0001435109-17-000395.txt : 20170602 0001435109-17-000395.hdr.sgml : 20170602 20170602110150 ACCESSION NUMBER: 0001435109-17-000395 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170602 DATE AS OF CHANGE: 20170602 EFFECTIVENESS DATE: 20170602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tributary Funds, Inc. CENTRAL INDEX KEY: 0000932381 IRS NUMBER: 000000000 STATE OF INCORPORATION: NE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08846 FILM NUMBER: 17886736 BUSINESS ADDRESS: STREET 1: 1620 DODGE STREET STREET 2: STOP 1075 CITY: OMAHA STATE: NE ZIP: 68197 BUSINESS PHONE: 1-800-662-4203 MAIL ADDRESS: STREET 1: 1620 DODGE STREET STREET 2: STOP 1075 CITY: OMAHA STATE: NE ZIP: 68197 FORMER COMPANY: FORMER CONFORMED NAME: FIRST FOCUS FUNDS INC DATE OF NAME CHANGE: 20010731 FORMER COMPANY: FORMER CONFORMED NAME: FIRST OMAHA FUNDS INC DATE OF NAME CHANGE: 19941103 0000932381 S000022134 Short-Intermediate Bond Fund C000063508 Institutional FOSIX C000091254 Institutional Plus FOSPX 0000932381 S000022135 Income Fund C000063509 Institutional FOINX C000091255 Institutional Plus FOIPX 0000932381 S000022136 Balanced Fund C000063510 Institutional FOBAX C000091256 Institutional Plus FOBPX 0000932381 S000022138 Growth Opportunities Fund C000063512 Institutional FOGRX C000091258 Institutional Plus FOGPX 0000932381 S000022139 Small Company Fund C000063513 Institutional FOSCX C000091259 Institutional Plus FOSBX 0000932381 S000052300 Tributary Nebraska Tax-Free Fund C000164428 Institutional Plus Class FONPX N-CSR 1 dncsr.htm
As filed with the Securities and Exchange Commission on June 2, 2017

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-08846

Tributary Funds, Inc.

Tributary Capital Management, LLC
1620 Dodge Street
Omaha, Nebraska 68197


Karen Shaw
Atlantic Fund Services, LLC
Three Canal Plaza, Suite 600
Portland, ME 04101


Registrant's telephone number, including area code: (800) 662-4203


Date of fiscal year end: March 31

Date of reporting period: April 1, 2016 – March 31, 2017


ITEM 1. REPORT TO STOCKHOLDERS.
 
 
Dear Shareholder:
The Tributary Funds concluded the fiscal year ended March 31, 2017 with total assets of $1.19 billion, an increase of over 30% from a year ago.  Investor inflows into our mutual funds, combined with market returns, drove this growth.  Equity markets posted strong returns over the last twelve months with the S&P 500 Index providing a total return of +17.2%.  Smaller companies outperformed larger stocks, as demonstrated by the Russell 2000 benchmark's total return of +26.2%.  The market also exhibited a preference for value over growth.  For example, the Russell 1000 Value Index outperformed the Russell 1000 Growth Index with a total return of +19.2% versus +15.8%.  In the fixed income markets, it was a year of higher rates across the curve due to actual and expected rate hikes by the Fed.  At the short end, the 3-Month U.S. Treasury rose from 0.20% to 0.75%.  Longer-term rates, as measured by the 10-Year U.S. Treasury, rose from 1.77% to 2.39%.  With the inverse relationship between interest rates and bond prices, higher rates tended to dampen total returns in the fixed income arena.

For the trailing year, returns in four of the six funds in the Tributary family were particularly noteworthy.  The Growth Opportunities, Nebraska Tax-Free, Short-Intermediate, and Small Company funds all ranked in the top half of their Morningstar peer groups on a trailing year basis.  Over the past three years, four funds (Growth Opportunities, Income, Short-Intermediate, and Small Company) rank in the top half of their peer groups.  Our Balanced fund performed in-line with its peer group average.  (Our newest fund, the Nebraska Tax-Free Fund, was established on December 31, 2015.)

While our funds offer investors exposure to a variety of asset classes and financial markets, there are some common philosophical threads that run through our various portfolios.  Collectively, our investment managers believe certain concepts are conducive to generating attractive long-term returns, and should support our investors in achieving their investment goals.

Each of our funds has a specific investment objective tied to the asset class on which it focuses.  From a broader perspective, however, we adhere to a goal of generating above-average long term returns versus our benchmarks and comparable investment managers, while assuming below-average risk.  Over time, we believe this dynamic will work in favor of investors, as we believe managing downside risk manifests itself in attractive returns when performance is compounded over a number of years.

Implementation of this objective varies from fund to fund, but each strategy employs some degree of bottom-up investment selection and fundamental analysis.  The concept of 'knowing what you own' offers our portfolio managers higher conviction in their holdings, and can create opportunities for investors when securities become temporarily mispriced by the market.  At the same time, we believe this level of analysis offers an extensive vetting of proposed and existing investments, and allows for a more thorough consideration of the risk involved in any portfolio holding.

This being said, it should come as no surprise that risk management is an integral part of our investment philosophy, and is thoroughly embedded in our entire process.  As Warren Buffett once said, "Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero."  While this example may be a bit extreme, the concept is certainly valid.  Often times the most important part of growing wealth over time is minimizing losses.

As we stand today, equity market valuations are high with stocks trading near the top of their thirty-year ranges.  Does this mean we are facing a period of sub-par market returns as valuations gravitate back toward historical averages, or is the market discounting an opportunity that has yet to be reflected in corporate earnings?

As 2016 concluded, and through much of the first quarter of 2017, it seemed to be the latter.  The U.S. economic expansion, while long in duration, had been fairly modest in magnitude.  But under the belief that an incoming Trump administration could juice the economy (and thus corporate earnings) through a combination of domestic stimulus, regulatory relief, and tax reform, investors bid up shares.  Given the challenges encountered in the effort to repeal and replace the Affordable Care Act and enact other key policy initiatives, the effectiveness of the Trump agenda has become somewhat uncertain, but at this time it has not yet served to derail the markets.

Current market valuation will eventually be corrected, either through higher earnings, sub-par returns, or some combination thereof.  We will watch and analyze, and adjust portfolios as needed.  Regardless of the result, however, the Tributary Funds will remain consistent to our philosophy and discipline, which we feel will help us successfully navigate the outcome.

Best regards,
          
 
Mark A. Wynegar                        Stephen C. Wade
President, Tributary Capital Management  President, Tributary Funds
 
 
 
1
 
SHORT-INTERMEDIATE BOND FUND (Unaudited)
 
Investment Objective
The Tributary Short-Intermediate Bond Fund seeks to maximize total return in a manner consistent with the generation of current income, preservation of capital and reduced price volatility.
 
Manager Commentary
Over the past year, markets moved from a period of volatility to stability, with much improved market conditions at the finish. As we moved out of the first quarter of 2016, interest rates were falling and the Treasury curve was flattening in reaction to very weak global equity and commodity markets. Global central banks responded in unison to the tighter financial conditions with a series of accommodative policy initiatives, including lower interest rates and increased security purchases. The decline in yields bottomed out when the United Kingdom voted to leave the European Union and investors ran for the safety of U.S. Treasury securities. This initial instability caused the 10-year U.S. Treasury yield to decline from 2.24% at the start of 2016 to a multi-year low of 1.38% by mid-summer. The markets quickly recovered, however, as accommodative monetary policies and improving economic data gave investors the confidence to move out of the safety of U.S. Treasury notes and into riskier assets. The election of Donald Trump and the Republican sweep of Congress led to an enthusiastic market response, as investors focused on increased fiscal stimulus, tax reform and infrastructure spending. Stocks rallied and bonds sold off smartly after the election and into the new calendar year, with the 10-year Treasury yield eventually climbing to a high of 2.63% by mid-March. The Federal Reserve used the sudden burst of investor and consumer confidence as an opportunity to increase the fed funds rate in December, and only three months later in March they hiked again due to the rapid improvement in market sentiment. As the Fund's fiscal year drew to a close, however, some of the euphoria seemed to come out of the market. Investors began to question whether the inability of the government to repeal and replace the Affordable Care Act indicated that it would have difficulty passing tax reform and infrastructure legislation as well. After an eventful year, U.S. Treasury yields eased off of their highs, and the period ended with credit spreads tighter and interest rates moderately higher than where they started.
The Tributary Short-Intermediate Bond Fund returned 1.70% (net, Institutional Plus) for the year ended March 31, 2017 compared to a 0.52% return for the Barclays U.S Government/Credit 1-5 Year Index. U.S. Treasury yields moved higher over the trailing 12 months and the front end of the yield curve steepened slightly as short -term yields were 50 basis points (bps) higher, while the 5-year yield rose over 70 bps. The shift of the yield curve was a positive contributor to the Fund's relative performance for the year, as our lower duration exposure boosted performance against the benchmark. The largest positive impact on performance came from the Fund's sector allocation decision and related yield advantage versus the benchmark. Our overweight position in the credit sectors of the market was especially beneficial, as credit spreads on non-government securities tightened significantly over the year. Lower-quality corporate bonds were the best performing asset class in fixed income (the Barclays Corporate High Yield index returned over 16%), driven by the rebound in crude oil prices and the dovish tone from central banks early in the year. Within the investment grade space, corporate bonds were the best performing sector with a 5.0% excess return over similar maturity Treasuries. Non-corporate credit came in next with a 2.7% excess return, due largely to the exposure to emerging market sovereign debt. Commercial mortgage backed securities ("MBS") and asset backed securities ("ABS") followed with a 1.8% excess return, while agency MBS performed in-line with Treasuries. In addition to duration and sector allocation, the Fund's performance was also boosted by positive security selection in the ABS sector.
During the year, the Fund's overall sector allocation shifted toward corporate credit securities and ABS and away from government securities and the non-agency residential mortgage backed securities ("RMBS") space. We increased exposure mostly to industrial corporate bonds as we identified issuers with compelling credit fundamentals or deleveraging potential. Our agency MBS allocation was essentially unchanged given that we find limited relative value in the sector, while our non-agency RMBS exposure declined due to steady paydowns on legacy paper. The Fund's allocation to ABS product increased as we added positions in equipment-backed and seasoned auto-loan backed securities, among others. In terms of credit quality there was no significant change during the year, as the Fund maintained a AA- weighted average credit rating.
Unlike the last few years when the markets were focused almost exclusively on monetary policy, market attention has shifted to fiscal policy and the potential for the successful implementation of pro-growth legislation. Since the election, markets have built in expectations for lower tax rates, reduced regulation, and increased infrastructure spending through higher interest rates and increased equity valuations. For interest rates and the stock market to remain at current levels or go higher, the White House and Congress must have some success in passing the proposed legislation into law. If these expectations aren't met, the pace of fed funds rate increases may slow and the market may take interest rates lower and credit spreads wider. As a result, we continue to manage our portfolios with an agnostic view toward the direction of interest rates. Based on the Fed's recent shift in policy and its current discussions regarding the eventual tapering of its balance sheet reinvestments, we continue to maintain a shorter duration position relative to our benchmark. As for the Fund's sector allocation, we remain overweight in the non-agency RMBS and commercial mortgage backed securities ("CMBS") sectors, as well as the traditional ABS space, where we continue to believe yields offer better compensation per unit of risk. We also remain overweight in the broad corporate sector, due largely to our exposure to industrial credits. With spreads relatively tight from a historical perspective, and given we're likely in the later stages of the credit cycle, identifying and capitalizing on individual buy/sell opportunities in a timely manner will remain a key driver of performance. Lastly, we maintain a modest exposure to the agency MBS sector for the yield benefit, while remaining underweight in the traditional U.S. government bond sector.
As always, we remain committed to seeking prudent, value-enhancing investment opportunities consistent with our disciplined approach of managing for the long-term.
2
 
 
 
SHORT-INTERMEDIATE BOND FUND (Unaudited)
 
Return of a $10,000 Investment as of March 31, 2017
 
 
Portfolio Composition as of March 31, 2017
Percentage Based on Total Value of Investments
(Portfolio composition is subject to change)
Corporate Bonds
32.0
%
U.S. Treasury Securities
21.7
%
Asset Backed Securities
16.9
%
Non-Agency Residential Mortgage Backed Securities
14.3
%
Non-Agency Commercial Mortgage Backed Securities
9.9
%
U.S. Government Mortgage Backed Securities
2.7
%
Short-Term Investments
1.9
%
Preferred Stocks
0.4
%
Municipals
0.2
%
 
100.0
%
 
Portfolio Analysis as of March 31, 2017
(Portfolio composition is subject to change)
Weighted Average to Maturity:
4.7
 years
 
Average Annual Total Returns for the Year Ended March 31, 2017*
 
1 Year
5 Year
  
10 Year
  
Tributary Short-Intermediate Bond Fund — Institutional Class
1.48
%
  
1.63%
 
 2.83%
 
Barclays U.S. Government/Credit 1-5 Year Index
0.52
%
  
1.30%
 
 2.95%
 
Prospectus Expense Ratio (Gross/Net)†
  
1.11%
 
 0.76%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
1.28%
 
     0.75%
 
 
1 Year
5 Year
  
Since
Inception††
  
Tributary Short-Intermediate Bond  Fund — Institutional Plus Class
1.70
%
  
1.89%
 
 4.56%
 
Prospectus Expense Ratio (Gross/Net)†
  
0.77%
 
0.54%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
0.75%
 
  
0.54%
 
 
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower to higher. Total returns include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at www.tributaryfunds.com.
(†) The expense ratios are from the Fund's prospectus dated August 1, 2016. Net expense ratios are net of contractual waivers which are in effect from through July 31, 2018.
(††) Commencement date for the Institutional Plus Class was October 14, 2011.
(*) Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects contractual fee waivers in effect for certain periods. Without these fee waivers, the performance would have been lower.
The line chart assumes an initial investment of $10,000 made on March 31, 2007. Total return is based on net change in net asset value ("NAV") assuming reinvestment of all dividends and other distributions.
The performance of Institutional Plus Class will be different than Institutional Class based on differences in fees borne by each class.
Barclays U.S. Government/Credit 1-5 Year Index is an unmanaged index which measures the performance of U.S. Treasury and agency securities, and corporate bonds with 1-5 year maturities. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management, administration and other operational fees. Investors cannot directly invest in the index.
 
 
3
 
INCOME FUND (Unaudited)
 
Investment Objective
The Tributary Income Fund seeks the generation of current income in a manner consistent with preserving capital and maximizing total return.
 
Manager Commentary
Over the past year, markets moved from a period of volatility to stability, with much improved market conditions at the finish.  As we moved out of the first quarter of 2016, interest rates were falling and the Treasury curve was flattening in reaction to very weak global equity and commodity markets.  Global central banks responded in unison to the tighter financial conditions with a series of accommodative policy initiatives, including lower interest rates and increased security purchases.  The decline in yields bottomed out when the United Kingdom voted to leave the European Union and investors ran for the safety of U.S. Treasury securities.  This initial instability caused the ten-year U.S. Treasury yield to decline from 2.24% at the start of 2016 to a multi-year low of 1.38% by mid-summer.  The markets quickly recovered, however, as accommodative monetary policies and improving economic data gave investors the confidence to move out of the safety of U.S. Treasury notes and into riskier assets.  The election of Donald Trump and the Republican sweep of Congress led to an enthusiastic market response, as investors focused on increased fiscal stimulus, tax reform and infrastructure spending.  Stocks rallied and bonds sold off smartly after the election and into the new calendar year, with the ten-year Treasury yield eventually climbing to a high of 2.63% by mid-March.  The Federal Reserve used the sudden burst of investor and consumer confidence as an opportunity to increase the fed funds rate in December, and only three months later in March they hiked again due to the rapid improvement in market sentiment.   As the Fund's fiscal year drew to a close, however, some of the euphoria seemed to come out of the market.  Investors began to question whether the inability of the government to repeal and replace the Affordable Care Act indicated that it would have difficulty passing tax reform and infrastructure legislation as well.  After an eventful year, U.S. Treasury yields eased off of their highs, and the period ended with credit spreads tighter and interest rates moderately higher than where they started.

The Tributary Income Fund returned 1.07 % (net, Institutional Plus) for the year ended March 31, 2017 compared to a 0.44% return for the Barclays U.S. Aggregate Bond Index.  U.S. Treasury yields moved higher over the trailing 12 months and the yield curve flattened as short and intermediate-term yields were 60-70 basis points (bps) higher, while the 30-year yield rose only 40 bps.  The shift of the yield curve was a positive contributor to the Fund's relative performance for the year, as our lower duration exposure in the belly of the curve boosted performance against the benchmark.  The largest positive impact on performance came from the Fund's sector allocation decision.  Our overweight position in the credit sectors of the market was especially beneficial, as credit spreads on non-government securities tightened significantly over the year.  Lower-quality corporate bonds were the best performing asset class in fixed income (the Barclays Corporate High Yield index returned over 16%), driven by the rebound in crude oil prices and the dovish tone from central banks early in the year.  Within the investment grade space, corporate bonds were the best performing sector with a 5.0% excess return over similar maturity Treasuries.  Non-corporate credit came in next with a 2.7% excess return, due largely to the exposure to emerging market sovereign debt.  Commercial mortgage backed securities ("MBS") and asset backed securities ("ABS") followed with a 1.8% excess return, while agency MBS performed in-line with Treasuries.  In addition to yield curve and sector allocation, the Fund's performance was also boosted by positive security selection in the ABS sector.

During the year the Fund's overall sector allocation shifted toward corporate credit securities and agency MBS and away from government securities and the non-agency structured product space.  We increased exposure mostly to industrial corporate bonds as we identified issuers with compelling credit fundamentals or deleveraging potential.  We again performed bond swaps by extending maturities in two names to capture value along the credit curve.  Our agency MBS allocation increased modestly during the year as we added exposure to specified story collateral, while our exposure to non-agency product declined due to legacy paydowns, even as we added positions in new issues of re-performing collateral.  In terms of credit quality there was no significant change during the year, as the Fund maintained a AA- weighted average credit rating.

Unlike the last few years when the markets were focused almost exclusively on monetary policy, market attention has shifted to fiscal policy and the potential for the successful implementation of pro-growth legislation.  Since the election, markets have built in expectations for lower tax rates, reduced regulation, and increased infrastructure spending through higher interest rates and increased equity valuations.  For interest rates and the stock market to remain at current levels or go higher, the White House and Congress must have some success in passing the proposed legislation into law.  If these expectations aren't met, the pace of fed funds rate increases may slow and the market may take interest rates lower and credit spreads wider.  As a result, we continue to manage our portfolios with an agnostic view toward the direction of interest rates.  Based on the Fed's recent shift in policy and its current discussions regarding the eventual tapering of its balance sheet reinvestments, we continue to maintain a slightly short duration position relative to our benchmark.  As for the Fund's  sector allocation, we remain underweight the traditional U.S. government sectors, in addition to an underweight in the agency MBS market given the uncertainty surrounding principal reinvestments by the Fed.  We remain overweight in the non-agency residential mortgage backed securities ("RMBS") and commercial mortgage backed securities ("CMBS") sectors, as well as the traditional ABS space, where we continue to believe yields offer better compensation per unit of risk.  We also remain overweight in the broad corporate sector, due largely to our exposure to industrial credits, even as we are significantly underweight the utility sector.  With spreads relatively tight from a historical perspective, and given we're likely in the later stages of the credit cycle, identifying and capitalizing on individual buy/sell opportunities in a timely manner will remain a key driver of performance.

As always, we remain committed to seeking prudent, value-enhancing investment opportunities consistent with our disciplined approach of managing for the long-term.
 
4
 
 
 
INCOME FUND (Unaudited)
 
Return of a $10,000 Investment as of March 31, 2017
 
Portfolio Composition as of March 31, 2017
Percentage Based on Total Value of Investments
(Portfolio composition is subject to change)
Corporate Bonds
28.5
%
U.S. Government Mortgage Backed Securities
27.0
%
U.S. Treasury Securities
12.8
%
Non-Agency Residential Mortgage Backed Securities
11.7
%
Non-Agency Commercial Mortgage Backed Securities
8.1
%
Asset Backed Securities
7.9
%
Municipals
1.8
%
Short-Term Investments
1.1
%
Investment Company
0.7
%
Exchange Traded Fund
0.3
%
Preferred Stocks
0.1
%
 
100.0
%
 
Portfolio Analysis as of March 31, 2017
(Portfolio composition is subject to change)
Weighted Average to Maturity:
12.3
 years
 
Average Annual Total Returns for the Year Ended March 31, 2017*
 
1 Year
 
5 Year
  
10 Year
Tributary Income Fund — Institutional Class
0.89
%
  
2.78%
 
  
       4.20%
 
Barclays U.S. Aggregate Bond Index
0.44
%
  
2.34%
 
  
       4.27%
 
Prospectus Expense Ratio (Gross/Net)†
  
1.19%
 
  
       0.81%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
1.62%
 
  
       0.82%
 
 
1 Year
  
5 Year
  
Since
Inception††
Tributary Income Fund — Institutional Plus Class
1.07
%
  
2.93%
 
  
       5.56%
 
Prospectus Expense Ratio (Gross/Net)†
  
0.85%
 
  
       0.64%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
0.83%
 
  
       0.64%
 
 
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower to higher. Total returns include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at www.tributaryfunds.com.
(†) The expense ratios are from the Fund's prospectus dated August 1, 2016. Net expense ratios are net of contractual waivers which are in effect from through July 31, 2018.
(††) Commencement date for the Institutional Plus Class was October 14, 2011.
(*) Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects contractual fee waivers in effect for certain periods. Without these fee waivers, the performance would have been lower.
The line chart assumes an initial investment of $10,000 made on March 31, 2007. Total return is based on net change in net asset value ("NAV") assuming reinvestment of all dividends and other distributions.
The performance of Institutional Plus Class will be different than Institutional Class based on differences in fees borne by each class.
Barclays U.S. Aggregate Bond Index is an unmanaged index and covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMS sectors. The index is unmanaged and does not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management, administration and other operational fees. Investors cannot directly invest in the index.
 
 
5
 
NEBRASKA TAX-FREE FUND (Unaudited)
 
Investment Objective
The Tributary Nebraska Tax-Free Fund seeks as high a level of current income exempt from both federal and Nebraska income tax as is consistent with the preservation of capital.
Manager Commentary
Over the past year, markets moved from a period of volatility to stability, with much improved market conditions at the finish.  As we moved out of the first quarter of 2016, interest rates were falling and the Treasury curve was flattening in reaction to very weak global equity and commodity markets.  Global central banks responded in unison to the tighter financial conditions with a series of accommodative policy initiatives, including lower interest rates and increased security purchases.  The decline in yields bottomed out when the United Kingdom voted to leave the European Union and investors ran for the safety of U.S. Treasury securities. This initial instability caused the ten-year U.S. Treasury yield to decline from 2.24% at the start of 2016 to a multi-year low of 1.38% by mid-summer.  The markets quickly recovered, however, as accommodative monetary policies and improving economic data gave investors the confidence to move out of the safety of U.S. Treasury notes and into riskier assets.  The election of Donald Trump and the Republican sweep of Congress led to an enthusiastic market response, as investors focused on increased fiscal stimulus, tax reform and infrastructure spending.  Stocks rallied and bonds sold off smartly after the election and into the new calendar year, with the ten-year Treasury yield eventually climbing to a high of 2.63% by mid-March.  The Federal Reserve used the sudden burst of investor and consumer confidence as an opportunity to increase the fed funds rate in December, and only three months later in March they hiked again due to the rapid improvement in market sentiment.   As the Fund's fiscal year drew to a close, however, some of the euphoria seemed to come out of the market.  Investors began to question whether the inability of the government to repeal and replace the Affordable Care Act indicated that it would have difficulty passing tax reform and infrastructure legislation as well.  After an eventful year, U.S. Treasury yields eased off of their highs, and the period ended with credit spreads tighter and interest rates moderately higher than where they started.
The Tributary Nebraska Tax-Free Fund returned -0.43% (net, Institutional Plus) for the year ended March 31, 2017 compared to a 0.10% return for the Barclays 1-15 Year Municipal Blend Index.  U.S. Treasury yields moved higher over the trailing 12 months and the yield curve flattened as short and intermediate-term yields were 60-70 basis points (bps) higher, while the 30-year yield rose only 40 bps.  The municipal yield curve also saw yields move higher with the very short end seeing a high degree of volatility due to the money market reform that went into effect in October 2016, the post-election sell-off and the subsequent rally into the first quarter of 2017.  The belly and long-end of the municipal curve moved in line with Treasuries and saw some of the same flattening. Generally speaking, municipal ratios as a percent of U.S. Treasuries ended the year lower, with the short end performing the best.  As a result, the Fund's yield curve position was a modest negative contributor to performance given our underweight exposure to the 3-5 year segment of the curve.  Sector allocation was also a detractor to the Fund performance versus the benchmark, largely due to the nature of municipal issuance and concentration among issuers within the Nebraska municipal market.  Education, public power, and the water-sewer sectors were the weakest performing industries for the year, where the Fund had a combined 39% allocation.   On the other hand, housing revenue & industrial development bonds, which were the best performing sectors in the market, hampered relative performance due to the Fund's minimal exposure to these areas.  In terms of credit quality, the Fund closed the year with a AA weighted average credit rating, which was a modest one-notch improvement over the prior year.

Unlike the last few years when the markets were focused almost exclusively on monetary policy, market attention has shifted to fiscal policy and the potential for the successful implementation of pro-growth legislation.  Since the election, markets have built in expectations for lower tax rates, reduced regulation, and increased infrastructure spending through higher interest rates and increased equity valuations.  For interest rates and the stock market to remain at current levels or go higher, the White House and Congress must have some success in passing the proposed legislation into law.  If these expectations aren't met, the pace of fed funds rate increases may slow and the market may take interest rates lower and credit spreads wider.  As a result, we continue to manage our portfolios with an agnostic view toward the direction of interest rates.  Our outlook for the state of Nebraska remains positive.  Along with a majority of U.S. states, Nebraska has witnessed a recent trend of slowing state tax revenues driven by the current weakness in the agriculture economy and slowing growth in retail spending. For the current fiscal year the state is in the process of addressing budget shortfalls with spending cuts and revisions to future budget plans.  Overall the state continues to maintain extremely healthy cash reserves that should help address the current budget issues and afford the state flexibility in setting prudent future spending plans.  From an intra-state macro viewpoint, the Omaha and Lincoln metro areas are seeing continued economic growth, tax base expansion, and healthy construction and investment activities.  Rural towns and municipalities, especially those more dependent on the agriculture industry, are more susceptible to budget strains if the weakness in the sector continues.  Thankfully however, most of the state's municipalities function under very conservative budgeting and spending plans which should help cushion any short-term declines or weakness.  In terms of sector positioning, we remain underweight the general obligation sector relative to our benchmark, while maintaining a healthy overweight to the utility/essential service revenue sector.

As always, we remain committed to seeking prudent, value-enhancing investment opportunities consistent with our disciplined approach of managing for the long-term.
6
 
 
 
NEBRASKA TAX-FREE FUND (Unaudited)
 
Return of a $10,000 Investment as of March 31, 2017
 
 
Portfolio Composition as of March 31, 2017
Percentage Based on Total Value of Investments
(Portfolio composition is subject to change)
Municipals
96.9
%
Short-Term Investments
3.1
%
 
100.0
%
 
Average Annual Total Returns for the Year Ended March 31, 2017*
  
 
1 Year
  
5 Year
  
Since
Inception
  
Tributary Nebraska Tax-Free Fund — Institutional Plus Class †
 
-0.43%
 
2.51%
 
  
3.57
%
  
Barclays 1-15 Year Municipal Blend Index
 
 0.10%
 
2.68%
 
  
4.01
%
  
Barclays Municipal Bond Index
 
 0.15%
 
3.24%
 
  
4.40
%
  
Prospectus Expense Ratio (Gross/Net)††
  
0.85%
 
  
0.45
%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
0.69%
 
  
0.45
%
 
 
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower to higher. Total returns include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at www.tributaryfunds.com.
(†) The Fund's Institutional Plus Class performance for periods prior to the commencement of operations (1/1/16) is that of a common trust fund managed by First National Bank of Omaha. The common trust fund commenced operations on December 31, 2007.
(††) The expense ratios are from the Fund's prospectus dated August 1, 2016. Net expense ratios are net of contractual waivers which are in effect through July 31, 2018.
(*) Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects contractual fee waivers in effect for certain periods. Without these fee waivers, the performance would have been lower.
The line chart assumes an initial investment of $10,000 made on December 31, 2007. Total return is based on net change in net asset value ("NAV") assuming reinvestment of all dividends and other distributions.
Effective August 1, 2016, for consistency with the duration of parameters of the Fund, the Fund replaced Barclays Municipal Bond Index with Barclays 1-15 Year Municipal Blend Index as the primary benchmark of the Fund. The Barclays 1-15 Year Municipal Blend Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Barclays Municipal Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed tax exempt bond market. The index includes state and local general obligation, revenue, insured, and pre-refunded bonds. The Barclays Municipal Bond Index was incepted in January 1980. The index does not reflect the fees and expenses associated with a mutual fund, such as investment management, administration and other operational fees. Investors cannot invest directly in the index.
 
 
 
7
 
BALANCED FUND (Unaudited)
 
Investment Objective
The Tributary Balanced Fund seeks capital appreciation and current income.
Manager Commentary
For the fiscal year ended March 31, 2017, the Tributary Balanced Fund (FOGBX) returned 7.90% (net, Institutional Plus), a solid rebound from the prior fiscal year.  As compared to the Composite Index (60% Russell 3000 Index; 40% Barclays U.S. Intermediate Government/Credit Index), the Fund lagged the benchmark return of 10.76%.  The Balanced Fund also underperformed the average fund in the Morningstar Moderate Asset Allocation category.
There are three primary drivers of relative performance.  First, the asset allocation mix between stocks, bonds and cash.  During the fiscal year, the portfolio management team slightly overweighted equities with an average allocation of 61% (60% index weighting) and underweighted fixed income with average exposure of 37% (40% index weighting).  This tactical decision had a slight positive impact on performance as equities outperformed fixed income returns.  The average cash weighting of 2% negatively impacted performance due to its low returns.  Second, equity returns relative to the benchmark, which was the primary factor in Fund underperformance.  Individual stock holdings returned 13.86% over the last year, behind the Russell 3000 Index return of 18.07%.  The biggest headwind in equity returns was the poor performance of growth relative to value stocks.  The Russell 3000 Value Index return was almost 4% higher than its respective growth counterpart.  Although we are a core manager, the emphasis on profit outlook leads to a growth bias in the equity portion of the Fund.  Interestingly, this trend recently reversed with growth stocks performing significantly better in early 2017.  Third, fixed income returns were positive on an absolute and relative basis.  Individual bond holdings returned 1.00% over the last 12 months, above the Barclays U.S. Intermediate Government/Credit Index return of 0.42%.  The major contributor to performance was the emphasis on credit as corporate bonds, municipal bonds and corporate CMO's and Remic's enhanced returns.
In equities, sector allocation had a minimal impact on performance.  The benefits from being underweight in the defensive areas of the market (Consumer Staples, Real Estate, Telecommunication Services) was offset by being underweight in Financials and overweight in Healthcare and Consumer Discretionary.  Stock selection was positive in Real Estate and Utilities.  The top five contributors were Apple (Information Technology), JP Morgan (Financials), Facebook (Information Technology) Ulta Beauty (Consumer Discretionary) and Broadcom (Information Technology).  In the latest fiscal year, stock selection was negative in Financials, Industrials and Healthcare.  The bottom five detractors from performance include Allergan (Healthcare), Gilead Sciences (Health Care), Acuity Brands (Industrials), Sketchers (Consumer Discretionary) and CVS Health (Consumer Staples).
Over the last year, the portfolio management team increased returns and risk by taking the stock allocation from 59% at the beginning of the period to 64% by fiscal year-end.  This tactical decision was based on our expectation of a transition to better economic growth and slightly higher inflation, and the forecast for earnings growth.  In equities, we maintained the large cap growth bias of the Fund and beta relative to the S&P 500 of 1.01.  On a sector basis, we remain overweight Information Technology and Industrials, and underweight Real Estate and Consumer Discretionary.  There were no significant changes to the fixed income duration and credit quality in the Fund over the last 12 months.
We believe the key to further upside in equities is broad-based profit expansion.  All 11 sectors are currently expected to report higher earnings this year, with growth particularly strong in Energy, Basic Materials, Financials and Information Technology.  The reason for the importance of profit growth is the relatively high market valuations.  As of March 31, 2017, the Russell 3000 Index is trading on a forward P/E basis of 18.0x. Effectively, the market is expecting an acceleration in earnings to sustain these valuations.  Even with somewhat higher market valuations, there are individual sectors and companies trading at attractive valuations.  In the equity portion of the Fund, we focus on stock selection and continue to find companies with a rising profit outlook and reasonable valuations.  The Information Technology sector is one area that exhibits these characteristics.  We expect stock selection to be a primary driver of returns.
Based on our macroeconomic and profit outlook and asset class valuations, we continue to modestly overweight equities relative to bonds.  Our current stock exposure is 64% with a 33% allocation to fixed income.  We continue to closely monitor the global economic environment for signs of acceleration or deceleration.  As warranted, we will adjust overall Fund risk based on our outlook and opportunities we see within various asset classes.  Due to its diversification, we believe the Tributary Balanced Fund is well positioned to performance in different economic and market environments.
8
 
 
 
BALANCED FUND (Unaudited)
 
Return of a $10,000 Investment as of March 31, 2017
 
Portfolio Composition as of March 31, 2017
Percentage Based on Total Value of Investments
(Portfolio composition is subject to change)
Information Technology
15.7
%
Financials
15.0
%
Government Securities
13.0
%
Consumer Discretionary
9.3
%
Health Care
9.1
%
Industrials
8.3
%
Consumer Staples
6.3
%
Energy
4.9
%
Materials
3.1
%
Short-Term Investments
2.9
%
Non-Agency Commercial Mortgage Backed Securities
2.5
%
Asset Backed Securities
2.2
%
Telecommunication Services
2.1
%
Real Estate
1.8
%
Utilities
1.6
%
Non-Agency Residential Mortgage Backed Securities
1.6
%
U.S. Government Mortgage Backed-Securities
0.6
%
 
100.0
%
Average Annual Total Returns for the Year Ended March 31, 2017*
 
1 Year
  
5 Year
  
10 Year
Tributary Balanced Fund — Institutional Class
7.71%
 
  
7.31%
 
  
6.78%
 
Composite Index
10.76%
 
  
8.68%
 
  
6.35%
 
Russell 3000 Index
18.07%
 
  
13.18%
 
  
7.54%
 
Barclays U.S. Intermediate Government/Credit Index
0.42%
 
  
1.88%
 
  
3.76%
 
Prospectus Expense Ratio (Gross/Net)†
  
1.26%
 
  
1.19%
 
Expense Ratio for the Year Ended
arch 31, 2017 (Gross/Net)
1.26%
 
  
1.18%
 
 
1 Year
    
5 Year
    
Since
Inception††
Tributary Balanced Fund — Institutional Plus Class
7.90%
 
  
7.54%
 
  
6.88%
 
Prospectus Expense Ratio (Gross/Net)†
  
1.01%
 
  
0.99%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
1.03%
 
  
0.99%
 
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower to higher. Total returns include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at www.tributaryfunds.com.
(†) The expense ratios are from the Fund's prospectus dated August 1, 2016. Net expense ratios are net of contractual waivers which are in effect from through July 31, 2018.
(††) Commencement date for the Institutional Plus Class was October 14, 2011.
(*) Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects contractual fee waivers in effect for certain periods. Without these fee waivers, the performance would have been lower.
The line chart assumes an initial investment of $10,000 made on March 31, 2007. Total return is based on net change in net asset value ("NAV") assuming reinvestment of all dividends and other distributions.
The performance of Institutional Plus Class will be different than Institutional Class based on differences in fees borne by each class.
Effective August 1, 2016, the Fund replaced the S&P 500 Index with the Composite Index comprised of 60% Russell 3000 Index and 40% Barclays U.S. Intermediate Government/Credit Index as the Fund's primary benchmark and the Composite Index comprised of 60% S&P 500 Index and 40% Barclays U.S. Intermediate Government/Credit Index with the Russell 3000 Index, as one of the Fund's secondary benchmarks.The Composite Index is intended to provide a single benchmark that more accurately reflects the composition of securities held by the Fund. Sixty percent of the Composite Index is comprised of the Russell 3000 Index and forty percent of the Composite index is comprised of the Barclays U.S. Intermediate Government/Credit Index. The Russell 3000 Index seeks to be a benchmark of the entire U.S. stock market. More specifically, this index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. The Barclays U.S. Intermediate Government/Credit Index is a market value weighted performance benchmark for government and corporate fixed-rate debt issues (rated Baa/BBB or higher) with maturities between one and ten years. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management, administration and other operational fees. Investors cannot directly invest in the indices.
 
 
 
9
GROWTH OPPORTUNITIES FUND (Unaudited)
 
Investment Objective
The Tributary Growth Opportunities Fund seeks long-term capital appreciation.
Manager Commentary
For the fiscal year ended March 31, 2017, the Tributary Growth Opportunities Fund (FOGRX) delivered a very solid 18.21% return (net, Institutional Plus), a result that exceeded the S&P 500 Index by 1.04%, and outperformed the closely tracked Russell Midcap Growth Index by 4.14%.
As the fiscal year began, equity markets were recovering from a period of flat earnings growth, driven in no small part to an Energy sector that was coming back into balance after a period of overinvestment.  We were fortunate to recognize early on that the very accommodative policies of the global central banks would eventually translate into improved earnings growth prospects for many companies in our investment universe.  As a result, we repositioned the Fund from a slightly defensive bias to a more aggressive stance as the year progressed.  And even though domestically the Federal Reserve was leaning closer toward tighter monetary policy, we were confident that the central bank would take a very cautious and measured approach during an election year.
That being said, our weightings did not change significantly on a sector by sector basis, though we tended to be more aggressive on our weightings in selective higher beta names in many of our sector groups.  One segment of the market where we did add exposure was in Materials, where the additions of Martin Marietta Materials and Platform Specialty Products moved our positioning more in-line with the benchmark by the end of the year.  Conversely, we moved our sector weighting in Healthcare from a significant overweight to a near benchmark weight, as earnings growth began to disappoint in a number of sub-segments, specifically those related to IT spending projects.
Perhaps one the most value-added moves on our part was correctly identifying an improving expenditure backdrop for major construction projects in the Utilities end markets.  This translated into ownership of two construction companies: (1) MasTec, which provides construction services and maintenance for smaller scale projects primarily in the telecommunications, as well oil & gas pipeline end markets; and (2) Quanta Services, which provides services for larger scale projects in similar end markets, with the addition of electric power projects.  The timely build of positions in both names resulted in a 98% return for MasTec and a 47% return for Quanta, which was a major influence in making Industrials our best performing sector—adding approximately 2.5% in incremental performance alone.
We also had a very decent year in the diverse, yet very volatile Consumer Discretionary sector.  While earnings growth was slowly recovering in a number of cyclical end markets, consumer spending patterns remained very erratic for most of the year—making for a very treacherous environment for investors.  Fortunately, we maintained aggressive positions in two companies that consistently delivered on strong earnings for the full year: (1) Ulta Beauty, which delivered a 47% return for the Fund; and (2) Restaurant Brands International, which generated an almost matching 45% return.  In addition, our timely move to add Royal Caribbean Cruises after pause of interrupted growth this past fall resulted in a 45% return in a partial year of ownership.  Collectively, our solid selection in the group resulted in an average return of 9.5%, which was well ahead of the 1.7% return from the benchmark—and added over 2% in incremental performance for the Fund.
As is usually the case in a well-diversified Fund, not all went well.  For starters, we missed the initial surge in a recovering Energy sector, delivering a modest 3% gain on average when the benchmark rebounded almost 20%.  Fortunately, this sector group has a miniscule weighting in the Russell Midcap Growth benchmark (less than 2%), so the detraction from total portfolio relative performance was quite minimal.  More acutely, perhaps, was our lack of participation in a rebounding Financials sector late in the fiscal year.  While we saw a decent 14% return on average in the Fund, results were quite modest in comparison to the 27% return delivered by the benchmark.  Our biggest detractor in the group was T. Rowe Price, which declined a modest 4%—but that was in a sea of double-digit gains.  Collectively, our lack of participation in this very strong group detracted roughly 0.5% from Fund performance, almost all of which was stock selection related.
As the fiscal year comes to an end and we are looking forward toward 2018, we see a market that is beginning to digest very strong post-election gains, based on improving company fundamentals and improving business/consumer sentiment.  The final quarter of the fiscal year saw returns higher by roughly 7% in a strong performing Mid Cap Growth equity sub-segment—yet the Fund was able to keep pace with those impressive gains.   We believe the environment for improved earnings growth remains in place and will remain the primary driver of performance in most equity classes this year.  That being said, we will not be too surprised to see the market go through minor periods of consolidating those gains as uncertainties on the fiscal policy front from the incoming Trump administration find resolution, and the path for interest rate normalization from the Federal Reserve continues its slow march forward.  In such an environment, it's essential to emphasize our efforts to maintain a diversified portfolio in the context of a market than remains generally supportive of risk assets.  We will remain diligent in prudently managing our total risks of the Fund, while concurrently, finding pockets of opportunity to enhance shareholder returns—with the overriding goal of generating superior peer group performance on a risk-adjusted basis.
10
 
 
GROWTH OPPORTUNITIES FUND (Unaudited)
 
Return of a $10,000 Investment as of March 31, 2017
 
Portfolio Composition as of March 31, 2017
Percentage Based on Total Value of Investments
(Portfolio composition is subject to change)
Information Technology
21.0
%
Consumer Discretionary
20.8
%
Health Care
14.2
%
Industrials
13.3
%
Consumer Staples
9.4
%
Real Estate
6.0
%
Materials
5.1
%
Financials
4.3
%
Energy
1.3
%
Utilities
1.0
%
Short-Term Investments
3.6
%
 
100.0
%
 
Average Annual Total Returns for the Year Ended March 31, 2017*
 
1 Year
  
5 Year
  
10 Year
Tributary Growth Opportunities Fund — Institutional Class
17.89%
 
  
10.40%
 
  
8.04%
 
Russell Midcap Growth Index
14.07%
 
  
11.95%
 
  
8.13%
 
S&P 500 Index
17.17%
 
  
13.30%
 
  
7.51%
 
Prospectus Expense Ratio (Gross/Net)†
  
1.27%
 
  
1.16%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
1.25%
 
  
1.14%
 
 
1 Year
    
5 Year
  
Since
Inception††
Tributary Growth Opportunities Fund — Institutional Plus Class
18.21%
 
  
10.65%
 
  
9.45%
 
Prospectus Expense Ratio (Gross/Net)†
  
0.99%
 
  
0.94%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
0.98%
 
  
0.94%
 
 
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower to higher. Total returns include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at www.tributaryfunds.com.
(†) The expense ratios are from the Fund's prospectus dated August 1, 2016. Net expense ratios are net of contractual waivers which are in effect from through July 31, 2018.
(††) Commencement date for the Institutional Plus Class was October 14, 2011.
(*) Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects contractual fee waivers in effect for certain periods. Without these fee waivers, the performance would have been lower.
The line chart assumes an initial investment of $10,000 made on March 31, 2007. Total return is based on net change in net asset value ("NAV") assuming reinvestment of all dividends and other distributions.
The performance of Institutional Plus Class will be different than Institutional Class based on differences in fees borne by each class.
The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund's primary index is the Russell Midcap Growth Index, however to provide a broader market comparative, the S&P 500 Index is a secondary benchmark. The S&P 500 Index is a broad based index of 500 selected common stocks, most of which are listed on the New York Stock Exchange, that measures the U.S. stock market as a whole. The index is heavily weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management, administration and other operational fees. Investors cannot directly invest in the indices.
 
 
11
SMALL COMPANY FUND (Unaudited)
 
Investment Objective
The Tributary Small Company Fund seeks long-term capital appreciation.
Manager Commentary
For the year ended March 31, 2017, Tributary Small Company Fund returned 24.14% (net, Institutional Plus Class) compared to 26.22% for the Russell 2000 Index and 29.37% for the Russell 2000 Value Index.
Value stocks were favored over growth stocks as the Russell 2000 Value Index outperformed the Russell 2000 Growth Index over the last 12 months by over 6%.  According to attribution analysis, companies with negative expected earnings performed very well.  Representing approximately 16% of the Russell 2000 Index, companies with negative expected earnings returned +36% in the last 12 months versus a return of +25% for companies with positive expected earnings.  Higher beta stocks, companies with low or no dividend yield and smaller market capitalization companies also were favored over the last year.

The best performing sectors in the small cap market over the last 12 months were Materials (+49%), Financials (+37%) and Information Technology (+33%).  The weakest performing sectors in the small cap market over the last 12 months were Telecommunications Services (+6%), Consumer Discretionary (+11%) and Real Estate (+14%).

The Tributary Small Company Fund's strongest relative performance came from the Consumer Discretionary and Industrials economic sectors.  In the Consumer Discretionary sector, the Fund's return was approximately +28% over the last year compared to a return for the Russell 2000 Consumer Discretionary sector of approximately +11%.  Several of our Consumer Discretionary holdings generated strong returns due to company specific results.  One example, iRobot Corporation, had a total return of approximately +76% in the last year on very strong sales of its Roomba robotic vacuuming system.   In the Industrials sector, the Fund generated a positive return of +33% in the prior 12 months versus a return for Industrial stocks within the Russell 2000 of +28%.  The Fund's largest positive contributor to performance in the Industrials sector was CLARCOR Incorporated.  It had a total return in the last year of approximately +46%, partly as a result of Parker-Hannifin's bid to acquire the company in December 2016 for $83 per share in cash.

The Tributary Small Company Fund's weakest relative performance came from the Materials and Healthcare economic sectors.  In the Materials sector, the Fund's return was approximately +24% over the last year compared to a return for the Russell 2000 Materials sector of approximately +49%.  Commodity-oriented chemicals and mining companies performed very well in the Materials sector over the last year.  Our holdings in this sector tend to be less cyclical businesses selling higher value-added products.  In the Healthcare sector, the Fund's trailing 12-month return of approximately +19% trailed the Russell 2000 Healthcare sector return of +26%.  There were two reasons for the Fund's relative underperformance in the Healthcare sector.  One, biotech stocks were +35% in the last year and are approximately 5% of the Russell 2000 Index.  As these are typically cash burning businesses, they do not fit well into our investment profile.  Our underweight position in that industry group was a drag on performance.  Secondly, Integer Holdings and Diplomat Pharmacy experienced negative business fundamentals during the last year that had a negative impact on their stock prices.  Subsequently, these two companies were sold from the Fund.

The Fund's average cash position was approximately 4.4% over the last 12 months and was a drag on performance due to the strong market return.

The election of Donald Trump as President of the United States has turned out to be good for equity returns so far.  By the end of March 2017, investors appeared to be relatively optimistic that President Trump's new administration will have a positive impact on U.S. economic growth.  However, with the failure to repeal and replace Obamacare, that optimism has likely been tempered a bit.  An inability to successfully work with Congress on one of his signature campaign themes will have investors questioning the potential to implement business friendly legislation or policies relative to taxes, trade and regulations.  Smaller capitalization companies would stand to benefit disproportionately relative to larger capitalization companies from many of the domestically-oriented themes from the campaign trail.  As of now, however, this opportunity looks incrementally less certain.

In March 2017, the current bull market reached eight years in length based on returns for the S&P 500.  This is not the longest bull market or the best in terms of return.  It is also not the most expensive, but it is not cheap either.  The same can be said for stocks in the small cap asset class.  Small cap companies as a whole continue to trade at relatively high valuations compared to history.  Typically, at these levels, forward-looking returns have been muted.  So, it might be prudent for investors to lower their return expectations.  However, this does not mean that the market cannot continue to grind higher.  Attempting to predict the direction of the stock market is an exercise in futility.  So we do not attempt it.

Rather, our approach to investing focuses on owning a fully invested, diversified portfolio of quality businesses at attractive prices.  We believe the companies in our portfolio will continue to grow their intrinsic value for our shareholders and represent value that will be rewarded by the market over time.
 
12
 
 
SMALL COMPANY FUND (Unaudited)
 
Return of a $10,000 Investment as of March 31, 2017
 
Portfolio Composition as of March 31, 2017
Percentage Based on Total Value of Investments
(Portfolio composition is subject to change)
Information Technology
20.5
%
Financials
16.4
%
Industrials
14.6
%
Consumer Discretionary
14.3
%
Health Care
10.4
%
Materials
5.7
%
Real Estate
4.7
%
Energy
3.7
%
Utilities
2.0
%
Consumer Staples
2.0
%
Short-Term Investments
5.7
%
 
100.0
%
 
Average Annual Total Returns for the Year Ended March 31, 2017*
 
1 Year
  
5 Year
  
10 Year
Tributary Small Company Fund — Institutional Class
23.87%
 
  
12.49%
 
  
9.28%
 
Russell 2000 Index
26.22%
 
  
12.35%
 
  
7.12%
 
Russell 2000 Value Index
29.37%
 
  
12.54%
 
  
6.09%
 
Prospectus Expense Ratio (Gross/Net)†
  
1.34%
 
  
1.18%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
1.31%
 
  
1.20%
 
 
1 Year
    
5 Year
  
Since
Inception††
Tributary Small Company Fund — Institutional Plus Class
24.14%
 
  
12.74%
 
  
9.71%
 
Prospectus Expense Ratio (Gross/Net)†
  
1.07%
 
  
0.99%
 
Expense Ratio for the Year Ended
March 31, 2017 (Gross/Net)
  
1.06%
 
  
0.99%
 
 
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower to higher. Total returns include change in share price, reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at www.tributaryfunds.com.
(†) The expense ratios are from the Fund's prospectus dated August 1, 2016. Net expense ratios are net of contractual waivers which are in effect from through July 31, 2018.
(††) Commencement date for the Institutional Plus Class was October 14, 2011.
(*) Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects contractual fee waivers in effect for certain periods. Without these fee waivers, the performance would have been lower.
The line chart assumes an initial investment of $10,000 made on March 31, 2007. Total return is based on net change in net asset value ("NAV") assuming reinvestment of all dividends and other distributions.
The performance of Institutional Plus Class will be different than Institutional Class based on differences in fees borne by each class.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000®Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equities universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The indices are unmanaged and do not reflect the deduction of fees or taxes associated with a mutual fund, such as investment management, administration and other operational fees. Investors cannot directly invest in the indices.
 
 
13
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

SHORT-INTERMEDIATE BOND FUND
 
Principal Amount
  
Security
Description
  
Value
  
Non-U.S. Government Agency Asset-Backed Securities - 40.8%
Asset Backed Securities - 16.8%
$
725,000
  
Ally Auto Receivables Trust, 1.53%, 04/15/19
$
725,560
  
 
865,000
  
American Express Credit Account Master Trust, 1.28%, 12/15/21 (a)
  
869,314
  
 
855,000
  
AmeriCredit Automobile Receivables Trust, 1.92%, 11/08/19
  
857,351
  
 
1,317,387
  
Ascentium Equipment Receivables, LLC, 1.93%, 03/11/19 (b)
  
1,318,577
  
 
184,316
  
Ascentium Equipment Receivables, LLC, 1.61%, 10/13/20 (b)
  
184,377
  
 
685,000
  
Ascentium Equipment Receivables, LLC, 5.92%, 06/12/23 (b)
  
706,019
  
 
570,000
  
BA Credit Card Trust, 1.36%, 09/15/20
  
569,425
  
 
720,000
  
Cabela's Credit Card Master Note Trust, 1.45%, 06/15/20 (b)
  
720,192
  
 
1,215,000
  
Cabela's Credit Card Master Note Trust, 2.17%, 08/16/21 (b)
  
1,220,453
  
 
916,000
  
Capital One Multi-Asset Execution Trust, 1.48%, 07/15/20
  
916,878
  
 
712,961
  
Chrysler Capital Auto Receivables Trust, 1.47%, 04/15/19 (b)
  
713,355
  
 
1,124,000
  
Citibank Credit Card Issuance Trust, 5.65%, 09/20/19
  
1,146,657
  
 
950,000
  
Eaton Vance CLO, Ltd., 2.23%, 07/15/26 (a)(b)
  
950,577
  
 
1,155,000
  
Ford Credit Floorplan Master Owner Trust A, 2.16%, 11/15/21
  
1,148,745
  
 
635,000
  
GreatAmerica Leasing Receivables Funding, LLC, 1.72%, 04/22/19 (b)
  
634,184
  
 
700,000
  
Honda Auto Receivables Owner Trust, 1.18%, 05/18/20
  
700,106
  
 
905,000
  
Magnetite IX, Ltd., 2.46%, 07/25/26 (a)(b)
  
906,069
  
 
46,806
  
OneMain Financial Issuance Trust, 2.43%, 06/18/24 (b)
  
46,815
  
 
663,879
  
Preferred Term Securities XI Ltd / Preferred Term Securities XI, Inc., 1.80%, 09/24/33 (a)(b)
  
595,831
  
 
719,500
  
Preferred Term Securities XII, Ltd./Preferred Term Securities XII, Inc., 1.85%, 12/24/33 (a)(b)
  
642,154
  
 
538,511
  
Preferred Term Securities XIV, Ltd. / Preferred Term Securities XIV, Inc., 1.63%, 06/24/34 (a)(b)
  
456,388
  
 
634,400
  
Preferred Term Securities XXIV, Ltd./Preferred Term Securities XXIV, Inc., 1.43%, 03/22/37 (a)(b)
  
504,348
  
 
467,609
  
Santander Drive Auto Receivables Trust, 1.97%, 11/15/19
  
468,304
  
 
1,340,000
  
Santander Drive Auto Receivables Trust, 1.34%, 11/15/19
  
1,338,828
  
 
 
Principal Amount
  
Security
Description
  
Value
  
$
407,181
  
SLM Student Loan Trust, 2.69%, 07/25/22 (a)
$
414,525
  
 
1,244,318
  
SLM Student Loan Trust, 2.54%, 04/25/23 (a)
  
1,269,161
  
 
850,000
  
Verizon Owner Trust, 1.42%, 01/20/21 (b)
  
844,777
  
 
645,000
  
Voya CLO, Ltd., 2.47%, 01/18/26 (a)(b)
  
645,095
  
   
21,514,065
  
Non-Agency Commercial Mortgage Backed Securities - 9.8%
 
171,425
  
7 WTC Depositor LLC Trust REMIC, 4.08%, 03/13/31 (b)
  
173,385
  
 
938,330
  
Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.69%, 06/11/50 (a)
  
945,000
  
 
2,524,972
  
Citigroup Commercial Mortgage Trust REMIC, 2.12%, 09/10/45 (a)(b)
  
155,469
  
 
179,335
  
Citigroup Commercial Mortgage Trust REMIC, 5.79%, 06/14/50 (a)(b)
  
179,436
  
 
1,806,607
  
COMM Mortgage Trust Interest Only REMIC, 1.46%, 03/10/46 (a)
  
63,455
  
 
53,271
  
DBUBS Mortgage Trust Interest Only REMIC, 0.44%, 08/10/44 (a)(b)
  
580
  
 
540,000
  
FREMF Mortgage Trust REMIC, 4.16%, 09/25/44 (a)(b)
  
553,714
  
 
735,000
  
FREMF Mortgage Trust REMIC, 2.43%, 03/25/45 (a)(b)
  
734,902
  
 
4,589,246
  
GS Mortgage Securities Trust REMIC, 1.36%, 08/10/44 (a)(b)
  
219,925
  
 
980,000
  
JPMorgan Chase Commercial Mortgage Securities Trust REMIC, 2.67%, 01/15/46
  
990,538
  
 
527,270
  
JPMorgan Chase Commercial Mortgage Securities Trust REMIC, 4.11%, 07/15/46 (b)
  
539,171
  
 
892,611
  
JPMBB Commercial Mortgage Securities Trust REMIC, 2.42%, 07/15/45
  
898,441
  
 
245,532
  
JPMBB Commercial Mortgage Securities Trust REMIC, 1.25%, 02/15/47
  
244,902
  
 
650,000
  
LSTAR Commercial Mortgage Trust REMIC, 3.13%, 04/20/48 (a)(b)
  
656,314
  
 
1,118,600
  
LSTAR Commercial Mortgage Trust REMIC, 1.82%, 03/10/49 (b)
  
1,103,118
  
 
1,385,374
  
Morgan Stanley Bank of America Merrill Lynch Trust Interest Only REMIC, 1.04%, 12/15/48 (a)
  
64,913
  
 
467,000
  
Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45
  
470,520
  
 
1,010,000
  
Wells Fargo Commercial Mortgage Trust REMIC, 2.97%, 09/15/48
  
1,029,820
  
 
See accompanying Notes to Financial Statements.
14
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

SHORT-INTERMEDIATE BOND FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
158,709
  
Wells Fargo-RBS Commercial Mortgage Trust Interest Only REMIC, 0.80%, 02/15/44 (a)(b)
$
3,876
  
 
1,035,670
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 4.00%, 03/15/44 (b)
  
1,061,271
  
 
504,854
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 4.39%, 06/15/44 (b)
  
518,701
  
 
210,000
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.70%, 03/15/45
  
211,079
  
 
64,579
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.19%, 04/15/45
  
64,533
  
 
157,558
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 1.12%, 03/15/46
  
156,894
  
 
1,200,000
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 3.65%, 12/15/46
  
1,246,564
  
 
274,576
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 1.23%, 03/15/47
  
273,420
  
   
12,559,941
  
Non-Agency Residential Mortgage Backed Securities - 14.2%
 
648,615
  
Bayview Commercial Asset Trust REMIC, 1.85%, 12/25/33 (a)(b)
  
603,105
  
 
846,248
  
Bayview Commercial Asset Trust REMIC, 1.21%, 12/25/36 (a)(b)
  
759,952
  
 
1,060,000
  
Bayview Commercial Mortgage Pass-Through Trust REMIC, 1.55%, 04/25/36 (a)(b)
  
1,027,148
  
 
94,985
  
Bayview Financial Acquisition Trust REMIC, 6.21%, 05/28/37 (c)
  
97,952
  
 
1,096,661
  
Bayview Financial Acquisition Trust REMIC, 3.31%, 05/28/44 (a)
  
1,072,485
  
 
500,000
  
Bayview Financial Mortgage Pass-Through Trust REMIC, 2.38%, 04/28/39 (a)
  
497,347
  
 
314,878
  
Citicorp Residential Mortgage Trust REMIC, 5.51%, 07/25/36 (c)
  
318,092
  
 
68,871
  
Citicorp Residential Mortgage Trust REMIC, 5.51%, 07/25/36 (c)
  
70,468
  
 
453,692
  
Citicorp Residential Mortgage Trust REMIC, 5.68%, 09/25/36 (c)
  
461,604
  
 
205,279
  
Citigroup Global Markets Mortgage Securities VII, Inc. REMIC, 6.93%, 08/25/28
  
208,673
  
 
266,202
  
Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (a)(b)
  
276,232
  
 
97,891
  
Citigroup Mortgage Loan Trust REMIC, 1.13%, 08/25/36 (a)
  
96,995
  
 
Principal Amount
  
Security
Description
  
Value
  
$
37,956
  
CitiMortgage Alternative Loan Trust REMIC, 5.25%, 03/25/21
$
38,746
  
 
1,111,727
  
Conseco Finance Corp. REMIC, 3.66%, 04/15/32 (a)
  
1,097,885
  
 
227,099
  
Conseco Financial Corp., 7.30%, 09/15/26 (a)
  
229,425
  
 
19,579
  
Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20
  
18,736
  
 
182,666
  
Credit-Based Asset Servicing and Securitization, LLC REMIC, 2.11%, 02/25/33 (a)
  
179,846
  
 
606,711
  
Credit-Based Asset Servicing and Securitization, LLC REMIC, 6.02%, 12/25/37 (b)(c)
  
627,719
  
 
182,486
  
First NLC Trust REMIC, 1.25%, 02/25/36 (a)
  
181,956
  
 
654,354
  
Fremont Home Loan Trust REMIC, 1.85%, 11/25/34 (a)
  
591,877
  
 
192,196
  
Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.63%, 03/25/34 (a)
  
192,259
  
 
1,200,000
  
Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.48%, 05/25/36 (a)(b)
  
1,156,505
  
 
664,809
  
HSBC Home Equity Loan Trust USA, 2.28%, 11/20/36 (a)
  
665,188
  
 
39,081
  
Irwin Whole Home Equity Loan Trust REMIC, 2.33%, 02/25/29 (a)
  
38,614
  
 
123,071
  
Irwin Whole Loan Home Equity Trust REMIC, 2.08%, 11/25/28 (a)
  
120,684
  
 
114,313
  
Irwin Whole Loan Home Equity Trust REMIC, 1.69%, 12/25/29 (a)
  
113,392
  
 
739,243
  
Irwin Whole Loan Home Equity Trust REMIC, 2.33%, 06/25/34 (a)
  
720,332
  
 
748,163
  
JP Morgan Mortgage Acquisition Trust REMIC, 1.21%, 07/25/36 (a)
  
725,499
  
 
204,666
  
Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40
  
207,748
  
 
799,101
  
Long Beach Mortgage Loan Trust REMIC, 1.88%, 10/25/34 (a)
  
733,434
  
 
246,762
  
New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (a)(b)
  
252,531
  
 
115,277
  
New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (a)(b)
  
116,296
  
 
334,705
  
New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (a)(b)
  
341,825
  
 
152,410
  
Nomura Asset Acceptance Corp. Alternative Loan Trust REMIC, 6.00%, 03/25/47 (c)
  
121,608
  
 
210,000
  
NovaStar Mortgage Funding Trust REMIC, 2.71%, 03/25/35 (a)
  
205,283
  
 
668,926
  
Oakwood Mortgage Investors, Inc. REMIC, 1.29%, 03/15/18 (a)(b)
  
635,888
  
 
See accompanying Notes to Financial Statements.
 
 
15
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

SHORT-INTERMEDIATE BOND FUND
 
 
Principal Amount
  
Security
Description
  
Value
  
$
408,329
  
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates REMIC, 1.96%, 10/25/34 (a)
$
404,167
  
 
88,709
  
Renaissance Home Equity Loan Trust REMIC, 4.88%, 02/25/35 (c)
  
88,757
  
 
34,217
  
Renaissance Home Equity Loan Trust REMIC, 4.50%, 08/25/35 (c)
  
34,130
  
 
105,705
  
Residential Accredit Loans, Inc. Trust REMIC, 12.96%, 03/25/18 (a)
  
108,352
  
 
48,479
  
Residential Accredit Loans, Inc. Trust REMIC, 6.00%, 10/25/34
  
50,460
  
 
420,241
  
Residential Accredit Loans, Inc. Trust REMIC, 1.36%, 01/25/35 (a)
  
416,723
  
 
93,811
  
Residential Accredit Loans, Inc. Trust REMIC, 5.50%, 02/25/35
  
93,576
  
 
560,397
  
Residential Asset Mortgage Products, Inc. Trust REMIC, 1.75%, 06/25/35 (a)
  
553,293
  
 
74,966
  
Residential Asset Securities Corp. Trust REMIC, 5.96%, 09/25/31 (a)
  
77,793
  
 
58,587
  
Residential Asset Securities Corp. Trust REMIC, 3.87%, 05/25/33 (a)
  
59,097
  
 
75,371
  
Residential Asset Securities Corp. Trust REMIC, 4.54%, 12/25/33 (a)
  
76,980
  
 
70,202
  
Residential Asset Securitization Trust REMIC, 3.75%, 10/25/18
  
70,168
  
 
421,319
  
Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (a)(b)
  
428,550
  
 
928,026
  
Truman Capital Mortgage Loan Trust REMIC, 1.41%, 03/25/37 (a)(b)
  
916,151
  
   
18,181,526
  
Total Non-U.S. Government Agency Asset-Backed Securities (Cost $52,297,742)
  
52,255,532
  
Corporate Bonds - 31.7%
Consumer Discretionary - 5.7%
 
560,000
  
AMC Networks, Inc., 4.75%, 12/15/22
  
562,800
  
 
1,259,000
  
CBS Corp., 3.38%, 03/01/22
  
1,284,503
  
 
380,000
  
Hanesbrands, Inc., 4.63%, 05/15/24 (b)
  
374,775
  
 
380,000
  
Hilton Worldwide Finance, LLC / Hilton Worldwide Finance Corp., 4.63%, 04/01/25 (b)
  
383,800
  
 
520,000
  
Levi Strauss & Co., 5.00%, 05/01/25
  
533,104
  
 
1,260,000
  
Newell Brands, Inc., 2.05%, 12/01/17
  
1,264,040
  
 
720,000
  
Newell Brands, Inc., 3.15%, 04/01/21
  
736,546
  
 
445,000
  
PVH Corp., 4.50%, 12/15/22
  
449,450
  
 
470,000
  
The Goodyear Tire & Rubber Co., 5.13%, 11/15/23
  
489,975
  
 
1,305,000
  
Whirlpool Corp., 1.65%, 11/01/17
  
1,305,277
  
   
7,384,270
  
Consumer Staples - 1.6%
 
665,000
  
Church & Dwight Co., Inc., 2.45%, 12/15/19
  
671,102
  
 
 
Principal Amount
  
Security
Description
  
Value
  
$
346,000
  
Church & Dwight Co., Inc., 2.88%, 10/01/22
$
343,781
  
 
119,000
  
Kraft Heinz Foods Co., 4.88%, 02/15/25 (b)
  
127,204
  
 
395,000
  
Land O'Lakes Capital Trust I, 7.45%, 03/15/28 (b)
  
438,450
  
 
475,000
  
PepsiCo., Inc., 1.50%, 02/22/19
  
475,011
  
   
2,055,548
  
Energy - 0.8%
 
944,000
  
ConocoPhillips, 6.65%, 07/15/18
  
1,003,103
  
Financials - 14.6%
 
370,000
  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.95%, 02/01/22
  
379,944
  
 
1,410,000
  
American Honda Finance Corp., 1.60%, 02/16/18 (b)
  
1,412,421
  
 
1,250,000
  
Bank of America Corp., MTN, 5.65%, 05/01/18
  
1,300,465
  
 
1,261,000
  
CBRE Services, Inc., 5.00%, 03/15/23
  
1,311,575
  
 
1,229,000
  
Chubb INA Holdings, Inc., 2.30%, 11/03/20
  
1,233,247
  
 
1,270,000
  
Citigroup, Inc., 2.55%, 04/08/19
  
1,282,479
  
 
1,320,000
  
JPMorgan Chase & Co., Series 1, 7.90% (callable at 100 beginning 04/30/18) (a)(d)
  
1,367,850
  
 
1,295,000
  
KeyCorp, MTN, 2.90%, 09/15/20
  
1,315,913
  
 
1,325,000
  
Metropolitan Life Global Funding I, 2.30%, 04/10/19 (b)
  
1,332,639
  
 
1,160,000
  
Morgan Stanley, MTN, 2.63%, 11/17/21
  
1,150,813
  
 
1,185,000
  
Prudential Financial, Inc., MTN, 5.38%, 06/21/20
  
1,299,648
  
 
1,280,000
  
Regions Financial Corp., 3.20%, 02/08/21
  
1,301,547
  
 
1,200,000
  
The Goldman Sachs Group, Inc., 2.14%, 04/26/22 (a)
  
1,209,923
  
 
1,310,000
  
The Hartford Financial Services Group, Inc., 5.50%, 03/30/20
  
1,425,400
  
 
1,300,000
  
Wells Fargo & Co., Series K, 7.98% (callable at 100 beginning 03/15/18) (a)(d)
  
1,353,625
  
   
18,677,489
  
Health Care - 0.9%
 
1,158,000
  
Becton Dickinson and Co., 2.68%, 12/15/19
  
1,174,370
  
Industrials - 3.4%
 
1,207,000
  
Burlington Northern Santa Fe, LLC, 5.75%, 03/15/18
  
1,255,075
  
 
290,000
  
General Electric Co., MTN, 1.30%, 08/07/18 (a)
  
290,643
  
 
See accompanying Notes to Financial Statements.
16
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

SHORT-INTERMEDIATE BOND FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
310,000
  
Huntington Ingalls Industries, Inc., 5.00%, 11/15/25 (b)
$
323,950
  
 
1,185,000
  
Roper Technologies, Inc., 2.80%, 12/15/21
  
1,186,208
  
 
1,285,000
  
Textron, Inc., 3.65%, 03/01/21
  
1,321,031
  
   
4,376,907
  
Information Technology - 1.8%
 
1,050,000
  
Oracle Corp., 2.25%, 10/08/19
  
1,062,749
  
 
1,270,000
  
QUALCOMM, Inc., 3.00%, 05/20/22
  
1,285,066
  
   
2,347,815
  
Telecommunication Services - 2.0%
 
1,223,000
  
AT&T, Inc., 3.80%, 03/15/22
  
1,264,886
  
 
1,272,000
  
Verizon Communications, Inc., 2.95%, 03/15/22 (b)
  
1,266,434
  
   
2,531,320
  
Utilities - 0.9%
 
1,060,000
  
PacifiCorp, 5.50%, 01/15/19
  
1,128,742
  
Total Corporate Bonds (Cost $40,677,293)
  
40,679,564
  
Government & Agency Obligations - 24.4%
GOVERNMENT SECURITIES - 21.7%
Municipals - 0.2%
 
245,000
  
North Carolina Housing Finance Agency, North Carolina RB, 2.34%, 01/01/19
  
245,411
  
U.S. Teasury Securities - 21.5%
 
7,475,000
  
U.S. Treasury Note, 1.25%, 01/31/19
  
7,476,749
  
 
20,010,000
  
U.S. Treasury Note, 2.00%, 02/28/21
  
20,185,088
  
   
27,661,837
  
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 2.7%
Federal Home Loan Mortgage Corp. - 0.2%
 
109,137
  
Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/20
  
111,595
  
 
786,527
  
Federal Home Loan Mortgage Corp. REMIC Interest Only, 4.00%, 09/15/45
  
165,916
  
   
277,511
  
Federal National Mortgage Association - 1.7%
 
1,297,405
  
Federal National Mortgage Association Interest Only, 0.72%, 02/25/22 (a)
  
36,073
  
 
690,405
  
Federal National Mortgage Association, 3.00%, 10/01/26
  
710,255
  
 
49,755
  
Federal National Mortgage Association REMIC, 4.00%, 07/25/21
  
50,912
  
 
152,226
  
Federal National Mortgage Association REMIC, 4.00%, 02/25/26
  
158,871
  
 
175,059
  
Federal National Mortgage Association REMIC, 3.00%, 04/25/37
  
176,783
  
 
42,310
  
Federal National Mortgage Association REMIC Interest Only, 5.00%, 03/25/39
  
743
  
 
Shares or Principal Amount
  
Security
Description
  
Value
  
$
458,430
  
Federal National Mortgage Association REMIC, 2.50%, 09/25/39
$
453,582
  
 
523,321
  
Federal National Mortgage Association REMIC, 3.50%, 05/25/41
  
545,186
  
   
2,132,405
  
Government National Mortgage Association - 0.8%
 
262,936
  
Government National Mortgage Association, 4.73%, 06/20/61 (a)
  
270,698
  
 
747,797
  
Government National Mortgage Association REMIC, 2.67%, 02/16/44
  
751,781
  
   
1,022,479
  
Total Government & Agency Obligations
(Cost $31,450,666)
  
31,339,643
  
Preferred Stocks - 0.4%
Financials - 0.4%
 
550
  
U.S. Bancorp., Series A, 3.50% (callable at 1,000 beginning on 05/01/17) (a) (d)
  
473,000
  
Total Preferred Stocks (Cost $564,328)
  
473,000
  
Short-Term Investments - 1.9%
Investment Company - 1.9%
 
2,438,523
  
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.58% (e)
  
2,438,523
  
Total Short-Term Investments (Cost $2,438,523)
  
2,438,523
  
Total Investments - 99.2% (Cost $127,428,552)
  
127,186,262
  
Other assets in excess of liabilities – 0.8%
  
966,803
  
NET ASSETS – 100.0%
 $
128,153,065
  
 
(a)
Variable rate security. Rate presented is as of March 31, 2017.
(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 March 31, 2017, the aggregate value of these liquid securities were $29,790,645 or 23.2% of net assets.
(c)
Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of March 31, 2017.
(d)
Perpetual maturity security.
(e)
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2017.

ABS
Asset Backed Security
AMBAC
AMBAC Indemnity Corp.
CLO
Collateralized Loan Obligation
GO
General Obligation
LLC
Limited Liability Company
MTN
Medium Term Note
RB
Revenue Bond
REMIC
Real Estate Mortgage Investment Conduit
 
See accompanying Notes to Financial Statements.
 
 
17
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

INCOME FUND
 
Principal Amount
  
Security
Description
  
Value
  
Non-U.S. Government Agency Asset-Backed Securities - 27.4%
Asset Backed Securities - 7.8%
$
217,261
  
Ascentium Equipment Receivables, LLC, 1.61%, 10/13/20 (a)
$
217,334
  
 
1,455,000
  
Cabela's Credit Card Master Note Trust, 2.71%, 02/17/26 (a)
  
1,452,898
  
 
1,000,000
  
Capital One Multi-Asset Execution Trust, 1.48%, 07/15/20
  
1,000,959
  
 
1,440,000
  
Citibank Credit Card Issuance Trust, 5.65%, 09/20/19
  
1,469,026
  
 
1,150,000
  
Eaton Vance CLO, Ltd., 2.23%, 07/15/26 (a)(b)
  
1,150,698
  
 
1,475,000
  
Ford Credit Floorplan Master Owner Trust A, 2.16%, 11/15/21
  
1,467,012
  
 
1,240,000
  
Magnetite IX CLO, Ltd., 2.46%, 07/25/26 (a)(b)
  
1,241,464
  
 
243,883
  
OneMain Financial Issuance Trust, 2.43%, 06/18/24 (a)
  
243,931
  
 
408,745
  
Preferred Term Securities XI, Ltd / Preferred Term Securities XI, Inc., 1.80%, 09/24/33 (a)(b)
  
366,849
  
 
1,065,878
  
Preferred Term Securities XII, Ltd. / Preferred Term Securities XII, Inc., 1.85%, 12/24/33 (a)(b)
  
951,296
  
 
538,511
  
Preferred Term Securities XIV, Ltd. / Preferred Term Securities XIV, Inc., 1.63%, 06/24/34 (a)(b)
  
456,388
  
 
881,573
  
Preferred Term Securities XXI, Ltd. / Preferred Term Securities XXI, Inc., 1.78%, 03/22/38 (a)(b)
  
491,477
  
 
681,743
  
Preferred Term Securities XXIV, Ltd. / Preferred Term Securities XXIV, Inc., 1.43%, 03/22/37 (a)(b)
  
541,986
  
 
435,000
  
Santander Drive Auto Receivables Trust, 1.34%, 11/15/19
  
434,620
  
 
933,238
  
SLM Student Loan Trust, 2.54%, 04/25/23 (b)
  
951,871
  
 
1,315,000
  
SoFi Professional Loan Program, LLC, 2.34%, 04/25/33 (a)
  
1,291,041
  
 
1,230,000
  
SoFi Professional Loan Program, LLC, 2.49%, 01/25/36 (a)
  
1,219,441
  
 
785,000
  
Voya CLO, Ltd., 2.47%, 01/18/26 (a)(b)
  
785,115
  
   
15,733,406
  
Non-Agency Commercial Mortgage Backed Securities - 8.0%
 
357,815
  
7 WTC Depositor, LLC Trust, 4.08%, 03/13/31 (a)
  
361,906
  
 
1,200,000
  
American Tower Trust #1, 3.07%, 03/15/23 (a)
  
1,195,484
  
 
641,192
  
Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.69%, 06/11/50 (b)
  
645,750
  
 
590,000
  
CFCRE Commercial Mortgage Trust REMIC, 3.83%, 12/15/47
  
617,307
  
 
 
 
Principal Amount
  
Security
Description
  
Value
  
$
3,832,872
  
Citigroup Commercial Mortgage Trust Interest Only REMIC, 2.12%, 09/10/45 (a)(b)
$
235,999
  
 
269,003
  
Citigroup Commercial Mortgage Trust REMIC, 5.79%, 06/14/50 (a)(b)
  
269,153
  
 
1,806,607
  
COMM Mortgage Trust Interest Only REMIC, 1.46%, 03/10/46 (b)
  
63,455
  
 
1,490,000
  
Cosmopolitan Hotel Trust, 2.31%, 11/15/33 (a)(b)
  
1,502,121
  
 
900,000
  
Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.74%, 05/15/36 (a)(b)
  
918,096
  
 
53,271
  
DBUBS Mortgage Trust Interest Only REMIC, 0.44%, 08/10/44 (a)(b)
  
580
  
 
735,000
  
FREMF Mortgage Trust REMIC, 4.16%, 09/25/44 (a)(b)
  
753,667
  
 
1,030,000
  
FREMF Mortgage Trust REMIC, 2.43%, 03/25/45 (a)(b)
  
1,029,862
  
 
6,951,225
  
Goldman Sachs Mortgage Securities Trust Interest Only REMIC, 1.36%, 08/10/44 (a)(b)
  
333,115
  
 
1,055,000
  
JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 2.67%, 01/15/46
  
1,066,344
  
 
753,243
  
JP Morgan Chase Commercial Mortgage Securities Trust REMIC, 4.11%, 07/15/46 (a)
  
770,244
  
 
1,010,503
  
JPMBB Commercial Mortgage Securities Trust REMIC, 2.42%, 07/15/45
  
1,017,104
  
 
1,250,000
  
LSTAR Commercial Mortgage Trust, 3.13%, 04/20/48 (a)(b)
  
1,262,143
  
 
1,107,966
  
Wells Fargo Commercial Mortgage Trust Interest Only REMIC, 2.01%, 10/15/45 (a)(b)
  
75,066
  
 
890,000
  
Wells Fargo Commercial Mortgage Trust REMIC, 2.53%, 10/15/45
  
896,709
  
 
674,357
  
Wells Fargo-RBS Commercial Mortgage Trust Interest Only REMIC, 2.09%, 11/15/45 (a)(b)
  
49,133
  
 
995,000
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.63%, 03/15/45
  
1,004,368
  
 
81,801
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 2.19%, 04/15/45
  
81,742
  
 
1,735,000
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 3.65%, 12/15/46
  
1,802,324
  
   
15,951,672
  
Non-Agency Residential Mortgage Backed Securities - 11.6%
 
767,717
  
Bayview Commercial Asset Trust REMIC, 1.85%, 12/25/33 (a)(b)
  
713,850
  
 
1,128,330
  
Bayview Commercial Asset Trust REMIC, 1.21%, 12/25/36 (a)(b)
  
1,013,269
  
 
See accompanying Notes to Financial Statements.
18
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

INCOME FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
597,435
  
Bayview Financial Acquisition Trust REMIC, 3.31%, 05/28/44 (b)
$
584,264
  
 
16,611
  
Bayview Financial Mortgage Pass-Through Trust REMIC, 5.70%, 02/28/41 (c)
  
16,675
  
 
560,000
  
Bayview Financial Mortgage Pass-Through Trust, REMIC, 2.38%, 04/28/39 (b)
  
557,029
  
 
341,757
  
Citicorp Residential Mortgage Trust REMIC, 5.51%, 07/25/36 (c)
  
345,246
  
 
82,538
  
Citicorp Residential Mortgage Trust REMIC, 5.51%, 07/25/36 (c)
  
84,452
  
 
816,281
  
Citicorp Residential Mortgage Trust REMIC, 5.68%, 09/25/36 (c)
  
830,516
  
 
691,299
  
Citigroup Global Markets Mortgage Securities VII, Inc. REMIC, 6.93%, 08/25/28
  
702,726
  
 
315,740
  
Citigroup Mortgage Loan Trust REMIC, 6.50%, 07/25/34
  
335,668
  
 
1,837,444
  
Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (a)(b)
  
1,906,677
  
 
103,043
  
Citigroup Mortgage Loan Trust REMIC, 1.13%, 08/25/36 (b)
  
102,100
  
 
56,031
  
CitiMortgage Alternative Loan Trust REMIC, 5.25%, 03/25/21
  
57,196
  
 
355,460
  
Conseco Financial Corp., 7.30%, 09/15/26 (b)
  
359,099
  
 
19,579
  
Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.00%, 08/25/20
  
18,736
  
 
55,863
  
Credit Suisse First Boston Mortgage Securities Corp. REMIC, 5.75%, 04/25/33
  
57,381
  
 
182,666
  
Credit-Based Asset Servicing and Securitization, LLC REMIC, 2.11%, 02/25/33 (b)
  
179,846
  
 
542,847
  
Credit-Based Asset Servicing and Securitization, LLC REMIC, 6.02%, 12/25/37 (a)(c)
  
561,643
  
 
978,099
  
CSMLT Trust, 3.00%, 10/25/30 (a)(b)
  
981,920
  
 
234,378
  
First NLC Trust REMIC, 1.25%, 02/25/36 (b)
  
233,697
  
 
463,501
  
Fremont Home Loan Trust, 1.85%, 11/25/34 (b)
  
419,246
  
 
133,059
  
Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.63%, 03/25/34 (b)
  
133,102
  
 
865,000
  
Goldman Sachs Alternative Mortgage Products Trust REMIC, 1.48%, 05/25/36 (a)(b)
  
833,648
  
 
473,191
  
Greenpoint Manufactured Housing, 7.27%, 06/15/29
  
485,453
  
 
518,777
  
HSBC Home Equity Loan Trust USA, 2.28%, 11/20/36 (b)
  
519,072
  
 
Principal Amount
  
Security
Description
  
Value
  
$
128,094
  
Irwin Whole Loan Home Equity Trust REMIC, 2.08%, 11/25/28 (b)
$
125,610
  
 
39,081
  
Irwin Whole Loan Home Equity Trust REMIC, 2.33%, 02/25/29 (b)
  
38,614
  
 
193,205
  
Irwin Whole Loan Home Equity Trust REMIC, 1.69%, 12/25/29 (b)
  
191,649
  
 
870,683
  
Irwin Whole Loan Home Equity Trust REMIC, 2.33%, 06/25/34 (b)
  
848,409
  
 
765,977
  
JP Morgan Mortgage Acquisition Trust REMIC, 1.21%, 07/25/36 (b)
  
742,773
  
 
299,471
  
Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40
  
303,982
  
 
985,000
  
Mill City Mortgage Loan Trust, 2.75%, 11/25/58 (a)(b)
  
981,296
  
 
628,121
  
New Residential Mortgage Loan Trust REMIC, 3.75%, 05/28/52 (a)(b)
  
642,806
  
 
635,812
  
New Residential Mortgage Loan Trust REMIC, 3.75%, 11/25/54 (a)(b)
  
641,434
  
 
1,192,831
  
New Residential Mortgage Loan Trust REMIC, 3.75%, 08/25/55 (a)(b)
  
1,218,205
  
 
165,111
  
Nomura Asset Acceptance Corp. Alternative Loan Trust REMIC, 6.00%, 03/25/47 (c)
  
131,742
  
 
249,000
  
NovaStar Mortgage Funding Trust REMIC, 2.71%, 03/25/35 (b)
  
243,407
  
 
146,671
  
NovaStar Mortgage Funding Trust REMIC, 2.63%, 03/25/35 (b)
  
145,946
  
 
147,848
  
Renaissance Home Equity Loan Trust REMIC, 4.88%, 02/25/35 (c)
  
147,928
  
 
54,268
  
Renaissance Home Equity Loan Trust REMIC, 4.50%, 08/25/35 (c)
  
54,130
  
 
124,102
  
Residential Accredit Loans, Inc. Trust REMIC, 12.96%, 03/25/18 (b)
  
127,210
  
 
239,402
  
Residential Accredit Loans, Inc. Trust REMIC, 6.00%, 10/25/34
  
249,185
  
 
63,195
  
Residential Accredit Loans, Inc. Trust REMIC, 5.50%, 02/25/35
  
63,037
  
 
573,583
  
Residential Asset Mortgage Products, Inc. Trust REMIC, 1.75%, 06/25/35 (b)
  
566,312
  
 
62,971
  
Residential Asset Securities Corp. Trust REMIC, 5.96%, 09/25/31 (b)
  
65,346
  
 
95,437
  
Residential Asset Securities Corp. Trust REMIC, 4.54%, 12/25/33 (b)
  
97,475
  
 
1,257,096
  
Sequoia Mortgage Trust REMIC, 3.00%, 11/25/30 (a)(b)
  
1,266,721
  
 
130,856
  
Structured Asset Securities Corp. Mortgage Pass-Through Certificates REMIC, 2.03%, 11/25/34 (b)
  
129,105
  
 
1,312,127
  
Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (a)(b)
  
1,334,648
  
 
847,449
  
Towd Point Mortgage Trust REMIC, 2.75%, 10/25/56 (a)(b)
  
846,557
  
   
23,236,038
  
 
See accompanying Notes to Financial Statements.
 
 
19
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

INCOME FUND
 
Principal Amount
  
Security
Description
  
Value
  
Total Non-U.S. Government Agency Asset-Backed Securities (Cost $55,374,583)
$
54,921,116
  
Corporate Bonds - 28.2%
Consumer Discretionary - 5.6%
$
959,000
  
AMC Networks, Inc., 4.75%, 12/15/22
  
963,795
  
 
1,315,000
  
CBS Corp., 4.00%, 01/15/26
  
1,346,317
  
 
685,000
  
Comcast Corp., Class A, 3.30%, 02/01/27
  
678,099
  
 
1,329,000
  
Dollar General Corp., 3.25%, 04/15/23
  
1,328,561
  
 
700,000
  
Hanesbrands, Inc., 4.63%, 05/15/24 (a)
  
690,375
  
 
580,000
  
Hilton Worldwide Finance, LLC / Hilton Worldwide Finance Corp., 4.63%, 04/01/25 (a)
  
585,800
  
 
960,000
  
Levi Strauss & Co., 5.00%, 05/01/25
  
984,192
  
 
615,000
  
Newell Brands, Inc., 4.00%, 06/15/22
  
639,429
  
 
320,000
  
Newell Brands, Inc., 4.00%, 12/01/24
  
330,462
  
 
410,000
  
Newell Brands, Inc., 4.20%, 04/01/26
  
426,663
  
 
760,000
  
PVH Corp., 4.50%, 12/15/22
  
767,600
  
 
860,000
  
The Goodyear Tire & Rubber Co., 5.13%, 11/15/23
  
896,550
  
 
1,080,000
  
Whirlpool Corp., 4.70%, 06/01/22
  
1,172,553
  
 
400,000
  
Whirlpool Corp., 4.50%, 06/01/46
  
398,178
  
   
11,208,574
  
Consumer Staples - 2.8%
 
964,000
  
Cargill, Inc., 4.10%, 11/01/42 (a)
  
953,469
  
 
1,165,000
  
Church & Dwight Co., Inc., 2.88%, 10/01/22
  
1,157,529
  
 
165,000
  
Kraft Heinz Foods Co., 4.88%, 02/15/25 (a)
  
176,376
  
 
530,000
  
Land O'Lakes Capital Trust I, 7.45%, 03/15/28 (a)
  
588,300
  
 
1,187,000
  
PepsiCo, Inc., 4.88%, 11/01/40
  
1,336,051
  
 
1,100,000
  
Wal-Mart Stores, Inc., 5.63%, 04/15/41
  
1,358,227
  
   
5,569,952
  
Energy - 1.5%
 
905,000
  
Anadarko Petroleum Corp., 3.45%, 07/15/24
  
882,328
  
 
1,050,000
  
EOG Resources, Inc., 4.15%, 01/15/26
  
1,096,818
  
 
731,000
  
Tosco Corp., 8.13%, 02/15/30
  
1,011,654
  
   
2,990,800
  
Financials - 11.1%
 
630,000
  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.95%, 02/01/22
  
646,931
  
 
441,306
  
Altitude Investments 16, LLC, 2.49%, 03/14/26
  
441,383
  
 
890,000
  
American Honda Finance Corp., 1.60%, 02/16/18 (a)
  
891,528
  
 
Principal Amount
  
Security
Description
  
Value
  
$
1,281,000
  
Bank of America Corp., MTN, 4.13%, 01/22/24
$
1,337,946
  
 
1,345,000
  
CBRE Services, Inc., 5.00%, 03/15/23
  
1,398,944
  
 
1,325,000
  
Citigroup, Inc., 3.89%, 01/10/28 (b)
  
1,330,761
  
 
1,266,000
  
CME Group, Inc., 3.00%, 03/15/25
  
1,266,372
  
 
494,000
  
Crown Castle International Corp., 4.88%, 04/15/22
  
531,334
  
 
1,375,000
  
JPMorgan Chase & Co., Series 1, 7.90% (callable at 100 beginning 04/30/18) (b)(d)
  
1,424,844
  
 
1,280,000
  
KeyCorp, MTN, 2.90%, 09/15/20
  
1,300,671
  
 
1,285,000
  
Metropolitan Life Global Funding I, 2.30%, 04/10/19 (a)
  
1,292,408
  
 
1,295,000
  
Morgan Stanley, GMTN, 3.75%, 02/25/23
  
1,337,174
  
 
1,195,000
  
Prudential Financial, Inc., MTN,
    Series D, 7.38%, 06/15/19
  
1,332,209
  
 
1,330,000
  
Regions Financial Corp., 3.20%, 02/08/21
  
1,352,389
  
 
1,097,000
  
The Chubb Corp., 6.80%, 11/15/31
  
1,437,577
  
 
1,124,000
  
The Goldman Sachs Group, Inc., 6.45%, 05/01/36
  
1,342,545
  
 
1,229,000
  
The Hartford Financial Services Group, Inc., 5.50%, 03/30/20
  
1,337,265
  
 
845,000
  
US Bancorp., Series J, 5.30% (callable at 100 beginning 04/15/27) (b)(d)
  
860,844
  
 
1,364,000
  
Wells Fargo & Co., Series K, 7.98% (callable at 100 beginning 03/15/18) (b)(d)
  
1,420,265
  
   
22,283,390
  
Health Care - 0.3%
 
634,000
  
Becton Dickinson and Co., 3.73%, 12/15/24
  
652,565
  
Industrials - 2.7%
 
1,345,000
  
Burlington Northern Santa Fe, LLC, 4.55%, 09/01/44
  
1,418,011
  
 
700,000
  
Huntington Ingalls Industries, Inc., 5.00%, 11/15/25 (a)
  
731,500
  
 
555,000
  
Roper Technologies, Inc., 3.80%, 12/15/26
  
557,376
  
 
1,298,000
  
Textron, Inc., 3.65%, 03/01/21
  
1,334,396
  
 
1,044,000
  
United Technologies Corp., 6.13%, 07/15/38
  
1,324,910
  
   
5,366,193
  
Information Technology - 0.6%
 
1,138,000
  
Oracle Corp., 5.38%, 07/15/40
  
1,321,682
  
   
1,321,682
  
Materials - 1.6%
 
405,000
  
Martin Marietta Materials, Inc., 6.60%, 04/15/18
  
423,433
  
 
1,358,000
  
The Dow Chemical Co., 3.00%, 11/15/22
  
1,371,770
  
 
See accompanying Notes to Financial Statements.
20
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

INCOME FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
1,294,000
  
The Mosaic Co., 5.45%, 11/15/33
$
1,357,146
  
   
3,152,349
  
Telecommunication Services - 1.2%
 
1,205,000
  
AT&T, Inc., 5.15%, 03/15/42
  
1,195,244
  
 
1,244,000
  
Verizon Communications, Inc., 4.27%, 01/15/36
  
1,148,624
  
   
2,343,868
  
Utilities - 0.8%
 
315,000
  
Alabama Power Co., Series Q, 5.50%, 10/15/17
  
321,343
  
 
1,024,000
  
PacifiCorp, 6.25%, 10/15/37
  
1,325,682
  
   
1,647,025
  
Total Corporate Bonds (Cost $56,293,027)
  
56,536,398
  
Government & Agency Obligations - 41.1%
GOVERNMENT SECURITIES - 14.4%
Municipals - 1.8%
 
509,753
  
Florida Housing Finance Corp., Series A, Florida RB, 3.00%, 01/01/36
  
507,025
  
 
350,000
  
Montana Board of Housing, Series A-2, Montana RB, 2.38%, 06/01/20
  
349,731
  
 
530,000
  
New York City Transitional Finance Authority Future Tax Secured Revenue, New York RB, 5.77%, 08/01/36
  
651,084
  
 
340,000
  
New York City Water & Sewer System, New York RB, 5.72%, 06/15/42
  
434,286
  
 
225,000
  
State of Connecticut, Connecticut GO, 4.95%, 12/01/20
  
247,907
  
 
225,000
  
State of Connecticut, Connecticut GO, 5.63%, 12/01/29
  
264,728
  
 
240,000
  
University of Michigan, Series D, Michigan RB, 6.01%, 04/01/25
  
259,231
  
 
350,000
  
University of Nebraska, Series B-2, Nebraska RB, 5.70%, 07/01/29
  
360,549
  
 
410,000
  
West Haymarket Joint Public Agency, Nebraska GO, 6.00%, 12/15/39
  
502,369
  
   
3,576,910
  
Treasury Inflation Index Securities - 0.6%
 
869,367
  
U.S. Treasury Inflation Indexed Bond, 1.75%, 01/15/28 (e)
  
983,342
  
 
321,586
  
U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (e)
  
324,258
  
   
1,307,600
  
U.S. Treasury Securities - 12.0%
 
2,440,000
  
U.S. Treasury Bond, 5.38%, 02/15/31
  
3,257,495
  
 
2,095,000
  
U.S. Treasury Bond, 4.75%, 02/15/37
  
2,734,629
  
 
9,785,000
  
U.S. Treasury Bond, 3.63%, 08/15/43
  
10,893,073
  
 
425,000
  
U.S. Treasury Note, 1.25%, 01/31/19
  
425,099
  
 
225,000
  
U.S. Treasury Note, 2.00%, 02/28/21
  
226,969
  
 
3,830,000
  
U.S. Treasury Note, 1.63%, 11/15/22
  
3,741,282
  
 
2,750,000
  
U.S. Treasury Note, 2.13%, 05/15/25
  
2,707,892
  
   
23,986,439
  
 
Principal Amount
  
Security
Description
  
Value
  
U.S. GOVERNMENT MORTGAGE BACKED SECURITIES - 26.7%
Federal Home Loan Mortgage Corp. - 9.7%
$
60,042
  
Federal Home Loan Mortgage Corp., 3.50%, 12/01/26
$
62,624
  
 
661,550
  
Federal Home Loan Mortgage Corp., 4.50%, 11/01/30
  
709,952
  
 
587,003
  
Federal Home Loan Mortgage Corp., 4.50%, 08/01/31
  
631,165
  
 
1,065,453
  
Federal Home Loan Mortgage Corp., 4.50%, 01/01/41
  
1,146,229
  
 
2,719,295
  
Federal Home Loan Mortgage Corp., 3.00%, 07/01/43
  
2,708,629
  
 
2,590,164
  
Federal Home Loan Mortgage Corp., 4.00%, 12/01/45
  
2,738,735
  
 
1,570,398
  
Federal Home Loan Mortgage Corp., 4.00%, 10/01/44
  
1,656,984
  
 
1,936,066
  
Federal Home Loan Mortgage Corp. Interest Only REMIC, 4.00%, 09/15/45
  
408,407
  
 
2,881,061
  
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Interest Only, 1.96%, 08/25/18 (b)
  
57,598
  
 
11,117,625
  
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Interest Only, 1.46%, 01/25/19 (b)
  
242,186
  
 
189,754
  
Federal Home Loan Mortgage Corp. REMIC, 4.50%, 04/15/19
  
191,957
  
 
911,160
  
Federal Home Loan Mortgage Corp. REMIC, 4.50%, 06/15/21
  
935,883
  
 
592,988
  
Federal Home Loan Mortgage Corp. REMIC, 4.00%, 06/15/37
  
615,153
  
 
553,081
  
Federal Home Loan Mortgage Corp. REMIC, 4.00%, 02/15/39
  
583,413
  
 
1,406,600
  
Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/40
  
1,479,426
  
 
774,353
  
Federal Home Loan Mortgage Corp. REMIC, 4.00%, 04/15/41
  
810,508
  
 
1,714,022
  
Federal Home Loan Mortgage Corp. REMIC, 3.50%, 07/15/42
  
1,764,864
  
 
450,136
  
Federal Home Loan Mortgage Corp. REMIC, 3.50%, 11/15/42
  
466,198
  
 
2,185,000
  
Federal Home Loan Mortgage Corp. REMIC, 3.00%, 01/15/55
  
2,259,355
  
   
19,469,266
  
Federal National Mortgage Association - 16.0%
 
5,639
  
Federal National Mortgage Association, 4.50%, 12/01/18
  
5,783
  
 
729,210
  
Federal National Mortgage Association, 4.16%, 08/01/21
  
769,631
  
 
1,982,681
  
Federal National Mortgage Association Interest Only, 0.72%, 02/25/22 (b)
  
55,126
  
 
See accompanying Notes to Financial Statements.
 
 
21
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

INCOME FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
154,301
  
Federal National Mortgage Association, 7.50%, 08/01/22
$
162,373
  
 
57,265
  
Federal National Mortgage Association, 4.00%, 06/01/24
  
60,275
  
 
114,340
  
Federal National Mortgage Association, 4.00%, 10/01/24
  
119,575
  
 
1,947,045
  
Federal National Mortgage Association, 3.41%, 02/01/27
  
2,005,746
  
 
2,306,909
  
Federal National Mortgage Association, 3.31%, 01/01/33
  
2,253,094
  
 
1,124,650
  
Federal National Mortgage Association, 5.80%, 12/01/33
  
1,191,050
  
 
305,084
  
Federal National Mortgage Association, 5.00%, 08/01/34
  
333,049
  
 
21,750
  
Federal National Mortgage Association, 5.50%, 08/01/37
  
24,126
  
 
101,940
  
Federal National Mortgage Association, 6.00%, 09/01/38
  
115,147
  
 
196,500
  
Federal National Mortgage Association, 4.50%, 06/01/39
  
212,895
  
 
422,851
  
Federal National Mortgage Association, 4.50%, 01/01/40
  
460,290
  
 
280,368
  
Federal National Mortgage Association, 4.50%, 12/01/40
  
301,887
  
 
938,175
  
Federal National Mortgage Association, 4.00%, 04/01/41
  
992,781
  
 
294,560
  
Federal National Mortgage Association, 4.00%, 02/01/42
  
312,219
  
 
992,390
  
Federal National Mortgage Association, 3.00%, 07/01/43
  
989,674
  
 
1,401,205
  
Federal National Mortgage Association, 4.00%, 10/01/43
  
1,477,083
  
 
1,613,215
  
Federal National Mortgage Association, 4.50%, 08/01/44
  
1,746,853
  
 
2,739,883
  
Federal National Mortgage Association, 4.00%, 11/01/44
  
2,888,578
  
 
1,024,920
  
Federal National Mortgage Association, 3.50%, 06/01/45
  
1,052,587
  
 
4,420,669
  
Federal National Mortgage Association, 4.00%, 04/01/46
  
4,638,856
  
 
167,894
  
Federal National Mortgage Association REMIC, 4.00%, 02/25/19
  
170,954
  
 
391,833
  
Federal National Mortgage Association REMIC, 5.00%, 02/25/32
  
434,700
  
 
675,803
  
Federal National Mortgage Association REMIC, 4.00%, 01/25/33
  
721,042
  
 
222,151
  
Federal National Mortgage Association REMIC, 5.50%, 08/25/34
  
228,057
  
 
348,750
  
Federal National Mortgage Association REMIC, 3.00%, 04/25/37
  
352,185
  
 
1,205,932
  
Federal National Mortgage Association REMIC, 4.00%, 07/25/39
  
1,236,267
  
 
Shares or Principal Amount
  
Security
Description
  
Value
  
$
937,698
  
Federal National Mortgage Association REMIC, 2.50%, 09/25/39
$
927,782
  
 
1,793,372
  
Federal National Mortgage Association REMIC, 1.50%, 01/25/40
  
1,753,460
  
 
473,169
  
Federal National Mortgage Association REMIC, 3.50%, 05/25/41
  
492,939
  
 
1,750,000
  
Federal National Mortgage Association REMIC, 3.00%, 08/25/43
  
1,784,081
  
 
1,840,000
  
Federal National Mortgage Association REMIC, 3.00%, 08/25/45
  
1,877,076
  
   
32,147,221
  
Government National Mortgage Association - 0.9%
 
1,222,314
  
Government National Mortgage Association, 3.00%, 03/20/43
  
1,236,013
  
 
525,872
  
Government National Mortgage Association REMIC, 4.73%, 06/20/61 (b)
  
541,396
  
   
1,777,409
  
Small Business Administration Participation Certificates - 0.1%
 
170,900
  
Small Business Administration Participation Certificates, 2.88%, 09/10/21
  
175,483
  
Total Government & Agency Obligations
(Cost $82,476,684)
  
82,440,328
  
Preferred Stocks - 0.1%
Financials - 0.1%
 
237
  
US Bancorp., Series A, 3.50% (callable    at 1,000 beginning 05/01/17) (b)(d)
  
203,820
  
Total Preferred Stocks (Cost $243,401)
  
203,820
  
Exchange Traded Fund - 0.3%
 
7,447
  
iShares iBoxx $ High Yield Corporate Bond Fund
  
653,698
  
Total Exchange Traded Fund (Cost $643,763)
  
653,698
  
Investment Company- 0.7%
 
140,215
  
Federated Institutional High-Yield Bond Fund
  
1,400,748
  
Total Investment Company(Cost $1,279,527)
  
1,400,748
  
Short-Term Investments - 1.1%
Investment Company - 1.1%
 
2,110,929
  
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.58% (f)
  
2,110,929
  
Total Short-Term Investments (Cost $2,110,929)
  
2,110,929
  
Total Investments - 98.9% (Cost $198,421,914)
  
198,267,037
  
Other assets in excess of liabilities – 1.1%
  
2,162,696
  
NET ASSETS – 100.0%
 $
200,429,733
  
 
See accompanying Notes to Financial Statements.
22
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

INCOME FUND
(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 March 31, 2017, the aggregate value of these liquid securities were $38,018,917 or 19.0% of net assets.
(b)
Variable rate security. Rate presented is as of March 31, 2017.
(c)
Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of March 31, 2017.
(d)
Perpetual maturity security.
(e)
U.S. Treasury inflation indexed security, par amount is adjusted for inflation.
(f)
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2017.
 
ABS
Asset Backed Security
AMBAC
AMBAC Indemnity Corp.
CLO
Collateralized Loan Obligation
GMTN
Global Medium Term Note
GO
General Obligation
LLC
Limited Liability Company
MTN
Medium Term Note
RB
Revenue Bond
REMIC
Real Estate Mortgage Investment Conduit
 
See accompanying Notes to Financial Statements.
 
 
23
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

NEBRASKA TAX-FREE FUND
 
Principal Amount
  
Security
Description
  
Value
  
Government & Agency Obligations - 97.2%
GOVERNMENT SECURITIES - 97.2%
Municipals - 97.2%
Iowa - 0.3%
$
125,000
  
Xenia Rural Water District, Iowa RB, 2.00%, 12/01/18
$
125,385
  
 
100,000
  
Xenia Rural Water District, Iowa RB, 3.00%, 12/01/20
  
102,793
  
         
228,178
  
Nebraska - 96.3%
 
210,000
  
Cass County Sanitary & Improvement District No. 1, Nebraska GO, 2.30%, 10/15/23
  
200,584
  
 
185,000
  
Cass County Sanitary & Improvement District No. 1, Nebraska GO, 2.40%, 10/15/24
  
175,065
  
 
250,000
  
Cass County School District No. 56 Conestoga, Nebraska GO, 1.20%, 12/15/19
  
249,800
  
 
100,000
  
Cass County School District No. 56 Conestoga, Nebraska GO, 1.30%, 12/15/20
  
99,784
  
 
500,000
  
City of Bellevue NE, Nebraska GO, 1.65%, 12/15/20
  
505,025
  
 
215,000
  
City of Blair NE, Nebraska GO, 2.15%, 09/15/23
  
214,908
  
 
220,000
  
City of Blair NE, Nebraska GO, 2.30%, 09/15/24
  
219,465
  
 
345,000
  
City of Fremont NE Combined Utility System Revenue, Nebraska RB, 3.00%, 10/15/25
  
351,489
  
 
65,000
  
City of Grand Island NE Electric System Revenue, Nebraska RB, 5.00%, 08/15/27
  
75,057
  
 
275,000
  
City of Hastings NE Combined Utility Revenue, Nebraska RB, 4.50%, 10/15/21
  
275,597
  
 
300,000
  
City of Hastings NE Combined Utility Revenue, Nebraska RB, 4.50%, 10/15/26
  
300,591
  
 
330,000
  
City of La Vista NE, Nebraska GO, 1.00%, 05/01/21
  
321,341
  
 
110,000
  
City of Lincoln NE Electric System Revenue, Nebraska RB, 5.00%, 09/01/28
  
127,131
  
 
55,000
  
City of Lincoln NE Electric System Revenue, Nebraska RB, 5.00%, 09/01/28
  
64,181
  
 
250,000
  
City of Lincoln NE Electric System Revenue, Nebraska RB, 3.13%, 09/01/30
  
245,287
  
 
Principal Amount
  
Security
Description
  
Value
   
$
130,000
  
City of Lincoln NE, Nebraska Certificate of Participation, 2.00%, 09/15/17
$
130,139
  
 
650,000
  
City of Lincoln NE, Nebraska GO, 3.00%, 05/15/20
  
683,988
  
 
105,000
  
City of Lincoln NE, Nebraska RB, 2.00%, 04/01/17
  
105,000
  
 
210,000
  
City of Lincoln NE, Nebraska RB, 2.00%, 04/01/18
  
211,709
  
 
515,000
  
City of Lincoln NE, Nebraska RB, 2.50%, 04/01/20
  
526,351
  
 
700,000
  
City of Lincoln NE, Nebraska RB, 4.50%, 08/15/22
  
763,882
  
 
480,000
  
City of Lincoln NE, Nebraska RB, 4.00%, 08/15/26
  
512,174
  
 
500,000
  
City of Lincoln NE, Nebraska RB, 3.55%, 04/01/27
  
512,420
  
 
87,000
  
City of Ogallala NE, Nebraska Certificate of Participation, 1.15%, 10/15/19
  
85,780
  
 
200,000
  
City of Omaha NE Sewer Revenue, Nebraska RB, 5.00%, 04/01/24
  
237,518
  
 
575,000
  
City of Omaha NE, Nebraska GO, 5.25%, 04/01/20
  
640,119
  
 
75,000
  
City of Omaha NE, Nebraska GO, 4.38%, 06/01/22
  
77,900
  
 
200,000
  
City of Omaha NE, Nebraska GO, 4.38%, 06/01/22
  
207,516
  
 
800,000
  
City of Omaha NE, Nebraska GO, 5.75%, 10/15/28
  
857,472
  
 
190,000
  
City of Omaha NE, Nebraska RB, 5.00%, 02/01/26
  
215,699
  
 
500,000
  
City of Omaha NE, Series A, Nebraska GO, 6.50%, 12/01/30
  
689,790
  
 
200,000
  
City of Omaha NE, Series A, Nebraska GO, 5.00%, 05/01/33
  
226,950
  
 
500,000
  
City of Omaha NE, Series B, Nebraska GO, 4.00%, 04/15/20
  
538,870
  
 
470,000
  
City of Omaha NE, Series B, Nebraska GO, 4.00%, 04/15/22
  
521,159
  
 
105,000
  
City of Papillion NE Water Revenue, Nebraska RB, 1.80%, 10/01/20
  
104,894
  
 
105,000
  
City of Papillion NE Water Revenue, Nebraska RB, 2.05%, 10/01/21
  
105,330
  
 
550,000
  
County of Douglas NE, Nebraska RB, 5.60%, 07/01/25
  
616,561
  
 
120,000
  
County of Douglas NE, Nebraska RB, 3.60%, 10/01/27
  
120,037
  
 
250,000
  
County of Sarpy NE, Nebraska Certificate of Participation, 2.80%, 12/15/20
  
259,737
  
 
280,000
  
Crete Public Schools No. 2, Nebraska GO, 3.00%, 12/15/18
  
289,094
  
 
See accompanying Notes to Financial Statements.
24
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

NEBRASKA TAX-FREE FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
195,000
  
Douglas County Hospital Authority No. 1, Nebraska RB, 5.25%, 09/01/21
$
215,440
  
 
495,000
  
Douglas County Hospital Authority No. 2, Nebraska RB, 5.13%, 08/15/18
  
502,425
  
 
1,500,000
  
Douglas County Hospital Authority No. 2, Nebraska RB, 4.75%, 09/01/28
  
1,563,045
  
 
500,000
  
Douglas County Hospital Authority No. 2, Nebraska RB, 5.50%, 01/01/30
  
543,465
  
 
1,000,000
  
Douglas County Hospital Authority No. 2, Nebraska RB, 4.00%, 05/15/32
  
1,031,590
  
 
100,000
  
Douglas County Hospital Authority No. 2, Nebraska RB, 5.75%, 11/01/48
  
106,951
  
 
690,000
  
Douglas County Hospital Authority No. 3, Nebraska RB, 5.75%, 11/01/48
  
739,645
  
 
750,000
  
Douglas County Public Facilities Corp., Nebraska RB, 2.00%, 05/01/24
  
749,992
  
 
85,000
  
Douglas County Sanitary & Improvement District No. 281, Nebraska GO, 1.70%, 02/15/20
  
84,787
  
 
40,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 1.85%, 08/15/17
  
40,050
  
 
50,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 2.10%, 08/15/18
  
50,035
  
 
55,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 2.35%, 08/15/19
  
55,072
  
 
55,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 2.65%, 08/15/20
  
55,109
  
 
65,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 2.85%, 08/15/21
  
65,177
  
 
65,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 3.00%, 08/15/22
  
65,177
  
 
100,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 3.35%, 08/15/24
  
100,278
  
 
100,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 3.50%, 08/15/25
  
100,271
  
 
105,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 3.60%, 08/15/26
  
105,118
  
 
Principal Amount
  
Security
Description
  
Value
   
$
110,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 3.70%, 08/15/27
$
110,131
  
 
155,000
  
Douglas County Sanitary & Improvement District No. 412, Nebraska GO, 4.05%, 08/15/32
  
155,212
  
 
585,000
  
Douglas County Sanitary & Improvement District No. 464, Nebraska GO, 3.65%, 03/15/33
  
580,098
  
 
260,000
  
Douglas County Sanitary & Improvement District No. 484, Nebraska GO, 3.00%, 08/15/29
  
245,287
  
 
65,000
  
Douglas County Sanitary & Improvement District No. 485, Nebraska GO, 2.65%, 10/01/20
  
65,173
  
 
170,000
  
Douglas County Sanitary & Improvement District No. 497, Nebraska GO, 2.75%, 11/15/25
  
170,007
  
 
165,000
  
Douglas County Sanitary & Improvement District No. 497, Nebraska GO, 3.65%, 11/15/32
  
165,312
  
 
100,000
  
Douglas County Sanitary & Improvement District No. 503, Nebraska GO, 1.90%, 08/15/17
  
100,377
  
 
105,000
  
Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.85%, 03/15/33
  
98,087
  
 
295,000
  
Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.90%, 03/15/34
  
274,497
  
 
210,000
  
Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 3.95%, 03/15/35
  
194,655
  
 
190,000
  
Douglas County Sanitary & Improvement District No. 509, Nebraska GO, 4.00%, 03/15/36
  
175,457
  
 
255,000
  
Douglas County Sanitary & Improvement District No. 515, Nebraska GO, 3.75%, 12/15/32
  
255,145
  
 
95,000
  
Douglas County Sanitary & Improvement District No. 535, Nebraska GO, 2.55%, 10/15/20
  
94,649
  
 
115,000
  
Douglas County Sanitary & Improvement District No. 541, Nebraska GO, 2.95%, 07/15/24
  
116,290
  
 
100,000
  
Douglas County Sanitary & Improvement District No. 549, Nebraska GO, 3.05%, 05/15/29
  
92,848
  
 
85,000
  
Douglas County Sanitary & Improvement District No. 549, Nebraska GO, 3.10%, 05/15/30
  
78,413
  
 
750,000
  
Douglas County School District No. 59, Nebraska GO, 3.00%, 12/15/35
  
665,835
  
 
200,000
  
Elkhorn School District No. 10, Nebraska GO, 3.00%, 06/15/18
  
204,784
  
 
See accompanying Notes to Financial Statements.
 
 
25
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

NEBRASKA TAX-FREE FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
100,000
  
Elkhorn School District No. 10, Nebraska GO, 3.00%, 12/15/18
$
103,248
  
 
700,000
  
Elkhorn School District No. 10, Nebraska GO, 5.00%, 01/15/30
  
789,334
  
 
665,000
  
Elkhorn School District No. 10, Nebraska GO, 4.00%, 12/15/34
  
696,834
  
 
1,430,000
  
Elkhorn School District No. 10, Nebraska GO, 4.00%, 12/15/35
  
1,492,534
  
 
250,000
  
Elkhorn School District No. 10, Series B, Nebraska GO, 4.00%, 01/15/32
  
261,042
  
 
15,000
  
Elm Creek Rural Fire Protection District No. 7, Nebraska GO, 0.65%, 10/15/17
  
14,973
  
 
68,000
  
Elm Creek Rural Fire Protection District No. 7, Nebraska GO, 1.40%, 10/15/20
  
67,721
  
 
185,000
  
Grand Island Public Schools No. 2, Nebraska GO, 4.00%, 12/15/24
  
200,718
  
 
735,000
  
Gretna Public Schools No. 37, Nebraska GO, 4.00%, 12/15/24
  
823,185
  
 
265,000
  
Gretna Public Schools No. 37, Nebraska GO, 4.00%, 12/15/25
  
295,663
  
 
500,000
  
Hospital Authority No. 1 of Lancaster County, Series A, Nebraska RB, 5.00%, 06/01/17
  
503,170
  
 
400,000
  
Knox County School District #501, Nebraska GO, 2.00%, 12/15/19
  
395,552
  
 
1,300,000
  
Lancaster County Correctional Facility Joint Public Agency, Nebraska GO, 5.00%, 12/01/21
  
1,387,659
  
 
140,000
  
Lancaster County Correctional Facility Joint Public Agency, Nebraska GO, 5.00%, 12/01/22
  
149,440
  
 
750,000
  
Lancaster County School District No. 1, Nebraska GO, 4.00%, 01/15/26
  
834,225
  
 
200,000
  
Lincoln County Hospital Authority No. 1, Nebraska RB, 5.00%, 11/01/25
  
222,570
  
 
500,000
  
Lincoln County Hospital Authority No. 1, Nebraska RB, 5.00%, 11/01/32
  
541,530
  
 
500,000
  
Lincoln-Lancaster County Public Building Commission, Nebraska RB, 3.00%, 12/01/26
  
522,840
  
 
1,000,000
  
Loup River Public Power District, Nebraska RB, 2.00%, 12/01/26
  
953,980
  
 
415,000
  
Metropolitan Community College Area, Nebraska Certificate of Participation, 4.00%, 03/01/20
  
445,121
  
 
500,000
  
Metropolitan Community College Area, Nebraska Certificate of Participation, 3.00%, 03/01/26
  
518,220
  
 
1,000,000
  
Metropolitan Utilities District of Omaha, Nebraska RB, 5.00%, 12/01/21
  
1,150,960
  
 
Principal Amount
  
Security
Description
  
Value
  
$
100,000
  
Metropolitan Utilities District of Omaha, Series B, Nebraska RB, 5.00%, 06/01/28
$
100,650
  
 
180,000
  
Mid-Plains Community College Area Facilities Corp., Series B, Nebraska RB, 3.00%, 10/15/25
  
181,161
  
 
210,000
  
Municipal Energy Agency of Nebraska, Series A, Nebraska RB, 5.00%, 04/01/25
  
241,046
  
 
200,000
  
Municipal Energy Agency of Nebraska, Series A, Nebraska RB, 5.00%, 04/01/26
  
226,120
  
 
540,000
  
Municipal Energy Agency of Nebraska, Series A, Nebraska RB, 5.00%, 04/01/27
  
608,893
  
 
1,475,000
  
Municipal Energy Agency of Nebraska, Series A, Nebraska RB, 5.00%, 04/01/30
  
1,655,038
  
 
140,000
  
Municipal Energy Agency of Nebraska, Series A, Nebraska RB, 5.00%, 04/01/31
  
156,878
  
 
250,000
  
Municipal Energy Agency of Nebraska, Series A, Nebraska RB, 5.38%, 04/01/39
  
271,020
  
 
540,000
  
Nebraska Investment Finance Authority, Nebraska RB, 1.40%, 09/01/20
  
537,052
  
 
445,000
  
Nebraska Investment Finance Authority, Nebraska RB, 1.50%, 03/01/21
  
442,900
  
 
175,000
  
Nebraska Investment Finance Authority, Series A, Nebraska RB, 2.35%, 09/01/24
  
174,113
  
 
150,000
  
Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/26
  
169,375
  
 
200,000
  
Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/27
  
225,352
  
 
600,000
  
Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/29
  
673,182
  
 
1,050,000
  
Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/32
  
1,160,649
  
 
540,000
  
Nebraska Public Power District, Series A, Nebraska RB, 5.00%, 01/01/34
  
589,097
  
 
1,995,000
  
Nebraska Public Power District, Series C, Nebraska RB, 5.00%, 01/01/31
  
2,205,712
  
 
1,000,000
  
Nebraska State College Facilities Corp., Nebraska RB, 5.00%, 07/15/26
  
1,205,830
  
 
315,000
  
Nebraska State Colleges, Series A, Nebraska RB, 3.00%, 07/01/25
  
315,403
  
 
535,000
  
Omaha Airport Authority, Nebraska RB, 3.75%, 01/01/19
  
559,819
  
 
805,000
  
Omaha Public Facilities Corp., Nebraska RB, 5.00%, 06/01/26
  
871,501
  
 
See accompanying Notes to Financial Statements.
26
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

NEBRASKA TAX-FREE FUND
 
Principal Amount
  
Security
Description
  
Value
  
$
285,000
  
Omaha Public Facilities Corp., Series A, Nebraska RB, 5.00%, 06/01/20
$
316,185
  
 
700,000
  
Omaha Public Facilities Corp., Series A, Nebraska RB, 5.00%, 06/01/21
  
795,305
  
 
1,000,000
  
Omaha Public Facilities Corp., Series A, Nebraska RB, 4.00%, 06/01/28
  
1,097,140
  
 
100,000
  
Omaha Public Power District, Nebraska City Station Unit 2, Series A, Nebraska RB, 5.30%, 02/01/26
  
103,595
  
 
500,000
  
Omaha Public Power District, Nebraska City Station Unit 2, Series A, Nebraska RB, 5.35%, 02/01/27
  
518,180
  
 
190,000
  
Omaha Public Power District, Series A, Nebraska RB, 4.65%, 02/01/28
  
202,240
  
 
205,000
  
Omaha Public Power District, Series A, Nebraska RB, 4.00%, 02/01/31
  
218,114
  
 
200,000
  
Omaha Public Power District, Series A, Nebraska RB, 4.00%, 02/01/34
  
209,552
  
 
1,170,000
  
Omaha Public Power District, Series B, Nebraska RB, 5.00%, 02/01/29
  
1,325,739
  
 
500,000
  
Omaha Public Power District, Series C, Nebraska RB, 5.00%, 02/01/29
  
560,210
  
 
1,435,000
  
Omaha Public Power District, Series C, Nebraska RB, 5.00%, 02/01/30
  
1,605,535
  
 
650,000
  
Omaha School District No. 1, Nebraska GO, 4.00%, 12/15/22
  
696,137
  
 
180,000
  
Omaha School District No. 1, Nebraska GO, 3.00%, 12/15/32
  
176,672
  
 
620,000
  
Omaha School District No. 1, Nebraska GO, 3.13%, 12/15/33
  
612,424
  
 
1,500,000
  
Omaha School District No. 1, Nebraska GO, 4.00%, 12/15/39
  
1,545,045
  
 
590,000
  
Omaha-Douglas Public Building Commission, Nebraska GO, 4.50%, 05/01/22
  
613,559
  
 
245,000
  
Omaha-Douglas Public Building Commission, Nebraska GO, 4.50%, 05/01/23
  
254,756
  
 
400,000
  
Papillion La Vista School District, Nebraska GO, %, 12/01/22
  
398,180
  
 
235,000
  
Papillion-La Vista School District No. 27, Nebraska GO, 5.00%, 12/01/23
  
250,400
  
 
200,000
  
Papio-Missouri River Natural Resource District, Nebraska GO, 4.00%, 12/15/24
  
204,352
  
 
125,000
  
Platte County School District No. 1, Columbus Public Schools, Nebraska GO, 5.00%, 12/15/26
  
148,809
  
 
280,000
  
Platte County School District No. 1, Columbus Public Schools, Nebraska GO, 5.00%, 12/15/28
  
327,228
  
 
75,000
  
Sarpy County Sanitary & Improvement District No. 191, Nebraska GO, 2.45%, 10/15/22
  
75,078
  
 
Principal Amount
  
Security
Description
  
Value
   
$
160,000
  
Sarpy County Sanitary & Improvement District No. 191, Nebraska GO, 3.55%, 10/15/32
$
160,157
  
 
250,000
  
Sarpy County Sanitary & Improvement District No. 213, Nebraska GO, 3.20%, 11/15/29
  
247,942
  
 
55,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 2.00%, 06/15/18
  
55,013
  
 
55,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 2.45%, 06/15/20
  
55,038
  
 
60,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 2.75%, 06/15/21
  
60,077
  
 
60,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.00%, 06/15/22
  
60,087
  
 
65,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.15%, 06/15/23
  
65,093
  
 
65,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.30%, 06/15/24
  
65,090
  
 
65,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.40%, 06/15/25
  
65,081
  
 
70,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.55%, 06/15/26
  
70,032
  
 
75,000
  
Sarpy County Sanitary & Improvement District No. 234, Nebraska GO, 3.70%, 06/15/27
  
75,026
  
 
100,000
  
Sarpy County Sanitary & Improvement District No. 242, Nebraska GO, 3.00%, 03/15/27
  
101,285
  
 
490,000
  
Sarpy County Sanitary & Improvement District No. 257, Nebraska GO, 3.75%, 04/15/31
  
466,225
  
 
245,000
  
Sarpy County Sanitary & Improvement District No. 261, Nebraska GO, 3.35%, 04/15/26
  
245,022
  
 
475,000
  
Sarpy County Sanitary & Improvement District No. 261, Nebraska GO, 3.80%, 04/15/33
  
460,004
  
 
120,000
  
Sarpy County Sanitary & Improvement District No. 279, Nebraska GO, 3.95%, 02/15/32
  
121,828
  
 
110,000
  
Sarpy County Sanitary & Improvement District No. 279, Nebraska GO, 5.15%, 02/15/34
  
113,890
  
 
200,000
  
Sarpy County Sanitary & Improvement District No. 68, Nebraska GO, 2.75%, 12/15/23
  
200,120
  
 
See accompanying Notes to Financial Statements.
 
 
27
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

NEBRASKA TAX-FREE FUND
 
Shares or Principal Amount
  
Security
Description
  
Value
  
$
60,000
  
Sarpy County Sanitary & Improvement District No. 97, Nebraska GO, 2.35%, 02/15/18
$
60,026
  
 
600,000
  
Southern Public Power District, Nebraska RB, 5.00%, 12/15/22
  
639,378
  
 
200,000
  
State of Nebraska, Series A, Nebraska Certification of Participation, 1.40%, 03/15/20
  
199,712
  
 
200,000
  
State of Nebraska, Series A, Nebraska Certification of Participation, 1.60%, 03/15/21
  
199,696
  
 
745,000
  
University of Nebraska Facilities Corp., Nebraska RB, 2.00%, 07/15/19
  
758,686
  
 
1,000,000
  
University of Nebraska Facilities Corp., Nebraska RB, 5.00%, 12/15/20
  
1,128,390
  
 
160,000
  
University of Nebraska, Nebraska RB, 3.00%, 05/15/18
  
163,562
  
 
50,000
  
University of Nebraska, Series A, Nebraska RB, 4.25%, 07/01/21
  
52,749
  
 
525,000
  
University of Nebraska, Series A, Nebraska RB, 5.00%, 07/01/22
  
551,050
  
 
85,000
  
University of Nebraska, Series A, Nebraska RB, 5.00%, 07/01/22
  
90,769
  
 
400,000
  
University of Nebraska, Series A, Nebraska RB, 5.00%, 07/01/23
  
427,148
  
 
650,000
  
University of Nebraska, Series A, Nebraska RB, 4.50%, 07/01/28
  
678,262
  
 
1,000,000
  
University of Nebraska, Series A, Nebraska RB, 4.00%, 07/01/31
  
1,074,280
  
 
100,000
  
West Haymarket Joint Public Agency, Nebraska GO, 5.00%, 12/15/22
  
115,555
  
 
200,000
  
West Haymarket Joint Public Agency, Nebraska GO, 5.00%, 12/15/26
  
230,324
  
 
105,000
  
West Haymarket Joint Public Agency, Nebraska GO, 4.00%, 12/15/28
  
113,432
  
   
69,047,052
  
North Dakota – 0.6%
    
 
500,000
  
City of Fargo ND, Series B, North Dakota GO, 3.00%, 05/01/34
 457,815  
Total Government Securities (Cost $70,431,918)
  
69,733,045
  
Short-Term Investments - 3.1%
Investment Company - 3.1%
 
2,223,194
  
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.58% (a)
  
2,223,194
  
Total Short-Term Investments (Cost $2,223,194)
  
2,223,194
  
Total Investments - 100.3% (Cost $72,655,112)
  
71,956,239
  
Other liabilities in excess of other assets – (0.3)%
  
(246,877
 )
NET ASSETS – 100.0%
 $
71,709,362
  
 
(a)
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2017.

GO
General Obligation
RB
Revenue Bond
 
See accompanying Notes to Financial Statements.
28
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

BALANCED FUND
 
Shares
  
Security
Description
  
Value
  
Common Stocks - 64.3%
Consumer Discretionary - 7.7%
 
27,500
  
Comcast Corp. - Class A
$
1,033,725
  
 
8,500
  
Newell Brands, Inc.
  
400,945
  
 
12,500
  
NIKE, Inc. - Class B
  
696,625
  
 
1,970
  
O'Reilly Automotive, Inc. (a)
  
531,585
  
 
5,100
  
Royal Caribbean Cruises, Ltd.
  
500,361
  
 
13,600
  
Starbucks Corp.
  
794,104
  
 
8,000
  
The Home Depot, Inc.
  
1,174,640
  
 
390
  
The Priceline Group, Inc. (a)
  
694,188
  
 
1,790
  
Ulta Beauty, Inc. (a)
  
510,562
  
   
6,336,735
  
Consumer Staples - 5.3%
 
11,600
  
Church & Dwight Co., Inc.
  
578,492
  
 
4,700
  
Constellation Brands, Inc. - Class A
  
761,729
  
 
4,500
  
Costco Wholesale Corp.
  
754,605
  
 
4,900
  
CVS Health Corp.
  
384,650
  
 
7,400
  
Dr. Pepper Snapple Group, Inc.
  
724,608
  
 
13,680
  
Lamb Weston Holdings, Inc. - Class A
  
575,381
  
 
4,700
  
The J.M. Smucker Co.
  
616,076
  
   
4,395,541
  
Energy - 4.1%
 
4,700
  
Diamondback Energy, Inc. (a)
  
487,461
  
 
5,800
  
EOG Resources, Inc.
  
565,790
  
 
10,900
  
Exxon Mobil Corp.
  
893,909
  
 
7,100
  
Occidental Petroleum Corp.
  
449,856
  
 
4,700
  
Phillips 66
  
372,334
  
 
8,500
  
Schlumberger, Ltd.
  
663,850
  
   
3,433,200
  
Financials - 9.5%
 
10,000
  
BankUnited, Inc.
  
373,100
  
 
1,210
  
BlackRock, Inc.
  
464,047
  
 
5,100
  
Chubb, Ltd.
  
694,875
  
 
6,200
  
CME Group, Inc.
  
736,560
  
 
1,400
  
FactSet Research Systems, Inc.
  
230,874
  
 
12,600
  
First American Financial Corp.
  
494,928
  
 
38,100
  
Huntington Bancshares, Inc.
  
510,159
  
 
17,000
  
JPMorgan Chase & Co.
  
1,493,280
  
 
27,500
  
KeyCorp
  
488,950
  
 
8,900
  
Northern Trust Corp.
  
770,562
  
 
3,300
  
Signature Bank (a)
  
489,687
  
 
15,600
  
U.S. Bancorp, Series A
  
803,400
  
 
5,000
  
Wells Fargo & Co.
  
278,300
  
   
7,828,722
  
Health Care - 8.9%
 
3,310
  
Allergan PLC
  
790,825
  
 
13,900
  
AMN Healthcare Services, Inc. (a)
  
564,340
  
 
10,200
  
Baxter International, Inc.
  
528,972
  
 
1,650
  
Biogen, Inc. (a)
  
451,143
  
 
850
  
Bioverativ, Inc. (a)
  
46,291
  
 
23,900
  
Boston Scientific Corp. (a)
  
594,393
  
 
5,000
  
Celgene Corp. (a)
  
622,150
  
 
5,900
  
Centene Corp. (a)
  
420,434
  
 
Shares
  
Security
Description
  
Value
  
 
6,300
  
Edwards Lifesciences Corp. (a)
$
592,641
  
 
11,000
  
Eli Lilly & Co.
  
925,210
  
 
4,500
  
Laboratory Corp. of America Holdings (a)
  
645,615
  
 
4,400
  
Thermo Fisher Scientific, Inc.
  
675,840
  
 
9,900
  
Zoetis, Inc.
  
528,363
  
   
7,386,217
  
Industrials - 7.3%
 
1,850
  
Acuity Brands, Inc.
  
377,400
  
 
3,900
  
FedEx Corp.
  
761,085
  
 
10,850
  
Fortune Brands Home & Security, Inc.
  
660,222
  
 
27,100
  
General Electric Co.
  
807,580
  
 
12,600
  
HD Supply Holdings, Inc. (a)
  
518,175
  
 
17,300
  
KAR Auction Services, Inc.
  
755,491
  
 
7,400
  
MasTec, Inc. (a)
  
296,370
  
 
5,000
  
Quanta Services, Inc. (a)
  
185,550
  
 
1,700
  
Roper Technologies, Inc.
  
351,033
  
 
14,000
  
Southwest Airlines Co.
  
752,640
  
 
3,900
  
The Middleby Corp. (a)
  
532,155
  
   
5,997,701
  
Information Technology - 14.9%
 
5,500
  
Adobe Systems, Inc. (a)
  
715,715
  
 
2,143
  
Alphabet, Inc. - Class C (a)
  
1,777,747
  
 
16,500
  
Apple, Inc.
  
2,370,390
  
 
3,700
  
Broadcom, Ltd.
  
810,152
  
 
11,300
  
CDW Corp.
  
652,123
  
 
21,200
  
Cisco Systems, Inc.
  
716,560
  
 
11,100
  
Facebook, Inc. - Class A (a)
  
1,576,755
  
 
11,700
  
Finisar Corp. (a)
  
319,878
  
 
3,400
  
FleetCor Technologies, Inc. (a)
  
514,862
  
 
7,000
  
MasterCard, Inc. - Class A
  
787,290
  
 
7,200
  
Microchip Technology, Inc.
  
531,216
  
 
18,800
  
Microsoft Corp.
  
1,238,168
  
 
4,200
  
Paychex, Inc.
  
247,380
  
   
12,258,236
  
Materials - 2.2%
 
11,700
  
Berry Plastics Group, Inc. (a)
  
568,269
  
 
10,200
  
FMC Corp.
  
709,818
  
 
2,400
  
Martin Marietta Materials, Inc.
  
523,800
  
   
1,801,887
  
Real Estate - 1.8%
 
7,700
  
American Tower Corp. REIT
  
935,858
  
 
5,600
  
DuPont Fabros Technology, Inc. REIT
  
277,704
  
 
6,400
  
Education Realty Trust, Inc. REIT
  
261,440
  
   
1,475,002
  
Telecommunication Services - 1.0%
 
16,400
  
Verizon Communications, Inc.
  
799,500
  
Utilities - 1.6%
 
7,400
  
NextEra Energy, Inc.
  
949,938
  
 
4,700
  
Southwest Gas Holdings, Inc.
  
389,677
  
   
1,339,615
  
Total Common Stocks (Cost $41,589,343)
  
53,052,356
  
 
See accompanying Notes to Financial Statements.
 
 
29
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

BALANCED FUND
 
Principal Amount
  
Security
Description
  
 
Value
  
Non-U.S. Government Agency Asset-Backed Securities - 6.4%
Asset Backed Securities - 2.2%
$
365,000
  
BA Credit Card Trust, 1.36%, 09/15/20
$
364,631
  
 
380,000
  
Cabela's Credit Card Master Note Trust, 2.71%, 02/17/26 (b)
  
379,451
  
 
300,000
  
Capital One Multi-Asset Execution Trust, 1.48%, 07/15/20
  
300,288
  
 
241,000
  
Citibank Credit Card Issuance Trust, 5.65%, 09/20/19
  
245,858
  
 
145,000
  
Eaton Vance CLO, Ltd., 2.23%, 07/15/26 (b)(c)
  
145,088
  
 
220,000
  
Magnetite IX, Ltd., 2.46%, 07/25/26 (b)(c)
  
220,260
  
 
196,656
  
Preferred Term Securities XII, Ltd./Preferred Term Securities XII, Inc., 1.85%, 12/24/33 (b)(c)
  
175,516
  
   
1,831,092
  
Non-Agency Commercial Mortgage Backed Securities - 2.5%
 
375,000
  
American Tower Trust #1, 3.07%, 03/15/23 (b)
  
373,589
  
 
182,421
  
Bayview Commercial Asset Trust REMIC, 1.85%, 12/25/33 (b)(c)
  
169,622
  
 
312,777
  
Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.69%, 06/11/50 (c)
  
315,000
  
 
62,078
  
Citigroup Commercial Mortgage Trust REMIC, 5.79%, 06/14/50 (b)(c)
  
62,112
  
 
265,000
  
FREMF Mortgage Trust REMIC, 4.16%, 09/25/44 (b)(c)
  
271,730
  
 
310,000
  
FREMF Mortgage Trust REMIC, 2.43%, 03/25/45 (b)(c)
  
309,959
  
 
470,777
  
JPMorgan Chase Commercial Mortgage Securities Trust REMIC, 4.11%, 07/15/46 (b)
  
481,402
  
 
90,850
  
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 1.19%, 03/15/47
  
90,549
  
   
2,073,963
  
Non-Agency Residential Mortgage Backed Securities - 1.7%
 
160,000
  
Bayview Financial Mortgage Pass-Through Trust REMIC, 2.38%, 04/28/39 (c)
  
159,151
  
 
84,479
  
Citicorp Residential Mortgage Trust REMIC, 5.51%, 07/25/36 (d)
  
85,342
  
 
143,031
  
Citicorp Residential Mortgage Trust REMIC, 5.68%, 09/25/36 (d)
  
145,526
  
 
82,782
  
Citigroup Mortgage Loan Trust REMIC, 4.00%, 01/25/35 (b)(c)
  
85,901
  
 
82,447
  
Conseco Financial Corp., 7.30%, 09/15/26 (c)
  
83,291
  
 
375,000
  
GSAMP Trust REMIC, 1.48%, 05/25/36 (b)(c)
  
361,408
  
 
Principal Amount
  
Security
Description
  
 
Value
  
$
72,115
  
HSBC Home Equity Loan Trust USA, 2.28%, 11/20/36 (c)
$
72,156
  
 
112,403
  
Lehman ABS Manufactured Housing Contract Trust REMIC, 4.35%, 04/15/40
  
114,096
  
 
117,503
  
New Residential Mortgage Loan Trust, 3.75%, 08/25/55 (b)(c)
  
120,002
  
 
125,820
  
Towd Point Mortgage Trust REMIC, 3.50%, 02/25/55 (b)(c)
  
127,980
  
   
1,354,853
  
Total Non-U.S. Government Agency Asset-Backed Securities (Cost $5,308,646)
  
5,259,908
  
Corporate Bonds - 12.7%
Consumer Discretionary - 1.6%
 
330,000
  
CBS Corp., 4.00%, 01/15/26
  
337,859
  
 
100,000
  
Hanesbrands, Inc., 4.63%, 05/15/24 (b)
  
98,625
  
 
275,000
  
Newell Brands, Inc., 4.00%, 06/15/22
  
285,923
  
 
210,000
  
Newell Brands, Inc., 4.20%, 04/01/26
  
218,535
  
 
315,000
  
Whirlpool Corp., 4.70%, 06/01/22
  
341,995
  
   
1,282,937
  
Consumer Staples - 0.9%
 
375,000
  
Church & Dwight Co., Inc., 2.88%, 10/01/22
  
372,595
  
 
410,000
  
PepsiCo., Inc., 2.85%, 02/24/26
  
403,497
  
   
776,092
  
Energy - 0.7%
 
210,000
  
Anadarko Petroleum Corp., 3.45%, 07/15/24
  
204,739
  
 
155,000
  
ConocoPhillips Co., 2.88%, 11/15/21
  
156,301
  
 
205,000
  
EOG Resources, Inc., 4.15%, 01/15/26
  
214,141
  
   
575,181
  
Financials - 5.5%
 
200,000
  
American Honda Finance Corp., 1.60%, 02/16/18 (b)
  
200,343
  
 
380,000
  
Bank of America Corp., MTN, 4.13%, 01/22/24
  
396,893
  
 
315,000
  
CBRE Services, Inc., 5.00%, 03/15/23
  
327,634
  
 
300,000
  
Citigroup, Inc., 2.55%, 04/08/19
  
302,948
  
 
395,000
  
CME Group, Inc., 3.00%, 03/15/25
  
395,116
  
 
400,000
  
JPMorgan Chase & Co., Series 1, 7.90% (callable at 100 beginning 04/30/18) (c)(e)
  
414,500
  
 
425,000
  
Metropolitan Life Global Funding I, 2.30%, 04/10/19 (b)
  
427,450
  
 
360,000
  
Morgan Stanley, GMTN, 3.75%, 02/25/23
  
371,724
  
 
290,000
  
Prudential Financial, Inc., MTN, Series D, 7.38%, 06/15/19
  
323,298
  
 
250,000
  
Regions Bank/Birmingham AL, BKNT, 7.50%, 05/15/18
  
264,686
  
 
265,000
  
The Goldman Sachs Group, Inc., 3.00%, 04/26/22
  
265,266
  
 
See accompanying Notes to Financial Statements.
30
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

BALANCED FUND
 
Principal Amount
  
Security
Description
  
 
Value
 
$
345,000
  
The Hartford Financial Services Group, Inc., 5.50%, 03/30/20
$
375,392
  
 
130,000
  
U.S. Bancorp, Series J, 5.30% (callable at 100 beginning 04/15/27) (c)(e)
  
132,437
  
 
310,000
  
Wells Fargo & Co., Series K, 7.98% (callable at 100 beginning 03/15/18) (c)(e)
  
322,787
  
   
4,520,474
  
Health Care - 0.2%
 
132,000
  
Becton Dickinson and Co., 3.73%, 12/15/24
  
135,865
  
Industrials - 1.0%
 
285,000
  
Burlington Northern Santa Fe, LLC, 3.75%, 04/01/24
  
300,145
  
 
150,000
  
Roper Technologies, Inc., 2.80%, 12/15/21
  
150,153
  
 
375,000
  
Textron, Inc., 3.65%, 03/01/21
  
385,515
  
   
835,813
  
Information Technology - 0.8%
 
350,000
  
Oracle Corp., 3.40%, 07/08/24
  
359,314
  
 
330,000
  
QUALCOMM, Inc., 3.45%, 05/20/25
  
334,764
  
   
694,078
  
Materials - 0.9%
 
300,000
  
The Dow Chemical Co., 3.00%, 11/15/22
  
303,042
  
 
401,000
  
The Mosaic Co., 4.25%, 11/15/23
  
415,423
  
   
718,465
  
Telecommunication Services - 1.1%
 
330,000
  
AT&T, Inc., 3.80%, 03/15/22
  
341,302
  
 
210,000
  
AT&T, Inc., 3.95%, 01/15/25
  
211,753
  
 
345,000
  
Verizon Communications, Inc., 5.15%, 09/15/23
  
378,643
  
   
931,698
  
Total Corporate Bonds (Cost $10,395,482)
  
10,470,603
  
Government & Agency Obligations - 13.6%
GOVERNMENT SECURITIES - 13.0%
Municipals - 1.6%
 
350,000
  
California State University, California RB, 5.45%, 11/01/22
  
405,464
  
 
250,000
  
City of Aurora IL, Series A, Illinois GO, 4.25%, 12/30/17
  
254,753
  
 
250,000
  
City of Industry CA, California RB, 7.00%, 01/01/21
  
274,623
  
 
200,000
  
Santa Monica Community College District, Series A1-B, California GO, 5.73%, 08/01/24
  
220,118
  
 
100,000
  
Vista Community Development Commission, California Tax Allocation Bond, 7.61%, 09/01/21
  
116,567
  
   
1,271,525
  
 
Shares or Principal Amount
  
Security
Description
  
 
Value
  
Treasury Inflation Index Securities – 0.8%
$
653,867
  
U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/22 (f)
$
659,326
  
U.S. Treasury Securities – 10.6%
 
3,670,000
  
U.S. Treasury Note, 2.00%, 02/28/21
  
3,702,112
  
 
3,030,000
  
U.S. Treasury Note, 1.63%, 11/15/22
  
2,959,813
  
 
2,135,000
  
U.S. Treasury Note, 2.13%, 05/15/25
  
2,102,309
  
   
8,764,234
  
Total Government Securities (Cost $10,561,066)
  
10,695,085
  
U.S. GOVERNMENT MORTGAGE BACKED-SECURITIES - 0.6%
Federal Home Loan Mortgage Corp. - 0.3%
 
226,994
  
Federal Home Loan Mortgage Corp. REMIC, 4.00%, 03/15/40
  
238,746
  
Federal National Mortgage Association - 0.3%
 
118,736
  
Federal National Mortgage Association, 3.50%, 12/01/26
  
123,704
  
 
142,391
  
Federal National Mortgage Association REMIC, 2.50%, 09/25/39
  
140,885
  
   
264,589
  
Total U.S. Government Mortgage Backed-Securities
(Cost $509,222)
  
503,335
  
Total Government & Agency Obligations
(Cost $11,070,288)
  
11,198,420
  
Short-Term Investments - 2.9%
Investment Company - 2.9%
 
2,351,909
  
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.58% (g)
  
2,351,909
  
Total Short-Term Investments (Cost $2,351,909)
  
2,351,909
  
Total Investments - 99.9% (Cost $70,715,668)
  
82,333,196
  
Other assets in excess of liablities – 0.1%
  
116,545
  
NET ASSETS – 100.0%
 $
82,449,741
  
 
See accompanying Notes to Financial Statements.
 
 
31
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

BALANCED FUND
(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 March 31, 2017, the aggregate value of these liquid securities was $4,010,438 or 4.9% of net assets.
(c)
Variable rate security. Rate presented is as of March 31, 2017.
(d)
Debt obligation initially issued at one coupon rate which converts to higher coupon rate at a specified date. Rate presented is as of March 31, 2017.
(e)
Perpetual maturity security.
(f)
U.S. Treasury inflation indexed note, par amount is adjusted for inflation.
(g)
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2017.


ABS
Asset Backed Security
BKNT
Banknote
CLO
Collateralized Loan Obligation
GMTN
Global Medium Term Note
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 Investment Conduit
 
See accompanying Notes to Financial Statements.
32
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

GROWTH OPPORTUNITIES FUND
 
Shares
  
Security
Description
  
Value
  
Common Stocks - 96.4%
Consumer Discretionary - 20.8%
 
1,660
  
AutoZone, Inc. (a)
$
1,200,263
  
 
22,800
  
Big Lots, Inc.
  
1,109,904
  
 
8,100
  
Carter's, Inc.
  
727,380
  
 
26,940
  
Dick's Sporting Goods, Inc.
  
1,310,900
  
 
42,200
  
Discovery Communications, Inc. - Class C (a)
  
1,194,682
  
 
19,300
  
DR Horton, Inc.
  
642,883
  
 
53,900
  
Five Below, Inc. (a)
  
2,334,409
  
 
17,600
  
Foot Locker, Inc.
  
1,316,656
  
 
10,900
  
Grand Canyon Education, Inc. (a)
  
780,549
  
 
36,900
  
Hanesbrands, Inc.
  
766,044
  
 
19,300
  
La-Z-Boy, Inc.
  
521,100
  
 
19,000
  
Lions Gate Entertainment Corp. - Class A
  
504,640
  
 
57,600
  
Lions Gate Entertainment Corp. - Class B (a)
  
1,404,288
  
 
67,150
  
Newell Brands, Inc.
  
3,167,466
  
 
7,400
  
O'Reilly Automotive, Inc. (a)
  
1,996,816
  
 
52,520
  
Restaurant Brands International, Inc.
  
2,927,465
  
 
18,900
  
Royal Caribbean Cruises, Ltd.
  
1,854,279
  
 
6,500
  
The Madison Square Garden Co. - Class A (a)
  
1,298,115
  
 
5,800
  
Ulta Beauty, Inc. (a)
  
1,654,334
  
   
26,712,173
  
Consumer Staples - 9.4%
 
48,600
  
Church & Dwight Co., Inc.
  
2,423,682
  
 
32,000
  
Lamb Weston Holdings, Inc. - Class A
  
1,345,920
  
 
27,400
  
Post Holdings, Inc. (a)
  
2,398,048
  
 
14,500
  
Spectrum Brands Holdings, Inc.
  
2,015,645
  
 
26,900
  
Sprouts Farmers Market, Inc. (a)
  
621,928
  
 
12,400
  
The J.M. Smucker Co.
  
1,625,392
  
 
19,000
  
TreeHouse Foods, Inc. (a)
  
1,608,540
  
   
12,039,155
  
Energy - 1.3%
 
7,100
  
Concho Resources, Inc. (a)
  
911,214
  
 
12,100
  
EQT Corp.
  
739,310
  
   
1,650,524
  
Financials - 4.3%
 
36,300
  
E*TRADE Financial Corp. (a)
  
1,266,507
  
 
6,900
  
FactSet Research Systems, Inc.
  
1,137,879
  
 
44,000
  
Home BancShares, Inc.
  
1,191,080
  
 
7,200
  
Northern Trust Corp.
  
623,376
  
 
4,600
  
Signature Bank (a)
  
682,594
  
 
9,200
  
T. Rowe Price Group, Inc.
  
626,980
  
   
5,528,416
  
Health Care - 14.2%
 
100,300
  
Allscripts Healthcare Solutions, Inc. (a)
  
1,271,804
  
 
17,500
  
Bio-Techne Corp.
  
1,778,875
  
 
50,500
  
Boston Scientific Corp. (a)
  
1,255,935
  
 
22,800
  
Centene Corp. (a)
  
1,624,728
  
 
12,600
  
Edwards Lifesciences Corp. (a)
  
1,185,282
  
 
Shares
  
Security
Description
  
Value
  
 
45,900
  
Insulet Corp. (a)
$
1,977,831
  
 
12,600
  
Mallinckrodt PLC (a)
  
561,582
  
 
21,900
  
PerkinElmer, Inc.
  
1,271,514
  
 
28,690
  
Seattle Genetics, Inc. (a)
  
1,803,454
  
 
10,440
  
Teleflex, Inc.
  
2,022,541
  
 
6,600
  
The Cooper Cos., Inc.
  
1,319,274
  
 
41,400
  
Zoetis, Inc.
  
2,209,518
  
   
18,282,338
  
Industrials - 13.3%
 
10,594
  
Dover Corp.
  
851,228
  
 
27,700
  
Fortune Brands Home & Security, Inc.
  
1,685,545
  
 
37,900
  
HD Supply Holdings, Inc. (a)
  
1,558,637
  
 
34,600
  
KAR Auction Services, Inc.
  
1,510,982
  
 
57,060
  
MasTec, Inc. (a)
  
2,285,253
  
 
17,400
  
Old Dominion Freight Line, Inc.
  
1,488,918
  
 
13,200
  
Orbital ATK, Inc.
  
1,293,600
  
 
62,500
  
Quanta Services, Inc. (a)
  
2,319,375
  
 
6,200
  
Roper Technologies, Inc.
  
1,280,238
  
 
11,600
  
The Middleby Corp. (a)
  
1,582,820
  
 
25,900
  
XPO Logistics, Inc. (a)
  
1,240,351
  
   
17,096,947
  
Information Technology - 21.0%
 
13,900
  
Akamai Technologies, Inc. (a)
  
829,830
  
 
51,400
  
ARRIS International PLC (a)
  
1,359,530
  
 
16,600
  
Broadridge Financial Solutions, Inc.
  
1,127,970
  
 
22,700
  
Cavium, Inc. (a)
  
1,626,682
  
 
34,800
  
CDW Corp.
  
2,008,308
  
 
20,400
  
Citrix Systems, Inc. (a)
  
1,701,156
  
 
134,400
  
First Data Corp. - Class A (a)
  
2,083,200
  
 
15,100
  
Fiserv, Inc. (a)
  
1,741,181
  
 
9,800
  
FleetCor Technologies, Inc. (a)
  
1,484,014
  
 
23,800
  
IAC/InterActiveCorp. (a)
  
1,754,536
  
 
122,700
  
Infinera Corp. (a)
  
1,255,221
  
 
13,100
  
Jack Henry & Associates, Inc.
  
1,219,610
  
 
90,700
  
Knowles Corp. (a)
  
1,718,765
  
 
14,900
  
Lam Research Corp.
  
1,912,564
  
 
22,200
  
Microchip Technology, Inc.
  
1,637,916
  
 
35,900
  
Paychex, Inc.
  
2,114,510
  
 
77,300
  
TiVo Corp.
  
1,449,375
  
   
27,024,368
  
Materials - 5.1%
 
27,600
  
FMC Corp.
  
1,920,684
  
 
108,200
  
Graphic Packaging Holding Co.
  
1,392,534
  
 
7,600
  
Martin Marietta Materials, Inc.
  
1,658,700
  
 
124,900
  
Platform Specialty Products Corp. (a)
  
1,626,198
  
   
6,598,116
  
Real Estate - 6.0%
 
83,160
  
American Homes 4 Rent - Class A REIT
  
1,909,354
  
 
49,560
  
CBRE Group, Inc. - Class A (a)
  
1,724,192
  
 
46,000
  
DuPont Fabros Technology, Inc. REIT
  
2,281,140
  
 
90,000
  
Physicians Realty Trust REIT
  
1,788,300
  
   
7,702,986
  
 
See accompanying Notes to Financial Statements.
 
 
33
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

GROWTH OPPORTUNITIES FUND
 
Shares
  
Security
Description
  
Value
  
Utilities - 1.0%
 
14,700
  
Southwest Gas Holdings, Inc.
$
1,218,777
  
Total Common Stocks (Cost $90,562,476)
  
123,853,800
  
Short-Term Investments - 3.5%
Investment Company - 3.5%
 
4,569,952
  
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.58% (b)
  
4,569,952
  
Total Short-Term Investments (Cost $4,569,952)
  
4,569,952
  
Total Investments - 99.9% (Cost $95,132,428)
  
128,423,752
  
Other assets in excess of other liabilities – 0.1%
  
97,130
  
NET ASSETS – 100.0%
$
128,520,882
  
 
(a)
Non-income producing security.
(b)
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2017.

PLC
Public Limited Company
REIT
Real Estate Investment Trust
See accompanying Notes to Financial Statements.
34
 
 
 
SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2017

SMALL COMPANY FUND
 
Shares
  
Security
Description
  
Value
    
Common Stocks - 95.6%
  
Consumer Discretionary - 14.5%
  
 
521,900
  
Bojangles', Inc. (a)
$
10,698,950
    
 
160,000
  
Dave & Buster's Entertainment, Inc. (a)
  
9,774,400
    
 
145,700
  
Dorman Products, Inc. (a)
  
11,966,341
    
 
150,300
  
Five Below, Inc. (a)
  
6,509,493
    
 
509,500
  
ILG, Inc.
  
10,679,120
    
 
333,800
  
MSG Networks, Inc. - Class A (a)
  
7,794,230
    
 
204,200
  
Nexstar Media Group, Inc.
  
14,324,630
    
 
198,300
  
Ollie's Bargain Outlet Holdings, Inc. (a)
  
6,643,050
    
 
526,500
  
Potbelly Corp. (a)
  
7,318,350
    
   
85,708,564
    
Consumer Staples - 2.0%
  
 
688,800
  
Amplify Snack Brands, Inc. (a)
  
5,785,920
    
 
165,100
  
Inter Parfums, Inc.
  
6,034,405
    
   
11,820,325
    
Energy - 3.7%
  
 
636,300
  
Callon Petroleum Co. (a)
  
8,373,708
    
 
297,400
  
Matador Resources Co. (a)
  
7,075,146
    
 
102,800
  
PDC Energy, Inc. (a)
  
6,409,580
    
   
21,858,434
    
Financials - 16.7%
  
 
336,100
  
Cardinal Financial Corp.
  
10,062,834
    
 
280,300
  
MB Financial, Inc.
  
12,002,446
    
 
177,000
  
Mercantile Bank Corp.
  
6,088,800
    
 
784,700
  
Old National Bancorp
  
13,614,545
    
 
317,200
  
Selective Insurance Group, Inc.
  
14,955,980
    
 
306,400
  
Southside Bancshares, Inc.
  
10,285,848
    
 
231,400
  
Stifel Financial Corp. (a)
  
11,613,966
    
 
153,500
  
UMB Financial Corp.
  
11,560,085
    
 
193,200
  
United Bankshares, Inc.
  
8,162,700
    
   
98,347,204
    
Health Care - 10.5%
  
 
121,300
  
Almost Family, Inc. (a)
  
5,895,180
    
 
269,300
  
AMN Healthcare Services, Inc. (a)
  
10,933,580
    
 
106,000
  
Analogic Corp.
  
8,045,400
    
 
113,900
  
Cambrex Corp. (a)
  
6,270,195
    
 
196,900
  
Genomic Health, Inc. (a)
  
6,200,381
    
 
272,900
  
Integra LifeSciences Holdings Corp. (a)
  
11,497,277
    
 
78,800
  
Masimo Corp. (a)
  
7,348,888
    
 
146,600
  
Omnicell, Inc. (a)
  
5,959,290
    
   
62,150,191
    
Industrials - 14.8%
  
 
65,900
  
American Woodmark Corp. (a)
  
6,049,620
    
 
182,600
  
Barnes Group, Inc.
  
9,374,684
    
 
218,500
  
Forward Air Corp.
  
10,394,045
    
 
219,000
  
Franklin Electric Co., Inc.
  
9,427,950
    
 
214,900
  
Granite Construction, Inc.
  
10,785,831
    
 
414,500
  
Kforce, Inc.
  
9,844,375
    
 
157,700
  
Multi-Color Corp.
  
11,196,700
    
 
523,800
  
Navigant Consulting, Inc. (a)
  
11,974,068
    
 
199,600
  
Tetra Tech, Inc.
  
8,153,660
    
   
87,200,933
    
 
Shares
  
Security
Description
  
Value
    
Information Technology - 20.8%
  
 
159,100
  
Ambarella, Inc. (a)
$
8,704,361
    
 
134,600
  
Anixter International, Inc. (a)
  
10,673,780
    
 
84,800
  
CACI International, Inc. - Class A (a)
  
9,947,040
    
 
476,700
  
CalAmp Corp. (a)
  
8,003,793
    
 
71,000
  
Coherent, Inc. (a)
  
14,600,440
    
 
184,000
  
ExlService Holdings, Inc. (a)
  
8,714,240
    
 
83,000
  
Littelfuse, Inc.
  
13,272,530
    
 
193,200
  
Methode Electronics, Inc.
  
8,809,920
    
 
130,000
  
Microsemi Corp. (a)
  
6,698,900
    
 
160,400
  
MTS Systems Corp.
  
8,830,020
    
 
218,100
  
National Instruments Corp.
  
7,101,336
    
 
153,100
  
PC Connection, Inc. (a)
  
4,560,849
    
 
142,000
  
Silicon Motion Technology Corp., ADR
  
6,638,500
    
 
208,400
  
Sykes Enterprises, Inc. (a)
  
6,126,960
    
   
122,682,669
    
Materials - 5.8%
  
 
289,100
  
A Schulman, Inc.
  
9,092,195
    
 
112,000
  
Balchem Corp.
  
9,231,040
    
 
155,400
  
Carpenter Technology Corp.
  
5,796,420
    
 
127,700
  
Sensient Technologies Corp.
  
10,121,502
    
   
34,241,157
    
Real Estate - 4.8%
  
 
467,500
  
Easterly Government Properties, Inc. REIT
  
9,251,825
    
 
225,900
  
Education Realty Trust, Inc. REIT
  
9,228,015
    
 
203,800
  
LTC Properties, Inc. REIT
  
9,762,020
    
   
28,241,860
    
Utilities - 2.0%
  
 
141,100
  
IDACORP, Inc.
  
11,705,656
    
Total Common Stocks (Cost $457,058,373)
  
563,956,993
    
Short-Term Investments - 5.7%
Investment Company - 5.7%
 
33,817,817
  
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares, 0.58% (b)
  
33,817,817
  
Total Short-Term Investments (Cost $33,817,817)
  
33,817,817
    
Total Investments - 101.3% (Cost $490,876,190)
  
597,774,810
    
Other liabilities in excess of other assets – (1.3)%
  
(7,527,014
)
  
NET ASSETS – 100.0%
$
590,247,796
    
 
(a)
Non-income producing security.
(b)
Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2017.

ADR
American Depositary Receipt
REIT  Real Estate Investment Trust
 
See accompanying Notes to Financial Statements.
 
 
35
 
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2017
 
       
 
 SHORT-INTERMEDIATE BOND FUND
 
  
 
 INCOME FUND
 
Assets:
                
 
Investments, at cost
  
$
127,428,552
    
$
198,421,914
  
 
Unrealized appreciation (depreciation) of investments
  
 
(242,290
)
  
 
(154,877
)
 
Total investments, at value
    
127,186,262
 
    
198,267,037
 
 
Receivable for capital shares issued
    
963,547
      
1,511,948
  
 
Receivable for investments sold
    
1,058,756
      
1,058,756
  
 
Interest and dividends receivable
    
519,459
      
1,143,656
  
 
Prepaid expenses
    
22,378
      
29,530
  
Total Assets
  
 
129,750,402
 
  
 
202,010,927
 
                     
Liabilities:
                
 
Distributions payable
    
179,705
      
414,731
  
 
Payable for investments purchased
    
1,313,461
      
982,657
  
 
Payable for capital shares redeemed
    
25,875
      
51,825
  
 
Accrued expenses and other payables:
                
   
Investment advisory fees
    
26,926
      
68,037
  
   
Administration fees
    
13,091
      
20,244
  
   
Shareholder service fees - Institutional Class
    
3,499
      
2,425
  
   
Other fees
    
34,780
      
41,275
  
Total Liabilities
  
 
1,597,337
 
  
 
1,581,194
 
Net Assets
  
$
 128,153,065
 
  
$
 200,429,733
 
Composition of Net Assets:
                
 
Paid-In Capital
  
$
129,838,545
    
$
202,156,072
  
 
Accumulated (excess of distributions over) net investment income (loss)
    
(278,896
)
    
(93,375
)
 
Accumulated net realized gain (loss) from investments
    
(1,164,294
)
    
(1,478,087
)
 
Net unrealized appreciation (depreciation) on investments
    
(242,290
)
    
(154,877
)
Net Assets
  
$
128,153,065
 
  
$
200,429,733
 
Institutional Class:
                
 
Net assets
  
$
9,933,460
    
$
6,621,377
  
 
Shares of beneficial interest (See note 5)
    
1,065,505
      
647,708
  
 
Net asset value, offering and redemption price per share
  
$
9.32
    
$
10.22
  
Institutional Plus Class:
                
 
Net assets
  
$
118,219,605
    
$
193,808,356
  
 
Shares of beneficial interest (See note 5)
    
12,641,858
      
18,959,741
  
 
Net asset value, offering and redemption price per share
  
$
9.35
    
$
10.22
  
 
See accompanying Notes to Financial Statements.
36
 
 
 
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2017
 
 
 
 NEBRASKA TAX-FREE FUND
 
  
 
 BALANCED FUND
 
  
 
 GROWTH OPPORTUNITIES FUND
 
  
 
 SMALL COMPANY FUND
 
                               
 
$
72,655,112
    
$
70,715,668
    
$
95,132,428
    
$
490,876,190
  
 
 
(698,873
)
  
 
11,617,528
    
 
33,291,324
    
 
106,898,620
  
   
71,956,239
 
    
82,333,196
 
    
128,423,752
 
    
597,774,810
 
   
48,000
      
79,327
      
133,279
      
12,345,791
  
   
-
      
312,811
      
-
      
-
  
   
766,157
      
235,296
      
81,314
      
215,087
  
   
4,946
      
15,064
      
16,753
      
30,328
  
 
 
72,775,342
 
  
 
82,975,694
 
  
 
128,655,098
 
  
 
610,366,016
 
                               
                               
   
182,601
      
-
      
-
      
-
  
   
835,000
      
281,626
      
-
      
19,187,829
  
   
-
      
148,620
      
11,079
      
394,206
  
                               
   
11,387
      
46,828
      
72,020
      
352,824
  
   
7,343
      
8,537
      
13,143
      
57,579
  
   
-
      
10,605
      
8,300
      
41,101
  
   
29,649
      
29,737
      
29,674
      
84,681
  
 
 
1,065,980
 
  
 
525,953
 
  
 
134,216
 
  
 
20,118,220
 
 
$
 71,709,362
 
  
$
 82,449,741
 
  
$
 128,520,882
 
  
$
 590,247,796
 
                               
 
$
73,078,364
    
$
66,797,741
    
$
81,992,817
    
$
461,656,905
  
   
(408,583
)
    
12,280
      
8,613
      
-
  
   
(261,546
)
    
4,022,192
      
13,228,128
      
21,692,271
  
   
(698,873
)
    
11,617,528
      
33,291,324
      
106,898,620
  
 
$
71,709,362
 
  
$
82,449,741
 
  
$
128,520,882
 
  
$
590,247,796
 
                               
 
$
-
    
$
49,240,796
    
$
17,998,746
    
$
210,572,569
  
   
-
      
2,921,235
      
1,091,878
      
7,445,579
  
 
$
-
    
$
16.86
    
$
16.48
    
$
28.28
  
                               
 
$
71,709,362
    
$
33,208,945
    
$
110,522,136
    
$
379,675,227
  
   
7,401,197
      
1,984,082
      
6,602,648
      
13,391,245
  
 
$
9.69
    
$
16.74
    
$
16.74
    
$
28.35
  
 
See accompanying Notes to Financial Statements.
 
 
37
 
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2017
 
       
 
 SHORT-INTERMEDIATE BOND FUND
 
  
 
 INCOME FUND
 
  
Investment Income:
                    
 
Interest
.
  
$
3,278,795
    
$
6,498,304
    
 
Dividend
    
24,481
      
137,494
    
 
Foreign tax witholding
    
-
      
-
    
Total Income
    
 
3,303,276
 
  
 
6,635,798
 
  
Expenses:
                    
 
Investment advisory fees
    
654,750
      
1,277,257
    
 
Administration fees
    
162,312
      
263,806
    
 
Shareholder service fees - Institutional Class
    
27,330
      
11,694
    
 
Custodian fees
    
12,037
      
19,174
    
 
Chief compliance officer fees
    
12,345
      
19,848
    
 
Director fees
    
6,183
      
10,207
    
 
Registration and filing fees
    
25,602
      
27,363
    
 
Transfer agent fees
    
61,841
      
66,474
    
 
Pricing Fees
    
-
      
-
    
 
Other fees
    
92,119
      
123,685
    
Total expenses before waivers
    
 
1,054,519
 
  
 
1,819,508
 
  
 
Expenses waived by Adviser
    
(320,292
)
    
(445,960
)
  
Total Expenses
    
 
734,227
 
  
 
1,373,548
 
  
Net Investment Income (Loss)
    
 
2,569,049
 
  
 
5,262,250
 
  
Realized and Unrealized Gain (Loss) On Investments:
                    
 
Net realized gain (loss) on investment transactions
    
(5,018
)
    
(249,764
)
  
 
Change in unrealized appreciation (depreciation) on investments
    
(396,941
)
    
(3,399,706
)
  
 
Net realized and unrealized gain (loss) on investments
    
 
(401,959
)
  
 
(3,649,470
)
  
Net increase (decrease) in net assets from operations
    
$
 2,167,090
 
  
$
 1,612,780
 
  
 
See accompanying Notes to Financial Statements.
38
 
 
 
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2017
 
 
 NEBRASKA TAX-FREE FUND
 
  
 
 BALANCED FUND
 
  
 
 GROWTH OPPORTUNITIES FUND
 
  
 
 SMALL COMPANY FUND
 
  
                               
$
2,085,523
    
$
970,291
    
$
-
    
$
-
    
 
10,402
      
882,871
      
1,237,731
      
5,676,834
    
 
-
      
-
      
(6,524
)
    
-
    
 
2,095,925
 
  
 
1,853,162
 
  
 
1,231,207
 
  
 
5,676,834
 
  
                               
 
268,757
      
718,721
      
1,085,568
      
3,298,981
    
 
83,216
      
118,910
      
179,491
      
479,568
    
 
-
      
117,354
      
77,554
      
274,414
    
 
5,162
      
7,500
      
10,553
      
29,750
    
 
6,298
      
8,815
      
13,442
      
37,907
    
 
3,133
      
4,593
      
6,980
      
17,207
    
 
8,849
      
21,598
      
19,198
      
52,502
    
 
18,742
      
63,555
      
71,850
      
148,799
    
 
30,051
      
-
      
-
      
-
    
 
43,358
      
71,208
      
60,510
      
100,530
    
 
467,566
 
  
 
1,132,254
 
  
 
1,525,146
 
  
 
4,439,658
 
  
 
(165,212
)
    
(66,189
)
    
(87,013
)
    
(322,897
)
  
 
302,354
 
  
 
1,066,065
 
  
 
1,438,133
 
  
 
4,116,761
 
  
 
1,793,571
 
  
 
787,097
 
  
 
(206,926
)
  
 
1,560,073
 
  
                               
 
(81,348
)
    
7,707,324
      
19,275,716
      
25,811,757
    
 
(2,137,764
)
    
(1,612,471
)
    
4,718,863
      
54,681,586
    
 
(2,219,112
)
  
 
6,094,853
 
  
 
23,994,579
 
  
 
80,493,343
 
  
$
 (425,541
)
  
$
 6,881,950
 
  
$
 23,787,653
 
  
$
 82,053,416
 
  
 
See accompanying Notes to Financial Statements.
 
 
39
 
STATEMENTS OF CHANGES IN NET ASSETS
 
       
SHORT-INTERMEDIATE BOND FUND
  
INCOME FUND
  
NEBRASKA TAX-FREE FUND
       
 For the Year Ended
March 31, 2017
    
 For the Year
Ended
March 31, 2016
  
 For the Year Ended
March 31, 2017
    
 For the Year
Ended
March 31, 2016
  
 For the Year
Ended
March 31, 2017
    
 January 1, 2016*
Through
March 31, 2016
Operations:
                                                      
 
Net investment income (loss)
  
$
2,569,049
      
$
1,917,851
    
$
5,262,250
      
$
4,009,437
    
$
1,793,571
      
$
401,441
  
 
Net realized gain (loss) on investment transactions
    
(5,018
)
      
99,565
      
(249,764
)
      
63,467
      
(81,348
)
      
(152,491
)
 
Net change in unrealized appreciation (depreciation) on investments
    
(396,941
)
      
(570,544
)
    
(3,399,706
)
      
(538,360
)
    
(2,137,764
)
      
456,440
  
Net increase (decrease) in net assets from operations
  
 
2,167,090
 
    
 
1,446,872
 
  
 
1,612,780
 
    
 
3,534,544
 
  
 
(425,541
)
    
 
705,390
 
Distributions to Shareholders:
                                                      
 
From net investment income
                                                      
   
Institutional Class
    
(251,940
)
      
(286,555
)
    
(173,595
)
      
(350,580
)
    
-
        
-
  
   
Institutional Plus Class
    
(2,589,782
)
      
(1,892,402
)
    
(5,856,349
)
      
(4,267,580
)
    
(2,164,819
)
      
(466,483
)
 
From net realized gains on investments
                                                      
   
Institutional Class
    
(19,716
)
      
(11,772
)
    
(4,917
)
      
(4,936
)
    
-
        
-
  
   
Institutional Plus Class
    
(160,775
)
      
(99,052
)
    
(164,951
)
      
(121,294
)
    
-
        
-
  
Change in net assets from distributions to shareholders
  
 
(3,022,213
)
    
 
(2,289,781
)
  
 
(6,199,812
)
    
 
(4,744,390
)
  
 
(2,164,819
)
    
 
(466,483
)
Capital Transactions:
                                                      
 
Proceeds from shares issued
                                                      
   
Institutional Class
    
4,917,110
        
5,134,909
      
1,756,017
        
7,841,907
      
-
        
-
  
   
Institutional Plus Class
    
31,509,238
        
47,979,860
      
69,318,939
        
91,949,778
      
21,952,823
        
57,795,180
**
 
Proceeds from dividends reinvested
                                                      
   
Institutional Class
    
167,411
        
196,937
      
171,907
        
315,772
      
-
        
-
  
   
Institutional Plus Class
    
611,441
        
385,256
      
1,453,831
        
1,049,992
      
151,030
        
1,625
  
 
Cost of shares redeemed
                                                      
 
4
Institutional Class
    
(7,251,197
)
      
(15,978,700
)
    
(1,986,308
)
      
(20,686,461
)
    
-
        
-
  
 
5
Institutional Plus Class
    
(25,455,755
)
      
(27,152,535
)
    
(59,997,007
)
      
(25,079,952
)
    
(4,833,388
)
      
(1,006,455
)
Change in net assets from capital transactions
  
 
4,498,248
 
    
 
10,565,727
 
  
 
10,717,379
 
    
 
55,391,036
 
  
 
17,270,465
 
    
 
56,790,350
 
Change in net assets
  
 
3,643,125
 
    
 
9,722,818
 
  
 
6,130,347
 
    
 
54,181,190
 
  
 
14,680,105
 
    
 
57,029,257
 
Net Assets:
                                                      
 
Beginning of year
  
 
124,509,940
 
    
 
114,787,122
 
  
 
194,299,386
 
    
 
140,118,196
 
  
 
57,029,257
 
    
 
-
 
 
End of year
  
$
128,153,065
 
    
$
124,509,940
 
  
$
200,429,733
 
    
$
194,299,386
 
  
$
71,709,362
 
    
$
57,029,257
 
 
Accumulated (excess of distributions over) net investment income (loss)
  
$
(278,896
)
    
$
(152,384
)
  
$
(93,375
)
    
$
76,360
 
  
$
(408,583
)
    
$
(64,470
)
Share Transactions Institutional Class:
                                                      
 
Shares issued
    
523,867
        
545,967
      
168,398
        
757,834
      
-
        
-
  
 
Shares reinvested
    
17,888
        
20,949
      
16,568
        
30,541
      
-
        
-
  
 
Shares redeemed
    
(777,110
)
      
(1,698,950
)
    
(191,300
)
      
(2,007,699
)
    
-
        
-
  
Change in shares
  
 
(235,355
)
    
 
(1,132,034
)
  
 
(6,334
)
    
 
(1,219,324
)
  
 
-
 
    
 
-
 
Share Transactions Institutional Plus Class:
                                                      
 
Shares issued
    
3,352,312
        
5,095,938
      
6,650,408
        
8,892,333
      
2,204,817
        
5,776,423
**
 
Shares reinvested
    
65,123
        
40,955
      
139,921
        
101,717
      
15,385
        
162
  
 
Shares redeemed
    
(2,711,815
)
      
(2,879,134
)
    
(5,840,316
)
      
(2,430,088
)
    
(495,361
)
      
(100,229
)
Change in shares
  
 
705,620
 
    
 
2,257,759
 
  
 
950,013
 
    
 
6,563,962
 
  
 
1,724,841
 
    
 
5,676,356
 
*
  Commencement of operations.
                                                                                    
**
  See Note 1.
                                                                                    
*** The amount includes $1,430,842 from a redemption-in-kind for the year ended March 31, 2017.
                                      
 
See accompanying Notes to Financial Statements.
40
 
 
 
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
BALANCED FUND
  
GROWTH OPPORTUNITIES FUND
  
SMALL COMPANY FUND
 
 For the Year
Ended
March 31, 2017
    
 For the Year
Ended
March 31, 2016
  
 For the Year
Ended
March 31, 2017
    
 For the Year
Ended
March 31, 2016
  
 For the Year
Ended
March 31, 2017
    
 For the Year
Ended
March 31, 2016
                                                     
 
$
787,097
      
$
410,874
    
$
(206,926
)
    
$
(274,607
)
  
$
1,560,073
      
$
694,187
  
   
7,707,324
        
2,908,302
      
19,275,716
        
11,410,112
      
25,811,757
        
7,034,705
  
   
(1,612,471
)
      
(6,856,646
)
    
4,718,863
        
(28,588,703
)
    
54,681,586
        
(8,024,631
)
 
 
6,881,950
 
    
 
(3,537,470
)
  
 
23,787,653
 
    
 
(17,453,198
)
  
 
82,053,416
 
    
 
(295,739
)
                                                     
                                                     
   
(458,535
)
      
(239,199
)
    
-
        
-
      
(403,001
)
      
(67,293
)
   
(338,896
)
      
(197,197
)
    
-
        
-
      
(893,039
)
      
(1,031,768
)
                                                     
   
(3,340,622
)
      
(1,640,833
)
    
(2,388,948
)
      
(5,855,217
)
    
(2,254,140
)
      
(1,160,025
)
   
(1,924,805
)
      
(773,100
)
    
(6,071,698
)
      
(15,533,094
)
    
(3,362,716
)
      
(6,458,336
)
 
 
(6,062,858
)
    
 
(2,850,329
)
  
 
(8,460,646
)
    
 
(21,388,311
)
  
 
(6,912,896
)
    
 
(8,717,422
)
                                                     
                                                     
   
4,466,420
        
27,567,997
      
3,368,140
        
12,021,998
      
196,297,524
        
28,070,064
  
   
4,614,857
        
5,821,878
      
13,195,880
        
27,132,124
      
155,777,695
        
42,476,909
  
                                                     
   
3,262,415
        
1,585,443
      
2,277,655
        
5,574,556
      
2,390,902
        
1,050,991
  
   
2,009,521
        
872,511
      
3,207,344
        
6,955,862
      
2,303,174
        
3,604,744
  
                                                     
   
(30,040,922
)
      
(24,242,253
)
    
(34,493,646
)
      
(19,018,481
)
    
(65,121,062
)
    
(27,600,255
)
   
(9,364,013
)
      
(4,750,283
)
    
(21,158,648
)
      
(21,919,196
)
    
(49,047,841
)***
    
(34,669,199
)
 
 
(25,051,722
)
    
 
6,855,293
 
  
 
(33,603,275
)
    
 
10,746,863
 
  
 
242,600,392
 
    
 
12,933,254
 
 
 
(24,232,630
)
    
 
467,494
 
  
 
(18,276,268
)
    
 
(28,094,646
)
  
 
317,740,912
 
    
 
3,920,093
 
                                                     
 
 
 106,682,371
 
    
 
 106,214,877
 
  
 
 146,797,150
 
    
 
 174,891,796
 
  
 
 272,506,884
 
    
 
 268,586,791
 
 
$
 82,449,741
 
    
$
 106,682,371
 
  
$
 128,520,882
 
    
$
 146,797,150
 
  
$
 590,247,796
 
    
$
 272,506,884
 
 
$
12,280
 
    
$
7,779
 
  
$
8,613
 
    
$
(29,120
)
  
$
-
 
    
$
141,630
 
                                                     
   
266,215
        
1,588,504
      
214,078
        
690,020
      
7,535,519
        
1,239,171
  
   
200,429
        
95,185
      
145,723
        
381,036
      
85,390
        
46,649
  
   
(1,800,947
)
      
(1,426,151
)
    
(2,187,593
)
      
(1,089,841
)
    
(2,399,444
)
      
(1,193,568
)
 
 
(1,334,303
)
    
 
257,538
 
  
 
(1,827,792
)
    
 
(18,785
)
  
 
5,221,465
 
    
 
92,252
 
                                                     
   
276,133
        
344,198
      
826,513
        
1,589,463
      
5,672,567
        
1,883,286
  
   
124,191
        
52,660
      
202,228
        
469,991
      
82,109
        
159,856
  
   
(559,695
)
      
(280,122
)
    
(1,326,441
)
      
(1,361,162
)
    
(1,887,582
)
      
(1,526,934
)
 
 
(159,371
)
    
 
116,736
 
  
 
(297,700
)
    
 
698,292
 
  
 
3,867,094
 
    
 
516,208
 
 
See accompanying Notes to Financial Statements.
 
 
41
 
 
FINANCIAL HIGHLIGHTS
For a Share Outstanding
 
         
Investment Activities
  
Distributions to Shareholders from:
 
            
 
Ratios/Supplemental Data
 
Period Ended
Net Asset Value, Beginning of Period
 
Net
Investment
Income
(Loss)(a)
Net
Realized
and
Unrealized
Gains
(Losses) on Investments
 
Total from Investment Operations
 
Net Investment Income
Net Realized
Gains on Investments
Net Asset
Value, End
of Period
Total
Return(b)
Net
Assets,
End of
Period (000's)
Expense
to
Average
Net
Assets(c)
 
Net
Investment
Income
(Loss) to
Average
Net
Assets(c)
 
Expense
to Average
Net Assets(*)(c)
 
Portfolio
Turnover(b)
 
SHORT-INTERMEDIATE BOND FUND
Institutional Class
03/31/17
  
$9.38
  
$0.16
    
$(0.03
)
$0.13
  
$(0.18
)
$(0.01
)
$9.32
  
1.48
%
$9,933
    
0.75
%
1.75
%
1.28
%
46
%
03/31/16
  
9.45
  
0.14
    
(0.04
)
0.10
  
(0.16
)
(0.01
)
9.38
  
1.11
  
12,202
    
0.76
    
1.50
    
1.11
  
40
  
03/31/15
  
9.48
  
0.12
    
0.00
  
0.12
  
(0.14
)
(0.01
)
9.45
  
1.33
  
23,000
    
0.79
    
1.24
    
1.04
  
51
  
03/31/14
  
9.60
  
0.15
    
(0.12
)
0.03
  
(0.15
)
(0.00
)(d)
9.48
  
0.40
  
13,123
    
0.79
    
1.62
    
1.01
  
48
  
03/31/13
  
9.48
  
0.23
    
0.13
  
0.36
  
(0.23
)
(0.01
)
9.60
  
3.85
  
48,543
    
0.83
    
2.36
    
1.05
  
50
  
Institutional Plus Class
                                                
03/31/17
  
9.41
  
0.19
    
(0.03
)
0.16
  
(0.21
)
(0.01
)
9.35
  
1.70
  
118,220
    
0.54
    
1.98
    
0.75
  
46
  
03/31/16
  
9.48
  
0.16
    
(0.04
)
0.12
  
(0.18
)
(0.01
)
9.41
  
1.32
  
112,308
    
0.54
    
1.73
    
0.77
  
40
  
03/31/15
  
9.51
  
0.14
    
0.01
  
0.15
  
(0.17
)
(0.01
)
9.48
  
1.57
  
91,787
    
0.55
    
1.48
    
0.80
  
51
  
03/31/14
  
9.61
  
0.17
    
(0.10
)
0.07
  
(0.17
)
(0.00
)(d)
9.51
  
0.77
  
94,149
    
0.58
    
1.79
    
0.80
  
48
  
03/31/13
  
9.49
  
0.25
    
0.14
  
0.39
  
(0.26
)
(0.01
)
9.61
  
4.11
  
30,342
    
0.58
    
2.59
    
0.80
  
50
  
                                                                 
INCOME FUND
Institutional Class
03/31/17
  
$10.41
  
$0.24
    
$(0.14
)
$0.10
  
$(0.28
)
$(0.01
)
$10.22
  
0.89
%
$6,621
    
0.82
%
2.29
%
1.62
%
43
%
03/31/16
  
10.51
  
0.24
    
(0.05
)
0.19
  
(0.28
)
(0.01
)
10.41
  
1.77
  
6,809
    
0.81
    
2.29
    
1.19
  
24
  
03/31/15
  
10.25
  
0.24
    
0.29
  
0.53
  
(0.26
)
(0.01
)
10.51
  
5.18
  
19,693
    
0.85
    
2.30
    
1.11
  
52
  
03/31/14
  
10.47
  
0.28
    
(0.21
)
0.07
  
(0.29
)
—
  
10.25
  
0.72
  
10,784
    
0.81
    
2.71
    
1.08
  
55
  
03/31/13
  
10.23
  
0.31
    
0.24
  
0.55
  
(0.31
)
—
  
10.47
  
5.46
  
54,724
    
0.88
    
3.01
    
1.15
  
42
  
Institutional Plus Class
                                                
03/31/17
  
10.41
  
0.26
    
(0.15
)
0.11
  
(0.29
)
(0.01
)
10.22
  
1.07
  
193,808
    
0.64
    
2.47
    
0.83
  
43
  
03/31/16
  
10.52
  
0.25
    
(0.07
)
0.18
  
(0.28
)
(0.01
)
10.41
  
1.81
  
187,490
    
0.64
    
2.41
    
0.85
  
24
  
03/31/15
  
10.26
  
0.26
    
0.29
  
0.55
  
(0.28
)
(0.01
)
10.52
  
5.40
  
120,425
    
0.63
    
2.52
    
0.89
  
52
  
03/31/14
  
10.48
  
0.30
    
(0.22
)
0.08
  
(0.30
)
—
  
10.26
  
0.79
  
92,810
    
0.64
    
2.91
    
0.91
  
55
  
03/31/13
  
10.24
  
0.34
    
0.24
  
0.58
  
(0.34
)
—
  
10.48
  
5.70
  
25,266
    
0.63
    
3.24
    
0.90
  
42
  
                                                                 
NEBRASKA TAX-FREE FUND
Institutional Plus Class
                                                
03/31/17
  
$10.05
  
$0.26
    
$(0.30
)
$(0.04
)
$(0.32
)
$—
  
$9.69
  
(0.43
)%
$71,709
    
0.45
%
2.66
%
0.69
%
11
%
03/31/16(e)
10.00
  
0.07
    
0.07
  
0.14
  
(0.09
)
—
  
10.05
  
1.35
  
57,029
    
0.45
    
2.96
    
0.85
  
5
  
                                                                 
BALANCED FUND
Institutional Class
03/31/17
  
$16.71
  
$0.13
    
$1.11
  
$1.24
  
$(0.13
)
$(0.96
)
$16.86
  
7.71
%
$49,241
    
1.18
%
0.75
%
1.26
%
22
%
03/31/16
  
17.66
  
0.05
    
(0.57
)
(0.52
)
(0.06
)
(0.37
)
16.71
  
(2.93
)
71,090
    
1.19
    
0.31
    
1.26
  
42
  
03/31/15
  
17.61
  
0.01
    
1.58
  
1.59
  
(0.01
)
(1.53
)
17.66
  
9.40
  
70,615
    
1.17
    
0.06
    
1.26
  
69
  
03/31/14
  
16.30
  
0.09
    
2.56
  
2.65
  
(0.10
)
(1.24
)
17.61
  
16.46
  
69,070
    
1.16
    
0.53
    
1.29
  
91
  
03/31/13
  
15.39
  
0.15
    
0.90
  
1.05
  
(0.14
)
—
  
16.30
  
6.89
  
55,358
    
1.22
    
0.98
    
1.35
  
27
  
Institutional Plus Class
                                                
03/31/17
  
16.61
  
0.16
    
1.10
  
1.26
  
(0.17
)
(0.96
)
16.74
  
7.90
  
33,209
    
0.99
    
0.94
    
1.03
  
22
  
03/31/16
  
17.57
  
0.09
    
(0.59
)
(0.50
)
(0.09
)
(0.37
)
16.61
  
(2.78
)
35,592
    
0.99
    
0.51
    
1.01
  
42
  
03/31/15
  
17.52
  
0.05
    
1.57
  
1.62
  
(0.04
)
(1.53
)
17.57
  
9.67
  
35,600
    
0.97
    
0.30
    
1.06
  
69
  
03/31/14
  
16.23
  
0.12
    
2.54
  
2.66
  
(0.13
)
(1.24
)
17.52
  
16.65
  
20,446
    
0.95
    
0.72
    
1.08
  
91
  
03/31/13
  
15.36
  
0.19
    
0.90
  
1.09
  
(0.22
)
—
  
16.23
  
7.17
  
12,569
    
0.97
    
1.24
    
1.10
  
27
  
 
See accompanying Notes to Financial Statements.
42
 
 
 
FINANCIAL HIGHLIGHTS
For a Share Outstanding
 
         
Investment Activities
  
Distributions to Shareholders from:
 
            
 
Ratios/Supplemental Data
 
Period Ended
Net Asset Value, Beginning of Period
 
Net
Investment
Income
(Loss)(a)
Net
Realized
and
Unrealized
Gains
(Losses) on Investments
 
Total from Investment Operations
 
Net Investment Income
Net Realized
Gains on Investments
Net Asset
Value, End
of Period
Total
Return(b)
Net
Assets,
End of
Period
(000's)
Expense
to
Average
Net
Assets(c)
 
Net
Investment
Income
(Loss) to
Average
Net
Assets(c)
 
Expense
to Average
Net
Assets(*)(c)
 
Portfolio
Turnover(b)
 
GROWTH OPPORTUNITIES FUND
Institutional Class
03/31/17
  
$14.82
  
$(0.05
)
$2.65
  
$2.60
  
$—
  
$(0.94
)
$16.48
  
17.89
%
$17,999
    
1.14
%
(0.31
)%
1.25
%
36
%
03/31/16
  
19.02
  
(0.06
)
(1.83
)
(1.89
)
—
  
(2.31
)
14.82
  
(9.78
)
43,260
    
1.16
    
(0.34
)
1.27
  
57
  
03/31/15
  
19.16
  
(0.09
)
2.41
  
2.32
  
—
  
(2.46
)
19.02
  
12.93
  
55,888
    
1.14
    
(0.47
)
1.23
  
50
  
03/31/14
  
16.63
  
(0.05
)
4.10
  
4.05
  
—
  
(1.52
)
19.16
  
24.36
  
59,249
    
1.08
    
(0.28
)
1.20
  
56
  
03/31/13
  
15.52
  
(0.05
)
1.53
  
1.48
  
—
  
(0.37
)
16.63
  
9.79
  
86,600
    
1.15
    
(0.33
)
1.27
  
55
  
Institutional Plus Class
                                                
03/31/17
  
15.00
  
(0.01
)
2.69
  
2.68
  
—
  
(0.94
)
16.74
  
18.21
  
110,522
    
0.94
    
(0.08
)
0.98
  
36
  
03/31/16
  
19.19
  
(0.02
)
(1.86
)
(1.88
)
—
  
(2.31
)
15.00
  
(9.63
)
103,537
    
0.94
    
(0.10
)
0.99
  
57
  
03/31/15
  
19.27
  
(0.05
)
2.43
  
2.38
  
—
  
(2.46
)
19.19
  
13.18
  
119,004
    
0.92
    
(0.25
)
1.01
  
50
  
03/31/14
  
16.68
  
(0.02
)
4.13
  
4.11
  
—
  
(1.52
)
19.27
  
24.65
  
117,219
    
0.89
    
(0.08
)
1.01
  
56
  
03/31/13
  
15.53
  
(0.01
)
1.53
  
1.52
  
—
  
(0.37
)
16.68
  
10.05
  
47,119
    
0.90
    
(0.07
)
1.02
  
55
  
                                                                 
SMALL COMPANY FUND
Institutional Class
03/31/17
  
$23.17
  
$0.07
    
$5.45
  
$5.52
  
$(0.06
)
$(0.35
)
$28.28
  
23.87
%
$210,573
    
1.20
%
0.27
%
1.31
%
33
%
03/31/16
  
24.06
  
0.02
    
(0.20
)
(0.18
)
(0.04
)
(0.67
)
23.17
  
(0.65
)
51,527
    
1.18
    
0.10
    
1.34
  
32
  
03/31/15
  
24.39
  
0.02
    
1.65
  
1.67
  
(0.01
)
(1.99
)
24.06
  
6.97
  
51,296
    
1.20
    
0.09
    
1.31
  
29
  
03/31/14
  
19.98
  
0.03
    
4.81
  
4.84
  
(0.11
)
(0.32
)
24.39
  
24.26
  
42,855
    
1.19
    
0.13
    
1.32
  
21
  
03/31/13
  
19.11
  
0.18
    
1.63
  
1.81
  
(0.09
)
(0.85
)
19.98
  
10.11
  
78,688
    
1.22
    
0.97
    
1.35
  
19
  
Institutional Plus Class
                                                
03/31/17
  
23.20
  
0.12
    
5.47
  
5.59
  
(0.09
)
(0.35
)
28.35
  
24.14
  
379,675
    
0.99
    
0.47
    
1.06
  
33
  
03/31/16
  
24.12
  
0.07
    
(0.21
)
(0.14
)
(0.11
)
(0.67
)
23.20
  
(0.48
)
220,980
    
0.99
    
0.30
    
1.07
  
32
  
03/31/15
  
24.43
  
0.08
    
1.64
  
1.72
  
(0.04
)
(1.99
)
24.12
  
7.17
  
217,291
    
0.98
    
0.34
    
1.09
  
29
  
03/31/14
  
20.04
  
0.09
    
4.81
  
4.90
  
(0.19
)
(0.32
)
24.43
  
24.53
  
163,481
    
0.96
    
0.39
    
1.09
  
21
  
03/31/13
  
19.16
  
0.23
    
1.64
  
1.87
  
(0.14
)
(0.85
)
20.04
  
10.43
  
90,628
    
0.97
    
1.23
    
1.10
  
19
  
                                                                 
(*)
Ratios excluding contractual and voluntary waivers.
                      
(a)
Per share data calculated using average share method
                      
(b)
Not annualized for a period less than one year.
                      
(c)
Annualized for a period less than one year.
                      
(d)
Amount represents less than $0.005.
                      
(e)
Commencement of operations of Nebraska Tax-Free Fund - Institutional Plus Class shares was January 1, 2016.
            
 
See accompanying Notes to Financial Statements.
 
 
43
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
1. Organization
Tributary Funds, Inc. (the "Company") was organized in October 1994 as a Nebraska corporation and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company issuing its shares in series.  The Company consists of six series, Short-Intermediate Bond Fund, Income Fund, Nebraska Tax-Free Fund, Balanced Fund, Growth Opportunities Fund and Small Company Fund (collectively, the "Funds" and individually, a "Fund").  Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Growth Opportunities Fund and Small Company Fund are all diversified series. Nebraska Tax-Free Fund is a non-diversified series. Each series represents a distinct portfolio with its own investment objectives and policies. Refer to the prospectus for each Fund's investment objective.
All Funds offer Institutional Plus Class shares without a sales charge and Short-Intermediate Bond Fund, Income Fund, Balanced Fund, Growth Opportunities Fund and Small Company Fund also offer Institutional Class shares. The two classes differ principally in applicable minimum investment and shareholder servicing fees. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class, without discrimination between share classes.  Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.

On January 1, 2016, the Nebraska Tax-Free Fund commenced operations through a reorganization of the Nebraska Tax-Free Common Trust Fund ("CTF") through contribution of securities.  The CTF was previously managed by First National Bank of Omaha. It was determined to be beneficial to both the shareholders of the CTF and the Company to reorganize the CTF into a newly created series of the Company.  This CTF was organized and commenced operations on December 31, 2007.  The CTF had an investment objective and strategies that were, in all material respects, identical to those of the Nebraska Tax-Free Fund.  The net assets and unrealized gain received by the Nebraska Tax-Free Fund from this tax-free reorganization were as follows:
Date of Contribution
  
Net Assets
Institutional Plus Class
  
Shares Issued
Institutional Plus Class
  
Original Cost of Investments
  
Unrealized Gain on Investments
  
 
 
Exchange Ratio
January 1, 2016
  
$51,935,874
  
5,193,587
  
$50,327,997
  
$982,451
  
1.0014019
 
In addition to the securities transferred in, as noted above, $625,426 of cash and other receivables were also transferred in as part of the reorganization.

2. 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 income and expenses for 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
 
44
 
 
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
review and determination of the appropriate price whenever a furnished price is significantly different from the previous day's furnished price.

Securities for which quotations are not readily available are valued at fair value as determined in good faith by the Company's Fair Value Committee ("Fair Value Committee") pursuant to procedures established by the Company's Board of Directors ("Board"). 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 Fair Value Committee'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.

Under the Company's pricing and valuation procedures, the Board has delegated the daily operational oversight of the securities valuation function to the Fair Value Committee, which consists of representatives from the Funds' Adviser, Sub-Adviser, and the Treasurer, who serves on the committee as a non-voting member. The Fair Value Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures adopted by the Board, the Fair Value Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Fair Valuation Committee'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.

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, securities subject to corporate actions, or ADRs and GDRs 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.
 
 
 
45
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
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 March 31, 2017, by category:

 
LEVEL 1 –
Quoted Prices
LEVEL 2 –
Significant Observable
Inputs
LEVEL 3 –
Significant Unobservable Inputs
 
 
 
Total
Short-Intermediate Bond Fund
        
 
Non-U.S. Government Agency Asset-Backed Securities
 
$
 
-
 
$
 
52,255,532
 
$
-
 
$
 
52,255,532
Corporate Bonds
  
-
  
40,679,564
  
-
  
40,679,564
Government & Agency Obligations
  
-
  
31,339,643
  
-
  
31,339,643
Preferred Stocks
  
473,000
  
-
  
-
  
473,000
Short-Term Investments
  
2,438,523
  
-
  
-
  
2,438,523
Total
$
2,911,523
$
124,274,739
$
-
$
127,186,262
Income Fund
        
 
Non-U.S. Government Agency Asset-Backed Securities
 
$
 
-
 
$
 
54,921,116
 
$
 
-
 
$
 
54,921,116
Corporate Bonds
  
-
  
56,536,398
  
-
  
56,536,398
Government & Agency Obligations
  
-
  
82,440,328
  
-
  
82,440,328
Preferred Stocks
  
203,820
  
-
  
-
  
203,820
Exchange Traded Fund
  
653,698
  
-
  
-
  
653,698
Investment Company
  
1,400,748
  
-
  
-
  
1,400,748
Short-Term Investments
  
2,110,929
  
-
  
-
  
2,110,929
Total
$
4,369,195
$
193,897,842
$
-
$
198,267,037
Nebraska Tax-Free Fund
        
Government & Agency Obligations
$
-
$
69,733,045
$
-
$
69,733,045
Short-Term Investments
  
2,223,194
  
-
  
-
  
2,223,194
Total
$
2,223,194
$
69,733,045
$
-
$
71,956,239
Balanced Fund
        
Common Stocks
$
53,052,356
$
                -
$
-
$
53,052,356
 
Non-U.S. Government Agency Asset-Backed Securities
  
 
-
  
 
5,259,908
  
 
-
  
 
5,259,908
Corporate Bonds
  
-
  
10,470,603
  
-
  
10,470,603
Government & Agency Obligations
  
-
  
11,198,420
  
-
  
11,198,420
Short-Term Investments
  
2,351,909
  
-
  
-
  
2,351,909
Total
$
55,404,265
$
26,928,931
$
-
$
82,333,196
Growth Opportunities Fund
        
Common Stocks
$
123,853,800
$
-
$
-
$
123,853,800
Short-Term Investments
  
4,569,952
  
-
  
-
  
4,569,952
Total
$
128,423,752
$
-
$
-
$
128,423,752
Small Company Fund
        
Common Stocks
$
563,956,993
$
                -
$
-
$
563,956,993
Short-Term Investments
  
33,817,817
  
-
  
-
  
33,817,817
Total
$
597,774,810
$
-
$
-
$
597,774,810
 
The Funds recognize transfers between levels as of the beginning of the year.  There were no transfers into or out of Level 1, 2 or 3 during the year ended March 31, 2017. There were no Level 3 securities held by the Funds for the year ended March 31, 2017.

Guarantees and Indemnifications
In the normal course of business, the Company may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Each Fund's maximum exposure under these arrangements is unknown. However, since their commencement of operations, the Funds have not had claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
46
 
 
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
Under the Company's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Company's contracts with service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

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. 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.

Allocation of Expenses
Expenses directly attributable to a Fund are charged directly to that Fund, while expenses which are attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or another appropriate basis.  Expenses directly attributable to a class are charged directly to that class, while expenses attributable to both classes are allocated to each class based upon the ratio of net assets for each class as a percentage of total net assets.
Distributions to Shareholders
Dividends from net investment income are declared daily and paid monthly for the Short-Intermediate Bond, Income, and Nebraska Tax-Free Funds.  The Balanced Fund declares and pays dividends from net investment income, if any, quarterly.  The Growth Opportunities Fund and Small Company Fund declare and pay dividends from net investment income, if any, annually.  Distributions of net realized capital gains, if any, are declared and distributed at least annually for all the Funds only to the extent they exceed available capital loss carryovers.  The amount and timing of distributions are determined in accordance with federal income tax regulations which may differ from GAAP and are recorded on the ex-dividend date.

3. Related Party Transactions and Fees and Agreements
Tributary Capital Management, LLC ("Tributary" or "Adviser"), a subsidiary of First National Bank of Omaha ("FNBO"), which is a subsidiary of First National Bank of Nebraska, Inc., serves as the investment adviser to the Funds. Each Fund pays a monthly fee at an annual rate of the following percentages of each Fund's average daily net assets: 0.50% for the Short-Intermediate Bond Fund, 0.60% for the Income Fund, 0.40% for the Nebraska Tax-Free Fund, 0.75% for each of the Balanced Fund and Growth Opportunities Fund, and 0.85% for the Small Company Fund. First National Fund Advisers ("FNFA" or "Sub-Adviser"), a division of FNBO, serves as the investment sub-adviser for the Short-Intermediate Bond Fund, Income Fund, Nebraska Tax-Free Fund, Balanced Fund and Growth Opportunities Fund. Sub-advisory fees paid to FNFA are paid by Tributary.

Tributary has contractually agreed to waive advisory fees and reduce the administration fee payable to the Adviser and/or reimburse other expenses of each Fund to the extent necessary to limit the total operating expenses of each Fund, exclusive of shareholder servicing fees (Institutional Class only), brokerage costs, interest, taxes and dividend and extraordinary expenses, to an annual rate of the percentage of each Fund's average daily net assets as follows.
 
   
Expense Caps
  
Short-Intermediate Bond Fund
  
   0.54%
  
Income Fund
  
0.64
  
Nebraska Tax-Free Fund
  
0.45
  
Balanced Fund
  
0.99
  
Growth Opportunities Fund
  
0.94
  
Small Company Fund
  
0.99
  
 
 
 
47
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
The amounts waived for each Fund are recorded as expenses waived in each Fund's Statement of Operations. Other Fund service providers have also contractually agreed to waive a portion of their fees.  For the year ended March 31, 2017, fees waived were as follows:
 
 
Investment Adviser Fees Waived
  
Other Waivers
  
Total Fees Waived
Short-Intermediate Bond Fund
$  314,529
  
$  5,763
  
$  320,292
Income Fund
   436,822
  
    9,138
  
   445,960
Nebraska Tax-Free Fund
    159,306
  
    5,906
  
   165,212
Balanced Fund
     61,623
  
    4,566
  
    66,189
Growth Opportunities Fund
    80,437
  
    6,576
  
    87,013
Small Company Fund
  309,074
  
  13,823
  
  322,897
 
Tributary may recover fees waived or expenses reimbursed after August 1, 2014, if such payment is made within three years of the fee waiver or expense reimbursement. At March 31, 2017, the amount of potentially recoverable expenses are as follows: Short-Intermediate Bond Fund – $783,463; Income Fund – $996,243; Nebraska Tax-Free Fund – $211,264; Balanced Fund – $162,379; Growth Opportunities Fund – $247,839; Small Company Fund – $676,422.

MUFG Union Bank, N.A. serves as the custodian for each of the Funds. DST Systems, Inc. serves as transfer agent for the Funds, whose functions include disbursing dividends and other distributions. Tributary and Atlantic Fund Services, LLC ("Co- Administrators") serve as co-administrators of the Funds. Certain officers of the Funds are also officers or employees of the above named service providers, and during their terms of office received no compensation from the Funds. As compensation for its administrative services, each co-administrator is entitled to a fee, calculated daily and paid monthly based on each Fund's average daily net assets. Tributary receives 0.07% of each Fund's average daily net assets. Foreside Fund Officer Services, LLC provides the Funds' Anti-Money Laundering Compliance Officer and Chief Compliance Officer services.

The Company has adopted an Administrative Services Plan, which allows the Funds' Institutional Class shares to charge a shareholder services fee, pursuant to which each Fund is authorized to pay compensation at an annual rate of up to 0.25% of the average daily net assets to banks and other financial institutions, that may include the advisers, their correspondent and affiliated banks, including FNBO (each a "Service Organization"). Under the Administrative Services Plan, the Funds may enter into a Servicing Agreement with a Service Organization whereby such Service Organization agrees to provide certain record keeping and/or administrative support services for their customers or account holders who are the beneficial or record owner of the shares of a Fund. One of the Servicing Agreements the Funds maintain is with FNBO. For the year ended March 31, 2017, the Funds paid FNBO as follows: Short-Intermediate Bond Fund – $2,507; Income Fund – $2,809; Balanced Fund – $1,110; Growth Opportunities Fund – $76; Small Company Fund – $5,361. The amounts accrued for shareholder service fees are included under Shareholder service fees – Institutional Class within the Statements of Operations.

4. Investment Transactions
The aggregate cost of purchases and proceeds from sales of securities, excluding U.S. Government securities and short-term investments (maturing less than one year from acquisition), for the year ended March 31, 2017, were as follows:
 
     
Purchases
  
Sales
Short-Intermediate Bond Fund
  
$
47,220,442
$
39,324,675
Income Fund
    
49,862,057
  
46,500,153
Nebraska Tax-Free Fund
    
24,935,261
  
7,024,000
Balanced Fund
    
15,742,089
  
37,959,463
Growth Opportunities Fund
    
50,712,648
  
94,327,101
Small Company Fund
    
   342,752,125
  
125,533,733
 
The aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities for the year ended March 31, 2017, were as follows:
 
     
Purchases
  
Sales
Short-Intermediate Bond Fund
  
$
21,076,731
$
21,376,762
Income Fund
    
57,115,918
  
44,376,576
Balanced Fund
    
4,491,590
  
11,745,839
 
48
 
 
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
5. Capital Share Transactions
The Company is authorized to issue a total of 1,000,000,000 shares of common stock, 999,999,990 of which may be issued in series with a par value of $0.00001 per share.  The Board is empowered to allocate such shares among different series of the Company's shares without shareholder approval.
6. Federal Income Taxes
The following information is presented on an income tax basis. It is each Fund's policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders sufficient to relieve it from all, or substantially all, federal income and excise taxes. Therefore, no provision is made for federal income or excise taxes.

Differences between amounts reported for financial statements and federal income tax purposes are primarily due to timing and character difference in recognizing gains and losses on investment transactions.

To the extent the differences between the amounts recognized for financial statements and federal income tax purposes are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: reclassifications related to Treasury Inflation-Protected Securities, market discount, premium and/or paydown securities, REIT securities, net operating losses, expired capital loss carryforwards, redemption in-kind, and distribution adjustments. These reclassifications have no impact on net assets.

                                                                                       Net Increase (Decrease)
  
 
Accumulated Net
Investment Income
Accumulated Net
Realized Gain (Loss)
 
Paid-in Capital
Short-Intermediate Bond Fund
$
146,161
$
430,911
$
(577,072)
Income Fund
  
597,959
  
(597,959)
  
                      -
Nebraska Tax-Free Fund
  
27,135
  
(27,135)
  
                      -
Balanced Fund
  
14,835
  
(14,835)
  
                      -
Growth Opportunities Fund
  
244,659
  
106,933
  
(351,592)
Small Company Fund
  
(405,663)
  
530,445
  
(124,782)
 
As of March 31, 2017, the cost of investments and the components of net unrealized appreciation/(depreciation) were as follows:
 
 
 
 
Tax Cost of
Investments
 
Gross
Unrealized
Appreciation
 
 
Gross Unrealized Depreciation
 
Net Unrealized
Appreciation (Depreciation)
Short-Intermediate Bond Fund
$
127,889,886
$
816,687
$
(1,520,311)
$
(703,624)
Income Fund
  
199,383,852
  
2,860,256
  
(3,977,071)
  
(1,116,815)
Nebraska Tax-Free Fund
  
73,063,758
  
769,755
  
(1,877,274)
  
(1,107,519)
Balanced Fund
  
70,744,738
  
12,286,617
  
(698,159)
  
11,588,458
Growth Opportunities Fund
  
95,106,229
  
34,236,615
  
(919,092)
  
33,317,523
Small Company Fund
  
490,898,305
  
115,626,838
  
(8,750,333)
  
106,876,505
 
 
 
49
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
At March 31, 2017, the components of distributable taxable earnings for U.S. federal income tax purposes were as follows:
 
 
Undistributed
Net Investment
Income*
Undistributed
Tax Exempt
Income
Undistributed
Net Long Term
Capital Gains
 
Other Temporary
Differences
 
Unrealized Gain
(Loss)**
Capital Loss
Carry
Forward***
Short-Intermediate Bond Fund
$
280,157
$
-
$
-
$
(179,705)
$
(703,624)
$
(1,082,308)
Income Fund
  
957,614
  
-
  
-
  
(414,731)
  
(1,116,815)
  
(1,152,407)
Nebraska Tax-Free Fund
  
775
  
181,876
  
-
  
(182,601)
  
(1,107,519)
  
(261,533)
Balanced Fund
  
12,280
  
-
  
4,051,262
  
-
  
11,588,458
  
-
Growth Opportunities Fund
  
-
  
-
  
13,247,588
  
-
  
33,317,523
  
(37,046)
Small Company Fund
  
2,874,220
  
-
  
18,840,166
  
-
  
106,876,505
  
-
*Undistributed net investment income includes any undistributed net short-term capital gains, if any.
**Unrealized gains (loss) are adjusted for open wash sale loss deferrals, market discount/premium amortization and return of capital paid by REIT securities.
***Capital loss carry forward includes deferred post October loss and late year losses.

The tax character of dividends and distributions paid during the Funds' fiscal years ended March 31, 2017 and March 31, 2016, were as follows:
 
 
Net Ordinary
Income*
 
Tax Exempt Income
Net Long Term
Capital Gains**
 
Total Distributions Paid ***
 
2017
2016
2017
2016
2017
2016
2017
2016
Short-Intermediate Bond Fund
 
$
3,009,806
 
$
2,260,844
 
$
-
 
$
-
 
$
-
 
$
-
 
$
3,009,806
 
$
2,260,844
Income Fund
  
6,104,883
  
4,660,519
  
-
  
-
  
-
  
-
  
6,104,883
  
4,660,519
Nebraska Tax-Free Fund
  
8,689
  
528
  
2,133,987
  
305,497
  
-
  
-
  
2,142,676
  
306,025
Balanced Fund
  
797,431
  
436,396
  
-
  
-
  
5,265,427
  
2,413,933
  
6,062,858
  
2,850,329
Growth Opportunities Fund
  
 
-
  
 
-
  
 
-
  
 
-
  
 
8,460,646
  
 
21,388,311
  
 
8,460,646
  
 
21,388,311
Small Company Fund
  
1,303,669
  
2,031,949
  
-
  
-
  
5,609,227
  
6,685,473
  
6,912,896
  
8,717,422
 
*Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
**The Funds designated as long-term dividend, pursuant to the Internal Revenue code section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gains to zero for the fiscal year ended March 31, 2017.
***Total distributions paid may differ from the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

At March 31, 2017, the following Funds had net capital loss carryforwards available for U.S. federal income tax purposes to offset future net realized capital gains. Details of the capital loss carryforwards are listed in the table below.

 
 
No Expiration
 
 
Short Term
 
Long Term
 
Total
Short-Intermediate Bond Fund
$
135,044
$
947,264
$
1,082,308
Income Fund
  
754,820
  
397,587
  
1,152,407
Nebraska Tax-Free Fund
  
139
  
261,394
  
261,533
 
Under current tax law, certain capital losses realized after October 31, and certain ordinary losses realized after December 31 but before the end of the fiscal year ("Post-October losses" and "Late Year Losses", respectively) may be deferred and treated as occurring on the first business day of the following fiscal year. For the year ended March 31, 2017, the Funds deferred losses to April 1, 2017 as follows:
 
 
Late Year Losses
Growth Opportunities Fund
$
37,046
 
The Funds comply with FASB ASC Topic 740, "Income Taxes." FASB ASC Topic 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing each Fund's tax return to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Funds with tax positions not deemed to meet the "more-likely-than-not" threshold would be required to record a tax expense in the current year. Management completed an evaluation of the Funds' tax positions and based on that evaluation,
 
50
 
 
 
NOTES TO FINANCIAL STATEMENTS
March 31, 2017
 
determined that no tax liability resulted from unrecognized tax benefits related to uncertain tax positions and therefore no provision for federal income tax was required in the Funds' financial statements for the year ended March 31, 2017.

7. In-Kind Redemptions
On October 13, 2016, the Tributary Small Company Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions). The proceeds for the in-kind redemptions, which are included in cost of shares redeemed in the Statements of Changes in Net Assets, were $1,430,842 and represented 0.39% of the Tributary Small Company Fund's net assets on October 12, 2016. For financial reporting purposes, the Small Company Fund recognized losses on the in-kind redemptions in the amount of $(121,136). For tax purposes, the losses are not recognized.

8.  Recent Accounting Pronouncements
In October 2016, the U.S. Securities and Exchange Commission ("SEC") issued a new rule, Investment Company Reporting Modernization, which, among other provisions, amends Regulation S-X to require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Compliance with the amendments to Regulation S-X is required for financial statements filed with the SEC on or after August 1, 2017. Management is currently evaluating the impact that the amendments will have on the Funds' financial statements and related disclosures.
9. Subsequent Events
Management has evaluated subsequent events for the Funds through the date the financial statements are issued, and has concluded there were no events that require adjustments to the financial statements or disclosure in the notes.
 
 
 
51
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 

To the Shareholders and Board of Directors of
Tributary Funds, Inc.


We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Tributary Funds, Inc., comprising Tributary Short-Intermediate Bond Fund, Tributary Income Fund, Tributary Nebraska Tax-Free Fund, Tributary Balanced Fund, Tributary Growth Opportunities Fund, and Tributary Small Company Fund (the "Funds"), as of March 31, 2017, and the related statements of operations for the year then ended, and  the statements of changes in net assets and the financial highlights for each of the two periods in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The Funds' financial highlights for the periods ended on or prior to March 31, 2015 were audited by other auditors whose report dated May 27, 2015, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Tributary Short-Intermediate Bond Fund, Tributary Income Fund, Tributary Nebraska Tax-Free Fund, Tributary Balanced Fund, Tributary Growth Opportunities Fund, and Tributary Small Company Fund as of March 31, 2017, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
 
 


COHEN & COMPANY, LTD.
Cleveland, Ohio
May 26, 2017

52
 
 
 
ADDITIONAL FUND INFORMATION
March 31, 2017 (Unaudited)
 
Proxy Voting Policy
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-662-4203. The information also is included in the Company's Statement of Additional Information, which is available on the Funds' website at www.tributaryfunds.com and on the Securities and Exchange Commission's (the "SEC") website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available without charge, upon request, by writing to the Company at P.O. Box 219022, Kansas City, Missouri, 64141-6002, by calling 1-800-662-4203 and on the SEC's website at www.sec.gov.

Quarterly Holdings
The Company files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the SEC's website at www.sec.gov or may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
 
Shareholder Proxy Vote
 
On November 18, 2016, shareholders of Tributary Funds, Inc. (the "Funds") reelected Robert A. Reed, Gary D. Parker, and John J. McCartney as Directors of the Funds, and elected Stephen C. Wade, the Funds' current President, Chairman of the Board and a Director, and two Director nominees, David F. Larrabee and Brittany A. Fahrenkrog, as Fund Directors.
 
The proposal to re-elect Robert A. Reed to the Funds' Board of Directors received a plurality of the Shares of the Funds voted at this Meeting of 99.153 % of the Shares voted and 73.319% of the Shares outstanding and entitled to vote. The proposal to re-elect Gary D. Parker to the Funds' Board of Directors received a plurality of the Shares of the Funds voted at this Meeting of 99.151 % of the Shares voted and 73.318% of the Shares outstanding and entitled to vote. The proposal to re-elect John J. McCartney to the Funds' Board of Directors received a plurality of the Shares of the Funds voted at this Meeting of 99.175 % of the Shares voted and 73.335% of the Shares outstanding and entitled to vote. The proposal to elect Stephen C. Wade to the Funds' Board of Directors received a plurality of the Shares of the Funds voted at this Meeting of 98.929% of the Shares voted and 73.154% of the Shares outstanding and entitled to vote. The proposal to elect David F. Larrabee to the Funds' Board of Directors received a plurality of the Shares of the Funds voted at this Meeting of 99.194 % of the Shares voted and 73.350% of the Shares outstanding and entitled to vote. The proposal to elect Brittany Fahrenkrog to the Funds' Board of Directors received a plurality of the Shares of the Funds voted at this Meeting of 98.320% of the Shares voted and 72.703% of the Shares outstanding and entitled to vote.
 
Other Federal Income Tax Information
The information reported below is for the year ended March 31, 2017. Foreign tax and qualified dividend information for the calendar year 2017 will be provided on your 2017 Form 1099-DIV.
For the year ended March 31, 2017, certain dividends paid by the Funds may be subject to a maximum tax rate of 20% as provided for by the American Taxpayer Relief Act of 2012. Complete information for calendar year 2017 will be reported in conjunction with your 2017 Form 1099-DIV.
For the year ended March 31, 2017, the following Funds hereby designate the following percentages, or the maximum amount allowable under the Internal Revenue Code ("Code"), as qualified dividends:
 
Qualified Dividend Income
Short-Intermediate Bond Fund
0.66%
Income Fund
0.30%
Balanced Fund
100.00%
Small Company Fund
100.00%
 

 
 
53
 
ADDITIONAL FUND INFORMATION
March 31, 2017 (Unaudited)
For the year ended March 31, 2017, the following Funds hereby designate the following percentages, or the maximum amount allowable under the Code, as distributions eligible for the dividends received deduction for corporations:
 
Dividends Received Deduction
Short-Intermediate Bond Fund
0.66%
Income Fund
0.30%
Balanced Fund
95.34%
Small Company Fund
100.00%
 
For the year ended March 31, 2017, the following Funds hereby designate the following percentages, or the maximum amount allowable under the Code, as qualified interest income exempt from U.S. tax for foreign shareholders:
 
Qualified Interest Income
Short-Intermediate Bond Fund
83.41%
Income Fund
81.02%
Balanced Fund
44.73%
 
For the year ended March 31, 2017, Small Company Fund designates 1.15% of its income distributions as short-term capital gain dividends exempt from U.S. tax for foreign shareholders and Nebraska Tax-Free Fund designates 99.59% of its income dividend distributed as tax-exempt dividends.
 
 
Table of Shareholder Expenses
 
As a shareholder of the Funds, you incur ongoing costs, including management fees, shareholder servicing fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2016, through March 31, 2017.
Actual Expenses – The first set of columns next to each Fund of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first set of columns under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes – The second line set of columns next to each Fund of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

54
 
 
 
ADDITIONAL FUND INFORMATION
March 31, 2017 (Unaudited)
 
Expenses Using Actual Fund Return
  
Expenses Using Hypothetical 5% Return
 
Beginning
  
Ending
  
Expenses
  
Expense
Beginning
  
Ending
  
Expenses
  
Expense
 
Account
  
Account
  
Paid
  
Ratio
Account
  
Account
  
Paid
  
Ratio
 
Value
  
Value
  
During
  
During
Value
  
Value
  
During
  
During
 
10/1/16
  
3/31/17
  
Period*
  
Period*
10/1/16
  
3/31/17
  
Period*
  
Period*
 Short-Intermediate Bond Fund
                                              
 Institutional Class
$
      1,000.00
  
$
      1,001.70
  
$
    3.69
  
0.74
%
  
$
      1,000.00
  
$
      1,021.24
  
$
    3.73
  
0.74
%
 Institutional Plus Class
  
      1,000.00
    
      1,002.71
    
    2.70
  
0.54
      
      1,000.00
    
      1,022.24
    
    2.72
  
0.54
  
 Income Fund
                                              
 Institutional Class
$
      1,000.00
  
$
          981.42
  
$
    4.00
  
0.81
%
  
$
      1,000.00
  
$
      1,020.89
  
$
    4.08
  
0.81
%
 Institutional Plus Class
  
      1,000.00
    
          982.25
    
    3.16
  
0.64
      
      1,000.00
    
      1,021.74
    
    3.23
  
0.64
  
 Nebraska Tax-Free Fund
                                              
 Institutional Plus Class
$
      1,000.00
  
$
          983.73
  
$
    2.23
  
0.45
%
  
$
      1,000.00
  
$
      1,022.69
  
$
    2.27
  
0.45
%
 Balanced Fund
                                              
 Institutional Class
$
      1,000.00
  
$
      1,049.47
  
$
    5.98
  
1.17
%
  
$
      1,000.00
  
$
      1,019.10
  
$
    5.89
  
1.17
%
 Institutional Plus Class
  
      1,000.00
    
      1,050.49
    
    5.06
  
0.99
      
      1,000.00
    
      1,020.00
    
    4.99
  
0.99
  
 Growth Opportunities Fund
                                              
 Institutional Class
$
      1,000.00
  
$
      1,096.73
  
$
    5.85
  
1.12
%
  
$
      1,000.00
  
$
      1,019.35
  
$
    5.64
  
1.12
%
 Institutional Plus Class
  
      1,000.00
    
      1,097.96
    
    4.92
  
0.94
      
      1,000.00
    
      1,020.24
    
    4.73
  
0.94
  
 Small Company Fund
                                              
 Institutional Class
$
      1,000.00
  
$
      1,123.73
  
$
    6.35
  
1.20
%
  
$
      1,000.00
  
$
      1,018.95
  
$
    6.04
  
1.20
%
 Institutional Plus Class
  
      1,000.00
    
      1,125.10
    
    5.25
  
0.99
      
      1,000.00
    
      1,020.00
    
    4.99
  
0.99
  
 
*
 
Expenses are equal to each Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182) divided by 365 to reflect the half-year period.
 
 
55
 
DIRECTORS AND OFFICERS
March 31, 2017 (Unaudited)
 
Overall, responsibility for management of the Company rests with its Board, which is elected by the shareholders of the Company. The Company is managed by the Directors in accordance with the laws governing corporations in Nebraska. The Board oversees all of the Funds. Directors serve until their respective successors have been elected and qualified or until their ealier death, resignation or removal. The Directors elect the officers of the Company to supervise its day-to-day operations.
Information about the Directors and officers of the Company is set forth below. The Funds' Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling 1-800-662-4203 or on the Funds' website www.tributaryfunds.com.
Name, Address1, Age
and Position(s) Held
with Funds
Term of Office and Length
of Time Served
Principal Occupation(s) During Past 5
Years
Number of
Portfolios in Fund
Complex Overseen
by Director
Other Directorships
Held by Director
Interested Directors
Stephen C. Wade2
Age: 51
 
 
Director, Chairman of the Board and President
Indefinite; Since 2016.
Senior Vice President - Investment Services, First National Bank of Omaha (December 2013 to present); Managing Director - Institutional Trust, First National Bank of Omaha (February 2011 to December 2013).
6
Director, First National Capital Markets, Inc.
Brittany A. Fahrenkrog2
Age: 39
 
Director and Senior Vice President
Indefinite; Since 2016
Director, Client Services, Tributary Capital Management, LLC (since May 2010)
6
None.
Independent Directors
Robert A. Reed
Age: 77
 
Director; Chairman Corporate Governance and Nominations Committee
Indefinite; Since 1994
Retired. President and Chief Executive Officer, Physicians Mutual Insurance Company and Physicians Life Insurance Company (1974 to December 2014).
6
None.
Gary D. Parker
Age: 71
 
Director; Chairman Audit Committee
Indefinite; Since 2005
Retired since 2000.
6
None.
John J. McCartney
Age: 73
 
Lead Independent Director
Indefinite; Since 2010
Retired since 2007.
6
None.
1 The address for all Directors is 1620 Dodge Street, Omaha, Nebraska 68102.
2 As defined in the 1940 Act, Mr. Wade is an "interested" Director because he is an officer of First National Bank of Omaha, the parent of the Funds' investment adviser, and an owner of securities issued by First National of Nebraska, Inc., and Ms. Fahrenkrog is an "interested" Director because she is an employee of Tributary Capital Management, LLC, the Funds' investment adviser.
 
56
 
 
 
DIRECTORS AND OFFICERS
March 31, 2017 (Unaudited)
 
Name, Address1, Age
and Position(s) Held
with Funds
Term of Office and Length
of Time Served
Principal Occupation(s) During Past 5
Years
Number of
Portfolios in Fund
Complex Overseen
by Director
Other Directorships
Held by Director
Independent Directors (continued)
    
David F. Larrabee
Age:56
 
 
 
 
 
 
Director
Indefinite; Since 2016
Retired. Senior Vice President, Intermediary Sales, American Century Investments, Inc. and President and CEO, American Century Investment Services , Inc. (broker/dealer subsidiary) (2009 to May 2012); prior to 2009, Mr. Larrabee held various senior positions with American Century Investments, Inc.
6
None.
1 The address for all Directors is 1620 Dodge Street, Omaha, Nebraska 68102.
 
Name, Address, Age
and Position(s) Held
with Funds
Term of Office and Length
of Time Served
Principal Occupation(s) During Past 5
Years
Officers
Karen Shaw3
Age: 44
 
Treasurer, Principal Financial Officer
Indefinite; Since August 2015
Senior Vice President, Atlantic Fund Services (2008-present).
Rodney L. Ruehle4
Age: 48
 
 
 
 
 
 
 
 
Chief Compliance and Anti-Money Laundering Officer
Indefinite; Since August 2009
Director, Foreside Management Services, LLC (2008 to present); Chief Compliance Officer of Praxis Mutual Funds (May 2015 to present); Chief Compliance Officer of Horizons ETF Trust (December 2016 to present); Chief Compliance Officer of Context Capital Funds (November 2015 to present); Chief Compliance Officer of Asset Management Fund (November 2009-April 2016); Chief Compliance Officer of Advisers Investment Trust (July 2011-December 2016); Chief Compliance Officer of Penn Series Funds, Inc. (February 2012-November 2014).
Gino Malaspina3
Age: 48
 
 
 
Secretary
Indefinite; Since July 2016
Senior Counsel, Atlantic Fund Services (since June 2014); Senior Counsel and Managing Director, Cipperman & Company/Cipperman Compliance Services LLC (2010-2014); and Associate, Stradley Ronon Stevens & Young, LLP (2009-2010).
3 The address for Ms. Shaw and Mr. Malaspina is Three Canal Plaza, Suite 600, Portland, ME 04101.
4 The address for Mr. Ruehle is 690 Taylor Road, Suite 210, Columbus, OH 43230.
 
 
 
57
 
 
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 12(a)(1) on this Form N-CSR. There were no substantive amendments or waivers to this code of ethics during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Directors.
The audit committee financial expert is John J. McCartney who is "independent" for purposes of this Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees - The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were  $84,000  in 2016 and $84,000 in 2017.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2016 and $0 in 2017.

(c) Tax Fees - The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning were $18,000 in 2016 and $18,000 in 2017. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) All Other Fees - The aggregate fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2016 and $0 in 2017.

(e) (1) Audit Committee Pre-Approval Policies and Procedures: The registrant's Audit Committee has not adopted pre-approval policies and procedures. Instead, the Audit Committee approves each audit and non-audit service before the accountant is engaged to provide such service.

(e) (2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable

(g) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant for the Reporting Periods were $0 in 2016 and $0 in 2017. There were no fees billed in either of the Reporting Periods for non-audit services rendered by the principal accountant to the Registrant's investment adviser or any Affiliate.

(h) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

ITEM 6. INVESTMENTS.

(a)
Included as part of the report to shareholders under Item 1.
(b)
Not applicable.


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.


ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.


ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors since the registrant last disclosed such procedures.


ITEM 11. CONTROLS AND PROCEDURES
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.
 (b) There were no changes in the Registrant's internal control over financial reporting (as defined in
Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


ITEM 12. EXHIBITS.

(a)(1)The Code of Ethics (Exhibit filed herewith).

(a)(2) Certifications pursuant to Rule 30a-2(a) of the Act, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibits filed herewith).

(a)(3)  Not applicable.

(b)      Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant Tributary Funds, Inc.
 
By:
  /s/ Karen Shaw  
 
 Karen Shaw
 Treasurer
  
     
Date:
  May 23, 2017  
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
By:
  /s/ Stephen C. Wade  
 
 Stephen C. Wade
 President 
  
     
Date:
  May 23, 2017
 
 
By:
 
 /s/ Karen Shaw
  
 
Karen Shaw
Treasurer
  
     
Date:
 May 23, 2017
  
EX-99.CERT 2 peopfocert.htm
Exhibit 12(a)(2)(a)


I, Stephen C. Wade, certify that:

1. I have reviewed this report on Form N-CSR of Tributary Funds, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4. As the Registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act ) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. As the Registrant's certifying officer, I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
 
Date:
  May 23, 2017    /s/ Stephen C. Wade  
     
Stephen C. Wade
  
     
President
  
 
Exhibit 12(a)(2)(b)


I, Karen Shaw, certify that:

1. I have reviewed this report on Form N-CSR of Tributary Funds, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4. As the Registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act ) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. As the Registrant's certifying officer, I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
 
Date:
  May 23, 2017    /s/ Karen Shaw  
     
Karen Shaw
  
     
Treasurer
  
EX-99.906 CERT 3 906cert.htm
Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

In connection with the attached Report of the Tributary Funds, Inc. (the "Registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), the undersigned officer of the Trust does hereby certify that, to the best of such officer's knowledge:

1.
The Report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
 
Dated:
  May 23, 2017  
     
   /s/ Stephen C. Wade  
 
Stephen C. Wade
  
 
President
  
     
Dated:
  May 23, 2017  
     
   /s/ Karen Shaw  
 
Karen Shaw
  
 
Treasurer
  
 
A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
 EX-99.CODE ETH 4 dcoe.htm
 
TRIBUTARY FUNDS, INC.

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code
Tributary Funds, Inc.'s (the "Company" or the "Funds") code of ethics (the "Code") applies to the Company's Principal Executive Officer ("President") and Principal Financial Officer ("Treasurer") (the "Covered Officers" each of whom is identified in Exhibit A) for the purpose of promoting:
·
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
·
full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;
·
compliance with applicable laws and governmental rules and regulations;
·
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
·
accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest.
II.
Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest
Overview.  A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Company.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act").  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company.  The Principal Executive Officer is an employee of an affiliate of the Adviser.  The Principal Financial Officer is an employee of the Company's Co-administrator.  The Company's and these Service Provider's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Service Provider of which the Principal Financial Officer is also an employee.  As a result, this Code recognizes that the Principal Financial Officer will, in the normal
1
course of his or her duties (whether formally for the Company or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Company.  The participation of the Principal Financial Officer in such activities is inherent in the contractual relationship between the Company and the Service Provider and is consistent with the performance by the Principal Financial Officer of his or her duties as an officer of the Company.  Thus, if performed in conformity with the provisions of the Investment Company Act, will be deemed to have been handled ethically.  In addition, it is recognized by the Board of Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act.  The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.
Each Covered Officer must:
·
not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;
·
not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Company;
·
not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;
III. Disclosure & Compliance
·
Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;
·
each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's Directors and auditors, and to governmental regulators and self-regulatory organizations;
·
each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Company and the Company's adviser or subadviser and co-administrators with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submit to, the SEC and in other public communications made by the Company; and
·
it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
 
2

IV. Reporting and Accountability
Each Covered Officer must:
·
upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code;
·
annually thereafter affirm to the Board that he/she has complied with the requirements of the Code;
·
not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;
·
notify the Chief Legal Officer (or equivalent) or the Qualified Legal Compliance Committee ("QLCC") promptly if he/she knows of any violation of this Code.  Failure to do so is itself a violation of this Code; and
·
report at least annually any change in his affiliations from the prior year.
The CLO (or equivalent) is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.
The Company will follow these procedures in investigating and enforcing this Code:
·
the CLO or equivalent will take all appropriate action to investigate any potential violations reported to it;
·
if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take any further action;
·
if the CLO concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or its board; or a recommendation to dismiss the Covered Officer; and
·
any changes to this Code will, to the extent required, be disclosed as provided by SEC rules.
V.  Other Policies and Procedures
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder.  Insofar as other policies or procedures of the Funds, the Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code.  The Funds' and their investment adviser's, principal underwriter's and service providers' codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.
3

VI. Amendments
Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Company's board, including a majority of independent directors.
VII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment advisers and the respective Service Providers.
VIII. Internal Use
The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

Date:  August 19, 2010, as amended March 31, 2017
4

Exhibit A
Persons Covered by this Code of Ethics
Principal Executive Officer and President – Stephen C. Wade
Principal Financial Officer and Treasurer – Karen Shaw
 
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