Agree Realty Corp.

NPORT-P false 0000932381 XXXXXXXX S000022139 C000091259 C000063513 TRIBUTARY CAPITAL MANAGEMENT, LLC 811-08846 0000932381 2549000T9YMVQWFGOI81 1620 DODGE STREET OMAHA 68197 800-662-4203 TRIBUTARY SMALL COMPANY FUND S000022139 254900F3O2YJ4STYZ694 2025-03-31 2025-03-31 N 657068748.09 694326.84 656374421.25 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Agree Realty Corp N/A Agree Realty Corp. 008492100 95971.00000000 NS USD 7408001.49000000 1.128624341559 Long EC CORP US N 1 N N N Dorman Products Inc 2549000O0BBUX740XR59 Dorman Products, Inc. 258278100 89699.00000000 NS USD 10812317.46000000 1.647278917330 Long EC CORP US N 1 N N N AMN Healthcare Services Inc 529900W3ARRTCNFH2I39 AMN Healthcare Services, Inc. 001744101 294533.00000000 NS USD 7204277.18000000 1.097586521772 Long EC CORP US N 1 N N N Origin Bancorp Inc 54930055DO2Z4KO3NB45 Origin Bancorp, Inc. 68621T102 270470.00000000 NS USD 9377194.90000000 1.428635028486 Long EC CORP US N 1 N N N Monarch Casino & Resort Inc 549300AK5FF7KY11V997 Monarch Casino & Resort, Inc. 609027107 162543.00000000 NS USD 12637718.25000000 1.925382501337 Long EC CORP US N 1 N N N Enpro Inc 549300Y5CFT2LKCFDN54 Enpro, Inc. 29355X107 106097.00000000 NS USD 17165433.63000000 2.615189299624 Long EC CORP US N 1 N N N NV5 Global Inc N/A NV5 Global, Inc. 62945V109 498741.00000000 NS USD 9610739.07000000 1.464215965591 Long EC CORP US N 1 N N N Moelis & Co 549300891QNU7VTQUR83 Moelis & Co. 60786M105 250022.00000000 NS USD 14591283.92000000 2.223012269767 Long EC CORP US N 1 N N N Selective Insurance Group Inc 549300R3WGJWLE40R258 Selective Insurance Group, Inc. 816300107 181228.00000000 NS USD 16589611.12000000 2.527461549828 Long EC CORP US N 1 N N N CareTrust REIT Inc 5493001NVXE2B9GPLU96 CareTrust REIT, Inc. 14174T107 318031.00000000 NS USD 9089325.98000000 1.384777603412 Long EC CORP US N 1 N N N CTS Corp 549300YV1HQLBVHOI649 CTS Corp. 126501105 181032.00000000 NS USD 7521879.60000000 1.145973907038 Long EC CORP US N 1 N N N NETSTREIT Corp 254900CJL0EDMEQ25Q84 NETSTREIT Corp. 64119V303 533819.00000000 NS USD 8461031.15000000 1.289055587188 Long EC CORP US N 1 N N N EnerSys 7ZS3DE5PN30BYUJFWP05 EnerSys 29275Y102 136215.00000000 NS USD 12474569.70000000 1.900526482467 Long EC CORP US N 1 N N N Balchem Corp 549300VR70OPMHUI3557 Balchem Corp. 057665200 77352.00000000 NS USD 12840432.00000000 1.956266360219 Long EC CORP US N 1 N N N Cass Information Systems Inc 549300G7XPIPR7SJ2F38 Cass Information Systems, Inc. 14808P109 188610.00000000 NS USD 8157382.50000000 1.242794087628 Long EC CORP US N 1 N N N Enovis Corp 635400OP2DYYYMOIYL17 Enovis Corp. 194014502 358536.00000000 NS USD 13699660.56000000 2.087171607618 Long EC CORP US N 1 N N N Simulations Plus Inc N/A Simulations Plus, Inc. 829214105 238981.00000000 NS USD 5859814.12000000 0.892754795173 Long EC CORP US N 1 N N N Ambarella Inc 254900XN7F4DG0CEKC02 Ambarella, Inc. G037AX101 139547.00000000 NS USD 7023400.51000000 1.070029587171 Long EC CORP KY N 1 N N N LGI Homes Inc 549300W02B4WNV8CV109 LGI Homes, Inc. 50187T106 132361.00000000 NS USD 8798035.67000000 1.340398922499 Long EC CORP US N 1 N N N Baldwin Insurance Group Inc/Th N/A The Baldwin Insurance Group, Inc. 05589G102 279094.00000000 NS USD 12472710.86000000 1.900243284350 Long EC CORP US N 1 N N N Seacoast Banking Corp of Flori 549300V6IC06XYQYPG88 Seacoast Banking Corp. of Florida 811707801 387739.00000000 NS USD 9976524.47000000 1.519944127469 Long EC CORP US N 1 N N N Blackbaud Inc 54930056X3HKFMNG3754 Blackbaud, Inc. 09227Q100 165483.00000000 NS USD 10268220.15000000 1.564384567339 Long EC CORP US N 1 N N N Addus HomeCare Corp 52990090ZT33AKPDBX62 Addus HomeCare Corp. 006739106 137088.00000000 NS USD 13556632.32000000 2.065380959572 Long EC CORP US N 1 N N N Integer Holdings Corp 549300SUD2ED5XG6X569 Integer Holdings Corp. 45826H109 165287.00000000 NS USD 19505518.87000000 2.971706123595 Long EC CORP US N 1 N N N Northern Oil & Gas Inc OKFF0PIZDDMNH4UCYE51 Northern Oil & Gas, Inc. 665531307 400838.00000000 NS USD 12117332.74000000 1.846100693095 Long EC CORP US N 1 N N N Kaiser Aluminum Corp N/A Kaiser Aluminum Corp. 483007704 159865.00000000 NS USD 9691016.30000000 1.476446367538 Long EC CORP US N 1 N N N Patrick Industries Inc 549300FZ5ZTCCJ3Z5W14 Patrick Industries, Inc. 703343103 181555.00000000 NS USD 15352290.80000000 2.338953241164 Long EC CORP US N 1 N N N Benchmark Electronics Inc 549300W18RHYZOZKOP53 Benchmark Electronics, Inc. 08160H101 301176.00000000 NS USD 11453723.28000000 1.744998419985 Long EC CORP US N 1 N N N Walker & Dunlop Inc N/A Walker & Dunlop, Inc. 93148P102 86956.00000000 NS USD 7422564.16000000 1.130842994439 Long EC CORP US N 1 N N N Kforce Inc 5493003RDQQDVXY2SK46 Kforce, Inc. 493732101 283602.00000000 NS USD 13865301.78000000 2.112407389915 Long EC CORP US N 1 N N N UMB Financial Corp 549300MGEH3N3CUCV828 UMB Financial Corp. 902788108 113219.00000000 NS USD 11446440.90000000 1.743888934337 Long EC CORP US N 1 N N N Utz Brands Inc N/A Utz Brands, Inc. 918090101 508732.00000000 NS USD 7162946.56000000 1.091289716372 Long EC CORP US N 1 N N N LiveRamp Holdings Inc 254900GXS75LG1X7RF88 LiveRamp Holdings, Inc. 53815P108 299838.00000000 NS USD 7837765.32000000 1.194099749510 Long EC CORP US N 1 N N N Korn Ferry 549300FOD20OM0GT5G40 Korn Ferry 500643200 209124.00000000 NS USD 14184880.92000000 2.161095932560 Long EC CORP US N 1 N N N Advanced Energy Industries Inc 549300756XI3QLFT2U27 Advanced Energy Industries, Inc. 007973100 110605.00000000 NS USD 10541762.55000000 1.606059317473 Long EC CORP US N 1 N N N Supernus Pharmaceuticals Inc 549300GRM36VBKISYJ58 Supernus Pharmaceuticals, Inc. 868459108 203506.00000000 NS USD 6664821.50000000 1.015399333707 Long EC CORP US N 1 N N N Diodes Inc 549300XP2X1ARVH3BX23 Diodes, Inc. 254543101 231490.00000000 NS USD 9993423.30000000 1.522518699154 Long EC CORP US N 1 N N N Alamo Group Inc 54930080C93RVZRSDV26 Alamo Group, Inc. 011311107 69773.00000000 NS USD 12434246.33000000 1.894383133687 Long EC CORP US N 1 N N N N/A N/A BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares 09248U718 16524400.07000000 NS USD 16524400.07000000 2.517526511549 Long STIV RF US N 1 N N N Mercantile Bank Corp P16VZZCKTJ5IONL6XE37 Mercantile Bank Corp. 587376104 170187.00000000 NS USD 7392923.28000000 1.126327145095 Long EC CORP US N 1 N N N Viavi Solutions Inc 5493006K3E3N1QOBF092 Viavi Solutions, Inc. 925550105 755095.00000000 NS USD 8449513.05000000 1.287300780842 Long EC CORP US N 1 N N N Ollie's Bargain Outlet Holding 529900YO5DSQCPEFDZ05 Ollie's Bargain Outlet Holdings, Inc. 681116109 158820.00000000 NS USD 18480295.20000000 2.815511178026 Long EC CORP US N 1 N N N Boot Barn Holdings Inc 529900QE1BFMYA3N4E71 Boot Barn Holdings, Inc. 099406100 104660.00000000 NS USD 11243623.80000000 1.712989329868 Long EC CORP US N 1 N N N IDACORP Inc N134NUJDWN8UEFA8B673 IDACORP, Inc. 451107106 112239.00000000 NS USD 13044416.58000000 1.987343832679 Long EC CORP US N 1 N N N ICF International Inc 5493003KYFDDC5B3WY64 ICF International, Inc. 44925C103 135666.00000000 NS USD 11527540.02000000 1.756244552925 Long EC CORP US N 1 N N N CSW Industrials Inc 549300SYOEO3RVQ7FB83 CSW Industrials, Inc. 126402106 39199.00000000 NS USD 11427292.48000000 1.740971632964 Long EC CORP US N 1 N N N Power Integrations Inc 54930085LGXSCIHD5W31 Power Integrations, Inc. 739276103 182927.00000000 NS USD 9237813.50000000 1.407399984052 Long EC CORP US N 1 N N N Franklin Electric Co Inc RR6AURIKMXUE4Q24G284 Franklin Electric Co., Inc. 353514102 102243.00000000 NS USD 9598572.84000000 1.462362415299 Long EC CORP US N 1 N N N Avanos Medical Inc 549300YCXWOM7NEWMQ58 Avanos Medical, Inc. 05350V106 398198.00000000 NS USD 5706177.34000000 0.869347914126 Long EC CORP US N 1 N N N ESCO Technologies Inc 5493007JJLP5MEWVDH10 ESCO Technologies, Inc. 296315104 106751.00000000 NS USD 16986219.12000000 2.587885598535 Long EC CORP US N 1 N N N Atlantic Union Bankshares Corp N/A Atlantic Union Bankshares Corp. 04911A107 403092.00000000 NS USD 12552284.88000000 1.912366550801 Long EC CORP US N 1 N N N Stewart Information Services C 529900TV1XI0PLKENU10 Stewart Information Services Corp. 860372101 194686.00000000 NS USD 13890846.10000000 2.116299119875 Long EC CORP US N 1 N N N ExlService Holdings Inc 81E3DTNF6OSH489ZOV15 ExlService Holdings, Inc. 302081104 286803.00000000 NS USD 13539969.63000000 2.062842364303 Long EC CORP US N 1 N N N Marcus & Millichap Inc 549300B2HE8ULXNB1N48 Marcus & Millichap, Inc. 566324109 386890.00000000 NS USD 13328360.50000000 2.030603275889 Long EC CORP US N 1 N N N Sunstone Hotel Investors Inc 529900ZQ2V52V96ATF67 Sunstone Hotel Investors, Inc. 867892101 784298.00000000 NS USD 7380244.18000000 1.124395457998 Long EC CORP US N 1 N N N Acushnet Holdings Corp 529900W5FI106H543E43 Acushnet Holdings Corp. 005098108 156533.00000000 NS USD 10747555.78000000 1.637412341500 Long EC CORP US N 1 N N N SM Energy Co 84BUTVXV5ODI6BXNMH43 SM Energy Co. 78454L100 377370.00000000 NS USD 11302231.50000000 1.721918334123 Long EC CORP US N 1 N N N Chesapeake Utilities Corp 254900WW0FDCKAOCKE74 Chesapeake Utilities Corp. 165303108 78528.00000000 NS USD 10085351.04000000 1.536524080385 Long EC CORP US N 1 N N N Vital Energy Inc 549300X0PTWU2QSLSL14 Vital Energy, Inc. 516806205 149708.00000000 NS USD 3176803.76000000 0.483992620241 Long EC CORP US N 1 N N N Cohu Inc 529900FJPORJ3JJ2XS33 Cohu, Inc. 192576106 338106.00000000 NS USD 4973539.26000000 0.757728988056 Long EC CORP US N 1 N N N 2025-05-28 Tributary Funds, Inc. /s/ Karen Shaw Karen Shaw Treasurer