421,584)
166,529,622‌
Other
assets
in
excess
of
liabilities
-
0.3%
582,530‌
NET
ASSETS
-
100.0%
$
167,112,152‌
(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
June
30,
2023,
the
aggregate
value
of
these
liquid
securities
were
$39,337,736
or
23.5%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2023.
(c)
Variable
or
adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2023.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2023.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2023.
FHLMC
Federal
Home
Loan
Mortgage
Corporation
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
11
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
97.2%
GOVERNMENT
SECURITIES
-
95.9%
Municipals
-
95.9%
Alaska
-
0.2%
$
100,000‌
Alaska
Municipal
Bond
Bank
Authority,
Alaska
RB,
5.00%,
12/01/35
$
113,624‌
Illinois
-
1.3%
250,000‌
La
Salle
&
Bureau
Counties
Township
High
School
District
No.
120
LaSalle-
Peru,
Illinois
GO,
5.00%,
12/01/29
274,723‌
400,000‌
Park
Ridge
Park
District,
Illinois
GO,
5.00%,
12/01/35
456,928‌
731,651‌
Iowa
-
0.4%
220,000‌
City
of
Bettendorf
IA,
Iowa
GO,
4.00%,
06/01/35
232,721‌
Nebraska
-
88.8%
250,000‌
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
260,512‌
300,000‌
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/26
308,652‌
300,000‌
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
283,646‌
400,000‌
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
349,386‌
210,000‌
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.30%,
10/15/23
208,691‌
185,000‌
Cass
County
Sanitary
&
Improvement
District
No.
1,
Nebraska
GO,
2.40%,
10/15/24
182,011‌
150,000‌
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
01/01/24
150,680‌
250,000‌
City
of
Beatrice
NE,
Nebraska
GO,
1.70%,
12/15/23
247,010‌
300,000‌
City
of
Beatrice
NE,
Nebraska
RB,
4.40%,
03/15/29
299,701‌
350,000‌
City
of
Bellevue
NE,
Nebraska
GO,
2.00%,
09/15/30
317,402‌
215,000‌
City
of
Blair
NE,
Nebraska
GO,
2.15%,
09/15/23
214,193‌
220,000‌
City
of
Blair
NE,
Nebraska
GO,
2.30%,
09/15/24
216,187‌
270,000‌
City
of
Blair
NE,
Nebraska
GO,
5.00%,
06/15/28
293,719‌
55,000‌
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
48,644‌
120,000‌
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
103,942‌
Principal
Amount
Security
Description
Value
$
325,000‌
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
$
342,406‌
650,000‌
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
719,887‌
80,000‌
City
of
Columbus
NE
Sales
Tax
Revenue,
Nebraska
RB,
5.00%,
09/15/23
80,239‌
280,000‌
City
of
Crete
NE,
Nebraska
GO,
3.70%,
05/01/26
278,548‌
200,000‌
City
of
David
City
NE,
Nebraska
GO,
4.05%,
12/15/27
(a)
200,000‌
345,000‌
City
of
Falls
City
NE,
Nebraska
GO,
4.25%,
11/15/30
354,964‌
250,000‌
City
of
Falls
City
NE,
Nebraska
GO,
3.65%,
11/15/32
244,641‌
345,000‌
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
341,313‌
150,000‌
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/31
158,570‌
430,000‌
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/34
450,776‌
300,000‌
City
of
Kearney
NE,
Nebraska
GO,
4.00%,
05/15/27
306,143‌
130,000‌
City
of
Kearney
NE,
Nebraska
GO,
2.75%,
06/15/27
125,110‌
400,000‌
City
of
Kearney
NE,
Nebraska
RB,
1.25%,
12/15/27
351,541‌
375,000‌
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
374,567‌
235,000‌
City
of
La
Vista
NE,
Nebraska
GO,
3.00%,
09/01/27
234,995‌
200,000‌
City
of
Lincoln
NE,
Nebraska
GO,
5.00%,
11/15/34
229,213‌
195,000‌
City
of
Norfolk
NE,
Nebraska
GO,
2.70%,
09/01/25
188,020‌
360,000‌
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
360,073‌
200,000‌
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/32
196,417‌
175,000‌
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/33
186,651‌
400,000‌
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/34
390,484‌
250,000‌
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/36
288,311‌
200,000‌
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/37
227,221‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
12
Principal
Amount
Security
Description
Value
$
165,000‌
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
11/15/26
$
169,267‌
500,000‌
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
589,935‌
300,000‌
City
of
Omaha
NE,
Nebraska
Tax
Allocation
Bond,
4.00%,
02/15/31
324,653‌
355,000‌
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
01/15/28
382,071‌
250,000‌
City
of
Papillion
NE
Water
Revenue,
Nebraska
RB,
3.00%,
12/15/27
248,472‌
200,000‌
City
of
West
Point
NE,
Nebraska
GO,
3.25%,
11/01/28
191,518‌
140,000‌
County
of
Brown
NE,
Nebraska
GO,
3.70%,
01/15/26
139,780‌
375,000‌
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
355,308‌
275,000‌
County
of
Cedar
NE,
Nebraska
GO,
3.80%,
09/15/28
274,879‌
285,000‌
County
of
Cherry
NE,
Nebraska
GO,
3.00%,
12/15/25
284,740‌
300,000‌
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/34
305,612‌
435,000‌
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/36
441,981‌
245,000‌
County
of
Douglas
NE,
Nebraska
RB,
3.00%,
09/01/27
241,327‌
125,000‌
County
of
Jefferson
NE,
Nebraska
GO,
2.00%,
12/01/25
119,701‌
325,000‌
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
308,231‌
250,000‌
County
of
Sarpy
NE,
Nebraska
GO,
3.00%,
06/01/29
250,264‌
200,000‌
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
178,366‌
400,000‌
Cozad
City
School
District,
Nebraska
GO,
4.00%,
06/15/28
412,365‌
265,000‌
Cuming
County
Public
Power
District,
Nebraska
RB,
1.50%,
12/15/25
247,871‌
300,000‌
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/36
338,767‌
260,000‌
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/27
281,015‌
1,150,000‌
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,164,950‌
200,000‌
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
3.00%,
05/15/24
198,810‌
220,000‌
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
05/15/26
230,868‌
750,000‌
Douglas
County
Public
Facilities
Corp.,
Nebraska
RB,
2.00%,
05/01/24
738,034‌
Principal
Amount
Security
Description
Value
$
200,000‌
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
$
180,350‌
580,000‌
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
580,000‌
260,000‌
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
260,026‌
100,000‌
Douglas
County
Sanitary
&
Improvement
District
No.
490,
Nebraska
GO,
2.70%,
08/15/28
93,988‌
280,000‌
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
242,187‌
215,000‌
Douglas
County
Sanitary
&
Improvement
District
No.
521,
Nebraska
GO,
2.20%,
02/15/25
206,094‌
325,000‌
Douglas
County
School
District
No.
17,
Nebraska
GO,
4.00%,
12/15/41
329,335‌
250,000‌
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/34
257,725‌
750,000‌
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
683,956‌
750,000‌
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
755,070‌
300,000‌
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
296,322‌
250,000‌
Elkhorn
School
District,
Nebraska
GO,
4.00%,
12/15/32
264,160‌
370,000‌
Fremont
School
District,
Nebraska
GO,
5.00%,
12/15/29
414,794‌
65,000‌
Grand
Island
Electric
Department,
Nebraska
RB,
5.00%,
08/15/27
65,463‌
155,000‌
Gretna
Fire
Protection
District,
Nebraska
GO,
3.20%,
06/01/28
148,054‌
530,000‌
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
553,823‌
400,000‌
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
386,483‌
455,000‌
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
508,010‌
700,000‌
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
729,262‌
160,000‌
KBR
Rural
Public
Power
District/NE,
Nebraska
RB,
3.20%,
12/15/28
151,114‌
300,000‌
Kearney
School
District,
Nebraska
GO,
2.00%,
12/15/25
289,161‌
500,000‌
Lancaster
County
School
District
001,
Nebraska
GO,
4.00%,
01/15/31
517,987‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
13
Principal
Amount
Security
Description
Value
$
370,000‌
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/34
$
312,139‌
320,000‌
Lancaster
County
School
District
No.
145
Waverly,
Nebraska
GO,
2.00%,
12/15/28
304,055‌
200,000‌
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
222,193‌
475,000‌
Lincoln
Airport
Authority,
Nebraska
RB,
4.00%,
07/01/27
494,507‌
500,000‌
Lincoln-Lancaster
County
Public
Building
Commission,
Nebraska
RB,
3.00%,
12/01/26
498,752‌
1,000,000‌
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
947,414‌
260,000‌
Lyons-Decatur
Northeast
Schools,
Nebraska
GO,
5.00%,
12/15/30
276,143‌
525,000‌
Metropolitan
Community
College
Area,
Nebraska
COP,
3.00%,
03/01/26
519,629‌
115,000‌
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/35
119,938‌
325,000‌
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
329,640‌
315,000‌
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/37
363,932‌
300,000‌
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
3.30%,
12/01/29
297,359‌
250,000‌
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/31
288,338‌
210,000‌
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/25
210,304‌
500,000‌
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
465,641‌
150,000‌
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
03/01/34
149,637‌
100,000‌
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
09/01/34
99,414‌
290,000‌
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.00%,
03/01/52
277,368‌
500,000‌
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
2.00%,
03/01/24
494,437‌
125,000‌
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
141,740‌
Principal
Amount
Security
Description
Value
$
200,000‌
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
$
205,595‌
315,000‌
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
311,699‌
475,000‌
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
419,429‌
325,000‌
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
322,253‌
400,000‌
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
419,745‌
600,000‌
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
634,936‌
165,000‌
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
04/01/27
177,464‌
350,000‌
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
367,356‌
1,010,000‌
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/28
1,037,099‌
410,000‌
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
457,489‌
350,000‌
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/36
402,444‌
350,000‌
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/46
343,831‌
135,000‌
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/28
142,308‌
750,000‌
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
787,069‌
500,000‌
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
519,722‌
180,000‌
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
174,444‌
620,000‌
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
598,938‌
325,000‌
Omaha
School
District,
Nebraska
GO,
2.00%,
12/15/34
269,541‌
1,000,000‌
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
998,649‌
525,000‌
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/41
445,003‌
150,000‌
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/30
166,427‌
250,000‌
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
277,468‌
245,000‌
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/31
261,338‌
350,000‌
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
350,016‌
750,000‌
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
4.00%,
12/01/29
785,571‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
14
Principal
Amount
Security
Description
Value
$
160,000‌
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
$
159,861‌
105,000‌
Sarpy
County
Sanitary
&
Improvement
District
No.
23,
Nebraska
GO,
2.30%,
08/15/34
87,707‌
100,000‌
Sarpy
County
Sanitary
&
Improvement
District
No.
245,
Nebraska
GO,
3.45%,
11/15/28
95,716‌
100,000‌
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
100,023‌
30,000‌
Sarpy
County
Sanitary
&
Improvement
District
No.
68,
Nebraska
GO,
2.75%,
12/15/23
29,967‌
320,000‌
Sarpy
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
363,164‌
300,000‌
Southeast
Community
College
Area,
Nebraska
RB,
4.00%,
03/15/31
310,416‌
300,000‌
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/25
305,901‌
400,000‌
Southern
Public
Power
District,
Nebraska
RB,
4.00%,
12/15/26
409,944‌
300,000‌
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
284,271‌
270,000‌
State
of
Nebraska,
Nebraska
COP,
3.00%,
12/15/24
267,791‌
195,000‌
State
of
Nebraska,
Nebraska
COP,
5.00%,
04/01/28
209,180‌
500,000‌
The
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
519,868‌
100,000‌
Village
of
Alda
NE,
Nebraska,
4.00%,
12/15/24
100,041‌
175,000‌
Village
of
Ansley
NE,
Nebraska
GO,
3.40%,
03/15/28
173,385‌
435,000‌
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
411,352‌
1,700,000‌
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
1,697,462‌
200,000‌
Village
of
Callaway
NE,
Nebraska
GO,
3.75%,
02/15/31
192,680‌
185,000‌
Village
of
Ceresco
NE,
Nebraska
GO,
3.60%,
12/15/32
182,855‌
265,000‌
Wayne
County
School
District
No.
17,
Nebraska
GO,
5.00%,
12/15/28
288,810‌
100,000‌
Westside
Community
Schools,
Nebraska
GO,
2.30%,
12/01/28
96,135‌
450,000‌
York
County
NE
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
432,833‌
50,854,391‌
Principal
Amount
Security
Description
Value
North
Dakota
-
0.8%
$
500,000‌
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
$
486,007‌
South
Dakota
-
0.7%
425,000‌
City
of
Brandon
SD
Sales
Tax
Revenue,
South
Dakota
RB,
3.00%,
12/01/26
421,901‌
Texas
-
1.4%
200,000‌
City
of
Austin
TX
Electric
Utility
Revenue,
Texas
RB,
5.00%,
11/15/36
232,391‌
360,000‌
City
of
Lubbock
TX,
Texas
GO,
5.00%,
02/15/36
407,839‌
150,000‌
County
of
Travis
TX,
Texas
GO,
3.00%,
03/01/30
146,417‌
786,647‌
Wisconsin
-
2.3%
400,000‌
City
of
Neenah
WI,
Wisconsin
GO,
4.00%,
03/01/32
419,913‌
500,000‌
County
of
Dane
WI,
Wisconsin
GO,
3.00%,
06/01/31
484,888‌
340,000‌
Western
Technical
College
District,
Wisconsin
GO,
5.00%,
04/01/31
383,339‌
1,288,140‌
54,915,082‌
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.3%
Federal
Home
Loan
Mortgage
Corp.
-
1.3%
295,787‌
Federal
Home
Loan
Mortgage
Corp.,
2.34%,
07/25/41
(b)
227,781‌
588,316‌
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
534,214‌
761,995‌
Total
Government
&
Agency
Obligations
(Cost
$58,138,641)
55,677,077‌
Shares
Security
Description
Value
Short-Term
Investments
-
4.1%
Investment
Company
-
4.1%
2,344,588‌
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.00%
(c)
2,344,588‌
Total
Short-Term
Investments
(Cost
$2,344,588)
2,344,588‌
Investments,
at
value
-
101.3%
(Cost
$60,483,229)
58,021,665‌
Other
liabilities
in
excess
of
assets
-
(1.3)%
(758,964‌)
NET
ASSETS
-
100.0%
$
57,262,701‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
NEBRASKA
TAX-FREE
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
15
(a)
Security
fair
valued
in
accordance
with
procedures
adopted
by
the
Board
of
Trustees.
At
the
period
end,
the
value
of
these
securities
amounted
to
$200,000
or
0.3%
of
net
assets.
(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
June
30,
2023,
the
aggregate
value
of
these
liquid
securities
were
$227,781
or
0.4%
of
net
assets.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2023.
COP
Certificate
of
Participation
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
RB
Revenue
Bond
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
BALANCED
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
16
Shares
Security
Description
Value
Common
Stocks
-
59.8%
Communication
Services
-
4.9%
6,645‌
Activision
Blizzard,
Inc.
$
560,173‌
12,250‌
Alphabet,
Inc.,
Class C (a)
1,481,882‌
14,350‌
Comcast
Corp.,
Class A
596,243‌
2,250‌
Meta
Platforms,
Inc.,
Class A (a)
645,705‌
13,100‌
Verizon
Communications,
Inc.
487,189‌
3,771,192‌
Consumer
Discretionary
-
6.6%
11,275‌
Amazon.com,
Inc. (a)
1,469,809‌
217‌
Booking
Holdings,
Inc. (a)
585,972‌
10,950‌
Gentex
Corp.
320,397‌
3,905‌
NIKE,
Inc.,
Class B
430,995‌
605‌
O'Reilly
Automotive,
Inc. (a)
577,956‌
1,205‌
Pool
Corp.
451,441‌
4,850‌
Royal
Caribbean
Cruises,
Ltd. (a)
503,139‌
1,725‌
The
Home
Depot,
Inc.
535,854‌
7,600‌
Upbound
Group,
Inc.,
Class A
236,588‌
5,112,151‌
Consumer
Staples
-
4.1%
5,960‌
Church
&
Dwight
Co.,
Inc.
597,371‌
2,075‌
Constellation
Brands,
Inc.,
Class A
510,720‌
1,320‌
Costco
Wholesale
Corp.
710,662‌
5,680‌
Lamb
Weston
Holdings,
Inc.
652,916‌
4,780‌
Walmart,
Inc.
751,320‌
3,222,989‌
Energy
-
2.3%
2,010‌
Diamondback
Energy,
Inc.
264,033‌
2,190‌
EOG
Resources,
Inc.
250,624‌
7,660‌
Exxon
Mobil
Corp.
821,535‌
4,400‌
Phillips
66
419,672‌
1,755,864‌
Financials
-
7.5%
9,700‌
Brown
&
Brown,
Inc.
667,748‌
3,380‌
Chubb,
Ltd.
650,853‌
2,930‌
CME
Group,
Inc.
542,900‌
7,700‌
Equitable
Holdings,
Inc.
209,132‌
5,550‌
First
American
Financial
Corp.
316,461‌
4,675‌
Fiserv,
Inc. (a)
589,751‌
4,700‌
JPMorgan
Chase
&
Co.
683,568‌
2,240‌
Mastercard,
Inc.,
Class A
880,992‌
1,140‌
Moody's
Corp.
396,401‌
2,950‌
Morgan
Stanley
251,930‌
1,970‌
The
PNC
Financial
Services
Group,
Inc.
248,121‌
8,850‌
Wells
Fargo
&
Co.
377,718‌
5,815,575‌
Health
Care
-
8.0%
6,910‌
Abbott
Laboratories
753,328‌
1,300‌
AMN
Healthcare
Services,
Inc. (a)
141,856‌
7,260‌
Edwards
Lifesciences
Corp. (a)
684,836‌
2,345‌
Eli
Lilly
&
Co.
1,099,758‌
3,695‌
Horizon
Therapeutics
PLC (a)
380,031‌
Shares
Security
Description
Value
1,280‌
Humana,
Inc.
$
572,326‌
7,500‌
Inmode,
Ltd. (a)
280,125‌
4,690‌
Jazz
Pharmaceuticals
PLC (a)
581,419‌
4,650‌
Lantheus
Holdings,
Inc. (a)
390,228‌
1,490‌
Thermo
Fisher
Scientific,
Inc.
777,408‌
3,280‌
Zoetis,
Inc.
564,849‌
6,226,164‌
Industrials
-
5.5%
4,610‌
AMETEK,
Inc.
746,267‌
1,320‌
Cintas
Corp.
656,145‌
16,800‌
CSX
Corp.
572,880‌
4,270‌
MasTec,
Inc. (a)
503,732‌
7,507‌
Raytheon
Technologies
Corp.
735,386‌
4,390‌
The
Timken
Co.
401,817‌
4,015‌
Waste
Management,
Inc.
696,281‌
4,312,508‌
Information
Technology
-
15.4%
1,570‌
Adobe,
Inc. (a)
767,714‌
3,650‌
Amphenol
Corp.,
Class A
310,067‌
17,275‌
Apple,
Inc.
3,350,832‌
2,615‌
CDW
Corp.
479,852‌
4,172‌
Entegris,
Inc.
462,341‌
7,030‌
Microchip
Technology,
Inc.
629,818‌
8,720‌
Microsoft
Corp.
2,969,509‌
3,925‌
NVIDIA
Corp.
1,660,354‌
1,365‌
Paycom
Software,
Inc.
438,493‌
5,500‌
Perficient,
Inc. (a)
458,315‌
3,780‌
QUALCOMM,
Inc.
449,971‌
11,977,266‌
Materials
-
2.0%
4,690‌
Berry
Global
Group,
Inc.
301,755‌
2,525‌
FMC
Corp.
263,458‌
1,610‌
Linde
PLC
613,539‌
32,231‌
PureCycle
Technologies,
Inc. (a)
344,549‌
1,523,301‌
Real
Estate
-
1.8%
2,185‌
American
Tower
Corp.
REIT
423,759‌
8,690‌
First
Industrial
Realty
Trust,
Inc.
REIT
457,442‌
3,935‌
Sun
Communities,
Inc.
REIT
513,360‌
1,394,561‌
Utilities
-
1.7%
2,430‌
American
Water
Works
Co.,
Inc.
346,882‌
3,640‌
Atmos
Energy
Corp.
423,478‌
6,990‌
NextEra
Energy,
Inc.
518,658‌
1,289,018‌
Total
Common
Stocks
(Cost
$24,903,274)
46,400,589‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
BALANCED
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
17
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
8.3%
Asset
Backed
Securities
-
4.1%
$
155,000‌
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46 (b)
$
135,529‌
180,687‌
American
Homes
4
Rent
Trust,
3.68%,
12/17/36 (b)
174,348‌
50,000‌
AMSR
Trust,
1.63%,
07/17/37 (b)
45,806‌
67,959‌
AXIS
Equipment
Finance
Receivables
IX,
LLC,
0.75%,
11/20/26 (b)
66,249‌
191,790‌
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28 (b)
190,005‌
71,231‌
Cascade
Funding
Mortgage
Trust,
4.00%,
10/25/68 (b)(c)
68,717‌
110,000‌
CCG
Receivables
Trust,
5.82%,
09/16/30 (b)
110,123‌
189,672‌
CCG
Receivables
Trust,
3.91%,
07/16/29 (b)
185,918‌
233,858‌
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60 (b)
209,862‌
113,094‌
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61 (b)
97,980‌
285,000‌
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28 (b)
284,194‌
56,032‌
Colony
American
Finance,
Ltd.,
1.83%,
03/15/50 (b)
52,924‌
30,537‌
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46 (b)
28,779‌
103,934‌
DLLMT,
LLC,
1.00%,
07/21/25 (b)
100,486‌
47,678‌
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45 (b)
40,915‌
135,000‌
FRTKL
2021-SFR1,
1.57%,
09/17/38 (b)
117,085‌
99,660‌
Navient
Student
Loan
Trust
(USD
1
Month
LIBOR
+
1.60%),
6.79%,
10/15/31 (b)(d)
99,520‌
94,970‌
NMEF
Funding,
LLC,
2.58%,
10/16/28 (b)
92,780‌
65,000‌
NMEF
Funding,
LLC,
6.07%,
06/15/29 (b)
64,519‌
92,320‌
North
Texas
Higher
Education
Authority,
Inc.
(USD
1
Month
LIBOR
+
0.57%),
5.72%,
09/25/61 (d)
88,519‌
41,882‌
Pawneee
Equipment
Receivables,
1.10%,
07/15/27 (b)
40,424‌
16,228‌
Preferred
Term
Securities
XII,
Ltd./
Preferred
Term
Securities
XII,
Inc.
(USD
3
Month
LIBOR
+
0.70%),
6.21%,
12/24/33 (b)(d)
16,057‌
119,482‌
Progress
Residential
Trust,
1.52%,
07/17/38 (b)
104,879‌
Principal
Amount
Security
Description
Value
$
109,456‌
SLM
Student
Loan
Trust
(USD
3
Month
LIBOR
+
1.65%),
6.91%,
04/15/29 (d)
$
108,242‌
34,969‌
SMB
Private
Education
Loan
Trust,
2.70%,
05/15/31 (b)
33,929‌
186,758‌
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47 (b)
155,420‌
105,344‌
Stack
Infrastructure
Issuer,
LLC,
4.54%,
02/25/44 (b)
103,730‌
70,000‌
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46 (b)
61,250‌
125,954‌
Tricon
American
Homes
Trust,
1.48%,
11/17/39 (b)
106,150‌
180,000‌
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45 (b)
161,317‌
3,145,656‌
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.9%
150,000‌
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Securities
Trust,
3.65%,
03/10/37 (b)(c)
133,596‌
190,000‌
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
182,008‌
97,481‌
BX
Commercial
Mortgage
Trust,
6.16%,
02/15/39 (b)(d)
94,495‌
160,000‌
BX
Trust
(USD
1
Month
LIBOR
+
0.95%),
6.14%,
09/15/36 (b)(d)
153,174‌
125,000‌
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
119,571‌
175,000‌
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
152,355‌
185,000‌
Goldman
Sachs
Mortgage
Securities
Trust
(USD
1
Month
LIBOR
+
0.89%),
6.08%,
11/15/36 (b)(d)
180,532‌
200,000‌
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39 (b)
171,690‌
81,988‌
Key
Commercial
Mortgage
Securities
Trust,
2.66%,
06/15/52 (b)
78,980‌
98,773‌
Key
Commercial
Mortgage
Securities
Trust,
1.25%,
09/16/52 (b)
93,863‌
143,960‌
KNDR
2021-KIND
A,
6.21%,
08/15/38 (b)(d)
138,249‌
119,328‌
ReadyCap
Commercial
Mortgage
Trust
CLO,
6.72%,
01/25/37 (b)(d)
117,259‌
75,000‌
SREIT
Trust
(USD
1
Month
LIBOR
+
0.58%),
5.77%,
07/15/36 (b)(d)
72,741‌
75,716‌
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41 (b)(c)
69,039‌
130,000‌
Tricon
Residential
Trust,
3.86%,
04/17/39 (b)
121,081‌
100,000‌
TRTX
Issuer,
Ltd.
CLO,
6.72%,
02/15/39 (b)(d)
97,293‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
BALANCED
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
18
Principal
Amount
Security
Description
Value
$
75,000‌
UBS
Commercial
Mortgage
Trust,
4.19%,
08/15/51
$
72,354‌
150,000‌
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
136,727‌
105,938‌
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51 (b)(c)
86,125‌
2,271,132‌
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.3%
101,615‌
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67 (b)(c)
91,175‌
26,498‌
Bayview
Commercial
Asset
Trust
REMIC
(USD
1
Month
LIBOR
+
0.87%),
6.02%,
12/25/33 (b)(d)
25,401‌
145,418‌
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63 (b)(c)
123,504‌
39,974‌
Cascade
Funding
Mortgage
Trust,
2.80%,
06/25/69 (b)(c)
38,514‌
44,002‌
Cascade
Funding
Mortgage
Trust,
LLC,
0.80%,
02/25/31 (b)(c)
42,570‌
148,212‌
Chase
Mortgage
Finance
Corp.,
3.50%,
06/25/62 (b)(c)
132,256‌
42,522‌
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66 (b)(c)
39,921‌
13,292‌
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35 (b)(c)
12,424‌
108,446‌
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47 (b)(c)
96,295‌
60,408‌
Finance
of
America
HECM
Buyout,
2.69%,
02/25/32 (b)(c)
56,617‌
90,163‌
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51 (b)
84,679‌
23,442‌
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45 (c)
22,889‌
25,554‌
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55 (b)(c)
23,546‌
161,216‌
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52 (b)(c)
140,072‌
130,502‌
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61 (b)(c)
115,332‌
1,045,195‌
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$6,988,727)
6,461,983‌
Corporate
Bonds
-
10.9%
Communication
Services
-
1.0%
348,000‌
AT&T,
Inc.,
4.30%,
02/15/30
330,330‌
175,000‌
Meta
Platforms,
Inc.,
3.85%,
08/15/32
162,548‌
317,000‌
Verizon
Communications,
Inc.,
4.33%,
09/21/28
305,589‌
798,467‌
Principal
Amount
Security
Description
Value
Consumer
Discretionary
-
1.3%
$
310,000‌
Dollar
General
Corp.,
3.50%,
04/03/30
$
277,987‌
330,000‌
McDonald's
Corp.,
2.13%,
03/01/30
280,713‌
50,000‌
Newell
Brands,
Inc.,
4.70%,
04/01/26
46,968‌
50,000‌
Starbucks
Corp.,
2.00%,
03/12/27
44,902‌
265,000‌
The
Walt
Disney
Co.,
2.65%,
01/13/31
230,719‌
881,289‌
Consumer
Staples
-
0.2%
165,000‌
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27 (b)
154,348‌
Financials
-
4.0%
140,000‌
Bank
of
America
Corp.,
MTN,
3.56%,
04/23/27 (c)
132,730‌
180,000‌
Bank
of
America
Corp.,
2.69%,
04/22/32 (c)
149,174‌
326,000‌
CBRE
Services,
Inc.,
2.50%,
04/01/31
262,208‌
300,000‌
Citigroup,
Inc.,
3.89%,
01/10/28 (c)
284,282‌
270,000‌
CME
Group,
Inc.,
3.00%,
03/15/25
260,103‌
325,000‌
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
271,957‌
325,000‌
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30 (c)
279,962‌
150,000‌
KeyCorp,
MTN,
2.25%,
04/06/27
124,447‌
285,000‌
Morgan
Stanley,
4.89%,
07/20/33 (c)
274,298‌
225,000‌
Regions
Financial
Corp.,
1.80%,
08/12/28
181,740‌
100,000‌
The
Charles
Schwab
Corp.
(callable
at
100
beginning
06/01/25),
5.38%,
06/01/65 (c)(e)
95,572‌
220,000‌
The
Charles
Schwab
Corp.,
3.85%,
05/21/25
211,742‌
290,000‌
The
Goldman
Sachs
Group,
Inc.,
3.85%,
01/26/27
275,712‌
230,000‌
U.S.
Bancorp,
Series
J
(callable
at
100
beginning
04/15/27),
5.30%,
10/15/49 (c)(e)
186,875‌
325,000‌
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31 (c)
275,174‌
3,265,976‌
Health
Care
-
0.1%
125,000‌
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
99,405‌
37,000‌
Becton
Dickinson
&
Co.,
3.73%,
12/15/24
35,920‌
135,325‌
Industrials
-
2.3%
255,000‌
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
209,525‌
250,000‌
BMW
Finance
NV,
2.85%,
08/14/29 (b)
220,370‌
300,000‌
Harman
International
Industries,
Inc.,
4.15%,
05/15/25
291,238‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
BALANCED
FUND
Quarterly
Report
2023
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
$
238,313‌
170,000‌
TTX
Co.,
3.60%,
01/15/25 (b)
164,541‌
175,000‌
Union
Pacific
Corp.,
3.95%,
09/10/28
169,579‌
250,000‌
Volkswagen
Group
of
America
Finance,
LLC,
3.35%,
05/13/25 (b)
239,435‌
285,000‌
Waste
Management,
Inc.,
1.50%,
03/15/31
226,991‌
1,759,992‌
Information
Technology
-
2.0%
170,000‌
Applied
Materials,
Inc.,
1.75%,
06/01/30
141,537‌
235,000‌
eBay,
Inc.,
3.60%,
06/05/27
222,167‌
140,000‌
NVIDIA
Corp.,
2.85%,
04/01/30
126,956‌
130,000‌
Oracle
Corp.,
3.40%,
07/08/24
126,741‌
155,000‌
Oracle
Corp.,
2.30%,
03/25/28
136,781‌
328,000‌
QUALCOMM,
Inc.,
2.15%,
05/20/30
281,994‌
215,000‌
TSMC
Global,
Ltd.,
1.38%,
09/28/30 (b)
168,629‌
310,000‌
Xilinx,
Inc.,
2.38%,
06/01/30
267,611‌
1,472,416‌
Total
Corporate
Bonds
(Cost
$9,382,185)
8,467,813‌
Government
&
Agency
Obligations
-
16.9%
GOVERNMENT
SECURITIES
-
16.3%
Municipals
-
0.2%
125,000‌
Grand
Island
Public
Schools,
Nebraska
GO,
1.69%,
12/15/31
98,416‌
50,000‌
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
42,791‌
141,207‌
Treasury
Inflation
Index
Securities
-
0.3%
271,930‌
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28 (f)
264,754‌
U.S.
Treasury
Securities
-
15.8%
1,005,000‌
U.S.
Treasury
Note,
2.13%,
11/30/24
962,445‌
3,565,000‌
U.S.
Treasury
Note,
2.13%,
05/15/25
3,385,636‌
3,165,000‌
U.S.
Treasury
Note,
2.25%,
02/15/27
2,943,079‌
3,540,000‌
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
3,031,955‌
2,285,000‌
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
1,957,245‌
12,280,360‌
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.6%
Federal
Home
Loan
Mortgage
Corp.
-
0.4%
58,223‌
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54 (g)
56,163‌
38,891‌
Federal
Home
Loan
Mortgage
Corp.
#SB8006,
3.00%,
09/01/34
36,420‌
18,911‌
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
18,331‌
Principal
Amount
Security
Description
Value
$
240,000‌
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
$
208,281‌
319,195‌
Federal
National
Mortgage
Association
-
0.1%
13,590‌
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
13,200‌
65,599‌
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29 (c)
61,355‌
74,555‌
Government
National
Mortgage
Association
-
0.1%
61,578‌
Government
National
Mortgage
Association,
3.50%,
01/20/69 (c)
58,623‌
Total
Government
&
Agency
Obligations
(Cost
$13,720,466)
13,138,694‌
Shares
Security
Description
Value
Short-Term
Investments
-
3.7%
Investment
Company
-
3.7%
2,875,791‌
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.00% (h)
2,875,791‌
Total
Short-Term
Investments
(Cost
$2,875,791)
2,875,791‌
Investments,
at
value
-
99.6%
(Cost
$57,870,443)
77,344,870‌
Other
assets
in
excess
of
liabilities
-
0.4%
333,828‌
NET
ASSETS
-
100.0%
$
77,678,698‌
(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
June
30,
2023,
the
aggregate
value
of
these
liquid
securities
were
$6,526,641
or
8.4%
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
June
30,
2023.
(d)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2023.
(e)
Perpetual
maturity
security.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2023.
(h)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2023.
CLO
Collateralized
Loan
Obligation
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LLC
Limited
Liability
Company
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
BALANCED
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
20
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SMALL/MID
CAP
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
21
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2023.
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
99.2%
Communication
Services
-
1.7%
1,232‌
Nexstar
Media
Group,
Inc.,
Class A
$
205,190‌
Consumer
Discretionary
-
11.1%
1,744‌
Burlington
Stores,
Inc.
(a)
274,488‌
1,751‌
Dorman
Products,
Inc.
(a)
138,031‌
1,199‌
LGI
Homes,
Inc.
(a)
161,733‌
5,031‌
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
291,446‌
1,536‌
Tractor
Supply
Co.
339,610‌
2,121‌
Wyndham
Hotels
&
Resorts,
Inc.
145,437‌
1,350,745‌
Consumer
Staples
-
3.2%
882‌
Casey's
General
Stores,
Inc.
215,102‌
276‌
Coca-Cola
Consolidated,
Inc.
175,542‌
390,644‌
Energy
-
4.2%
10,998‌
CNX
Resources
Corp.
(a)
194,885‌
6,654‌
Marathon
Oil
Corp.
153,175‌
5,105‌
SM
Energy
Co.
161,471‌
509,531‌
Financials
-
14.5%
4,835‌
Atlantic
Union
Bankshares
Corp.
125,468‌
2,519‌
Brown
&
Brown,
Inc.
173,408‌
1,973‌
Cullen/Frost
Bankers,
Inc.
212,157‌
182‌
Markel
Group,
Inc.
(a)
251,739‌
4,101‌
Moelis
&
Co.,
Class A
185,939‌
2,714‌
Selective
Insurance
Group,
Inc.
260,408‌
3,185‌
SouthState
Corp.
209,573‌
3,886‌
Stifel
Financial
Corp.
231,878‌
1,926‌
UMB
Financial
Corp.
117,293‌
1,767,863‌
Health
Care
-
11.8%
2,613‌
AMN
Healthcare
Services,
Inc.
(a)
285,131‌
822‌
ICON
PLC
(a)
205,664‌
2,768‌
Integra
LifeSciences
Holdings
Corp.
(a)
113,848‌
835‌
Molina
Healthcare,
Inc.
(a)
251,535‌
2,768‌
Omnicell
,
Inc.
(a)
203,919‌
2,061‌
Pacira
BioSciences
,
Inc.
(a)
82,584‌
2,512‌
Revvity
,
Inc.
298,400‌
1,441,081‌
Industrials
-
24.7%
1,320‌
Broadridge
Financial
Solutions,
Inc.
218,632‌
694‌
CACI
International,
Inc.,
Class A
(a)
236,543‌
977‌
Carlisle
Cos.,
Inc.
250,630‌
2,377‌
EnerSys
257,952‌
1,219‌
EnPro
Industries,
Inc.
162,773‌
909‌
ExlService
Holdings,
Inc.
(a)
137,313‌
2,694‌
Fortune
Brands
Innovations,
Inc.
193,833‌
1,414‌
Forward
Air
Corp.
150,040‌
2,606‌
Franklin
Electric
Co.,
Inc.
268,157‌
2,162‌
ICF
International,
Inc.
268,931‌
1,919‌
Oshkosh
Corp.
166,166‌
Shares
Security
Description
Value
1,024‌
Quanta
Services,
Inc.
$
201,165‌
2,539‌
Robert
Half
International,
Inc.
190,984‌
1,879‌
Tetra
Tech,
Inc.
307,667‌
3,010,786‌
Information
Technology
-
16.9%
2,540‌
Ambarella
,
Inc.
(a)
212,522‌
3,871‌
Black
Knight,
Inc.
(a)
231,215‌
2,485‌
Blackbaud
,
Inc.
(a)
176,882‌
1,798‌
Diodes,
Inc.
(a)
166,297‌
1,010‌
Littelfuse
,
Inc.
294,223‌
1,987‌
MKS
Instruments,
Inc.
214,795‌
2,990‌
Power
Integrations,
Inc.
283,063‌
1,953‌
PTC,
Inc.
(a)
277,912‌
1,637‌
Qualys
,
Inc.
(a)
211,451‌
2,068,360‌
Materials
-
3.4%
1,327‌
Balchem
Corp.
178,893‌
2,701‌
RPM
International,
Inc.
242,361‌
421,254‌
Real
Estate
-
5.3%
2,660‌
Agree
Realty
Corp.
REIT
173,937‌
9,307‌
Easterly
Government
Properties,
Inc.
REIT
134,952‌
1,017‌
Jones
Lang
LaSalle,
Inc.
(a)
158,449‌
1,825‌
Lamar
Advertising
Co.,
Class A
REIT
181,131‌
648,469‌
Utilities
-
2.4%
2,862‌
IDACORP,
Inc.
293,641‌
Total
Common
Stocks
(Cost
$10,278,860)
12,107,564‌
Shares
Security
Description
Value
Short-Term
Investments
-
0.8%
Investment
Company
-
0.8%
99,985‌
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.00%
(b)
99,985‌
Total
Short-Term
Investments
(Cost
$99,985)
99,985‌
Investments,
at
value
-
100.0%
(Cost
$10,378,845)
12,207,549‌
Other
liabilities
in
excess
of
assets
-
0.0%
(4,088‌)
NET
ASSETS
-
100.0%
$
12,203,461‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SMALL
COMPANY
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
22
Shares
Security
Description
Value
Common
Stocks
-
98.1%
Communication
Services
-
1.0%
896,125‌
Gray
Television,
Inc.
$
7,061,465‌
Consumer
Discretionary
-
10.5%
136,564‌
Acushnet
Holdings
Corp.
7,467,320‌
146,541‌
Boot
Barn
Holdings,
Inc.
(a)
12,410,557‌
134,274‌
Dorman
Products,
Inc.
(a)
10,584,819‌
67,583‌
LGI
Homes,
Inc.
(a)
9,116,271‌
175,761‌
Monarch
Casino
&
Resort,
Inc.
12,382,363‌
180,742‌
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
10,470,384‌
137,768‌
Patrick
Industries,
Inc.
11,021,440‌
73,453,154‌
Consumer
Staples
-
3.2%
22,453‌
Coca-Cola
Consolidated,
Inc.
14,280,557‌
326,763‌
Hostess
Brands,
Inc.
(a)
8,273,639‌
22,554,196‌
Energy
-
6.3%
682,075‌
CNX
Resources
Corp.
(a)
12,086,369‌
335,090‌
Northern
Oil
and
Gas,
Inc.
11,500,289‌
1,165,863‌
Permian
Resources
Corp.
12,777,859‌
244,199‌
SM
Energy
Co.
7,724,014‌
44,088,531‌
Financials
-
14.2%
393,751‌
Atlantic
Union
Bankshares
Corp.
10,217,839‌
237,098‌
BRP
Group,
Inc.,
Class A
(a)
5,875,288‌
175,389‌
Cass
Information
Systems,
Inc.
6,801,585‌
208,994‌
Mercantile
Bank
Corp.
5,772,414‌
284,533‌
Moelis
&
Co.,
Class A
12,900,726‌
201,262‌
Origin
Bancorp,
Inc.
5,896,977‌
239,254‌
Seacoast
Banking
Corp.
of
Florida
5,287,513‌
181,331‌
Selective
Insurance
Group,
Inc.
17,398,710‌
150,482‌
SouthState
Corp.
9,901,716‌
221,559‌
Stewart
Information
Services
Corp.
9,114,937‌
87,360‌
UMB
Financial
Corp.
5,320,224‌
172,563‌
United
Bankshares
,
Inc.
5,119,944‌
99,607,873‌
Health
Care
-
13.7%
110,543‌
Addus
HomeCare
Corp.
(a)
10,247,336‌
115,687‌
AMN
Healthcare
Services,
Inc.
(a)
12,623,766‌
462,554‌
Avanos
Medical,
Inc.
(a)
11,822,880‌
137,248‌
Harmony
Biosciences
Holdings,
Inc.
(a)
4,829,757‌
188,102‌
Integer
Holdings
Corp.
(a)
16,667,718‌
189,887‌
Integra
LifeSciences
Holdings
Corp.
(a)
7,810,052‌
20,677‌
Medpace
Holdings,
Inc.
(a)
4,965,995‌
211,597‌
Omnicell
,
Inc.
(a)
15,588,351‌
114,869‌
Pacira
BioSciences
,
Inc.
(a)
4,602,801‌
231,596‌
Supernus
Pharmaceuticals,
Inc.
(a)
6,961,776‌
96,120,432‌
Industrials
-
22.3%
131,820‌
American
Woodmark
Corp.
(a)
10,067,093‌
269,589‌
Barnes
Group,
Inc.
11,373,960‌
84,949‌
Comfort
Systems
USA,
Inc.
13,948,626‌
Shares
Security
Description
Value
82,230‌
CSW
Industrials,
Inc.
$
13,665,804‌
146,467‌
EnerSys
15,894,599‌
120,742‌
EnPro
Industries,
Inc.
16,122,679‌
52,328‌
ExlService
Holdings,
Inc.
(a)
7,904,668‌
101,858‌
Forward
Air
Corp.
10,808,152‌
147,062‌
Franklin
Electric
Co.,
Inc.
15,132,680‌
137,620‌
ICF
International,
Inc.
17,118,552‌
205,649‌
Kforce
,
Inc.
12,885,966‌
236,935‌
Korn
Ferry
11,737,760‌
156,660,539‌
Information
Technology
-
16.0%
115,910‌
Advanced
Energy
Industries,
Inc.
12,918,170‌
128,296‌
Ambarella
,
Inc.
(a)
10,734,526‌
382,970‌
Benchmark
Electronics,
Inc.
9,892,115‌
143,121‌
Blackbaud
,
Inc.
(a)
10,187,353‌
445,200‌
Cambium
Networks
Corp.
(a)
6,775,944‌
182,888‌
CTS
Corp.
7,796,515‌
122,205‌
Diodes,
Inc.
(a)
11,302,741‌
131,077‌
Onto
Innovation,
Inc.
(a)
15,266,538‌
97,174‌
Power
Integrations,
Inc.
9,199,463‌
54,721‌
SPS
Commerce,
Inc.
(a)
10,509,715‌
684,837‌
Viavi
Solutions,
Inc.
(a)
7,759,203‌
112,342,283‌
Materials
-
3.3%
88,029‌
Balchem
Corp.
11,867,189‌
156,665‌
Kaiser
Aluminum
Corp.
11,223,481‌
23,090,670‌
Real
Estate
-
4.9%
92,936‌
Agree
Realty
Corp.
REIT
6,077,085‌
558,805‌
Easterly
Government
Properties,
Inc.
REIT
8,102,673‌
394,522‌
Marcus
&
Millichap,
Inc.
12,431,388‌
785,048‌
Sunstone
Hotel
Investors,
Inc.
REIT
7,944,686‌
34,555,832‌
Utilities
-
2.7%
58,512‌
Chesapeake
Utilities
Corp.
6,962,928‌
113,754‌
IDACORP,
Inc.
11,671,160‌
18,634,088‌
Total
Common
Stocks
(Cost
$519,013,671)
688,169,063‌
Shares
Security
Description
Value
Short-Term
Investments
-
1.8%
Investment
Company
-
1.8%
12,629,208‌
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
5.00%
(b)
12,629,208‌
Total
Short-Term
Investments
(Cost
$12,629,208)
12,629,208‌
Investments,
at
value
-
99.9%
(Cost
$531,642,879)
700,798,271‌
Other
assets
in
excess
of
liabilities
-
0.1%
820,498‌
NET
ASSETS
-
100.0%
$
701,618,769‌
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2023
(Unaudited)
SMALL
COMPANY
FUND
Quarterly
Report
2023
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
23
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2023.
REIT
Real
Estate
Investment
Trust
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2023
(Unaudited)
Quarterly
Report
2023
24
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
of
Directors
(the
“Board”)
has
designated
the
Adviser,
as
defined
in
Note
3,
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser’s
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser’s
fair
valuation
procedures
as
a
part
of
the
Funds’
compliance
program
and
will
review
any
changes
made
to
the
procedures.
Situations
that
may
require
an
investment
to
be
fair
valued
include
instances
where
a
security
is
thinly
traded,
halted,
or
restricted
as
to
resale.
In
addition,
investments
may
be
fair
valued
based
on
the
occurrence
of
a
significant
event.
Significant
events
may
be
specific
to
a
particular
issuer,
such
as
mergers,
restructurings,
or
defaults.
Alternatively,
significant
events
may
affect
an
entire
market,
such
as
natural
disasters,
government
actions,
and
significant
changes
in
the
value
of
U.S.
securities
markets.
Securities
are
fair
valued
based
on
observable
and
unobservable
inputs,
including
the
Adviser’s
own
assumptions
in
determining
fair
value.
Factors
used
in
determining
fair
value
include,
but
are
not
limited
to:
type
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
June
30,
2023
(Unaudited)
Quarterly
Report
2023
25
Level
2
–
includes
valuations
for
which
all
significant
inputs
are
observable,
either
directly
or
indirectly.
Direct
observable
inputs
include
broker
quotes
in
active
markets,
closing
prices
of
similar
securities
in
active
markets,
closing
prices
for
identical
or
similar
securities
in
non-active
markets,
or
corporate
action
or
reorganization
entitlement
values.
Indirect
significant
observable
inputs
include
factors
such
as
interest
rates,
yield
curves,
prepayment
speeds
or
credit
ratings.
Level
2
includes
valuations
for
fixed
income
securities
priced
by
pricing
services,
broker
quotes
in
active
markets,
or
American
depositary
receipts
(“ADR”)
and
Global
depositary
receipts
(“GDR”)
for
which
quoted
prices
in
active
markets
are
not
available.
Level
3
–
includes
valuations
based
on
inputs
that
are
unobservable
and
significant
to
the
fair
value
measurement,
including
the
Fair
Value
Committee's
own
assumptions
in
determining
the
fair
value
of
the
investment.
Inputs
used
to
determine
the
fair
value
of
Level
3
securities
include
security
specific
inputs
such
as:
credit
quality,
issuer
news,
trading
characteristics,
or
industry
specific
inputs
such
as:
trading
activity
of
similar
markets
or
securities,
changes
in
the
security’s
underlying
index,
or
comparable
securities’
models.
Level
3
valuations
include
securities
that
are
priced
based
on
single
source
broker
quotes,
where
prices
may
be
unavailable
due
to
halted
trading,
restricted
to
resale
due
to
market
events,
newly
issued
or
investments
for
which
reliable
quotes
are
not
available.
To
assess
the
continuing
appropriateness
of
security
valuations,
the
co-administrator
regularly
compares
current
day
prices
with
prior
day
prices,
transaction
prices,
and
alternative
vendor
prices.
When
the
comparison
results
exceed
pre-defined
thresholds,
the
co-administrator
challenges
the
prices
exceeding
tolerance
levels
with
the
pricing
service
or
broker.
To
substantiate
Level
3
unobservable
inputs,
the
adviser
and
co-administrator
use
a
variety
of
techniques
as
appropriate,
including,
transaction
backtesting
or
disposition
analysis
and
review
of
related
market
activity.
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments.
The
following
is
a
summary
of
the
inputs
used
to
value
each
Fund’s
investments
as
of
June
30,
2023,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–‌
$
48,658,726‌
$
–‌
$
48,658,726‌
Non-Agency
Commercial
Mortgage
Backed
Securities
–‌
26,516,636‌
–‌
26,516,636‌
Non-Agency
Residential
Mortgage
Backed
Securities
–‌
13,838,244‌
–‌
13,838,244‌
Corporate
Bonds
–‌
55,519,777‌
–‌
55,519,777‌
Government
&
Agency
Obligations
–‌
59,244,670‌
–‌
59,244,670‌
Preferred
Stocks
362,750‌
–‌
–‌
362,750‌
Short-Term
Investments
264,711‌
–‌
–‌
264,711‌
Total
$
627,461‌
$
203,778,053‌
$
–‌
$
204,405,514‌
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–‌
$
15,301,980‌
$
–‌
$
15,301,980‌
Non-Agency
Commercial
Mortgage
Backed
Securities
–‌
9,130,101‌
–‌
9,130,101‌
Non-Agency
Residential
Mortgage
Backed
Securities
–‌
14,765,189‌
–‌
14,765,189‌
Corporate
Bonds
–‌
43,896,119‌
–‌
43,896,119‌
Government
&
Agency
Obligations
–‌
82,237,096‌
–‌
82,237,096‌
Short-Term
Investments
1,199,137‌
–‌
–‌
1,199,137‌
Total
$
1,199,137‌
$
165,330,485‌
$
–‌
$
166,529,622‌
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2023
(Unaudited)
Quarterly
Report
2023
26
*
See
Schedules
of
Portfolio
Investments
for
further
industry
classification.
The
following
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
.
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–‌
$
55,477,077‌
$
200,000‌
$
55,677,077‌
Short-Term
Investments
2,344,588‌
–‌
–‌
2,344,588‌
Total
$
2,344,588‌
$
55,477,077‌
$
200,000‌
$
58,021,665‌
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
46,400,589‌
$
–‌
$
–‌
$
46,400,589‌
Asset
Backed
Securities
–‌
3,145,656‌
–‌
3,145,656‌
Non-Agency
Commercial
Mortgage
Backed
Securities
–‌
2,271,132‌
–‌
2,271,132‌
Non-Agency
Residential
Mortgage
Backed
Securities
–‌
1,045,195‌
–‌
1,045,195‌
Corporate
Bonds
–‌
8,467,813‌
–‌
8,467,813‌
Government
&
Agency
Obligations
–‌
13,138,694‌
–‌
13,138,694‌
Short-Term
Investments
2,875,791‌
–‌
–‌
2,875,791‌
Total
$
49,276,380‌
$
28,068,490‌
$
–‌
$
77,344,870‌
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
12,107,564‌
$
–‌
$
–‌
$
12,107,564‌
Short-Term
Investments
99,985‌
–‌
–‌
99,985‌
Total
$
12,207,549‌
$
–‌
$
–‌
$
12,207,549‌
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
688,169,063‌
$
–‌
$
–‌
$
688,169,063‌
Short-Term
Investments
12,629,208‌
–‌
–‌
12,629,208‌
Total
$
700,798,271‌
$
–‌
$
–‌
$
700,798,271‌
Government
&
Agency
Obligations
Nebraska
Tax-Free
Fund
Balanced
as
of
3/31/23
$
–‌
Purchases
200,000‌
Balance
as
of
6/30/23
$
200,000‌
Net
change
in
unrealized
appreciation/(depreciation
in
investments
as
of
6/30/23
$
–‌
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2023
(Unaudited)
Quarterly
Report
2023
27
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
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.