SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
1
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
43.1%
Asset
Backed
Securities
-
26.9%
$
1,331,987
AFG
ABS
I,
LLC,
9.40%,
09/16/30(a)
$
1,411,593
292,645
AFG
ABS
I,
LLC,
6.30%,
09/16/30(a)
293,459
670,000
American
Heritage
Auto
Receivables
Trust,
5.07%,
06/17/30(a)
675,996
842,306
AMSR
Trust,
1.63%,
07/17/37(a)
840,545
391,325
Auxilior
Term
Funding,
LLC,
5.84%,
03/15/27(a)
393,293
754,305
Auxilior
Term
Funding,
LLC,
6.18%,
12/15/28(a)
760,383
1,200,000
Avant
Loans
Funding
Trust,
5.12%,
05/15/34(a)
1,203,589
585,426
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28(a)
586,627
100,000
Bankers
Healthcare
Group
Securitization
Trust
2024-1CON,
6.49%,
04/17/35(a)
102,376
379,405
Bankers
Healthcare
Group
Securitization
Trust
2024-1CON,
5.81%,
04/17/35(a)
388,594
1,585,000
BofA
Auto
Trust,
5.31%,
06/17/30(a)
1,615,712
250,000
Capital
One
Prime
Auto
Receivables
Trust,
4.66%,
01/15/30
252,620
1,351,579
Capteris
Equipment
Finance,
LLC,
5.58%,
07/20/32(a)
1,369,458
1,295,000
CarMax
Auto
Owner
Trust,
5.50%,
01/16/29
1,313,394
595,879
CCG
Receivables
Trust,
4.99%,
03/15/32(a)
599,184
1,160,112
CCG
Receivables
Trust,
6.28%,
04/14/32(a)
1,174,222
2,064,242
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60(a)
2,042,153
2,040,000
Chase
Auto
Owner
Trust,
5.59%,
06/25/29(a)
2,100,720
300,000
Cherry
Securitization
Trust,
5.70%,
04/15/32(a)
301,896
245,742
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41(a)
234,279
218,444
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46(a)
211,689
223,603
CoreVest
American
Finance,
Ltd.,
1.17%,
12/15/52(a)
221,094
100,717
CP
EF
Asset
Securitization
II,
LLC,
7.48%,
03/15/32(a)
101,766
1,000,000
Crossroads
Asset
Trust,
4.91%,
02/20/32(a)
1,002,383
1,290,000
Dext
ABS,
LLC,
4.77%,
08/15/35(a)
1,299,727
2,099,355
DLLAD,
LLC,
4.79%,
01/20/28(a)
2,104,640
1,335,000
DLLAD,
LLC,
5.30%,
07/20/29(a)
1,361,394
Principal
Amount
Security
Description
Value
$
501,157
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45(a)
$
451,106
583,693
First
Help
Financial
LLC,
4.94%,
11/15/30(a)
585,338
859,220
First
Help
Financial,
LLC,
5.69%,
02/15/30(a)
867,941
1,686,964
FirstKey
Homes
Trust,
1.34%,
08/17/37(a)
1,674,862
923,724
Foundation
Finance
Trust,
4.60%,
03/15/50(a)
919,264
1,420,000
GreatAmerica
Leasing
Receivables
Funding,
LLC,
4.98%,
01/18/28(a)
1,430,880
590,214
GreenSky
Home
Improvement
Trust,
5.67%,
06/25/59(a)
601,832
435,000
GreenSky
Home
Improvement
Trust,
5.55%,
06/25/59(a)
445,199
1,240,000
GreenState
Auto
Receivables
Trust,
5.19%,
01/16/29(a)
1,247,162
1,000,000
HPEFS
Equipment
Trust,
5.35%,
10/20/31(a)
1,010,797
1,000,000
Huntington
Auto
Trust,
5.23%,
01/16/29(a)
1,008,822
790,391
Huntington
Bank
Auto
Credit-Linked
Notes,
5.44%,
10/20/32(a)
797,815
1,067,121
Huntington
Bank
Auto
Credit-Linked
Notes,
4.96%,
03/21/33(a)
1,071,343
925,867
Iowa
Student
Loan
Liquidity
Corp.,
5.10%,
08/25/70(b)
911,531
480,324
LAD
Auto
Receivables
Trust,
6.12%,
09/15/27(a)
481,627
950,000
M&T
Equipment
Notes,
4.94%,
08/18/31(a)
965,452
1,250,000
M&T
Equipment
Notes,
4.91%,
03/16/32(a)
1,267,966
670,000
MMAF
Equipment
Finance,
LLC,
4.95%,
07/14/31(a)
679,963
21,275
Navient
Student
Loan
Trust,
6.03%,
10/15/31(a)(b)
21,280
796,824
Navient
Student
Loan
Trust,
0.97%,
12/16/69(a)
712,927
445,213
NMEF
Funding,
LLC,
6.57%,
06/17/30(a)
448,104
666,187
NMEF
Funding,
LLC,
5.15%,
12/15/31(a)
669,103
213,692
NMEF
Funding,
LLC,
6.07%,
06/15/29(a)
214,084
713,953
North
Texas
Higher
Education
Authority,
Inc.,
5.00%,
09/25/61(b)
710,227
1,090,961
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51(a)
1,063,684
1,950,000
OCCU
Auto
Receivables
Trust,
6.23%,
06/15/28(a)
1,966,425
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
593,530
Octane
Receivables
Trust,
5.80%,
07/20/32(a)
$
598,810
1,000,000
PEAC
Solutions
Receivables,
LLC,
4.65%,
10/20/31(a)
1,003,670
1,070,000
PEAC
Solutions
Receivables,
LLC,
5.04%,
07/20/32(a)
1,085,807
1,135,000
Post
Road
Equipment
Finance,
LLC,
4.90%,
05/15/31(a)
1,141,261
1,500,000
Purchasing
Power
Funding,
LLC,
5.89%,
08/15/28(a)
1,504,820
1,102,576
SBNA
Auto
Receivables
Trust,
5.32%,
12/15/28(a)
1,105,855
404,201
SLM
Student
Loan
Trust,
5.62%,
10/25/25(b)
400,280
349,438
SLM
Student
Loan
Trust,
6.27%,
04/15/29(b)
350,217
180,666
SLM
Student
Loan
Trust,
6.32%,
07/25/28(b)
181,333
1,320,000
SoFi
Consumer
Loan
Program
Trust,
5.12%,
02/27/34(a)
1,332,969
422,698
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43(a)
376,430
162,321
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48(a)
160,525
567,692
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47(a)
494,312
231,712
Sofi
Professional
Loan
Program,
LLC,
3.09%,
08/17/48(a)
226,736
221,228
Tricon
American
Homes
Trust,
2.75%,
03/17/38(a)
218,261
1,380,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45(a)
1,369,253
916,167
Verdant
Receivables,
LLC,
5.68%,
12/12/31(a)
930,968
1,700,000
Verdant
Receivables,
LLC,
4.96%,
05/12/33(a)
1,720,134
860,000
Wingspire
Equipment
Finance,
LLC,
4.99%,
09/20/32(a)
860,479
61,249,640
Non-Agency
Commercial
Mortgage
Backed
Securities
-
11.3%
655,043
BANK
2019-BNK16,
3.93%,
02/15/52
647,557
496,023
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
483,720
910,698
BX
Trust,
5.38%,
09/15/36(a)(b)
906,999
737,277
BX
Trust,
5.28%,
11/15/38(a)(b)
737,046
194,308
BX
Trust,
5.13%,
01/15/34(a)(b)
194,248
1,100,000
BXHPP
Trust,
5.08%,
08/15/36(a)(b)
1,053,250
1,500,000
BXMT
2025-FL5,
Ltd.
CLO,
5.95%,
10/18/42(a)(b)
1,492,500
753,614
Cantor
Commercial
Real
Estate
Lending,
3.62%,
05/15/52
720,548
Principal
Amount
Security
Description
Value
$
360,514
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
$
357,036
1,000,000
FirstKey
Homes
Trust,
4.50%,
07/17/38(a)
993,583
1,967,919
FirstKey
Homes
Trust,
4.25%,
07/17/38(a)
1,955,010
1,800,000
Goldman
Sachs
Mortgage
Securities
Corp.
Trust,
5.38%,
10/15/36(a)(b)
1,793,291
389,652
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44(a)(c)
249
1,120,000
IP
2025-IP
Mortgage
Trust,
5.25%,
06/10/42(a)(c)
1,136,212
51,925
JPMBB
Commercial
Mortgage
Securities
Trust,
3.32%,
03/17/49
51,709
1,770,220
KNDR
2021-KIND
A,
5.38%,
08/15/38(a)(b)
1,750,305
123,393
MHC
Commercial
Mortgage
Trust,
5.23%,
04/15/38(a)(b)
123,393
1,046,655
SREIT
Trust,
5.00%,
07/15/36(a)(b)
1,046,001
502,679
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(a)(c)
479,187
300,225
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41(a)(c)
279,261
921,924
Tricon
Residential
Trust,
3.86%,
04/17/39(a)
908,945
1,140,019
TRTX
Issuer,
Ltd.
CLO,
5.96%,
02/15/39(a)(b)
1,139,621
1,450,000
VASA
Trust,
5.33%,
07/15/39(a)(b)
1,406,798
767,141
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51(a)(c)
658,518
632,538
Velocity
Commercial
Capital
Loan
Trust,
6.58%,
04/25/54(a)(c)
641,811
1,445,000
Wells
Fargo
Commercial
Mortgage
Trust,
5.48%,
07/15/35(a)(c)
1,453,662
1,073,000
Wells
Fargo
Commercial
Mortgage
Trust,
6.10%,
01/15/58
1,132,995
2,145,000
WSTN
Trust,
6.52%,
07/05/37(a)(c)
2,175,306
25,718,761
Non-Agency
Residential
Mortgage
Backed
Securities
-
4.9%
631,583
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67(a)(c)
594,928
125,442
BRAVO
Residential
Funding
Trust,
5.06%,
11/25/69(a)(b)
125,064
235,731
BRAVO
Residential
Funding
Trust,
5.06%,
01/25/70(a)(b)
235,175
166,480
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59(a)(c)
162,746
349,714
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(a)(c)
326,476
287,432
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53(a)
278,727
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
309,564
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(a)(c)
$
302,040
29,742
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(a)(c)
28,980
1,279,185
COOPR
Residential
Mortgage
Trust,
5.65%,
05/25/60(a)(d)
1,291,173
1,145
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
01/07/26
1,080
104,367
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28(a)(c)
100,533
89,864
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
5.56%,
02/25/33(b)
95,488
95,209
CSMLT
Trust,
2.96%,
10/25/30(a)(c)
91,473
846,743
Ellington
Financial
Mortgage
Trust,
5.73%,
01/25/60(a)(d)
854,026
472,746
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51(a)
469,331
32,954
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45(c)
32,730
411,272
JPMorgan
Mortgage
Trust,
3.00%,
06/25/29(a)(c)
403,293
166,109
MFRA
Trust,
2.79%,
08/25/49(a)(c)
159,536
137,407
MFRA
Trust,
0.85%,
01/25/56(a)(c)
132,326
386,035
MFRA
Trust,
3.91%,
04/25/66(a)(d)
383,038
209,817
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58(a)(c)
205,409
19,142
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54(a)(c)
18,427
31,624
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52(a)(c)
30,368
51,514
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(a)(c)
49,980
260,224
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50(a)(c)
245,349
11,499
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
6.63%,
01/07/26(b)
7,306
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
01/07/26
5,314
650,000
Towd
Point
Mortgage
Trust,
3.75%,
10/25/56(a)(c)
637,234
449,603
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57(a)(c)
438,038
85,274
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58(a)(c)
84,162
305,770
Towd
Point
Mortgage
Trust,
2.25%,
02/25/60(a)(c)
298,095
677,217
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61(a)(c)
631,906
1,323,372
Woodward
Capital
Management,
6.14%,
04/25/44(a)(c)
1,332,711
Principal
Amount
Security
Description
Value
$
1,225,544
Woodward
Capital
Management,
5.65%,
01/25/45(a)(d)
$
1,232,825
11,285,287
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$98,522,386)
98,253,688
Corporate
Bonds
-
30.5%
Communication
Services
-
1.0%
950,000
AT&T,
Inc.,
4.35%,
03/01/29
951,993
738,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30
638,540
675,000
Verizon
Communications,
Inc.,
4.13%,
03/16/27
674,435
2,264,968
Consumer
Discretionary
-
3.9%
250,000
AMC
Networks,
Inc.,
4.25%,
02/15/29
200,277
500,000
Carnival
Corp.,
4.00%,
08/01/28(a)
489,375
2,100,000
Dollar
General
Corp.,
3.88%,
04/15/27
2,080,917
1,000,000
Ford
Motor
Credit
Co.,
LLC,
4.54%,
08/01/26
993,136
900,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
901,880
575,000
Harley-Davidson
Financial
Services,
Inc.,
5.95%,
06/11/29(a)
584,907
1,211,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31(a)
1,108,034
144,000
Mileage
Plus
Holdings,
LLC/Mileage
Plus
Intellectual
Property
Assets,
Ltd.,
6.50%,
06/20/27(a)
144,189
300,000
Newell
Brands,
Inc.,
6.38%,
05/15/30
291,847
650,000
Starbucks
Corp.,
4.50%,
05/15/28
653,248
800,000
Tapestry,
Inc.,
5.10%,
03/11/30
810,408
435,000
Warnermedia
Holdings,
Inc.,
4.05%,
03/15/29
348,000
275,000
Whirlpool
Corp.,
6.13%,
06/15/30
277,417
8,883,635
Consumer
Staples
-
2.3%
350,000
Agilent
Technologies,
Inc.,
2.75%,
09/15/29
327,593
440,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28(a)
439,342
2,270,000
Mars,
Inc.,
4.80%,
03/01/30(a)
2,299,964
10,000
Mars,
Inc.,
0.88%,
07/16/26(a)
9,655
1,433,000
The
Campbell's
Co.,
5.20%,
03/19/27
1,453,080
200,000
Turning
Point
Brands,
Inc.,
7.63%,
03/15/32(a)
209,393
680,000
United
Rentals
North
America,
Inc.,
4.88%,
01/15/28
677,288
5,416,315
Energy
-
2.6%
450,000
ConocoPhillips
Co.,
4.70%,
01/15/30
456,289
950,000
Energy
Transfer
LP,
5.63%,
05/01/27(a)
951,879
2,155,000
Energy
Transfer
LP,
4.95%,
05/15/28
2,185,462
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
2,145,000
Occidental
Petroleum
Corp.,
5.00%,
08/01/27
$
2,163,460
300,000
PBF
Holding
Co.,
LLC/PBF
Finance
Corp.,
9.88%,
03/15/30(a)
291,797
6,048,887
Financials
-
11.3%
2,300,000
Bank
of
America
Corp.,
3.71%,
04/24/28(c)
2,272,690
225,000
CBRE
Services,
Inc.,
4.80%,
06/15/30
225,707
1,345,000
CBRE
Services,
Inc.,
5.50%,
04/01/29
1,389,922
2,245,000
Citigroup,
Inc.,
5.17%,
02/13/30(c)
2,290,424
550,000
Enact
Holdings,
Inc.,
6.25%,
05/28/29
570,698
2,330,000
Goldman
Sachs
Group,
Inc.,
3.62%,
03/15/28(c)
2,297,467
2,225,000
JPMorgan
Chase
&
Co.,
5.14%,
01/24/31(c)
2,281,691
1,760,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,697,121
2,205,000
Morgan
Stanley,
5.45%,
07/20/29(c)
2,267,734
690,000
NNN
REIT,
Inc.,
4.60%,
02/15/31
686,321
1,047,000
NNN
REIT,
Inc.,
3.60%,
12/15/26
1,034,323
1,900,000
Regions
Financial
Corp.,
5.72%,
06/06/30(c)
1,962,325
2,240,000
Truist
Financial
Corp.,
MTN,
4.87%,
01/26/29(c)
2,265,877
2,215,000
U.S.
Bancorp,
5.78%,
06/12/29(c)
2,300,077
125,000
Walker
&
Dunlop,
Inc.,
6.63%,
04/01/33(a)
128,279
2,245,000
Wells
Fargo
&
Co.,
4.81%,
07/25/28(c)
2,263,925
25,934,581
Industrials
-
2.6%
1,125,000
Clean
Harbors,
Inc.,
4.88%,
07/15/27(a)
1,119,481
300,000
Graphic
Packaging
International,
LLC,
3.50%,
03/15/28(a)
287,504
725,000
Huntington
Ingalls
Industries,
Inc.,
5.35%,
01/15/30
745,172
1,050,000
Molex
Electronic
Technologies,
LLC,
4.75%,
04/30/28(a)
1,056,603
1,865,000
RTX
Corp.,
3.50%,
03/15/27
1,842,541
775,000
The
Boeing
Co.,
6.30%,
05/01/29
819,292
5,870,593
Information
Technology
-
2.1%
1,350,000
Dell
International,
LLC/EMC
Corp.,
4.75%,
04/01/28
1,365,800
1,740,000
Hewlett
Packard
Enterprise
Co.,
4.40%,
09/25/27
1,741,522
200,000
NCR
Atleos
Corp.,
9.50%,
04/01/29(a)
219,073
1,270,000
Paychex,
Inc.,
5.10%,
04/15/30
1,300,709
4,627,104
Materials
-
1.7%
1,990,000
Albemarle
Corp.,
4.65%,
06/01/27
1,983,063
1,885,000
The
Mosaic
Co.,
5.38%,
11/15/28
1,935,031
3,918,094
Principal
Amount
Security
Description
Value
Utilities
-
3.0%
$
861,000
Duke
Energy
Corp.,
4.85%,
01/05/27
$
869,491
1,325,000
Duke
Energy
Corp.,
3.15%,
08/15/27
1,298,149
2,230,000
Exelon
Corp.,
5.13%,
03/15/31
2,284,202
650,000
FirstEnergy
Corp.,
3.90%,
07/15/27
642,712
1,550,000
Florida
Power
&
Light
Co.,
4.40%,
05/15/28
1,561,577
6,656,131
Total
Corporate
Bonds
(Cost
$68,758,102)
69,620,308
Government
&
Agency
Obligations
-
25.3%
GOVERNMENT
SECURITIES
-
24.2%
Municipals
-
0.9%
325,000
City
of
Blair
NE
Water
System
Revenue,
Nebraska
RB,
6.10%,
05/15/27
325,128
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,374,088
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
222,314
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
163,080
2,084,610
U.S.
Treasury
Securities
-
23.3%
16,040,000
U.S.
Treasury
Note,
2.25%,
02/15/27
15,649,025
18,325,000
U.S.
Treasury
Note,
4.13%,
07/31/28
18,546,189
17,550,000
U.S.
Treasury
Note/Bond,
2.75%,
02/15/28
17,132,502
1,650,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
1,679,068
53,006,784
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.1%
Federal
Home
Loan
Mortgage
Corp.
-
0.4%
207,960
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
182,759
163,253
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54(d)
161,129
567,400
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
11/25/57(c)
534,769
246,574
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
40,506
39,008
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
1,645
61,555
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
6,350
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
36,321
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
$
36,193
963,351
Federal
National
Mortgage
Association
-
0.0%
21,017
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
20,782
139,725
Federal
National
Mortgage
Association
Interest
Only,
2.72%,
01/25/39(c)
5,210
25,992
Government
National
Mortgage
Association
-
0.7%
1,161,259
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,159,203
120,637
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
120,520
85,862
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
85,661
281,868
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
284,818
1,650,202
Total
Government
&
Agency
Obligations
(Cost
$57,348,243)
57,730,939
Shares
Security
Description
Value
Preferred
Stocks
-
0.1%
Financials
-
0.1%
400
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
07/30/25),
14.00%(c)(e)
329,680
Total
Preferred
Stocks
(Cost
$410,420)
329,680
Short-Term
Investments
-
0.8%
Investment
Company
-
0.8%
1,731,897
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.21%(f)
1,731,897
Total
Short-Term
Investments
(Cost
$1,731,897)
1,731,897
Investments,
at
value
-
99.8%
(Cost
$226,771,048)
227,666,512
Other
assets
in
excess
of
liabilities
-
0.2%
342,671
NET
ASSETS
-
100.0%
$
228,009,183
(a)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
June
30,
2025,
the
aggregate
value
of
these
liquid
securities
were
$99,938,078
or
43.8%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2025.
(c)
Variable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2025.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2025.
(e)
Perpetual
maturity
security.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2025.
ABS
Asset
Backed
Security
CLO
Collateralized
Loan
Obligation
GO
General
Obligation
LLC
Limited
Liability
Company
LP
Limited
Partnership
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
16.2%
Asset
Backed
Securities
-
6.5%
$
960,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46(a)
$
927,872
545,305
Capital
Automotive,
1.44%,
08/15/51(a)
522,619
852,915
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61(a)
820,610
270,428
Commonbond
Student
Loan
Trust,
1.17%,
09/25/51(a)
236,746
390,445
CoreVest
American
Finance,
Ltd.,
1.17%,
12/15/52(a)
386,064
253,225
CoreVest
American
Finance,
Ltd.,
1.36%,
08/15/53(a)
248,618
336,467
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45(a)
308,932
915,000
FRTKL
2021-SFR1,
1.57%,
09/17/38(a)
881,612
810,547
Home
Partners
of
America
Trust,
2.20%,
01/17/41(a)
747,674
18,113
Navient
Student
Loan
Trust,
6.03%,
10/15/31(a)(b)
18,118
365,937
Navient
Student
Loan
Trust,
1.11%,
02/18/70(a)
324,047
191,117
Nelnet
Student
Loan
Trust,
1.63%,
04/20/62(a)
180,091
342,893
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62(a)
322,497
809,368
Progress
Residential
Trust,
1.52%,
07/17/38(a)
788,937
600,000
Purchasing
Power
Funding,
LLC,
5.89%,
08/15/28(a)
601,928
435,000
Sabey
Data
Center
Issuer,
LLC,
1.88%,
06/20/46(a)
421,716
327,346
SLM
Student
Loan
Trust,
5.62%,
10/25/25(b)
324,170
472,678
SLM
Student
Loan
Trust,
6.27%,
04/15/29(b)
473,731
595,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46(a)
581,078
1,123,814
Tricon
American
Homes
Trust,
1.48%,
11/17/39(a)
1,053,572
932,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45(a)
924,742
11,095,374
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.9%
765,374
BX
Trust,
5.38%,
09/15/36(a)(b)
762,265
533,479
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
530,988
Principal
Amount
Security
Description
Value
$
390,000
Goldman
Sachs
Mortgage
Securities
Trust,
5.31%,
11/15/36(a)(b)
$
387,075
590,197
Goldman
Sachs
Mortgage
Securities
Trust
Interest
Only
REMIC,
0.09%,
08/10/44(a)(c)
377
1,065,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39(a)
999,618
530,606
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(a)(c)
505,809
231,602
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41(a)(c)
215,430
607,971
Tricon
Residential
Trust,
3.86%,
04/17/39(a)
599,412
351,410
Velocity
Commercial
Capital
Loan
Trust,
6.58%,
04/25/54(a)(c)
356,562
480,000
Wells
Fargo
Commercial
Mortgage
Trust,
6.10%,
01/15/58
506,839
4,864,375
Non-Agency
Residential
Mortgage
Backed
Securities
-
6.8%
168,195
BRAVO
Residential
Funding
Trust,
5.06%,
11/25/69(a)(b)
167,689
972,537
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(a)(c)
907,916
199,087
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53(a)
193,057
253,777
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(a)(c)
247,608
205,295
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(a)(c)
200,034
65,907
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
67,690
10,528
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
10,548
1,145
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
01/07/26
1,080
626,665
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47(a)(c)
571,786
695,801
Credit
Suisse
Mortgage
Trust,
2.50%,
11/25/56(a)(c)
628,674
89,864
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
5.56%,
02/25/33(b)
95,488
91,547
CSMLT
Trust,
2.96%,
10/25/30(a)(c)
87,955
714,978
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51(a)
709,813
583,023
Flagstar
Mortgage
Trust,
2.50%,
07/25/51(a)(c)
520,270
34,379
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45(c)
34,145
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
817,632
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51(a)(c)
$
735,963
721,473
Mello
Mortgage
Capital
Acceptance,
2.50%,
08/25/51(a)(c)
639,404
409,791
MFRA
Trust,
3.91%,
04/25/66(a)(d)
406,609
236,910
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57(a)(c)
231,000
182,101
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59(a)(c)
170,695
134,220
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54(a)(c)
129,208
80,497
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52(a)(c)
77,301
238,388
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(a)(c)
231,288
556,333
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52(a)(c)
499,366
1,221,151
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51(a)(c)
1,083,608
816,529
PSMC
Trust,
2.50%,
08/25/51(a)(c)
731,094
13,500
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
6.63%,
01/07/26(b)
8,577
713,694
Sequoia
Mortgage
Trust,
2.50%,
06/25/51(a)(c)
632,516
125,752
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30(a)(c)
122,411
830,000
Towd
Point
Mortgage
Trust
2025-1,
4.75%,
06/25/65(a)(c)
828,154
708,857
Woodward
Capital
Management,
2.50%,
01/25/52(a)(c)
628,320
11,599,267
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$29,145,779)
27,559,016
Corporate
Bonds
-
26.6%
Communication
Services
-
1.6%
345,000
Alphabet,
Inc.,
2.25%,
08/15/60
182,152
1,165,000
AT&T,
Inc.,
4.30%,
12/15/42
981,538
915,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
879,998
905,000
Verizon
Communications,
Inc.,
3.55%,
03/22/51
647,055
2,690,743
Consumer
Discretionary
-
2.9%
985,000
Dollar
General
Corp.,
3.50%,
04/03/30
934,878
600,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
601,253
855,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31(a)
782,303
1,550,000
McDonald's
Corp.,
3.63%,
09/01/49
1,124,274
525,000
Tapestry,
Inc.,
5.10%,
03/11/30
531,830
1,192,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,018,933
4,993,471
Principal
Amount
Security
Description
Value
Consumer
Staples
-
1.8%
$
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28(a)
$
529,208
685,000
Mars,
Inc.,
5.20%,
03/01/35(a)
693,206
940,000
The
Campbell's
Co.,
2.38%,
04/24/30
851,925
625,000
The
Campbell's
Co.,
4.75%,
03/23/35
600,460
565,000
The
Kroger
Co.,
5.00%,
09/15/34
560,959
3,235,758
Energy
-
1.0%
1,185,000
Energy
Transfer
LP,
5.55%,
05/15/34
1,199,660
595,000
Pioneer
Natural
Resources
Co.,
2.15%,
01/15/31
528,492
1,728,152
Financials
-
8.7%
1,345,000
Bank
of
America
Corp.,
2.69%,
04/22/32(c)
1,207,036
1,360,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
1,201,932
1,220,000
Citigroup,
Inc.,
4.91%,
05/24/33(c)
1,217,266
1,244,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,112,388
1,195,000
JPMorgan
Chase
&
Co.,
5.34%,
01/23/35(c)
1,223,238
1,105,000
KeyCorp,
MTN,
2.25%,
04/06/27
1,065,522
1,215,000
Morgan
Stanley,
4.89%,
07/20/33(c)
1,216,225
400,000
Regions
Financial
Corp.,
5.50%,
09/06/35(c)
401,000
930,000
Regions
Financial
Corp.,
1.80%,
08/12/28
858,754
947,000
The
Chubb
Corp.,
6.80%,
11/15/31
1,055,966
1,345,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33(c)
1,210,563
1,210,000
Truist
Financial
Corp.,
MTN,
5.12%,
01/26/34(c)
1,210,757
985,000
U.S.
Bancorp,
4.84%,
02/01/34(c)
972,608
1,315,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31(c)
1,204,693
15,157,948
Industrials
-
4.3%
1,364,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
1,222,104
1,275,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,130,523
225,000
Emerson
Electric
Co.,
5.00%,
03/15/35
228,191
1,177,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
1,150,700
430,000
Molex
Electronic
Technologies,
LLC,
5.25%,
04/30/32(a)
436,329
1,252,000
RTX
Corp.,
4.88%,
10/15/40
1,177,329
280,000
The
Boeing
Co.,
6.53%,
05/01/34
304,228
815,000
TTX
Co.,
4.60%,
02/01/49(a)
698,502
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
935,000
Waste
Management,
Inc.,
1.50%,
03/15/31
$
799,431
7,147,337
Information
Technology
-
2.6%
625,000
Hewlett
Packard
Enterprise
Co.,
5.00%,
10/15/34
606,261
1,140,000
Oracle
Corp.,
2.30%,
03/25/28
1,081,991
475,000
Paychex,
Inc.,
5.60%,
04/15/35
490,989
1,125,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
942,791
1,220,000
Xilinx,
Inc.,
2.38%,
06/01/30
1,118,386
4,240,418
Materials
-
1.0%
550,000
Albemarle
Corp.,
5.05%,
06/01/32
529,117
376,000
Albemarle
Corp.,
5.45%,
12/01/44
313,843
819,000
The
Mosaic
Co.,
5.45%,
11/15/33
837,712
1,680,672
Real
Estate
-
0.7%
1,125,000
NNN
REIT,
Inc.,
4.30%,
10/15/28
1,121,604
Utilities
-
2.0%
1,160,000
Duke
Energy
Corp.,
5.75%,
09/15/33
1,218,347
420,000
Exelon
Corp.,
6.50%,
03/15/55(c)
427,210
425,000
Exelon
Corp.,
5.13%,
03/15/31
435,330
670,000
NiSource,
Inc.,
5.35%,
04/01/34
681,145
616,308
Texas
Electric
Market
Stabilization
Funding
N,
LLC,
4.27%,
08/01/34(a)
610,060
3,372,092
Total
Corporate
Bonds
(Cost
$47,457,948)
45,368,195
Government
&
Agency
Obligations
-
55.7%
GOVERNMENT
SECURITIES
-
23.7%
Municipals
-
0.8%
230,000
Empire
State
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
237,323
340,000
New
York
City
Municipal
Water
Finance
Authority,
New
York
RB,
5.72%,
06/15/42
339,699
225,000
State
of
Connecticut,
Connecticut
GO,
5.63%,
12/01/29
230,794
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
443,427
1,251,243
Treasury
Inflation
Index
Securities
-
0.3%
540,702
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28(e)
542,777
U.S.
Treasury
Securities
-
22.6%
9,910,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
8,525,697
720,000
U.S.
Treasury
Bond,
3.63%,
05/15/53
587,250
6,605,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
5,977,009
13,865,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
12,179,536
Principal
Amount
Security
Description
Value
$
2,990,000
U.S.
Treasury
Note/Bond,
3.88%,
08/15/33
$
2,944,449
1,175,000
U.S.
Treasury
Note/Bond,
4.25%,
11/15/34
1,178,855
9,190,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
5,396,253
1,750,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
1,780,830
38,569,879
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
32.0%
Federal
Home
Loan
Mortgage
Corp.
-
13.1%
740,000
Federal
Home
Loan
Mortgage
Corp.,
3.46%,
11/25/32(c)
694,440
321,450
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
312,620
552,021
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
08/25/56(d)
517,459
257,909
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
11/25/57(c)
243,077
574,046
Federal
Home
Loan
Mortgage
Corp.,
2.50%,
11/25/59
520,508
1,407
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
1,401
838,912
Federal
Home
Loan
Mortgage
Corp.
#RA6436,
2.50%,
12/01/51
704,158
1,007,149
Federal
Home
Loan
Mortgage
Corp.
#RA7549,
4.00%,
06/01/52
938,687
1,472,484
Federal
Home
Loan
Mortgage
Corp.
#RA7779,
4.50%,
08/01/52
1,416,247
1,270,780
Federal
Home
Loan
Mortgage
Corp.
#RA8528,
5.00%,
02/01/53
1,256,094
1,334,753
Federal
Home
Loan
Mortgage
Corp.
#RA9070,
6.00%,
05/01/53
1,369,935
1,502,809
Federal
Home
Loan
Mortgage
Corp.
#SD1046,
4.00%,
07/01/52
1,409,112
1,921,657
Federal
Home
Loan
Mortgage
Corp.
#SD1087,
3.50%,
06/01/52
1,741,270
2,615,756
Federal
Home
Loan
Mortgage
Corp.
#SD1663,
4.00%,
10/01/52
2,450,364
1,721,699
Federal
Home
Loan
Mortgage
Corp.
#SD1740,
4.50%,
10/01/52
1,655,945
841,223
Federal
Home
Loan
Mortgage
Corp.
#SD6968,
5.50%,
11/01/54
849,183
71,208
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
71,408
75,798
Federal
Home
Loan
Mortgage
Corp.
#ZA2216,
4.50%,
08/01/31
76,065
806,635
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
728,535
210,067
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
209,395
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
273,392
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
$
260,863
544,306
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
518,465
606,951
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
99,708
105,401
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
104,774
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
932,150
472,052
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
455,043
598,803
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
550,993
370,921
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
340,688
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,393,885
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
466,454
22,288,926
Federal
National
Mortgage
Association
-
16.1%
56,288
Federal
National
Mortgage
Association
#725705,
5.00%,
08/01/34
57,054
49,654
Federal
National
Mortgage
Association
#890310,
4.50%,
12/01/40
49,495
5,286
Federal
National
Mortgage
Association
#933279,
5.50%,
08/01/37
5,390
44,318
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
44,217
294,021
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
265,554
97,517
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
97,285
17,855
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
18,718
211,823
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
204,652
72,634
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
70,084
157,355
Federal
National
Mortgage
Association
#AL9970,
2.88%,
02/01/27(c)
153,966
1,120,378
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
1,040,316
1,148,541
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,052,893
250,176
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
240,876
325,392
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
318,761
Principal
Amount
Security
Description
Value
$
261,552
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
$
251,472
324,972
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
285,447
316,615
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
291,772
980,050
Federal
National
Mortgage
Association
#CB2094,
3.00%,
11/01/51
855,793
1,223,565
Federal
National
Mortgage
Association
#CB3233,
3.00%,
04/01/52
1,071,077
1,849,036
Federal
National
Mortgage
Association
#CB4393,
4.50%,
08/01/52
1,775,031
429,077
Federal
National
Mortgage
Association
#CB4561,
5.00%,
09/01/52
423,628
1,618,215
Federal
National
Mortgage
Association
#CB7422,
5.50%,
11/01/53
1,630,026
2,338,605
Federal
National
Mortgage
Association
#CB9308,
5.00%,
10/01/54
2,309,952
1,854,622
Federal
National
Mortgage
Association
#FM2725,
3.00%,
02/01/50
1,608,949
2,663,037
Federal
National
Mortgage
Association
#FS0331,
3.00%,
01/01/52
2,310,693
1,906,426
Federal
National
Mortgage
Association
#FS1555,
3.50%,
04/01/52
1,727,550
1,590,065
Federal
National
Mortgage
Association
#FS2060,
4.00%,
06/01/52
1,490,929
923,822
Federal
National
Mortgage
Association
#FS3363,
3.00%,
06/01/52
801,592
1,926,062
Federal
National
Mortgage
Association
#FS3498,
3.50%,
07/01/52
1,742,002
1,057,941
Federal
National
Mortgage
Association
#FS4081,
5.00%,
01/01/53
1,046,602
1,468,071
Federal
National
Mortgage
Association
#FS5179,
5.00%,
06/01/53
1,452,267
217,020
Federal
National
Mortgage
Association
Interest
Only,
2.72%,
01/25/39(c)
8,092
641,928
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
583,335
433,861
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29(c)
428,235
107,261
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
105,651
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
931,230
723,610
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
721,345
27,471,931
Government
National
Mortgage
Association
-
2.8%
805,388
Government
National
Mortgage
Association,
5.50%,
05/16/40
830,509
323,438
Government
National
Mortgage
Association,
2.85%,
04/16/50
310,990
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
854,147
Government
National
Mortgage
Association,
4.75%,
10/16/55
$
841,716
852,755
Government
National
Mortgage
Association,
4.75%,
03/16/65(c)
841,685
355,184
Government
National
Mortgage
Association,
3.50%,
01/20/69(c)
344,642
737,077
Government
National
Mortgage
Association
#786915,
5.50%,
09/20/53
745,726
324,609
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
294,099
555,824
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
561,641
4,771,008
Total
Government
&
Agency
Obligations
(Cost
$100,572,817)
94,895,764
Shares
Security
Description
Value
Short-Term
Investments
-
1.1%
Investment
Company
-
1.1%
1,923,147
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.21%(f)
1,923,147
Total
Short-Term
Investments
(Cost
$1,923,147)
1,923,147
Investments,
at
value
-
99.6%
(Cost
$179,099,691)
169,746,122
Other
assets
in
excess
of
liabilities
-
0.4%
670,975
NET
ASSETS
-
100.0%
$
170,417,097
(a)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
June
30,
2025,
the
aggregate
value
of
these
liquid
securities
were
$29,255,368
or
17.2%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2025.
(c)
Variable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2025.
(d)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2025.
(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
June
30,
2025.
GO
General
Obligation
LLC
Limited
Liability
Company
LP
Limited
Partnership
MTN
Medium
Term
Note
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
98.8%
GOVERNMENT
SECURITIES
-
96.0%
Municipals
-
96.0%
Alaska
-
0.2%
$
100,000
Alaska
Municipal
Bond
Bank
Authority,
Alaska
RB,
5.00%,
12/01/35
$
108,878
Colorado
-
1.6%
200,000
City
of
Wheat
Ridge
CO
Sales
&
Use
Tax
Revenue,
Colorado
RB,
5.00%,
12/01/42
209,077
150,000
County
of
El
Paso
CO,
Colorado
COP,
5.00%,
12/01/37
161,634
395,000
Denver
City
&
County
School
District
No.
1,
Colorado
GO,
5.50%,
12/01/46
425,517
796,228
Illinois
-
1.0%
250,000
La
Salle
&
Bureau
Counties
Township
High
School
District
No.
120
LaSalle-
Peru,
Illinois
GO,
5.00%,
12/01/29
265,562
200,000
Park
Ridge
Park
District,
Illinois
GO,
5.00%,
12/01/35
216,199
481,761
Iowa
-
1.0%
220,000
City
of
Bettendorf
IA,
Iowa
GO,
4.00%,
06/01/35
224,323
225,000
Woodbine
Community
School
District
Infrastructure
Sales
Service
&
Use
Tax,
Iowa
RB,
5.00%,
06/01/32
248,019
472,342
Missouri
-
0.5%
225,000
City
of
Kansas
City
MO,
Missouri
RB,
5.00%,
04/01/43
234,250
Nebraska
-
86.6%
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
253,522
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
291,869
300,000
Buffalo
County
School
District
No.
7,
Nebraska
GO,
2.00%,
12/15/25
297,722
200,000
Burt
County
Public
Power
District,
Nebraska
RB,
4.75%,
07/01/34
204,205
260,000
Burton
County
School
District
No.
20,
Nebraska
GO,
5.00%,
12/15/30
271,099
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
373,078
350,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
09/01/32
374,824
285,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
09/01/33
305,427
Principal
Amount
Security
Description
Value
$
305,000
City
of
Ashland
NE,
Nebraska
GO,
3.85%,
04/01/34
$
300,982
200,000
City
of
Aurora
NE,
Nebraska
GO,
5.00%,
12/15/28
202,506
300,000
City
of
Beatrice
NE,
Nebraska
RB,
4.40%,
03/15/29
299,986
200,000
City
of
Bellevue
NE,
Nebraska
GO,
5.00%,
09/15/30
215,446
350,000
City
of
Bellevue
NE,
Nebraska
GO,
2.00%,
09/15/30
321,941
140,000
City
of
Bellevue
NE,
Nebraska
RB,
5.00%,
09/15/34
148,310
55,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
52,395
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
111,166
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
333,887
250,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
5.00%,
06/15/29
266,266
130,000
City
of
Crete
NE,
Nebraska
GO,
3.70%,
05/01/26
129,987
200,000
City
of
David
City
NE,
Nebraska
GO,
4.05%,
12/15/27
199,759
130,000
City
of
David
City
NE
Electric
Utility
Revenue,
Nebraska
RB,
4.40%,
12/15/29
130,995
345,000
City
of
Falls
City
NE,
Nebraska
GO,
4.25%,
11/15/30
350,689
250,000
City
of
Falls
City
NE,
Nebraska
GO,
3.65%,
11/15/32
243,366
345,000
City
of
Fremont
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
3.00%,
10/15/25
344,580
50,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/32
51,328
430,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/34
436,218
70,000
City
of
Kearney
NE,
Nebraska
GO,
2.75%,
06/15/27
68,967
220,000
City
of
Kearney
NE
Combined
Utilities
Revenue,
Nebraska
RB,
5.00%,
06/15/32
232,809
400,000
City
of
Kearney
NE
Combined
Utilities
Revenue,
Nebraska
RB,
1.25%,
12/15/27
372,013
375,000
City
of
La
Vista
NE,
Nebraska
COP,
3.00%,
12/15/25
374,716
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
150,000
City
of
La
Vista
NE,
Nebraska
GO,
5.00%,
09/15/33
$
158,352
200,000
City
of
Lincoln
NE
Sanitary
Sewer
Revenue,
Nebraska
RB,
5.00%,
06/15/36
217,487
145,000
City
of
McCook
NE,
Nebraska
GO,
5.00%,
09/15/31
152,427
150,000
City
of
Nebraska
City
NE,
Nebraska
GO,
3.80%,
01/15/33
145,657
195,000
City
of
Norfolk
NE,
Nebraska
GO,
2.70%,
09/01/25
194,414
205,000
City
of
North
Platte
NE,
Nebraska
GO,
4.00%,
12/15/33
207,979
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
359,163
100,000
City
of
North
Platte
NE,
Nebraska
RB,
5.00%,
12/15/34
105,713
45,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/32
47,371
400,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/34
377,519
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/37
217,387
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
557,592
500,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
04/15/37
554,024
250,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
04/15/43
261,227
250,000
City
of
Papillion
NE,
Nebraska
RB,
3.75%,
09/15/29
250,547
200,000
City
of
West
Point
NE,
Nebraska
GO,
3.25%,
11/01/28
194,205
200,000
Colfax
County
School
District
No.
58,
Nebraska
GO,
5.00%,
12/15/35
211,189
45,000
County
of
Brown
NE,
Nebraska
GO,
3.70%,
01/15/26
45,010
375,000
County
of
Butler
NE,
Nebraska
GO,
2.10%,
01/15/26
370,830
275,000
County
of
Cedar
NE,
Nebraska
GO,
3.80%,
09/15/28
275,948
300,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/34
302,323
435,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/36
437,463
125,000
County
of
Jefferson
NE,
Nebraska
GO,
2.00%,
12/01/25
124,086
Principal
Amount
Security
Description
Value
$
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
$
316,095
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
189,561
265,000
Cuming
County
Public
Power
District,
Nebraska
RB,
1.50%,
12/15/25
261,723
250,000
Cuming
County
School
District
No.
20,
Nebraska
GO,
5.25%,
12/15/35
267,731
250,000
Custer
County
School
District
No.
25,
Nebraska
GO,
5.00%,
12/15/33
263,770
300,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/36
321,927
370,000
Dodge
County
School
District
No.
1,
Nebraska
GO,
5.00%,
12/15/29
400,505
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,150,067
300,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
11/15/34
319,473
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
181,002
580,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
565,437
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
251,259
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
490,
Nebraska
GO,
2.70%,
08/15/28
94,338
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
255,775
250,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
4.00%,
12/15/32
257,878
250,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
5.00%,
12/15/37
272,906
265,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
5.00%,
06/15/42
276,280
200,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
5.00%,
12/15/37
221,334
200,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
4.00%,
12/15/41
193,933
250,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/34
251,662
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
668,940
350,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
350,314
150,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
149,720
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
200,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
12/15/30
$
209,366
530,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
542,749
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
379,942
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
486,562
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
708,111
200,000
Hall
County
School
District
No.
2,
Nebraska
GO,
5.00%,
12/15/39
215,804
160,000
KBR
Rural
Public
Power
District/NE,
Nebraska
RB,
3.20%,
12/15/28
154,192
150,000
Lancaster
County
School
District
No.
1,
Nebraska
GO,
4.00%,
01/15/31
152,087
100,000
Lancaster
County
School
District
No.
1,
Nebraska
GO,
3.00%,
01/15/37
88,865
370,000
Lancaster
County
School
District
No.
14,
Nebraska
GO,
2.00%,
12/15/34
304,096
320,000
Lancaster
County
School
District
No.
14,
Nebraska
GO,
2.00%,
12/15/28
305,983
200,000
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
214,946
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
981,092
115,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/35
116,533
325,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
325,362
315,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/37
340,718
300,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
3.30%,
12/01/29
298,447
350,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/32
388,919
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
482,162
150,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
03/01/34
148,106
100,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
09/01/34
98,157
220,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.00%,
03/01/52
215,098
Principal
Amount
Security
Description
Value
$
125,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
$
136,379
200,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/36
201,156
315,000
Nebraska
State
Colleges,
Nebraska
RB,
3.00%,
07/01/25
315,000
205,000
Nebraska
State
Colleges
Facilities
Corp.,
Nebraska
RB,
5.00%,
07/15/29
220,031
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
447,484
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
319,993
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
410,143
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
411,515
185,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
04/15/44
191,054
100,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/31
107,292
350,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/36
379,288
395,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/42
415,557
105,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/43
110,059
115,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/44
119,691
200,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/46
179,896
1,370,000
Omaha
Public
Power
District,
Nebraska
RB,
5.25%,
02/01/53
1,413,054
250,000
Omaha
Public
Power
District,
Nebraska
RB,
5.50%,
02/01/54
263,863
400,000
Omaha
Public
Power
District,
Nebraska
RB,
5.25%,
02/01/55
416,796
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
775,744
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
512,353
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
173,020
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
591,330
325,000
Omaha
School
District,
Nebraska
GO,
2.00%,
12/15/34
269,459
700,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
645,681
525,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/41
415,255
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
$
268,399
200,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/37
216,705
200,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/41
212,458
300,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/43
313,645
300,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/44
311,332
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
350,028
100,000
Public
Power
Generation
Agency,
Nebraska
RB,
3.25%,
01/01/36
91,301
130,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
126,457
105,000
Sarpy
County
Sanitary
&
Improvement
District
No.
23,
Nebraska
GO,
2.30%,
08/15/34
80,063
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
245,
Nebraska
GO,
3.45%,
11/15/28
97,283
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
291,
Nebraska
GO,
4.25%,
09/15/38
87,515
300,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
3.85%,
12/15/28
300,281
275,000
Scotts
Bluff
County
School
District
No.
16,
Nebraska
GO,
5.00%,
12/01/29
291,921
300,000
Southeast
Community
College
Area,
Nebraska
RB,
4.00%,
03/15/31
304,519
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
294,264
300,000
The
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
305,114
105,000
Village
of
Ansley
NE,
Nebraska
GO,
3.40%,
03/15/28
104,711
435,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
390,046
200,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
09/01/28
199,479
200,000
Village
of
Callaway
NE,
Nebraska
GO,
3.75%,
02/15/31
193,447
185,000
Village
of
Ceresco
NE,
Nebraska
GO,
3.60%,
12/15/32
179,014
250,000
Westside
Community
Schools,
Nebraska
GO,
5.00%,
12/01/37
265,773
450,000
York
County
School
District
No.
12,
Nebraska
GO,
2.00%,
12/15/25
446,582
Principal
Amount
Security
Description
Value
$
100,000
York
County
School
District
No.
96,
Nebraska
GO,
5.00%,
12/15/28
$
106,444
42,944,772
New
York
-
1.1%
325,000
New
York
City
Transitional
Finance
Authority,
New
York
RB,
5.00%,
05/01/42
339,973
200,000
New
York
City
Transitional
Finance
Authority,
New
York
RB,
5.00%,
05/01/42
209,664
549,637
North
Dakota
-
0.9%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
461,114
South
Dakota
-
0.5%
220,000
County
of
Lincoln
SD,
South
Dakota
GO,
5.00%,
12/01/43
225,874
Texas
-
1.1%
100,000
City
of
Waco
TX,
Texas
GO,
5.25%,
02/01/50
103,882
300,000
Conroe
Independent
School
District,
Texas
GO,
5.00%,
02/15/44
312,216
150,000
County
of
Travis
TX,
Texas
GO,
3.00%,
03/01/30
148,523
564,621
Wisconsin
-
1.5%
400,000
City
of
Neenah
WI,
Wisconsin
GO,
4.00%,
03/01/32
410,026
350,000
County
of
Dane
WI,
Wisconsin
GO,
3.00%,
06/01/31
341,355
751,381
47,590,858
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
2.8%
Federal
Home
Loan
Mortgage
Corp.
-
2.8%
198,415
Federal
Home
Loan
Mortgage
Corp.,
4.55%,
10/25/40(a)
202,110
194,374
Federal
Home
Loan
Mortgage
Corp.,
4.16%,
05/25/41(a)
185,628
288,071
Federal
Home
Loan
Mortgage
Corp.,
2.34%,
07/25/41(b)
236,726
249,163
Federal
Home
Loan
Mortgage
Corp.
FHLMC,
4.76%,
08/25/41
250,825
530,846
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
512,023
1,387,312
Total
Government
&
Agency
Obligations
(Cost
$50,877,709)
48,978,170
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Shares
Security
Description
Value
Short-Term
Investments
-
0.8%
Investment
Company
-
0.8%
379,067
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.21%(c)
$
379,067
Total
Short-Term
Investments
(Cost
$379,067)
379,067
Investments,
at
value
-
99.6%
(Cost
$51,256,776)
49,357,237
Other
assets
in
excess
of
liabilities
-
0.4%
206,486
NET
ASSETS
-
100.0%
$
49,563,723
(a)
Adjustable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2025.
(b)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
June
30,
2025,
the
aggregate
value
of
these
liquid
securities
were
$236,726
or
0.5%
of
net
assets.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2025.
COP
Certificate
of
Participation
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
RB
Revenue
Bond
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Shares
Security
Description
Value
Common
Stocks
-
59.9%
Communication
Services
-
5.9%
10,805
Alphabet,
Inc.,
Class C
$
1,916,699
8,000
Corning,
Inc.
420,720
2,410
Meta
Platforms,
Inc.,
Class A
1,778,797
1,470
T-Mobile
US,
Inc.
350,242
8,650
Verizon
Communications,
Inc.
374,286
4,840,744
Consumer
Discretionary
-
6.4%
9,280
Amazon.com,
Inc.(a)
2,035,939
86
Booking
Holdings,
Inc.
497,875
3,390
O'Reilly
Automotive,
Inc.(a)
305,541
955
Pool
Corp.
278,363
1,565
Royal
Caribbean
Cruises,
Ltd.
490,064
2,825
SharkNinja,
Inc.(a)
279,647
1,485
Tesla,
Inc.(a)
471,725
1,925
Texas
Roadhouse,
Inc.
360,764
1,535
The
Home
Depot,
Inc.
562,792
5,282,710
Consumer
Staples
-
3.5%
5,850
Church
&
Dwight
Co.,
Inc.
562,243
665
Costco
Wholesale
Corp.
658,310
5,420
Lamb
Weston
Holdings,
Inc.
281,027
9,600
The
Coca-Cola
Co.
679,200
6,805
Walmart,
Inc.
665,393
2,846,173
Energy
-
1.8%
2,130
Diamondback
Energy,
Inc.
292,662
2,940
EOG
Resources,
Inc.
351,653
6,315
Exxon
Mobil
Corp.
680,757
1,475
Phillips
66
175,968
1,501,040
Financials
-
8.3%
4,025
Brown
&
Brown,
Inc.
446,252
1,870
Chubb,
Ltd.
541,776
1,865
CME
Group,
Inc.
514,031
6,765
Equitable
Holdings,
Inc.
379,517
6,215
First
American
Financial
Corp.
381,539
2,880
Fiserv,
Inc.(a)
496,541
3,975
JPMorgan
Chase
&
Co.
1,152,392
1,575
Mastercard,
Inc.,
Class A
885,056
890
Moody's
Corp.
446,415
4,265
Morgan
Stanley
600,768
4,350
Synchrony
Financial
290,319
8,120
Wells
Fargo
&
Co.
650,574
6,785,180
Health
Care
-
5.6%
4,590
Abbott
Laboratories
624,286
3,050
AbbVie,
Inc.
566,141
1,770
Amgen,
Inc.
494,202
5,425
Edwards
Lifesciences
Corp.(a)
424,289
1,130
Eli
Lilly
&
Co.
880,869
Shares
Security
Description
Value
440
Humana,
Inc.
$
107,571
3,670
Lantheus
Holdings,
Inc.(a)
300,426
325
Thermo
Fisher
Scientific,
Inc.
131,775
1,370
UFP
Technologies,
Inc.(a)
334,499
1,125
United
Therapeutics
Corp.(a)
323,269
2,580
Zoetis,
Inc.
402,351
4,589,678
Industrials
-
5.4%
2,825
AMETEK,
Inc.
511,212
2,610
Cintas
Corp.
581,691
8,700
CSX
Corp.
283,881
5,075
Ingersoll
Rand,
Inc.
422,139
3,510
MasTec,
Inc.(a)
598,209
1,640
Paycom
Software,
Inc.
379,496
4,757
RTX
Corp.
694,617
4,795
The
Timken
Co.
347,877
2,565
Waste
Management,
Inc.
586,923
4,406,045
Information
Technology
-
18.2%
1,260
Adobe,
Inc.(a)
487,469
6,945
Amphenol
Corp.,
Class A
685,819
14,930
Apple,
Inc.
3,063,188
3,750
Arista
Networks,
Inc.(a)
383,663
4,002
Entegris,
Inc.
322,761
217
Fair
Isaac
Corp.(a)
396,667
2,190
Manhattan
Associates,
Inc.(a)
432,459
6,920
Microchip
Technology,
Inc.
486,961
7,535
Microsoft
Corp.
3,747,984
10,748
Napco
Security
Technologies,
Inc.
319,108
25,300
NVIDIA
Corp.
3,997,147
3,915
QUALCOMM,
Inc.
623,503
14,946,729
Materials
-
1.5%
1,800
Balchem
Corp.
286,560
1,260
Linde
PLC
591,167
26,701
PureCycle
Technologies,
Inc.(a)
365,803
1,243,530
Real
Estate
-
1.6%
2,180
American
Tower
Corp.
REIT
481,824
9,010
First
Industrial
Realty
Trust,
Inc.
REIT
433,651
3,015
Sun
Communities,
Inc.
REIT
381,367
1,296,842
Utilities
-
1.7%
2,880
Atmos
Energy
Corp.
443,837
7,220
NextEra
Energy,
Inc.
501,212
5,315
The
Southern
Co.
488,077
1,433,126
Total
Common
Stocks
(Cost
$22,150,240)
49,171,797
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
10.7%
Asset
Backed
Securities
-
6.7%
$
155,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46(b)
$
149,813
85,000
American
Heritage
Auto
Receivables
Trust,
5.07%,
06/17/30(b)
85,761
20,849
AMSR
Trust,
1.63%,
07/17/37(b)
20,806
75,366
Auxilior
Term
Funding,
LLC,
5.84%,
03/15/27(b)
75,745
300,000
Avant
Loans
Funding
Trust,
5.12%,
05/15/34(b)
300,897
62,091
AXIS
Equipment
Finance
Receivables
XI,
LLC,
5.30%,
06/21/28(b)
62,218
175,000
BofA
Auto
Trust,
5.31%,
06/17/30(b)
178,391
30,973
CCG
Receivables
Trust,
5.82%,
09/16/30(b)
31,134
80,043
CCG
Receivables
Trust,
4.99%,
03/15/32(b)
80,487
66,292
CCG
Receivables
Trust,
6.28%,
04/14/32(b)
67,098
18,889
CCG
Receivables
Trust,
3.91%,
07/16/29(b)
18,865
233,858
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60(b)
231,355
113,094
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61(b)
108,810
280,000
Chase
Auto
Owner
Trust,
5.59%,
06/25/29(b)
288,334
211,793
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28(b)
213,149
19,859
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46(b)
19,244
33,410
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45(b)
30,074
200,000
FCCU
Auto
Receivables
Trust,
5.18%,
05/15/31(b)
202,578
79,595
First
Help
Financial
LLC,
4.94%,
11/15/30(b)
79,819
126,786
Foundation
Finance
Trust,
4.60%,
03/15/50(b)
126,173
190,000
FRTKL
2021-SFR1,
1.57%,
09/17/38(b)
183,067
200,000
GreatAmerica
Leasing
Receivables
Funding,
LLC,
4.98%,
01/18/28(b)
201,532
52,464
GreenSky
Home
Improvement
Trust,
5.67%,
06/25/59(b)
53,496
100,000
GreenSky
Home
Improvement
Trust,
5.55%,
06/25/59(b)
102,345
170,000
GreenState
Auto
Receivables
Trust,
5.19%,
01/16/29(b)
170,982
Principal
Amount
Security
Description
Value
$
143,478
Huntington
Bank
Auto
Credit-Linked
Notes,
4.96%,
03/21/33(b)
$
144,046
100,000
Kubota
Credit
Owner
Trust,
5.19%,
05/15/30(b)
102,313
84,763
LAD
Auto
Receivables
Trust,
6.12%,
09/15/27(b)
84,993
105,000
M&T
Equipment
Notes,
4.94%,
08/18/31(b)
106,708
2,141
Navient
Student
Loan
Trust,
6.03%,
10/15/31(b)(c)
2,141
88,059
NMEF
Funding,
LLC,
5.15%,
12/15/31(b)
88,445
8,052
NMEF
Funding,
LLC,
6.07%,
06/15/29(b)
8,067
61,466
North
Texas
Higher
Education
Authority,
Inc.,
5.00%,
09/25/61(c)
61,145
77,564
Octane
Receivables
Trust,
5.80%,
07/20/32(b)
78,254
140,000
PEAC
Solutions
Receivables,
LLC,
5.04%,
07/20/32(b)
142,068
150,000
Post
Road
Equipment
Finance,
LLC,
4.90%,
05/15/31(b)
150,828
119,317
Progress
Residential
Trust,
1.52%,
07/17/38(b)
116,305
200,000
Purchasing
Power
Funding,
LLC,
5.89%,
08/15/28(b)
200,643
53,040
SLM
Student
Loan
Trust,
6.27%,
04/15/29(c)
53,158
200,000
SoFi
Consumer
Loan
Program
Trust,
5.12%,
02/27/34(b)
201,965
129,688
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47(b)
112,925
280,000
Space
Coast
Credit
Union
Auto
Receivables
Trust,
5.11%,
06/15/29(b)
281,586
70,000
Stack
Infrastructure
Issuer,
LLC,
1.88%,
03/26/46(b)
68,362
110,799
Tricon
American
Homes
Trust,
1.48%,
11/17/39(b)
103,873
180,000
Vantage
Data
Centers
Issuer,
LLC,
1.65%,
09/15/45(b)
178,598
115,000
Wingspire
Equipment
Finance,
LLC,
4.99%,
09/20/32(b)
115,064
5,483,660
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.8%
51,220
Barclays
Commercial
Mortgage
Trust,
3.04%,
11/15/52
49,949
55,621
BX
Commercial
Mortgage
Trust,
5.32%,
02/15/39(b)(c)
55,586
155,013
BX
Trust,
5.38%,
09/15/36(b)(c)
154,383
77,541
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
77,178
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
175,000
Goldman
Sachs
Mortgage
Securities
Trust,
5.31%,
11/15/36(b)(c)
$
173,687
172,164
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
164,020
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39(b)
187,722
150,000
IP
2025-IP
Mortgage
Trust,
5.25%,
06/10/42(b)(d)
152,171
143,799
KNDR
2021-KIND
A,
5.38%,
08/15/38(b)(c)
142,182
57,090
SREIT
Trust,
5.00%,
07/15/36(b)(c)
57,055
54,210
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(b)(d)
51,677
129,568
Tricon
Residential
Trust,
3.86%,
04/17/39(b)
127,744
88,374
TRTX
Issuer,
Ltd.
CLO,
5.96%,
02/15/39(b)(c)
88,343
133,625
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
129,604
80,469
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51(b)(d)
69,075
275,000
Wells
Fargo
Commercial
Mortgage
Trust,
5.48%,
07/15/35(b)(d)
276,649
145,000
Wells
Fargo
Commercial
Mortgage
Trust,
6.10%,
01/15/58
153,108
220,000
WSTN
Trust,
6.52%,
07/05/37(b)(d)
223,108
2,333,241
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.2%
84,211
Angel
Oak
Mortgage
Trust,
3.35%,
01/25/67(b)(d)
79,324
133,224
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(b)(d)
124,372
123,679
Chase
Mortgage
Finance
Corp.,
3.50%,
06/25/62(b)(d)
113,553
27,347
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(b)(d)
26,682
9,249
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(b)(d)
9,012
82,127
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47(b)(d)
74,935
114,813
Ellington
Financial
Mortgage
Trust,
5.73%,
01/25/60(b)(e)
115,800
78,140
Finance
of
America
Structured
Securities
Trust,
1.50%,
04/25/51(b)
77,576
3,919
Freddie
Mac
Whole
Loan
Securities,
3.67%,
09/25/45(d)
3,892
18,085
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(b)(d)
17,546
137,124
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52(b)(d)
123,083
90,459
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61(b)(d)
84,406
Principal
Amount
Security
Description
Value
$
116,497
Woodward
Capital
Management,
5.65%,
01/25/45(b)(e)
$
117,189
967,370
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$8,874,298)
8,784,271
Corporate
Bonds
-
11.3%
Communication
Services
-
0.8%
303,000
AT&T,
Inc.,
4.30%,
02/15/30
302,014
319,000
Verizon
Communications,
Inc.,
4.78%,
02/15/35
310,770
612,784
Consumer
Discretionary
-
1.4%
310,000
Dollar
General
Corp.,
3.50%,
04/03/30
294,225
200,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
200,418
330,000
McDonald's
Corp.,
2.13%,
03/01/30
299,464
50,000
Starbucks
Corp.,
2.00%,
03/12/27
48,107
335,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
308,834
1,151,048
Consumer
Staples
-
0.8%
300,000
Mars,
Inc.,
4.80%,
03/01/30(b)
303,960
115,000
Reckitt
Benckiser
Treasury
Services
PLC,
3.00%,
06/26/27(b)
112,413
250,000
The
Campbell's
Co.,
2.38%,
04/24/30
226,576
642,949
Energy
-
0.3%
245,000
Energy
Transfer
LP,
4.95%,
05/15/28
248,463
Financials
-
4.1%
345,000
Bank
of
America
Corp.,
2.69%,
04/22/32(d)
309,612
326,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
288,110
300,000
Citigroup,
Inc.,
4.91%,
05/24/33(d)
299,328
250,000
Enact
Holdings,
Inc.,
6.25%,
05/28/29
259,408
350,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
312,971
340,000
JPMorgan
Chase
&
Co.,
2.74%,
10/15/30(d)
317,030
150,000
KeyCorp,
MTN,
2.25%,
04/06/27
144,641
285,000
Morgan
Stanley,
4.89%,
07/20/33(d)
285,287
155,000
NNN
REIT,
Inc.,
4.60%,
02/15/31
154,174
225,000
Regions
Financial
Corp.,
1.80%,
08/12/28
207,763
330,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33(d)
297,015
210,000
U.S.
Bancorp,
4.84%,
02/01/34(d)
207,358
345,000
Wells
Fargo
&
Co.,
MTN,
2.57%,
02/11/31(d)
316,060
3,398,757
Health
Care
-
0.1%
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
109,477
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Industrials
-
1.4%
$
310,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
$
277,751
230,000
BMW
Finance
NV,
2.85%,
08/14/29(b)
215,307
260,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
254,190
175,000
Union
Pacific
Corp.,
3.95%,
09/10/28
174,087
285,000
Waste
Management,
Inc.,
1.50%,
03/15/31
243,677
1,165,012
Information
Technology
-
1.9%
170,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
151,083
305,000
eBay,
Inc.,
3.60%,
06/05/27
301,780
225,000
Oracle
Corp.,
2.30%,
03/25/28
213,551
175,000
Paychex,
Inc.,
5.10%,
04/15/30
179,232
328,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
298,425
55,000
TSMC
Global,
Ltd.,
1.38%,
09/28/30(b)
47,390
345,000
Xilinx,
Inc.,
2.38%,
06/01/30
316,265
1,507,726
Utilities
-
0.5%
85,000
Duke
Energy
Corp.,
5.75%,
09/15/33
89,275
300,000
Exelon
Corp.,
5.13%,
03/15/31
307,292
396,567
Total
Corporate
Bonds
(Cost
$9,484,226)
9,232,783
Government
&
Agency
Obligations
-
14.9%
GOVERNMENT
SECURITIES
-
14.3%
Municipals
-
0.1%
50,000
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
46,166
Treasury
Inflation
Index
Securities
-
0.3%
287,324
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28(f)
286,896
U.S.
Treasury
Securities
-
13.9%
1,285,000
U.S.
Treasury
Note,
2.25%,
02/15/27
1,253,678
3,255,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
2,945,521
3,525,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
3,096,492
1,745,000
U.S.
Treasury
Note/Bond,
3.88%,
08/15/33
1,718,416
865,000
U.S.
Treasury
Note/Bond,
4.25%,
11/15/34
867,838
1,495,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
1,521,338
11,403,283
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
0.6%
Federal
Home
Loan
Mortgage
Corp.
-
0.3%
30,166
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54(e)
29,774
Principal
Amount
Security
Description
Value
$
3,933
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/50
$
3,919
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
221,545
255,238
Federal
National
Mortgage
Association
-
0.2%
140,295
Federal
National
Mortgage
Association,
6.81%,
07/25/32(d)
146,922
3,543
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
3,514
65,079
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29(d)
64,235
214,671
Government
National
Mortgage
Association
-
0.1%
60,108
Government
National
Mortgage
Association,
3.50%,
01/20/69(d)
58,324
Total
Government
&
Agency
Obligations
(Cost
$12,273,960)
12,264,578
Shares
Security
Description
Value
Short-Term
Investments
-
3.2%
Investment
Company
-
3.2%
2,628,342
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.21%(g)
2,628,342
Total
Short-Term
Investments
(Cost
$2,628,342)
2,628,342
Investments,
at
value
-
100.0%
(Cost
$55,411,066)
82,081,771
Other
assets
in
excess
of
liabilities
-
0.0%
19,804
NET
ASSETS
-
100.0%
$
82,101,575
(a)
Non-income
producing
security.
(b)
144a
Security,
which
is
exempt
from
registration
under
the
Securities
Act
of
1933.
The
Sub-Adviser
has
deemed
this
security
to
be
liquid
based
on
procedures
approved
by
Tributary
Funds’
Board
of
Directors.
As
of
June
30,
2025,
the
aggregate
value
of
these
liquid
securities
were
$8,771,287
or
10.7%
of
net
assets.
(c)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2025.
(d)
Variable
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates.
Rate
represented
is
as
of
June
30,
2025.
(e)
Debt
obligation
initially
issued
at
one
coupon
rate
which
converts
to
higher
coupon
rate
at
a
specified
date.
Rate
presented
is
as
of
June
30,
2025.
(f)
U.S.
Treasury
inflation
indexed
security,
par
amount
is
adjusted
for
inflation.
(g)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2025.
CLO
Collateralized
Loan
Obligation
LLC
Limited
Liability
Company
LP
Limited
Partnership
MTN
Medium
Term
Note
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Non-income
producing
security.
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2025.
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
99.0%
Communication
Services
-
1.3%
3,035
Nexstar
Media
Group,
Inc.,
Class A
$
524,903
Consumer
Discretionary
-
13.9%
5,138
Burlington
Stores,
Inc.(a)
1,195,304
1,111
Domino's
Pizza,
Inc.
500,617
4,047
Dorman
Products,
Inc.(a)
496,445
10,058
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
1,325,443
1,587
TopBuild
Corp.(a)
513,775
17,101
Tractor
Supply
Co.
902,420
7,241
Wyndham
Hotels
&
Resorts,
Inc.
588,042
5,522,046
Consumer
Staples
-
4.6%
2,381
Casey's
General
Stores,
Inc.
1,214,953
3,551
Lancaster
Colony
Corp.
613,506
1,828,459
Energy
-
4.4%
17,498
Northern
Oil
&
Gas,
Inc.
496,068
59,596
Permian
Resources
Corp.
811,698
17,438
SM
Energy
Co.
430,893
1,738,659
Financials
-
18.1%
21,307
Atlantic
Union
Bankshares
Corp.
666,483
4,404
Brown
&
Brown,
Inc.
488,271
5,813
Cullen/Frost
Bankers,
Inc.
747,203
536
Markel
Group,
Inc.(a)
1,070,585
12,082
Moelis
&
Co.,
Class A
752,950
9,106
Selective
Insurance
Group,
Inc.
789,035
9,384
SouthState
Corp.
863,610
12,042
Stifel
Financial
Corp.
1,249,719
5,158
UMB
Financial
Corp.
542,415
7,170,271
Health
Care
-
9.0%
16,308
AMN
Healthcare
Services,
Inc.(a)
337,086
20,474
Enovis
Corp.(a)
642,065
4,126
ICON
PLC(a)
600,127
5,694
Integer
Holdings
Corp.(a)
700,191
1,885
Molina
Healthcare,
Inc.(a)
561,542
7,578
Revvity,
Inc.
732,944
3,573,955
Industrials
-
21.7%
3,333
Broadridge
Financial
Solutions,
Inc.
810,019
2,083
CACI
International,
Inc.,
Class A(a)
992,966
2,341
Carlisle
Cos.,
Inc.
874,129
5,991
EnerSys
513,848
4,622
Enpro,
Inc.
885,344
21,664
ExlService
Holdings,
Inc.(a)
948,667
8,908
Fortune
Brands
Innovations,
Inc.
458,584
5,396
Franklin
Electric
Co.,
Inc.
484,237
7,400
ICF
International,
Inc.
626,854
2,877
Lincoln
Electric
Holdings,
Inc.
596,460
11,149
Robert
Half,
Inc.
457,667
Shares
Security
Description
Value
25,890
Tetra
Tech,
Inc.
$
931,004
8,579,779
Information
Technology
-
13.6%
8,471
Ambarella,
Inc.(a)
559,637
9,344
Blackbaud,
Inc.(a)
599,978
10,653
Diodes,
Inc.(a)
563,437
3,730
Littelfuse,
Inc.
845,703
5,634
Onto
Innovation,
Inc.(a)
568,640
13,451
Power
Integrations,
Inc.
751,911
4,999
PTC,
Inc.(a)
861,528
4,503
Qualys,
Inc.(a)
643,343
5,394,177
Materials
-
3.4%
3,908
Balchem
Corp.
622,153
6,527
RPM
International,
Inc.
716,926
1,339,079
Real
Estate
-
6.5%
11,566
Agree
Realty
Corp.
REIT
845,012
3,531
Jones
Lang
LaSalle,
Inc.(a)
903,159
6,805
Lamar
Advertising
Co.,
Class A
REIT
825,855
2,574,026
Utilities
-
2.5%
8,432
IDACORP,
Inc.
973,474
Total
Common
Stocks
(Cost
$38,708,294)
39,218,828
Shares
Security
Description
Value
Short-Term
Investments
-
0.9%
Investment
Company
-
0.9%
351,126
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.21%(b)
351,126
Total
Short-Term
Investments
(Cost
$351,126)
351,126
Investments,
at
value
-
99.9%
(Cost
$39,059,420)
39,569,954
Other
assets
in
excess
of
liabilities
-
0.1%
22,884
NET
ASSETS
-
100.0%
$
39,592,838
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2025
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Non-income
producing
security.
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2025.
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
98.4%
Consumer
Discretionary
-
12.0%
144,986
Acushnet
Holdings
Corp.
$
10,557,880
81,993
Boot
Barn
Holdings,
Inc.(a)
12,462,936
70,980
Dorman
Products,
Inc.(a)
8,707,117
122,596
LGI
Homes,
Inc.(a)
6,316,146
150,553
Monarch
Casino
&
Resort,
Inc.
13,013,801
86,047
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
11,339,274
149,282
Patrick
Industries,
Inc.
13,774,250
76,171,404
Consumer
Staples
-
2.3%
58,394
Interparfums,
Inc.
7,667,716
535,285
Utz
Brands,
Inc.
6,717,827
14,385,543
Energy
-
3.3%
329,062
Northern
Oil
&
Gas,
Inc.
9,328,908
308,791
SM
Energy
Co.
7,630,225
253,907
Vital
Energy,
Inc.(a)
4,085,364
21,044,497
Financials
-
18.7%
431,266
Atlantic
Union
Bankshares
Corp.
13,490,000
174,697
Cass
Information
Systems,
Inc.
7,590,585
157,633
Mercantile
Bank
Corp.
7,315,748
242,046
Moelis
&
Co.,
Class A
15,084,307
250,518
Origin
Bancorp,
Inc.
8,953,513
461,622
Seacoast
Banking
Corp.
of
Florida
12,750,000
167,859
Selective
Insurance
Group,
Inc.
14,544,982
180,324
Stewart
Information
Services
Corp.
11,739,092
258,505
The
Baldwin
Insurance
Group,
Inc.,
Class A(a)
11,066,599
83,756
UMB
Financial
Corp.
8,807,781
103,112
Walker
&
Dunlop,
Inc.
7,267,334
118,609,941
Health
Care
-
11.2%
113,459
Addus
HomeCare
Corp.(a)
13,069,342
250,578
AMN
Healthcare
Services,
Inc.(a)
5,179,447
496,740
Avanos
Medical,
Inc.(a)
6,080,098
350,241
Enovis
Corp.(a)
10,983,558
153,094
Integer
Holdings
Corp.(a)
18,825,969
89,981
Prestige
Consumer
Healthcare,
Inc.(a)
7,184,983
221,351
Simulations
Plus,
Inc.
3,862,575
188,494
Supernus
Pharmaceuticals,
Inc.(a)
5,941,331
71,127,303
Industrials
-
21.2%
64,626
Alamo
Group,
Inc.
14,113,026
36,307
CSW
Industrials,
Inc.
10,413,937
77,939
EnerSys
6,684,828
98,271
Enpro,
Inc.
18,823,810
98,876
ESCO
Technologies,
Inc.
18,971,338
265,646
ExlService
Holdings,
Inc.(a)
11,632,638
94,701
Franklin
Electric
Co.,
Inc.
8,498,468
118,663
ICF
International,
Inc.
10,051,943
Shares
Security
Description
Value
262,681
Kforce,
Inc.
$
10,804,070
193,698
Korn
Ferry
14,203,874
423,036
NV5
Global,
Inc.(a)
9,767,901
133,965,833
Information
Technology
-
16.4%
109,223
Advanced
Energy
Industries,
Inc.
14,472,047
129,253
Ambarella,
Inc.(a)
8,539,099
278,958
Benchmark
Electronics,
Inc.
10,831,939
153,276
Blackbaud,
Inc.(a)
9,841,852
402,583
Cohu,
Inc.(a)
7,745,697
167,678
CTS
Corp.
7,144,760
195,694
Diodes,
Inc.(a)
10,350,256
36,488
Littelfuse,
Inc.
8,272,924
276,296
LiveRamp
Holdings,
Inc.(a)
9,128,820
181,474
Power
Integrations,
Inc.
10,144,397
699,393
Viavi
Solutions,
Inc.(a)
7,042,887
103,514,678
Materials
-
3.8%
71,646
Balchem
Corp.
11,406,043
158,601
Kaiser
Aluminum
Corp.
12,672,220
24,078,263
Real
Estate
-
6.0%
294,570
CareTrust
REIT,
Inc.
9,013,842
424,549
Marcus
&
Millichap,
Inc.
13,037,900
494,440
NETSTREIT
Corp.
REIT
8,370,869
853,153
Sunstone
Hotel
Investors,
Inc.
REIT
7,405,368
37,827,979
Utilities
-
3.5%
85,805
Chesapeake
Utilities
Corp.
10,315,477
103,959
IDACORP,
Inc.
12,002,066
22,317,543
Total
Common
Stocks
(Cost
$468,211,821)
623,042,984
Shares
Security
Description
Value
Short-Term
Investments
-
1.5%
Investment
Company
-
1.5%
9,318,745
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
4.21%(b)
9,318,745
Total
Short-Term
Investments
(Cost
$9,318,745)
9,318,745
Investments,
at
value
-
99.9%
(Cost
$477,530,566)
632,361,729
Other
assets
in
excess
of
liabilities
-
0.1%
448,437
NET
ASSETS
-
100.0%
$
632,810,166
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2025
(Unaudited)
1.
Significant
Accounting
Policies
The
Funds
are
investment
companies
and
follow
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
Financial
Services-Investment
Companies
.
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Company
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
The
preparation
of
financial
statements
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
period.
Actual
results
could
differ
from
those
estimates.
Security
Valuation
The
net
asset
value
(“NAV”)
per
share
of
each
Fund
is
determined
each
business
day
as
of
the
close
of
the
New
York
Stock
Exchange
(“NYSE”),
which
is
normally
4
p.m.
Eastern
Time.
In
valuing
a
Fund’s
assets
for
calculating
the
NAV,
securities
listed
on
a
securities
exchange,
market
or
automated
quotation
system
for
which
quotations
are
readily
available,
including
traded
over
the
counter
securities,
are
valued
at
the
official
closing
price
on
the
primary
exchange
or
market
on
which
they
traded
or,
if
there
is
no
such
reported
price
on
the
valuation
date,
at
the
most
recent
quoted
sale
price
or
bid
price.
Investments
in
investment
companies
are
valued
at
the
NAV
per
share
determined
as
of
the
close
of
the
NYSE.
Short-term
debt
investments
(maturing
within
60
days)
may
be
valued
on
an
amortized
cost
basis,
unless
such
value
does
not
approximate
fair
value.
Debt
securities
(other
than
short-term
investments)
are
valued
at
prices
furnished
by
pricing
services
and
generally
reflect
last
reported
sales
price
if
the
security
is
actively
traded
or
an
evaluated
bid
price
obtained
by
employing
methodologies
that
utilize
actual
market
transactions;
broker
supplied
valuations;
or
factors
such
as
yield,
maturity,
call
features,
credit
ratings,
or
developments
relating
to
specific
securities
in
arriving
at
the
valuation.
Prices
provided
by
pricing
services
are
subject
to
review
and
determination
of
the
appropriate
price
whenever
a
furnished
price
is
significantly
different
from
the
previous
day’s
furnished
price.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Board
of
Directors
(the
“Board”)
has
designated
the
Adviser,
as
defined
in
Note
3,
as
the
Funds’
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Funds.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser’s
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
significant
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser’s
fair
valuation
procedures
as
a
part
of
the
Funds’
compliance
program
and
will
review
any
changes
made
to
the
procedures.
Situations
that
may
require
an
investment
to
be
fair
valued
include
instances
where
a
security
is
thinly
traded,
halted,
or
restricted
as
to
resale.
In
addition,
investments
may
be
fair
valued
based
on
the
occurrence
of
a
significant
event.
Significant
events
may
be
specific
to
a
particular
issuer,
such
as
mergers,
restructurings,
or
defaults.
Alternatively,
significant
events
may
affect
an
entire
market,
such
as
natural
disasters,
government
actions,
and
significant
changes
in
the
value
of
U.S.
securities
markets.
Securities
are
fair
valued
based
on
observable
and
unobservable
inputs,
including
the
Adviser’s
own
assumptions
in
determining
fair
value.
Factors
used
in
determining
fair
value
include,
but
are
not
limited
to:
type
of
security
or
asset,
trading
activity
of
similar
markets
or
securities,
fundamental
analytical
data
relating
to
the
investment,
evaluation
of
the
forces
that
influence
the
market
in
which
the
security
is
purchased
and
sold,
and
information
as
to
any
transactions
or
offers
with
respect
to
the
security.
For
those
securities
fair
valued
under
procedures
adopted
by
the
Board,
the
Adviser
reviews
and
affirms
the
reasonableness
of
the
fair
valuation
determinations
after
considering
all
relevant
information
that
is
reasonably
available.
The
Adviser’s
determinations
are
subject
to
review
by
the
Funds’
Board
at
its
next
regularly
scheduled
meeting
covering
the
calendar
quarter
in
which
the
fair
valuation
was
determined.
The
Funds
use
a
framework
for
measuring
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
(exit
price).
One
component
of
fair
value
is
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
various
“inputs”
used
to
determine
the
value
of
the
Funds’
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
includes
valuations
based
on
quoted
prices
of
identical
securities
in
active
markets
including
valuations
for
securities
listed
on
a
securities
exchange
or
investments
in
mutual
funds.
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Level
2
–
includes
valuations
for
which
all
significant
inputs
are
observable,
either
directly
or
indirectly.
Direct
observable
inputs
include
broker
quotes
in
active
markets,
closing
prices
of
similar
securities
in
active
markets,
closing
prices
for
identical
or
similar
securities
in
non-active
markets,
or
corporate
action
or
reorganization
entitlement
values.
Indirect
significant
observable
inputs
include
factors
such
as
interest
rates,
yield
curves,
prepayment
speeds
or
credit
ratings.
Level
2
includes
valuations
for
fixed
income
securities
priced
by
pricing
services,
broker
quotes
in
active
markets,
or
American
depositary
receipts
(“ADR”)
and
Global
depositary
receipts
(“GDR”)
for
which
quoted
prices
in
active
markets
are
not
available.
Level
3
–
includes
valuations
based
on
inputs
that
are
unobservable
and
significant
to
the
fair
value
measurement,
including
the
Fair
Value
Committee's
own
assumptions
in
determining
the
fair
value
of
the
investment.
Inputs
used
to
determine
the
fair
value
of
Level
3
securities
include
security
specific
inputs
such
as:
credit
quality,
issuer
news,
trading
characteristics,
or
industry
specific
inputs
such
as:
trading
activity
of
similar
markets
or
securities,
changes
in
the
security’s
underlying
index,
or
comparable
securities’
models.
Level
3
valuations
include
securities
that
are
priced
based
on
single
source
broker
quotes,
where
prices
may
be
unavailable
due
to
halted
trading,
restricted
to
resale
due
to
market
events,
newly
issued
or
investments
for
which
reliable
quotes
are
not
available.
To
assess
the
continuing
appropriateness
of
security
valuations,
the
co-administrator
regularly
compares
current
day
prices
with
prior
day
prices,
transaction
prices,
and
alternative
vendor
prices.
When
the
comparison
results
exceed
pre-defined
thresholds,
the
co-administrator
challenges
the
prices
exceeding
tolerance
levels
with
the
pricing
service
or
broker.
To
substantiate
Level
3
unobservable
inputs,
the
Adviser
and
co-administrator
use
a
variety
of
techniques
as
appropriate,
including,
transaction
backtesting
or
disposition
analysis
and
review
of
related
market
activity.
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments.
The
following
is
a
summary
of
the
inputs
used
to
value
each
Fund’s
investments
as
of
June
30,
2025,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
61,249,640
$
–
$
61,249,640
Non-Agency
Commercial
Mortgage
Backed
Securities
–
25,718,761
–
25,718,761
Non-Agency
Residential
Mortgage
Backed
Securities
–
11,285,287
–
11,285,287
Corporate
Bonds
–
69,620,308
–
69,620,308
Government
&
Agency
Obligations
–
57,730,939
–
57,730,939
Preferred
Stocks
329,680
–
–
329,680
Short-Term
Investments
1,731,897
–
–
1,731,897
Total
$
2,061,577
$
225,604,935
$
–
$
227,666,512
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
11,095,374
$
–
$
11,095,374
Non-Agency
Commercial
Mortgage
Backed
Securities
–
4,864,375
–
4,864,375
Non-Agency
Residential
Mortgage
Backed
Securities
–
11,599,267
–
11,599,267
Corporate
Bonds
–
45,368,195
–
45,368,195
Government
&
Agency
Obligations
–
94,895,764
–
94,895,764
Short-Term
Investments
1,923,147
–
–
1,923,147
Total
$
1,923,147
$
167,822,975
$
–
$
169,746,122
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2025
(Unaudited)
*
See
Schedules
of
Portfolio
Investments
for
further
industry
classification.
Security
Transactions,
Investment
Income
and
Foreign
Taxes
Securities
transactions
are
accounted
for
no
later
than
one
business
day
following
trade
date.
For
financial
reporting
purposes,
however,
on
the
last
business
day
of
the
reporting
period,
security
transactions
are
accounted
for
on
trade
date.
Interest
income
is
recognized
on
the
accrual
basis
and
includes,
where
applicable,
the
amortization
of
premium,
which
may
be
to
the
earliest
call
date
on
certain
callable
debt
securities
or
the
accretion
of
discount,
using
the
effective
interest
method.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
and
interest
from
non-U.S.
sources
received
by
a
Fund
are
generally
subject
to
non-U.S.
net
withholding
taxes.
Such
withholding
taxes
may
be
reduced
or
eliminated
under
the
terms
of
applicable
U.S.
income
tax
treaties,
and
each
Fund
intends
to
undertake
any
procedural
steps
required
to
claim
the
benefits
of
such
treaties.
Gains
or
losses
realized
on
the
sales
of
securities
are
determined
by
comparing
the
identified
cost
of
the
security
lot
sold
with
the
net
sales
proceeds.
Withholding
taxes
on
foreign
dividends
have
been
paid
or
provided
for
in
accordance
with
each
applicable
country’s
tax
rules
and
rates.
Interest
only
stripped
mortgage
backed
securities
(“IO
Strips”)
are
securities
that
receive
only
interest
payments
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Nebraska
Tax-Free
Fund
Government
&
Agency
Obligations
$
–
$
48,978,170
$
–
$
48,978,170
Short-Term
Investments
379,067
–
–
379,067
Total
$
379,067
$
48,978,170
$
–
$
49,357,237
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
49,171,797
$
–
$
–
$
49,171,797
Asset
Backed
Securities
–
5,483,660
–
5,483,660
Non-Agency
Commercial
Mortgage
Backed
Securities
–
2,333,241
–
2,333,241
Non-Agency
Residential
Mortgage
Backed
Securities
–
967,370
–
967,370
Corporate
Bonds
–
9,232,783
–
9,232,783
Government
&
Agency
Obligations
–
12,264,578
–
12,264,578
Short-Term
Investments
2,628,342
–
–
2,628,342
Total
$
51,800,139
$
30,281,632
$
–
$
82,081,771
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
39,218,828
$
–
$
–
$
39,218,828
Short-Term
Investments
351,126
–
–
351,126
Total
$
39,569,954
$
–
$
–
$
39,569,954
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
623,042,984
$
–
$
–
$
623,042,984
Short-Term
Investments
9,318,745
–
–
9,318,745
Total
$
632,361,729
$
–
$
–
$
632,361,729
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2025
(Unaudited)
from
a
pool
of
mortgage
loans.
Little
to
no
principal
will
be
received
by
the
Funds
upon
maturity
from
an
IO
Strip.
Periodic
adjustments
are
recorded
to
reduce
the
cost
of
the
security
until
maturity,
which
are
included
in
interest
income.