# EDGAR Filing Document

**Accession Number:** 0000932381
**File Stem:** 0000932381-26-000042
**Filing Date:** 2026-2
**Character Count:** 24636
**Document Hash:** 502b45cc7307640a89366c27bb520a62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000932381-26-000042.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000932381-26-000042

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tributary Funds, Inc.
- **CENTRAL INDEX KEY:** 0000932381

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08846
- **FILM NUMBER:** 26663431

**BUSINESS ADDRESS:**
- **STREET 1:** 1620 DODGE STREET
- **STREET 2:** STOP 1075
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68197
- **BUSINESS PHONE:** 1-800-662-4203

**MAIL ADDRESS:**
- **STREET 1:** 1620 DODGE STREET
- **STREET 2:** STOP 1075
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68197

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST FOCUS FUNDS INC
- **DATE OF NAME CHANGE:** 20010731

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST OMAHA FUNDS INC
- **DATE OF NAME CHANGE:** 19941103

## Series and Classes Contracts Data

### Small Company Fund (Series ID: S000022139)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000063513 | Institutional      | FOSCX           |
| C000091259 | Institutional Plus | FOSBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** TRIBUTARY CAPITAL MANAGEMENT, LLC

- **b. Investment Company Act file number:** 811-08846

- **c. CIK number of Registrant:** 0000932381

- **d. LEI of Registrant:** 2549000T9YMVQWFGOI81

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1620 DODGE STREET

  - **City:** OMAHA

  - **State:** NE

  - **Foreign country:** US

  - **Zip / Postal Code:** 68197

  - **Telephone number:** 800-662-4203

**Item A.2. Information about the Series.**

- **a. Name of Series:** TRIBUTARY SMALL COMPANY FUND

- **b. EDGAR series identifier (if any):** S000022139

- **c. LEI of Series:** 254900F3O2YJ4STYZ694

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $557173108.11

**Total Liabilities:** $532508.19

**Net Assets:** $556640599.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000063513 | -2.09%               | 1.69%                | -0.77%               |
| Class ID C000091259 | -2.11%               | 1.74%                | -0.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6698497.25             | $-5801894.92                               |
| Month 2  | $10070119.96             | $-238791.85                                |
| Month 3  | $-2583985.80             | $-1801170.53                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMN Healthcare Services Inc    | AMN Healthcare Services, Inc.                                    | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |    217768 | NS      | $3432023.68   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp         | Acushnet Holdings Corp.                                          | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |    126001 | NS      | $10057399.82  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp.                                             | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |    109647 | NS      | $11774991.33  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc | Advanced Energy Industries, Inc.                                 | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     82773 | NS      | $17330183.01  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                | Alamo Group, Inc.                                                | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     56165 | NS      | $9428418.55   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp | Atlantic Union Bankshares Corp.                                  | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    374795 | NS      | $13230263.50  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/Th | The Baldwin Insurance Group, Inc.                                | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    224657 | NS      | $5398507.71   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp.                                                    | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     67943 | NS      | $10419738.48  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc      | Benchmark Electronics, Inc.                                      | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |    242432 | NS      | $10366392.32  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                  | Blackbaud, Inc.                                                  | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |    140988 | NS      | $8927360.16   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | BlackRock Liquidity Funds T-Fund Portfolio, Institutional Shares | CUSIP: 09248U718<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  10504216 | NS      | $10504216.14  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings, Inc.                                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     62579 | NS      | $11043316.13  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials, Inc.                                            | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     35076 | NS      | $10295858.28  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp.                                                        | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |    158764 | NS      | $6806212.68   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc             | CareTrust REIT, Inc.                                             | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    162340 | NS      | $5870214.40   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc   | Cass Information Systems, Inc.                                   | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |    151821 | NS      | $6303607.92   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp      | Chesapeake Utilities Corp.                                       | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     74570 | NS      | $9303353.20   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                       | Cohu, Inc.                                                       | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |    418969 | NS      | $9749408.63   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                    | Enovis Corp.                                                     | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    304379 | NS      | $8108656.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren | Concentra Group Holdings Parent, Inc.                            | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    341035 | NS      | $6711568.80   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED Corp                    | CONMED Corp.                                                     | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |    161498 | NS      | $6556818.80   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes, Inc.                                                     | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |    197680 | NS      | $9753531.20   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc            | Dorman Products, Inc.                                            | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     61686 | NS      | $7599098.34   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                        | EnerSys                                                          | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     67734 | NS      | $9939964.50   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro, Inc.                                                      | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     73046 | NS      | $15641339.98  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                      | ePlus, Inc.                                                      | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |     95342 | NS      | $8361493.40   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies, Inc.                                          | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     85930 | NS      | $16789862.70  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc        | ExlService Holdings, Inc.                                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    230861 | NS      | $9797740.84   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc       | Franklin Electric Co., Inc.                                      | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |     82301 | NS      | $7862214.53   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc          | ICF International, Inc.                                          | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |    122320 | NS      | $10433896.00  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                    | IDACORP, Inc.                                                    | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     90346 | NS      | $11434189.76  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp          | Integer Holdings Corp.                                           | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |    122433 | NS      | $9602420.19   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc               | Interparfums, Inc.                                               | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69573 | NS      | $5901877.59   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp           | Kaiser Aluminum Corp.                                            | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137833 | NS      | $15831498.38  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                     | Kforce, Inc.                                                     | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |    228285 | NS      | $7058572.20   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                                                       | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |    168335 | NS      | $11113476.70  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse, Inc.                                                 | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     31709 | NS      | $8019840.28   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc          | LiveRamp Holdings, Inc.                                          | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |    313793 | NS      | $9216100.41   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc         | Marcus & Millichap, Inc.                                         | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    368957 | NS      | $10068836.53  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp               | McGrath RentCorp                                                 | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |     52325 | NS      | $5490462.25   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp           | Mercantile Bank Corp.                                            | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |    136992 | NS      | $6589315.20   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                    | Moelis & Co.                                                     | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |    210352 | NS      | $14459596.48  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort, Inc.                                    | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |    107122 | NS      | $10251575.40  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                 | NETSTREIT Corp.                                                  | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |    429696 | NS      | $7579837.44   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas, Inc.                                         | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    524881 | NS      | $11269195.07  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding | Ollie's Bargain Outlet Holdings, Inc.                            | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     62422 | NS      | $6842075.42   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc             | Origin Bancorp, Inc.                                             | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |    217715 | NS      | $8188261.15   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries, Inc.                                         | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     85561 | NS      | $9277379.23   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations, Inc.                                         | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    172805 | NS      | $6141489.70   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I | Prestige Consumer Healthcare, Inc.                               | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133573 | NS      | $8240118.37   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori | Seacoast Banking Corp. of Florida                                | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    428592 | NS      | $13466360.64  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc  | Selective Insurance Group, Inc.                                  | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |    145879 | NS      | $12205695.93  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc           | Simulations Plus, Inc.                                           | CUSIP: 829214105<br>LEI: 529900KYRDJAQ8TJCG93 | Long             | EC               | CORP              | US        |    312846 | NS      | $5703182.58   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C | Stewart Information Services Corp.                               | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    156712 | NS      | $11010585.12  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors, Inc.                                   | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |    917241 | NS      | $8200134.54   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp.                                              | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     72887 | NS      | $8384920.48   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                 | Utz Brands, Inc.                                                 | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |    561745 | NS      | $5830913.10   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc            | Viavi Solutions, Inc.                                            | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    607812 | NS      | $10831209.84  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc            | Walker & Dunlop, Inc.                                            | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89610 | NS      | $5390041.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambarella Inc                  | Ambarella, Inc.                                                  | CUSIP: G037AX101<br>LEI: 254900XN7F4DG0CEKC02 | Long             | EC               | CORP              | KY        |     63579 | NS      | $4503936.36   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

**Name of Applicant:** Tributary Funds, Inc.

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer