SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

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

-

43.6%

Asset

Backed

Securities

-

25.6%

$

155,312‌

Affirm

Asset

Securitization

Trust,

1.07%,

08/15/25 (a)

$

153,570‌

1,490,027‌

AFG

ABS

I,

LLC,

6.30%,

09/16/30 (a)

1,491,865‌

830,437‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (a)

814,373‌

2,020,000‌

AMSR

Trust,

1.63%,

07/17/37 (a)

1,901,500‌

277,374‌

Atalaya

Equipment

Leasing

Trust,

1.23%,

05/15/26 (a)

274,804‌

1,600,000‌

Auxilior

Term

Funding

2023-1,

LLC,

6.18%,

12/15/28 (a)

1,605,842‌

1,741,027‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (a)

1,736,059‌

369,275‌

Carvana

Auto

Receivables

Trust,

0.49%,

03/10/26

363,442‌

811,373‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (a)(b)

811,409‌

1,061,240‌

CCG

Receivables

Trust,

5.82%,

09/16/30 (a)

1,067,847‌

2,100,000‌

CCG

Receivables

Trust,

6.28%,

04/14/32 (a)

2,134,779‌

21,704‌

CCG

Receivables

Trust

REMIC,

0.54%,

12/14/27 (a)

21,658‌

2,064,242‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (a)

1,907,708‌

2,040,000‌

Chase

Auto

Owner

Trust,

5.59%,

06/25/29 (a)

2,098,188‌

2,265,000‌

Citizens

Auto

Receivables

Trust,

5.84%,

01/18/28 (a)

2,296,955‌

380,479‌

Commonbond

Student

Loan

Trust,

2.55%,

05/25/41 (a)

356,825‌

303,635‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (a)

287,381‌

566,594‌

CoreVest

American

Finance,

Ltd.,

1.83%,

03/15/50 (a)

545,952‌

457,456‌

CoreVest

American

Finance,

Ltd.,

1.17%,

12/15/52 (a)

423,637‌

286,247‌

CP

EF

Asset

Securitization

II,

LLC,

7.48%,

03/15/32 (a)

287,265‌

1,900,000‌

Dell

Equipment

Finance

Trust,

5.65%,

01/22/29 (a)

1,922,503‌

2,400,000‌

DLLAD,

LLC,

4.79%,

01/20/28 (a)

2,384,198‌

654,487‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (a)

575,155‌

1,769,832‌

FirstKey

Homes

Trust,

1.34%,

08/17/37 (a)

1,649,529‌

71,597‌

Goal

Capital

Funding

Trust

(USD

3

Month

LIBOR

+

0.70%),

6.34%,

08/25/48 (a)(c)

71,048‌

Principal

Amount

Security

Description

Value

$

850,000‌

Honda

Auto

Receivables

Owner

Trust,

5.67%,

06/21/28

$

867,761‌

1,160,564‌

Iowa

Student

Loan

Liquidity

Corp.,

6.13%,

08/25/70 (c)

1,135,110‌

812,274‌

LAD

Auto

Receivables

Trust,

5.68%,

10/15/26 (a)

811,331‌

1,865,000‌

LAD

Auto

Receivables

Trust,

6.12%,

09/15/27 (a)

1,880,806‌

697,231‌

Navient

Student

Loan

Trust,

7.08%,

10/15/31 (a)(c)

698,491‌

1,055,491‌

Navient

Student

Loan

Trust,

0.97%,

12/16/69 (a)

909,603‌

1,250,000‌

NMEF

Funding,

LLC,

6.57%,

06/17/30 (a)

1,262,292‌

1,284,556‌

NMEF

Funding,

LLC,

6.07%,

06/15/29 (a)

1,291,437‌

995,941‌

North

Texas

Higher

Education

Authority,

Inc.,

6.04%,

09/25/61 (c)

977,323‌

1,164,701‌

Oak

Street

Investment

Grade

Net

Lease

Fund,

1.48%,

01/20/51 (a)

1,040,646‌

1,950,000‌

OCCU

Auto

Receivables

Trust,

6.23%,

06/15/28 (a)

1,974,315‌

1,719,905‌

PenFed

Auto

Receivables

Owner

Trust,

3.96%,

04/15/26 (a)

1,705,405‌

1,250,000‌

Porsche

Financial

Auto

Securitization

Trust,

5.79%,

01/22/29 (a)

1,276,839‌

295,566‌

Progress

Residential

Trust,

2.27%,

09/17/36 (a)

287,636‌

871,064‌

Progress

Residential

Trust,

2.69%,

10/17/36 (a)

848,002‌

1,948,163‌

Progress

Residential

Trust,

1.05%,

04/17/38 (a)

1,766,993‌

876,000‌

Santander

Drive

Auto

Receivables

Trust,

4.43%,

03/15/27

865,616‌

752,624‌

SLM

Student

Loan

Trust,

6.60%,

10/25/24 (c)

743,092‌

641,323‌

SLM

Student

Loan

Trust,

7.25%,

04/15/29 (c)

640,418‌

355,880‌

SLM

Student

Loan

Trust,

7.30%,

07/25/28 (c)

355,842‌

219,333‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (a)

215,205‌

579,057‌

Sofi

Professional

Loan

Program

Trust,

1.03%,

08/17/43 (a)

491,541‌

343,638‌

Sofi

Professional

Loan

Program

Trust,

3.59%,

01/25/48 (a)

333,564‌

753,546‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (a)

633,802‌

396,819‌

Sofi

Professional

Loan

Program,

LLC,

3.09%,

08/17/48 (a)

378,060‌

222,270‌

Tricon

American

Homes

Trust,

2.75%,

03/17/38 (a)

211,056‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

2

Principal

Amount

Security

Description

Value

$

1,652,783‌

UNIFY

Auto

Receivables

Trust,

0.98%,

07/15/26 (a)

$

1,620,694‌

1,380,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (a)

1,275,952‌

53,682,324‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

12.7%

1,305,982‌

BANK

2019-BNK16,

3.93%,

02/15/52

1,302,335‌

1,840,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

1,792,534‌

1,615,000‌

BPR

Trust,

6.73%,

02/15/29 (a)(c)

1,612,395‌

940,000‌

BX

Trust,

6.43%,

09/15/36 (a)(c)

915,214‌

860,000‌

BX

Trust,

6.33%,

11/15/38 (a)(c)

847,867‌

390,794‌

BX

Trust,

6.18%,

01/15/34 (a)(c)

385,766‌

1,100,000‌

BXHPP

Trust,

6.13%,

08/15/36 (a)(c)

1,037,849‌

900,000‌

Cantor

Commercial

Real

Estate

Lending,

3.62%,

05/15/52

849,379‌

759,905‌

CFCRE

Commercial

Mortgage

Trust,

3.37%,

06/15/50

735,517‌

13,520‌

COMM

Mortgage

Trust

REMIC,

3.39%,

08/10/47

13,491‌

1,998,106‌

FirstKey

Homes

Trust,

4.25%,

07/17/38 (a)

1,932,991‌

1,800,000‌

Goldman

Sachs

Mortgage

Securities

Corp.

Trust,

6.43%,

10/15/36 (a)(c)

1,735,618‌

479,472‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44 (a)(b)

2‌

138,586‌

Harvest

Commercial

Capital

Loan

Trust,

3.29%,

09/25/46 (a)(b)

135,960‌

281,122‌

JPMBB

Commercial

Mortgage

Securities

Trust,

3.32%,

03/17/49

273,980‌

115,847‌

JPMDB

Commercial

Mortgage

Securities

Trust,

2.04%,

11/13/52

113,544‌

376,679‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (a)

369,431‌

362,403‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (a)

353,884‌

1,772,192‌

KNDR

2021-KIND

A,

6.43%,

08/15/38 (a)(c)

1,702,175‌

922,491‌

MHC

Commercial

Mortgage

Trust,

6.28%,

04/15/38 (a)(c)

912,654‌

25,735‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

REMIC,

3.48%,

06/15/47

25,666‌

630,882‌

ReadyCap

Commercial

Mortgage

Trust

CLO,

6.99%,

01/25/37 (a)(c)

630,297‌

1,375,000‌

SREIT

Trust,

6.05%,

07/15/36 (a)(c)

1,349,560‌

653,092‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (a)(b)

609,202‌

458,236‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41 (a)(b)

411,328‌

Principal

Amount

Security

Description

Value

$

924,336‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (a)

$

879,387‌

1,290,000‌

TRTX

Issuer,

Ltd.

CLO,

6.99%,

02/15/39 (a)(c)

1,267,301‌

1,450,000‌

VASA

Trust,

6.38%,

07/15/39 (a)(c)

1,309,213‌

946,202‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (a)(b)

788,443‌

2,145,000‌

WSTN

Trust,

6.30%,

07/05/37 (a)(b)

2,184,519‌

26,477,502‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

5.3%

730,530‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (a)(b)

665,430‌

70,380‌

Bayview

Commercial

Asset

Trust

REMIC,

6.34%,

12/25/33 (a)(c)

68,797‌

271,179‌

BRAVO

Residential

Funding

Trust,

6.09%,

11/25/69 (a)(c)

267,373‌

548,271‌

BRAVO

Residential

Funding

Trust,

6.09%,

01/25/70 (a)(c)

545,986‌

304,911‌

BRAVO

Residential

Funding

Trust,

2.50%,

05/26/59 (a)(b)

290,738‌

378,353‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (a)(b)

326,643‌

426,003‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (a)(b)

415,172‌

334,405‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53 (a)

321,899‌

428,289‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (a)(b)

410,164‌

39,143‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (a)(b)

37,249‌

173,201‌

Credit

Suisse

Mortgage

Trust,

2.50%,

07/25/28 (a)(b)

162,074‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

6.60%,

02/25/33 (c)

154,663‌

146,934‌

CSMLT

Trust,

2.98%,

10/25/30 (a)(b)

136,835‌

702,447‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (a)(b)

682,729‌

533,409‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51 (a)

505,434‌

129,046‌

Freddie

Mac

Whole

Loan

Securities,

3.67%,

09/25/45 (b)

126,875‌

824,976‌

JPMorgan

Mortgage

Trust,

3.00%,

06/25/29 (a)(b)

789,184‌

275,724‌

MFRA

Trust,

1.79%,

08/25/49 (a)(b)

255,371‌

313,131‌

MFRA

Trust,

0.85%,

01/25/56 (a)(b)

288,345‌

535,518‌

MFRA

Trust,

3.91%,

04/25/66 (a)(d)

511,468‌

22,041‌

Mill

City

Mortgage

Loan

Trust,

2.75%,

07/25/59 (a)(b)

21,947‌

265,010‌

New

Residential

Mortgage

Loan

Trust,

4.50%,

05/25/58 (a)(b)

255,892‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

3

Principal

Amount

Security

Description

Value

$

24,111‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54 (a)(b)

$

22,599‌

38,876‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52 (a)(b)

36,483‌

65,565‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (a)(b)

61,627‌

439,971‌

Oceanview

Mortgage

Loan

Trust,

1.73%,

05/28/50 (a)(b)

400,713‌

11,679‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

4.73%,

12/31/23 (c)

8,879‌

358,517‌

RMF

Buyout

Issuance

Trust,

1.26%,

11/25/31 (a)(b)

345,046‌

650,000‌

Towd

Point

Mortgage

Trust,

3.75%,

10/25/56 (a)(b)

622,954‌

748,956‌

Towd

Point

Mortgage

Trust,

2.75%,

06/25/57 (a)(b)

717,794‌

187,476‌

Towd

Point

Mortgage

Trust,

3.25%,

07/25/58 (a)(b)

181,486‌

27,473‌

Towd

Point

Mortgage

Trust,

3.00%,

11/25/58 (a)(b)

27,323‌

635,833‌

Towd

Point

Mortgage

Trust,

2.25%,

02/25/60 (a)(b)

605,516‌

900,016‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (a)(b)

824,367‌

47,664‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56 (a)(b)

47,340‌

11,142,395‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$94,174,747)

91,302,221‌

Corporate

Bonds

-

27.8%

Communication

Services

-

2.7%

2,304,000‌

AT&T,

Inc.,

1.70%,

03/25/26

2,155,574‌

1,420,000‌

Meta

Platforms,

Inc.,

3.50%,

08/15/27

1,382,772‌

835,000‌

Netflix,

Inc.,

4.38%,

11/15/26

831,048‌

738,000‌

Verizon

Communications,

Inc.,

1.68%,

10/30/30

607,930‌

575,000‌

Verizon

Communications,

Inc.,

4.13%,

03/16/27

566,545‌

5,543,869‌

Consumer

Discretionary

-

3.9%

250,000‌

AMC

Networks,

Inc.,

4.25%,

02/15/29

190,764‌

300,000‌

Carnival

Corp.,

4.00%,

08/01/28 (a)

278,921‌

2,100,000‌

Dollar

General

Corp.,

3.88%,

04/15/27

2,034,959‌

1,300,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

1,258,802‌

1,211,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31 (a)

1,048,531‌

1,661,000‌

McDonald's

Corp.,

MTN,

3.70%,

01/30/26

1,632,921‌

1,350,000‌

Newell

Brands,

Inc.,

5.20%,

04/01/26

1,331,385‌

500,000‌

Tapestry,

Inc.,

7.00%,

11/27/26

518,341‌

8,294,624‌

Principal

Amount

Security

Description

Value

Consumer

Staples

-

0.2%

$

440,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28 (a)

$

419,280‌

Energy

-

0.8%

950,000‌

Energy

Transfer

LP,

5.63%,

05/01/27 (a)

946,756‌

800,000‌

Range

Resources

Corp.,

4.88%,

05/15/25

790,128‌

1,736,884‌

Financials

-

13.0%

730,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

713,451‌

2,300,000‌

Bank

of

America

Corp.,

3.71%,

04/24/28 (b)

2,196,280‌

784,000‌

CBRE

Services,

Inc.,

4.88%,

03/01/26

784,353‌

2,390,000‌

Citigroup,

Inc.,

1.46%,

06/09/27 (b)

2,187,187‌

475,000‌

Enact

Holdings,

Inc.,

6.50%,

08/15/25 (a)

473,528‌

2,195,000‌

Goldman

Sachs

Group,

Inc.,

3.62%,

03/15/28 (b)

2,105,302‌

2,000,000‌

Intercontinental

Exchange,

Inc.,

3.75%,

12/01/25

1,965,593‌

2,665,000‌

JPMorgan

Chase

&

Co.,

1.05%,

11/19/26 (b)

2,467,875‌

1,010,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

909,363‌

940,000‌

Morgan

Stanley,

2.19%,

04/28/26 (b)

903,015‌

1,730,000‌

Morgan

Stanley,

5.45%,

07/20/29 (b)

1,762,786‌

418,000‌

NNN

REIT,

Inc.,

4.00%,

11/15/25

408,955‌

1,047,000‌

NNN

REIT,

Inc.,

3.60%,

12/15/26

1,003,123‌

2,025,000‌

Oracle

Corp.,

5.80%,

11/10/25

2,056,575‌

1,490,000‌

Principal

Life

Global

Funding

II,

1.25%,

06/23/25 (a)

1,410,190‌

2,031,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (b)(e)

2,002,809‌

400,000‌

U.S.

Bancorp,

5.78%,

06/12/29 (b)

410,942‌

1,605,000‌

U.S.

Bancorp,

5.73%,

10/21/26 (b)

1,615,382‌

2,145,000‌

Wells

Fargo

&

Co.,

4.81%,

07/25/28 (b)

2,129,281‌

27,505,990‌

Health

Care

-

0.2%

370,000‌

Little

Co.

of

Mary

Hospital

of

Indiana,

Inc.,

1.58%,

11/01/24

357,891‌

Industrials

-

4.3%

1,710,000‌

BMW

US

Capital,

LLC,

2.80%,

04/11/26 (a)

1,642,001‌

575,000‌

Clean

Harbors,

Inc.,

4.88%,

07/15/27 (a)

563,438‌

1,190,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

1,170,967‌

1,825,000‌

Huntington

Ingalls

Industries,

Inc.,

3.84%,

05/01/25

1,786,526‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

4

Principal

Amount

Security

Description

Value

$

800,000‌

Roper

Technologies,

Inc.,

1.00%,

09/15/25

$

747,776‌

1,025,000‌

RTX

Corp.,

3.50%,

03/15/27

987,644‌

1,858,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (a)

1,808,979‌

8,707,331‌

Information

Technology

-

1.3%

200,000‌

NCR

Atleos

Corp.,

9.50%,

04/01/29 (a)

212,499‌

2,075,000‌

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.,

2.70%,

05/01/25

1,999,954‌

455,000‌

TSMC

Global,

Ltd.,

0.75%,

09/28/25 (a)

422,868‌

2,635,321‌

Materials

-

0.7%

910,000‌

Albemarle

Corp.,

4.65%,

06/01/27

893,440‌

610,000‌

The

Mosaic

Co.,

5.38%,

11/15/28

622,537‌

1,515,977‌

Utilities

-

0.7%

1,550,000‌

Florida

Power

&

Light

Co.,

4.40%,

05/15/28

1,552,478‌

Total

Corporate

Bonds

(Cost

$59,491,142)

58,269,645‌

Government

&

Agency

Obligations

-

27.8%

GOVERNMENT

SECURITIES

-

25.7%

Municipals

-

1.3%

325,000‌

City

of

Blair

NE

Water

System

Revenue,

Nebraska

RB,

6.10%,

05/15/27

325,257‌

550,000‌

County

of

El

Paso

CO,

Colorado

RB,

1.20%,

06/01/25

522,498‌

240,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

0.95%,

12/15/25

223,610‌

1,425,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.62%,

12/15/26

1,306,089‌

235,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

1.80%,

12/15/27

211,630‌

170,000‌

Scotts

Bluff

County

School

District

No.

32,

Nebraska

GO,

1.10%,

12/01/26

154,448‌

2,743,532‌

U.S.

Treasury

Securities

-

24.4%

22,390,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

21,254,757‌

26,980,000‌

U.S.

Treasury

Note/Bond,

0.50%,

02/28/26

24,932,260‌

5,150,000‌

U.S.

Treasury

Note/Bond,

2.75%,

02/15/28

4,922,877‌

51,109,894‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

2.1%

Federal

Home

Loan

Mortgage

Corp.

-

1.2%

235,825‌

Federal

Home

Loan

Mortgage

Corp.,

3.50%,

10/25/46

212,535‌

Principal

Amount

Security

Description

Value

$

267,265‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (d)

$

260,538‌

1,260,000‌

Federal

Home

Loan

Mortgage

Corp.,

2.11%,

12/15/25

1,242,052‌

299,809‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

45,523‌

76,516‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

11/15/43

5,144‌

81,973‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

08/15/45

9,312‌

127,882‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

125,227‌

687,721‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57 (b)

631,305‌

2,531,636‌

Federal

National

Mortgage

Association

-

0.0%

63,921‌

Federal

National

Mortgage

Association

#AJ4087,

3.00%,

10/01/26

62,239‌

168,539‌

Federal

National

Mortgage

Association

Interest

Only,

2.68%,

01/25/39 (b)

901‌

63,140‌

Government

National

Mortgage

Association

-

0.9%

1,250,522‌

Government

National

Mortgage

Association

#511039,

6.30%,

12/15/40

1,245,656‌

137,412‌

Government

National

Mortgage

Association

#559220,

7.00%,

01/15/33

136,978‌

96,036‌

Government

National

Mortgage

Association

#610022,

5.60%,

08/15/34

95,589‌

374,068‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

377,796‌

1,856,019‌

Total

Government

&

Agency

Obligations

(Cost

$58,731,354)

58,304,221‌

Shares

Security

Description

Value

Preferred

Stocks

-

0.2%

Financials

-

0.2%

400‌

U.S.

Bancorp,

Series A

(callable

at

1,000

beginning

01/29/24),

17.06% (b)(e)

327,292‌

Total

Preferred

Stocks

(Cost

$410,420)

327,292‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

SHORT-INTERMEDIATE

BOND

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

5

Shares

Security

Description

Value

Short-Term

Investments

-

0.3%

Investment

Company

-

0.3%

621,349‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

5.26% (f)

$

621,349‌

Total

Short-Term

Investments

(Cost

$621,349)

621,349‌

Investments,

at

value

-

99.7%

(Cost

$213,429,012)

208,824,728‌

Other

assets

in

excess

of

liabilities

-

0.3%

586,682‌

NET

ASSETS

-

100.0%

$

209,411,410‌

(a)

144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933.

The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds’

Board

of

Directors.

As

of

December

31,

2023,

the

aggregate

value

of

these

liquid

securities

were

$89,183,745

or

42.6%

of

net

assets.

(b)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2023.

(c)

Floating

rate

security.

Rate

presented

is

as

of

December

31,

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

December

31,

2023.

(e)

Perpetual

maturity

security.

(f)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

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

December

31,

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

-

22.3%

Asset

Backed

Securities

-

8.5%

$

960,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46 (a)

$

860,382‌

1,250,000‌

ARM

Master

Trust,

2.43%,

11/15/27 (a)

1,198,113‌

549,674‌

Capital

Automotive,

1.44%,

08/15/51 (a)

489,460‌

852,915‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61 (a)

762,348‌

362,897‌

Commonbond

Student

Loan

Trust,

1.17%,

09/25/51 (a)

300,199‌

798,788‌

CoreVest

American

Finance,

Ltd.,

1.17%,

12/15/52 (a)

739,736‌

612,197‌

CoreVest

American

Finance,

Ltd.,

1.36%,

08/15/53 (a)

567,649‌

472,275‌

EDvestinU

Private

Education

Loan

Issue

No.

3,

LLC,

1.80%,

11/25/45 (a)

417,374‌

915,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38 (a)

821,181‌

861,909‌

Home

Partners

of

America

Trust,

2.20%,

01/17/41 (a)

749,462‌

593,617‌

Navient

Student

Loan

Trust,

7.08%,

10/15/31 (a)(b)

594,691‌

474,961‌

Navient

Student

Loan

Trust,

1.11%,

02/18/70 (a)

404,463‌

287,340‌

Nelnet

Student

Loan

Trust,

1.63%,

04/20/62 (a)

262,332‌

515,335‌

Nelnet

Student

Loan

Trust,

1.36%,

04/20/62 (a)

466,553‌

810,489‌

Progress

Residential

Trust,

1.52%,

07/17/38 (a)

732,277‌

435,000‌

Sabey

Data

Center

Issuer,

LLC,

1.88%,

06/20/46 (a)

390,022‌

609,519‌

SLM

Student

Loan

Trust,

6.60%,

10/25/24 (b)

601,800‌

867,503‌

SLM

Student

Loan

Trust,

7.25%,

04/15/29 (b)

866,280‌

128,739‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (a)

126,316‌

595,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46 (a)

542,255‌

1,215,507‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39 (a)

1,064,311‌

932,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (a)

861,730‌

13,818,934‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

5.2%

1,150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.53%,

03/10/37 (a)(c)

1,027,327‌

Principal

Amount

Security

Description

Value

$

790,000‌

BX

Trust,

6.43%,

09/15/36 (a)(b)

$

769,169‌

793,796‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

774,145‌

790,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

6.36%,

11/15/36 (a)(b)

776,874‌

726,245‌

Goldman

Sachs

Mortgage

Securities

Trust

Interest

Only

REMIC,

0.00%,

08/10/44 (a)(c)

3‌

1,065,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39 (a)

942,092‌

808,299‌

MHC

Commercial

Mortgage

Trust,

6.33%,

05/15/38 (a)(b)

797,126‌

304,356‌

Morgan

Stanley

Capital

I

Trust,

3.30%,

06/15/50

298,253‌

689,375‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (a)(c)

643,047‌

353,497‌

Sutherland

Commercial

Mortgage

Trust,

1.55%,

12/25/41 (a)(c)

317,310‌

609,562‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (a)

579,920‌

780,785‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

762,386‌

865,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

812,317‌

8,499,969‌

Non-Agency

Residential

Mortgage

Backed

Securities

-

8.6%

83,303‌

Bayview

Commercial

Asset

Trust

REMIC,

6.34%,

12/25/33 (a)(b)

81,430‌

363,602‌

BRAVO

Residential

Funding

Trust,

6.09%,

11/25/69 (a)(b)

358,498‌

1,052,183‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (a)(c)

908,379‌

231,622‌

Citigroup

Mortgage

Loan

Trust,

4.25%,

01/25/53 (a)

222,961‌

351,106‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (a)(c)

336,248‌

270,185‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (a)(c)

257,110‌

82,799‌

Citigroup

Mortgage

Loan

Trust,

Inc.

REMIC,

6.50%,

07/25/34

79,969‌

15,257‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

REMIC,

5.75%,

04/25/33

14,721‌

778,791‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47 (a)(c)

700,873‌

847,304‌

Credit

Suisse

Mortgage

Trust,

2.50%,

11/25/56 (a)(c)

743,056‌

159,521‌

Credit-Based

Asset

Servicing

&

Securitization,

LLC

REMIC

(USD

1

Month

LIBOR

+

1.13%),

6.60%,

02/25/33 (b)

154,663‌

141,283‌

CSMLT

Trust,

2.98%,

10/25/30 (a)(c)

131,571‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

INCOME

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

7

Principal

Amount

Security

Description

Value

$

806,725‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51 (a)

$

764,416‌

652,277‌

Flagstar

Mortgage

Trust,

2.50%,

04/25/51 (a)(c)

567,573‌

686,525‌

Flagstar

Mortgage

Trust,

2.50%,

07/25/51 (a)(c)

598,578‌

134,626‌

Freddie

Mac

Whole

Loan

Securities,

3.67%,

09/25/45 (c)

132,361‌

983,873‌

Hundred

Acre

Wood

Trust,

2.50%,

07/25/51 (a)(c)

860,257‌

836,922‌

Mello

Mortgage

Capital

Acceptance,

2.50%,

08/25/51 (a)(c)

726,491‌

568,473‌

MFRA

Trust,

3.91%,

04/25/66 (a)(d)

542,943‌

303,598‌

New

Residential

Mortgage

Loan

Trust,

4.00%,

12/25/57 (a)(c)

288,477‌

230,372‌

New

Residential

Mortgage

Loan

Trust,

3.50%,

10/25/59 (a)(c)

215,120‌

132,983‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

11/25/54 (a)(c)

124,647‌

98,957‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

05/28/52 (a)(c)

92,865‌

233,663‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (a)(c)

219,628‌

633,505‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52 (a)(c)

559,273‌

1,381,040‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51 (a)(c)

1,200,908‌

804,766‌

Provident

Funding

Mortgage

Trust,

2.50%,

04/25/51 (a)(c)

700,276‌

956,882‌

PSMC

Trust,

2.50%,

08/25/51 (a)(c)

839,175‌

13,711‌

Residential

Accredit

Loans,

Inc.

Trust

REMIC,

4.73%,

12/31/23 (b)

10,424‌

821,027‌

Sequoia

Mortgage

Trust,

2.50%,

06/25/51 (a)(c)

714,102‌

221,340‌

Sequoia

Mortgage

Trust

REMIC,

3.00%,

11/25/30 (a)(c)

210,012‌

12,808‌

Towd

Point

Mortgage

Trust

REMIC,

2.75%,

10/25/56 (a)(c)

12,721‌

818,416‌

Woodward

Capital

Management,

2.50%,

01/25/52 (a)(c)

707,565‌

14,077,291‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$40,112,495)

36,396,194‌

Corporate

Bonds

-

25.1%

Communication

Services

-

1.9%

805,000‌

Alphabet,

Inc.,

2.25%,

08/15/60

498,024‌

990,000‌

AT&T,

Inc.,

4.30%,

12/15/42

861,483‌

1,180,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

1,122,346‌

785,000‌

Verizon

Communications,

Inc.,

3.55%,

03/22/51

604,841‌

3,086,694‌

Principal

Amount

Security

Description

Value

Consumer

Discretionary

-

3.4%

$

1,210,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

$

1,114,060‌

400,000‌

Ford

Motor

Credit

Co.,

LLC,

4.54%,

08/01/26

387,324‌

980,000‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31 (a)

848,522‌

1,380,000‌

McDonald's

Corp.,

3.63%,

09/01/49

1,106,020‌

485,000‌

Newell

Brands,

Inc.,

5.20%,

04/01/26

478,312‌

445,000‌

Tapestry,

Inc.,

7.70%,

11/27/30

468,453‌

1,192,000‌

The

Walt

Disney

Co.,

Class

E,

4.13%,

12/01/41

1,069,649‌

5,472,340‌

Consumer

Staples

-

0.7%

765,000‌

Campbell

Soup

Co.,

2.38%,

04/24/30

663,068‌

530,000‌

Land

O'Lakes

Capital

Trust

I,

7.45%,

03/15/28 (a)

505,042‌

1,168,110‌

Energy

-

0.3%

480,000‌

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

407,783‌

Financials

-

8.9%

575,000‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust,

3.50%,

01/15/25

561,965‌

1,345,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32 (c)

1,135,759‌

1,330,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

1,125,409‌

1,210,000‌

Citigroup,

Inc.,

4.91%,

05/24/33 (c)

1,184,669‌

1,324,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

1,143,136‌

1,285,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30 (c)

1,142,524‌

1,155,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

1,039,915‌

1,170,000‌

Morgan

Stanley,

4.89%,

07/20/33 (c)

1,140,831‌

1,145,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

980,828‌

1,100,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (c)(e)

1,084,732‌

947,000‌

The

Chubb

Corp.,

6.80%,

11/15/31

1,057,576‌

1,330,000‌

The

Goldman

Sachs

Group,

Inc.,

3.10%,

02/24/33 (c)

1,141,691‌

950,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49 (c)(e)

852,179‌

1,305,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31 (c)

1,127,677‌

14,718,891‌

Industrials

-

4.3%

1,099,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

946,538‌

1,060,000‌

BMW

Finance

NV,

2.85%,

08/14/29 (a)

971,800‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

INCOME

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

8

Principal

Amount

Security

Description

Value

$

1,125,000‌

Burlington

Northern

Santa

Fe,

LLC,

4.55%,

09/01/44

$

1,049,692‌

1,077,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

1,018,142‌

1,212,000‌

RTX

Corp.,

4.88%,

10/15/40

1,147,876‌

815,000‌

TTX

Co.,

4.60%,

02/01/49 (a)

756,679‌

1,385,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

1,131,861‌

7,022,588‌

Information

Technology

-

2.7%

818,000‌

eBay,

Inc.,

3.60%,

06/05/27

790,737‌

1,015,000‌

Oracle

Corp.,

2.30%,

03/25/28

924,833‌

1,125,000‌

QUALCOMM,

Inc.,

4.30%,

05/20/47

1,028,900‌

638,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30 (a)

517,530‌

1,260,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

1,114,322‌

4,376,322‌

Materials

-

1.0%

450,000‌

Albemarle

Corp.,

5.05%,

06/01/32

439,196‌

376,000‌

Albemarle

Corp.,

5.45%,

12/01/44

350,028‌

819,000‌

The

Mosaic

Co.,

5.45%,

11/15/33

836,057‌

1,625,281‌

Real

Estate

-

0.7%

1,175,000‌

NNN

REIT,

Inc.,

4.30%,

10/15/28

1,140,068‌

Utilities

-

1.2%

75,000‌

Duke

Energy

Corp.,

5.75%,

09/15/33

79,336‌

505,000‌

Florida

Power

&

Light

Co.,

4.40%,

05/15/28

505,807‌

709,000‌

PacifiCorp,

6.25%,

10/15/37

755,839‌

696,178‌

Texas

Electric

Market

Stabilization

Funding

N,

LLC,

4.27%,

08/01/34 (a)

672,376‌

2,013,358‌

Total

Corporate

Bonds

(Cost

$44,473,310)

41,031,435‌

Government

&

Agency

Obligations

-

51.3%

GOVERNMENT

SECURITIES

-

23.1%

Municipals

-

1.3%

94,400‌

Florida

Housing

Finance

Corp.,

Florida

RB

FHLMC,

3.00%,

01/01/36

86,087‌

340,000‌

New

York

City

Municipal

Water

Finance

Authority,

New

York

RB,

5.72%,

06/15/42

371,713‌

480,000‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

New

York

RB,

5.77%,

08/01/36

497,408‌

290,000‌

New

York

State

Urban

Development

Corp.,

New

York

RB,

5.77%,

03/15/39

298,590‌

125,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

1.71%,

12/01/30

104,552‌

Principal

Amount

Security

Description

Value

$

225,000‌

State

of

Connecticut,

Connecticut

GO,

5.63%,

12/01/29

$

233,581‌

410,000‌

West

Haymarket

Joint

Public

Agency,

Nebraska

GO,

6.00%,

12/15/39

450,010‌

2,041,941‌

Treasury

Inflation

Index

Securities

-

0.4%

704,508‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28 (f)

693,240‌

U.S.

Treasury

Securities

-

21.4%

8,720,000‌

U.S.

Treasury

Bond,

3.63%,

08/15/43

8,016,609‌

250,000‌

U.S.

Treasury

Note,

4.13%,

07/31/28

252,578‌

7,850,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

6,839,006‌

14,650,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

12,594,994‌

1,200,000‌

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

1,198,500‌

9,090,000‌

U.S.

Treasury

Note/Bond,

2.00%,

02/15/50

5,981,291‌

34,882,978‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

28.2%

Federal

Home

Loan

Mortgage

Corp.

-

12.7%

740,000‌

Federal

Home

Loan

Mortgage

Corp.,

3.46%,

11/25/32 (c)

689,213‌

376,605‌

Federal

Home

Loan

Mortgage

Corp.,

4.00%,

04/15/51

359,597‌

5,121‌

Federal

Home

Loan

Mortgage

Corp.

#G14820,

3.50%,

12/01/26

5,030‌

952,728‌

Federal

Home

Loan

Mortgage

Corp.

#RA6436,

2.50%,

12/01/51

818,475‌

1,085,924‌

Federal

Home

Loan

Mortgage

Corp.

#RA7549,

4.00%,

06/01/52

1,027,463‌

1,681,862‌

Federal

Home

Loan

Mortgage

Corp.

#RA7779,

4.50%,

08/01/52

1,630,830‌

1,569,246‌

Federal

Home

Loan

Mortgage

Corp.

#RA9070,

6.00%,

05/01/53

1,608,993‌

1,708,509‌

Federal

Home

Loan

Mortgage

Corp.

#SD1046,

4.00%,

07/01/52

1,630,874‌

2,974,861‌

Federal

Home

Loan

Mortgage

Corp.

#SD1663,

4.00%,

10/01/52

2,825,407‌

1,901,719‌

Federal

Home

Loan

Mortgage

Corp.

#SD1740,

4.50%,

10/01/52

1,850,663‌

113,708‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2187,

4.50%,

11/01/30

112,930‌

111,505‌

Federal

Home

Loan

Mortgage

Corp.

#ZA2216,

4.50%,

08/01/31

110,726‌

943,922‌

Federal

Home

Loan

Mortgage

Corp.

#ZA4245,

3.00%,

07/01/43

867,529‌

271,412‌

Federal

Home

Loan

Mortgage

Corp.

#ZJ1008,

4.50%,

01/01/41

271,062‌

318,528‌

Federal

Home

Loan

Mortgage

Corp.

#ZS4007,

4.00%,

10/01/44

307,539‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

INCOME

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

9

Principal

Amount

Security

Description

Value

$

637,286‌

Federal

Home

Loan

Mortgage

Corp.

#ZS9566,

4.00%,

12/01/45

$

614,595‌

737,991‌

Federal

Home

Loan

Mortgage

Corp.

Interest

Only

REMIC,

4.00%,

09/15/45

112,058‌

127,694‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

4.50%,

07/15/41

125,973‌

6,759‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

11/15/42

6,715‌

960,000‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/37

907,265‌

650,081‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

08/25/56 (d)

594,507‌

546,840‌

Seasoned

Credit

Risk

Transfer

Trust,

4.50%,

06/25/57

519,409‌

312,600‌

Seasoned

Credit

Risk

Transfer

Trust,

3.00%,

11/25/57 (c)

286,957‌

704,922‌

Seasoned

Credit

Risk

Transfer

Trust,

2.50%,

11/25/59

633,856‌

720,045‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

07/25/30

639,645‌

446,736‌

Seasoned

Loans

Structured

Transaction

Trust,

2.00%,

09/25/30

398,388‌

1,510,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

1,328,234‌

500,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

11/25/29

441,275‌

20,725,208‌

Federal

National

Mortgage

Association

-

13.9%

72,472‌

Federal

National

Mortgage

Association

#725705,

5.00%,

08/01/34

73,641‌

60,377‌

Federal

National

Mortgage

Association

#890310,

4.50%,

12/01/40

60,299‌

5,753‌

Federal

National

Mortgage

Association

#933279,

5.50%,

08/01/37

5,865‌

583‌

Federal

National

Mortgage

Association

#AA5564,

4.00%,

06/01/24

578‌

53,759‌

Federal

National

Mortgage

Association

#AA7002,

4.50%,

06/01/39

53,662‌

342,631‌

Federal

National

Mortgage

Association

#AB9814,

3.00%,

07/01/43

314,902‌

2,915‌

Federal

National

Mortgage

Association

#AC0559,

4.00%,

10/01/24

2,874‌

121,109‌

Federal

National

Mortgage

Association

#AD0575,

4.50%,

01/01/40

120,940‌

21,811‌

Federal

National

Mortgage

Association

#AE0336,

6.00%,

09/01/38

22,784‌

262,799‌

Federal

National

Mortgage

Association

#AL0240,

4.00%,

04/01/41

256,283‌

85,667‌

Federal

National

Mortgage

Association

#AL2382,

4.00%,

02/01/42

83,331‌

Principal

Amount

Security

Description

Value

$

164,109‌

Federal

National

Mortgage

Association

#AL9970,

2.88%,

02/01/27 (c)

$

154,679‌

1,177,228‌

Federal

National

Mortgage

Association

#AM2127,

3.31%,

01/01/33

1,083,182‌

1,200,492‌

Federal

National

Mortgage

Association

#AM2922,

3.75%,

04/01/43

1,097,375‌

280,656‌

Federal

National

Mortgage

Association

#AS0784,

4.00%,

10/01/43

272,999‌

372,874‌

Federal

National

Mortgage

Association

#AS3175,

4.50%,

08/01/44

370,091‌

301,677‌

Federal

National

Mortgage

Association

#AS5235,

3.50%,

06/01/45

290,198‌

372,937‌

Federal

National

Mortgage

Association

#BO2256,

3.00%,

10/01/49

334,219‌

363,333‌

Federal

National

Mortgage

Association

#CA0684,

3.50%,

11/01/47

340,837‌

1,103,205‌

Federal

National

Mortgage

Association

#CB2094,

3.00%,

11/01/51

981,483‌

1,386,636‌

Federal

National

Mortgage

Association

#CB3233,

3.00%,

04/01/52

1,236,385‌

3,060,262‌

Federal

National

Mortgage

Association

#FS0331,

3.00%,

01/01/52

2,713,594‌

2,210,252‌

Federal

National

Mortgage

Association

#FS1555,

3.50%,

04/01/52

2,038,170‌

1,843,425‌

Federal

National

Mortgage

Association

#FS2060,

4.00%,

06/01/52

1,759,660‌

1,050,156‌

Federal

National

Mortgage

Association

#FS3363,

3.00%,

06/01/52

931,030‌

2,224,786‌

Federal

National

Mortgage

Association

#FS3498,

3.50%,

07/01/52

2,048,679‌

1,214,799‌

Federal

National

Mortgage

Association

#FS4081,

5.00%,

01/01/53

1,214,133‌

1,870,264‌

Federal

National

Mortgage

Association

#FS5179,

5.00%,

06/01/53

1,863,424‌

261,774‌

Federal

National

Mortgage

Association

Interest

Only,

2.68%,

01/25/39 (c)

1,399‌

783,662‌

Federal

National

Mortgage

Association

REMIC,

2.50%,

01/25/51

699,602‌

436,493‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29 (c)

417,204‌

153,230‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

01/25/33

149,279‌

955,000‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

11/25/37

914,189‌

813,862‌

Federal

National

Mortgage

Association

REMIC

#386641,

5.80%,

12/01/33

810,600‌

22,717,570‌

Government

National

Mortgage

Association

-

1.6%

357,551‌

Government

National

Mortgage

Association,

2.85%,

04/16/50

340,944‌

369,903‌

Government

National

Mortgage

Association,

3.50%,

01/20/69 (c)

356,774‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

INCOME

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

10

Principal

Amount

Security

Description

Value

$

849,875‌

Government

National

Mortgage

Association

#786915,

5.50%,

09/20/53

$

859,756‌

389,754‌

Government

National

Mortgage

Association

#AD8811,

3.00%,

03/20/43

354,361‌

737,637‌

Government

National

Mortgage

Association

REMIC,

5.50%,

07/16/34

744,987‌

2,656,822‌

Total

Government

&

Agency

Obligations

(Cost

$88,782,005)

83,717,759‌

Shares

Security

Description

Value

Short-Term

Investments

-

0.8%

Investment

Company

-

0.8%

1,258,648‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

5.26% (g)

1,258,648‌

Total

Short-Term

Investments

(Cost

$1,258,648)

1,258,648‌

Investments,

at

value

-

99.5%

(Cost

$174,626,458)

162,404,036‌

Other

assets

in

excess

of

liabilities

-

0.5%

748,912‌

NET

ASSETS

-

100.0%

$

163,152,948‌

(a)

144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933.

The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds’

Board

of

Directors.

As

of

December

31,

2023,

the

aggregate

value

of

these

liquid

securities

were

$36,160,824

or

22.2%

of

net

assets.

(b)

Floating

rate

security.

Rate

presented

is

as

of

December

31,

2023.

(c)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

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

December

31,

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

December

31,

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

December

31,

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

-

98.3%

GOVERNMENT

SECURITIES

-

96.8%

Municipals

-

96.8%

Alaska

-

0.2%

$

100,000‌

Alaska

Municipal

Bond

Bank

Authority,

Alaska

RB,

5.00%,

12/01/35

$

115,754‌

Illinois

-

1.0%

250,000‌

La

Salle

&

Bureau

Counties

Township

High

School

District

No.

120

LaSalle-

Peru,

Illinois

GO,

5.00%,

12/01/29

277,275‌

200,000‌

Park

Ridge

Park

District,

Illinois

GO,

5.00%,

12/01/35

232,148‌

509,423‌

Iowa

-

0.5%

220,000‌

City

of

Bettendorf

IA,

Iowa

GO,

4.00%,

06/01/35

238,594‌

Nebraska

-

90.1%

250,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

4.00%,

12/15/33

262,792‌

300,000‌

Adams

County

School

District

No.

18,

Nebraska

GO,

2.00%,

12/15/27

290,997‌

400,000‌

Butler

Public

Power

District,

Nebraska

RB,

0.75%,

08/15/27

361,540‌

185,000‌

Cass

County

Sanitary

&

Improvement

District

No.

1,

Nebraska

GO,

2.40%,

10/15/24

183,096‌

300,000‌

City

of

Beatrice

NE,

Nebraska

RB,

4.40%,

03/15/29

303,044‌

350,000‌

City

of

Bellevue

NE,

Nebraska

GO,

2.00%,

09/15/30

327,224‌

220,000‌

City

of

Blair

NE,

Nebraska

GO,

2.30%,

09/15/24

217,709‌

270,000‌

City

of

Blair

NE,

Nebraska

GO,

5.00%,

06/15/28

296,156‌

55,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.60%,

12/15/26

50,298‌

120,000‌

City

of

Chadron

NE,

Nebraska

GO,

0.70%,

12/15/27

107,700‌

325,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

4.00%,

06/15/32

346,022‌

250,000‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue,

Nebraska

RB,

5.00%,

06/15/29

277,324‌

130,000‌

City

of

Crete

NE,

Nebraska,

3.70%,

05/01/26

130,227‌

200,000‌

City

of

David

City

NE,

Nebraska

GO,

4.05%,

12/15/27

200,356‌

130,000‌

City

of

David

City

NE

Electric

Utility

Revenue,

Nebraska

RB,

4.40%,

12/15/29

131,909‌

Principal

Amount

Security

Description

Value

$

345,000‌

City

of

Falls

City

NE,

Nebraska

GO,

4.25%,

11/15/30

$

356,955‌

250,000‌

City

of

Falls

City

NE,

Nebraska

GO,

3.65%,

11/15/32

250,535‌

345,000‌

City

of

Fremont

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

3.00%,

10/15/25

344,970‌

150,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/31

160,054‌

430,000‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue,

Nebraska

RB,

4.00%,

08/15/34

456,421‌

400,000‌

City

of

Hickman

NE,

Nebraska

GO

,

4.00%,

02/15/25

400,707‌

300,000‌

City

of

Kearney

NE,

Nebraska

GO,

4.00%,

05/15/27

308,960‌

130,000‌

City

of

Kearney

NE,

Nebraska

GO,

2.75%,

06/15/27

127,848‌

400,000‌

City

of

Kearney

NE,

Nebraska

RB,

1.25%,

12/15/27

363,452‌

375,000‌

City

of

La

Vista

NE,

Nebraska

COP,

3.00%,

12/15/25

375,028‌

150,000‌

City

of

La

Vista

NE,

Nebraska

GO,

5.00%,

09/15/33

163,338‌

235,000‌

City

of

La

Vista

NE,

Nebraska

GO,

3.00%,

09/01/27

235,029‌

145,000‌

City

of

McCook

NE,

Nebraska

GO,

5.00%,

09/15/31

158,556‌

195,000‌

City

of

Norfolk

NE,

Nebraska

GO,

2.70%,

09/01/25

191,021‌

360,000‌

City

of

North

Platte

NE,

Nebraska

GO,

3.00%,

12/15/26

360,168‌

45,000‌

City

of

Omaha

NE,

Nebraska

GO,

4.00%,

04/15/32

48,160‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/32

198,054‌

400,000‌

City

of

Omaha

NE,

Nebraska

GO,

3.00%,

04/15/34

395,264‌

200,000‌

City

of

Omaha

NE,

Nebraska

GO,

5.00%,

04/15/37

234,021‌

500,000‌

City

of

Omaha

NE,

Nebraska

GO,

6.50%,

12/01/30

591,239‌

355,000‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue,

Nebraska

Special

Tax

Bond,

5.00%,

01/15/28

383,271‌

250,000‌

City

of

Papillion

NE

Water

Revenue,

Nebraska

RB,

3.00%,

12/15/27

250,477‌

200,000‌

City

of

West

Point

NE,

Nebraska

GO,

3.25%,

11/01/28

196,443‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

12

Principal

Amount

Security

Description

Value

$

140,000‌

County

of

Brown

NE,

Nebraska

GO,

3.70%,

01/15/26

$

140,387‌

375,000‌

County

of

Butler

NE,

Nebraska

GO,

2.10%,

01/15/26

362,568‌

275,000‌

County

of

Cedar

NE,

Nebraska

GO,

3.80%,

09/15/28

278,666‌

300,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/34

309,423‌

435,000‌

County

of

Douglas

NE,

Nebraska

RB,

4.00%,

07/01/36

458,509‌

245,000‌

County

of

Douglas

NE,

Nebraska

RB,

3.00%,

09/01/27

245,623‌

125,000‌

County

of

Jefferson

NE,

Nebraska

GO,

2.00%,

12/01/25

121,878‌

325,000‌

County

of

Saline

NE,

Nebraska

RB,

3.00%,

02/15/30

321,328‌

250,000‌

County

of

Sarpy

NE,

Nebraska

GO,

3.00%,

06/01/29

251,782‌

200,000‌

County

of

Washington

NE,

Nebraska

GO,

1.40%,

06/15/27

183,996‌

400,000‌

Cozad

City

School

District,

Nebraska

GO,

4.00%,

06/15/28

415,152‌

265,000‌

Cuming

County

Public

Power

District,

Nebraska

RB,

1.50%,

12/15/25

253,437‌

300,000‌

District

Energy

Corp.,

Nebraska

RB,

5.00%,

07/01/36

346,699‌

1,150,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

4.00%,

05/15/32

1,172,279‌

200,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

3.00%,

05/15/24

198,263‌

220,000‌

Douglas

County

Hospital

Authority

No.

2,

Nebraska

RB,

5.00%,

05/15/26

230,912‌

750,000‌

Douglas

County

Public

Facilities

Corp.,

Nebraska

RB,

2.00%,

05/01/24

745,666‌

200,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

453,

Nebraska

GO,

2.80%,

10/01/31

185,839‌

580,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

464,

Nebraska

GO,

3.65%,

03/15/33

580,119‌

260,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

484,

Nebraska

GO,

3.00%,

08/15/29

253,393‌

100,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

490,

Nebraska

GO,

2.70%,

08/15/28

93,659‌

280,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

491,

Nebraska

GO,

1.90%,

09/15/28

250,540‌

215,000‌

Douglas

County

Sanitary

&

Improvement

District

No.

521,

Nebraska

GO,

2.20%,

02/15/25

209,638‌

Principal

Amount

Security

Description

Value

$

325,000‌

Douglas

County

School

District

No.

17,

Nebraska

GO,

4.00%,

12/15/41

$

330,380‌

250,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/34

259,218‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/35

720,070‌

750,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

4.00%,

06/15/27

751,979‌

300,000‌

Douglas

County

School

District

No.

59,

Nebraska

GO,

3.00%,

12/15/28

300,197‌

250,000‌

Elkhorn

School

District,

Nebraska

GO,

4.00%,

12/15/32

268,037‌

370,000‌

Fremont

School

District,

Nebraska

GO,

5.00%,

12/15/29

418,144‌

155,000‌

Gretna

Fire

Protection

District,

Nebraska

GO,

3.20%,

06/01/28

151,815‌

530,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/31

557,804‌

400,000‌

Gretna

Public

Schools,

Nebraska

GO,

3.00%,

12/15/32

394,515‌

455,000‌

Gretna

Public

Schools,

Nebraska

GO,

5.00%,

06/15/33

511,118‌

700,000‌

Gretna

Public

Schools,

Nebraska

GO,

4.00%,

06/15/34

735,391‌

160,000‌

KBR

Rural

Public

Power

District/NE,

Nebraska

RB,

3.20%,

12/15/28

155,251‌

300,000‌

Kearney

School

District,

Nebraska

GO,

2.00%,

12/15/25

292,759‌

150,000‌

Lancaster

County

School

District

001,

Nebraska

GO,

4.00%,

01/15/31

155,002‌

370,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/34

328,157‌

320,000‌

Lancaster

County

School

District

No.

145

Waverly,

Nebraska

GO,

2.00%,

12/15/28

312,491‌

200,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

5.00%,

07/01/31

224,774‌

275,000‌

Lincoln

Airport

Authority,

Nebraska

RB,

4.00%,

07/01/27

288,356‌

500,000‌

Lincoln-Lancaster

County

Public

Building

Commission,

Nebraska

RB,

3.00%,

12/01/26

501,443‌

1,000,000‌

Loup

River

Public

Power

District,

Nebraska

RB,

2.00%,

12/01/26

969,656‌

260,000‌

Lyons-Decatur

Northeast

Schools,

Nebraska

GO,

5.00%,

12/15/30

280,407‌

525,000‌

Metropolitan

Community

College

Area,

Nebraska

COP,

3.00%,

03/01/26

525,821‌

115,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/35

123,170‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

13

Principal

Amount

Security

Description

Value

$

325,000‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue,

Nebraska

RB,

4.00%,

12/01/26

$

329,336‌

315,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

5.00%,

12/01/37

373,218‌

300,000‌

Metropolitan

Utilities

District

of

Omaha

Water

System

Revenue,

Nebraska

RB,

3.30%,

12/01/29

300,899‌

210,000‌

Municipal

Energy

Agency

of

Nebraska,

Nebraska

RB,

5.00%,

04/01/25

210,349‌

500,000‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project,

Nebraska

RB,

2.00%,

12/15/27

478,382‌

150,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

03/01/34

150,018‌

100,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.70%,

09/01/34

99,389‌

280,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

3.00%,

03/01/52

270,350‌

500,000‌

Nebraska

Investment

Finance

Authority,

Nebraska

RB

FHLMC,

2.00%,

03/01/24

498,757‌

125,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/32

143,724‌

200,000‌

Nebraska

Public

Power

District,

Nebraska

RB,

5.00%,

01/01/36

206,264‌

315,000‌

Nebraska

State

Colleges,

Nebraska

RB,

3.00%,

07/01/25

314,544‌

475,000‌

Northeast

Community

College

Area,

Nebraska

GO,

1.10%,

07/15/27

433,284‌

325,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

3.00%,

04/15/31

325,170‌

400,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

04/01/32

423,389‌

600,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/32

642,295‌

350,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

370,919‌

210,000‌

Omaha

Public

Facilities

Corp.,

Nebraska

RB,

4.00%,

06/01/28

216,637‌

160,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/31

179,796‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

5.00%,

02/01/36

412,136‌

350,000‌

Omaha

Public

Power

District,

Nebraska

RB,

4.00%,

02/01/46

352,943‌

750,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

800,037‌

Principal

Amount

Security

Description

Value

$

500,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/32

$

523,589‌

180,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/32

177,261‌

620,000‌

Omaha

School

District,

Nebraska

GO,

3.13%,

12/15/33

614,445‌

325,000‌

Omaha

School

District,

Nebraska

GO,

2.00%,

12/15/34

279,830‌

1,000,000‌

Omaha

School

District,

Nebraska

GO,

4.00%,

12/15/39

1,003,097‌

525,000‌

Omaha

School

District,

Nebraska

GO,

3.00%,

12/15/41

458,686‌

250,000‌

Omaha-Douglas

Public

Building

Commission,

Nebraska

GO,

5.00%,

05/01/31

279,616‌

200,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

5.00%,

12/01/37

234,865‌

350,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

3.00%,

12/01/26

350,038‌

750,000‌

Papillion-La

Vista

School

District

No.

27,

Nebraska

GO,

4.00%,

12/01/29

791,361‌

175,000‌

Ralston

Public

Schools,

Nebraska

GO,

5.00%,

12/15/29

197,154‌

145,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

191,

Nebraska

GO,

3.55%,

10/15/32

145,022‌

105,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

23,

Nebraska

GO,

2.30%,

08/15/34

91,667‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

245,

Nebraska

GO,

3.45%,

11/15/28

98,177‌

100,000‌

Sarpy

County

Sanitary

&

Improvement

District

No.

291,

Nebraska

GO,

4.25%,

09/15/38

100,030‌

300,000‌

Sarpy

County

School

District

No.

1,

Nebraska

GO,

3.85%,

12/15/28

303,136‌

275,000‌

Scotts

Bluff

County

School

District

No.

16,

Nebraska

GO,

5.00%,

12/01/29

302,515‌

300,000‌

Southeast

Community

College

Area,

Nebraska

RB,

4.00%,

03/15/31

310,255‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/25

306,718‌

400,000‌

Southern

Public

Power

District,

Nebraska

RB,

4.00%,

12/15/26

411,691‌

300,000‌

Southern

Public

Power

District,

Nebraska

RB,

2.00%,

12/15/26

290,991‌

270,000‌

State

of

Nebraska,

Nebraska

COP,

3.00%,

12/15/24

269,610‌

500,000‌

The

University

of

Nebraska

Facilities

Corp.,

Nebraska

RB,

4.00%,

07/15/30

522,061‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

NEBRASKA

TAX-FREE

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

14

Principal

Amount

Security

Description

Value

$

100,000‌

Village

of

Alda

NE,

Nebraska

GO,

4.00%,

12/15/24

$

100,139‌

175,000‌

Village

of

Ansley

NE,

Nebraska

GO,

3.40%,

03/15/28

175,515‌

435,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

07/01/35

425,627‌

1,700,000‌

Village

of

Boys

Town

NE,

Nebraska

RB,

3.00%,

09/01/28

1,723,247‌

200,000‌

Village

of

Callaway

NE,

Nebraska

GO,

3.75%,

02/15/31

199,915‌

185,000‌

Village

of

Ceresco

NE,

Nebraska

GO,

3.60%,

12/15/32

185,082‌

265,000‌

Wayne

County

School

District

No.

17,

Nebraska

GO,

5.00%,

12/15/28

291,235‌

250,000‌

Westside

Community

Schools,

Nebraska

GO,

5.00%,

12/01/37

286,740‌

100,000‌

Westside

Community

Schools,

Nebraska

GO,

2.30%,

12/01/28

99,068‌

450,000‌

York

County

NE

School

District

No.

12,

Nebraska

GO,

2.00%,

12/15/25

439,139‌

46,721,434‌

North

Dakota

-

0.9%

500,000‌

City

of

Fargo

ND,

North

Dakota

GO,

3.00%,

05/01/34

492,188‌

South

Dakota

-

0.8%

425,000‌

City

of

Brandon

SD

Sales

Tax

Revenue,

South

Dakota

RB,

3.00%,

12/01/26

426,262‌

Texas

-

1.5%

200,000‌

City

of

Austin

TX

Electric

Utility

Revenue,

Texas

RB,

5.00%,

11/15/36

235,311‌

360,000‌

City

of

Lubbock

TX,

Texas

GO,

5.00%,

02/15/36

423,370‌

150,000‌

County

of

Travis

TX,

Texas

GO,

3.00%,

03/01/30

149,500‌

808,181‌

Wisconsin

-

1.8%

400,000‌

City

of

Neenah

WI,

Wisconsin

GO,

4.00%,

03/01/32

423,750‌

500,000‌

County

of

Dane

WI,

Wisconsin

GO,

3.00%,

06/01/31

497,845‌

921,595‌

50,233,431‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

1.5%

Federal

Home

Loan

Mortgage

Corp.

-

1.5%

294,086‌

Federal

Home

Loan

Mortgage

Corp.,

2.34%,

07/25/41 (a)

228,180‌

584,647‌

Federal

Home

Loan

Mortgage

Corp.

#WE5001,

2.65%,

04/01/29

540,594‌

768,774‌

Total

Government

&

Agency

Obligations

(Cost

$52,303,049)

51,002,205‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.3%

Investment

Company

-

1.3%

657,297‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

5.26% (b)

$

657,297‌

Total

Short-Term

Investments

(Cost

$657,297)

657,297‌

Investments,

at

value

-

99.6%

(Cost

$52,960,346)

51,659,502‌

Other

assets

in

excess

of

liabilities

-

0.4%

209,408‌

NET

ASSETS

-

100.0%

$

51,868,910‌

(a)

144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933.

The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds’

Board

of

Directors.

As

of

December

31,

2023,

the

aggregate

value

of

these

liquid

securities

were

$228,180

or

0.4%

of

net

assets.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

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

December

31,

2023

(Unaudited)

BALANCED

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

15

Shares

Security

Description

Value

Common

Stocks

-

60.0%

Communication

Services

-

4.9%

14,250‌

Alphabet,

Inc.,

Class C (a)

$

2,008,252‌

11,850‌

Comcast

Corp.,

Class A

519,623‌

2,585‌

Meta

Platforms,

Inc.,

Class A (a)

914,987‌

12,500‌

Verizon

Communications,

Inc.

471,250‌

3,914,112‌

Consumer

Discretionary

-

7.0%

12,925‌

Amazon.com,

Inc. (a)

1,963,825‌

134‌

Booking

Holdings,

Inc. (a)

475,327‌

10,800‌

Gentex

Corp.

352,728‌

5,105‌

NIKE,

Inc.,

Class B

554,250‌

360‌

O'Reilly

Automotive,

Inc. (a)

342,029‌

1,185‌

Pool

Corp.

472,471‌

3,450‌

Royal

Caribbean

Cruises,

Ltd. (a)

446,741‌

1,695‌

The

Home

Depot,

Inc.

587,402‌

11,300‌

Upbound

Group,

Inc.,

Class A

383,861‌

5,578,634‌

Consumer

Staples

-

3.8%

4,710‌

Church

&

Dwight

Co.,

Inc.

445,377‌

2,025‌

Constellation

Brands,

Inc.,

Class A

489,544‌

1,285‌

Costco

Wholesale

Corp.

848,203‌

5,470‌

Lamb

Weston

Holdings,

Inc.

591,252‌

4,040‌

Walmart,

Inc.

636,906‌

3,011,282‌

Energy

-

2.6%

1,970‌

Diamondback

Energy,

Inc.

305,508‌

3,090‌

EOG

Resources,

Inc.

373,735‌

7,860‌

Exxon

Mobil

Corp.

785,843‌

4,300‌

Phillips

66

572,502‌

2,037,588‌

Financials

-

7.8%

7,550‌

Brown

&

Brown,

Inc.

536,880‌

2,800‌

Chubb,

Ltd.

632,800‌

2,840‌

CME

Group,

Inc.

598,104‌

7,500‌

Equitable

Holdings,

Inc.

249,750‌

5,400‌

First

American

Financial

Corp.

347,976‌

4,475‌

Fiserv,

Inc. (a)

594,459‌

4,875‌

JPMorgan

Chase

&

Co.

829,238‌

2,165‌

Mastercard,

Inc.,

Class A

923,394‌

1,090‌

Moody's

Corp.

425,710‌

2,880‌

Morgan

Stanley

268,560‌

1,870‌

The

PNC

Financial

Services

Group,

Inc.

289,570‌

9,750‌

Wells

Fargo

&

Co.

479,895‌

6,176,336‌

Health

Care

-

7.3%

6,660‌

Abbott

Laboratories

733,066‌

1,640‌

Amgen,

Inc.

472,353‌

1,300‌

AMN

Healthcare

Services,

Inc. (a)

97,344‌

6,960‌

Edwards

Lifesciences

Corp. (a)

530,700‌

1,715‌

Eli

Lilly

&

Co.

999,708‌

1,240‌

Humana,

Inc.

567,684‌

Shares

Security

Description

Value

6,800‌

Inmode,

Ltd. (a)

$

151,232‌

4,490‌

Jazz

Pharmaceuticals

PLC (a)

552,270‌

4,550‌

Lantheus

Holdings,

Inc. (a)

282,100‌

1,445‌

Thermo

Fisher

Scientific,

Inc.

766,991‌

3,180‌

Zoetis,

Inc.

627,637‌

5,781,085‌

Industrials

-

5.5%

4,460‌

AMETEK,

Inc.

735,409‌

1,290‌

Cintas

Corp.

777,431‌

18,900‌

CSX

Corp.

655,263‌

4,270‌

MasTec,

Inc. (a)

323,324‌

1,315‌

Paycom

Software,

Inc.

271,837‌

7,107‌

RTX

Corp.

597,983‌

4,290‌

The

Timken

Co.

343,844‌

3,865‌

Waste

Management,

Inc.

692,222‌

4,397,313‌

Information

Technology

-

16.3%

1,530‌

Adobe,

Inc. (a)

912,798‌

5,000‌

Amphenol

Corp.,

Class A

495,650‌

17,475‌

Apple,

Inc.

3,364,462‌

2,590‌

CDW

Corp.

588,759‌

4,072‌

Entegris,

Inc.

487,907‌

6,830‌

Microchip

Technology,

Inc.

615,929‌

9,120‌

Microsoft

Corp.

3,429,485‌

6,458‌

Napco

Security

Technologies,

Inc.

221,186‌

3,625‌

NVIDIA

Corp.

1,795,173‌

6,500‌

Perficient,

Inc. (a)

427,830‌

4,380‌

QUALCOMM,

Inc.

633,479‌

12,972,658‌

Materials

-

1.6%

4,490‌

Berry

Global

Group,

Inc.

302,581‌

2,525‌

FMC

Corp.

159,201‌

1,560‌

Linde

PLC

640,708‌

51,231‌

PureCycle

Technologies,

Inc. (a)

207,486‌

1,309,976‌

Real

Estate

-

1.8%

2,105‌

American

Tower

Corp.

REIT

454,428‌

8,690‌

First

Industrial

Realty

Trust,

Inc.

REIT

457,702‌

3,785‌

Sun

Communities,

Inc.

REIT

505,865‌

1,417,995‌

Utilities

-

1.4%

2,330‌

American

Water

Works

Co.,

Inc.

307,537‌

3,540‌

Atmos

Energy

Corp.

410,286‌

6,790‌

NextEra

Energy,

Inc.

412,424‌

1,130,247‌

Total

Common

Stocks

(Cost

$25,132,339)

47,727,226‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

BALANCED

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

16

Principal

Amount

Security

Description

Value

Non-U.S.

Government

Agency

Asset

Backed

Securities

-

8.6%

Asset

Backed

Securities

-

4.4%

$

155,000‌

Aligned

Data

Centers

Issuer,

LLC,

1.94%,

08/15/46 (b)

$

138,916‌

178,544‌

American

Homes

4

Rent

Trust,

3.68%,

12/17/36 (b)

175,090‌

50,000‌

AMSR

Trust,

1.63%,

07/17/37 (b)

47,067‌

153,620‌

AXIS

Equipment

Finance

Receivables

XI,

LLC,

5.30%,

06/21/28 (b)

153,182‌

61,860‌

Cascade

Funding

Mortgage

Trust,

4.00%,

10/25/68 (b)(c)

61,863‌

109,099‌

CCG

Receivables

Trust,

5.82%,

09/16/30 (b)

109,779‌

120,000‌

CCG

Receivables

Trust,

6.28%,

04/14/32 (b)

121,987‌

140,888‌

CCG

Receivables

Trust,

3.91%,

07/16/29 (b)

139,119‌

233,858‌

CF

Hippolyta

Issuer,

LLC,

1.69%,

07/15/60 (b)

216,124‌

113,094‌

CF

Hippolyta

Issuer,

LLC,

1.53%,

03/15/61 (b)

101,085‌

280,000‌

Chase

Auto

Owner

Trust,

5.59%,

06/25/29 (b)

287,987‌

285,000‌

Citizens

Auto

Receivables

Trust,

5.84%,

01/18/28 (b)

289,021‌

27,603‌

Commonbond

Student

Loan

Trust,

3.87%,

02/25/46 (b)

26,125‌

47,513‌

CoreVest

American

Finance,

Ltd.,

1.83%,

03/15/50 (b)

45,782‌

63,735‌

DLLMT,

LLC,

1.00%,

07/21/25 (b)

62,436‌

43,632‌

ELFI

Graduate

Loan

Program,

LLC,

1.73%,

08/25/45 (b)

38,344‌

135,000‌

FRTKL

2021-SFR1,

1.57%,

09/17/38 (b)

121,158‌

230,000‌

Honda

Auto

Receivables

Owner

Trust,

5.67%,

06/21/28

234,806‌

225,000‌

LAD

Auto

Receivables

Trust,

6.12%,

09/15/27 (b)

226,907‌

70,155‌

Navient

Student

Loan

Trust,

7.08%,

10/15/31 (b)(d)

70,282‌

48,404‌

NMEF

Funding,

LLC,

6.07%,

06/15/29 (b)

48,663‌

85,743‌

North

Texas

Higher

Education

Authority,

Inc.,

6.04%,

09/25/61 (d)

84,140‌

119,482‌

Progress

Residential

Trust,

1.52%,

07/17/38 (b)

107,952‌

97,344‌

SLM

Student

Loan

Trust,

7.25%,

04/15/29 (d)

97,206‌

19,806‌

SMB

Private

Education

Loan

Trust,

2.70%,

05/15/31 (b)

19,433‌

Principal

Amount

Security

Description

Value

$

172,146‌

SoFi

Professional

Loan

Program

Trust,

1.14%,

02/15/47 (b)

$

144,791‌

70,000‌

Stack

Infrastructure

Issuer,

LLC,

1.88%,

03/26/46 (b)

63,795‌

119,839‌

Tricon

American

Homes

Trust,

1.48%,

11/17/39 (b)

104,932‌

180,000‌

Vantage

Data

Centers

Issuer,

LLC,

1.65%,

09/15/45 (b)

166,428‌

3,504,400‌

Non-Agency

Commercial

Mortgage

Backed

Securities

-

3.0%

150,000‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Securities

Trust,

3.53%,

03/10/37 (b)(c)

133,999‌

190,000‌

Barclays

Commercial

Mortgage

Trust,

3.04%,

11/15/52

185,099‌

85,057‌

BX

Commercial

Mortgage

Trust,

6.37%,

02/15/39 (b)(d)

83,511‌

160,000‌

BX

Trust,

6.43%,

09/15/36 (b)(d)

155,781‌

115,377‌

CD

Commercial

Mortgage

Trust,

4.21%,

08/15/51

112,521‌

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

6.36%,

11/15/36 (b)(d)

172,092‌

175,000‌

Goldman

Sachs

Mortgage

Securities

Trust,

2.32%,

05/12/53

158,828‌

200,000‌

Hudson

Yards

Mortgage

Trust,

3.23%,

07/10/39 (b)

176,919‌

71,341‌

Key

Commercial

Mortgage

Securities

Trust,

2.66%,

06/15/52 (b)

69,968‌

38,859‌

Key

Commercial

Mortgage

Securities

Trust,

1.25%,

09/16/52 (b)

37,946‌

143,960‌

KNDR

2021-KIND

A,

6.43%,

08/15/38 (b)(d)

138,272‌

105,147‌

ReadyCap

Commercial

Mortgage

Trust

CLO,

6.99%,

01/25/37 (b)(d)

105,050‌

75,000‌

SREIT

Trust,

6.05%,

07/15/36 (b)(d)

73,612‌

70,431‌

Sutherland

Commercial

Mortgage

Trust,

2.86%,

04/25/41 (b)(c)

65,698‌

129,907‌

Tricon

Residential

Trust,

3.86%,

04/17/39 (b)

123,590‌

100,000‌

TRTX

Issuer,

Ltd.

CLO,

6.99%,

02/15/39 (b)(d)

98,240‌

70,553‌

UBS

Commercial

Mortgage

Trust,

4.19%,

08/15/51

68,890‌

150,000‌

UBS

Commercial

Mortgage

Trust,

2.99%,

12/15/52

140,864‌

99,252‌

Velocity

Commercial

Capital

Loan

Trust,

1.40%,

05/25/51 (b)(c)

82,704‌

220,000‌

WSTN

Trust,

6.30%,

07/05/37 (b)(c)

224,053‌

2,407,637‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

BALANCED

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

17

Principal

Amount

Security

Description

Value

Non-Agency

Residential

Mortgage

Backed

Securities

-

1.2%

$

97,404‌

Angel

Oak

Mortgage

Trust,

3.35%,

01/25/67 (b)(c)

$

88,724‌

19,794‌

Bayview

Commercial

Asset

Trust

REMIC,

6.34%,

12/25/33 (b)(d)

19,349‌

144,135‌

Brean

Asset

Backed

Securities

Trust,

1.40%,

10/25/63 (b)(c)

124,435‌

25,818‌

Cascade

Funding

Mortgage

Trust,

2.80%,

06/25/69 (b)(c)

25,162‌

140,980‌

Chase

Mortgage

Finance

Corp.,

3.50%,

06/25/62 (b)(c)

127,130‌

37,835‌

Citigroup

Mortgage

Loan

Trust,

3.50%,

01/25/66 (b)(c)

36,233‌

12,173‌

Citigroup

Mortgage

Loan

Trust

REMIC,

4.00%,

01/25/35 (b)(c)

11,584‌

102,064‌

Credit

Suisse

Mortgage

Trust,

3.25%,

04/25/47 (b)(c)

91,852‌

39,463‌

Finance

of

America

HECM

Buyout,

2.69%,

02/25/32 (b)(c)

38,356‌

88,167‌

Finance

of

America

Structured

Securities

Trust,

1.50%,

04/25/51 (b)

83,543‌

15,346‌

Freddie

Mac

Whole

Loan

Securities,

3.67%,

09/25/45 (c)

15,088‌

23,018‌

New

Residential

Mortgage

Loan

Trust

REMIC,

3.75%,

08/25/55 (b)(c)

21,635‌

156,146‌

Onslow

Bay

Financial

LLC,

3.00%,

02/25/52 (b)(c)

137,849‌

120,219‌

Towd

Point

Mortgage

Trust,

2.25%,

11/25/61 (b)(c)

110,114‌

931,054‌

Total

Non-U.S.

Government

Agency

Asset

Backed

Securities

(Cost

$7,207,849)

6,843,091‌

Corporate

Bonds

-

11.3%

Communication

Services

-

1.2%

303,000‌

AT&T,

Inc.,

4.30%,

02/15/30

296,699‌

310,000‌

Meta

Platforms,

Inc.,

3.85%,

08/15/32

294,853‌

317,000‌

Verizon

Communications,

Inc.,

4.33%,

09/21/28

313,594‌

905,146‌

Consumer

Discretionary

-

1.4%

310,000‌

Dollar

General

Corp.,

3.50%,

04/03/30

285,420‌

330,000‌

McDonald's

Corp.,

2.13%,

03/01/30

288,382‌

50,000‌

Newell

Brands,

Inc.,

5.20%,

04/01/26

49,311‌

50,000‌

Starbucks

Corp.,

2.00%,

03/12/27

46,295‌

175,000‌

Tapestry,

Inc.,

7.70%,

11/27/30

184,223‌

335,000‌

The

Walt

Disney

Co.,

2.65%,

01/13/31

298,064‌

1,151,695‌

Consumer

Staples

-

0.4%

150,000‌

Campbell

Soup

Co.,

2.38%,

04/24/30

130,013‌

Principal

Amount

Security

Description

Value

$

165,000‌

Reckitt

Benckiser

Treasury

Services

PLC,

3.00%,

06/26/27 (b)

$

156,688‌

286,701‌

Financials

-

4.3%

140,000‌

Bank

of

America

Corp.,

MTN,

3.56%,

04/23/27 (c)

134,743‌

180,000‌

Bank

of

America

Corp.,

2.69%,

04/22/32 (c)

151,997‌

326,000‌

CBRE

Services,

Inc.,

2.50%,

04/01/31

275,852‌

300,000‌

Citigroup,

Inc.,

3.89%,

01/10/28 (c)

290,096‌

270,000‌

CME

Group,

Inc.,

3.00%,

03/15/25

264,300‌

350,000‌

Intercontinental

Exchange,

Inc.,

2.10%,

06/15/30

302,189‌

340,000‌

JPMorgan

Chase

&

Co.,

2.74%,

10/15/30 (c)

302,302‌

150,000‌

KeyCorp,

MTN,

2.25%,

04/06/27

135,054‌

285,000‌

Morgan

Stanley,

4.89%,

07/20/33 (c)

277,895‌

225,000‌

Regions

Financial

Corp.,

1.80%,

08/12/28

192,739‌

100,000‌

The

Charles

Schwab

Corp.

(callable

at

100

beginning

06/01/25),

5.38%,

06/01/65 (c)(e)

98,612‌

220,000‌

The

Charles

Schwab

Corp.,

3.85%,

05/21/25

215,777‌

305,000‌

The

Goldman

Sachs

Group,

Inc.,

3.85%,

01/26/27

296,617‌

230,000‌

U.S.

Bancorp,

Series

J

(callable

at

100

beginning

04/15/27),

5.30%,

10/15/49 (c)(e)

206,317‌

345,000‌

Wells

Fargo

&

Co.,

MTN,

2.57%,

02/11/31 (c)

298,121‌

3,442,611‌

Health

Care

-

0.1%

125,000‌

Baylor

Scott

&

White

Holdings,

1.78%,

11/15/30

104,034‌

37,000‌

Becton

Dickinson

&

Co.,

3.73%,

12/15/24

36,418‌

140,452‌

Industrials

-

2.3%

255,000‌

Agilent

Technologies,

Inc.,

2.10%,

06/04/30

219,624‌

250,000‌

BMW

Finance

NV,

2.85%,

08/14/29 (b)

229,198‌

300,000‌

Harman

International

Industries,

Inc.,

4.15%,

05/15/25

295,202‌

260,000‌

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/01/27

245,791‌

130,000‌

TTX

Co.,

3.60%,

01/15/25 (b)

127,225‌

175,000‌

Union

Pacific

Corp.,

3.95%,

09/10/28

173,510‌

250,000‌

Volkswagen

Group

of

America

Finance,

LLC,

3.35%,

05/13/25 (b)

243,404‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

BALANCED

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

18

Principal

Amount

Security

Description

Value

$

285,000‌

Waste

Management,

Inc.,

1.50%,

03/15/31

$

232,910‌

1,766,864‌

Information

Technology

-

1.6%

170,000‌

Applied

Materials,

Inc.,

1.75%,

06/01/30

144,585‌

305,000‌

eBay,

Inc.,

3.60%,

06/05/27

294,835‌

185,000‌

Oracle

Corp.,

2.30%,

03/25/28

168,566‌

328,000‌

QUALCOMM,

Inc.,

2.15%,

05/20/30

288,971‌

145,000‌

TSMC

Global,

Ltd.,

1.38%,

09/28/30 (b)

117,620‌

310,000‌

Xilinx,

Inc.,

2.38%,

06/01/30

274,159‌

1,288,736‌

Total

Corporate

Bonds

(Cost

$9,582,814)

8,982,205‌

Government

&

Agency

Obligations

-

17.2%

GOVERNMENT

SECURITIES

-

16.7%

Municipals

-

0.2%

125,000‌

Grand

Island

Public

Schools,

Nebraska

GO,

1.69%,

12/15/31

100,802‌

50,000‌

La

Vista

Economic

Development

Fund,

Nebraska

RB,

1.64%,

10/15/28

44,220‌

145,022‌

Treasury

Inflation

Index

Securities

-

0.3%

275,734‌

U.S.

Treasury

Inflation

Indexed

Bond,

1.75%,

01/15/28 (f)

269,999‌

U.S.

Treasury

Securities

-

16.2%

395,000‌

U.S.

Treasury

Note,

2.13%,

11/30/24

385,387‌

3,020,000‌

U.S.

Treasury

Note,

2.13%,

05/15/25

2,923,620‌

3,165,000‌

U.S.

Treasury

Note,

2.25%,

02/15/27

3,004,525‌

3,555,000‌

U.S.

Treasury

Note/Bond,

1.50%,

02/15/30

3,097,155‌

3,460,000‌

U.S.

Treasury

Note/Bond,

1.88%,

02/15/32

2,974,654‌

450,000‌

U.S.

Treasury

Note/Bond,

3.88%,

08/15/33

449,437‌

12,834,778‌

U.S.

GOVERNMENT

MORTGAGE

BACKED

SECURITIES

-

0.5%

Federal

Home

Loan

Mortgage

Corp.

-

0.3%

49,386‌

Federal

Home

Loan

Mortgage

Corp.,

3.75%,

12/15/54 (g)

48,143‌

13,849‌

Federal

Home

Loan

Mortgage

Corp.

REMIC,

3.50%,

06/15/50

13,562‌

240,000‌

Seasoned

Loans

Structured

Transaction

Trust,

2.75%,

09/25/29

211,110‌

272,815‌

Federal

National

Mortgage

Association

-

0.1%

10,638‌

Federal

National

Mortgage

Association

#AL1321,

3.50%,

12/01/26

10,418‌

65,474‌

Federal

National

Mortgage

Association

REMIC,

4.00%,

04/25/29 (c)

62,580‌

72,998‌

Principal

Amount

Security

Description

Value

Government

National

Mortgage

Association

-

0.1%

$

62,599‌

Government

National

Mortgage

Association,

3.50%,

01/20/69 (c)

$

60,377‌

Total

Government

&

Agency

Obligations

(Cost

$13,972,437)

13,655,989‌

Shares

Security

Description

Value

Short-Term

Investments

-

2.7%

Investment

Company

-

2.7%

2,096,730‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

5.26% (h)

2,096,730‌

Total

Short-Term

Investments

(Cost

$2,096,730)

2,096,730‌

Investments,

at

value

-

99.8%

(Cost

$57,992,169)

79,305,241‌

Other

assets

in

excess

of

liabilities

-

0.2%

191,132‌

NET

ASSETS

-

100.0%

$

79,496,373‌

(a)

Non-income

producing

security.

(b)

144a

Security,

which

is

exempt

from

registration

under

the

Securities

Act

of

1933.

The

Sub-Adviser

has

deemed

this

security

to

be

liquid

based

on

procedures

approved

by

Tributary

Funds’

Board

of

Directors.

As

of

December

31,

2023,

the

aggregate

value

of

these

liquid

securities

were

$6,619,784

or

8.3%

of

net

assets.

(c)

Variable

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Rate

represented

is

as

of

December

31,

2023.

(d)

Floating

rate

security.

Rate

presented

is

as

of

December

31,

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

December

31,

2023.

(h)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2023.

CLO

Collateralized

Loan

Obligation

GO

General

Obligation

LLC

Limited

Liability

Company

MTN

Medium

Term

Note

PLC

Public

Limited

Company

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

SMALL/MID

CAP

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

19

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2023.

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

99.4%

Communication

Services

-

1.5%

1,239‌

Nexstar

Media

Group,

Inc.,

Class A

$

194,213‌

Consumer

Discretionary

-

12.7%

1,754‌

Burlington

Stores,

Inc. (a)

341,118‌

1,760‌

Dorman

Products,

Inc. (a)

146,802‌

6,024‌

Gentex

Corp.

196,744‌

1,205‌

LGI

Homes,

Inc. (a)

160,458‌

3,799‌

Ollie's

Bargain

Outlet

Holdings,

Inc. (a)

288,306‌

1,679‌

Tractor

Supply

Co.

361,035‌

2,133‌

Wyndham

Hotels

&

Resorts,

Inc.

171,514‌

1,665,977‌

Consumer

Staples

-

3

.8%

887‌

Casey's

General

Stores,

Inc.

243,695‌

278‌

Coca-Cola

Consolidated,

Inc.

258,095‌

501,790‌

Energy

-

4.6%

11,057‌

CNX

Resources

Corp. (a)

221,140‌

7,657‌

Marathon

Oil

Corp.

184,993‌

5,133‌

SM

Energy

Co.

198,750‌

604,883‌

Financials

-

15.8%

4,862‌

Atlantic

Union

Bankshares

Corp.

177,658‌

2,532‌

Brown

&

Brown,

Inc.

180,051‌

1,984‌

Cullen/Frost

Bankers,

Inc.

215,244‌

183‌

Markel

Group,

Inc. (a)

259,842‌

4,124‌

Moelis

&

Co.,

Class A

231,480‌

2,729‌

Selective

Insurance

Group,

Inc.

271,481‌

3,203‌

SouthState

Corp.

270,493‌

4,435‌

Stifel

Financial

Corp.

306,680‌

1,937‌

UMB

Financial

Corp.

161,836‌

2,074,765‌

Health

Care

-

10.8%

2,627‌

AMN

Healthcare

Services,

Inc. (a)

196,710‌

3,880‌

Enovis

Corp. (a)

217,358‌

738‌

ICON

PLC (a)

208,906‌

840‌

Molina

Healthcare,

Inc. (a)

303,500‌

2,783‌

Omnicell,

Inc. (a)

104,724‌

2,072‌

Pacira

BioSciences,

Inc. (a)

69,909‌

2,851‌

Revvity,

Inc.

311,643‌

1,412,750‌

Industrials

-

23.1%

1,138‌

Broadridge

Financial

Solutions,

Inc.

234,143‌

813‌

CACI

International,

Inc.,

Class A (a)

263,298‌

934‌

Carlisle

Cos.,

Inc.

291,810‌

2,153‌

EnerSys

217,367‌

1,226‌

Enpro,

Inc.

192,163‌

6,399‌

ExlService

Holdings,

Inc. (a)

197,409‌

2,397‌

Fortune

Brands

Innovations,

Inc.

182,508‌

2,234‌

Franklin

Electric

Co.,

Inc.

215,916‌

2,174‌

ICF

International,

Inc.

291,512‌

1,930‌

Oshkosh

Corp.

209,231‌

Shares

Security

Description

Value

1,029‌

Quanta

Services,

Inc.

$

222,058‌

2,553‌

Robert

Half,

Inc.

224,460‌

1,767‌

Tetra

Tech,

Inc.

294,965‌

3,036,840‌

Information

Technology

-

16.0%

2,736‌

Ambarella,

Inc. (a)

167,689‌

2,844‌

Blackbaud,

Inc. (a)

246,575‌

2,207‌

Diodes,

Inc. (a)

177,708‌

1,016‌

Littelfuse,

Inc.

271,841‌

2,025‌

MKS

Instruments,

Inc.

208,312‌

1,368‌

Onto

Innovation,

Inc. (a)

209,167‌

3,447‌

Power

Integrations,

Inc.

283,033‌

1,774‌

PTC,

Inc. (a)

310,379‌

1,178‌

Qualys,

Inc. (a)

231,218‌

2,105,922‌

Materials

-

3.6%

1,334‌

Balchem

Corp.

198,432‌

2,431‌

RPM

International,

Inc.

271,373‌

469,805‌

Real

Estate

-

5.3%

3,494‌

Agree

Realty

Corp.

REIT

219,947‌

1,205‌

Jones

Lang

LaSalle,

Inc. (a)

227,589‌

2,322‌

Lamar

Advertising

Co.,

Class A

REIT

246,782‌

694,318‌

Utilities

-

2.2%

2,878‌

IDACORP,

Inc.

282,965‌

Total

Common

Stocks

(Cost

$10,306,288)

13,044,228‌

Shares

Security

Description

Value

Short-Term

Investments

-

0.7%

Investment

Company

-

0.7%

95,768‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

5.26% (b)

95,768‌

Total

Short-Term

Investments

(Cost

$95,768)

95,768‌

Investments,

at

value

-

100.1%

(Cost

$10,402,056)

13,139,996‌

Other

liabilities

in

excess

of

assets

-

(0.1)%

(17,386‌)

NET

ASSETS

-

100.0%

$

13,122,610‌

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

December

31,

2023

(Unaudited)

SMALL

COMPANY

FUND

Quarterly

Report

2023

See

accompanying

Notes

to

Schedules

of

Portfolio

Investments.

20

(a)

Non-income

producing

security.

(b)

Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

December

31,

2023.

REIT

Real

Estate

Investment

Trust

Shares

Security

Description

Value

Common

Stocks

-

98.1%

Communication

Services

-

1.1%

887,377‌

Gray

Television,

Inc.

$

7,950,898‌

Consumer

Discretionary

-

11.4%

176,007‌

Acushnet

Holdings

Corp.

11,118,362‌

145,111‌

Boot

Barn

Holdings,

Inc. (a)

11,138,720‌

132,963‌

Dorman

Products,

Inc. (a)

11,090,444‌

85,329‌

LGI

Homes,

Inc. (a)

11,362,410‌

183,174‌

Monarch

Casino

&

Resort,

Inc.

12,666,482‌

178,977‌

Ollie's

Bargain

Outlet

Holdings,

Inc. (a)

13,582,565‌

136,423‌

Patrick

Industries,

Inc.

13,690,048‌

84,649,031‌

Consumer

Staples

-

2.4%

19,068‌

Coca-Cola

Consolidated,

Inc.

17,702,731‌

Energy

-

6.9%

612,174‌

CNX

Resources

Corp. (a)

12,243,480‌

384,054‌

Northern

Oil

and

Gas,

Inc.

14,236,882‌

725,609‌

Permian

Resources

Corp.

9,868,282‌

387,913‌

SM

Energy

Co.

15,019,991‌

51,368,635‌

Financials

-

17.1%

389,907‌

Atlantic

Union

Bankshares

Corp.

14,247,202‌

313,848‌

BRP

Group,

Inc.,

Class A (a)

7,538,629‌

200,622‌

Cass

Information

Systems,

Inc.

9,038,021‌

206,954‌

Mercantile

Bank

Corp.

8,356,803‌

281,755‌

Moelis

&

Co.,

Class A

15,814,908‌

221,458‌

Origin

Bancorp,

Inc.

7,877,261‌

345,807‌

Seacoast

Banking

Corp.

of

Florida

9,841,667‌

180,671‌

Selective

Insurance

Group,

Inc.

17,973,151‌

176,180‌

SouthState

Corp.

14,878,401‌

219,396‌

Stewart

Information

Services

Corp.

12,889,515‌

104,913‌

UMB

Financial

Corp.

8,765,481‌

127,221,039‌

Health

Care

-

12.0%

138,043‌

Addus

HomeCare

Corp. (a)

12,817,293‌

139,442‌

AMN

Healthcare

Services,

Inc. (a)

10,441,417‌

491,804‌

Avanos

Medical,

Inc. (a)

11,031,164‌

185,077‌

Enovis

Corp. (a)

10,368,014‌

186,266‌

Integer

Holdings

Corp. (a)

18,455,235‌

209,531‌

Omnicell,

Inc. (a)

7,884,651‌

166,682‌

Pacira

BioSciences,

Inc. (a)

5,623,851‌

135,466‌

Simulations

Plus,

Inc.

6,062,103‌

229,335‌

Supernus

Pharmaceuticals,

Inc. (a)

6,636,955‌

89,320,683‌

Industrials

-

21.9%

93,575‌

American

Woodmark

Corp. (a)

8,688,439‌

266,957‌

Barnes

Group,

Inc.

8,710,807‌

66,850‌

Comfort

Systems

USA,

Inc.

13,749,040‌

70,163‌

CSW

Industrials,

Inc.

14,552,508‌

108,888‌

EnerSys

10,993,332‌

119,564‌

Enpro,

Inc.

18,740,461‌

408,719‌

ExlService

Holdings,

Inc. (a)

12,608,981‌

145,626‌

Franklin

Electric

Co.,

Inc.

14,074,753‌

Shares

Security

Description

Value

123,686‌

Helios

Technologies,

Inc.

$

5,609,160‌

136,276‌

ICF

International,

Inc.

18,273,249‌

203,641‌

Kforce,

Inc.

13,757,986‌

235,667‌

Korn

Ferry

13,986,836‌

82,865‌

NV5

Global,

Inc. (a)

9,207,959‌

162,953,511‌

Information

Technology

-

14.8%

114,778‌

Advanced

Energy

Industries,

Inc.

12,501,620‌

143,197‌

Ambarella,

Inc. (a)

8,776,544‌

379,231‌

Benchmark

Electronics,

Inc.

10,481,945‌

141,724‌

Blackbaud,

Inc. (a)

12,287,471‌

182,217‌

CTS

Corp.

7,970,172‌

143,827‌

Diodes,

Inc. (a)

11,580,950‌

105,649‌

Onto

Innovation,

Inc. (a)

16,153,732‌

140,170‌

Power

Integrations,

Inc.

11,509,359‌

54,186‌

SPS

Commerce,

Inc. (a)

10,503,414‌

846,936‌

Viavi

Solutions,

Inc. (a)

8,528,645‌

110,293,852‌

Materials

-

3.2%

87,169‌

Balchem

Corp.

12,966,389‌

156,081‌

Kaiser

Aluminum

Corp.

11,111,406‌

24,077,795‌

Real

Estate

-

4.6%

114,263‌

Agree

Realty

Corp.

REIT

7,192,856‌

393,073‌

Marcus

&

Millichap,

Inc.

17,169,429‌

883,843‌

Sunstone

Hotel

Investors,

Inc.

REIT

9,483,635‌

33,845,920‌

Utilities

-

2.7%

81,628‌

Chesapeake

Utilities

Corp.

8,622,365‌

112,643‌

IDACORP,

Inc.

11,075,060‌

19,697,425‌

Total

Common

Stocks

(Cost

$515,056,527)

729,081,520‌

Shares

Security

Description

Value

Short-Term

Investments

-

1.7%

Investment

Company

-

1.7%

12,930,183‌

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares,

5.26% (b)

12,930,183‌

Total

Short-Term

Investments

(Cost

$12,930,183)

12,930,183‌

Investments,

at

value

-

99.8%

(Cost

$527,986,710)

742,011,703‌

Other

assets

in

excess

of

liabilities

-

0.2%

1,257,776‌

NET

ASSETS

-

100.0%

$

743,269,479‌

Notes

to

Schedules

of

Portfolio

Investments

December

31,

2023

(Unaudited)

Quarterly

Report

2023

21

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

December

31,

2023

(Unaudited)

Quarterly

Report

2023

22

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

December

31,

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

$

–‌

$

53,682,324‌

$

–‌

$

53,682,324‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

26,477,502‌

–‌

26,477,502‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

11,142,395‌

–‌

11,142,395‌

Corporate

Bonds

–‌

58,269,645‌

–‌

58,269,645‌

Government

&

Agency

Obligations

–‌

58,304,221‌

–‌

58,304,221‌

Preferred

Stocks

327,292‌

–‌

–‌

327,292‌

Short-Term

Investments

621,349‌

–‌

–‌

621,349‌

Total

$

948,641‌

$

207,876,087‌

$

–‌

$

208,824,728‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Income

Fund

Asset

Backed

Securities

$

–‌

$

13,818,934‌

$

–‌

$

13,818,934‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

8,499,969‌

–‌

8,499,969‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

14,077,291‌

–‌

14,077,291‌

Corporate

Bonds

–‌

41,031,435‌

–‌

41,031,435‌

Government

&

Agency

Obligations

–‌

83,717,759‌

–‌

83,717,759‌

Short-Term

Investments

1,258,648‌

–‌

–‌

1,258,648‌

Total

$

1,258,648‌

$

161,145,388‌

$

–‌

$

162,404,036‌

Notes

to

Schedules

of

Portfolio

Investments

December

31,

2023

(Unaudited)

Quarterly

Report

2023

23

*

See

Schedules

of

Portfolio

Investments

for

further

industry

classification.

Security

Transactions,

Investment

Income

and

Foreign

Taxes

Securities

transactions

are

accounted

for

no

later

than

one

business

day

following

trade

date.

For

financial

reporting

purposes,

however,

on

the

last

business

day

of

the

reporting

period,

security

transactions

are

accounted

for

on

trade

date.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premium

or

accretion

of

discount,

using

the

effective

interest

method.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Dividends

and

interest

from

non-U.S.

sources

received

by

a

Fund

are

generally

subject

to

non-U.S.

net

withholding

taxes.

Such

withholding

taxes

may

be

reduced

or

eliminated

under

the

terms

of

applicable

U.S.

income

tax

treaties,

and

each

Fund

intends

to

undertake

any

procedural

steps

required

to

claim

the

benefits

of

such

treaties.

Gains

or

losses

realized

on

the

sales

of

securities

are

determined

by

comparing

the

identified

cost

of

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

on

foreign

dividends

have

been

paid

or

provided

for

in

accordance

with

each

applicable

country’s

tax

rules

and

rates.

Interest

only

stripped

mortgage

backed

securities

(“IO

Strips”)

are

securities

that

receive

only

interest

payments

from

a

pool

of

mortgage

loans.

Little

to

no

principal

will

be

received

by

the

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Nebraska

Tax-Free

Fund

Government

&

Agency

Obligations

$

–‌

$

51,002,205‌

$

–‌

$

51,002,205‌

Short-Term

Investments

657,297‌

–‌

–‌

657,297‌

Total

$

657,297‌

$

51,002,205‌

$

–‌

$

51,659,502‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Balanced

Fund

Common

Stocks*

$

47,727,226‌

$

–‌

$

–‌

$

47,727,226‌

Asset

Backed

Securities

–‌

3,504,400‌

–‌

3,504,400‌

Non-Agency

Commercial

Mortgage

Backed

Securities

–‌

2,407,637‌

–‌

2,407,637‌

Non-Agency

Residential

Mortgage

Backed

Securities

–‌

931,054‌

–‌

931,054‌

Corporate

Bonds

–‌

8,982,205‌

–‌

8,982,205‌

Government

&

Agency

Obligations

–‌

13,655,989‌

–‌

13,655,989‌

Short-Term

Investments

2,096,730‌

–‌

–‌

2,096,730‌

Total

$

49,823,956‌

$

29,481,285‌

$

–‌

$

79,305,241‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small/Mid

Cap

Fund

Common

Stocks*

$

13,044,228‌

$

–‌

$

–‌

$

13,044,228‌

Short-Term

Investments

95,768‌

–‌

–‌

95,768‌

Total

$

13,139,996‌

$

–‌

$

–‌

$

13,139,996‌

LEVEL

1

–

Quoted

Prices

LEVEL

2

-

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Small

Company

Fund

Common

Stocks*

$

729,081,520‌

$

–‌

$

–‌

$

729,081,520‌

Short-Term

Investments

12,930,183‌

–‌

–‌

12,930,183‌

Total

$

742,011,703‌

$

–‌

$

–‌

$

742,011,703‌

Notes

to

Schedules

of

Portfolio

Investments

December

31,

2023

(Unaudited)

Quarterly

Report

2023

24

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.