NPORT-EX 2 07005.htm
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.