SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(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
-
45.3%
Asset
Backed
Securities
-
26.9%
$
1,331,987
AFG
ABS
I,
LLC,
9.40%,
09/16/30(a)
$
1,360,672
670,000
American
Heritage
Auto
Receivables
Trust,
5.07%,
06/17/30(a)
672,001
1,200,000
Avant
Loans
Funding
Trust,
5.12%,
05/15/34(a)
1,201,005
1,268,202
Bankers
Healthcare
Group
Securitization
Trust
2023-B,
6.92%,
12/17/36(a)
1,308,049
51,911
Bankers
Healthcare
Group
Securitization
Trust
2024-1CON,
6.49%,
04/17/35(a)
52,924
238,231
Bankers
Healthcare
Group
Securitization
Trust
2024-1CON,
5.81%,
04/17/35(a)
241,621
722,643
Bankers
Healthcare
Group
Securitization
Trust
2026-1CON,
4.81%,
06/17/37(a)
720,170
1,010,000
BofA
Auto
Trust,
5.31%,
06/17/30(a)
1,018,354
250,000
Capital
One
Prime
Auto
Receivables
Trust,
4.66%,
01/15/30
250,620
805,965
Capteris
Equipment
Finance,
LLC,
5.58%,
07/20/32(a)
814,487
1,120,000
Capteris
Equipment
Finance,
LLC,
4.95%,
09/20/33(a)
1,108,158
520,000
Carvana
Auto
Receivables
Trust,
4.67%,
12/10/30(a)
519,886
500,000
Carvana
Auto
Receivables
Trust,
5.74%,
11/13/29(a)
507,074
284,192
CCG
Receivables
Trust,
4.99%,
03/15/32(a)
285,284
2,009,682
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60(a)
1,660,314
700,000
Channel
EF
2026-1,
LLC,
5.34%,
01/17/34(a)
698,495
300,000
Cherry
Securitization
Trust,
5.70%,
04/15/32(a)
300,555
152,493
Commonbond
Student
Loan
Trust,
2.55%,
05/25/41(a)
146,212
160,184
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46(a)
155,234
733,878
Crossroads
Asset
Trust,
4.91%,
02/20/32(a)
736,836
1,290,000
Dext
ABS,
LLC,
4.77%,
08/15/35(a)
1,293,905
1,000,000
Dext
ABS,
LLC,
4.66%,
04/15/36(a)
991,784
693,077
DLLAD,
LLC,
4.79%,
01/20/28(a)
694,115
1,335,000
DLLAD,
LLC,
5.30%,
07/20/29(a)
1,347,162
414,497
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45(a)
377,984
Principal
Amount
Security
Description
Value
$
1,070,000
FCCU
Auto
Receivables
Trust,
4.32%,
03/15/32(a)
$
1,050,276
294,751
First
Help
Financial
LLC,
4.94%,
11/15/30(a)
293,642
411,226
First
Help
Financial,
LLC,
5.69%,
02/15/30(a)
412,189
756,296
Foundation
Finance
Trust,
4.60%,
03/15/50(a)
749,152
1,500,000
GreenSky
Home
Improvement
Issuer
Trust,
5.02%,
06/25/60(a)
1,505,947
970,000
GreenSky
Home
Improvement
Issuer
Trust
2026-REV1,
4.93%,
05/15/41(a)
969,451
367,905
GreenSky
Home
Improvement
Trust,
5.67%,
06/25/59(a)
372,203
575,000
GreenSky
Home
Improvement
Trust,
5.55%,
06/25/59(a)
582,645
664,510
GreenState
Auto
Receivables
Trust,
5.19%,
01/16/29(a)
666,571
1,000,000
HPEFS
Equipment
Trust,
5.35%,
10/20/31(a)
1,003,825
525,052
Huntington
Auto
Trust,
5.23%,
01/16/29(a)
527,363
445,994
Huntington
Bank
Auto
Credit-Linked
Notes,
5.44%,
10/20/32(a)
447,875
685,077
Huntington
Bank
Auto
Credit-Linked
Notes,
4.96%,
03/21/33(a)
685,204
570,911
Huntington
Bank
Auto
Credit-Linked
Notes,
4.50%,
02/20/34(a)
565,271
809,317
Iowa
Student
Loan
Liquidity
Corp.,
4.43%,
08/25/70(b)
805,832
1,220,000
M&T
Equipment
Notes,
4.94%,
08/18/31(a)
1,225,437
1,250,000
M&T
Equipment
Notes,
4.91%,
03/16/32(a)
1,252,778
1,000,000
Mill
City
Mortgage
Trust
2015-1,
3.75%,
06/25/56(a)(c)
970,322
670,000
MMAF
Equipment
Finance,
LLC,
4.95%,
07/14/31(a)
674,539
640,394
Navient
Student
Loan
Trust,
0.97%,
12/16/69(a)
570,748
898,688
NMABS
Issuer
I,
LLC,
5.14%,
11/22/55(a)
872,095
18,674
NMEF
Funding,
LLC,
6.57%,
06/17/30(a)
18,690
285,808
NMEF
Funding,
LLC,
5.15%,
12/15/31(a)
286,668
610,265
North
Texas
Higher
Education
Authority,
Inc.,
4.33%,
09/25/61(b)
607,442
929,229
Oak
Street
Investment
Grade
Net
Lease
Fund,
1.48%,
01/20/51(a)
797,201
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
275,860
OCCU
Auto
Receivables
Trust,
6.23%,
06/15/28(a)
$
276,328
204,228
Octane
Receivables
Trust,
5.80%,
07/20/32(a)
205,184
765,451
Octane
Receivables
Trust,
4.48%,
12/20/46(a)
759,825
1,000,000
PEAC
Solutions
Receivables,
LLC,
4.65%,
10/20/31(a)
1,000,538
1,070,000
PEAC
Solutions
Receivables,
LLC,
5.04%,
07/20/32(a)
1,076,435
1,250,000
PEAC
Solutions
Receivables,
LLC,
4.27%,
10/20/28(a)
1,246,664
783,782
Post
Road
Equipment
Finance,
LLC,
4.90%,
05/15/31(a)
786,610
800,000
RCKT
Trust,
4.60%,
11/27/34(a)
796,718
308,158
SLM
Student
Loan
Trust,
4.93%,
10/25/83(b)
308,580
256,842
SLM
Student
Loan
Trust,
5.58%,
04/15/29(b)
256,638
115,559
SLM
Student
Loan
Trust,
5.63%,
07/25/28(b)
115,975
1,320,000
SoFi
Consumer
Loan
Program
Trust,
5.12%,
02/27/34(a)
1,326,426
1,385,000
SoFi
Consumer
Loan
Program
Trust,
4.67%,
08/15/34(a)
1,381,255
1,000,000
SoFi
Consumer
Loan
Program
Trust,
4.80%,
03/25/36(a)
994,838
341,287
Sofi
Professional
Loan
Program
Trust,
1.03%,
08/17/43(a)
298,313
55,949
Sofi
Professional
Loan
Program
Trust,
3.59%,
01/25/48(a)
55,776
463,893
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47(a)
404,777
137,879
Sofi
Professional
Loan
Program,
LLC,
3.09%,
08/17/48(a)
135,900
1,150,000
Space
Coast
Credit
Union,
4.78%,
12/15/31(a)
1,141,676
1,379,301
Truist
Bank
Auto
Credit-Linked
Notes,
4.73%,
09/26/33(a)
1,374,411
875,000
Truist
Bank
Auto
Credit-Linked
Notes,
5.07%,
06/26/34(a)
873,692
709,688
UPX
HIL
2025-1
Issuer
Trust,
5.16%,
01/25/47(a)
703,902
830,000
Vantage
Data
Centers,
LLC,
5.13%,
08/15/55(a)
814,723
585,568
Verdant
Receivables,
LLC,
5.68%,
12/12/31(a)
592,784
1,700,000
Verdant
Receivables,
LLC,
4.96%,
05/12/33(a)
1,706,423
365,813
Wingspire
Equipment
Finance,
LLC,
4.99%,
09/20/32(a)
366,708
Principal
Amount
Security
Description
Value
$
1,375,000
Wingspire
Equipment
Finance,
LLC,
4.57%,
09/20/33(a)
$
1,364,572
56,741,938
Non-Agency
Commercial
Mortgage
Backed
Securities
-
11.8%
1,000,000
Acore
Issuer,
LLC
CLO,
5.09%,
08/20/43(a)(b)
1,001,250
39,031
BANK
2019-BNK16,
3.93%,
02/15/52
38,698
732,937
BANK
2025-BNK51,
4.38%,
12/25/67
723,260
900,000
BOS
Trust
2026-LYRK,
5.22%,
05/11/41(a)(c)
896,845
875,000
BSTN
Commercial
Mortgage
Trust,
5.06%,
04/13/41(a)(c)
867,145
628,636
BX
Trust,
4.59%,
11/15/38(a)(b)
628,636
1,100,000
BXHPP
Trust,
4.39%,
08/15/36(a)(b)
1,044,989
1,500,000
BXMT,
Ltd.
CLO,
5.28%,
10/18/42(a)
(b)
1,503,282
753,593
Cantor
Commercial
Real
Estate
Lending,
3.62%,
05/15/52
741,001
12,457
CFCRE
Commercial
Mortgage
Trust,
3.37%,
06/15/50
12,436
1,000,000
FirstKey
Homes
Trust,
4.50%,
07/17/38(a)
997,984
1,913,662
FirstKey
Homes
Trust,
4.25%,
07/17/38(a)
1,910,118
1,048,000
FS
Rialto
Issuer
Ltd.
CLO,
5.09%,
01/19/44(a)(b)
1,051,273
1,120,000
IP
2025-IP
Mortgage
Trust,
5.42%,
06/10/42(a)(c)
1,124,266
1,770,220
KNDR
2021-KIND
A,
4.69%,
08/15/38(a)(b)
1,767,422
1,045,000
Liberty
Street
Commercial
Mortgage
Trust,
4.75%,
02/10/43(a)(c)
1,026,799
800,000
MTN
Commercial
Mortgage
Trust
2026-LPFX,
5.15%,
05/15/43(a)(c)
798,493
392,137
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(a)(c)
373,570
203,643
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41(a)(c)
190,834
917,300
Tricon
Residential
Trust,
3.86%,
04/17/39(a)
909,518
1,449,298
VASA
Trust,
4.64%,
07/15/39(a)(b)
1,420,312
611,694
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51(a)(c)
527,722
463,787
Velocity
Commercial
Capital
Loan
Trust,
6.58%,
04/25/54(a)(c)
469,086
1,445,000
Wells
Fargo
Commercial
Mortgage
Trust,
5.48%,
07/15/35(a)(c)
1,446,145
1,073,000
Wells
Fargo
Commercial
Mortgage
Trust,
6.10%,
01/15/58
1,111,553
2,145,000
WSTN
Trust,
6.52%,
07/05/37(a)(c)
2,162,797
24,745,434
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Non-Agency
Residential
Mortgage
Backed
Securities
-
6.6%
$
570,897
Angel
Oak
Mortgage
Trust,
4.08%,
01/25/67(a)(c)
$
538,777
60,836
BRAVO
Residential
Funding
Trust,
2.50%,
05/26/59(a)(c)
60,278
311,708
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(a)(c)
298,797
259,871
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53(a)
250,911
849,315
Citigroup
Mortgage
Loan
Trust,
4.50%,
06/25/58(a)(c)
825,296
219,844
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(a)(c)
215,318
23,990
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(a)(c)
23,330
1,036,352
COOPR
Residential
Mortgage
Trust,
5.65%,
05/25/60(a)(d)
1,039,035
1,145
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
01/07/27
1,092
57,670
Credit
Suisse
Mortgage
Trust,
2.50%,
07/25/28(a)(c)
56,240
32,707
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.89%,
02/25/33(b)
39,835
64,694
CSMLT
Trust,
2.93%,
10/25/30(a)(c)
62,390
673,669
Ellington
Financial
Mortgage
Trust,
5.73%,
01/25/60(a)(d)
675,503
1,123,211
Ellington
Financial
Mortgage
Trust,
4.91%,
12/25/60(a)(d)
1,109,934
101,527
JPMorgan
Mortgage
Trust,
3.00%,
06/25/29(a)(c)
100,960
93,876
MFRA
Trust,
2.79%,
08/25/49(a)(c)
91,745
53,108
MFRA
Trust,
0.85%,
01/25/56(a)(c)
51,818
279,698
MFRA
Trust,
4.91%,
04/25/66(a)(d)
274,756
177,748
New
Residential
Mortgage
Loan
Trust,
4.50%,
05/25/58(a)(c)
171,766
16,367
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54(a)(c)
15,641
27,483
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52(a)(c)
26,311
42,814
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(a)(c)
41,309
194,239
Oceanview
Mortgage
Loan
Trust,
1.73%,
05/28/50(a)(c)
185,449
829,623
Onslow
Bay
Financial,
LLC,
5.32%,
01/25/66(a)(d)
826,789
870,250
Provident
Funding
Mortgage
Trust,
6.00%,
08/25/55(a)(c)
870,979
2,000,000
RCKT
Trust,
4.99%,
07/25/34(a)
2,000,273
11,499
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
7.86%,
01/07/27(b)
7,306
Principal
Amount
Security
Description
Value
$
5,085
Residential
Asset
Securitization
Trust
REMIC,
3.75%,
01/07/27
$
4,932
560,146
Towd
Point
Mortgage
Trust,
3.75%,
10/25/56(a)(c)
552,503
262,910
Towd
Point
Mortgage
Trust,
2.75%,
06/25/57(a)(c)
258,749
33,699
Towd
Point
Mortgage
Trust,
3.25%,
07/25/58(a)(c)
33,493
121,415
Towd
Point
Mortgage
Trust,
2.25%,
02/25/60(a)(c)
119,928
525,524
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61(a)(c)
493,099
781,337
Woodward
Capital
Management,
6.14%,
04/25/44(a)(c)
784,558
815,207
Woodward
Capital
Management,
5.65%,
01/25/45(a)(d)
818,014
1,017,698
Woodward
Capital
Management,
4.76%,
02/25/56(a)(d)
1,006,616
13,933,730
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$96,555,354)
95,421,102
Corporate
Bonds
-
27.5%
Communication
Services
-
1.1%
1,050,000
AT&T,
Inc.,
4.35%,
03/01/29
1,043,124
435,000
Discovery
Global
Holdings,
Inc.,
4.05%,
03/15/29
430,680
888,000
Verizon
Communications,
Inc.,
1.68%,
10/30/30
784,064
2,257,868
Consumer
Discretionary
-
3.8%
1,130,000
Airbnb,
Inc.,
4.65%,
03/16/31
1,122,713
1,320,000
American
Honda
Finance
Corp.,
4.25%,
09/01/28
1,310,433
880,000
American
Honda
Finance
Corp.,
4.15%,
01/08/29
869,558
700,000
Carnival
Corp.,
Ltd.,
4.00%,
08/01/28(a)
687,057
900,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
907,881
1,061,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31(a)
982,833
300,000
Newell
Brands,
Inc.,
6.38%,
05/15/30
304,079
750,000
Stellantis
Financial
Services
US
Corp.,
5.40%,
06/15/29(a)
747,348
900,000
Tapestry,
Inc.,
5.10%,
03/11/30
906,826
185,000
Whirlpool
Corp.,
6.13%,
06/15/30
170,652
100,000
Whirlpool
Corp.,
7.50%,
07/01/31(a)
101,195
8,110,575
Consumer
Staples
-
2.1%
350,000
Agilent
Technologies,
Inc.,
2.75%,
09/15/29
330,668
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
300,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons,
LLC,
5.75%,
03/31/34(a)
$
285,704
300,000
Flowers
Foods,
Inc.,
2.40%,
03/15/31
260,293
440,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28(a)
453,200
2,270,000
Mars,
Inc.,
4.80%,
03/01/30(a)
2,276,762
10,000
Mars,
Inc.,
0.88%,
07/16/26(a)
9,987
200,000
Turning
Point
Brands,
Inc.,
7.63%,
03/15/32(a)
206,959
680,000
United
Rentals
North
America,
Inc.,
4.88%,
01/15/28
677,766
4,501,339
Energy
-
1.6%
450,000
ConocoPhillips
Co.,
4.70%,
01/15/30
451,349
2,155,000
Energy
Transfer
LP,
4.95%,
05/15/28
2,165,734
300,000
PBF
Holding
Co.,
LLC,
9.88%,
03/15/30(a)
320,756
350,000
Viper
Energy
Partners,
LLC,
4.90%,
08/01/30
348,837
3,286,676
Financials
-
10.3%
1,750,000
Bank
of
America
Corp.,
MTN,
3.19%,
07/23/30(c)
1,672,563
375,000
Blackstone
Secured
Lending
Fund,
5.13%,
01/31/31
359,194
675,000
CBRE
Services,
Inc.,
4.80%,
06/15/30
674,804
1,345,000
CBRE
Services,
Inc.,
5.50%,
04/01/29
1,372,217
2,245,000
Citigroup,
Inc.,
5.17%,
02/13/30(c)
2,268,951
550,000
Enact
Holdings,
Inc.,
6.25%,
05/28/29
566,040
2,125,000
JPMorgan
Chase
&
Co.,
5.14%,
01/24/31(c)
2,148,896
2,205,000
Morgan
Stanley,
5.45%,
07/20/29(c)
2,234,188
1,900,000
Regions
Financial
Corp.,
5.72%,
06/06/30(c)
1,950,004
500,000
Stellantis
Financial
Services
US
Corp.,
4.95%,
09/15/28(a)
496,269
2,185,000
The
Goldman
Sachs
Group,
Inc.,
5.21%,
01/28/31(c)
2,208,539
930,000
Truist
Financial
Corp.,
MTN,
4.87%,
01/26/29(c)
933,969
950,000
Truist
Financial
Corp.,
4.68%,
04/23/32(c)
937,709
2,090,000
U.S.
Bancorp,
5.78%,
06/12/29(c)
2,133,595
125,000
Walker
&
Dunlop,
Inc.,
6.63%,
04/01/33(a)
126,991
1,540,000
Wells
Fargo
&
Co.,
4.48%,
04/04/31(c)
1,523,402
21,607,331
Industrials
-
1.8%
660,000
Fedex
Freight
Holding
Co.,
Inc.,
4.65%,
03/15/31(a)
648,326
Principal
Amount
Security
Description
Value
$
300,000
Graphic
Packaging
International,
LLC,
3.50%,
03/15/28(a)
$
290,997
875,000
Huntington
Ingalls
Industries,
Inc.,
5.35%,
01/15/30
889,466
1,150,000
Molex
Electronic
Technologies,
LLC,
4.75%,
04/30/28(a)
1,151,122
975,000
The
Boeing
Co.,
6.30%,
05/01/29
1,015,013
3,994,924
Information
Technology
-
3.2%
450,000
Concentrix
Corp.,
6.50%,
03/01/29
433,815
1,350,000
Dell
International,
LLC/EMC
Corp.,
4.75%,
04/01/28
1,353,812
200,000
NCR
Atleos
Corp.,
9.50%,
04/01/29(a)
213,257
1,100,000
Oracle
Corp.,
4.45%,
09/26/30
1,061,902
1,370,000
Paychex,
Inc.,
5.10%,
04/15/30
1,381,794
2,210,000
Salesforce,
Inc.,
4.65%,
03/15/29
2,208,855
6,653,435
Materials
-
0.9%
1,885,000
The
Mosaic
Co.,
5.38%,
11/15/28
1,907,573
Real
Estate
-
0.4%
890,000
NNN
REIT,
Inc.,
4.60%,
02/15/31
881,742
Utilities
-
2.3%
2,230,000
Exelon
Corp.,
5.13%,
03/15/31
2,259,747
1,250,000
Florida
Power
&
Light
Co.,
4.40%,
05/15/28
1,250,795
1,310,000
NiSource,
Inc.,
5.75%,
07/15/56(c)
1,308,103
4,818,645
Total
Corporate
Bonds
(Cost
$57,872,630)
58,020,108
Government
&
Agency
Obligations
-
26.4%
GOVERNMENT
SECURITIES
-
25.3%
Municipals
-
1.0%
325,000
City
of
Blair
NE
Water
System
Revenue,
Nebraska
RB,
6.10%,
05/15/27
325,143
1,425,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.62%,
12/15/26
1,408,986
235,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
1.80%,
12/15/27
227,041
170,000
Scotts
Bluff
County
School
District
No.
32,
Nebraska
GO,
1.10%,
12/01/26
167,840
2,129,010
U.S.
Treasury
Securities
-
24.3%
19,625,000
U.S.
Treasury
Note,
4.13%,
07/31/28
19,611,201
3,850,000
U.S.
Treasury
Note/Bond,
4.13%,
08/31/30
3,839,322
7,575,000
U.S.
Treasury
Note/Bond,
2.75%,
02/15/28
7,407,522
12,035,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
12,059,916
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
SHORT-INTERMEDIATE
BOND
FUND
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
8,200,000
U.S.
Treasury
Note/Bond,
4.13%,
11/30/29
$
8,187,188
51,105,149
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.1%
Federal
Home
Loan
Mortgage
Corp.
-
0.4%
192,306
Federal
Home
Loan
Mortgage
Corp.,
3.50%,
10/25/46
168,348
112,697
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54(d)
111,471
472,887
Federal
Home
Loan
Mortgage
Corp.,
3.00%,
11/25/57(c)
448,261
211,413
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
32,617
17,162
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
11/15/43
384
49,664
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
08/15/45
4,627
765,708
Federal
National
Mortgage
Association
-
0.0%
3,299
Federal
National
Mortgage
Association
#AJ4087,
3.00%,
10/01/26
3,286
127,455
Federal
National
Mortgage
Association
Interest
Only,
2.71%,
01/25/39(c)
4,329
7,615
Government
National
Mortgage
Association
-
0.7%
1,105,737
Government
National
Mortgage
Association
#511039,
6.30%,
12/15/40
1,105,163
108,362
Government
National
Mortgage
Association
#559220,
7.00%,
01/15/33
108,391
78,568
Government
National
Mortgage
Association
#610022,
5.60%,
08/15/34
78,483
225,974
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
226,682
1,518,719
Total
Government
&
Agency
Obligations
(Cost
$55,900,530)
55,526,201
Shares
Security
Description
Value
Preferred
Stocks
-
0.1%
Financials
-
0.1%
300
U.S.
Bancorp,
Series A
(callable
at
1,000
beginning
07/30/26),
12.52%(c)(e)
230,070
Total
Preferred
Stocks
(Cost
$307,815)
230,070
Shares
Security
Description
Value
Short-Term
Investments
-
0.3%
Investment
Company
-
0.3%
590,352
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
3.54%(f)
$
590,352
Total
Short-Term
Investments
(Cost
$590,352)
590,352
Investments,
at
value
-
99.6%
(Cost
$211,226,681)
209,787,833
Other
assets
in
excess
of
liabilities
-
0.4%
931,679
NET
ASSETS
-
100.0%
$
210,719,512
(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,
2026,
the
aggregate
value
of
these
liquid
securities
were
$99,394,665
or
47.2%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2026.
(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,
2026.
(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,
2026.
(e)
Perpetual
maturity
security.
(f)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2026.
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,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
15.0%
Asset
Backed
Securities
-
5.1%
$
960,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46(a)
$
956,867
542,392
Capital
Automotive,
1.44%,
08/15/51(a)
540,193
830,372
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61(a)
653,844
218,875
Commonbond
Student
Loan
Trust,
1.17%,
09/25/51(a)
190,742
256,111
EDvestinU
Private
Education
Loan
Issue
No.
3,
LLC,
1.80%,
11/25/45(a)
239,842
915,000
FRTKL
2021-SFR1,
1.57%,
09/17/38(a)
907,910
755,420
Home
Partners
of
America
Trust,
2.20%,
01/17/41(a)
708,303
299,747
Navient
Student
Loan
Trust,
1.11%,
02/18/70(a)
264,491
133,855
Nelnet
Student
Loan
Trust,
1.63%,
04/20/62(a)
127,646
239,141
Nelnet
Student
Loan
Trust,
1.36%,
04/20/62(a)
227,752
644,059
NMABS
Issuer
I,
LLC,
5.14%,
11/22/55(a)
625,002
805,819
Progress
Residential
Trust,
1.52%,
07/17/38(a)
804,262
249,564
SLM
Student
Loan
Trust,
4.93%,
10/25/83(b)
249,906
347,425
SLM
Student
Loan
Trust,
5.58%,
04/15/29(b)
347,149
1,076,371
Tricon
American
Homes
Trust,
1.48%,
11/17/39(a)
1,028,742
620,000
Vantage
Data
Centers,
LLC,
5.13%,
08/15/55(a)
608,588
8,481,239
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.0%
1,065,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39(a)
1,010,742
413,923
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(a)(c)
394,324
157,096
Sutherland
Commercial
Mortgage
Trust,
1.55%,
12/25/41(a)(c)
147,215
604,922
Tricon
Residential
Trust,
3.86%,
04/17/39(a)
599,790
257,659
Velocity
Commercial
Capital
Loan
Trust,
6.58%,
04/25/54(a)(c)
260,603
480,000
Wells
Fargo
Commercial
Mortgage
Trust,
6.10%,
01/15/58
497,247
Principal
Amount
Security
Description
Value
$
475,000
Wells
Fargo
Commercial
Mortgage
Trust,
4.55%,
03/15/59
$
467,782
3,377,703
Non-Agency
Residential
Mortgage
Backed
Securities
-
7.9%
866,844
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(a)(c)
830,940
179,997
Citigroup
Mortgage
Loan
Trust,
4.25%,
01/25/53(a)
173,791
180,226
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(a)(c)
176,515
165,591
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(a)(c)
161,032
53,648
Citigroup
Mortgage
Loan
Trust,
Inc.
REMIC,
6.50%,
07/25/34
54,780
674,943
COOPR
Residential
Mortgage
Trust,
4.84%,
09/25/60(a)(d)
666,560
9,323
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.75%,
04/25/33
9,306
1,145
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
REMIC,
5.00%,
01/07/27
1,092
550,250
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47(a)(c)
515,548
622,154
Credit
Suisse
Mortgage
Trust,
2.50%,
11/25/56(a)(c)
561,245
760,659
Credit
Suisse
Mortgage
Trust,
4.07%,
08/01/57(a)(c)
728,516
32,707
Credit-Based
Asset
Servicing
&
Securitization,
LLC
REMIC,
4.89%,
02/25/33(b)
39,835
62,206
CSMLT
Trust,
2.93%,
10/25/30(a)(c)
59,991
578,652
Ellington
Financial
Mortgage
Trust,
5.47%,
04/25/71(a)(d)
577,992
521,942
Flagstar
Mortgage
Trust,
2.50%,
07/25/51(a)(c)
467,256
710,545
Hundred
Acre
Wood
Trust,
2.50%,
07/25/51(a)(c)
639,594
648,276
Mello
Mortgage
Capital
Acceptance,
2.50%,
08/25/51(a)(c)
576,839
296,910
MFRA
Trust,
4.91%,
04/25/66(a)(d)
291,664
200,805
New
Residential
Mortgage
Loan
Trust,
4.00%,
12/25/57(a)(c)
194,455
156,162
New
Residential
Mortgage
Loan
Trust,
3.50%,
10/25/59(a)(c)
145,157
114,766
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
11/25/54(a)(c)
109,672
69,957
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
05/28/52(a)(c)
66,973
198,128
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(a)(c)
191,166
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
490,012
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52(a)(c)
$
442,302
481,999
Onslow
Bay
Financial
LLC,
4.87%,
10/25/65(a)(c)
477,737
345,277
Onslow
Bay
Financial,
LLC,
5.32%,
01/25/66(a)(d)
344,097
1,131,947
Provident
Funding
Mortgage
Trust,
2.50%,
04/25/51(a)(c)
1,007,854
710,698
PSMC
Trust,
2.50%,
08/25/51(a)(c)
637,562
13,500
Residential
Accredit
Loans,
Inc.
Trust
REMIC,
7.86%,
01/07/27(b)
8,577
621,761
Sequoia
Mortgage
Trust,
2.50%,
06/25/51(a)(c)
555,476
65,911
Sequoia
Mortgage
Trust
REMIC,
3.00%,
11/25/30(a)(c)
64,832
697,372
Towd
Point
Mortgage
Trust,
4.80%,
06/25/65(a)(c)
701,936
693,576
Verus
Securitization
Trust,
4.86%,
01/25/71(a)(d)
686,895
643,066
Woodward
Capital
Management,
2.50%,
01/25/52(a)(c)
568,919
555,965
Woodward
Capital
Management,
4.76%,
02/25/56(a)(d)
549,911
13,286,017
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$26,546,915)
25,144,959
Corporate
Bonds
-
25.7%
Communication
Services
-
1.5%
345,000
Alphabet,
Inc.,
2.25%,
08/15/60
172,502
1,235,000
AT&T,
Inc.,
4.30%,
12/15/42
1,018,631
540,000
Meta
Platforms,
Inc.,
3.85%,
08/15/32
510,988
195,000
Meta
Platforms,
Inc.,
4.60%,
11/15/32
191,742
905,000
Verizon
Communications,
Inc.,
3.55%,
03/22/51
628,596
2,522,459
Consumer
Discretionary
-
2.4%
440,000
Airbnb,
Inc.,
4.65%,
03/16/31
437,163
315,000
Amazon.com,
Inc.,
4.55%,
03/13/33
309,868
550,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
554,816
1,575,000
McDonald's
Corp.,
3.63%,
09/01/49
1,148,775
525,000
Tapestry,
Inc.,
5.10%,
03/11/30
528,982
1,277,000
The
Walt
Disney
Co.,
Class
E,
4.13%,
12/01/41
1,094,507
4,074,111
Consumer
Staples
-
2.5%
985,000
Dollar
General
Corp.,
3.50%,
04/03/30
939,609
545,000
Flowers
Foods,
Inc.,
5.75%,
03/15/35
530,199
530,000
Land
O'Lakes
Capital
Trust
I,
7.45%,
03/15/28(a)
545,900
685,000
Mars,
Inc.,
5.20%,
03/01/35(a)
687,724
Principal
Amount
Security
Description
Value
$
870,000
The
Campbell's
Co.,
4.75%,
03/23/35
$
812,046
665,000
The
Kroger
Co.,
5.00%,
09/15/34
656,214
4,171,692
Energy
-
0.7%
1,165,000
Energy
Transfer
LP,
5.55%,
05/15/34
1,183,448
Financials
-
8.4%
1,170,000
Bank
of
America
Corp.,
5.51%,
01/24/36(c)
1,194,759
745,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
668,896
505,000
CBRE
Services,
Inc.,
4.90%,
01/15/33
497,722
947,000
Chubb
INA
Holdings,
LLC,
6.80%,
11/15/31
1,033,241
1,210,000
Citigroup,
Inc.,
4.91%,
05/24/33(c)
1,203,823
1,244,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
1,127,621
1,165,000
JPMorgan
Chase
&
Co.,
5.34%,
01/23/35(c)
1,182,393
1,175,000
Morgan
Stanley,
4.89%,
07/20/33(c)
1,166,077
500,000
Regions
Financial
Corp.,
5.50%,
09/06/35(c)
505,880
830,000
Regions
Financial
Corp.,
1.80%,
08/12/28
783,582
1,330,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33(c)
1,204,633
1,170,000
Truist
Financial
Corp.,
MTN,
5.12%,
01/26/34(c)
1,168,205
1,195,000
U.S.
Bancorp,
4.84%,
02/01/34(c)
1,179,128
1,180,000
Wells
Fargo
&
Co.,
5.21%,
12/03/35(c)
1,177,930
14,093,890
Industrials
-
4.1%
909,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
823,596
685,000
AptarGroup,
Inc.,
4.75%,
03/30/31
678,482
1,220,000
Burlington
Northern
Santa
Fe,
LLC,
4.55%,
09/01/44
1,079,680
525,000
Eaton
Corp.,
4.50%,
03/06/33
513,929
225,000
Emerson
Electric
Co.,
5.00%,
03/15/35
225,977
200,000
Fedex
Freight
Holding
Co.,
Inc.,
5.25%,
03/15/36(a)
194,803
340,000
Flowserve
Corp.,
5.70%,
05/15/36
341,724
255,000
Kennametal,
Inc.,
5.80%,
05/28/36
257,652
430,000
Molex
Electronic
Technologies,
LLC,
5.25%,
04/30/32(a)
437,400
1,087,000
RTX
Corp.,
4.88%,
10/15/40
1,035,381
155,000
The
Boeing
Co.,
6.53%,
05/01/34
168,627
815,000
TTX
Co.,
4.60%,
02/01/49(a)
708,895
685,000
Waste
Management,
Inc.,
1.50%,
03/15/31
595,320
7,061,466
Information
Technology
-
2.6%
300,000
Concentrix
Corp.,
6.50%,
03/01/29
289,210
625,000
Hewlett
Packard
Enterprise
Co.,
5.00%,
10/15/34
612,325
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
510,000
Oracle
Corp.,
4.45%,
09/26/30
$
492,337
665,000
Oracle
Corp.,
2.30%,
03/25/28
636,437
685,000
Paychex,
Inc.,
5.60%,
04/15/35
692,162
1,050,000
QUALCOMM,
Inc.,
4.30%,
05/20/47
855,134
685,000
ServiceNow,
Inc.,
5.05%,
05/15/33
684,291
4,261,896
Materials
-
0.6%
169,000
Albemarle
Corp.,
5.05%,
06/01/32
168,266
819,000
The
Mosaic
Co.,
5.45%,
11/15/33
828,902
997,168
Real
Estate
-
0.6%
1,000,000
NNN
REIT,
Inc.,
4.30%,
10/15/28
992,698
Utilities
-
2.3%
1,125,000
Duke
Energy
Corp.,
5.75%,
09/15/33
1,172,731
420,000
Exelon
Corp.,
6.50%,
03/15/55(c)
431,085
425,000
Exelon
Corp.,
5.13%,
03/15/31
430,669
1,185,000
NiSource,
Inc.,
5.30%,
05/18/36
1,185,805
560,294
Texas
Electric
Market
Stabilization
Funding
N,
LLC,
4.27%,
08/01/34(a)
549,960
3,770,250
Total
Corporate
Bonds
(Cost
$44,942,087)
43,129,078
Government
&
Agency
Obligations
-
58.3%
GOVERNMENT
SECURITIES
-
26.4%
Municipals
-
0.6%
200,000
Empire
State
Development
Corp.,
New
York
RB,
5.77%,
03/15/39
203,934
340,000
New
York
City
Municipal
Water
Finance
Authority,
New
York
RB,
5.72%,
06/15/42
332,796
410,000
West
Haymarket
Joint
Public
Agency,
Nebraska
GO,
6.00%,
12/15/39
434,096
970,826
U.S.
Treasury
Securities
-
25.8%
275,000
U.S.
Treasury
Bond,
4.38%,
08/15/43
258,586
9,785,000
U.S.
Treasury
Bond,
3.63%,
08/15/43
8,335,215
2,610,000
U.S.
Treasury
Bond,
3.63%,
05/15/53
2,085,859
125,000
U.S.
Treasury
Bond,
4.75%,
05/15/55
121,255
7,905,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
7,201,578
12,890,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
11,370,893
4,295,000
U.S.
Treasury
Note/Bond,
3.88%,
08/15/33
4,176,552
1,650,000
U.S.
Treasury
Note/Bond,
4.25%,
11/15/34
1,633,887
1,000,000
U.S.
Treasury
Note/Bond,
4.00%,
11/15/35
967,344
9,090,000
U.S.
Treasury
Note/Bond,
2.00%,
02/15/50
5,296,700
Principal
Amount
Security
Description
Value
$
1,825,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
$
1,828,778
43,276,647
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
31.9%
Federal
Home
Loan
Mortgage
Corp.
-
11.8%
501,035
Federal
Home
Loan
Mortgage
Corp.,
5.50%,
04/25/36
507,430
280,280
Federal
Home
Loan
Mortgage
Corp.,
4.00%,
04/15/51
272,889
47
Federal
Home
Loan
Mortgage
Corp.
#G14820,
3.50%,
12/01/26
47
756,098
Federal
Home
Loan
Mortgage
Corp.
#RA6436,
2.50%,
12/01/51
645,658
1,308,982
Federal
Home
Loan
Mortgage
Corp.
#RA7779,
4.50%,
08/01/52
1,262,384
1,151,244
Federal
Home
Loan
Mortgage
Corp.
#RA8528,
5.00%,
02/01/53
1,144,804
1,068,439
Federal
Home
Loan
Mortgage
Corp.
#RA9070,
6.00%,
05/01/53
1,104,871
1,352,309
Federal
Home
Loan
Mortgage
Corp.
#SD1046,
4.00%,
07/01/52
1,275,398
1,739,263
Federal
Home
Loan
Mortgage
Corp.
#SD1087,
3.50%,
06/01/52
1,582,674
2,351,112
Federal
Home
Loan
Mortgage
Corp.
#SD1663,
4.00%,
10/01/52
2,215,195
1,557,389
Federal
Home
Loan
Mortgage
Corp.
#SD1740,
4.50%,
10/01/52
1,506,942
747,836
Federal
Home
Loan
Mortgage
Corp.
#SD6968,
5.50%,
11/01/54
758,187
704,682
Federal
Home
Loan
Mortgage
Corp.
#SD8177,
2.00%,
11/01/51
565,469
52,487
Federal
Home
Loan
Mortgage
Corp.
#ZA2187,
4.50%,
11/01/30
52,208
725,486
Federal
Home
Loan
Mortgage
Corp.
#ZA4245,
3.00%,
07/01/43
656,314
159,514
Federal
Home
Loan
Mortgage
Corp.
#ZJ1008,
4.50%,
01/01/41
157,748
243,937
Federal
Home
Loan
Mortgage
Corp.
#ZS4007,
4.00%,
10/01/44
234,152
489,231
Federal
Home
Loan
Mortgage
Corp.
#ZS9566,
4.00%,
12/01/45
468,720
520,402
Federal
Home
Loan
Mortgage
Corp.
Interest
Only
REMIC,
4.00%,
09/15/45
80,287
95,203
Federal
Home
Loan
Mortgage
Corp.
REMIC,
4.50%,
07/15/41
94,091
960,000
Federal
Home
Loan
Mortgage
Corp.
REMIC,
3.50%,
06/15/37
943,972
488,795
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
08/25/56(d)
462,397
431,029
Seasoned
Credit
Risk
Transfer
Trust,
4.50%,
06/25/57
416,746
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
214,949
Seasoned
Credit
Risk
Transfer
Trust,
3.00%,
11/25/57(c)
$
203,755
504,364
Seasoned
Credit
Risk
Transfer
Trust,
2.50%,
11/25/59
462,848
525,890
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
07/25/30
485,894
325,112
Seasoned
Loans
Structured
Transaction
Trust,
2.00%,
09/25/30
300,763
1,510,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
1,407,345
500,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
11/25/29
470,388
19,739,576
Federal
National
Mortgage
Association
-
16.2%
1,330,137
Federal
National
Mortgage
Association,
5.00%,
07/25/36
1,322,763
37,728
Federal
National
Mortgage
Association
#AA7002,
4.50%,
06/01/39
37,311
262,692
Federal
National
Mortgage
Association
#AB9814,
3.00%,
07/01/43
237,646
81,668
Federal
National
Mortgage
Association
#AD0575,
4.50%,
01/01/40
80,764
15,218
Federal
National
Mortgage
Association
#AE0336,
6.00%,
09/01/38
15,965
190,900
Federal
National
Mortgage
Association
#AL0240,
4.00%,
04/01/41
185,198
61,279
Federal
National
Mortgage
Association
#AL2382,
4.00%,
02/01/42
59,136
152,627
Federal
National
Mortgage
Association
#AL9970,
2.88%,
02/01/27(c)
151,482
1,080,140
Federal
National
Mortgage
Association
#AM2127,
3.31%,
01/01/33
1,015,645
1,111,428
Federal
National
Mortgage
Association
#AM2922,
3.75%,
04/01/43
1,020,941
229,146
Federal
National
Mortgage
Association
#AS0784,
4.00%,
10/01/43
220,558
271,949
Federal
National
Mortgage
Association
#AS3175,
4.50%,
08/01/44
266,439
234,784
Federal
National
Mortgage
Association
#AS5235,
3.50%,
06/01/45
222,635
296,065
Federal
National
Mortgage
Association
#BO2256,
3.00%,
10/01/49
262,960
277,313
Federal
National
Mortgage
Association
#CA0684,
3.50%,
11/01/47
257,006
868,120
Federal
National
Mortgage
Association
#CB2094,
3.00%,
11/01/51
763,938
1,114,757
Federal
National
Mortgage
Association
#CB3233,
3.00%,
04/01/52
985,218
1,717,174
Federal
National
Mortgage
Association
#CB4393,
4.50%,
08/01/52
1,655,863
380,489
Federal
National
Mortgage
Association
#CB4561,
5.00%,
09/01/52
378,541
Principal
Amount
Security
Description
Value
$
1,434,468
Federal
National
Mortgage
Association
#CB7422,
5.50%,
11/01/53
$
1,452,939
2,184,742
Federal
National
Mortgage
Association
#CB9308,
5.00%,
10/01/54
2,169,855
815,452
Federal
National
Mortgage
Association
#FA3872,
5.50%,
12/01/45
831,012
1,707,833
Federal
National
Mortgage
Association
#FM2725,
3.00%,
02/01/50
1,492,894
2,413,372
Federal
National
Mortgage
Association
#FS0331,
3.00%,
01/01/52
2,125,523
1,707,205
Federal
National
Mortgage
Association
#FS1555,
3.50%,
04/01/52
1,561,055
1,467,204
Federal
National
Mortgage
Association
#FS2060,
4.00%,
06/01/52
1,383,760
844,195
Federal
National
Mortgage
Association
#FS3363,
3.00%,
06/01/52
743,087
1,747,296
Federal
National
Mortgage
Association
#FS3498,
3.50%,
07/01/52
1,592,854
934,977
Federal
National
Mortgage
Association
#FS4081,
5.00%,
01/01/53
931,067
1,246,512
Federal
National
Mortgage
Association
#FS5179,
5.00%,
06/01/53
1,233,528
197,962
Federal
National
Mortgage
Association
Interest
Only,
2.71%,
01/25/39(c)
6,723
542,896
Federal
National
Mortgage
Association
REMIC,
2.50%,
01/25/51
487,284
382,071
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29(c)
374,023
82,152
Federal
National
Mortgage
Association
REMIC,
4.00%,
01/25/33
80,281
955,000
Federal
National
Mortgage
Association
REMIC,
4.00%,
11/25/37
926,386
658,217
Federal
National
Mortgage
Association
REMIC
#386641,
5.80%,
12/01/33
656,469
27,188,749
Government
National
Mortgage
Association
-
3.9%
681,586
Government
National
Mortgage
Association,
5.50%,
05/16/40
692,834
845,877
Government
National
Mortgage
Association,
4.75%,
05/16/42
840,806
299,684
Government
National
Mortgage
Association,
2.85%,
04/16/50
289,374
480,695
Government
National
Mortgage
Association,
4.86%,
04/20/51(c)
472,458
841,670
Government
National
Mortgage
Association,
4.75%,
10/16/55
826,902
833,177
Government
National
Mortgage
Association,
4.75%,
03/16/65(c)
821,750
350,358
Government
National
Mortgage
Association,
3.50%,
01/20/69(c)
338,461
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
650,902
Government
National
Mortgage
Association
#786915,
5.50%,
09/20/53
$
664,494
940,012
Government
National
Mortgage
Association
#787110,
6.50%,
11/20/53
987,536
279,443
Government
National
Mortgage
Association
#AD8811,
3.00%,
03/20/43
255,317
445,604
Government
National
Mortgage
Association
REMIC,
5.50%,
07/16/34
447,001
6,636,933
Total
Government
&
Agency
Obligations
(Cost
$103,585,202)
97,812,731
Shares
Security
Description
Value
Short-Term
Investments
-
0.6%
Investment
Company
-
0.6%
941,832
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
3.54%(e)
941,832
Total
Short-Term
Investments
(Cost
$941,832)
941,832
Investments,
at
value
-
99.6%
(Cost
$176,016,036)
167,028,600
Other
assets
in
excess
of
liabilities
-
0.4%
636,615
NET
ASSETS
-
100.0%
$
167,665,215
(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,
2026,
the
aggregate
value
of
these
liquid
securities
were
$26,593,967
or
15.9%
of
net
assets.
(b)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2026.
(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,
2026.
(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,
2026.
(e)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2026.
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,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
98.9%
GOVERNMENT
SECURITIES
-
96.0%
Municipals
-
96.0%
Alaska
-
0.2%
$
100,000
Alaska
Municipal
Bond
Bank
Authority,
Alaska
RB,
5.00%,
12/01/35
$
110,739
Colorado
-
2.0%
250,000
City
of
Durango
CO
Sales
&
Use
Tax
Revenue,
Colorado
RB,
5.25%,
12/01/55
268,333
200,000
City
of
Wheat
Ridge
CO
Sales
&
Use
Tax
Revenue,
Colorado
RB,
5.00%,
12/01/42
218,468
150,000
County
of
El
Paso
CO,
Colorado
COP,
5.00%,
12/01/37
166,903
395,000
Denver
City
&
County
School
District
No.
1,
Colorado
GO,
5.50%,
12/01/46
443,899
1,097,603
Illinois
-
0.9%
250,000
La
Salle
&
Bureau
Counties
Township
High
School
District
No.
120
LaSalle-
Peru,
Illinois
GO,
5.00%,
12/01/29
263,418
200,000
Park
Ridge
Park
District,
Illinois
GO,
5.00%,
12/01/35
218,968
482,386
Iowa
-
0.9%
220,000
City
of
Bettendorf
IA,
Iowa
GO,
4.00%,
06/01/35
227,289
225,000
Woodbine
Community
School
District
Infrastructure
Sales
Service
&
Use
Tax,
Iowa
RB,
5.00%,
06/01/32
247,111
474,400
Massachusetts
-
0.4%
200,000
Commonwealth
of
Massachusetts,
Massachusetts
GO,
5.00%,
04/01/50
211,550
Michigan
-
0.6%
300,000
Michigan
State
Housing
Development
Authority,
Michigan
RB
FNMA,
4.55%,
08/01/41
310,323
Missouri
-
0.4%
225,000
City
of
Kansas
City
MO,
Missouri
RB,
5.00%,
04/01/43
244,819
Nebraska
-
84.9%
250,000
Adams
County
School
District
No.
18,
Nebraska
GO,
4.00%,
12/15/33
254,690
300,000
Adams
County
School
District
No.
18,
Nebraska
GO,
2.00%,
12/15/27
295,985
200,000
Buffalo
County
School
District
No.
105,
Nebraska
GO,
4.00%,
06/15/35
203,076
Principal
Amount
Security
Description
Value
$
200,000
Burt
County
Public
Power
District,
Nebraska
RB,
4.75%,
07/01/34
$
205,236
260,000
Burton
County
School
District
No.
20,
Nebraska
GO,
5.00%,
12/15/30
266,441
400,000
Butler
Public
Power
District,
Nebraska
RB,
0.75%,
08/15/27
386,266
350,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
09/01/32
366,637
285,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
09/01/33
298,696
315,000
Central
Plains
Energy
Project,
Nebraska
RB,
5.00%,
09/01/35
330,153
305,000
City
of
Ashland
NE,
Nebraska
GO,
3.85%,
04/01/34
305,910
300,000
City
of
Beatrice
NE,
Nebraska
RB,
4.40%,
03/15/29
300,902
350,000
City
of
Bellevue
NE,
Nebraska
GO,
2.00%,
09/15/30
330,912
140,000
City
of
Bellevue
NE,
Nebraska
RB,
5.00%,
09/15/34
148,116
55,000
City
of
Chadron
NE,
Nebraska
GO,
0.60%,
12/15/26
54,170
120,000
City
of
Chadron
NE,
Nebraska
GO,
0.70%,
12/15/27
114,988
325,000
City
of
Columbus
NE
Combined
Utilities
System
Revenue,
Nebraska
RB,
4.00%,
06/15/32
335,132
200,000
City
of
David
City
NE,
Nebraska
GO,
4.05%,
12/15/27
200,008
130,000
City
of
David
City
NE
Electric
Utility
Revenue,
Nebraska
RB,
4.40%,
12/15/29
130,222
345,000
City
of
Falls
City
NE,
Nebraska
GO,
4.25%,
11/15/30
349,345
250,000
City
of
Falls
City
NE,
Nebraska
GO,
3.65%,
11/15/32
249,517
300,000
City
of
Grand
Island
NE,
Nebraska
GO,
5.00%,
06/15/37
323,507
50,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/32
51,562
430,000
City
of
Grand
Island
NE
Combined
Utility
System
Revenue,
Nebraska
RB,
4.00%,
08/15/34
441,085
40,000
City
of
Kearney
NE,
Nebraska
GO,
2.75%,
06/15/27
39,812
220,000
City
of
Kearney
NE
Combined
Utilities
Revenue,
Nebraska
RB,
5.00%,
06/15/32
231,825
400,000
City
of
Kearney
NE
Combined
Utilities
Revenue,
Nebraska
RB,
1.25%,
12/15/27
384,513
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
340,000
City
of
Lincoln
NE,
Nebraska
GO,
4.00%,
12/15/35
$
354,334
355,000
City
of
Lincoln
NE,
Nebraska
GO,
5.00%,
12/15/38
393,736
200,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/46
217,658
200,000
City
of
Lincoln
NE
Electric
System
Revenue,
Nebraska
RB,
5.00%,
09/01/47
216,262
200,000
City
of
Lincoln
NE
Sanitary
Sewer
Revenue,
Nebraska
RB,
5.00%,
06/15/36
218,003
145,000
City
of
McCook
NE,
Nebraska
GO,
5.00%,
09/15/31
150,489
150,000
City
of
Nebraska
City
NE,
Nebraska
GO,
3.80%,
01/15/33
149,373
205,000
City
of
North
Platte
NE,
Nebraska
GO,
4.00%,
12/15/33
209,663
255,000
City
of
North
Platte
NE,
Nebraska
GO,
5.00%,
12/15/36
273,124
360,000
City
of
North
Platte
NE,
Nebraska
GO,
3.00%,
12/15/26
359,795
100,000
City
of
North
Platte
NE,
Nebraska
RB,
5.00%,
12/15/34
106,706
45,000
City
of
Omaha
NE,
Nebraska
GO,
4.00%,
04/15/32
47,487
400,000
City
of
Omaha
NE,
Nebraska
GO,
3.00%,
04/15/34
387,166
200,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/37
219,995
300,000
City
of
Omaha
NE,
Nebraska
GO,
5.00%,
04/15/45
325,409
500,000
City
of
Omaha
NE,
Nebraska
GO,
6.50%,
12/01/30
545,505
500,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
04/15/37
564,192
250,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
04/15/43
273,423
425,000
City
of
Omaha
NE
Riverfront
Redevelopment
Special
Tax
Revenue,
Nebraska
Special
Tax
Bond,
5.00%,
04/15/45
457,711
250,000
City
of
Papillion
NE,
Nebraska
GO,
3.75%,
09/15/29
251,372
200,000
City
of
Wayne
NE,
Nebraska
GO,
5.00%,
12/15/35
211,461
Principal
Amount
Security
Description
Value
$
200,000
City
of
West
Point
NE,
Nebraska
GO,
3.25%,
11/01/28
$
197,084
200,000
Colfax
County
School
District
No.
58,
Nebraska
GO,
5.00%,
12/15/35
211,509
275,000
County
of
Cedar
NE,
Nebraska
GO,
3.80%,
09/15/28
276,445
300,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/34
300,908
435,000
County
of
Douglas
NE,
Nebraska
RB,
4.00%,
07/01/36
443,602
325,000
County
of
Saline
NE,
Nebraska
RB,
3.00%,
02/15/30
319,583
200,000
County
of
Washington
NE,
Nebraska
GO,
1.40%,
06/15/27
195,105
250,000
Cuming
County
School
District
No.
20,
Nebraska
GO,
5.25%,
12/15/35
267,901
250,000
Custer
County
School
District
No.
25,
Nebraska
GO,
5.00%,
12/15/33
261,952
300,000
District
Energy
Corp.,
Nebraska
RB,
5.00%,
07/01/36
324,863
200,000
Dodge
County
School
District
No.
594,
Nebraska
GO,
4.00%,
12/15/35
204,759
200,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
11/15/31
216,298
1,150,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
05/15/32
1,150,254
300,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
5.00%,
11/15/34
321,333
75,000
Douglas
County
Hospital
Authority
No.
2,
Nebraska
RB,
4.00%,
11/15/36
75,492
200,000
Douglas
County
Sanitary
&
Improvement
District
No.
453,
Nebraska
GO,
2.80%,
10/01/31
185,738
510,000
Douglas
County
Sanitary
&
Improvement
District
No.
464,
Nebraska
GO,
3.65%,
03/15/33
509,288
260,000
Douglas
County
Sanitary
&
Improvement
District
No.
484,
Nebraska
GO,
3.00%,
08/15/29
254,685
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
490,
Nebraska
GO,
2.70%,
08/15/28
96,494
280,000
Douglas
County
Sanitary
&
Improvement
District
No.
491,
Nebraska
GO,
1.90%,
09/15/28
264,152
100,000
Douglas
County
Sanitary
&
Improvement
District
No.
583,
Nebraska
GO,
5.10%,
08/15/36
101,753
250,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
4.00%,
12/15/32
257,834
250,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
5.00%,
12/15/37
281,470
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
265,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
5.00%,
06/15/42
$
290,822
210,000
Douglas
County
School
District
No.
10,
Nebraska
GO,
5.00%,
06/15/46
226,438
200,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
5.00%,
12/15/37
224,235
200,000
Douglas
County
School
District
No.
17,
Nebraska
GO,
4.00%,
12/15/41
200,223
250,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/34
251,802
750,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/35
709,700
555,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
5.00%,
06/15/46
598,912
350,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
4.00%,
06/15/27
350,422
150,000
Douglas
County
School
District
No.
59,
Nebraska
GO,
3.00%,
12/15/28
150,031
155,000
Fillmore
County
School
District
No.
25,
Nebraska
GO,
5.00%,
06/15/35
165,099
530,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/31
543,639
400,000
Gretna
Public
Schools,
Nebraska
GO,
3.00%,
12/15/32
390,005
455,000
Gretna
Public
Schools,
Nebraska
GO,
5.00%,
06/15/33
482,222
700,000
Gretna
Public
Schools,
Nebraska
GO,
4.00%,
06/15/34
712,743
200,000
Hall
County
School
District
No.
2,
Nebraska
GO,
5.00%,
12/15/39
222,360
160,000
KBR
Rural
Public
Power
District/NE,
Nebraska
RB,
3.20%,
12/15/28
156,610
150,000
Lancaster
County
School
District
No.
1,
Nebraska
GO,
4.00%,
01/15/31
151,492
100,000
Lancaster
County
School
District
No.
1,
Nebraska
GO,
3.00%,
01/15/37
94,299
370,000
Lancaster
County
School
District
No.
14,
Nebraska
GO,
2.00%,
12/15/34
320,709
320,000
Lancaster
County
School
District
No.
14,
Nebraska
GO,
2.00%,
12/15/28
311,697
200,000
Lincoln
Airport
Authority,
Nebraska
RB,
5.00%,
07/01/31
215,297
1,000,000
Loup
River
Public
Power
District,
Nebraska
RB,
2.00%,
12/01/26
994,372
115,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/35
118,125
130,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
5.00%,
12/01/40
143,251
Principal
Amount
Security
Description
Value
$
325,000
Metropolitan
Utilities
District
of
Omaha
Gas
System
Revenue,
Nebraska
RB,
4.00%,
12/01/26
$
325,355
315,000
Metropolitan
Utilities
District
of
Omaha
Water
System
Revenue,
Nebraska
RB,
5.00%,
12/01/37
347,459
350,000
Municipal
Energy
Agency
of
Nebraska,
Nebraska
RB,
5.00%,
04/01/32
387,184
500,000
Nebraska
Cooperative
Republican
Platte
Enhancement
Project,
Nebraska
RB,
2.00%,
12/15/27
490,729
150,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
03/01/34
150,942
100,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.70%,
09/01/34
100,411
175,000
Nebraska
Investment
Finance
Authority,
Nebraska
RB
FHLMC,
3.00%,
03/01/52
172,116
125,000
Nebraska
Public
Power
District,
Nebraska
RB,
5.00%,
01/01/32
136,280
475,000
Northeast
Community
College
Area,
Nebraska
GO,
1.10%,
07/15/27
461,576
390,000
Omaha
Airport
Authority,
Nebraska
RB,
5.25%,
12/15/40
429,367
325,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
3.00%,
04/15/31
325,301
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
04/01/32
409,825
400,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
4.00%,
06/01/32
413,491
185,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
04/15/44
199,840
300,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
04/15/46
322,144
350,000
Omaha
Public
Facilities
Corp.,
Nebraska
RB,
5.00%,
04/15/50
369,014
350,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/36
384,085
395,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/42
432,237
105,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/43
114,559
115,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/44
124,118
200,000
Omaha
Public
Power
District,
Nebraska
RB,
4.00%,
02/01/46
193,986
1,370,000
Omaha
Public
Power
District,
Nebraska
RB,
5.25%,
02/01/53
1,444,346
250,000
Omaha
Public
Power
District,
Nebraska
RB,
5.50%,
02/01/54
268,587
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
400,000
Omaha
Public
Power
District,
Nebraska
RB,
5.25%,
02/01/55
$
426,031
350,000
Omaha
Public
Power
District,
Nebraska
RB,
5.00%,
02/01/55
366,954
400,000
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2,
Nebraska
RB,
5.00%,
02/01/45
435,317
750,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
777,345
500,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/32
510,679
180,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/32
179,479
620,000
Omaha
School
District,
Nebraska
GO,
3.13%,
12/15/33
617,584
325,000
Omaha
School
District,
Nebraska
GO,
2.00%,
12/15/34
282,241
700,000
Omaha
School
District,
Nebraska
GO,
4.00%,
12/15/39
700,018
525,000
Omaha
School
District,
Nebraska
GO,
3.00%,
12/15/41
447,983
250,000
Omaha-Douglas
Public
Building
Commission,
Nebraska
GO,
5.00%,
05/01/31
265,542
200,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/37
221,649
200,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/41
219,921
300,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/43
328,259
300,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
5.00%,
12/01/44
325,810
350,000
Papillion-La
Vista
School
District
No.
27,
Nebraska
GO,
3.00%,
12/01/26
350,024
100,000
Public
Power
Generation
Agency,
Nebraska
RB,
3.25%,
01/01/36
96,969
200,000
Public
Power
Generation
Agency,
Nebraska
RB,
5.00%,
01/01/39
225,352
115,000
Sarpy
County
Sanitary
&
Improvement
District
No.
191,
Nebraska
GO,
3.55%,
10/15/32
114,451
105,000
Sarpy
County
Sanitary
&
Improvement
District
No.
23,
Nebraska
GO,
2.30%,
08/15/34
84,562
100,000
Sarpy
County
Sanitary
&
Improvement
District
No.
245,
Nebraska
GO,
3.45%,
11/15/28
98,575
300,000
Sarpy
County
School
District
No.
1,
Nebraska
GO,
3.85%,
12/15/28
301,249
250,000
Scotts
Bluff
County
School
District
No.
16,
Nebraska
GO,
5.00%,
02/15/36
267,578
Principal
Amount
Security
Description
Value
$
275,000
Scotts
Bluff
County
School
District
No.
16,
Nebraska
GO,
5.00%,
12/01/29
$
288,765
300,000
Southeast
Community
College
Area,
Nebraska
COP,
5.00%,
12/15/44
321,346
300,000
Southeast
Community
College
Area,
Nebraska
RB,
4.00%,
03/15/31
302,099
300,000
Southern
Public
Power
District,
Nebraska
RB,
2.00%,
12/15/26
298,207
300,000
The
University
of
Nebraska
Facilities
Corp.,
Nebraska
RB,
4.00%,
07/15/30
302,847
70,000
Village
of
Ansley
NE,
Nebraska
GO,
3.40%,
03/15/28
68,744
435,000
Village
of
Boys
Town
NE,
Nebraska
RB,
3.00%,
07/01/35
400,657
525,000
Village
of
Boys
Town
NE,
Nebraska
RB,
5.25%,
07/01/55
543,721
200,000
Village
of
Callaway
NE,
Nebraska
GO,
3.75%,
02/15/31
196,836
185,000
Village
of
Ceresco
NE,
Nebraska
GO,
3.60%,
12/15/32
183,682
215,000
Village
of
Hemingford
NE,
Nebraska
GO,
4.00%,
12/15/38
211,900
250,000
Westside
Community
Schools,
Nebraska
GO,
5.00%,
12/01/37
269,761
100,000
York
County
School
District
No.
96,
Nebraska
GO,
5.00%,
12/15/28
104,959
46,414,625
New
York
-
1.4%
325,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.00%,
05/01/42
354,524
200,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.00%,
05/01/42
219,163
175,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
New
York
RB,
5.50%,
05/01/50
191,790
765,477
North
Dakota
-
0.9%
500,000
City
of
Fargo
ND,
North
Dakota
GO,
3.00%,
05/01/34
493,548
South
Dakota
-
0.4%
220,000
County
of
Lincoln
SD,
South
Dakota
GO,
5.00%,
12/01/43
236,865
Texas
-
2.4%
100,000
City
of
Waco
TX,
Texas
GO,
5.25%,
02/01/50
107,082
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
300,000
Conroe
Independent
School
District,
Texas
GO,
5.00%,
02/15/44
$
327,384
150,000
County
of
Travis
TX,
Texas
GO,
3.00%,
03/01/30
150,869
100,000
Fort
Worth
Independent
School
District,
Texas
GO,
5.00%,
02/15/41
117,160
150,000
Lubbock
Independent
School
District,
Texas
GO,
5.25%,
02/15/55
160,055
200,000
Spring
Independent
School
District,
Texas
GO,
5.25%,
08/15/55
212,890
200,000
Texas
Transportation
Finance
Corp.,
Texas
RB,
5.50%,
10/01/55
217,817
1,293,257
Wisconsin
-
0.6%
350,000
County
of
Dane
WI,
Wisconsin
GO,
3.00%,
06/01/31
349,114
52,484,706
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
2.9%
Federal
Home
Loan
Mortgage
Corp.
-
2.9%
196,550
Federal
Home
Loan
Mortgage
Corp.,
4.69%,
10/25/40(a)
204,732
192,144
Federal
Home
Loan
Mortgage
Corp.,
4.30%,
05/25/41(a)
192,572
283,628
Federal
Home
Loan
Mortgage
Corp.,
2.34%,
07/25/41(b)
231,884
247,451
Federal
Home
Loan
Mortgage
Corp.
FHLMC,
4.76%,
08/25/41(a)
259,627
198,413
Federal
Home
Loan
Mortgage
Corp.,
4.67%,
07/25/42
208,634
520,357
Federal
Home
Loan
Mortgage
Corp.
#WE5001,
2.65%,
04/01/29
502,683
1,600,132
Total
Government
&
Agency
Obligations
(Cost
$54,647,192)
54,084,838
Shares
Security
Description
Value
Short-Term
Investments
-
0.2%
Investment
Company
-
0.2%
118,785
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
3.54%(c)
118,785
Total
Short-Term
Investments
(Cost
$118,785)
118,785
Investments,
at
value
-
99.1%
(Cost
$54,765,977)
54,203,623
Other
assets
in
excess
of
liabilities
-
0.9%
468,016
NET
ASSETS
-
100.0%
$
54,671,639
(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,
2026.
(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,
2026,
the
aggregate
value
of
these
liquid
securities
were
$231,884
or
0.4%
of
net
assets.
(c)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2026.
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,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Shares
Security
Description
Value
Common
Stocks
-
60.7%
Communication
Services
-
5.9%
8,179
Alphabet,
Inc.,
Class C
$
2,889,886
1,916
Meta
Platforms,
Inc.,
Class A
1,079,264
8,729
The
Walt
Disney
Co.
840,166
4,809,316
Consumer
Discretionary
-
6.4%
7,456
Amazon.com,
Inc.(a)
1,777,063
1,975
Booking
Holdings,
Inc.
352,024
7,054
Dorman
Products,
Inc.(a)
962,518
2,120
Tesla,
Inc.(a)
891,672
1,385
The
Home
Depot,
Inc.
488,462
22,287
Tractor
Supply
Co.
704,492
5,176,231
Consumer
Staples
-
3.1%
630
Costco
Wholesale
Corp.
589,346
7,740
PepsiCo.,
Inc.
1,047,996
7,705
The
Marzetti
Co.
879,603
2,516,945
Energy
-
2.2%
1,880
Diamondback
Energy,
Inc.
330,466
2,725
EOG
Resources,
Inc.
353,514
5,675
Exxon
Mobil
Corp.
775,886
2,155
Phillips
66
364,303
1,824,169
Financials
-
9.4%
1,405
Berkshire
Hathaway,
Inc.,
Class B(a)
703,048
1,705
Chubb,
Ltd.
580,962
4,707
JPMorgan
Chase
&
Co.
1,540,742
754
Markel
Group,
Inc.(a)
1,472,570
1,420
Mastercard,
Inc.,
Class A
729,312
8,956
Northern
Trust
Corp.
1,556,911
26,846
Ryan
Specialty
Holdings,
Inc.
1,013,705
7,597,250
Health
Care
-
5.7%
14,650
Abbott
Laboratories
1,329,341
20,158
AMN
Healthcare
Services,
Inc.(a)
652,514
695
Eli
Lilly
&
Co.
833,604
4,101
Quest
Diagnostics,
Inc.
869,207
8,231
Revvity,
Inc.
915,781
4,600,447
Industrials
-
6.1%
2,530
AMETEK,
Inc.
612,108
5,700
Broadridge
Financial
Solutions,
Inc.
780,615
1,715
MasTec,
Inc.(a)
713,543
4,237
RTX
Corp.
803,886
19,952
Tetra
Tech,
Inc.
576,414
3,468
Union
Pacific
Corp.
943,296
2,290
Waste
Management,
Inc.
510,395
4,940,257
Shares
Security
Description
Value
Information
Technology
-
19.3%
2,280
Amphenol
Corp.,
Class A
$
402,010
12,094
Apple,
Inc.
3,499,520
4,500
Broadcom,
Inc.
1,699,875
2,267
Littelfuse,
Inc.
1,032,233
6,415
Microsoft
Corp.
2,392,923
3,347
MKS,
Inc.
1,488,746
290
Monolithic
Power
Systems,
Inc.
400,884
17,843
NVIDIA
Corp.
3,570,206
10,263
PTC,
Inc.(a)
1,165,979
15,652,376
Materials
-
0.6%
930
Linde
PLC
482,614
Real
Estate
-
0.5%
6,320
First
Industrial
Realty
Trust,
Inc.
REIT
387,479
Utilities
-
1.5%
1,995
Atmos
Energy
Corp.
343,679
5,260
NextEra
Energy,
Inc.
461,670
4,475
The
Southern
Co.
428,302
1,233,651
Total
Common
Stocks
(Cost
$26,360,323)
49,220,735
Principal
Amount
Security
Description
Value
Non-U.S.
Government
Agency
Asset
Backed
Securities
-
9.6%
Asset
Backed
Securities
-
5.9%
$
155,000
Aligned
Data
Centers
Issuer,
LLC,
1.94%,
08/15/46(b)
154,494
85,000
American
Heritage
Auto
Receivables
Trust,
5.07%,
06/17/30(b)
85,254
300,000
Avant
Loans
Funding
Trust,
5.12%,
05/15/34(b)
300,251
175,000
BofA
Auto
Trust,
5.31%,
06/17/30(b)
176,447
150,000
Capteris
Equipment
Finance,
LLC,
4.95%,
09/20/33(b)
148,414
2,429
CCG
Receivables
Trust,
5.82%,
09/16/30(b)
2,431
38,175
CCG
Receivables
Trust,
4.99%,
03/15/32(b)
38,322
21,069
CCG
Receivables
Trust,
6.28%,
04/14/32(b)
21,208
227,676
CF
Hippolyta
Issuer,
LLC,
1.69%,
07/15/60(b)
188,097
110,105
CF
Hippolyta
Issuer,
LLC,
1.53%,
03/15/61(b)
86,698
280,000
Chase
Auto
Owner
Trust,
5.59%,
06/25/29(b)
284,125
25,358
Citizens
Auto
Receivables
Trust,
5.84%,
01/18/28(b)
25,402
14,562
Commonbond
Student
Loan
Trust,
3.87%,
02/25/46(b)
14,112
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
27,633
ELFI
Graduate
Loan
Program,
LLC,
1.73%,
08/25/45(b)
$
25,199
200,000
FCCU
Auto
Receivables
Trust,
5.18%,
05/15/31(b)
200,923
40,193
First
Help
Financial
LLC,
4.94%,
11/15/30(b)
40,042
96,256
Foundation
Finance
Trust,
4.60%,
03/15/50(b)
95,347
190,000
FRTKL
2021-SFR1,
1.57%,
09/17/38(b)
188,528
141,273
GreatAmerica
Leasing
Receivables
Funding,
LLC,
4.98%,
01/18/28(b)
141,731
165,000
GreenSky
Home
Improvement
Trust,
4.93%,
05/15/41(b)
164,907
32,703
GreenSky
Home
Improvement
Trust,
5.67%,
06/25/59(b)
33,085
100,000
GreenSky
Home
Improvement
Trust,
5.55%,
06/25/59(b)
101,330
105,576
GreenState
Auto
Receivables
Trust,
5.19%,
01/16/29(b)
105,904
92,111
Huntington
Bank
Auto
Credit-Linked
Notes,
4.96%,
03/21/33(b)
92,128
100,000
Kubota
Credit
Owner
Trust,
5.19%,
05/15/30(b)
101,237
105,000
M&T
Equipment
Notes,
4.94%,
08/18/31(b)
105,468
37,779
NMEF
Funding,
LLC,
5.15%,
12/15/31(b)
37,893
52,539
North
Texas
Higher
Education
Authority,
Inc.,
4.33%,
09/25/61(c)
52,296
26,689
Octane
Receivables
Trust,
5.80%,
07/20/32(b)
26,814
140,000
PEAC
Solutions
Receivables,
LLC,
5.04%,
07/20/32(b)
140,842
103,584
Post
Road
Equipment
Finance,
LLC,
4.90%,
05/15/31(b)
103,957
118,794
Progress
Residential
Trust,
1.52%,
07/17/38(b)
118,564
38,985
SLM
Student
Loan
Trust,
5.58%,
04/15/29(c)
38,954
200,000
SoFi
Consumer
Loan
Program
Trust,
5.12%,
02/27/34(b)
200,974
135,000
SoFi
Consumer
Loan
Program
Trust,
4.67%,
08/15/34(b)
134,635
135,000
SoFi
Consumer
Loan
Program
Trust,
4.80%,
03/25/36(b)
134,303
105,975
SoFi
Professional
Loan
Program
Trust,
1.14%,
02/15/47(b)
92,471
100,000
Space
Coast
Credit
Union,
4.78%,
12/15/31(b)
99,276
Principal
Amount
Security
Description
Value
$
183,121
Space
Coast
Credit
Union
Auto
Receivables
Trust,
5.11%,
06/15/29(b)
$
183,637
106,891
Tricon
American
Homes
Trust,
1.48%,
11/17/39(b)
102,161
134,722
Truist
Bank
Auto
Credit-Linked
Notes,
4.73%,
09/26/33(b)
134,245
130,000
Truist
Bank
Auto
Credit-Linked
Notes,
5.07%,
06/26/34(b)
129,806
110,000
Vantage
Data
Centers,
LLC,
5.13%,
08/15/55(b)
107,975
48,917
Wingspire
Equipment
Finance,
LLC,
4.99%,
09/20/32(b)
49,036
4,808,923
Non-Agency
Commercial
Mortgage
Backed
Securities
-
2.4%
50,800
CD
Commercial
Mortgage
Trust,
4.21%,
08/15/51
50,527
135,879
Goldman
Sachs
Mortgage
Securities
Trust,
2.32%,
05/12/53
130,337
200,000
Hudson
Yards
Mortgage
Trust,
3.23%,
07/10/39(b)
189,811
150,000
IP
2025-IP
Mortgage
Trust,
5.42%,
06/10/42(b)(d)
150,571
143,799
KNDR
2021-KIND
A,
4.69%,
08/15/38(b)(c)
143,572
130,000
Liberty
Street
Commercial
Mortgage
Trust,
4.75%,
02/10/43(b)(d)
127,736
42,289
Sutherland
Commercial
Mortgage
Trust,
2.86%,
04/25/41(b)(d)
40,287
128,918
Tricon
Residential
Trust,
3.86%,
04/17/39(b)
127,824
99,984
UBS
Commercial
Mortgage
Trust,
2.99%,
12/15/52
97,516
64,164
Velocity
Commercial
Capital
Loan
Trust,
1.40%,
05/25/51(b)(d)
55,355
275,000
Wells
Fargo
Commercial
Mortgage
Trust,
5.48%,
07/15/35(b)(d)
275,218
145,000
Wells
Fargo
Commercial
Mortgage
Trust,
6.10%,
01/15/58
150,210
200,000
Wells
Fargo
Commercial
Mortgage
Trust,
4.55%,
03/15/59
196,961
220,000
WSTN
Trust,
6.52%,
07/05/37(b)(d)
221,825
1,957,750
Non-Agency
Residential
Mortgage
Backed
Securities
-
1.3%
76,120
Angel
Oak
Mortgage
Trust,
4.08%,
01/25/67(b)(d)
71,837
118,746
Brean
Asset
Backed
Securities
Trust,
1.40%,
10/25/63(b)(d)
113,827
113,685
Chase
Mortgage
Finance
Corp.,
3.50%,
06/25/62(b)(d)
103,469
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
$
19,421
Citigroup
Mortgage
Loan
Trust,
3.50%,
01/25/66(b)(d)
$
19,021
7,460
Citigroup
Mortgage
Loan
Trust
REMIC,
4.00%,
01/25/35(b)(d)
7,255
72,112
Credit
Suisse
Mortgage
Trust,
3.25%,
04/25/47(b)(d)
67,565
91,345
Ellington
Financial
Mortgage
Trust,
5.73%,
01/25/60(b)(e)
91,594
118,464
Ellington
Financial
Mortgage
Trust,
4.91%,
12/25/60(b)(e)
117,063
96,442
Ellington
Financial
Mortgage
Trust,
5.47%,
04/25/71(b)(e)
96,332
15,030
New
Residential
Mortgage
Loan
Trust
REMIC,
3.75%,
08/25/55(b)(d)
14,502
120,778
Onslow
Bay
Financial
LLC,
3.00%,
02/25/52(b)(d)
109,018
70,196
Towd
Point
Mortgage
Trust,
2.25%,
11/25/61(b)(d)
65,865
77,491
Woodward
Capital
Management,
5.65%,
01/25/45(b)(e)
77,758
94,231
Woodward
Capital
Management,
4.76%,
02/25/56(b)(e)
93,205
1,048,311
Total
Non-U.S.
Government
Agency
Asset
Backed
Securities
(Cost
$7,959,178)
7,814,984
Corporate
Bonds
-
11.4%
Communication
Services
-
0.8%
303,000
AT&T,
Inc.,
4.30%,
02/15/30
299,009
319,000
Verizon
Communications,
Inc.,
4.78%,
02/15/35
308,566
607,575
Consumer
Discretionary
-
1.8%
105,000
Airbnb,
Inc.,
4.65%,
03/16/31
104,323
150,000
Amazon.com,
Inc.,
4.55%,
03/13/33
147,556
170,000
American
Honda
Finance
Corp.,
4.25%,
09/01/28
168,768
115,000
American
Honda
Finance
Corp.,
4.15%,
01/08/29
113,636
230,000
BMW
Finance
NV,
2.85%,
08/14/29(b)
217,527
200,000
Ford
Motor
Credit
Co.,
LLC,
5.80%,
03/08/29
201,751
330,000
McDonald's
Corp.,
2.13%,
03/01/30
302,986
235,000
The
Walt
Disney
Co.,
2.65%,
01/13/31
217,019
1,473,566
Consumer
Staples
-
1.0%
310,000
Dollar
General
Corp.,
3.50%,
04/03/30
295,715
300,000
Mars,
Inc.,
4.80%,
03/01/30(b)
300,894
270,000
The
Campbell's
Co.,
2.38%,
04/24/30
244,848
841,457
Energy
-
0.5%
160,000
Energy
Transfer
LP,
5.55%,
05/15/34
162,534
Principal
Amount
Security
Description
Value
$
245,000
Energy
Transfer
LP,
4.95%,
05/15/28
$
246,220
408,754
Financials
-
3.9%
120,000
Bank
of
America
Corp.,
2.69%,
04/22/32(d)
108,698
175,000
Bank
of
America
Corp.,
5.51%,
01/24/36(d)
178,703
326,000
CBRE
Services,
Inc.,
2.50%,
04/01/31
292,698
310,000
Citigroup,
Inc.,
4.91%,
05/24/33(d)
308,418
250,000
Enact
Holdings,
Inc.,
6.25%,
05/28/29
257,291
350,000
Intercontinental
Exchange,
Inc.,
2.10%,
06/15/30
317,257
295,000
JPMorgan
Chase
&
Co.,
5.34%,
01/23/35(d)
299,404
305,000
Morgan
Stanley,
4.89%,
07/20/33(d)
302,684
225,000
Regions
Financial
Corp.,
1.80%,
08/12/28
212,417
330,000
The
Goldman
Sachs
Group,
Inc.,
3.10%,
02/24/33(d)
298,894
300,000
U.S.
Bancorp,
4.84%,
02/01/34(d)
296,015
310,000
Wells
Fargo
&
Co.,
5.21%,
12/03/35(d)
309,456
3,181,935
Health
Care
-
0.1%
125,000
Baylor
Scott
&
White
Holdings,
1.78%,
11/15/30
110,890
Industrials
-
1.2%
260,000
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
235,572
200,000
AptarGroup,
Inc.,
4.75%,
03/30/31
198,097
185,000
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
182,051
175,000
Union
Pacific
Corp.,
3.95%,
09/10/28
173,345
285,000
Waste
Management,
Inc.,
1.50%,
03/15/31
247,688
1,036,753
Information
Technology
-
1.2%
70,000
Applied
Materials,
Inc.,
1.75%,
06/01/30
63,012
75,000
Concentrix
Corp.,
6.50%,
03/01/29
72,303
225,000
Oracle
Corp.,
2.30%,
03/25/28
215,336
255,000
Paychex,
Inc.,
5.10%,
04/15/30
257,195
328,000
QUALCOMM,
Inc.,
2.15%,
05/20/30
300,011
907,857
Real
Estate
-
0.2%
155,000
NNN
REIT,
Inc.,
4.60%,
02/15/31
153,562
Utilities
-
0.7%
85,000
Duke
Energy
Corp.,
5.75%,
09/15/33
88,606
300,000
Exelon
Corp.,
5.13%,
03/15/31
304,002
155,000
NiSource,
Inc.,
5.30%,
05/18/36
155,105
547,713
Total
Corporate
Bonds
(Cost
$9,508,660)
9,270,062
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Principal
Amount
Security
Description
Value
Government
&
Agency
Obligations
-
17.0%
GOVERNMENT
SECURITIES
-
15.4%
Municipals
-
0.1%
$
50,000
La
Vista
Economic
Development
Fund,
Nebraska
RB,
1.64%,
10/15/28
$
47,041
Treasury
Inflation
Index
Securities
-
0.4%
295,786
U.S.
Treasury
Inflation
Indexed
Bond,
1.75%,
01/15/28(f)
292,018
U.S.
Treasury
Securities
-
14.9%
3,375,000
U.S.
Treasury
Note/Bond,
1.50%,
02/15/30
3,074,678
3,760,000
U.S.
Treasury
Note/Bond,
1.88%,
02/15/32
3,316,878
1,895,000
U.S.
Treasury
Note/Bond,
3.88%,
08/15/33
1,842,740
1,110,000
U.S.
Treasury
Note/Bond,
4.25%,
11/15/34
1,099,160
570,000
U.S.
Treasury
Note/Bond,
4.25%,
08/15/35
562,741
300,000
U.S.
Treasury
Note/Bond,
4.00%,
11/15/35
290,203
360,000
U.S.
Treasury
Note/Bond,
4.38%,
05/15/36
358,088
1,580,000
U.S.
Treasury
Note/Bond,
4.25%,
02/28/29
1,583,271
12,127,759
U.S.
GOVERNMENT
MORTGAGE
BACKED
SECURITIES
-
1.6%
Federal
Home
Loan
Mortgage
Corp.
-
1.0%
87,852
Federal
Home
Loan
Mortgage
Corp.,
5.50%,
04/25/36
88,973
242,769
Federal
Home
Loan
Mortgage
Corp.,
5.00%,
01/25/37
243,132
278,938
Federal
Home
Loan
Mortgage
Corp.,
5.00%,
08/25/50
276,629
20,825
Federal
Home
Loan
Mortgage
Corp.,
3.75%,
12/15/54(e)
20,598
240,000
Seasoned
Loans
Structured
Transaction
Trust,
2.75%,
09/25/29
223,684
853,016
Federal
National
Mortgage
Association
-
0.5%
106,824
Federal
National
Mortgage
Association,
6.77%,
07/25/32(d)
110,335
237,021
Federal
National
Mortgage
Association,
5.00%,
07/25/36
235,708
396
Federal
National
Mortgage
Association
#AL1321,
3.50%,
12/01/26
394
57,311
Federal
National
Mortgage
Association
REMIC,
4.14%,
04/25/29(d)
56,104
402,541
Principal
Amount
Security
Description
Value
Government
National
Mortgage
Association
-
0.1%
$
59,291
Government
National
Mortgage
Association,
3.50%,
01/20/69(d)
$
57,278
Total
Government
&
Agency
Obligations
(Cost
$13,963,030)
13,779,653
Shares
Security
Description
Value
Short-Term
Investments
-
0.8%
Investment
Company
-
0.8%
611,612
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
3.54%(g)
611,612
Total
Short-Term
Investments
(Cost
$611,612)
611,612
Investments,
at
value
-
99.5%
(Cost
$58,402,803)
80,697,046
Other
assets
in
excess
of
liabilities
-
0.5%
403,925
NET
ASSETS
-
100.0%
$
81,100,971
(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,
2026,
the
aggregate
value
of
these
liquid
securities
were
$7,616,604
or
9.4%
of
net
assets.
(c)
Floating
rate
security.
Rate
presented
is
as
of
June
30,
2026.
(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,
2026.
(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,
2026.
(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,
2026.
LLC
Limited
Liability
Company
LP
Limited
Partnership
PLC
Public
Limited
Company
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(Unaudited)
See
accompanying
Notes
to
Schedules
of
Portfolio
Investments.
Non-income
producing
security.
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
98.8%
Communication
Services
-
1.2%
2,088
Nexstar
Media
Group,
Inc.,
Class A
$
372,896
Consumer
Discretionary
-
10.3%
2,600
Burlington
Stores,
Inc.(a)
823,680
862
Domino's
Pizza,
Inc.
255,187
3,503
Dorman
Products,
Inc.(a)
477,984
1,779
Installed
Building
Products,
Inc.
408,886
6,306
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
484,805
9,176
Tractor
Supply
Co.
290,053
4,918
Wyndham
Hotels
&
Resorts,
Inc.
414,145
3,154,740
Consumer
Staples
-
2.9%
714
Casey's
General
Stores,
Inc.
567,480
2,843
The
Marzetti
Co.
324,557
892,037
Energy
-
2.8%
15,266
Northern
Oil
&
Gas,
Inc.
277,078
30,545
Permian
Resources
Corp.,
Class A
562,333
839,411
Financials
-
16.9%
13,043
Atlantic
Union
Bankshares
Corp.
551,849
2,506
Cullen/Frost
Bankers,
Inc.
387,227
323
Markel
Group,
Inc.(a)
630,822
8,381
Moelis
&
Co.,
Class A
548,285
12,086
Ryan
Specialty
Holdings,
Inc.
456,368
15,643
Seacoast
Banking
Corp.
of
Florida
520,130
6,185
Selective
Insurance
Group,
Inc.
600,007
7,640
SouthState
Bank
Corp.
763,236
10,038
Stifel
Financial
Corp.
700,351
5,158,275
Health
Care
-
9.1%
11,076
AMN
Healthcare
Services,
Inc.(a)
358,530
16,236
Concentra
Group
Holdings
Parent,
Inc.
483,021
13,905
Enovis
Corp.(a)
287,834
3,786
ICON
PLC(a)
657,666
4,312
Integer
Holdings
Corp.(a)
402,956
5,147
Revvity,
Inc.
572,655
2,762,662
Industrials
-
21.8%
5,282
AAON,
Inc.
670,075
3,557
AAR
Corp.(a)
508,402
3,139
Broadridge
Financial
Solutions,
Inc.
429,886
1,267
CACI
International,
Inc.,
Class A(a)
586,950
1,590
Carlisle
Cos.,
Inc.
576,772
2,668
EnerSys
623,832
2,641
Enpro,
Inc.
995,472
16,479
ExlService
Holdings,
Inc.(a)
426,147
3,665
Franklin
Electric
Co.,
Inc.
392,851
5,443
ICF
International,
Inc.
396,577
1,954
Lincoln
Electric
Holdings,
Inc.
518,807
Shares
Security
Description
Value
17,583
Tetra
Tech,
Inc.
$
507,973
6,633,744
Information
Technology
-
18.9%
7,532
Diodes,
Inc.(a)
824,302
11,817
Dynatrace,
Inc.(a)
518,884
2,385
Littelfuse,
Inc.
1,085,962
2,654
Manhattan
Associates,
Inc.(a)
369,570
3,002
Onto
Innovation,
Inc.(a)
1,136,107
7,451
Power
Integrations,
Inc.
624,096
3,719
PTC,
Inc.(a)
422,516
3,517
Qualys,
Inc.(a)
483,552
1,037
Tyler
Technologies,
Inc.(a)
303,281
5,768,270
Materials
-
5.4%
2,654
AptarGroup,
Inc.
332,281
2,156
Balchem
Corp.
364,256
1,226
Reliance,
Inc.
458,033
4,433
RPM
International,
Inc.
492,728
1,647,298
Real
Estate
-
6.7%
5,713
Agree
Realty
Corp.
REIT
432,703
2,048
EastGroup
Properties,
Inc.
REIT
414,781
1,496
Jones
Lang
LaSalle,
Inc.(a)
463,685
4,622
Lamar
Advertising
Co.,
Class A
REIT
720,940
2,032,109
Utilities
-
2.8%
5,726
IDACORP,
Inc.
866,344
Total
Common
Stocks
(Cost
$23,759,503)
30,127,786
Investments,
at
value
-
98.8%
(Cost
$23,759,503)
30,127,786
Other
assets
in
excess
of
liabilities
-
1.2%
354,142
NET
ASSETS
-
100.0%
$
30,481,928
SCHEDULES
OF
PORTFOLIO
INVESTMENTS
June
30,
2026
(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,
2026.
Real
Estate
Investment
Trust
Shares
Security
Description
Value
Common
Stocks
-
98.0%
Consumer
Discretionary
-
9.9%
65,839
Acushnet
Holdings
Corp.
$
7,803,897
52,562
Boot
Barn
Holdings,
Inc.(a)
8,634,360
11,295
Cavco
Industries,
Inc.(a)
6,939,422
80,057
Dorman
Products,
Inc.(a)
10,923,778
117,311
Frontdoor,
Inc.(a)
9,102,160
72,774
Monarch
Casino
&
Resort,
Inc.
9,577,786
101,359
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
7,792,480
61,727
Patrick
Industries,
Inc.
5,541,850
66,315,733
Consumer
Staples
-
2.2%
65,542
Interparfums,
Inc.
7,331,528
66,285
The
Marzetti
Co.
7,567,096
14,898,624
Energy
-
2.4%
40,970
Gulfport
Energy
Corp.(a)
6,952,609
494,460
Northern
Oil
&
Gas,
Inc.
8,974,449
15,927,058
Financials
-
16.9%
353,073
Atlantic
Union
Bankshares
Corp.
14,938,519
143,022
Cass
Information
Systems,
Inc.
7,339,889
218,769
FB
Financial
Corp.
12,108,864
129,052
Mercantile
Bank
Corp.
7,410,166
262,711
Moelis
&
Co.,
Class A
17,186,554
205,096
Origin
Bancorp,
Inc.
10,490,660
456,067
Seacoast
Banking
Corp.
of
Florida
15,164,228
137,424
Selective
Insurance
Group,
Inc.
13,331,502
147,630
Stewart
Information
Services
Corp.
9,746,532
211,635
The
Baldwin
Insurance
Group,
Inc.,
Class A(a)
5,625,258
113,342,172
Health
Care
-
9.5%
103,291
Addus
HomeCare
Corp.(a)
10,377,647
331,820
AMN
Healthcare
Services,
Inc.(a)
10,741,013
391,615
Concentra
Group
Holdings
Parent,
Inc.
11,650,546
152,138
CONMED
Corp.
4,979,477
286,738
Enovis
Corp.(a)
5,935,477
82,633
Integer
Holdings
Corp.(a)
7,722,054
149,611
Prestige
Consumer
Healthcare,
Inc.(a)
7,072,112
306,492
Simulations
Plus,
Inc.(a)
5,611,868
64,090,194
Industrials
-
22.1%
60,786
AAR
Corp.(a)
8,688,143
61,578
Alamo
Group,
Inc.
10,128,965
33,043
CSW
Industrials,
Inc.
9,195,867
54,692
EnerSys
12,788,083
68,811
Enpro,
Inc.
25,936,930
61,380
ESCO
Technologies,
Inc.
21,485,455
295,953
ExlService
Holdings,
Inc.(a)
7,653,345
77,530
Franklin
Electric
Co.,
Inc.
8,310,441
115,230
ICF
International,
Inc.
8,395,658
Shares
Security
Description
Value
215,054
Kforce,
Inc.
$
10,090,334
158,578
Korn
Ferry
10,558,123
49,292
McGrath
RentCorp
5,965,811
22,640
Preformed
Line
Products
Co.
9,295,078
148,492,233
Information
Technology
-
22.9%
34,579
Advanced
Energy
Industries,
Inc.
12,893,472
203,759
Benchmark
Electronics,
Inc.
20,104,901
132,817
Blackbaud,
Inc.(a)
3,934,040
304,077
Cohu,
Inc.(a)
22,474,331
186,221
Diodes,
Inc.(a)
20,380,026
113,298
ePlus,
Inc.
9,429,793
23,333
Littelfuse,
Inc.
10,624,215
295,606
LiveRamp
Holdings,
Inc.(a)
11,126,610
188,352
Power
Integrations,
Inc.
15,776,363
143,535
Q2
Holdings,
Inc.(a)
6,904,033
62,668
Qualys,
Inc.(a)
8,616,223
243,787
Viavi
Solutions,
Inc.(a)
11,640,829
153,904,836
Materials
-
4.2%
64,006
Balchem
Corp.
10,813,814
44,745
Kaiser
Aluminum
Corp.
8,753,464
54,449
Quaker
Chemical
Corp.
8,650,313
28,217,591
Real
Estate
-
4.7%
437,786
Marcus
&
Millichap,
Inc.
13,645,790
310,171
NETSTREIT
Corp.
REIT
6,553,913
1,016,118
Sunstone
Hotel
Investors,
Inc.
REIT
11,634,551
31,834,254
Utilities
-
3.2%
70,248
Chesapeake
Utilities
Corp.
8,603,975
85,110
IDACORP,
Inc.
12,877,143
21,481,118
Total
Common
Stocks
(Cost
$405,109,182)
658,503,813
Shares
Security
Description
Value
Short-Term
Investments
-
2.0%
Investment
Company
-
2.0%
13,524,612
BlackRock
Liquidity
Funds
T-Fund
Portfolio,
Institutional
Shares,
3.54%(b)
13,524,612
Total
Short-Term
Investments
(Cost
$13,524,612)
13,524,612
Investments,
at
value
-
100.0%
(Cost
$418,633,794)
672,028,425
Other
assets
in
excess
of
liabilities
-
0.0%
180,657
NET
ASSETS
-
100.0%
$
672,209,082
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2026
(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,
2026
(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,
2026,
by
category:
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Short-Intermediate
Bond
Fund
Asset
Backed
Securities
$
–
$
56,741,938
$
–
$
56,741,938
Non-Agency
Commercial
Mortgage
Backed
Securities
–
24,745,434
–
24,745,434
Non-Agency
Residential
Mortgage
Backed
Securities
–
13,933,730
–
13,933,730
Corporate
Bonds
–
58,020,108
–
58,020,108
Government
&
Agency
Obligations
–
55,526,201
–
55,526,201
Preferred
Stocks
230,070
–
–
230,070
Short-Term
Investments
590,352
–
–
590,352
Total
$
820,422
$
208,967,411
$
–
$
209,787,833
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Income
Fund
Asset
Backed
Securities
$
–
$
8,481,239
$
–
$
8,481,239
Non-Agency
Commercial
Mortgage
Backed
Securities
–
3,377,703
–
3,377,703
Non-Agency
Residential
Mortgage
Backed
Securities
–
13,286,017
–
13,286,017
Corporate
Bonds
–
43,129,078
–
43,129,078
Government
&
Agency
Obligations
–
97,812,731
–
97,812,731
Short-Term
Investments
941,832
–
–
941,832
Total
$
941,832
$
166,086,768
$
–
$
167,028,600
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2026
(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
$
–
$
54,084,838
$
–
$
54,084,838
Short-Term
Investments
118,785
–
–
118,785
Total
$
118,785
$
54,084,838
$
–
$
54,203,623
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Balanced
Fund
Common
Stocks*
$
49,220,735
$
–
$
–
$
49,220,735
Asset
Backed
Securities
–
4,808,923
–
4,808,923
Non-Agency
Commercial
Mortgage
Backed
Securities
–
1,957,750
–
1,957,750
Non-Agency
Residential
Mortgage
Backed
Securities
–
1,048,311
–
1,048,311
Corporate
Bonds
–
9,270,062
–
9,270,062
Government
&
Agency
Obligations
–
13,779,653
–
13,779,653
Short-Term
Investments
611,612
–
–
611,612
Total
$
49,832,347
$
30,864,699
$
–
$
80,697,046
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small/Mid
Cap
Fund
Common
Stocks*
$
30,127,786
$
–
$
–
$
30,127,786
Total
$
30,127,786
$
–
$
–
$
30,127,786
LEVEL
1
–
Quoted
Prices
LEVEL
2
-
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Small
Company
Fund
Common
Stocks*
$
658,503,813
$
–
$
–
$
658,503,813
Short-Term
Investments
13,524,612
–
–
13,524,612
Total
$
672,028,425
$
–
$
–
$
672,028,425
Notes
to
Schedules
of
Portfolio
Investments
June
30,
2026
(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.